Business

BD’s GDP now higher than Pakistan’s

higher

MNA Business Desk: Bangladesh’s GDP per person is now higher than Pakistan’s. Converted into dollars at market exchange rates, it was $1,538 in the past fiscal year (which ended on June 30th). Pakistan’s was about $1,470, reports The Economist. On August 25th Pakistan released the results of its census, updating earlier population estimates. They showed that the country has 207.8m people, more than 9m more than previously thought. It may now have the fifth biggest population in the world, surpassing Brazil’s. But the new count also lopped 4-5% off Pakistan’s GDP per person, the arithmetic consequence of revealing so many ...

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India freezes accounts of shell companies

shell companies

MNA Business Desk: India has frozen the bank accounts of 209,032 suspected shell companies as part of a crackdown on illegal transactions and tax evasion, the finance ministry said on Tuesday. The latest action against shell companies – which have no active business operations or assets – comes months after authorities ordered nearly 200,000 such firms to be shut down. Under the order, the owners and their nominated signatories will not be able to operate bank accounts until such companies are legally restored, the ministry said in a statement. “The department of financial services has … advised all banks that ...

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DSEX exceeds 6,000-mark

DSEX

MNA Business Desk: Stocks faced an upward trend in the first hour of trading on Thursday, the last trading session before Eid-al-Azha vacation, with key index of the major bourse DSEX crossing the 6,000-mark. After hitting a record high of the prime index of the major bourse on the previous day, the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) opened higher amid slow trading activities. DSEX, the benchmark index of the DSE, went up by 28 points or 0.44 cent to reach 6,002 points at 11:00am. Two other indices also saw a positive trend till then.  Of ...

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WB inks $55m deal to monitor dev projects

carbon tax

MNA Business Desk: Government on Tuesday signed a $55 million loan agreement with the World Bank (WB) to monitor the country’s annual dev projects, reported news agency. The Digitizing Implementation Monitoring and Public Procurement Project (DIMAPPP) will help Bangladesh expand electronic government procurement (e-GP) to all public sector organizations as well as improve capacity to monitor implementation of development projects and programs using digital technology. The agreement was signed by Economic Relations Division (ERD) Secretary Kazi Shofiqul Azam and World Bank Country Director Qimiao Fan on behalf of the government of Bangladesh and the World Bank, respectively, at the ERD ...

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WB to provide $515m for health sector

expectations

MNA Business Desk: The World Bank (WB) will provide $515 million for financing in the health sector and ensure that all citizens have access to better health services. The government and the WB will sign an agreement on Monday. According to the health ministry, the Health Sector Support Programme (HSSP) will support in implementation of strategically focused Fourth Sector Programme of the government, which will be implemented in the next five years for an estimated cost of $14.8 billion to ensure quality health services and healthy environment for all. HSSP is consistent with the government’s programme and policies and will ...

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200 Singer fridge buyers win fridge

Singer

MNA Business Desk: A total of 200 Singer fridge buyers have won the free fridge in the first three weeks of August 2017 under Singer’s on-going campaign ‘Eid Offer e Sobai Kaat, 300 Free Fridge e Bajimat’. Under this campaign, the company is giving 300 free fridge/frezers for its fridge/freezer buyers throughout the August, said a press release. After purchasing a fridge/freezer, a customer can send a message from his/her mobile phone number to 6969 to stand a chance to get his/her full money back. Moreover, Singer is offering upto Tk 15,000 on purchase of fridge/freezer prices. Besides, fridge/Freezer buyers ...

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PRAN products available on daraz.com.bd

Daraz

MNA Business Desk: Now customers can purchase fruit drink, bakery, carbonated drink, spices, confectionary, biscuits, chips, dairy and other products of PRAN through online market place Daraz.com.bd. PRAN Foods Limited and Daraj Bangladesh Limited signed an agreement in this regard, said a press release on Tuesday. Syed Mostahidal Hoq, Managing Director of Daraz Bangladesh and Mamun-Ur-Rashid, Deputy General Manager of PRAN Foods signed the agreement on behalf of their respective organizations at the head office of the company in the city. Mamun-Ur-Rashid said customers will be able to purchase more than 400 PRAN products through online with the signing of ...

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BB to release new notes from 27 Aug

reserves

MNA Business Desk: Bangladesh Bank (BB) will release new notes for Tk 5 and Tk 100 in the market from 27August. The new notes will be distributed from all branches of Bangladesh Bank across the country every day until the Eid-ul-Azha except weekly and government holidays, said a press release. The notes will also be distributed from Jatrabari branch of the National Bank, Elephant Road Branch of Agrani Bank, Bashundhara City (Panthapath) branch of the Social Islami Bank, Dhanmondi Branch of the Bank Asia, Uttara Branch of the Dhaka Bank, Abdul Ghoni Road Corporate Branch of the Janata Bank, Mirpur ...

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Stocks crack 3-week gaining trend

gaining trend

MNA Business Desk: Country’s capital markets faced correction in the shortened week that ended Thursday, breaking a 3-week gaining trend, reported news agency. Week-on-week, DSEX, the prime index of the Dhaka Stock Exchange (DSE), fell by 40.69 points or 0.69 per cent to settle at 5,861. Two other indices also witnessed correction. The DS30 index and the DSE fell 16.62 points or 0.78 per cent to settle at 2,109. The Shariah Index (DSES) lost 10.36 points or 0.79 per cent to finish at 1,304. The total turnover for the week stood at Tk 24.46 billion, registering a decline of 50 ...

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US, Mexico, Canada to talk on NAFTA

address

MNA International Desk: President Donald Trump will have the chance to turn a key campaign promise into reality with this week’s start of official talk to renegotiate the North American Free Trade Agreement (NAFTA). After threatening during the campaign to rip up the agreement, Trump has softened his stance a bit and spoken more recently of renegotiating the agreement as the most efficient course for the US, Canada and Mexico. But talks to redo the controversial 1994 agreement, which eliminated trade barriers among the three countries, are expected to be thorny. The first round takes place from Wednesday to Sunday ...

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Vietnam delegation team visits Dhaka

delegation

MNA Business Desk: A delegation of Vietnam led by Do Huu Huy, deputy director general of Ministry of Industry and Trade of the country, has recently visited Dhaka for a three-day business trip. The 22-member team arrived in Dhaka on Wednesday to conduct market a survey and a B2B meeting, says a press release. Bangladesh-Vietnam Chambers of Commerce and Industry (BVCCI), Ministry of Industry and Trade of Vietnam and Embassy of Socialist Republic of Vietnam in Bangladesh organized the B2B meeting followed by a seminar on ‘Bangladesh-Vietnam Trade and Investment Promotion’ on Wednesday. Commerce minister Tofail Ahmed graced the seminar ...

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PM seeks more German investment

German

MNA Business Desk: Prime Minister Sheikh Hasina on Thursday urged the German entrepreneurs to invest more in Bangladesh taking the advantage of the cheap labour. The PM made the call when Member of the Parliament of Germany Dr Hans-Peter Uhi met her at her office. She also recalled the assistance of Germany during the War of Liberation of Bangladesh. PM’s Press Secretary Ihsanul Karim briefed reporters after the meeting. Noting that the current Bangladesh-Germany relations are very strong, the German MP apprised the Prime Minister of the present state of MoU signed between the two countries on E-passport project on ...

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Call money transactions cross 75bn

transactions

MNA Business Desk: The volume of overall transactions in the money market crossed BDT 75 billion on Monday while the rate was almost unchanged. The volume of transactions in the inter-bank call money market rose to BDT 75.11billion on the day from BDT 73. 61 billion of the previous working day, according to the Bangladesh Bank (BB) statistics, released on Tuesday. The weighted average rate on call money remained came down to 3.61 per cent on the day from 3.62 per cent of the previous level. However, the inter-bank call money rate remained stable in the range between 1.50 per ...

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BD to boost trade with EU countries: PM

assisting

MNA Business Desk: Prime Minister Sheikh Hasina on Sunday said Bangladesh is establishing 100 economic zones across the country so that (European Union) EU countries can invest for mutual benefits. The Prime Minister said this when outgoing EU Ambassador Pierre Mayaudon met her at her office. PM’s Press Secretary Ihsanul Karim briefed reporters after the meeting. He said the EU Ambassador also laid emphasis on improvement of trade and investment with Bangladesh, and appreciated the process made in Bangladesh-EU business dialogue. Pierre Mayaudon appreciated PM’s personal commitment to further review Bangladesh’s labour law and draft EPZ law, and said Bangladesh ...

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BD needs $928b more for SDGs: GED

SDGs

MNA Business Desk: Bangladesh may require around $ 928.48 billion worth of additional resources for implementing the 2030 development agenda of Sustainable Development Goals (SDGs). This was revealed in a recent report of the General Economics Division (GED) of the Planning Commission titled “SDGs Needs Assessment and Financing Strategy: Bangladesh Perspective”. The government is focusing more on local resources than the foreign ones to mobilize the funds needed to meet 17 of the 2030 the goals, the report also stated. Out of the estimated funding, the government is seeking to mobilize some $ 796.9 billion from local sources while $ ...

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LNG imports could surge 17.5m tonnes

LNG

MNA Business Desk: South Asia, long a backwater for energy markets, is emerging as a hotspot for liquefied natural gas – LNG, with Pakistan and Bangladesh set to join India as major consumers. With a fast growing population, strong economic growth and soaring energy demand, more import projects are being developed, lead by Pakistan and Bangladesh, reported news agency. “Both countries already have extensive gas infrastructure due to legacy production from domestic gas fields,” said Chong Zhi Xin, principal Asia liquefied natural gas analyst at energy consultancy Wood Mackenzie. “As domestic production has failed to keep up with demand, both ...

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ECNEC approved Mongla-Pakshi-Ctg route

route

MNA Business Desk: The Executive Committee of the National Economic Council (ECNEC) on Tuesday approved a project to improve the navigability of river route from Mongla to Pakshi via Chandpur-Mawa-Goalanda. This project is mainly adopted to facilitate safe and easy transportation of heavy machinery from Chittagong and Mongla Port for setting up the Rooppur Nuclear Power Plant. The approval came from an ECNEC meeting held at the NEC conference room with ECNEC Chairperson and Prime Minister Sheikh Hasina in the chair. Briefing reporters, Planning Minister AHM Mustafa Kamal said the meeting approved eight projects with an overall estimated cost of ...

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Govt to ban Bidi: AMA Muhith

Bidi

MNA Business Desk: Finance Minister AMA Muhith on Sunday said the government will adopt a policy to ban Bidi as a harmful product for the human body, reported news agency. “Eighty percent of products in country’s tobacco market are of low price and low quality. Of those, it is very much harmful for health,” he told journalists after a meeting with the top tobacco companies, including British American Tobacco (BAT). Among others, Commerce Minister Tofail Ahmed and National Board of Revenue (NBR) Chairman M Noajibur Rahman were also present in the meeting. Mentioning the demand of the tobacco companies to ...

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PRAN National Pickle Competition 2017

pickle

MNA Business Desk: PRAN, a leading food processing company, on Sunday started collecting pickles for the 18th edition of PRAN National Pickle Competition 2017. Only Women will be able to take part in the competition which started on 23 July and will continue till 25 August. Top winner of the competition will get Tk 2 lakh as prize. Therefore, a total of 12 women, in four categories- sweet, sour, hot and mixed – will win 1st, 2nd and 3rd prize while another 35 will get complimentary prizes. Winners of 1st places will get Tk 50,000 each, winners of 2nd place ...

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BD singed deal to dredge Pussur Channel

Pussur Channel

MNA Business Desk: Bangladesh government signed a contract with India to dredge Pussur Channel from Mongla Port to Rampal power plant, reported news agency. Dredging Corporation of India will dredge 13-kilometre waterways of Pussur Channel to restore navigability for carrying imported coal to the under construction power plant in Rampal of Bagerhat. The deal worth Tk 1.19 billion was signed at the conference room of Mongla port on 16 July 2017. Chairman of Mongla port commodore AKM Faruque Hassan and, chairman and managing director of Dredging Corporation of India (DCI) Shri Rajesh Tripathi signed the contract on behalf of their ...

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Taskin as brand ambassador of Duranta

Duranta

MNA Business Desk: Taskin Ahmed has been appointed as the brand ambassador of Duranta bike, a bicycle brand of RFL group. Taskin Ahmed and Chowdhury Fazle Akbar, General Manager (Marketing) of Duranta bike, signed the deal on Monday (17 July) at corporate headquarters of RFL in this connection, said a press release. Under the agreement, Taskin Ahmed will perform in different promotional activities of the bike for next one year.  Chowdhury Fazle Akbar said, “Taskin is a popular cricketer in the country. We are glad to have him as the brand ambassador for Duranta bike. We hope Taskin will make ...

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Global recovery on firmer footing: IMF

recovery

MNA Business Desk: The global economic recovery is on firmer footing as improving growth in China, Europe and Japan offset downward revisions for the United States and Britain, the International Monetary Fund said Sunday. However, wage growth remains sluggish which risks increasing tensions that have pushed some countries toward more anti-global policies, while efforts to erode financial regulations put in place since the 2008 crisis could erode stability, the IMF warned. “The recovery in global growth that we projected in April is on a firmer footing; there is now no question mark over the world economy’s gain in momentum,” IMF ...

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Bangladesh Bank relaxes rice import rules

rice import rules

MNA Business Desk: Bangladesh Bank further relaxed rice import rules by allowing private importers to open LCs on deferred or usance basis or under buyer’s credit for up to 90 days term until December 31 this year. On June 10, the central bank instructed banks to allow private traders to import rice without any deposit against letters of credit or LC margin. Through a new circular issued by Foreign Exchange Policy Department, on July 20, said, “It has now been decided that LCs against deferred or usance basis or under buyer’s credit up to 90 days term for import of ...

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UK unveils Austen bank note on anniversary

Jane Austen

MNA Business Desk: The Bank of England on Tuesday unveiled a new bank note featuring Jane Austen to coincide with the author’s death 200 years ago after a campaign to include more women on Britain’s currency. The new note worth ten pounds ($13, 11.3 euros) and made of polymer instead of paper will enter circulation in September. Tuesday’s launch follows the introduction of a polymer five-pound note last year that sparked controversy after the Bank of England confirmed that tallow, or animal fat, is used in the production process. Activists and religious groups have called for sustainable, plant-based alternatives, but ...

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Primark recalls flip flops over cancer scare

Primark

MNA Business Desk: Low-cost fashion chain Primark is urgently recalling thousands of men’s flip’s flops after it was discovered they contain unsafe levels of a cancer-causing chemical. The chain, which is owned by Associated British Foods, is reportedly recalling three versions of the shoes in the Cedar Wood State range which were on sale until 2 June, reported news agency. Several media outlets reported that the black, blue and khaki-colored versions of the flip flops are affected by the recall, on the basis that they might contain dangerous levels of a chemical called chrysene, which can cause cancer. Primark are ...

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BB asks all banks, NBFIs to help flood victims

default loans

MNA Business Desk: Bangladesh Bank (BB) on Wednesday asked all banks and non-bank financial institutions (NBFIs) to extend their help for rehabilitating flood affected people under the corporate social responsibility (CSR) programme. The central bank issued a circular to all banks and NBFIs in this regard. The BB requested the banks and NBFIs to provide food, clothes, potable water, emergency medicines, portable improved cook stoves, portable solar lanterns, Portable Pico Home Systems (Small solar home systems under 20 watt) for the flood affected people across the country, including northern region, the circular said. However, continuous downpours coupled with swelling in ...

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Dhaka, Singapore sign 3 MoUs

mous

MNA Business Desk: Bangladesh and Singapore on Monday signed three memoranda of understanding – MoUs – to facilitate information exchange, trade and investment opportunities and promote business interests here. The MoUs were inked during the two countries Business Forum jointly organised by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and Singapore Business Federation (SBF) at a city hotel. Bangladesh Investment Development Authority (BIDA) and SBF signed of the MoUs while FBCCI and SBF another one, and Bangladesh Business Chamber of Singapore (BDCham) and FBCCI the 3rd one. Industries Minister Amir Hossain Amu was the chief guest at ...

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