Business

Sheikh Hasina Cantonment Project approved

13 projects

MNA Business Desk: The Executive Committee of the National Economic Council (ECNEC) on Tuesday approved the ‘Establishment of Sheikh Hasina Cantonment, Barisal’ project to be set up at Lebukhali along the Payra River involving an estimated cost of Tk 1,699 crore. The approval came from the regular weekly ECNEC meeting held at the NEC conference room here with ECNEC Chairperson and Prime Minister Sheikh Hasina in the chair. Briefing reporters after the meeting, Planning Minister AHM Mustafa Kamal said a total of 10 projects were approved on Tuesday involving an overall cost of Tk 3,333 crore. The Planning Minister said ...

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ASEAN signs deal with Hong Kong over ‘vote for open trade’

Hong Kong

MNA Business Desk: Hong Kong and Southeast Asian nations signed a free trade deal Sunday, in what one minister described as a “clear vote” against protectionism, as the United States withdraws into its “America First” rhetoric. The city, a special administrative region of China, forged the agreement with the Association of Southeast Asian Nations (ASEAN) on the sidelines of a summit in Manila to be attended by world leaders including US President Donald Trump. The ministers were meeting just days after Trump accused Asia-Pacific nations of undercutting his country-the world’s largest economy-during another regional meeting in Vietnam. “In the face ...

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End to end customs service for Maitree

Maitree

MNA Business Desk: Authorities on Friday launched end to end customs and immigration service for the passengers of Maitree Express to make rail journey between Dhaka and Kolkata more comfortable. Prime minister Sheikh Hasina, with her Indian counterpart Narendra Modi formally launched the service on Thursday through video conference. Railways minister Md Mazibul Hoque on Friday paid a visit to Kamalapur Railway Station to inspect the service. The Maitree Express train runs between Dhaka-Kolkata six days a week now with Thursday as weekly holiday. According to railways authorities, all the 456 seats were sold out on the first day of ...

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First-ever leather product show kicks off Nov 16

Leather

MNA Business Desk: A three-day ‘Bangladesh Leather Footwear and Leathergoods International Sourcing Show-2017’ will begin in capital Dhaka on November 16. The first-ever exposition of this kind will showcase a wide array of collection of quality leather products to attract buyers, global retailers and international sourcing agents. The event, organised by the Leathergoods and Footwear Manufacturers and Exporters Association of Bangladesh in collaboration with the Ministry of Commerce, will also facilitate direct interaction between manufacturers and exporters. Prime Minister Sheikh Hasina will inaugurate this grand event at the International Convention City Bashundhara (ICCB). The show is being held under the ...

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US, Chinese firms sign $9b deals

tariffs

MNA Business Desk: US and Chinese companies signed nearly 20 deals worth a total $9 billion on Wednesday at the start of president Donald Trump’s state visit to Beijing. US commerce secretary Wilbur Ross and Chinese vice premier Wang Yang oversaw a signing ceremony at the Great Hall of the People but they did not immediately give details about the 19 deals. Wang said the agreements were merely a “warmup” before Trump and Chinese President Xi Jinping oversee their own ceremony on Thursday involving bigger deals, including in exports of natural gas and soybeans. Trump plans to use the three-day ...

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Rooppur Plant gets construction licence

Rooppur

MNA Business Desk: The authorities of Rooppur Nuclear Power Plant (RNPP) project on Saturday formally received the design and construction license for its 24,000 MW nuclear power project from Bangladesh Atomic Energy Regulatory Authority (BAERA). BAERA Chairman Dr Naiyyum Chowdhury formally handed over the license to the chairman of Bangladesh Atomic Energy Commission (BAEC) Dr Dilip Kumar Saha for RNPP project at a function at Sonargaon Hotel in the city. The BAEC has been implementing the 2,400 RNPP project at a cost of $12.65 billion. Russian nuclear agency Rosatom is working as its contractor. Addressing the function as chief guest, ...

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NBR extended Tax Fair timings

tax fair

MNA Business Desk: The National Board of Revenue (NBR) has extended the timings of Income Tax Fair by three hours for the next three days for the convenience of the taxpayers in the capital. “The time of the fair has been extended to 8:00pm instead of 5:00pm. This schedule will follow for the next three days only in Dhaka,” according to a release from NBR. Meanwhile, some 194,331 persons have taken services from the 4th day of the fair. Out of the total number, 53,625 persons have submitted their income tax return which is Tk 216.66 crore. The fair was ...

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Army to get new metro rail project

new metro rail

MNA Business Desk: Bangladesh Army is likely to be engaged in a new metro rail development project in the city’s corridor as per a recommendation made in 20-year transport plan. The Prime Minister’s Office (PMO) approved a proposal for engagement of the armed forces members in the project last month. They said a Bangladeshi private company has already submitted a proposal to the Ministry of Road Transport and Bridges (MoRTB) and showed interest to work on mass rapid transit line-2 (MRT-2) along with Army. According to 20-year Revised Strategic Transport Plan, five MRTs and two Bus Rapid Transit Lines will ...

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Week-long Income Tax Fair 2017 begins

Income Tax

MNA Business Desk: The week-long Income Tax Fair-2017 kicked off in the capital and other parts of the country with a revenue collection target of more than Tk 3,000 crore in a bid to enable individual taxpayers to gather and file returns and complete tax procedures all in one spot. The 8th edition of the annual Income Tax Fair began today in a total of 20 spots including in the capital’s Agargaon, other seven divisional cities. This time, the fair will be held in 167 spots in 103 upazilas up from 86 upazilas last year. Within 7 November, the National ...

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Gemsclip wins ‘Start-Up Company of the Year’

Gemsclip

MNA Business Desk: Gemsclip Bangladesh’s full service B2B e-commerce company has been awarded as the ‘Start-Up Company of the Year’ at the ‘South Asian Business Excellence Awards 2017’. World HRD Congress and Asian Confederation jointly gave the award on 29 October at a hotel in Dhaka. Gemsclip, a concern of eGeneration Group, provides a-z office supply solution to corporations. At the award giving ceremony, Gemsclip Managing Director Romi F. Ahsan received the award from the State Minister of ICT, Zunaid Ahmed Palak. Gemsclip CEO Monowar Hossain Khan were also present at the ceremony, says a press release. South Asian Business ...

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Saudi to invest $1b in British space tourism

space tourism

MNA Business Desk: Saudi Arabia’s Public Investment Fund announced a $1 billion investment in British billionaire Richard Branson’s space tourism company Virgin Galactic. The announcement on the sidelines of an investment summit in Riyadh comes nearly a month after the Virgin Group founder said he would invest in the kingdom’s Red Sea project that aims to turn 50 Saudi islands into luxury tourism destinations. “This investment will enable us to develop the next generation of satellite launches and accelerate our programme for point to point supersonic space travel,” Branson said. The billionaire added that Virgin Galactic was just “months away” ...

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Deal on 200-MW solar power plant

lines

MNA Business Desk: Bangladesh Power Development Board (BPDB) is set to sign a contract on Thursday on 200 megawatts (MW) solar power plant with Teesta Solar Limited, a sister concern of Beximco Group. The agreement will be inked at a ceremony at Bidyut Bhaban in the capital with state minister for power, energy and mineral resources Nasrul Hamid as the chief guest. According to the contract, Teesta Solar Limited will construct the 200 MW Sundarganj Solar Power Plant in Gaibandha in 18 months, BPDB director (public relations) Saiful Hasan Chowdhury told news agency. He said the solar power company would ...

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BASIC bank gets Awal Khan as new MD

Bank Chairman

MNA Business Desk: The government has appointed Muhammad Awal Khan Managing Director of the BASIC bank, which is recovering from a loan scam. The Financial Institutions Division of the Ministry of Finance has made the appointment for three years. He is replacing Khandaker Md Iqbal whose tenure ended on Sept 28. Chairman of the governing body of the troubled bank, Alauddin A Majid said he received a letter from the ministry confirming the new appointment on Monday. Awal’s appointment came through a search committee headed by Majid, which was formed after Sept 28. Two other members of the committee were ...

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Govt gets $566m in remittances in 13 days

MNA Business Desk: The country has received $566.57 million in remittances in the first 13 days of the current month of October, reported news agency. Bangladesh Bank statistics show maximum remittance came through private commercial banks as they received $413.29 million while the nine foreign banks $4.68 million. The 6 state-owned commercial banks – Agrani, Janata, Rupali, Sonali, BASIC and BDBL – brought in $143.21 million from Bangladeshi expatriates while two state-owned specialised banks got $5.39 million. Of the private commercial banks, highest $117.34 million entered the country through Islami Bank Bangladesh Limited (IBBL) followed by Dutch-Bangla Bank’s $32.51 million. ...

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PRAN to market high zinc rice

high zinc rice

MNA Business Desk: PRAN on Wednesday signed an agreement with Harvest Plus, a program of Consultative Group in international Agricultural Research (CGIAR), to market nutritious high zinc rice which can provide upto 60% of daily zinc needs to the consumers, said a press release. Mentioning that in Bangladesh around 36 percent children under the age of five and 57 percent women are suffering from zinc deficiency, Wolfgang Pfeiffer, Director (Research and development) of HarvestPlus said that, 44 percent adolescent girls are becoming stunted for their age. HarvestPlus is working to improve the situation through development and dissemination of biofortified zinc ...

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China to take 70 percent stake in strategic port in Myanmar

percent stake

MNA Business Desk: China has agreed to take a 70 percent stake in a strategically important sea port in Myanmar, at the lower end of a proposed range amid local concerns about Beijing’s growing economic clout in the country, a senior government official said. Oo Maung, vice chairman of a government-led committee overseeing the project, said Myanmar had pushed for a bigger slice of the roughly $7.2 billion deep sea port, in western Rakhine state, in negotiations with a consortium led by China’s CITIC Group. Agreement was reached in September, he said. “Locals from Rakhine and communities across Myanmar think ...

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Airbus-Bombardier deal to boost Asia jet sales

Airbus

MNA Business Desk: Airbus SE’s deal for a majority stake in Bombardier Inc’s CSeries jet programme is expected to jumpstart sales of the Canadian aircraft in Asia, reported news agency. The Airbus-Bombardier deal will give the European planemaker a 50.01 percent interest in the CSeries programme, while the jet will get a better sales network. The 110-to-130 seat plane has not secured a new order in 18 months and is being threatened by a possible 300 percent duty on US imports. In Asia, Korean Air Lines Co is so far the only customer of the narrowbody jets and is slated ...

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Tofail urges exporters to adopt ‘Look East’ approach

exporters

MNA Business Desk: Tofail Ahmed, Commerce Minister of Bangladesh, has urged the country’s exporters and manufacturers to take a ‘Look East’ approach for expanding and diversifying export market and products on Friday. “Our exporters intend to export only to the US and Europe, they should look East to expand and diversify their markets. There are many attractive markets in East Asia like Korea,” he said. He was speaking at the inauguration of ‘Showcase Korea 2017’ organized by the Korea-Bangladesh Chamber of Commerce and Industry in Dhaka.  He said Korea-Bangladesh bilateral trade was heavily skewed towards Korea. “Our exports to Korea ...

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HBFC to establish offices in 64 districts

establish

MNA Business Desk: Bangladesh House Building Finance Corporation (HBFC) will establish 124 offices in 64 districts in one year and also recruit manpower for 1297 posts, reported news agency. BHBFC is the only state-owned specialized financial institution of its kind. The total Tk 110 crore paid-up capital and limited offices are very inadequate in relation to increasing demand, said the corporation’s managing director Debasish Chakrabarty. The managing director also added that Islamic Development Bank has recently approved a loan of $95.24 million for rural and peri-urban housing finance project in Bangladesh at 3.25% interest rate within 15 years with a ...

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PayPal to start services in Bangladesh Oct 19

debit card

MNA Business Desk: PayPal, an international gateway for online payment, is going to start its services in Bangladesh on October 19. State Minister for ICT Division Zunaid Ahmed Palak came up with the announcement while addressing the inauguration of a training workshop at the Bangladesh Computer Council (BCC) auditorium, reported news agency. The PayPal services will be available at nine banks, including Sonali Bank and Rupali Bank. PayPal Holdings Inc is an American company which operates worldwide online payment system that supports online money transfers and serves as an electronic alternative to traditional paper methods like cheques and money orders. ...

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RFL Best Buy now in 26 districts

Best Buy

MNA Business Desk: RFL Best Buy, the largest retail chain shop of plastic household products in the country, now has 172 showrooms in 26 districts. The chain shop is planning to open more outlets by the next year to raise the number over 300, Rahat Jahan Shamim, chief in charge of Best Buy, said in a press statement on Saturday. He said the chain shop started its journey in October, 2011 aiming to make all the RFL products available under one roof and Best Buy is spreading fast across the country following public demand. Some 3000 products are now available ...

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Jaitley shares benefits of cashless economy

Arun Jaitley

MNA Business Desk: Indian Finance Minister Arun Jaitley on Wednesday said the current Indian government is working to make India a cashless market as it leads to corruption and hurts the poor. “Cash leads to tax evasion, cash leads to shadow economy and cash leads to corruption,” he said while addressing a ‘talk’ on ‘Macroeconomic Initiatives of the Government of India’ at a city hotel. Jaitley said a large part of India’s economy just thrived on cash and when it thrives on cash, the curse of cash also exists. “One of the great challenges in Indian economy that we always ...

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India to give Bangladesh Tk 360b as loan

give

MNA Business Desk: India is set to give Bangladesh a large volume of loan, Line of Credit (LoC). India will provide Tk360billion as loan which will be used to implement 17 projects. The projects include the construction of infrastructure for Rooppur Nuclear Power Plant, multipurpose container terminal of Paira Port, and establishing economic zones. Bangladesh will sign Tk 360 billion third Line of Credit (LoC) agreement with India on Wednesday in presence of finance minister AMA Muhith and Indian finance and corporate affairs minister Arun Jaitley. Economic Relations Division (ERD) and Indian EXIM Bank will ink the agreement on behalf ...

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DESCO proposes retail power tariff hike

retail power

MNA Business Desk: Dhaka Power Distribution Company Ltd (DESCO), which distributes electricity to the capital’s northwest and eastern areas, has proposed hiking the retail power tariff by 6.34 percent on an average, reported news agency. It has sought refixing the average power tariff at Tk 7.40 per unit from existing Tk 7.20, increasing Tk 0.20 per unit. Placing the proposal at the public hearing arranged by Bangladesh Energy Regulatory Commission (Berc) at the TCB Auditorium in the city, Desco Managing Director Brig General (retd) Md Shahid Sarwar on Monday said if the bulk tariff is raised, they will have to ...

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Reliance quits deal with Aircel

Aircel

MNA Business Desk: Indian billionaire Anil Ambani’s Reliance Communications has called off a merger deal with smaller rival Aircel over “legal and regulatory uncertainties”, throwing its debt repayment plans into doubt. The cash-strapped telecom firm, better known as RCom, had announced last September it was combining its wireless mobile services with Aircel’s Malaysia-based parent Maxis Communications Bhd to cut debt. The merger would have created the country’s fourth-largest carrier after three dominant players Airtel, Vodafone and Idea. On Sunday, RCom said both companies agreed to cancel the deal, which was slated to be completed this year. RCom had a net ...

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Mashrafe becomes brand ambassador of bKash

brand ambassador

MNA Business Desk: Bangladesh National Cricket Team ODI skipper Mashrafe Mortaza joined hands with bKash Limited to become the brand ambassador of the largest mobile financial service provider in Bangladesh. As a brand ambassador, Mashrafe will appear in various campaigns and activities to promote and create awareness on bKash’s products and services as well as its core values to the common people, said in a press release on Thursday. ‘I am really happy to be associated with bKash for its endeavors to create financial access for millions. bKash has not only facilitated people’s life in day-to-day activities or in dealing ...

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Country’s economy to grow 6.9pc this FY: ADB

microenterprise

MNA Business Desk: Bangladesh’s economy is expected to grow at 6.9 in the current FY (fiscal year) while the inflation will remain within 6 percent, according to latest report of the Asian Development Bank (ADB). Bangladesh attained 7.2 percent GDP growth in the last fiscal year despite ADB’s forecast of 6.9 percent growth while the country was able to contain inflation at 5.4 percent in the last financial year although the Manila-based lending agency earlier had forecast it at 6.1 percent. Asian Development Outlook (ADO) 2017 Update released by ADB also said the economies of Bhutan and Myanmar are poised ...

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