Business

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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Bangladesh lags behind most SDG goals: SDG Index

SDGs

MNA Business Desk: Bangladesh ranked 120th among 157 countries in progress report on the UN-designated universal development model called Sustainable Development Goals (SDGs), standing behind most regional peers even. Such a rating is revealed in the latest SDG Index prepared by the United Nations Sustainable Development Solutions Network that did a stocktaking of what nations attained in two years of their new journey with the second package of development goals. The country is notably in the ‘Red’ category on 10 out of the total 17 SDG goals, the report found, implying that major challenges remain in making progress on most ...

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Expatriate Bangladeshis’ support sought for development

Zoellick

MNA Business Desk: Finance minister AMA Muhith has urged all concerned quarters, including the businessmen, to provide all sorts of supports to the expatriate Bangladeshis for increasing their participation in the country’s development. “Expatriate Bangladeshis want to invest in the country. If we can increase investment from expatriate, it will expedite development of the country,” he said while exchanging views with businessmen at the Sylhet Chamber auditorium on Friday. He said eagerness and spontaneity of Sylhet business community for setting up a special economic zone in the region will play a vital role to increase investment in the area. Muhith ...

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Government to import 5 lakh metric tonnes crude salt

crude salt

MNA Business Desk: Government will import some 5 lakh metric tonnes of crude salt to meet the domestic demand, keep its price and supply stable in the market, reported news agency. The Commerce Ministry has decided to import crude salt as there has been lower salt production in the country this time compared to its target. A Statutory Regulatory Order (SRO) will be issued in this regard as the country’s current import policy does not support salt import to protect domestic interest, said the Commerce Ministry. According to an Industries Ministry estimate, the total annual demand of salt is around ...

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Govt borrows Tk 65.17 billion through t-bond, bill

Bond

MNA Business Desk: Through the auction of 2-Year Bangladesh Government Treasury Bond (BGTB) on Tuesday, the government has borrowed Tk 10 billion, reported news agency. Bangladesh bank conducted the auction where 69 bids amounting to Tk 24.85 billion were offered against a pre-targeted amount of Tk 10 billion. Of those, 30 bids amounting to Tk 10 billion were accepted. The cut of price of the accepted bids was 99.0599 (Per Tk 100.00, according to a press statement of the central bank.  At another auction of 7-Day Bangladesh Bank Bill, also held on Tuesday, 12 bids amounting to Tk 55.17 billion ...

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Dhaka, Bangkok to hold first joint commission meeting in 2 decades

joint commission meeting

MNA Business Desk: Bangladesh and Thailand would hold a foreign minister-level joint commission meeting in Dhaka on Thursday to review important elements of bilateral relations. Thai foreign minister Don Pramudwinai would lead an 18-member Thai delegation to the 7th Joint Commission in Dhaka while Bangladesh foreign minister Abul Hassan Mahmood Ali would lead the Bangladesh delegation. Pramudwinai is set to reach Dhaka on an official visit on Wednesday to participate in the meeting. It would be the seventh meeting of the commission after the last meeting held about two decades ago. Bangladesh ambassador to Thailand Saida Muna Tasneem called on ...

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BRAC Bank’s TARA customers to get membership facility at Persona

Persona

MNA Business Desk: BRAC Bank Limited signed a Memorandum of Understanding with Persona, hair and beauty salon. According to their agreement, TARA Debit/Credit card holders will enjoy 11 per cent discount on TARA Beauty Package and can avail Membership card with only Tk 500 worth beauty service. This offer is valid till 30th October. Kaniz Almas Khan, CEO and Managing Director, and Nusrat Jabin, Senior Official from Persona, and Syed Abdul Momen, Head of SME Banking (Acting), Ms. Sarah Anam, Head of Deposits & NFB, Retail Banking, Shajed Al Haque, Senior Manager, Business Analysis, SME Banking, and Mehruba Reza, Senior ...

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Anti-Corruption Commission arrested Citycell CEO

Anti-Corruption Commission

MNA Business Desk: The Anti-Corruption Commission has arrested chief executive officer of Citycell, Mehboob Chowdhury, in an embezzlement case. According to ACC, Mehboob Chowdhury was arrested at Hazrat Shahjalal International Airport in the city soon after his arrival from Sri Lanka on Saturday. A team of ACC led by its deputy director Sheikh Abdus Salam arrested him. Mehboob Chowdhury will be produced before a court tomorrow. He faces charges of embezzling about Tk 3.8 billion taken as loan from AB Bank for Citycell. According to the case statement, AB Bank unlawfully guaranteed loans of Tk 348.5 crore given to PBTL ...

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First consignment of rice to arrive from Vietnam in 15 days: Envoy

first consignment

MNA Business Desk: The first consignment of rice from Vietnam is scheduled to arrive in Chittagong within 15 days, said newly appointed Ambassador of Vietnam to Dhaka Tran Van Khoa. The Vietnamese Ambassador said this when he met Prime Minister Sheikh Hasina at her parliament office on Thursday. PM’s Press Secretary Ihsanul Karim briefed reporters after the meeting. He said the Vietnamese Ambassador expressed satisfaction over the extension of MoU on rice trade with Bangladesh as the first consignment of rice is scheduled to arrive in Chittagong in 15 days. In this context, Sheikh Hasina said, “We want to keep ...

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Budget long on hopes, short on measures: World Bank

hopes

MNA Business Desk: Terming the proposed national budget for the fiscal year 2017-18 an ambitious one, the World Bank on Tuesday said it is ‘long on hopes, short on measures’. “The budget has many good hopes and ambitions to increase the country’s GDP by raising huge revenue through implementation of VAT law. But it lacks the specific actions, especially, necessary structural reforms in the financial sector,” said Zahid Hussain, the lead economist of the World Bank Dhaka office. He said the targets are impossible to be achieved without reforms. The World Bank came up with its observation about the budget ...

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PM seeks Moroccan investment in economic zones

allowances

MNA Business Desk: Prime Minister Sheikh Hasina on Monday sought Moroccan investment in Bangladesh’s economic zones for mutual benefits of the two countries. “We’re developing 100 economic zones across the country for further industrialization and generating employment … Morocco could make investment in these economic zones which will be beneficial for both countries,” she said. The premier made the request when newly appointed Moroccan Ambassador to Bangladesh Majid Halim paid a courtesy call on her at her Jatiya Sangsad office. “We can sit (together) and identify the areas of cooperation for mutual benefits of the two countries,” Sheikh Hasina said. ...

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ADB to provide $300m loan for Ctg-Cox’s Bazar railway

microenterprise

MNA Business Desk: A total of two contracts would be signed between Bangladesh government and the Asian Development Bank (ADB) worth of US$ 300 million at Sher-e-Bangla Nagar for Chittagong-Cox’s Bazar Railway Project, Phase-1-Tranche-1under South Asia Sub-regional Economic Cooperation (SASEC), said an official of Economic Relations Division (ERD). The objective of the project is to construct the Single Line Dual Gauge (DG) Railway Track from Chittagong to Cox’s Bazar via Ramu to Gundum in Myanmar, the official said. Rail connectivity to Cox’s Bazar will boost tourism as Dhaka’s passengers will be able to reach the coastal resort city in only ...

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Rate of excise duty likely to be changed: Muhith

mega budget

MNA Business Desk: Finance minister Abul Maal Abdul Muhith on Wednesday said the decision whether the proposed excise duty on bank deposits will be withdrawn or reduced will be taken after discussion in parliament. “Jatiya Sangsad is now discussing the proposed duty and on the basis of the discussion, the rate of excise duty is likely to be changed,” he told journalists after a meeting of the Cabinet Committee on Government Purchase (CCGP) at the Cabinet Division in the capital. Muhith also said the duty on bank accounts is not a new thing as there was such duty before, reported ...

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Bangladesh beats Pakistan, Nepal to be ILO’s deputy member

deputy member

MNA Business Desk: Bangladesh has beaten Pakistan and Nepal to be elected deputy member of the Asia Pacific region subcommittee of the International Labour Organization’s governing body. Bangladesh bagged 190 votes while its South Asian contenders Nepal and Pakistan polled 173 and 150 votes respectively in the election held in Geneva, Switzerland on Monday night, reported news agency. The ILO Governing Body is an executive body which takes decisions on 10 sectors, including policy making, budget formulation, control, agenda fixation, appointment of director-general and control over the ILO central office. Nepal, India, Iran, Bangladesh, Pakistan, Afghanistan and Sri Lanka fall ...

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Merchant not selling beef at DSCC fixed price

fixed

MNA Business Desk: Most of the beef shops in the capital city are selling beef at a higher price than the one fixed by the Dhaka South City Corporation (DSCC). The rate goes over Tk 500 on holidays, while the traders predict the price would leap up to Tk 600 on the occasion of Eid. Earlier, the prices of beef, buffalo meat and mutton (goat and sheep) have been fixed at Tk 475, Tk 440, Tk 725 and Tk 620 respectively per kilogramme for nearly the whole of Ramadan. Dhaka South City Corporation (DSCC), including Mayor Mohammad Sayeed Khokon, set ...

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Cotton-paper Tk 100, Tk 500 notes from June 11

cotton-paper

MNA Business Desk: Bangladesh Bank has issued cotton-paper new bank notes of Tk 100 and Tk 500 which will be available in the market from June 11. The new bank notes will be cent percent coated cotton-paper printed instead of existing paper notes, said a BB press release on Tuesday. The central bank said Tk 100 note will be 140mm by 62mm in size with 4mm width and Tk 500 will be 152mm by 65mm in size with same the width having Kinetic StarChrome Thread and containing the signature of Bangladesh Bank Governor Fazle Kabir. The new bank notes, however, ...

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GDP growth in outgoing fiscal year to reach 6.8pc: WB

expectations

MNA Business Desk: Bangladesh’s GDP growth rate in the outgoing fiscal year will reach 6.8 per cent while it will further come down to 6.4 per cent in the next fiscal year (FY18), according to a World Bank report. The Washington-based lending agency in its report ‘Global Economic Prospect’ released Sunday, attributed the decline in the growth to sliding remittance and fall in internal demand and industrial production. The report also says the GDP growth rate for Bangladesh in the FY19 will reach 6.7 per cent while it will rise further to 7 per cent in FY20. It also says ...

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No bar to hike gas price: Supreme Court

illegal

MNA Business Desk: The Supreme Court on Monday extended its stay on a High Court order that stayed for six months a government decision to raise gas prices for all consumers in the 2nd phase that came into effect from June 1. A four-member Appellate Division bench of the Supreme Court, led by Chief Justice Surendra Kumar Sinha, passed the order. The apex court bench also asked the High Court bench that had stayed the second hike to dispose the latter’s rule by July 31. After the top court bench rule, Attorney General Mahbubey Alam said, with this fresh order, ...

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Rice prices will be tamed very soon: Ministers

ministers

MNA Business Desk: Four ministers of the present government on Friday assured that the prices of rice will be tamed very soon as the government has taken various steps in this regard. Answering questions from journalists about the hike in the rice prices at the Finance Minister’s post-budget press meet in the capital’s Osmani Memorial Auditorium, AMA Muhith, Agriculture Minister Matia Chowdhury, Industries Minister Amir Hossain Amu and Planning Minister AHM Mustafa Kamal came up with the assurance. They attributed the hike in the rice prices to the damage of corps in the haor regions by flash-flood. The Industries Minister, ...

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Finance Minister unveils country’s 46th national budget

mega budget

MNA Business Desk: Finance Minister Abul Maal Abdul Muhith is unveiling Tk 4 trillion national budget for 2017-18 financial year (FY18) at the National Parliament. He started reading out the annual financial statement at Jatiya Sangsad (national parliament) at 1:40pm. Earlier, the cabinet, chaired by Prime Minister Sheikh Hasina, approved the national budget for placing in the parliament. About a total of expenditure, Tk 2.88 trillion is expected to come from the revenue earnings. But the budget, which Muhith claimed to be his best among the 11, will have a deficit of Tk 1.12 trillion, which is 5% of the ...

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Proposed budget for 2017-18 gets cabinet nod

proposed budget

MNA Business Desk: The cabinet at its special meeting on Thursday approved the proposed budget for the new fiscal year 2017-18. Prime minister Sheikh Hasina presided over the meeting held at the cabinet room of the Jatiya Sangsad Bhaban. The cabinet also endorsed the Appropriation (supplementary) Bill- 2017, and the Appropriation Bill-2017. Finance minister AMA Muhith and other cabinet ministers and state ministers concerned attended the meeting. However, the budget has special significance as it is being placed ahead of the 2019 elections. This is Muhith’s ninth budget in a row and 11th in total. He prepared two budgets when ...

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Rainbow Paints opens new showroom at Banasree

Banasree

MNA Business Desk: Rainbow Paints, a product of RFL, opened its first outlet in the capital’s Banasree area. The retail chain shop was inaugurated for selling Rainbow Paints and Hardware materials, said a press release. RN Paul, Managing Director of RFL, opened the showroom. Kamrul Hasan, Chief Operating Officer, Sazzadul Alam, National Sales Manager, Mohammad Shajahan, Retail Sales Manager, Mainul Islam and Nazmul Akand Tushar, Brand Manager of Rainbow Paints were present at the program. RN Paul said, Rainbow paint is getting popular to the customers day by day. Rainbow Paints has introduced its own showroom with a view to ...

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VAT to remain 15pc: Finance Minister

Bidi

MNA Business Desk: Finance minister Abul Maal Abdul Muhith on Saturday expressed his determination to keep the new Value Added Tax (VAT) at the 15 per cent. “I’ll not reduce the VAT from 15 per cent, because it has remained so from the beginning. However, many will be taken out of the VAT net,” said the finance minister while talking to reporters at his secretariat office on the upcoming national budget. He said, “I would reduce the VAT slightly, but it would create many problems if I did so.” Earlier, Centre for Policy Dialogue (CPD) has asked the authorities to ...

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‘Othoba.com’ launched bidding offer for customers

bidding offer

MNA Business Desk: Popular e-commerce site othoba.com has introduced a bidding offer named “Kar Dame Kato Dom” to its customers. Under this offer, customers will be able to purchase various products of different brands by placing highest price. The offer began on May 21 and will be continued till May 27, said a press release. Nirjhar Kumar Kundu, Assistant Brand Manager of othoba.com, said “Customers have opportunity to purchase various products of different brands, including Apple branded mobile phone, Vision TV, washing machine and air conditioner, Duranto bi-cycle, Regal furniture, Samsung and Xiaomi branded smart-phone, by placing highest price in ...

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Islami Bank removes Vice-chairman Syed Ahsanul

Syed Ahsanul

MNA Business Desk: Vice-chairman of Islami Bank Bangladesh Limited (IBBL) Syed Ahsanul Alam has been removed from his post. The decision was taken at the 34th Annual General Meeting of the bank held at Kurmitola Golf Club in the city on Tuesday with IBBL Chairman Arastoo Khan in the chair. After the meeting, the IBBL chairman briefed reporters on the meeting’s outcome. As per the decision the bank will now have only one vice-chairman and Yousif Abdullah Al-Rajhi, a foreign director of the bank, will continue with his post of vice-chairman. “From now on, there will be one vice-chairman in ...

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Shipping Corporation to get 6 new ships

Shipping Corporation

MNA Business Desk: Six new ships will be added with Bangladesh Shipping Corporation (BSC) by 2018, said an official release in Dhaka on Sunday. The ships would be bought from China National Import and Export Machineries Corporation (CMC) at a cost of Taka 1,843 crore (Tk 18.43 billion). “Each ship will have 39,000 tonnes capacity. The six ships – three oil tankers and three bulk carriers – will be added with Bangladesh Shipping Corporation (BSC) by 2018,” the release added quoting shipping minister Shajahan Khan as he confirmed this after returning home from China last night. Bangladesh Shipping Corporation has ...

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Shafiul Islam new FBCCI president

Shafiul Islam

MNA Business Desk: M Shafiul Islam Mohiuddin has been elected new president and Sheikh Fazle Fahim as first vice-president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) for the 2017-19 term. Besides, M Muntakim Ashraf has been elected vice-president of the FBCCI as seven other vice-president candidates withdrew their nominations. FBCCI election conducting committee chairman Ali Ashraf announced the names of three winners at the conference room of the federation building in the city on Tuesday. However, the official result will be announced on May 21. The biennial election to the apex trade body was held at ...

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