Deal approved with Posco Daewoo for sea gas exploration

Posco Daewoo

MNA Business Desk: The Cabinet Economic Affairs Committee on Wednesday in principle approved the Energy Division’s proposal to sign the final deal with South Korean Posco Daewoo International Corporation for oil and gas exploration in the deep sea block DS-12. The Cabinet body approved the proposal along with four others in a meeting held with Finance Minister AMA Muhith in the chair. The other proposals include awarding contract to develop Chinese Economic and Industrial Zone with Chinese government’s financing, awarding contract to PowerPac East West-GasMin Consortium to develop and operate Mirsarai Economic Zone, and construction of Khanjahan Ali Airport Construction ...

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ECNEC approved Osmani Airport modernization project


MNA Business Desk: The Executive Committee of the National Economic Council (ECNEC) on Tuesday approved the increasing strength of existing runway and taxiway of Sylhet Osmani International Airport project involving an expected cost of Tk 451.98 crore in a bid to modernize the airport. The sanction came from the 18th ECNEC meeting of the current fiscal year held at the NEC Conference room in the city’s Sher-e-Bangla Nagar area with ECNEC Chairperson and Prime Minister Sheikh Hasina in the chair. Planning Minister AHM Mustafa Kamal said that a total of eight projects were approved today involving an estimated cost of ...

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e-TIN holders stand at 27 lakh across the country


MNA Business Desk: The number of total e-TIN (electronic Tax Identification Number) holders in the country has stood at 27 lakh. “NBR has registered a total of 27 lakh e-TINs till February 1 this year, which is a record in NBR’s lifetime,” National Board of Revenue (NBR) chairman Md Nojibur Rahman told news agency. “It is really a milestone. We have a target of bringing three lakh fresh people under tax net in the current fiscal year and NBR have already achieved this target,” he added. He said NBR is hopeful of increasing the number of e-TIN holders to 30 ...

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Bkash offers 10% cash back on book purchase


MNA Business Desk: Bangladesh’s mobile financial services provider Bkash customers plan to purchase books at the month long ‘Amar Ekushey Grontho Mela 2017’ will get 10 percent cash back if they purchase the books through Bkash at the select publishers’ outlets. A total of 112 leading publishing houses will accept Bkash payment at the book fair which began on February 1, 2017 at the Bangla Academy premises, the company said in a press release. The cash back offer remains available for the customers till February 28, the last day of the fair. Bkash customers have to dial *247# to access ...

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NRBs permitted to open foreign currency deposit account


MNA Business Desk: All non-resident Bangladeshis (NRBs) are permitted to open non-resident foreign currency deposit (NFCD) accounts with authorised dealers (ADs), according to a Bangladesh Bank circular issued on Monday. Such NRBs include persons of Bangladesh origin including those who have dual nationality or are residing abroad, reported news agency. The circular said account-holders can maintain the accounts as long as they desire and the eligible persons are also allowed to open such accounts at any time after their return to Bangladesh. “This is to clarify that NRBs may, after their return to Bangladesh, open NFCD accounts with ADs to ...

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Bangladesh Bank to publish monetary policy today


MNA Business Desk: Bangladesh Bank (BB) governor Fazle Kabir will unveil the monetary policy statement for the second half of the financial year 2016-17 on Sunday, reported news agency. The governor would also brief journalists at the central bank headquarters in the city, about the focus areas of the policy, said a central bank release. A BB senior official earlier told BSS that the monetary policy has been prepared to give special importance to various sectors, including investment, Small and medium enterprise (SME) and idle money in the banking system, to help accelerate growth and investment. On 26 July 2016, ...

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Muhith backs 15pc VAT on goods and services again


MNA Business Desk: Finance minister AMA Muhith yesterday reiterated his opinion regarding imposition of 15 percent Value Added Tax (VAT) on goods and services in the next budget in line with the new VAT law. “15 percent VAT will be introduced on goods and services in the next budget. I am strict to my opinion,” said the minister while talking to journalists at his secretariat office here. About the demand of business community for imposition of VAT at different rates on various sectors, Muhith said this demand will be considered in future but initially one rate is good. More or ...

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Bangladesh’s WEF participation will help positive branding


MNA Business Desk: Bangladesh’s strongest ever participation under the leadership of Prime Minister Sheikh Hasina in the just-concluded WEF (World Economic Forum) Annual Meeting 2017 has successfully contributed to making “positive branding” of the country, further brightening its image on the world stage. “The strongest ever participation of Bangladesh under the stewardship of honorable Prime Minister Sheikh Hasina in the WEF proved to be ‘very significant’ to make positive branding of the country and highlight its achievements and successes in various sectors in the global arena,” members of the Bangladesh delegation and leading economists of the country have observed. State ...

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Bangladesh to start glorious journey in motorcycle export: Tofail


MNA Business Desk: Bangladesh has started a glorious journey in its industrialization by stepping into the global market through exporting motorcycle to Nepal, commerce minister Tofail Ahmed said on Saturday. “For encouraging local two-wheeler manufacturers, the government would announce cash incentives for them in the coming budget and would slap higher duty on import of bikes to accelerate the growth of the local automobiles industry,” he said while launching export of Runner brand motorcycle to Nepal. The minister inaugurated the export programme of the bikes of local manufacturer Runner Automobiles Limited at a ceremony on its factory premises at Bhaluka ...

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Government committed to ensure labour rights: PM


MNA Business Desk: Prime minister Sheikh Hasina on Tuesday said her government is highly committed to ensuring compliance with regard to the readymade garment (RMG) industry, reported news agency. “The contribution of apparel and textile industry to our economy is immense. We are highly committed to ensure compliance with regard to labour rights, workplace safety and environmental standard in the industry,” she said. She also said Bangladesh’s RMG industry has achieved higher compliance standards in terms of wages, workplace safety, norms, practices and harmonious industrial relations. “There has been a 77% increase in basic wage. Assessment of all the 3,780 ...

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S Korea’s prosecutor seeks arrest of Samsung chief


MNA Business Desk: South Korea’s special prosecutor office said it will seek a warrant to arrest the head of Samsung Group, the country’s biggest conglomerate, accusing him of paying multi-million dollar bribes to a friend of President Park Geun-hye. Investigators had grilled Samsung Group chief Jay Y. Lee for 22 straight hours last week as a suspect in a corruption scandal, which last month led to parliament impeaching Park. The special prosecutor’s office accused Lee of paying bribes total 43 billion won ($36.42 million) to organizations linked to Choi Soon-sil, a friend of the president who is at the center ...

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More commodities to get duty-free access under APTA


MNA Business Desk: Tofail Ahmed, commerce minister, said about 10,677 commodities would get duty-free access instead of the existing 4,648 items under the 4th round Asia-Pacific Trade Agreement (APTA) negotiation meeting being held in Thailand. “The duty-free access will enhance further the mutual relations, employment and assistance for achieving the Sustainable Development Goals (SDGs) among the APTA countries,” he told in the Thailand’s capital of Bangkok. Tofail Ahmed called for rushing the future activities of APTA to improve trade among the member countries. Commerce ministers of six member countries took part in the meeting. Tofail Ahmed chaired the council. He ...

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Australia plans to tax all online transactions

online transactions

MNA Business Desk: The Australian government plans to tax all online transactions, treasurer Scott Morrison said on Wednesday, as part of a so-called ‘tax strike’ on the rapidly-growing digital economy. Presently, the government is unable to tax all of Australia’s approximately $7.37 billion annual online transactions, news agency reported. However, Morrison said on Wednesday that as Australia moves towards a modern, cashless economy, the government must keep up to ensure the tax system remains “modern”. He said after imposing the “Google” and “Netflix” taxes, which ensure multinational corporations and online services were properly taxed for all sales in Australia. “You’ve ...

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Bangladesh to send about 800,000 workers abroad in 2017

workers abroad

MNA Business Desk: Expatriates’ welfare and overseas employment minister Nurul Islam on Sunday said Bangladesh will send about 800,000 workers abroad this year, reported news agency. “The main objective of sending workers abroad is to continue the present trend of overseas employment as well as attaining the government’s target of sustainable development goals (SDGs),” he said. The minister was briefing media on his ministry’s last year’s achievements and successes at the ministry’s conference room. In 2016, a total of 756,000 Bangladeshi workers went abroad for work. Of them, the highest number of 189,000 workers went to Oman followed by 144,000 ...

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Government to form Probashi Kalyan Board soon

Probashi Kalyan

MNA Business Desk: The government would form the Probashi Kalyan (Expatriates’ Welfare) Board soon as a draft law has already been made to set up a statutory organization for providing welfare services for migrant workers and their family members, reported news agency. The draft Probashi Kalyan Board Act-2017 has put on the expatriate welfare and overseas employment ministry’s website for opinion. Additional secretary to the ministry Azharul Haq said that the concerned ministry will sit on 12 January next on the draft law after taking opinion. According to the draft law, a 15-member body of the board will be formed ...

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Governing council of BEZA approves 4 private EZ

governing council

MNA Business Desk: The governing council of the Bangladesh Economic Zones Authority (BEZA) approved four private Economic Zones (EZ) on Thursday, reported news agency. The approval was given in the fifth meeting of the governing council of BEZA at Prime Minister’s Office (PMO) with prime minister and chairman of the council Sheikh Hasina in the chair. Addressing the meeting the prime minister urged the officials to work sincerely for construction of the economic zones for overall development of the country. Sheikh Hasina said the government has given utmost priority to the private sector for development. Taking the government facilities, she ...

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Training for women entrepreneurs to flourish trade


MNA Business Desk: An adequate financing along with necessary training for development of skills of women entrepreneurs could further flourish their trade, business and enterprises contributing to enhancing the national economy, reported news agency. Leaders of Rangpur Women Chamber of Commerce and Industry (RWCCI) made the view in their daylong annual general meeting (AGM)-2016 held at Rangpur Chamber auditorium in the city on Monday. President of RWCCI Anwara Ferdousi Poly presided over the event participated by the directors, executives and officials of the organization. Poly also presented excerpts of the previous AGM, report on annual report activities, audit report, statements ...

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PM inaugurates International Trade Fair 2017


MNA Business Desk: Prime minister Sheikh Hasina on Sunday inaugurated the month-long Dhaka international trade fair (DITF) announcing the ‘leather’ as the ‘product of the year’ for 2017, reported news agency. Asking all concerned to take necessary steps to provide necessary cooperation and incentives to the leather sector the prime minister said, the government wants to boost up the rising leather sector to explore it’s all potentials. Leather export has been increased by about 71 times over the last four decades and Bangladesh produces leather goods for top global brands, she said. Urging the business persons and exporters to remain ...

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Pro-Brexit group urges for EU free trade agreement


MNA Business Desk: Activists for a hard Brexit have asked business groups across Europe to put pressure on their governments for a free trade agreement with Britain, reported news agency. Leave Means Leave has written to the chambers of commerce in all the other 27 EU states, asking them to call for a “sensible agreement regarding the terms of Britain’s exit from the EU”. The letter warns that trade barriers would have a “detrimental effect”. It also calls for uninterrupted trade as well as near-zero tariffs. The letter was written by Leave Means Leave co-chairs Richard Tice and John Longworth, ...

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BMW to recall 200,000 cars in China


MNA Business Desk: German luxury carmaker BMW will recall nearly 200,000 vehicles in China because of flawed airbags, according to the country’s quality regulator and the company, reported news agency. Some 168,861 imported cars produced between December 2005 and December 2011, and 24,750 vehicles produced locally between July 2005 and December 2011 will be recalled, stated China’s General Administration of Quality Supervision, Inspection and Quarantine (ASDIQ). Gas generators in the defective airbags of the recalled cars could break unexpectedly, creating debris that poses a threat to riders’ safety, ASDIQ said. Earlier this month, China said they would recall some 22,543 ...

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Ashulia RMG factories to restart operations today


MNA Business Desk: BGMEA, the apex body of the readymade garment (RMG) factory owners, decided to backtrack from their previous decision after five days and agreed to restart the closed factories in the Ashulia. BGMEA President Siddiqur Rahman announced the decision of reopening the factories at a press conference held at BGMEA Building on Sunday at 07:00pm. Siddiqur Rahman said, “We have received applications from labor federations. Prime Minister also ordered us to reopen the factories. The factory closure hurt the workers and owners as well as the country’s economy. That is why; we have decided to reopen the factories.” ...

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Discounted Price for Mohammadi Homes Apartment; Installment Facility


MNA Business Desk: Mohammadi Homes Ltd. is offering discounted price for their apartment along with easy installment facily for their customers. Allotment of apartments is going on at buildings under construction at Mohammadi Homes Residential Area, located at Block-B of Mohammadi Housing Ltd. at Mohammadpur, one minute distance from National Parliament house in the capital. Mohammadi Homes Ltd. is providing 15% discount on the usual rate for general customers and additional special gift vouchers of Tk.10,000-30,000 for government service holders at REHAB Fair 2016, an event of the real estate sector, being held at Bangabandhu International Conference Center (BICC). Mohammadi ...

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REHAB Fair 2016 Started at BICC


MNA Business Desk: REHAB Fair 2016 has started at Bangabandhu International Conference Center (BICC) today (December 21, 2016). Honorable Finance Minister of Peoples Republic of Bangladesh, Mr. Abul Maal Abdul Muhith inaugurated the fair in the evening. The Real Estate and Housing Association of Bangladesh (REHAB) is an association of the Real Estate business organizations and the association is observing their 25th year in 2016. The fair will be a five-day event this year as it will start on Dec 21 and will end on Dec 25, 2016. There are 177 companies participating in this fair among which 22 are ...

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IMF chief Christine Lagarde found guilty

Christine Lagarde

MNA Business Desk: French court on Monday found IMF head Christine Lagarde guilty of negligence over a massive state payout to a tycoon when she was French finance minister but spared her a fine or prison sentence, reported news agency. The Court of Justice of the Republic found against Lagarde over her handling of a dispute between the state and flamboyant businessman Bernard Tapie, which ended in a 404-million-euro ($422m) award for Tapie. The French court chose not to sentence Christine Lagarde to a fine or jail time. Yet the charge of negligence threatens to cloud the reputation of the ...

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Sri Lanka gets $1.34 billion loan from World Bank

Sri Lanka

MNA Business Desk: Sri Lanka has secured $1.34 billion in loans from the World Bank to boost the cash-strapped island’s economy over the next three years, the finance ministry said on Saturday. The loans would be at concessionary rates and repayments spread out over 15 years, the ministry said in a statement. “This is a great victory for us and it will help us in the fiscal consolidation programme that the new government has started,” Finance Minister Ravi Karunanayake said. The new government, which came to power in January last year, also secured a $1.5bn bailout from the International Monetary ...

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Bangladesh Accord cuts ties with seven suppliers


MNA Business Desk: The Accord on fire and building safety in Bangladesh has severed ties with another seven garment suppliers for their failure to implement workplace safety measures, said a report by just-style portal. It quoted Accord as stating that it has terminated business with Haesong Group, Tuba Garments Ltd, Rock Knitwear Ltd, Riverside Apparels, MS Attires Ltd, Anam Garments Ltd, and Ashulia Apparels. These factories were inspected for fire, electrical and structural safety by the Accord in 2014, but failed to make adequate progress, according to the just-style report published on Wednesday. The moves come as Accord continues to ...

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23 foreign citizens involved in BB heist: CID


MNA Business Desk: The Criminal Investigation Department (CID) of police on Saturday claimed that they have found the involvement of 23 foreigners in the $ 101-million cyber heist from Bangladesh Bank’s account with the US Federal Reserve Bank. The foreigners collected the heist money from the Philippines casino and handed over to the mastermind.He, however, did not disclose the names of the countries. “Apparently, the mastermind of the heist collected the transferred money though Philippines casino and cashed out the sum using 23 field operatives,” Additional Deputy Inspector General Shah Alam of CID (Organised Crime) told reporters. “We are trying ...

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