Business

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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Govt signed deal with Qatar to import LNG

imported

MNA Business Desk: Bangladesh has signed a long-term “LNG Sales and Purchase Agreement with Qatar’s RasGas” to import up to 2.5 million tonnes of liquefied natural gas (LNG) annually to meet the country’s growing energy demand. Petrobangla’s chairman Abul Mansur Md Faizullah and the chief executive officer of RasGas Hamad Rashid Al-mihammadi signed the agreement for 15 years on behalf of their respective sides with the target of supplying and procuring 2.5 tonnes of LNG annually, reported news agency. State minister for power, energy and mineral resources Nasrul Hamid and Qatar’s energy and industries minister Mohammad Bin Salah Al-Sada witnessed ...

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Shopping malls abuzz with customers

abuzz

MNA Business Desk: Ahead of Durga Puja, one of the biggest religious festivals of the Hindu community, city shopping malls are abuzz with a large number of customers looking for buying new dresses. Thousands of people are purchasing items of their own choice with huge enthusiasm. The government has undertaken fool-proof security measures to ensure smooth holding of the forthcoming Durga Puja. The minister said the immersion of Durga’s idol should be done from 3:00 pm to 8:00 pm on the day of Bijoya Dashami. A total of 30,077 Puja Mandops will be set up by the Hindu Community this ...

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BHBFC to cut interest rate for flat loan

flat loan

MNA Business Desk: Bangladesh House Building Finance Corporation (BHBFC) plans to lower the interest rate for its flat loan scheme to single digit as some private banks have already cut the interest rates on flat loans. Some leading private banks and financial institutions, including BRAC Bank, Eastern Bank, Standard Chartered, City Bank, IFIC, have already brought down the interest rates on flat loans. The interest rate for house building was brought down to 9 per cent from 12 per cent while the interest rate for flat loan was fixed at 10 per cent. In April this year, BHBFC increased loan ...

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Govt to buy 50,000 tonnes rice from Thailand

procure

MNA Business Desk: The government has cleared a proposal to buy 50,000 tonnes rice from a Thai company through international tender, reported news agency. The cabinet committee on government purchase approved the proposal to buy the parboiled rice at $438 per tonne at a meeting chaired by Finance Minister AMA Muhith on Wednesday. Siam Rice Trading (Thai) Company Limited will supply the rice at Tk 1.81 billion as the lowest bidder, Additional Cabinet Secretary Mostafizur Rahman told reporters after the meeting. The crisis has pushed rice prices through the roof. Even the price of rice at the government’s Open Market ...

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Govt allocates Tk 400m for roads in Rohingya camps

Rohingya camps

MNA Business Desk: The government has allocated Taka 400 million for construction of roads in 12 temporary Rohingya camps of Myanmar refugees in Cox’s Bazar as part of its massive programmes for the rehabilitation of the displaced people from Myanmar. “The LGRD ministry has allocated the money for construction of the roads in 12 makeshift refugee camps in Cox’s Bazar,” Prime Minister’s Office sources told news agency. Prime minister’s deputy press secretary Ashraful Alam Khokan said apart from this, the government is constructing 1200 makeshift sanitary latrines and installing 1200 tube-wells in the 12 refugee camps. He said 100 makeshift ...

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Uber reviews Asia business on bribery charge

Asia

MNA Business Desk: Uber Technologies Inc has started a review of its Asia operations and notified US officials about payments made by staff in Indonesia, Bloomberg reported, citing people with knowledge of the matter. Uber said in August it was cooperating with a preliminary investigation led by the US Department of Justice into whether company managers violated US laws against bribery of foreign officials, specifically the Foreign Corrupt Practices Act. Uber hired law firm O‘Melveny & Myers LLP to investigate how it obtained the medical records of an Indian woman who was raped by an Uber driver in 2014, Reuters ...

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BASIC Bank’s default loans Tk 65.4 billion

Bank Chairman

MNA Business Desk: The Bangladesh Small Industries and Commerce Bank Limited (BASIC) and Sonali Bank have more than Tk 97.64 billion in defaulted loans. Of the figure, BASIC Bank has disbursed the unpaid loans of around Tk 65.4 billion to 628 firms. The names of a few families have repeatedly emerged in the loan scam of BASIC Bank. The top loan dodgers, who have defaulted on loans in billions of taka, are from three families. These are the families of the former president of the Chittagong Chambers of Commerce (CCC) Murshed Murad Ibrahim, former Farmers Bank’s chairman Mahbubul Chisty and ...

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OMS of rice starts, price double

double

MNA Business Desk: The government on Sunday started the Open Market Sale (OMS) of coarse varieties of rice at the rate of Tk 30 per kilogram, which is double than the previous rate. Food Minister Quamrul Islam told news agency that the OMS scheme aims to provide rice at low price among the people has started across the country except few places. Though on September 14, the government had declared to sell rice under the OMS programme at Tk 15, but finally the rice hit the market at its double price. The government decision came after the price of the ...

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Number of e-TIN holders exceeded 3m

e-TIN holders

MNA Business Desk: The number of e-TIN holders has exceeded 3 million in the country, according to the statistics of the National Board of Revenue (NBR). A total of 30,50,405 people got registered with the electronic tax identification number (e-TIN) till August this year, which the NBR describes as a success towards its revenue collection efforts. New job opportunities are being created with the rapid expansion of trade and business. At the same time e-TIN has been made mandatory for the government employees from last fiscal that has boosted the number of tax payers. NBR has put focus on the ...

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BD to import 1.4m mts fertilizer

fertilizer

MNA Business Desk: Bangladesh will import 1.4 million tonnes (mt) of fertilizer from Tunisia Saudi Arabia and Morocco during the 2017-18 fiscal year to meet the demand of farmers, an official document of the Ministry of Agriculture reveals, reported news agency. According to the document, the Agriculture Ministry has set a requirement of 1.5 million mt fertiliser on the basis of a countrywide field survey conducted by the Department of Agricultural Extension (DAE). Of the total 1.5 million (m), the survey shows, the country will need 650,000 mts TSP fertiliser and 850,000 mts DAP fertiliser. The Agriculture Ministry has also ...

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bKash ranked 23rd in Fortune’s top 50 Change the World list

Pathao

MNA Business Desk: bKash Limited, the largest mobile financial service provider in Bangladesh has been ranked 23 on Fortune’s third annual ‘Change the World’ list which recognizes top 50 companies that are changing the world through solving a multitude of societal problems. Fortune’s Change the World list recognizes companies that have had a positive social impact through activities that are part of their core business strategy. Fortune writers and editors with the help from partners FSG and Shared Value Initiative evaluate and rank the companies by three factors: social impact, business results and degree of innovation. Fortune is one of ...

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BB to keep watchful eye on banks’ exposure

reserves

MNA Business Desk: The central bank has decided to strengthen monitoring of commercial banks’ exposure to share market with a view to avoiding recurrence of an unwanted situation, reported news agency. Under the latest move, the banks will have to submit their reports on fresh investment in the capital market to the Bangladesh Bank (BB) on weekly basis, mentioning daily transactions separately. Currently, the banks are eligible to submit such weekly reports to the Department of Off-site Supervision (DOS) of the central bank on gross transactions basis without mentioning daily transactions separately. The report must be submitted to the central ...

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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

create

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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