One BRTC bus on average earns Tk 176 per day


MNA Business Desk: One BRTC (Bangladesh Road and Transport Corporation) bus on average could not make the net profit of even Tk 200 per day through the last two fiscal years, according to BRTC. According to the BRTC statistics, the net profit of BRTC buses was Tk 60.57 million in the 2015-16 fiscal year and Tk 60.85 million in 2014-15 fiscal. BRTC officials blamed the recent pay hike of BRTC staff, high repair costs for old buses, additional fuel costs due to traffic congestion and a good number of infertile staff amid manpower shortage for the high working costs. In ...

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UK operations of Bangladesh’s Sonali Bank fined £3.3m

UK operations

MNA Business Desk: The UK operations of Bangladesh’s Sonali Bank, have been banned from accepting deposits from any new customers for 24 weeks, reported news agency BBC. According to the BBC report, the Financial Conduct Authority (FCA) said the bank had failed to put anti-money laundering controls in place. The report further said the bank has been fined £3.3m and its top anti-money laundering official, Steven Smith, has been banned from any similar job in banking. Sonali Bank currently has three UK branches – in London, Birmingham and Bradford – which are aimed at serving the expatriate Bangladeshi community. It ...

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Oliver Hart, Bengt Holmstrom won Nobel Economics Prize

Nobel Economics Prize

MNA Business Desk: Nobel UK-born Oliver Hart and Finland-born Bengt Holmstrom won the 2016 Nobel Economics Prize for “their contributions to contract theory”, the Royal Swedish Academy of Sciences said on Monday. “(Their work) lays an intellectual foundation for designing policies and institutions in many areas, from bankruptcy legislation to political constitutions,” the award-giving body said on announcing the 8 million Swedish crown ($928,000) prize. The economics prize, officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968. It was not part of the original group of awards set out in dynamite ...

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Dhakai Jamdani to be registered as first GI product

Dhakai Jamdani

MNA Business Desk: Dhakai Jamdani, the country’s one of the finest muslin textiles, is going to get registration by this month as Bangladesh’s first Geographical Indication (GI) product, reported news agency. M Mosharraf Hossain Bhuiyan, senior secretary of the industries ministry, made the revelation while addressing the 56th annual meeting of the World Intellectual Property Organization (WIPO) in Geneva on Tuesday. Department of Patents, Designs and Trademarks (DPDT) under the Industries Ministry will provide the registration for Jamdani. Jamdani, popularly known as Dhakai Jamdani or Dhakai, produced in Dhaka District, Bangladesh for centuries. The historic production of Jamdani was patronized ...

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Bangladesh keen to set up urea factory in Iran

urea factory

MNA Business Desk: Bangladesh is highly keen to set up a urea factory in Iran under a joint-venture investment of the two countries, reported news agency. Amir Hossain Amu, industries minister of Bangladesh, who is now visiting Iran, showed the interest during a meeting with M Rasoul Zargarpour, governor general of Isfahan province, at the latter’s office on Monday. Amu also insisted the Iran government to consider assigning land in the industrial area near Chabahar Seaport for setting up the fertilizer factory. He also said any well-known company may be involved in the procedure as the third party along with ...

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Tk 1507 crore comes from mobile companies in 2015-16 FY

mobile companies

MNA Business Desk: The government has received Tk. 1507.05 crore—Tk. 1137.98 as revenue sharing, Tk. 40.50 crore as license fee and Tk. 328.56 crore as spectrum charge from the mobile companies in fiscal year 2015-16. State Minister of Posts, Telecommunications and Information Technology Zunaid Ahmed Palak said this on behalf of State Minister of the Post and Telecommunications Division Tarana Halim while replying to a starred question from a treasury bench member M Golam Rabbani in the Jatiya Sangsad. Palak said till date the government has dues of Taka 1610.9 crore with Teletalk Bangladesh Company and Taka 484.47 crore with ...

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Stocks open week down as major sectors falling

major sectors

MNA Business Desk: Stock markets opened week down as major sectors closing the session with falling trend at both the Dhaka and Chittagong stock exchanges on Sunday. Among the falling major sectors were finance and textile when 117 securities of the large-cap group incurred loss due to lower activities, reported news agency. The broader DSEX index of DSE finished the first session of the week 4.26 points down at 4690.93. The Shariah DSES and the blue-chip DS30 followed it by 2.41 points down at 1123.46 and 2.19 points down at 1776.52 respectively. The daily turnover in value at DSE was ...

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ADB to provide $1.5 billion to build dual-gauge railway

dual-gauge railway

MNA Business Desk: The Asian Development Bank (ADB) will provide $1.5 billion to Bangladesh to build a dual-gauge railway line that will bring key trade and tourism to Bangladesh’s southernmost parts, reported news agency. The new railway, part of the Trans-Asia Railway network, will also advance entrance to Myanmar and beyond. The Trans-Asia Railway – an initiative led by United Nations Economic and Social Commission for Asia and the Pacific – aims to provide seamless rail links between Asia and Europe to better connect people and markets. “The planned 102-kilometer stretch of railway will connect the tourist town of Cox’s ...

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UK Bangla chairman Ahmed Tajuddin gets bail

Ahmed Tajuddin

MNA Business Desk: The High Court issued four-week interim bail to Ahmed Tajuddin, chairman of M/s UK Bangla Limited, in a case filed over the Basic Bank loan swindle, reported news agency. A bench of HC comprising Justice Gobinda Chandra Tagore and Justice Razik-Al-Jalil passed the order after disposing of a petition filed by Tajuddin and asked him to surrender before the lower court within four weeks. The HC also asked the M/s UK Bangla Limited Chairman to submit Tk 2 crore to the bank concerned in two equal monthly installments. A total of 56 cases have been filed in ...

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Deal signed to construct Bangabandhu airport

construct Bangabandhu

MNA Business Desk: The government of Bangladesh has kicked off the procedure to construct Bangabandhu Sheikh Mujib international airport, the fourth international airport, in the country. Civil Aviation Authority of Bangladesh (CAAB) on Wednesday signed a deal with a Japanese company to carry out a viability study on the projected Bangabandhu international airport. Ehsanul Gani Choudhury, CAAB chairman air vice marshal, and Toshikazu Kambara, deputy director general of Nippon Koel Company Ltd of Japan, signed the agreement involving Tk 1.2 billion on behalf of their respective sides in the morning. According to the agreement, Nippon Koel Company Ltd will conduct ...

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BB heist probe report to be made public

probe report

MNA Business Desk: The probe report over the cyber heist of Bangladesh Bank’s (BB) account will be made public on 22 September, finance minister Abul Maal Abdul Muhith confirmed. “The report will be made available online on 22 September so people can have easy access to the document,” the minister told newsmen at a briefing at his office. The head of the three-member investigation committee Muhammad Farashuddin submitted the probe report on the central bank’s reserve heist to the finance minister on 30 May. In February 2016, instructions to steal US$951 million from Bangladesh Bank, the central bank of Bangladesh, ...

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Bangladesh to promote conservation with 53 countries

promote conservation

MNA Business Desk: Bangladesh has declared a joint effort among 53 countries in the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) to promote conservation. The announced cooperative effort is also meant for sustainable use of oceans, seas, and marine resources for sustainable development in Asia and the Pacific, reported news agency. The participants in the third Our Ocean conference held on 15-16 September in Washington, D.C., announced over 136 new initiatives on marine conservation and protection valued at more than $5.24 billion. As well as new commitments on the protection of almost four million square ...

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Cowhides price fixed at Tk 50 in Dhaka, Tk 40 elsewhere


MNA Business Desk: Tanners announced the prices for purchasing different types of cowhides during Eid-ul-Azha in an effort to maintain discipline in the purchasing process and prevent excessive prices, reported news agency. As per the decision, the tanners would buy per square feet salted cowhide at Tk 50 in Dhaka and at Tk 40 in other places across the country while salted goatskin at Tk 15-20. Md Shakawat Ullah, general secretary of Bangladesh Tanners’ Association came up with the decision at a press briefing at a restaurant in city’s Dhanmondi area. This year, some 50-60 lakh cowhides will be collected, ...

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Most of the RMG factories cleared salaries, allowances

RMG factories

MNA Business Desk: Most of the RMG factories have cleared salaries and festival allowances for its workers, said the Bangladesh Garments Manufacturers and Exporters Association (BGMEA). At a media conference, the BGMEA said that 91% factories have cleared all dues of their employees ahead of Eid-ul-Azha, reported news agency. “The remaining factories will clear the dues by Sunday,” said BGMEA President Siddiqur Rahman. “Visits have been made to 928 factories, who are BGMEA members, and 18 of them were identified as uncertain. “The BGMEA helped them to overcome the problem. At this very moment there’s not a single factory, which ...

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Salt price hike worries hide traders


MNA Business Desk: Salt price hike lift worries for hide traders over decomposing of huge amount of raw hides as salt essential ingredient for preservation of hides. According to the traders, price of salt currently varies from Tk 1500 to Tk 1550 per sack of 74 kilograms, whereas last year the price stood at just Tk 650 during the Eid-ul-Azha. The treaders are still waiting for the salt prices to drop. According to the merchants, 10 kilogram of salt is used for preserving one cow hide and Tk 87 is spent per hide. However, the government has already ordered the ...

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Ultra pore to get rice at Tk 10 per kg

per kg

MNA Business Disk: The government of Bangladesh will distribute rice and lentil among 5 million at Tk 10 per kg to ultra poor rural families across the country under the “Food-friendly Programme”. Each family will be given 30 kg rice per month for five months-March, April and September-November-every year. Prime Minister Sheikh Hasina will inaugurate the programme at Chilmari of Kurigram district this month. The government will need 7.50 tonnes of rice per year for the programme. From now on, cash money will be provided under Test Relief and Food for Work (Kabikha) programmes instead of food grains. As per ...

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Hasina launched BGB-run Shimanto Bank

Shimanto Bank

MNA Business Desk: As news agency reported, Prime Minister Sheikh Hasina has launched ‘Shimanto Bank Limited’ on Thursday, a scheduled bank which will be run by Border Guard Bangladesh (BGB). She opened an account as the first client and opened the process of bank officially at the BGB headquarters in Dhaka’s Peelkhana. “The Eid-ul-Azha is only days away. Shimanto Bank is my gift to all members of the force,” she said. Stating her pleasure over success in launching the bank, PM expected that BGB would take on more ‘revenue generating projects’ in future. She also hoped that the bank would ...

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Investigation found officials accountable for gas leak


MNA Business Desk: A Chittagong district administration investigation has found of two officials of the DAP fertilizer factory at Anwara accountable for the ammonia gas leak. The investigation body claimed that Noqibul Islam, the factory’s General Manager (Management), and Deputy Chief Engineer (Power) Dilip Kumar Barua were careless in performing their responsibilities. Earlier, on August 23 toxic gas came out from the factory and spread over the area, leaving people sick neighboring to the factory. The three-member investigation group led by Additional District Magistrate Mominur Rashid submitted their report on Wednesday. “The ammonia tank had five types of safety instruments, ...

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Citycell to pay Tk 477.51 crore within 3 months

Tk 477.51 crore

MNA Business Desk: The Appellate Division of the Supreme Court on Tuesday ordered Citycell to pay its Tk 477.51 crore dues to the Bangladesh Telecommunications Regulatory Council (BTRC) in installments within 3 months. A five-member bench, led by the chief justice SK Sinha, passed the order after hearing petition filed by Citycell. The court also ordered that Citycell, the country’s oldest mobile phone operator, can continue its operation on some conditions condition. Citycell also has to pay fees including license fee on regular basis from 17 September to the BTRC. Earlier on 22 August, the High Court stayed until 16 ...

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New bus service on Brahamanbaria-Kolkata route


MNA Business Desk: A new bus service named ‘Royal Coach’ on Brahamanbaria-Kolkata of India route started on Friday, aiming to boost up the connectivity between the residents of the two neighboring countries. Brahamanbaria Sadar-3 constituency lawmaker RAM Ubaydul Muktadir Chowdhury inaugurated the bus service in the morning at Municipal Bus Terminal in the district town. Two buses will leave the town every day for Kolkata while two others will leave the West Bengal capital for Brahamanbaria, said Obayed Hossain, a representative of ‘Royal Coach’. Each bus will have a 34-seat capacity and the passengers from Dhaka will also be able ...

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Grameenphone to use ‘013’ prefix


MNA Business Desk: Grameenphone has been given the permission to use ‘013’  as a second prefix for mobile-phone numbers in addition to the old ‘017’series. BTRC Chairman Shahjahan Mahmood said that the operator has been permitted to use the new series on some conditions. But the BTRC chief did not disclose the conditions. However, Grameenphone applied for the new prefix last year, stating around 100 million numbers with ‘017’ prefix would soon be exhausted. Along the lines of National Numbering Plan, mobile-phone numbers start with ’01’. Grameenphone is using ‘017’ as the prefix, Citycell ‘011’, Teletalk ‘015’, Airtel ‘016’, Robi ...

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50,000 tonnes fertilizers to damage in Khulna

tonnes fertilizers

MNA Business Desk: Around 50,000 tonnes fertilizers are proposed to damage for keeping under the open sky at Roosevelt Jetty in Khulna district for many months because of proper management. The fertilizers left piled up there are set to lose their efficiency due to long contact to rainwater and grimy wind. Sources said that various types of fertilizers, including MOP, TSP, DAP and urea, were stacked there numerous months ago claiming reasons of the ongoing repair works of the warehouses and easier supply and ‘physical verification’. However, there are eight warehouses for fertilizers in Roosevelt, Boyra and Shiromoni areas under ...

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Bangladesh’s net FDI crossed $2 billion


MNA Business Report: Bangladesh’s net FDI (Foreign Direct Investment) in a fiscal year has crossed the $2 billion mark for the first time in the history. The latest BOP (Balance of Payment) statistics published by Bangladesh Bank showed that the net FDIs in the last fiscal year 2015-2016 stood at $2.001 billion, up by 9.34% from the previous financial year. Net FDI inflow is counted by deducting the disinvested amount from the gross flow. FDIs in Bangladesh come as equity capital, reinvested earning and intra-company loan, making up the Gross Flow. Most of the FDIs coming in last year were ...

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Citycell users have only 7 days


MNA Business Report: Tarana Halim, State Minister for Post and Telecommunications, said on Tuesday that Citycell users have only 7 days to switch to another operator. Tarana Halim later confirmed that her division has decided in principle to cancel the licence of Citycell, the oldest mobile-phone operator in Bangladesh. Questioned what would happen to 400 Citycell workers once the operator closed, she replied, “It’s their internal matter. The ministry or BTRC can’t say anything on this issue.” Earlier on August 2, Shahjahan Mahmood, Telecom regulators BTRC Chairman, said the authorities shut down the company anytime. According to the BTRC information, ...

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India build gas pipeline with Bangladesh

gas pipeline

MNA Business Desk: India is planning to build an oil and gas pipeline with Bangladesh for improving cooperation in the energy sector. Dharmendra Pradhan, India’s petroleum and natural gas minister said this in Kolkata on Sunday. Talking with news reporters at the launch of Pradhan Mantri Ujjwala Yojana’ (PMUY) in West Bengal, Pradhan said that he made a productive conversation  about oil and gas pipeline building cooperation with Bangladesh premier Sheikh Hasina during his recent visit to the neighboring country. “The Petroleum and Natural Gas Regulatory Board (PNGRB) has started the process for a pipeline from Contai in West Bengal ...

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Government against new household gas connections: Muhith

gas connections

MNA Business Desk: Abul Maal Abdul Muhith, Finance Minister, remarked that the government has strongly decided against giving any new household natural gas connections and will stick to that decision. There is no point of spending present gas for cooking. He also stated that the use of natural gas for household tasks is an absolute waste of the valuable resource. The minister made the statement during a seminar arranged on the occasion of “National Energy Security Day 2016” by the Energy and Mineral Resources Division at Petro Center in Dhaka. Stating Liquefied Petroleum Gas (LPG) as an alternative fuel for ...

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ACC detained former manager of Sonali Bank


MNA Business Desk: The ACC (Anti-Corruption Commission) on Thursday night detained a former manager of Sonali Bank main branch in Bagerhat district from Nur Nagar area in Khulna city. He was arrested for misappropriating around TK 4.50 crore. The arrestee was recognized as Sheikh Mujibur Rahman, 55-year-old, in Baintola union of Rampal upazila in Bagerhat district. Mujibur along with a senior official- Sheikh Mahfizur Rahman- misappropriated TK 4 crore 49 lakh from the accounts of 150 clients of the bank making false papers during 2012-2015. They were suspended in December 2015. On October 2015, a case was filed against Mujibur ...

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