Bangladesh economy to grow by 6.9% in FY 2017, 2018: ADB

MNA Business Desk: Asian Development Bank (ADB) in its annual publication ‘Asian Development Outlook 2017’ stated the global lender projects Bangladesh to grow by a moderate 6.9 percent in FY 2017 and expects it to remain unchanged in the next fiscal year. Bangladesh’s economy recorded a robust growth in FY2016 on the back of higher private sector investment and exports despite declining remittance inflow, it also added. The report also said that Bangladesh’s current account surplus expanded in FY2016 and inflation slowed. “Continued high growth will require a rebound in remittances and higher exports. Productive jobs are needed in manufacturing ...

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113m deal with WB to strengthen weather forecast


MNA Business Desk: The government on Wednesday signed a $113 million financing agreement with the World Bank to modernize the country’s meteorological and hydrological information system, including weather forecasting, early warning systems, and delivery of weather and climate services. The Bangladesh Weather and Climate Services Regional Project (BWCSRP) will help strengthen the water, disaster risk and climate information services in Bangladesh. The project will also pilot a community-level early warning system for flash floods, thunderstorms and droughts in four districts – Netrakona, Sunamganj, Rajshahi and Naogaon. The pilots will benefit more than 1 million people, said a press release. The ...

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ECNEC approves seven projects worth Tk 7,890 crore


MNA Business Desk: The Executive Committee of the National Economic Council (ECNEC) on Tuesday approved a total of seven projects involving an overall estimated cost of Tk 7,890 crore. Briefing reporters after the meeting, Planning Minister AHM Mustafa Kamal said that an education project at an estimated cost of Tk 1,353crore, aiming to make the use of ICT more time befitting at the secondary and higher secondary level. The approval came from an ECNEC meeting held at the NEC conference room in the city with ECNEC chairperson and Prime Minister Sheikh Hasina in the chair. State Minister for Finance and ...

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Women entrepreneurs to get collateral-free loan: BB


MNA Business Desk: Bangladesh Bank has directed banks to provide Tk25 lakh loan to a woman entrepreneur without any collateral. Bangladesh Bank delivered a circular on Sunday to ease the procedure of the SME loans to the women and new entrepreneurs. Bangladesh Bank data showed that the local banks and financial institutions are going to disburse Tk23,500 crore loans to create new entrepreneurs to encourage sustainable development. New women entrepreneurs are going to get Tk1,657 crore as SME loans this year as the women entrepreneurs have to face various unnecessary queries while taking loan from the banks. Besides, there are ...

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Safety campaign for garment industry launched

safety campaign

MNA Business Desk: The government has launched a workplace safety campaign for garment industry to raise awareness about the basics of Occupational Safety and Health. The radio-based campaign titled ‘Safe Workplaces, Go ahead Bangladesh’ was launched here, aiming to raise awareness of basic Occupational Safety and Health (OSH) issues and their prevention in Bangladesh’s RMG sector. The Ministry of Labour and Employment and the Department of Inspections for Factories and Establishments (DIFE) in collaboration with the International Labour Organization (ILO) with funding from Canada, the Netherlands and the United Kingdom will carry out the radio-based campaign. To have better recognition ...

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All branches of Rupali Bank automated

Rupali Bank

MNA Business Desk: State-owned Rupali Bank has gone into 100 percent automation, being the first among the public banks, aimed at providing better customer services. “The bank has reached the milestone by bringing the last branch under ‘Core Banking Solution (CBS)’ on March 27,” said a statement issued by Rupali Bank on Tuesday. From now on, real time banking services will be available for the clients in all branches across the country, the statement added. The bank was constituted with the merger of 3 (three) erstwhile commercial banks i.e. Muslim Commercial Bank Ltd., Australasia Bank Ltd. and Standard Bank Ltd. ...

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FBCCI election hearing adjourned till 30 March


MNA Business Desk: The Supreme Court on Monday adjourned the hearing on a petition filed over the process of holding election to the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) till 30 March. A three-member bench of the Appellate Division, led by chief justice S K Sinha, passed the order as there was a mistake in the paperbook. On 23 March last, the chamber judge’s issued the rule after a hearing on the petition filed by the FBCCI against an HC order that stayed the process of holding the election for two months. The Chamber Judge also sent ...

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Probe body to investigate Bangladesh Bank’s fire


MNA Business Desk: Fire Service and Civil Defence has formed a five-member probe committee to investigate into the fire incident took place at Bangladesh Bank building Thursday night. Bangladesh Bank has also filed a general diary over a fire in its offices without mentioning the extent of the damage. The general diary describes the fire but it does not say how it started on Thursday, said Motijheel Police. The fire, broken out at Bangladesh Bank building has been doused after an hour of frantic efforts of the fire fighters. The probe body has been asked to submit their report within ...

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Tofail inaugurated Thai trade fair ‘Thailand Week 2017’

trade fair

MNA Business Desk: Commerce Minister Tofail Ahmed on Wednesday inaugurated the 5th four-day annual Thai trade fair, ‘Thailand Week 2017’, at Pan Pacific Sonargaon Hotel in the capital. The trade fair was jointly organized by the Department of International Trade Promotion (DTP) under the Thai Commerce Ministry and Thai Embassy in Dhaka. “We’re planning to establish 100 economic zones in different parts of the country with adequate facilities. We’re urging the Thai government and traders to invest in these zones. They can also take one of the special zones for investment,” the minister said. About the fair, the Commerce Minister ...

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NCC Bank signed agreement with Bkash

NCC Bank

MNA Business Desk: NCC Bank Bangladesh Limited on Tuesday signed an agreement with Bkash Limited, a leading mobile financial services provider in Bangladesh to provide privileged banking services to Bkash and its distributors through 106 branches of the bank across the country. Md. Fazlur Rahman, Deputy Managing Director of the Bank and Moinuddin Mohammed Rahgir, Chief Financial Officer of Bkash signed the agreement on behalf of their respective organisations, said in a press release. Golam Hafiz Ahmed, Managing Director and CEO of NCC Bank and Kamal Quadir, Chief Executive Officer of bKash were present during the signing ceremony held at ...

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Sonali Bank to launch online money-transfer with PayPal

Sonali Bank

MNA Business Desk: Sonali Bank has got permission from central bank to launch the online money-transfer services with PayPal in the country. Sonali Bank remittance management division chief Mohammad Nawab Hossain confirmed the matter to media on Monday. “We just received permission. Now we will go forward with necessary procedures including signing of formal agreement with the PayPal, so that the service comes into operation soon,” he said. “Work on software development and co-operation will be taken place. We will not spend too much time. We hope good news will be announced soon,” he added. PayPal’s arrival in Bangladesh will ...

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Saudi announces 90-day amnesty for visa violators


MNA Business Desk: The Interior Ministry of Saudi Arabia launched a “A Nation Without Violations” campaign to give residency and labor law violators 90 days to leave the country without penalties. Prince Mohammed bin Naif, crown prince, deputy prime minister and minister of interior, urged violators to take advantage of the 90-day grace period, which becomes effective March 29, to correct their status and make use of the assistance provided. The crown prince directed authorities to facilitate the procedures of people who seek to leave the country within the specified period and relieve them from all sanctions. However, the General ...

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India received highest tourists from Bangladesh in last month


MNA Business Desk: India got the highest number of tourists in the last month February from Bangladesh among 15 source countries. The percentage share of Foreign Tourist Arrivals (FTAs) in India during February 2017 among the top 15 source countries was highest from Bangladesh (17.46 percent) followed by the UK (12.20 percent), the USA (11.83 percent), Russian (4.29 percent), Canada (4.26 percent), France (3.25 percent), Germany (3.11 percent), China (2.96 percent), Sri Lanka (2.91 percent), Australia (2.62 percent), Malaysia (2.55 percent), Japan (2.26 percent), Thailand (1.83 percent), Afghanistan (1.73 percent) and Nepal (1.50 percent), reported news agency. The Ministry of ...

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Sea exploration deal signed between Bangladesh and Posco Daewoo


MNA Business Desk: Bangladesh has signed a deal with the South Korean company Posco Daewoo Corporation for the exploration of mineral resources in the deep seas. The two sides signed the agreement for DS Block-12 on Tuesday at the Petrobangla head office in Dhaka. According to the deal, Daewoo will have to sell 60-85% of the gas produced from DS 12 at $6.50 per 1000 cubic feet, and 65-90% of the oil produced from the block in accordance with the model product-sharing contract pricing formula and international market price at the time when the oil will be sold. Daewoo is ...

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DCCI called for reducing VAT to 7% from 15%

reducing VAT

MNA Business Desk: Dhaka Chamber of Commerce and Industry (DCC) on Monday called for reducing VAT to 7 percent from the existing 15 percent and raising non-taxable income ceiling to Tk 3.5 lakh from Tk 2.5 lakh. A DCCI delegation, led by its president Abul Kasem Khan, placed its 49 proposals before National Board of Revenue (NBR) chairman Md Nojibur Rahman at a pre-budget discussion held at the NBR office, reported news agency. The trade body proposed the NBR to introduce smart tax and smart VAT cards. The DCCI president said VAT exemption on internet use will help materialize the ...

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PRAN-RFL creates 18000 jobs in Habiganj Industrial Park


MNA Business Desk: Some 18000 jobs have been created in the Habiganj Industrial Park (HIP) in the last three years which contributed a tremendous socioeconomic development of the adjacent areas. This industrial park will create more jobs especially for the young people in the upcoming days, said in a press release on Monday. PRAN-RFL Group director (marketing) Kamruzzaman Kamal said at a view exchange meeting with Habiganj journalists held at the conference room of the industrial park. President of Bangladesh Federal Union of Journalists and CEO of Ekushey TV Monjurul Ahsan Bubul was present at the program. He shared his ...

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BB governor urged to set up self-employed industrial units

industrial units

MNA Business Desk: Bangladesh Bank (BB) Governor Fazle Kabir on Saturday urged the next generation to become entrepreneurs and set up self-employed industrial units for taking forward the country’s economy towards the development goals of Vision-2021 and Vision-2041. “We can build the country as a developed one within 2041 through creating more entrepreneurs,” he said while addressing as the chief guest a conference on school banking at Swimming Pool and Gymnasium Auditorium in the district. The governor said BB is encouraging the commercial banks to open up newer branches in rural areas for spreading businesses across the country. “Students deposit ...

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Bangladesh seeks fair trade deal from US

fair trade deal

MNA Business Desk: Bangladesh sought a fair trade deal from the United States once again. During a meeting with US Republican Congressman George Holding on Tuesday, Ambassador to Washington Mohammad Ziauddin placed his argument in favour of getting DFQF market access, according to a press release forwarded by the Bangladesh Embassy in US yesterday. They also discussed issues of mutual interest including women empowerment and counter terrorism. The ambassador briefed the US lawmaker about the sense of discrimination that 14 countries out of 48 LDCs (least developed country) feel that they are not getting the DFQF access to US market ...

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PRAN bags $5 million spot orders at Gulfood fair


MNA Business Desk: PRAN, a leading food processor in Bangladesh, participated in Gulfood, one of largest food events in the world. Over 4200 exhibitors from 99 countries participated in the fair held at Dubai World Trade Center in UAE. The fair began on February 26 and ended on March 2, says a press release. The Bangladeshi food and Agro processor bagged export orders worth around $5 million during the five-day fair. PRAN Group has been participating in the fair since 2013. This year the group displayed its 300 products in two stalls. Md Mizanur Rahman, chief of export at PRAN ...

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Salary payments through mobile banking: BB


MNA Business Desk: Giving a clarification about cash-out and cash-in services through mobile banking, Bangladesh Bank deputy governor Md. Moniruzzaman on Monday said that the restriction that the central bank imposed on January 11 is applicable only in case of the personal transactions. Briefing reporters at the central bank conference room on the transaction limits of the mobile financial services (MFS) like BKash and M-Cash, he said the central bank is trying to reduce the cost of MFS, reports UNB. Currently, MFS charges a customer 2 per cent on the amount of transaction. Moniruzzaman said as per the BB restriction, ...

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Global buyers see Bangladesh one-stop platform for denim

Global buyers

MNA Business Desk: Global buyers said Bangladesh would be a one-stop sourcing platform for denim industry in future, reported news agency. During the 7th edition of ‘Danimjeans Expo held at the Bashundhara convention centre on 1-2 March, the buyers from different countries visited the expo. Bangladesh has become a major hub for sourcing trendy denim products for international retailers for its competitive pricing. The expo with a new theme -‘Denim Mashup’- focused the latest trend in denim. Denim Mashup’s strong resurgence across multiple brands worldwide from luxury brands like Gucci to fast fashion retailers like Zara and H&M, all are ...

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Supreme Court Rejected BGMEA’s Review Plea on Head Office Building


MNA Business Desk: The Appellate Division of the Supreme Court has rejected BGMEA’s plea for review  of the order to demolish their 16-story head office building adjacent to capital’s Hatirjheel. After the hearing, the three-member Appellate Bench headed by Chief Justice Surendra Kumar Sinha turned down the BGMEA’s review plea on Sunday. After this decision of the SC, it becomes almost inevitable now to demolish the ‘BGMEA Bhavan’, which will be the second largest commercial building to be demolished after ‘Rangs Bhavan’. The building belongs to the powerful trade body representing ready market garment exporters of Bangladesh and an organization comprising ...

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Dhaka, Moscow to establish intergovernmental commission


MNA Business Desk: Bangladesh and the Russian Federation yesterday signed an agreement on the establishment of the intergovernmental commission on trade, economic, scientific and technical cooperation. The agreement has been signed with an aim to promote the development of broad-based cooperation in a variety of areas, including trade, economy, science and technology. The Intergovernmental Commission will identify the main directions for trade, economic, scientific and technical cooperation and its priority areas of the two countries. Deputy Minister for Economic Development of the Russian Federation Alexey Gruzdev and State Minister for Foreign Affairs Md Shahriar Alam MP signed the agreement on ...

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Implementation of new VAT law from July 1: Muhith


MNA Business Desk: Finance Minister AMA Muhith on Wednesday repeated his firm stance on implementing the new VAT and Supplementary Duty Act-2012 from July 1. VAT law is mostly enforced and it will be implemented completely from July 2017,’ he said after a meeting with Deputy Managing Director of International Monetary Fund (IMF) Mitsuhiro Furusawa at the Finance Ministry, reported news agency. About the demand of the business community, the finance minister said, the government has already taken various steps, including increasing the limit of exemption, to make the law business-friendly. National Board of Revenue (NBR) has already held a ...

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Budget for next fiscal projected 4.20 lakh crore: Muhith

lakh crore

MNA Business Desk: AMA Muhith, Finance Minister, yesterday said the possible outlay of the budget for the coming 2017-2018 fiscal year could be as high as Taka 4.20 lakh crore. “We projected that the next budget outlay Taka 4 lakh crore but I want to take it Taka 4.20 lakh crore,” he told journalists after a pre-budget meeting with leading financial watchdogs at the State Guest House Padma here. Economists and representatives of Economic Research Group (ERG), Bangladesh Institute of Development Studies (BIDS), Policy Research Institute (PRI) and Bangladesh Economic Association (BEA) took part in the discussion. The think tanks ...

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$2m export deal signed between PRAN and Netherlands


MNA Business Desk: PRAN, a leading food processor in Bangladesh, will export $2 million worth of products to the Netherlands. An agreement was signed between PRAN and Engel Foreign Food Group in this connection at PRAN-RFL Center on Wednesday, said a press release sent by the company. Under the deal, PRAN will export its noodles, juice and confectionery items to the European country. Eleash Mridha, Managing Director of PRAN and Wim Engel, CEO of Engel Foreign Food Group signed the deal on behalf of their respective organizations for a year. Eleash Mridha said the demand of PRAN’s products is gradually ...

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Shopping malls, Industries to be listed for energy audit

Shopping malls

MNA Business Desk: About 100 shopping malls and industries, which are regarded as large power and energy consumers, are likely to be listed by the Sustainable and Renewable Energy Development Authority (SREDA) for conducting energy audit, reported news agency. The consumers will mainly be selected from textile, garment, fertilizer, chemical, paper, food processing, steel and re-rolling mills, and cement industries for the proposed energy audit. Some commercial ventures like Bashundhara Shopping Mall and Jamuna Future Park are going to be taken up to conduct energy audit under the SREDA Act. Professional qualified energy auditors will be awarded certificate by SREDA ...

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