PRAN National Pickle Competition 2017


MNA Business Desk: PRAN, a leading food processing company, on Sunday started collecting pickles for the 18th edition of PRAN National Pickle Competition 2017. Only Women will be able to take part in the competition which started on 23 July and will continue till 25 August. Top winner of the competition will get Tk 2 lakh as prize. Therefore, a total of 12 women, in four categories- sweet, sour, hot and mixed – will win 1st, 2nd and 3rd prize while another 35 will get complimentary prizes. Winners of 1st places will get Tk 50,000 each, winners of 2nd place ...

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BD singed deal to dredge Pussur Channel

Pussur Channel

MNA Business Desk: Bangladesh government signed a contract with India to dredge Pussur Channel from Mongla Port to Rampal power plant, reported news agency. Dredging Corporation of India will dredge 13-kilometre waterways of Pussur Channel to restore navigability for carrying imported coal to the under construction power plant in Rampal of Bagerhat. The deal worth Tk 1.19 billion was signed at the conference room of Mongla port on 16 July 2017. Chairman of Mongla port commodore AKM Faruque Hassan and, chairman and managing director of Dredging Corporation of India (DCI) Shri Rajesh Tripathi signed the contract on behalf of their ...

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Taskin as brand ambassador of Duranta


MNA Business Desk: Taskin Ahmed has been appointed as the brand ambassador of Duranta bike, a bicycle brand of RFL group. Taskin Ahmed and Chowdhury Fazle Akbar, General Manager (Marketing) of Duranta bike, signed the deal on Monday (17 July) at corporate headquarters of RFL in this connection, said a press release. Under the agreement, Taskin Ahmed will perform in different promotional activities of the bike for next one year.  Chowdhury Fazle Akbar said, “Taskin is a popular cricketer in the country. We are glad to have him as the brand ambassador for Duranta bike. We hope Taskin will make ...

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Global recovery on firmer footing: IMF


MNA Business Desk: The global economic recovery is on firmer footing as improving growth in China, Europe and Japan offset downward revisions for the United States and Britain, the International Monetary Fund said Sunday. However, wage growth remains sluggish which risks increasing tensions that have pushed some countries toward more anti-global policies, while efforts to erode financial regulations put in place since the 2008 crisis could erode stability, the IMF warned. “The recovery in global growth that we projected in April is on a firmer footing; there is now no question mark over the world economy’s gain in momentum,” IMF ...

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Bangladesh Bank relaxes rice import rules

rice import rules

MNA Business Desk: Bangladesh Bank further relaxed rice import rules by allowing private importers to open LCs on deferred or usance basis or under buyer’s credit for up to 90 days term until December 31 this year. On June 10, the central bank instructed banks to allow private traders to import rice without any deposit against letters of credit or LC margin. Through a new circular issued by Foreign Exchange Policy Department, on July 20, said, “It has now been decided that LCs against deferred or usance basis or under buyer’s credit up to 90 days term for import of ...

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UK unveils Austen bank note on anniversary

Jane Austen

MNA Business Desk: The Bank of England on Tuesday unveiled a new bank note featuring Jane Austen to coincide with the author’s death 200 years ago after a campaign to include more women on Britain’s currency. The new note worth ten pounds ($13, 11.3 euros) and made of polymer instead of paper will enter circulation in September. Tuesday’s launch follows the introduction of a polymer five-pound note last year that sparked controversy after the Bank of England confirmed that tallow, or animal fat, is used in the production process. Activists and religious groups have called for sustainable, plant-based alternatives, but ...

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Primark recalls flip flops over cancer scare


MNA Business Desk: Low-cost fashion chain Primark is urgently recalling thousands of men’s flip’s flops after it was discovered they contain unsafe levels of a cancer-causing chemical. The chain, which is owned by Associated British Foods, is reportedly recalling three versions of the shoes in the Cedar Wood State range which were on sale until 2 June, reported news agency. Several media outlets reported that the black, blue and khaki-colored versions of the flip flops are affected by the recall, on the basis that they might contain dangerous levels of a chemical called chrysene, which can cause cancer. Primark are ...

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BB asks all banks, NBFIs to help flood victims


MNA Business Desk: Bangladesh Bank (BB) on Wednesday asked all banks and non-bank financial institutions (NBFIs) to extend their help for rehabilitating flood affected people under the corporate social responsibility (CSR) programme. The central bank issued a circular to all banks and NBFIs in this regard. The BB requested the banks and NBFIs to provide food, clothes, potable water, emergency medicines, portable improved cook stoves, portable solar lanterns, Portable Pico Home Systems (Small solar home systems under 20 watt) for the flood affected people across the country, including northern region, the circular said. However, continuous downpours coupled with swelling in ...

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Dhaka, Singapore sign 3 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


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


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


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


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


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


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


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


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


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


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


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


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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