Business

Bangladesh, India to sign agreements on seaport construction

agreements

MNA Business Desk: For constructing a multipurpose container terminal at Payra seaport, India and Bangladesh is going to sign some agreements on using Mongla and Chittagong harbors apart from. Both countries are in negotiation at shipping secretary-level meeting in Dhaka, on numerous phases of separate MoUs (memoranda of understanding). The convention will complete things on proposed MoUs and those are likely to be signed during P_M Sheikh Hasina’s upcoming New Delhi visit in the third week of the current month. Some Indian private companies and state-owned ‘India Port Global’ have shown attention in building a multipurpose container terminal at Payra ...

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Philippine wants Bangladesh to share results of heist inquiry

inquiry

MNA Business Desk: The Philippine government wants Bangladesh to share the results of its inquiry into how unknown hackers pulled off one of the world’s largest cyber bank heists. Finance Secretary Carlos Dominguez, who last week met with a Bangladesh delegation, said Manila “strongly recommended” Dhaka share the results of its investigation. “We are pursuing the lawsuits on your behalf as vigorously as we can,” Dominguez was quoted in a statement as telling the delegation. Bangladesh Bank has declined to disclose the findings of its own inquiry, saying it wanted to deny perpetrators knowledge of the investigation. Most of the ...

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Implementation rate of ADP witnesses rise

Implementation rate

MNA Business Desk: Implementation rate of the Annual Development Programme (ADP) for the July-October period of fiscal year 2016-17 was 14 percent with an expenditure of Tk 16,772 crore. The implementation rate for FY17 was 3 percent higher than 11 percent of the same period of the last fiscal FY16, said planning minister AHM Mustafa Kamal while briefing journalists after ECNEC meeting at NEC here yesterday. He said the expenditure was also Tk 5, 177 crore higher for the July-October period of FY17 from Tk 11,595 crore of the same period of FY16. Annual Development Programme (ADP) an organized list ...

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Markets, dollar, peso drop as Trump wins election

markets

MNA Business Desk: Share markets and dollar tumbled against the yen and the euro as Donald Trump was elected US president, in a stunning upset with major implications for the world economy. The Mexican also fell to a record low as safe-haven assets soared, with gold rising more than five percent and German government bonds rallying. Fears about the impact on financial markets led Japanese and South Korean authorities to call crisis talks. Markets have been plunged into turmoil as Clinton was considered by many investors to be a safer bet than Trump, who is seen as a loose cannon ...

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HSBC shares rally on profits after cost-cutting drive

HSBC

MNA Business Desk: HSBC shares rallied on Monday in a confident response to quarterly profits after the British banking giant experienced a radical cost-cutting exercise. Adjusted pre-tax profit—which strips out one-off items and unfavorable currency movements—rose seven percent in the three months to September to $5.59 billion from a year earlier, beating analysts’ prospects, reported news agency. Reported pre-tax profit, however, plunged 86 percent from a year earlier to $843 million. That figure included the impact of the sale of the bank’s Brazil business, which set the lender back $1.7 billion. “Reported profits were down, but adjusted profits were higher ...

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BTRC to restart Citycell operations on 6 Nov

Citycell

MNA Business Desk: The Bangladesh Telecommunication Regulatory Commission (BTRC) on Sunday decided to restart the spectrum allocation for Citycell obeying with a court order. BTRC chairman Shahjahan Mahmood confirmed this and a decision has been taken to restore Citycell’s operation can carry on its services starting this afternoon. The Appellate Division of the Supreme Court asked the BTRC why it had not yet restored the spectrum of Citycell, the country’s first mobile phone operator. A four-member HC bench, led by chief justice SK Sinha, passed the verbal order in the morning. On October 20, Bangladesh Telecommunication Regulatory Commission cancelled the ...

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Bangladesh foreign exchange reserves cross $32 bn

foreign exchange

MNA Business Desk: Bangladesh’s foreign exchange reserves crossed the $32bn mark on Thursday which is sufficient enough to cover about nine months’ worth of imports. Steady garment exports and remittances from Bangladeshis working overseas, the key drivers of the country’s more than $200 billion economy, have helped build reserves in recent years. The reserves are however rising despite the flow of remittances declined by over 15 percent in past four months. Experts of the country see the rise significant even after having $81 million stolen by cyber thieves. The currency reserves, on the rise for past few years, crossed the ...

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UN to provide $1.2b for sustainable development

sustainable development

MNA Business Desk: The United Nations (UN) on Thursday signed an agreement with the government of Bangladesh to provide $1.2 billion for sustainable development in the next four years. The contract, known as the United Nations Development Assistance Framework (UNDAF) 2017 – 2020, is also planned to carry forward the legacy of the achievements of the MDGs. Sustainable development is a process for meeting human development goals while sustaining the ability of natural systems to continue to provide the natural resources and ecosystem services upon which the economy and society depends. Mohammad Mejbahuddin, senior secretary of the economic relations division, ...

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ADB to provide $ 8bn for 7th Five-year plan

five-year plan

MNA Business Desk: The Asian Development Bank (ADB) will provide US$ 8 billion to Bangladesh for implementing its ongoing 7th Five-year plan (2016-2020). This was stated at ADB’s Bangladesh Country Partnership Strategy 2016-2020, launched here on Wednesday at an event at National Economic Council (NEC) auditorium. ADB Country Director K Higuchi and Economic Relations Division (ERD) senior secretary Mohammad Mejbahuddin jointly launched the partnership strategy, reported news agency. The ADB will adopt a broad-based approach to respond flexibility to the needs and demand of the country over the country partnership strategy (CPS) during the period. In 2015, the Government of ...

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Country’s highest taxpayers to get national tax cards

tax cards

MNA Business Desk: The cabinet of Bangladesh on Monday permitted the draft of “The National Tax Card Policy, 2010 (Amendment)” proliferating the number of national tax cards to 125 from existing 20. Mohammad Shafiul Alam, cabinet secretary said, “The new policy has proposed to raise the number of national tax cards to 125 from existing 20,” after the weekly cabinet meeting. He also said that the tax cards would be given to the highest individual and company taxpayers. Prime minister Sheikh Hasina chaired the meeting at Bangladesh Secretariat. Under the present policy, a total of 20 highest tax payers –10 ...

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Unnayan Onneshan warns development financing to slow down

Unnayan Onneshan

MNA Business Desk: The weakening in growth rate in total revenue collection together with the existing low tax-gross domestic product (GDP) ratio is likely to slow financing for development, warns Unnayan Onneshan (UO). In the update publication of its monthly edition, the Bangladesh Economic Update, the UO stated that the rate of growth in revenue mobilization has declined since FY 2011-12. Then definite mobilization of total revenue grew by 19.3% in Fiscal Year 2011-12, whereas the rate of growth decline in the subsequent years stood at 15.2 percent, 10.4 percent, 13.5 percent, and 13.8 percent in FY 2012-13, FY 2013-14, ...

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Doing Business Index 2017: BD ranked 176

Business index

MNA Business Desk: Bangladesh has been ranked at no 176 position which is astonishingly below the civil war-ravaged Iraq and Syria, in the World Bank’s business index ranking 2017. Bangladesh is only above Afghanistan among South Asian countries, according to the report titled “Doing Business 2017: Equal Opportunity for All” released on Tuesday by World Bank. Among 190 countries worldwide, Bangladesh has placed 176, showing rising movement of only two positions from the previous year’s ranking. Somalia, Eritrea, Libya, Venezuela and South Sudan are at the bottom of the list while New Zealand, Singapore, Denmark, Hong Kong and South Korea ...

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Bangladesh invites Greek to explore investment capacities

Greek

MNA Business Desk: Bangladesh has invited Greek businesses to take the chance to search the investment capacities in Bangladesh as it is mounting as an economic hub in the South Asian bloc. Shahidul Haque, Foreign Secretary of Bangladesh carried out the invitation during a political consultation held between Bangladesh and Greece at the State guesthouse Meghna on Sunday. The second political consultations between the two countries took place, six years after the first one held in Athens in April 2010. The Greek side was led by Secretary General (Foreign Secretary) of the Hellenic Republic (Greece) Ambassador Dimitrios Paraskevopoulous. Shahidul Haque ...

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DCCI worried over India’s anti-dumping duty on jute

jute

MNA Business Desk: Dhaka Chamber of Commerce and Industry (DCCI) has expressed anxiety over the ‘unexpected treatment’ by India’s agency concerned to jute imported from Bangladesh. India’s anti-dumping authority has proposed 25-30% duty on the jute imported from Bangladesh and Nepal, reported news agency. “It will have negative cascading impacts on parties involved in our local jute supply chain process, export market and dampen glorious heritage of golden fiber of Bangladesh,” the trade body said in a statement on Thursday. It said when Bangladesh is working hard to improve and maintain a justified cross-border bilateral trade relation with India, this ...

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Furberg appointed as Grameenphone interim CEO

Grameenphone

MNA Business Desk: The Grameenphone Board of Directors has appointed Mr. Petter-B. Furberg, 49-year-old, as the company`s interim Chief Executive Officer (CEO), effective from 1 November 2016. In his new role, Furberg will also serve as member of Telenor Group`s Executive Management. Furberg is the Senior Vice President Telenor Digital Businesses, based in Bangkok. Prior to his current role, Furberg served as CEO of Telenor Myanmar for three years. Since joining Telenor in 1998, he has held a number of executive positions, including Chief Financial Officer and Chief Marketing Officer of dtac, Thailand, and Head of Financial Services at Telenor ...

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Iran oil production to hit four million barrels a day

four million barrels

MNA Business Desk: Iran expected that its oil production capacity will hit four million barrels a day by March as it was exempted from an unofficial agreement among OPEC members to lower output to boost prices. “Our production capacity was 3.8 million (bpd) after the first half of the year. We will take it to 4.03 million by the end of the year” in March 2017, Oil Minister Bijan Namdar Zanganeh said at a conference. He added that Iran was aiming to hit 4.6 million bpd within five years. That is up from 2.7 million bpd in January, when a ...

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One BRTC bus on average earns Tk 176 per day

One BRTC

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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