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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China to provide loan for BSC


MNA Business Desk: The China government will provide $184.50 million concessional loan to Bangladesh for procuring six vessels for BSC (Bangladesh Shipping Corporation) from China. The Chinese have already planned the drafts of the framework agreement along with the Chinese Government Concessional Loan (CGCL). The six vessels, including three oil tankers, and three bulk carriers, each with 39,000DWT capacity in a bid, will enhance the capacity of the BSC by raising the number of vessels to its fleet. The government of Bangladesh will acquire preferential loan of Tk1, 448.32 crore from China Exim Bank and the BSC will bear Tk395.26 ...

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Government to introduce model pharmacy


MNA Business Desk: The drug control agency of government is working to introduce model pharmacy for stopping fake drug sales in Bangladesh. Maj Gen Md Mustafizur Rahman, Director General of the Directorate General of Drug Administration (DGDA), said that they had made a policy for the pilot initiative of creating model pharmacy. “We hope to cover at least 150 ‘A grade’ pharmacies and 2000 ‘B grade’ pharmacies by this year,” he said at a press briefing at the DGDA. Those pharmacies will sell drugs obeying with all standards comprising appointment of graduate pharmacists. They will also brief customers about the ...

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BTRC declared to shutdown 204 ISPs


MNA Business Desk: The BTRC (Bangladesh Telecommunication Regulatory Commission) has declared to shutdown 204 ISPs (internet service providers) in Bangladesh. The telecom regulators on Tuesday ordered all International Internet Gateway (IIG) and ISPs to sever the connections of these entities by Aug 25. According to BTRC, there are more than 500 ISPs across the country under the categories of A, B and C. It informed that these ISPs had not provided essential info to them after securing license and they are yet to pay their dues. Of the 204 ISPs that are going out of business, 33 provide internet at ...

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Bhutan wants to import internet from Bangladesh


MNA Business Desk: Bhutan highly wants to import internet bandwidth from Bangladesh. Tarana Halim, State Minister for Post and Telecommunications, said that the Himalayan kingdom interested to settle a deal within two months. As a part of the dealing Bhutan will send a delegation within November to fix the amount, price and route to take in the bandwidth. The group would discuss about establishing connectivity and frame an outline about the probable import of bandwidth from Bangladesh. Bangladesh presently has a 200 GBPS connection to the submarine cable – South East Asia–Middle East–Western Europe 4 (SEA-ME-WE 4). And it is ...

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SC ordered BRAC to pay Tk. 404 crore


MNA Business Desk: The Appellate Division of the SC (Supreme Court) ordered the authorities concerned of BRAC to pay Tk. 404 crore to the government as unpaid income tax. An appeals bench led by Chief Justice Surendra Kumar Sinha on Wednesday has upturned the High Court verdict on BRAC from giving taxes after announcing it a public welfare institution on 14 December 2014. Barrister Rokan Uddin Mahmud and advocate Mohammad Asaduzzaman stood for BRAC, while deputy attorney general advocate Rashed Jahangir Shubhro represented the state. It delivered the verdict after BRAC had submitted 11 income tax reference applications challenging as ...

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Citycell shutting down for governments dues


MNA Business Desk: Oldest mobile-phone operator Citycell is shutting down for failing to pay the government’s dues. Dr. Shahjahan Mahmood, Telecom regulators BTRC Chairman, said the authorities will shut down the company anytime. BTRC will inform the Citycell consumers to switch to other operators within Aug 16, Mahmood also advised. Bangladesh’s lone CDMA operator, which has seen a huge migration of its subscribers, owes the government over Tk. 4.775 billion in dues. According to the BTRC information, the quantity of its clients was 700,000 in June, which is less than 1% of total mobile-phone users. Mahmood also told to media ...

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Bangladesh will remove obstacles in online money transfer


MNA Business Desk: Finance Minister AMA Muhith, in a program in Dhaka, said that Bangladesh will remove the obstacles existing in online money transfer very soon. “Many e-payment and e-receipt systems, including foreign ones, exist in the country.” he told to media on Friday. “But many of us may not know about them. The obstacles in the e-payment sector are going away very soon.” He later added. “PayPal had shown interest (to start business in Bangladesh), but later backed off. They have renewed interest. I think we will be able to make the system simpler. It will be done widely ...

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Bangladesh signed agreement with Iran on LPG production


MNA Business Desk: Bangladesh has signed an agreement with oil and gas-rich Iran on the production of LPG bullet trucks, LPG industrial storage tanks, household cylinders for cooking stoves and cylinders for vehicles in Dhaka. This is the first contract related to combined investment between the two countries since international sanctions earlier enforced on Iran were lifted following last July’s landmark deal on curbing Tehran’s nuclear program. Following the deal with the West, Iranian Foreign Minister Mohammad Javad Zarif visited Dhaka and showed attention in improving relations with Bangladesh. Iranian Ambassador Abbas Vaezi said that this would open “a new ...

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Philippines nearly completed investigation


MNA Business Desk: Governor Fazle Kabir told reporters that he expected the Philippines authorities would fix accountability on the Manila-based Rizal Commercial Banking Corp for paying the stolen funds that landed in accounts there. Kabir said Philippines confirmed him last week that the Manila end of the inquiry into the cyber heist, the biggest in banking history, was nearly completed. “We are hopeful that the findings of the investigation will be in our favor and that the anti-money laundering council of Philippines will hold RCBC as liable,” Kabir said at a news conference to announce a new monetary policy. Bangladesh ...

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Cyber attacks against banks amplified fears for industries


MNA Business Desk: A chain of remarkable cyber attacks against banks has amplified fears for industries becoming an attractive aim for hackers. Banks in Bangladesh, the Philippines, Vietnam and Ecuador have been abused over the past year in the attacks on the international interbank service known as SWIFT (Society for Worldwide Interbank Financial Telecommunication). Cyber security experts said that these attacks are likely just the tip of the iceberg, and expect more exposes. “Cyber criminals are no longer targeting grandmothers at home for small amounts, but going directly where the money is.” said Juan Andres Guerrero-Saade, a researcher with the ...

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Titas stimulated proposal for 95% gas price hike


MNA Business Desk: Titas Gas Transmission and Distribution Company stimulated a proposal pursuing an average 95% as gas price hike for its users. The company also intended to increase its revenue collection by more than double. Titas Gas have 62% market share with about 1.9 million consumers generally in Dhaka and Mymensingh areas. It moved the proposal to the Bangladesh Energy Regulatory Commission (BERC), which the watchdog disclosed in its website recently. The annual revenue collection of Titas Gas will go up to Tk. 21,379.89 crore from the existing Tk. 10,959.12 crore though the price hike. Though Titas Gas and ...

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Bangladesh and India merged Benapole-Petrapole


MNA Business Desk: Bangladesh and India have merged South Asia’s busiest land check-post at Benapole-Petrapole for easing the movement of general public and goods. Prime Ministers Sheikh Hasina and Narendra Modi unlocked the new ‘Petrapole Integrated Check Post’ (ICP) through a video call on Thursday. Chief Minister of West Bengal Mamata Banerjee linked them from Kolkata. Narendra Modi said on Thursday, India’s progress is linked to that of all its neighbors, as he along with his Bangladesh counterpart Sheikh Hasina inaugurated Petrapole-Benapole land port which will serve as a key trade route. This is the second ICP on the India-Bangladesh ...

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Bangladeshi tea prices dropped for second season


MNA Business Desk: Bangladeshi tea prices dropped for a second session at the weekly auction on Tuesday because of warm demand, despite a low volume on offer. Bangladeshi tea made an average of 214.23 taka ($2.8) per kg at the auction, the 12th in the fresh marketing period, related with 215.04 taka in the preceding sale. There was thin request from native purchasers though the volume on offer was inferior than in the last auction, National Brokers said in a market report. About 2 million kg were offered at the sole auction centerin Chittagong, of which about 8% was unsold. ...

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Indian court ordered 30% pay hike for garment workers


MNA Business Desk: An Indian court has ordered a pay rise of up to 30% for hundreds of garment workers in the southern state of Tamil Nadu, the first minimum wage hike in more than 12 years. But the lawyers for 500 clothing producers and exporters, who supply many global brands, said the new wages would be ‘practically impossible’ to present given the tough international market environments. Under the governing, workers would see their pay rise from a monthly average of 4,500 rupees to 6,500 rupees ($67 to $97) – which activists say is similar to wages for textile jobs ...

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SC ordered tanneries to pay Tk. 10,000 per day


MNA Business Desk: The Supreme Court (SC) has ordered 154 tanneries at Dhaka’s Hazaribagh to pay Tk. 10,000 per day as compensation for polluting the environment until they shift to Savar. The court also ordered to donate fifty percent of the fined money to the National Liver Foundation of Bangladesh. A four-member bench headed by Chief Justice Surendra Kumar Sinha passed the order upon a petition filed by the Tannery Owners Association and Bangladesh Leather, Leather Goods and Footwear Exporters’ Association. Bangladesh government tried repeatedly to relocate the tanners from the area, but failed. The latest attempt was a March ...

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$275 million loan agreement with ADB for water supply


MNA Business Desk: As news agency reports, the government contracted $275 million loan agreement with the Asian Development Bank (ADB) for improving and expanding water supply system in Dhaka in 17 July. Mohammad Mejbahuddin, Senior Secretary, Economic Relations Division (ERD), and Kazuhiko Higuchi, Country Director, Bangladesh Resident Mission of ADB, signed the agreement on behalf of Bangladesh and ADB respectively at a ceremony at ERD, Sher-e-Bangla Nagar. Sewerage Authority (DWASA) and Dhaka Water Supply will implement $408 million project. Of the amount, ADB will provide $275 million from its general capital resources under a soft-term loan agreement. “Dhaka city is ...

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PayPal scheduled for entry in Bangladesh


MNA Business Desk: World renowned money transfer organization PayPal is scheduled for entry in Bangladesh. Famous online money transfer agency is scheduled to sign a MoU with state-owned Sonali Bank, clearing the decks for its debut in Bangladesh. Md. Abdur Rob, Sonali Bank Director-in-charge told to the media on Friday that PayPal had replied with optimistic signs to an offer made by the bank to sign a MoU. “We hope the service will start in Bangladesh from next month.” he said. Zunaid Ahmed Palak, State Minister for Information and Communication Technology (ICT) told to media that, “Under the leadership and ...

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Bangladesh inflation lowest in 12 years


MNA Business Desk: Bangladesh inflation stood at 5.92% on average in fiscal year 2015-2016, the lowest in 12 years and even lower than the government’s financial target of 6.2%. Bangladesh Bank detained a rise in inflation last fiscal year for the pay rise of government staff, but it fell 0.49 fraction points over fiscal year 2014-2015. However, in fiscal year 2014-2015, inflation was rated 6.41%. “Inflation has declined mainly due to satisfactory agricultural production, reduction of commodity prices, including fuel in the international market, prudent macroeconomic management and a normal flow in the supply of goods thanks to political stability,” ...

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Terror attack will not impact much on investment climate


MNA Business Desk: AMA Muhith, Finance Minister, yesterday said that the current terror attack will not set much impact on Bangladesh’s garment exports and investment climate. “My view is that the attack will have no impact on exports and investment,” he told the reporters at secretariat. He also said the occurrence came as a shock for the country. Seven Japanese and nine Italians were among the 22 people killed in the attack. “You have seen how serious the government is about maintaining law and order. So, there is no reason to be upset. It is very normal because they have ...

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DSE and CSE restarted downward after Eid


MNA Business Desk: Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) has restarted on Sunday downward as maximum of the stockholders were in selling mode, capturing share price fall in the days ahead. The price directories locked flat when the bourses saw small level of transactions by the cautious buyers. Stock market shut pre-Eid transaction on 30 June upward, upholding a sound rise for the fourth successive session. There were no share exchange at Dhaka and Chittagong stock exchanges in the past nine days as the market stayed locked for Eid-ul-Fitr. DSE initiated the post-Eid period with sharp fall ...

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BGMEA claimed all factories have paid Eid bonus


MNA Business Desk: Garment owners’ association BGMEA claimed that all, specifically 99.95% readymade garment factories have paid festival (Eid) bonus to their workers on the occasion of Eid-ul-Fitr while most factories without two or three paid wages for the month of June. “Ahead of Eid, 99.95% RMG owners have already paid festival bonus to their workers and most of the owners except two or three have paid wages for June,” said Md. Siddiqur Rahman, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA). He later claimed that 75% of the factories went into vacation and others would close by 4pm ...

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Finance bill passed with 0.7pc source tax for exporters


MNA Business Desk: Finance bill has been passed with 0.7pc source tax for exporters. The National Parliament on Wednesday passed the Finance Bill, 2016 with some changes and limiting tax at source on export incomes. The tax at source on export earnings will be 0.7%, down from 1.5% in the suggested budget for 2016-17 fiscal. It was 0.6% in the outward fiscal year. The proposed 15% VAT was completely withdrawn on the rent or place and establishments of the ICT-related service organizations. AMA Muhith, Finance minister, moved the bill which was passed by voice vote. Muhith explained his high expectations ...

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