Share Market Stakeholders get nothing in proposed budget


MNA Business Desk: Apparently stakeholders at Share Market get nothing in the proposed budget for this year. Share market shareholders have voiced frustration at the offered budget, though the finance minister apprehends an exciting share market. They claimed that the budget for fiscal year 2016-17 had offered them ‘nothing’. Ahmad Rashid Lali, Senior Vice President of Dhaka Stock Exchange said they had not received the support they were imagining. He further added that the budget has not reproduced the necessities of the Dhaka and Chittagong Stock Exchanges and anyone can complain that this budget has no good for the capital ...

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Pension for private jobs by 2019


MNA Business Desk: The government faiths it can announce pension schemes for private sector jobs before it runs its term in 2019, said Finance Minister AMA Muhith. On Thursday, Muhith projected the eighth budget of the Awami League over two terms and his tenth where he laid out a financial plan of Tk. 3.41 trillion for the upcoming FY 16-17. In a briefing on Friday, he said, “A pension system for the private sector…I don’t want to spell out any details right now. It should be incorporated in the social safety strategies.” Muhith also said “a contributing pension scheme can ...

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Supplementary duty on cigarettes to increase


MNA Busienss Desk: Daily puffs will soon cost more as the government has proposed to increase the supplementary duty (SD) on cigarettes and bidi in the budget for the fiscal year 2016–17. The lowest slab of cigarette has been fixed at Tk. 23 from existing Tk. 18 and the supplementary duty rate amplified to 50 percent from remaining 48 percent. The price of cigarette is set to go up as the finance minister proposed tax measures to reduce the use of tobacco and maximize the revenue from this sector. Cost of medium and high segment cigarettes have not been increased, ...

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Bangladesh can be Thailand’s ‘west gate’ to South Asia


MNA Business Desk: Thai officials and business front-runners have recognized Bangladesh’s efforts to scheme the country in Bangkok, and said Bangladesh can be Thailand’s ‘west gate’ to connect with South Asia. Bangladesh in the first-ever trade and venture expo in Thailand has tried to present its competences as a ‘manufacturing hub’ while looking for a ‘gateway’ to the ASEAN economy. Chen Namchaisiri, chairman of Federation of Thai Industries, at a panel discussion on Tuesday said the expo gave a “good opportunity” to Thai companies to get to know the country better. He acknowledged Bangladesh’s desire, and said Thailand could act ...

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Gold prices drop after going up five times


MNA Business Desk: Gold prices drop after going up five times this year as jewelers have decided to cut the costs by Tk. 1,516 per bhori (11.664 grams). Bangladesh Jewelers’ Association (BJS) in a media declaration on Sunday also said per bhori price of silver will drop by Tk. 58. It said the new charges will be active from Tuesday. BJS General Secretary Enamul Haque Khan told to media that the prices of the valuable yellow metal in the local market have been accustomed to the slide in the global market. Gold prices were climbed by Tk. 1,225 a bhori ...

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Investigation body passed report of BB heist


MNA Business Desk: The investigation body designed to investigate the reserve heist of Bangladesh Bank (BB) has passed over its full report to Finance Minister AMA Muhith. Head of the government-formed investigation board, Dr. Farasuddin, who was a previous governor of the central bank, submitted the full analysis report to the minister. Later after getting the report, Muhith said it will be circulated soon and the recommendations which were made in the report will be executed. On April 20, the probe body had handed over its interim report to the finance minister. Earlier, Criminal Investigation Department (CID) said, at least ...

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FBCCI and JETRO to promote Japanese investment


MNA Business Desk: The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and Japan External Trade Organization (JETRO) will quickly launch a combined enterprise to promote investment in Bangladesh from one of major economies of the world. JETRO, a government association of the island state in the Pacific, is set to sign a memorandum of understanding (MoU) with the top trade-body of Bangladesh – FBCCI, on encouraging bilateral trade and venture. “We are expecting large-scale investment from Japan in bigger projects in Bangladesh”, FBCCI President Abdul Matlub Ahmad said. He is now leading a 30-adherent FBCCI team, as backup ...

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The electrical power lines beneath the ground


MNA Business Desk: The proposal of a project for making electrical power lines beneath the ground in capital has been approved by the Executive Committee of National Economic Council (ECNEC). Approval was given by Prime Minister Sheikh Hasina in the chair of the Executive Committee of National Economic Council (ECNEC) meeting. AHM Mustafa Kamal, Planning Minister, told reporters, “The project cost of converting the existing 33 KV overhead line to underground cable, empowers and placed in DESCO area is around Tk. 569 crore. The government will fund TK. 110 crore 3 lakh and China led Asian Infrastructure Investment Bank (AIIB) ...

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Commerce minister urged Saudi to invest


MNA Business Desk: Tofail Ahmed, state commerce minister, has urged Saudi entrepreneurs to invest in Bangladesh. He referred to sectors such as skilled manpower, readymade garments (RMG), pharmaceutical and agriculture for further increasing trade and investment relations between the two friendly countries, reports the BSS. He made the call while addressing a meeting with director general of Saudi Export Program (SEP) Ahmed M Al-Ghannam, who is also chairman of Saudi Bangladesh Industrial and Agricultural Investment Company (SABINCO), in Riyadh on Monday, said a press release in Dhaka. The minister said both the countries will get more benefits by forming a ...

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TCB ready for open market sale during Ramadan


MNA Business Desk: According to reports, TCB is ready for open market sale of consumer products like groceries during the month of Ramadan. The Trading Corporation of Bangladesh (TCB) has planned to sell necessary groceries during Ramadan in 174 open markets on trucks across the country, reports the UNB. Twenty-five trucks will be deployed in Dhaka, 10 in Chittagong, five each in every divisional headquarters, except Dhaka and Chittagong, two trucks will be engaged in every district of the remaining 57, TCB officials said. TCB informed adding that the commodities will be sold simultaneously through 3,054 dealers across the country. ...

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Tofail said VAT will not damage businesses


MNA Business Desk: Tofail Ahmed, the Commerce Minister, has said the new and ‘realistic’ law on VAT will not damage businesses and requested the businessmen not to worry about the upcoming VAT on primary level of business. The law comes to effect from July this year has many worrying over the possibility of the tax being imposed at import, production, wholesale and retail stages. Md. Enayetullah, chief of a wholesale traders association in Moulvibazar, spoke of this fear while the minister was meeting businesspersons to ensure steady supply and prices of commodities during the month of Ramadan. “Those of us ...

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Government would not impose 15% VAT at a time

MNA Business Desk: Tofail Ahmed, Commerce Minister of the state, on Sunday said the government would not impose 15% Value Added Tax (VAT) on businessmen at a time. He with the finance minister is wide-awake about the implementation of the VAT Law. “Both the finance minister and me had held several meetings with the businessmen about the implementation of the VAT law. We wouldn’t do anything that obstructs investment. We are cautious about the implementation of the new VAT law,” he quoted. The minister confirmed it while addressing a seminar named ‘Bangladesh is on the highway of development under the ...

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Malaysia lifting a freeze on hiring foreign workers

MNA Business Desk: Datuk Seri Liow Tiong Lai, Malaysian Transport Minister, has said yesterday, Malaysia is partially lifting a freeze on hiring foreign workers in view of what a minister described as ‘acute shortage’ of manpower. The Star said that the decision came after ‘appeals’ from the sectors to allow labor imports, just two months after halting their intake. “In view of the acute shortage, we have to lift the suspension to allow these sectors to bring in foreign workers,” Liow quoted to report. The decision taken in the cabinet, reports Malaysian based online The Star. Workers will be hired ...

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12 companies selling milk in packets identical to Milk Vita

The government has marked at least 12 companies selling milk in packets similar to those of Milk Vita. This is a serious breach of copyright law and company’s product rights. Milk Vita, the main product of the country’s largest dairy producer Bangladesh Milk Producers’ Co-operative Union Limited (BMPCUL), in connected to dairy milk producing in Bangladesh for many years and achieved a well recognition by the country. Md. Mashiur Rahman Ranga, State Minister for Rural Development and Co-operatives Division, has said that legal action will be taken against these companies which are copying the brand of Milk Vita. In a ...

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Adjustment of the excessive investment by Bangladesh Bank

MNA Business Desk: The policy-support function of Bangladesh Bank has already started working for adjustment of the excessive investment by the banks which they have invested on solo and consolidated basis. Subhankar Saha, Executive Director of Bangladesh Bank, has said that in a press briefing at the central bank. On Monday, he said the Bangladesh Bank has already introduced its ‘policy-support’ operations for revitalizing the capital market. Though it is observed that, the capital market is currently going through a depressive movement. The banks will not need to sell out their shares under the policy-support initiative. Moreover these shares will ...

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Stock market listed banks earn better in Q1, 2016

Most of the banks listed with the stock market have reported to earn better in the January-March period of this year (Q1, 2016) compared to last year’s corresponding quarter. According to Dhaka Stock Exchange (DSE), 12 banks, out of 30 listed banks, have so far published their quarterly financial statements for the first quarter (Q1) of the calendar year. The banks whose EPS showed upturn are AB Bank, Al-Arafa Islami Bank, Dhaka Bank, Eastern Bank Limited (EBL), Mutual Trust Bank (MTB), Shahjalal Islami Bank, Standard Bank and Trust Bank. According to DSE, the consolidated EPS of AB Bank for the ...

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SWIFT not Bangladesh bank system hacked

It was SWIFT system not that of Bangladesh Bank, which was hacked. Indeed, hackers theft the $81 million from the Bangladesh bank as they hacked the SWIFT (Society for Worldwide Interbank Financial Telecommunication) system, confirmed SWIFT to the news agency. SWIFT, a Brussels-based cooperative owned by 3,000 financial institutions including 11,000 banks, was claiming that, the Bangladesh Bank’s server was hacked by hackers from the very beginning. But after an investigation on the theft process, it ensured to Reuters that it was aware of malware targeting its client software. Reuters contacted to the SWIFT to perceive about the hacking, and ...

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RAB probably to investigate Bangladesh Bank heist

RAB has started to investigate on the Bangladesh Bank Heist. Though there is no separate wing to investigate on economic offenses, detective and cyber crimes prevention wings are jointly working on this matter, according to a RAB source. The source added that, they have already collected some crucial information on the heist as they started to investigate immediately after learning about the incidents. In spite of that, the incident got disclosed in Bangladesh few days ago only, Daily Inquirer, a Philippine based newspaper had reported already last month that over $1 billion had been stolen from Bangladesh Bank’s account at ...

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G20 advise growth opportunities beyond ultra-easy policy to spark global economy

On Saturday, the top economies of the world anticipated on a declaration to recommend the world to look for options for growth opportunities other than ultra-low interest rates as well as printing money to get over from the vulnerability of global economy. Alongside, they promised future structural reforms as they believe that would intrigue activity. The G20 (Group of 20) finance ministers and central bankers have gathered in Shanghai for a two-day meeting. A draft of the statement, which is to be issued at the end of the meeting, projected huge concerns and policy frictions that was driven due to ...

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