Business

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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Bangladesh to promote conservation with 53 countries

promote conservation

MNA Business Desk: Bangladesh has declared a joint effort among 53 countries in the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) to promote conservation. The announced cooperative effort is also meant for sustainable use of oceans, seas, and marine resources for sustainable development in Asia and the Pacific, reported news agency. The participants in the third Our Ocean conference held on 15-16 September in Washington, D.C., announced over 136 new initiatives on marine conservation and protection valued at more than $5.24 billion. As well as new commitments on the protection of almost four million square ...

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Cowhides price fixed at Tk 50 in Dhaka, Tk 40 elsewhere

cowhides

MNA Business Desk: Tanners announced the prices for purchasing different types of cowhides during Eid-ul-Azha in an effort to maintain discipline in the purchasing process and prevent excessive prices, reported news agency. As per the decision, the tanners would buy per square feet salted cowhide at Tk 50 in Dhaka and at Tk 40 in other places across the country while salted goatskin at Tk 15-20. Md Shakawat Ullah, general secretary of Bangladesh Tanners’ Association came up with the decision at a press briefing at a restaurant in city’s Dhanmondi area. This year, some 50-60 lakh cowhides will be collected, ...

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Most of the RMG factories cleared salaries, allowances

RMG factories

MNA Business Desk: Most of the RMG factories have cleared salaries and festival allowances for its workers, said the Bangladesh Garments Manufacturers and Exporters Association (BGMEA). At a media conference, the BGMEA said that 91% factories have cleared all dues of their employees ahead of Eid-ul-Azha, reported news agency. “The remaining factories will clear the dues by Sunday,” said BGMEA President Siddiqur Rahman. “Visits have been made to 928 factories, who are BGMEA members, and 18 of them were identified as uncertain. “The BGMEA helped them to overcome the problem. At this very moment there’s not a single factory, which ...

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Salt price hike worries hide traders

cowhides

MNA Business Desk: Salt price hike lift worries for hide traders over decomposing of huge amount of raw hides as salt essential ingredient for preservation of hides. According to the traders, price of salt currently varies from Tk 1500 to Tk 1550 per sack of 74 kilograms, whereas last year the price stood at just Tk 650 during the Eid-ul-Azha. The treaders are still waiting for the salt prices to drop. According to the merchants, 10 kilogram of salt is used for preserving one cow hide and Tk 87 is spent per hide. However, the government has already ordered the ...

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Ultra pore to get rice at Tk 10 per kg

per kg

MNA Business Disk: The government of Bangladesh will distribute rice and lentil among 5 million at Tk 10 per kg to ultra poor rural families across the country under the “Food-friendly Programme”. Each family will be given 30 kg rice per month for five months-March, April and September-November-every year. Prime Minister Sheikh Hasina will inaugurate the programme at Chilmari of Kurigram district this month. The government will need 7.50 tonnes of rice per year for the programme. From now on, cash money will be provided under Test Relief and Food for Work (Kabikha) programmes instead of food grains. As per ...

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Hasina launched BGB-run Shimanto Bank

Shimanto Bank

MNA Business Desk: As news agency reported, Prime Minister Sheikh Hasina has launched ‘Shimanto Bank Limited’ on Thursday, a scheduled bank which will be run by Border Guard Bangladesh (BGB). She opened an account as the first client and opened the process of bank officially at the BGB headquarters in Dhaka’s Peelkhana. “The Eid-ul-Azha is only days away. Shimanto Bank is my gift to all members of the force,” she said. Stating her pleasure over success in launching the bank, PM expected that BGB would take on more ‘revenue generating projects’ in future. She also hoped that the bank would ...

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Investigation found officials accountable for gas leak

investigation

MNA Business Desk: A Chittagong district administration investigation has found of two officials of the DAP fertilizer factory at Anwara accountable for the ammonia gas leak. The investigation body claimed that Noqibul Islam, the factory’s General Manager (Management), and Deputy Chief Engineer (Power) Dilip Kumar Barua were careless in performing their responsibilities. Earlier, on August 23 toxic gas came out from the factory and spread over the area, leaving people sick neighboring to the factory. The three-member investigation group led by Additional District Magistrate Mominur Rashid submitted their report on Wednesday. “The ammonia tank had five types of safety instruments, ...

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Citycell to pay Tk 477.51 crore within 3 months

Tk 477.51 crore

MNA Business Desk: The Appellate Division of the Supreme Court on Tuesday ordered Citycell to pay its Tk 477.51 crore dues to the Bangladesh Telecommunications Regulatory Council (BTRC) in installments within 3 months. A five-member bench, led by the chief justice SK Sinha, passed the order after hearing petition filed by Citycell. The court also ordered that Citycell, the country’s oldest mobile phone operator, can continue its operation on some conditions condition. Citycell also has to pay fees including license fee on regular basis from 17 September to the BTRC. Earlier on 22 August, the High Court stayed until 16 ...

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New bus service on Brahamanbaria-Kolkata route

Brahamanbaria-Kolkata

MNA Business Desk: A new bus service named ‘Royal Coach’ on Brahamanbaria-Kolkata of India route started on Friday, aiming to boost up the connectivity between the residents of the two neighboring countries. Brahamanbaria Sadar-3 constituency lawmaker RAM Ubaydul Muktadir Chowdhury inaugurated the bus service in the morning at Municipal Bus Terminal in the district town. Two buses will leave the town every day for Kolkata while two others will leave the West Bengal capital for Brahamanbaria, said Obayed Hossain, a representative of ‘Royal Coach’. Each bus will have a 34-seat capacity and the passengers from Dhaka will also be able ...

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Grameenphone to use ‘013’ prefix

use

MNA Business Desk: Grameenphone has been given the permission to use ‘013’  as a second prefix for mobile-phone numbers in addition to the old ‘017’series. BTRC Chairman Shahjahan Mahmood said that the operator has been permitted to use the new series on some conditions. But the BTRC chief did not disclose the conditions. However, Grameenphone applied for the new prefix last year, stating around 100 million numbers with ‘017’ prefix would soon be exhausted. Along the lines of National Numbering Plan, mobile-phone numbers start with ’01’. Grameenphone is using ‘017’ as the prefix, Citycell ‘011’, Teletalk ‘015’, Airtel ‘016’, Robi ...

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50,000 tonnes fertilizers to damage in Khulna

tonnes fertilizers

MNA Business Desk: Around 50,000 tonnes fertilizers are proposed to damage for keeping under the open sky at Roosevelt Jetty in Khulna district for many months because of proper management. The fertilizers left piled up there are set to lose their efficiency due to long contact to rainwater and grimy wind. Sources said that various types of fertilizers, including MOP, TSP, DAP and urea, were stacked there numerous months ago claiming reasons of the ongoing repair works of the warehouses and easier supply and ‘physical verification’. However, there are eight warehouses for fertilizers in Roosevelt, Boyra and Shiromoni areas under ...

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Bangladesh’s net FDI crossed $2 billion

FDI

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

users

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

manager

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

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

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

BTRC

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

Bhutan

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

SC

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

Citycell

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

online

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

LPG

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

Philippines

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

cyber

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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