Business

Bikroy.com launched ‘BiraatHaat’ campaign

Bikroy

MNA Business Desk: The largest marketplace in Bangladesh, Bikroy.com and electronics manufacturing company Minister Hi-Tech Park Ltd jointly launched “Bikroy #BiraatHaat” to sell livestock ahead of Eid-ul-Adha. The campaign powered by Minister was announced at a press conference held at the Daily Star Center and will be live till the night before Eid, projected to be celebrated on August 22. Under this campaign Bikroy.com will have a vast range of exclusive livestock from their specialized suppliers and get them delivered to their homes. Customers can also choose to visit the place where their desired Qurbani animal is being kept and ...

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WB to provide $520m to improve secondary education

carbon tax

MNA Business Desk: The World Bank (WB) will provide $520 million for a programme to improve the secondary education system and student performance in Bangladesh. Out of the amount, the Washington-based lending agency will provide $510 million in loan while the rest $10 million as grants, said an official at the Economic Relations Division (ERD). The WB-funded ‘Transforming Secondary Education for Results’ (TSER) programme will benefit 13 million students from grade 6 to 12, reported news agency. The programme will enhance quality of teaching and learning as well as improve access and retention of students, especially girls and children from ...

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Garment workers to get Eid allowance by August 16

exports

MNA Business Desk: Garment workers will receive festival allowances by August 16 on the occasion of Eid-ul-Azha, reported news agency. The decision came at the 37th meeting of the crisis management core committee headed by state minister for labour Mujibul Haque Chunnu held at his secretariat office in Dhaka city. Apparel makers have also been asked to make partial payment of wages for this month based on the talks with the workers before Eid, according to a meeting source. Representatives from Bangladesh Garment Manufacturers and Exporters Association, Bangladesh Knitwear Manufacturers and Exporters Association, trade unions and other law enforcing agencies, ...

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Saudi Arabia freezes new trade with Canada

new trade

MNA Business Desk: Saudi Arabia will suspend new trade and investment with Canada after that country’s foreign ministry urged Riyadh to release arrested civil rights activists, it said in a statement released to the official Saudi Press Agency on Sunday. It also gave the Canadian ambassador 24 hours to leave the country and recalled its own ambassador to Canada, the statement by the Saudi foreign ministry said, adding it retained “its rights to take further action.” The Saudi ministry had been briefed that the Canadian foreign ministry and the Canadian embassy urged the Saudi authorities to “immediately release” civil rights ...

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Floating LNG terminal to start operations

operations

MNA Business Desk: A vessel that arrived in Bangladesh in April to offload its maiden cargo of liquefied natural gas and moor permanently as an import terminal should begin operations “within a week” after bad weather hampered its start-up, an official said. The floating storage and regasification unit (FSRU) will allow Bangladesh to import LNG for the first time as its domestic gas production falls and will boost several power projects in a nation where 30 per cent go without electricity. Since its arrival at Moheshkhali, near Cox’s Bazar in southeast Bangladesh, bad weather has hampered the FSRU’s efforts to ...

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BFIU finds evidence of Tk 40bn capital flight

reserves

MNA Business Desk: A group of businesses is reported to have been involved in capital flight amounting to Tk 40 billion in disguise of imports and exports, reported news agency. Bangladesh Financial Intelligent Unit (BFIU) has discovered the evidence of such an involvement. The BFIU has also sent this information to the National Board of Revenue (NBR) and other law-enforcement agencies requesting them to further investigate the cases before moving towards prosecution. BFIU head and Bangladesh Bank (BB) deputy governor Abu Hena Mohd Razee Hassan disclosed this on Tuesday while responding to the reporters at the monetary policy unveiling programme. ...

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ADB to provide $357m to develop power transmission lines

lines

MNA Business Desk: The Asian Development Bank’s (ADB) Board of Directors has approved an assistance package totalling more than $357 million for a project to develop two power lines in support of Bangladesh’s national target of electricity for all by 2021. The investments comprise a $350 million ADB loan, a $7 million grant from the Japan Fund for the Joint Crediting Mechanism (JFJCM) to partially finance new high-technology energy efficient conductors, and a $500,000 grant from the Republic of Korea e-Asia and Knowledge Partnership Fund (EAKPF) to promote socially inclusive growth with gender equality said an ADB press release on ...

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G20 agri ministers pledge WTO reform

G20

MNA Business Desk: Agriculture ministers from the G20 countries criticized protectionism in a joint statement on Saturday, and vowed to reform World Trade Organization (WTO) rules, but did not detail what steps they would take to improve the food trade system. In the statement, they said they were “concerned about the increasing use of protectionist non-tariff trade measures, inconsistently with WTO rules.” The ministers from countries including the United States and China, in Buenos Aires for the G20 meeting of agriculture ministers, said in the statement they had affirmed their commitment not to adopt “unnecessary obstacles” to trade, and affirmed ...

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US-EU negotiate to skip trade clash

trade

MNA Business Desk: The United States President Donald Trump on Wednesday said that US has agreed to work towards lowering trade barriers with the European Union. Trump made this comment after a meeting with European Commission chief Jean-Claude Juncker. The two would work for zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto goods, he said. They also agreed to increase trade in services and agriculture, including greater US soy bean exports to the EU, reported news agency. The agreements come amid heightened tensions between the US and EU. The two leaders defused what had threatened to become a ...

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BRICS leaders meet as US trade war looms

BRICS

MNA Business Desk: Leaders of the BRICS emerging economies-Brazil, Russia, India, China and South Africa-will gather in Johannesburg on Wednesday for a three-day meeting focused on the threat of a US-led global trade war. US president Donald Trump’s hardening stance has compounded fears of an all-out trade war after he slapped levies on goods from China worth tens of billions of dollars and imposed tariffs on other international imports. China’s president Xi Jinping, Russian president Vladimir Putin, Indian prime minister Narendra Modi and Brazilian president Michel Temer will attend the annual summit, along with several African leaders invited as guests. ...

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Europeans press for digital tax at G20 meeting

G20

MNA Business Desk: European finance leaders called for progress on global rules to tax the digital economy at a meeting of G20 finance ministers and central bankers in Argentina on Sunday, putting them at odds with US counterparts. The final communique reaffirmed a commitment to address the impacts of the shift to a digital economy on the international tax system by 2020, without giving more details. The European Commission, the executive arm of the European Union, proposed rules earlier this year to make digital companies pay more tax, with US tech giants such as Alphabet’s Google, Facebook and Amazon set ...

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1.16cr sacrificial animals for Eid-ul-Adha

sacrificial

MNA Business Desk: Bangladesh has around 1.16 crore sacrificial animals, including cows, buffaloes, goats and sheep, for the upcoming Eid-ul-Adha, according to Fisheries and Livestock Ministry. Of them, there are 44.57 lakh cows and buffaloes, while goats and sheep are 71 lakh. In a statement, Senior Information Officer of the ministry Md Shah Alam made the disclosure on Sunday. The government has set Aug 21 to Aug 23 for the Eid holidays, subject to the sighting of the moon. If the moon sighting for the month of Zulhijja is made on Aug 12, Eid-ul-Adha will fall on Aug 22.

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S Korea cuts economic growth outlook

economic growth

MNA Business Desk: South Korea cut its economic growth to 2.9 per cent forecast from 3.0 per cent for the current year, citing a feeble labour market recovery and global trade tensions. In its bi-annual economic policy report, the nation’s finance ministry projected growth of 2.9 per cent, in line with the Bank of Korea’s projections and down from a 3.0 per cent estimate in December. The South Korean policymakers are trying to drive a sustained return to growth rates that match the country’s potential after a 3.1 per cent expansion last year, the fastest in three years. The government ...

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Gold in BB vault adulterated

reserves

MNA Business Desk: Gold weighing almost 1000 kilograms kept in Bangladesh Bank’s vault has been adulterated, reveals an investigation by the customs intelligence. The 22-carat gold has turned into 18-carat gold as other metals were mixed with it after the central bank received gold discs and rings over a period of time, investigators believe. The customs intelligence and investigation directorate of the National Board of Revenue dug out serious discrepancies in gold management, as the investigators examined 963 kg of gold out of huge quantity kept at the central bank’s vault, on the basis of random sampling. This is another ...

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Chinese company to invest $2.3b in steel plant

steel

MNA Business Desk: Chinese giant Kunming Iron and Steel Holding Company (KISC) is all set to invest US$ 2.3 billion in a steel manufacturing project in Mirersarai, reported news agency. A delegation of the KISC led by its chairman Zhao Yongping is scheduled to arrive in Dhaka tomorrow (Monday). The delegation will hold final negotiations with senior officials of the government and Bangladesh Economic Zones Authority (BEZA), people familiar with the development told the FE on Saturday. This will be the largest investment in manufacturing sector in the country. KISC will make the investment through its subsidiary company Chinese Yunnan ...

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Shahjalal Islami Bank holds 17th AGM

Shahjalal Islami

MNA Business Desk: The 17th Annual General Meeting (AGM) of Shahjalal Islami Bank Limited was held on Sunday at RAOWA Convention Centre in Dhaka, said a press release. The Chairman of the Board of Directors of the Bank Mr. Akkas Uddin Mollah presided over the meeting. The meeting approved 10 per cent stock dividend for the shareholders for the year of 2017 and the Directors Reported and audited Balance Sheet and Profit and Loss Account for the year ended on 31 December 2017. Chairman of the Bank Mr. Akkas Uddin Mollah, Managing Director Mr. Farman R Chowdhury and the shareholders ...

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Nepal invites Bangladesh to sign energy pact

energy

MNA Business Desk: Bangladesh has been invited by the Nepal government to visit the country to discuss a Memorandum of Understanding (MoU) for bilateral energy tie-up, reports Xinhua, quoting officials concerned. “We have sent a letter to our counterpart Ministry in Bangladesh three-four days ago, inviting them to visit Nepal to finalize the MoU,” Dinesh Ghimire, joint secretary at Nepal’s Ministry of Energy, Water Resources and Irrigation (MoEWRI). Nepal Cabinet approved the MoU. It contains three components — power exchange, investment and establishing a joint mechanism to enhance cooperation in energy, according to MoEWRI. Dinesh Ghimire said after the MoU ...

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ADB approves $ 100m grant for Rohingyas

current fiscal

MNA Business Desk: The Asian Development Bank (ADB) approved grant assistance of $100 million for Rohingyas- the first of an envisaged package totaling $200 million to help Bangladesh develop basic infrastructure and services for the displaced persons (Rohingyas). “Given the scale of the humanitarian needs, we are coordinating closely and promptly with World Bank and other development partners to support the government in addressing the crisis in Cox’s Bazar,” said ADB President Takehiko Nakao. Nakao received the request from Finance Minister Abul Maal Abdul Muhith, for grant assistance when they met in early May. Then ADB developed and processed the ...

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ECNEC approves 8 projects

projects

MNA Business Desk: The Executive Committee of the National Economic Council (ECNEC) on Tuesday approved eight projects, including one to construct 16 regional passport office buildings, aiming to improve the passport services in 16 districts, reports news agency. The approval came from the first ECNEC meeting of the new fiscal year of 2018-‘19, held at the NEC conference room in the city’s Agargaon area with ECNEC chairperson and prime minister Sheikh Hasina in the chair. “Today, the ECNEC approved eight projects with an estimated cost of Tk 64.93 billion,” said planning minister AHM Mustafa Kamal while briefing reporters after the ...

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BD to get more tariff reduction under APTA

tariff

MNA Business Desk: The tariff-cut amendment of the Asia-Pacific Trade Agreement (APTA) became effective Sunday, with China’s Ministry of Commerce saying it would facilitate regional economic integration in Asia, according to reports by Xinhua and Global Times. “The amendment will provide member countries new economic impetus, prompt continued trade increases, facilitate economic integration and help further materialise the Belt and Road Initiative,” the ministry said Sunday in an online statement. The six members of APTA – China, India, South Korea, Bangladesh, Sri Lanka and Laos – will slash tariffs by an average of 33 per cent on 10,312 product categories. ...

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EU, China pledge to uphold global trade order

global trade

MNA Business Desk: The European Union and China pledged on Monday to uphold a rules-based global trade system, making an oblique criticism of growing protectionism in Washington despite their own disagreements, reported news agency. The two sides held high-level economic meetings in Beijing as both face rising trade tensions with the United States. Brussels and Beijing recently announced new tariffs on US goods in retaliation for moves by the Trump administration. “Both sides agreed to resolutely oppose unilateralism and protectionism and prevent such practices from impacting the world economy and even dragging the world economy into recession,” said Chinese Vice ...

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U.S. auto tariff move to be responded by EU

U.S.

MNA Business Desk: The European Union will respond to any U.S. move to raise tariffs on cars made in the bloc, a senior European Commission official said, the latest comments in an escalating trade row. U.S. President Donald Trump on Friday threatened to impose a 20 percent tariff on all imports of EU-assembled cars, a month after his administration launched an investigation into whether auto imports posed a national security threat. “If they decide to raise their import tariffs, we’ll have no choice, again, but to react,” EU Commission Vice President Jyrki Katainen told French newspaper Le Monde. “We don’t ...

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Trump imposes tariffs on China

Chinese

MNA Business Desk: The US President Donald Trump on Friday announced fresh tariffs targeting tens of billions in Chinese imports, reported news agency. The new tariff will sparking immediate retaliation from Beijing and bringing the world’s two largest economies to the brink of an all-out trade war feared by markets and industry. Making good on a pledge to punish the alleged theft of American intellectual property, Trump warned in a statement of “additional tariffs” if China hits back with tit-for-tat duties on American goods and services exports. At least initially, though, the new tariffs will not cover the full $50 ...

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No VAT on remittance: NBR

NBR

MNA Business Desk: The National Board of Revenue or NBR has brushed aside as rumours social media posts claiming the government has imposed Value Added Tax (VAT) on the money sent by Bangladeshi expatriates. It clarified in a media release on Wednesday that no such tax has been levied in the budget proposed by Finance Minister AMA Muhith for 2018-19 financial year.  “This is utterly false and nothing but rumour. The NBR thinks the propaganda aims at stopping the flow of remittance through legal channels and encouraging the expatriates to use Hundi,” the release says. Money sent by the expatriates ...

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WB may provide $400 million for Rohingyas

forecast

MNA Business Desk: The World Bank (WB) is likely to provide a grant of US$ 400 million for the rehabilitation of Rohingya refugees within next two years, reported news agency. The Washington-based international financial institution has backtracked from its earlier stance on providing the loan for the Rohingyas as the Government of Bangladesh raised its reservations about the credit, they said. “The WB has formally agreed to provide the grant for the Rohingyas,” said Kazi Shofiqul Azam, Secretary of the Economic Relations Division (ERD). They have recently completed a mission to explore the potential of support, he told the FE. ...

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No VAT on online shopping: NBR

online shopping

MNA Business Desk: Claiming the VAT on online marketing a print mistake, National Board of Revenue (NBR) chairman Md Mosharraf Hossain Bhuiyan on Friday said no VAT will be imposed on online shopping. He made the comment at a post-budget news conference held at Osmani auditorium in Dhaka. NBR chief said five percent VAT on online shopping will not be implemented. Social media including Facebook, Google have to pay as per the income, he added. Prime Minister’s Finance Advisor Mashiur Rahman, Finance Minister Abul Maal Abdul Muhith, Information Minister Hasanul Haq Inu, Agriculture Minister Matia Chowdhury, State Minister of Finance ...

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Tk 4.64 trillion budget approved for FY19

national budget

MNA Business Desk: The cabinet approved the national budget of around Tk 4.64 trillion for the fiscal year 2018-19 on Thursday afternoon, reported news agency. Prime minister Sheikh Hasina presided over the special meeting of the cabinet held at the parliament complex. Finance Minister AMA Muhith placing the national budget for the 2018-19 fiscal in parliament with all the indicators pointing to another expansionary budget in keeping with the AL government’s previous budgets. The figure is an increase of 25 percent from the revised budget and more than 16 percent higher than the original budget of the outgoing fiscal year. ...

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