Business

US Trade Show starts on Thursday

trade show

MNA Business Desk: A three-day trade show will begin in the capital tomorrow to showcase American products and services in Bangladesh and give a boost to the bilateral trade. The show jointly organised by the American Chamber of Commerce in Bangladesh (AmCham) and the US embassy in Dhaka starts at Sonargaon hotel in Dhaka tomorrow. The show will exhibit more than 150 US companies, represented by 43 exhibitors from home and abroad, Shadab Ahmed Khan, acting president of the chamber, said at a media briefing. Companies like Bell Helicopter are coming to showcase their products in the 25th US Trade ...

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ADB president Takehiko Nakao in Dhaka

Takehiko Nakao

MNA Business Desk: The Asian Development Bank (ADB) President Takehiko Nakao has arrived in Dhaka on a two-day visit. The bank’s local office confirmed this to media on Tuesday. President Nakao is scheduled to meet Prime Minister Sheikh Hasina, Finance Minister Abul Maal Abdul Muhith, and other senior officials during his visit. During the visit, he will also visit selected ADB-assisted projects on Tuesday in power, education, urban infrastructure and rail transport sectors, reported news agency. However, he will leave Dhaka on February 28. Bangladesh joined ADB in 1973 and it became the first ADB member to host a field ...

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Iqbal Sobhan Chowdhury inaugurates Bangladesh Expo 2018 in Nepal

Expo

MNA Business Desk: Five-day long Bangladesh Expo 2018 has started in Nepal. The event was launched at the Vrikuti Mandap Exhibition Hall of Nepal’s capital Kathmandu from Friday. Different organizations of Bangladesh are participating in this overseas expo, arranged by Bangladesh High Commission in Nepal. Bangladesh Expo 2018 was inaugurated by the chief guest Media Advisor of Prime Minister, Mr. Iqbal Sobhan Chowdhury. Commerce Secretary of Nepal, Leaders of different business forums appreciated the quality of Bangladeshi products in the event. After inauguration, the chief guest visited different stalls at the expo. He told that programs like these will enhance ...

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Concern over rising imports of Bangladesh

imports

MNA Business Desk: Economist Ahsan H Mansur believes imports spending may balloon to $60 billion this fiscal year. At the current exchange rate, the amount would be approximately Tk 5 trillion, which is Tk 1 trillion more than the national budget for fiscal 2017-18 and Tk 500 billion more than the probable budget for the coming fiscal year. Mansur said the rapid rise was a matter of some concern. “According to my calculations, the country’s import spending will pass $60 billion,” he said. Asked about the cause of the deficit, executive director of Policy Research Institute Ahsan Mansur said, “The ...

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Honda to start producing motorbikes in BD

motorbikes

MNA Business Desk: The Japanese Honda Motor Company is going to manufacture motorbikes in Bangladesh this year as the company’s concern ‘Bangladesh Honda Private Limited’ is setting up a motorcycle assembling and manufacturing plant in the country. This was disclosed at a meeting between Industries Minister Amir Hossain Amu and a delegation from Bangladesh Honda Private Limited at the Industries Ministry in the city, said a press release. Among others, Industries Secretary Muhammad Abdullah, Chief Operating Officer of the Honda Motor Company Limited Noriaki Abe, director of the Asia and Oceania Region of Honda Motor Akira Murayama and Managing Director ...

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IFAD to give $92mn for flood-prone districts

flood-prone districts

MNA Business Desk: The International Fund for Agricultural Development (IFAD) to give USD 92.30-million for sustainable improve of incomes and promoting resilience to extreme weather conditions for 3.30 lakh rural households in six flood-prone districts in northern Bangladesh. Economic Relations Division secretary Kazi Shofiqul Azam and IFAD president Gilbert Foussoun Houngbo signed the agreement on behalf of their respective sides. Prime Minister Sheikh Hasina witnessed the signing ceremony that took place at the IFAD Headquarters in Rome on Tuesday, reported news agency. The PM has said that Bangladesh has made progress in all development indicators – from poverty alleviation, fish ...

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White House to unveil $1.5tn infrastructure plan

infrastructure

MNA Business Desk: The White House on Monday will unveil its long-awaited $1.5 trillion infrastructure package aimed at overhauling US public works. The plan is structured around four goals: generate $1.5 trillion for an infrastructure proposal, streamline the permitting process down to two years, invest in rural infrastructure projects and advance workforce training, reports The Hill magazine. The Trump administration confirmed a $200 billion direct federal investment for the package, which will be included in the White House’s Monday spending blueprint for fiscal 2019. Half of the federal seed money would go toward an incentive programme to match financing from ...

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Capital market will remain ‘moderately bullish’ in 2018

bullish

MNA Business Desk: The capital market will remain moderately bullish in 2018, but local political instability will be the risk factor for the capital market this year, according to a recent survey of a leading stockbroker. The forecasts were made by the majority of the respondents in a recent survey on the Bangladesh capital market conducted by LankaBangla Securities. The findings of the survey were released recently. The survey, which is the sixth of its kind, was carried out between January 4 and January 20 this year. A total of 312 people from various sectors — including academicians, fund managers, ...

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RCBC threatens to sue BB officials over $81m heist

default loans

MNA Business Desk: A day after Bangladesh confirmed that it would sue a Philippines bank in US for damages over the 2016 cyber heist, Manila-based Rizal Commercial Bank Corp or RCBC has threatened counter measures. In a media statement on Thursday, RCBC said it was considering legal actions against Bangladesh Bank officials, reports The Philippine Daily Inquirer. It alleged Dhaka officials of maligning the bank and using it as a “scapegoat” over one of the world’s biggest cyber heists. The Bangladesh Bank said it has decided to start a lawsuit in New York against RCBC over its role in the ...

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Uber to pay $245m to settle Waymo’s theft allegations

allegations

MNA Business Desk: Uber is paying $245 million to Google’s self-driving car spinoff to end a legal pawl that aired out allegations of a sinister scheme that tore apart the once-friendly companies, reported news agency. The surprise settlement announced Friday came as lawyers for Uber and Waymo, a company hatched from Google, prepared to wrap up the first week of a trial that had attracted international attention. Waymo filed its lawsuit nearly a year ago , adding to Uber’s woes with allegations of a bold high-tech heist orchestrated by its former CEO, Travis Kalanick, and a former Google engineer. That ...

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BB to sue Manila bank to recover stolen fund

single digit

MNA Business Desk: Bangladesh Bank has decided to sue a Philippines bank in a US court for damages over the 2016 heist of its central bank’s reserve. Unidentified hackers stole $81 million from Bangladesh Bank’s account at the New York Fed, using fraudulent orders on the SWIFT payments system. The fund was sent to Manila-based Rizal Commercial Banking Corp or RCBC and then disappeared into the casino industry in the Philippines. Finance Minister AMA Muhith on Wednesday first confirmed Bangladesh’s move to start the lawsuit. The Bangladesh Bank provided details in a media briefing later in the day. The case ...

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BD among 5 top growth achievers among LDCs

growth

MNA Business Desk: Five countries among the 45 least developed countries (LDCs), including Bangladesh, attained economic growth at 7 percent or higher in 2017, according to a new report of the United Nations Conference on Trade and Development (UNCTAD).  “This is the case of Bangladesh (+7.1 per cent), Djibouti (+7.0 per cent), Ethiopia (+8.5 per cent), Myanmar (+7.2 per cent), and Nepal (+7.5 per cent),” said the report titled, ‘Selected Sustainable Development Trends in the Least Developed Countries 2018’ published recently. At the other end of the spectrum, the report said, several LDC economies have featured among the world’s most ...

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Muhith calls WB ex-chief Zoellick ‘worthless’

Zoellick

MNA Business Desk: Finance Minister AMA Muhith on Monday slammed former World Bank President Robert Zoellick over the Padma Bridge graft conspiracy, calling him a very ‘bad’ and ‘worthless’ person. ‘On the last day of his tenure (June 30, 2011), this former World Bank president cancelled the Padma Bridge loan bringing an allegation that we’re conspiring to appoint a particular consultant and take bribe,’ he said. The minister was speaking at a ceremony marking the distribution of awards among the highest VAT payers of Dhaka International Trade Fair-2018 at the National Board of Revenue (NBR) conference room. He also said ...

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bKash’s cash back offer at Book Fair

cash back

MNA Business Desk: bKash Limited, the largest mobile financial service provider in the country offers 10 percent cash back to its customer if they purchase books from the month long ‘Amar Ekushey Book Fair 2018’  through bKash payment. Around 350 leading publishers will accept bKash payment at the book fair which began on February 1, 2017 at the Bangla Academy premises. The customers can avail the cash back offer till February 28, the last day of the fair. bKash has been extended the same offer to its customers since 2014. To make the purchase, bKash customers  have to dial *247# ...

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Stock markets continue to experience freefall

week

MNA Business Desk: The core index of the Dhaka bourse fell 133 points or 2.21 per cent on Sunday, the biggest single-day freefall in the last 55 months, as nervous investors sold shares in bulk, fearing further decline. However, it terms of percentage, Sunday’s fall is the 32 months highest fall as DSE core index fell 98 points or 2.34 per cent on April 26, 2015. Market operators said growing political tension coupled with fears of liquidity shortage due to the central bank’s latest directive to slash the limit of banks’ advance-deposit ratio (ADR) kept most of the investors at ...

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Bitcoin skids amid broad cryptocurrency sell-off

bitcoin

MNA Business Desk: Cryptocurrencies plunged on Friday, with bitcoin at one point sliding below $8,000 and headed for its biggest weekly loss since December 2013, amid worries about a regulatory clampdown globally. The currencies have come off their lows but analysts said the sell-off was probably not over. This week’s slump brought the total market value of cryptocurrencies down to around $400 billion, half the high it reached in January, according to industry tracker Coinmarketcap.com. The market value of cryptocurrencies is calculated by multiplying the number of digital coins in existence by their price, although many question whether that is ...

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WB approves $300 million loans for BD

loan

MNA Business Desk: The World Bank on Wednesday approved a $300 million loans for improving the transparency as well as efficiency of major cash transfer programmes in Bangladesh and benefitting about 5 million of the country’s poorest and most vulnerable people. With the finance, the World Bank’s total commitment in the social protection sector stands at over $1.3 billion. The credit provided by the International Development Association (IDA), the World Bank’s concessional lending arm, is interest-free and repayable in 38 years, including a 6-year grace period and 0.75 percent service charge. “Bangladesh has cut by half the number of people ...

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Bangladesh Bank clips ADR limit

single digit

MNA Business Desk: The Bangladesh Bank issued a directive to banks to bring down their advance deposit ratio or ADR to highest 83.50 per cent down from over 85 per cent now, by 30 June. This will be applicable for the conventional banks while such limit for the Islamic banks and the Islamic branches of the conventional banks will be highest 89 per cent, down from over 90 per cent now, where it is termed as IDR. As per the circular, until the next directive, the conventional banks will have to maintain their ADR at 83.50 per cent (80.50 per ...

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Saudi Arabia tries to comfort the investors

Saudi

MNA Business Desk: Saudi is freeing its billionaire detainees. Now it has to woo investors. Saudi Arabia tries to comfort the investors. Saudi Arabia is winding down a spectacular crackdown into alleged corruption after agreeing to release one of its highest profile suspects and recovering billions of dollars in cash and much more in real estate. Prince Alwaleed bin Talal, a billionaire global investor with stakes in Citigroup (C), Twitter (TWTR) and Apple (AAPL), was released on Saturday. The conditions of his freedom are unclear, and the country’s ministry of information said it would not comment on his situation. In ...

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Dhaka, Jakarta sign five instruments

five instruments

MNA Business Desk: Bangladesh and Indonesia on Sunday signed five instruments, including two memorandums of understanding (MoUs), aiming to enhance bilateral relations, trade and investment, and boosting cooperation. The instruments were inked in presence of visiting Indonesian President Joko Widodo and Bangladesh Prime Minister Sheikh Hasina at the Prime Minister’s Office. Tofail Ahmed and Minister of Trade of Indonesia Enggartiasto Lusitania signed the joint ministerial statement on launching negotiations for Bangladesh-Indonesia preferential trade agreement. The MoU on development of the integrated gas infrastructure and independent power producer was signed by Chairman of Bangladesh Power Development Board Khaled Mahmud and Vice ...

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ASEAN leaders agree to boost maritime cooperation

maritime

MNA Business Desk: The leaders of India and south-east Asia agreed on Thursday to boost their maritime ties at a summit in New Delhi, as they seek to balance the increasing weight of China across the region. India is hosting the leaders of the Association of Southeast Asian Regional Cooperation (ASEAN) and the summit comes at a time when Prime Minister Narendra Modi is pursuing an “Act East” policy of developing ties with these countries. The Indian and ASEAN leaders agreed “to establish a mechanism for greater cooperation in the maritime domain sector”, Preeti Saran, secretary in the Indian foreign ...

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WB chief economist Romer quits

chief economist

MNA Business Desk: World Bank’s chief economist Paul Romer stepped down on Wednesday after he came under fire for saying that Chile’s rankings in a closely watched “Doing Business” report may have been deliberately skewed under socialist President Michelle Bachelet. Romer’s resignation, just 15 months after taking the job, was announced in an internal note that was posted by World Bank President Jim Yong Kim and seen by Reuters. “Paul Romer has informed me that he is stepping down from his position as chief economist, effective immediately,” Kim said in the announcement. “I appreciated Paul’s frankness and honesty, and I ...

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Bangladesh ranks 34th in IDI index

Global

MNA Business Desk: Bangladesh showed stable and qualitative improvement in major economic indicators last year, with leading 40 countries in the Inclusive Development Index (IDI) of the International Monetary Fund (IMF). Among 74 emerging economies, the country this year secured the 34th position in the IMF’s annual index, which reflects quality of economic performance in a particular country. In the index, Bangladesh also performed far better than India (ranked 62), Pakistan (ranked 52) and Sri Lanka (ranked 40). The index also includes 29 developed economies, headed by Norway. Iceland, Luxemburg, Switzerland and Denmark followed the Scandinavian state on the top ...

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Consumers get Tk 29,000 at DITF

Consumers

MNA Business Desk: National Consumers Rights Protection Department fined over Tk 1 lakh in 22 days of Dhaka International Trade Fair (DITF) on charge of selling things for excess price, conducting false advertisement, cheating in weight. The National Consumer Rights Protection Department authorities gave Tk 29,000 to the victim consumers against their claims. The consumers filed 24 complaints against Haji Biriyani, Haji Biriyani and Kebab House, Mithai and others. Among the complaints, four were not proved, five were solved through mutual understanding, and fined 15 stalls as complaints were proved. Investigation is going on over four other complaints. Pramod Kumar ...

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Amazon introduces ‘no checkouts’ supermarket

Whole Foods

MNA Business Desk: In a move that could revolutionize the way we buy groceries, Amazon opens its first supermarket without checkouts — human or self-service — to shoppers on Monday. Amazon Go, in Seattle in the US, has been tested by staff for the past year, reported news agency. It uses an array of ceiling-mounted cameras to identify each customer and track what items they select, eliminating the need for billing. Purchases are billed to customers’ credit cards when they leave the store. Before entering, shoppers must scan the Amazon Go smartphone app. Sensors on the shelves add items to ...

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Capital market not a place for speculations

Zoellick

MNA Business Desk: Finance Minister AMA Muhith on Saturday said the share market is not a place for speculations and those who think so are its enemies. ‘The present government has been able to strengthen the base of the country’s share market. Now it’s time for its further development,’ he said. Muhith was addressing the ‘Investors and Entrepreneurs Conference and Investment Education Fair-2018’ in Sylhet, reported news agency. ‘The share market is very important for the empowerment of mass people,’ Muhith said urging potential investors to invest in the share market after attaining proper knowledge about it. BSEC Chairman Dr ...

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Bangladesh to Produce Jute Drink

drink

MNA Business Desk: Bangladesh Jute Mills Corporation has started building a factory for commercial production of jute leaf drink, an alternative to tea, in Jamalpur’s Sarishabari. State Minister for Textiles and Jute Mirza Azam unveiled the foundation stone of the plant in Jhaluparha area on Friday. “We are trying to diversify the use of jute with an aim to bring back the golden days of this fibre. New technologies are being invented. In continuation of these efforts, this green jute drink is coming,” the state minister said. “It will enrich the jute industry,” he added. The project’s adviser and inventor ...

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