BD youth jobless rate rises by 6.4 percentage points: ILO


MNA Business Desk: The rate of youth unemployment in Bangladesh remained one of ‘the most worsening’ situation among the countries in the Asia-Pacific region. The country’s overall unemployment rate rose by 1.0 percentage point in 2017, according to International Labour Organisation (ILO). Bangladesh’s youth unemployment rate increased by 6.4 percentage points in 2017 since the year 2010, the Asia-Pacific Employment and Social Outlook 2018 of the ILO revealed. “… the countries experiencing the most severe worsening situation of youth unemployment were Bangladesh (+6.4 percentage points), Pakistan (+5.3) and Vietnam (+3.7),” ILO said in its outlook, which was launched on Saturday. ...

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BD largest recycler of oil tankers: UNCTAD


MNA Business Desk: Bangladesh remains one of the largest recyclers of old ships in the world, despite a decrease in the total tonnage demolished last year, according to a UNCTAD report. The country has become the burying ground for more than one-fourth of the world’s total tonnage of vessels sold for demolition in 2017, says the United Nations Conference on Trade and Development (UNCTAD) annual Maritime Review that came out last month. Only neighbouring India has recycled more ships in terms of tonnage than Bangladesh during this period, the figures show. Last year, the global report says, the gross tonnage ...

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Tax Fair: Tk551.15cr tax collected on 2nd day

tax fair

MNA Business Desk: National Board of Revenue (NBR) received Tk 551.15 crore in income tax from 65,050 taxpayers at the different income tax fair venues across the country, reported news agency. Around 2.36 lakh people received services, related to income tax payment from taxmen, at the weeklong fair venues, including the central one at Officers’ Club in the city. Tax collection increased by 1.44 per cent or Tk 7.84 crore on second day of this year compared to that of Tk 543.31 crore on second day of last year’s fair. On the day of the last year’s fair, 39,351 taxpayers ...

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Four Transcom companies receive tax awards


MNA Business Desk: Transcom Group Chairman Latifur Rahman has been honoured by the National Board of Revenue (NBR) as top taxpayer in the Dhaka City Corporation area. NBR yesterday accorded Latifur Rahman and his family recognition as ‘Kor Bahadur Paribar’ for their long-standing practice of unerring tax payment. In total, four companies of Transcom Group received tax cards. Three of the winners in the print and electronic media category are of Transcom Group. These are Mediaworld, Mediastar and Transcraft. On behalf of Mediaworld, the crest and tax card was accepted by its chairperson and former caretaker government Rokia Afzal Rahman. ...

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Muhith inaugurates Income Tax Fair-2018

Income Tax Fair

MNA Business Desk: Finance Minister Abul Maal Abdul Muhith inaugurated a week-long Income Tax Fair-2018, which aims to provide better services to taxpayers and to encourage more people to pay taxes, reported news agency. The senior minister, inaugurating the fair at the Officers Club in Dhaka Tuesday morning, said: “There was a time when 70% of the people that lived in Bangladesh were poor. Now we have been able to decrease it to 22%. This means only around 30 million people are poor in our country now.” “We expect a certain million number of people will pay taxes. It is ...

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ICSB Award on corporate governance

Corporate Governance

MNA Business Desk: A total of 28 companies listed under 11 categories in the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE), won the fifth “Institute of Chartered Secretaries of Bangladesh (ICSB) National Award for Corporate Governance Excellence, 2017”. Finance Minister AMA Muhith handed over certificates to the winning companies at the award ceremony held at the Radisson Blu Dhaka Water Garden. Among the winners, Eastern Bank Ltd won the gold award, Southeast Bank Ltd won silver, while Prime Bank Ltd won the bronze award in the “Banking” category. Similarly, IDLC Finance Ltd bagged the gold award in the ...

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Rooppur NPP: 3 contracts with Russia by Dec next year


MNA Business Desk: The government is eyeing three contracts with Russia regarding Rooppur Nuclear Power Plant (NPP) lifecycle services by December 2019 to smoothly implement the project. “We’re working to complete negotiations over the issues and ink the deals within the timeframe,” science and technology secretary Md Anwar Hossain told media. Top officials of Bangladesh and Russia at a recent meeting set a timeline to sign the deals, said Mr Anwar Hossain. However, they agreed to sign the ‘nuclear fuel supply deal’ by December 2018 and ‘service contract for operation technical support, maintenance and repair’ by first quarter of 2019, ...

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Govt plans reforms in NBR to boost revenue

income tax

MNA Business Desk: The government has taken an initiative to bring infrastructural reforms in the Internal Resources Division (IRD) and create new units at the National Board of Revenue (NBR) to boost revenue collection. According to the IRD of the Finance Ministry, through the reforms in its special functional unit and creating new units under the NBR Income Tax Wing, it will be possible for the government’s revenue collecting body to boost revenue generation by 20 percent, reported news agency. A summary of the proposals has been sent to Finance Minister ABA Muhith and he has given an affirmative response ...

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Weeklong tax fair begins 13 Nov

income tax

MNA Business Desk: A weeklong ‘Inacome Tax Fair’ will begin in the city and other divisional headquarters across the country on 13 November aiming to help the taxpayers fill returns and facilitate other tax-related works. Like the previous years, the National Board of Revenue (NBR) will organise the fair, which will continue till 19 November. The fair will also be held in all districts and 32 upazilas. The duration of district level fair will be four days while upazila level fair two days. Besides, a daylong mobile fair will be held at the Growth Centres at upazila level. Officials say ...

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US sanctions loom over Iran’s oil sector

oil sector

MNA Business Desk: Thousands of Iranians chanting “Death to America” rallied on Sunday to mark the anniversary of the seizure of the US Embassy during the 1979 Islamic Revolution and the imminent re-imposition of US sanctions on Iran’s oil sector. Students attending the government-organised rally in the capital Tehran, broadcast live by state television, burned the Stars and Stripes, an effigy of Uncle Sam and pictures of President Donald Trump outside the former embassy compound. Hardline students stormed the embassy on Nov 4, 1979, soon after the fall of the US-backed shah, and 52 Americans were held hostage there for ...

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EU threatens to impose trade sanctions on Myanmar


MNA Business Desk: The European Union (EU) has threatened to impose trade sanctions on Myanmar if it fails to address the concerns of the international community. “The EU stands ready to provide necessary support to Myanmar to address the concerns of the international community. Nevertheless, withdrawal of trade preferences is a clear possibility if other channels of cooperation have failed to reach results,” it said. A monitoring mission of experts from the European Commission and the European External Action Service visited Myanmar from 28 to 31 October, reported news agency. This follows deeply worrying developments highlighted in various United Nations ...

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Govt body to simplify export procedures


MNA Business Desk: The government has formed an inter-ministerial body to lower the number of documents required for exports as part of easing doing business in line with the standards set by the World Bank, an official said. Additional secretary of the ministry of commerce Tapan Kanti Ghosh is heading the 10-member body peopled by representatives from the Bangladesh Bank, National Board of Revenue, Export Promotion Bureau, Office of the Chief Controller of Import and Export, and other relevant parties. The move comes a day after Bangladesh ranked 176th among 190 nations in the World Bank’s Ease of Doing Business ...

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BD ranked 176th in Doing Business report


MNA Business Desk: Bangladesh has shown the sign of slight improvement as the World Bank’s Doing Business report put it on 176th position among 190 countries. Bangladesh was ranked at 177 among 190 countries in the last year’s index. In a first for South Asia, two of the region’s economies earned coveted spots in the global top improvers, according to Washington-based global lending agency. In the World Bank Group’s annual ease of doing business rankings, the top 10 economies are New Zealand, Singapore and Denmark, which retain their first, second and third spots respectively for a second consecutive year, followed ...

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BB’s new guidelines for credit risk management


MNA Business Desk: Bangladesh Bank has issued a set of newly modified guidelines for credit risk management for the country’s scheduled banks, reported news agency. In a circular issued, the Banking Regulations and Policy Department (BRPD) of the central bank said the “Guidelines on Internal Credit Risk Rating System for Banks” were adopted to make the risk management system more effective and time-befitting. The circular said once the new model, based on the guidelines, is followed properly, proper persons and organisation will get loans easily and it will also play an assistive role in reducing the volume of the default ...

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Community Bank gets BB nod

Community Bank

MNA Business Desk: Bangladesh Bank (BB) board of directors gave its final approval to the proposed Community Bank Limited on Monday, reported news agency. But it asked the officials concerned to place again three other proposals to launch new banks with required documents for further consideration. The decisions were taken at a meeting of the central bank’s board of directors, held at its headquarters in Dhaka, with BB Governor Fazle Kabir in the chair. On August 28, the central bank board gave clearance for issuing licence to proposed Community Bank Limited, owned by Bangladesh Police Welfare Trust, after completing all ...

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Bangladesh inks $300m with WB

improve livestock

MNA Business Desk: Bangladesh on Sunday signed a $300 million financing agreement with the World Bank to modernise the cash transfer of major social protection programs. This will bring transparency and efficiency in the disbursement process and help nearly 6.5 million poorest and vulnerable people, including the elderly, widows, and people with disabilities, get the benefit easily, reported news agency. The social protection programs of Department of Social Services (DSS) are: the Old Age Allowance; Allowances for the Widow, Deserted and Destitute Women; Allowances for the Financially Insolvent Disabled; and Stipends for Disabled Students. Additional Secretary of Economic Relations Division ...

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BB warns nine banks on rigged dollar sale


MNA Business Desk: Bangladesh Bank warned Dutch-Bangla Bank, Dhaka Bank, Trust Bank, BASIC Bank, Mutual Trust Bank, City Bank, Prime Bank, NCC Bank and Exim Bank on rigged dollar sale. The central bank said those banks have reported less than what they have charged importers for dollars. Regulators now seek explanations on why they would not be penalized for giving false information by hiding the actual data. The banks face a three-day deadline to respond to the notice issued on Sunday. If a bank fails to respond properly, it will be fined under the existing law. “The banks have taken ...

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ADB to provide $110m loan for urban health


MNA Business Desk: The government of Bangladesh and the Asian Development Bank (ADB) signed agreements for $110 million in additional loan for a project that is improving access to urban primary healthcare services, reported news agency. Economic Relations Division (ERD) senior secretary Kazi Shofiqul Azam and ADB country director Manmohan Parkash signed the deals on behalf of Bangladesh and ADB respectively, at a ceremony in the city. “This assistance will support the government to provide access to quality health services, especially for poor households in urban areas,” said ADB country director Manmohan Parkash. Parkash said the new financing will focus ...

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Saudi signs $50bn deals despite boycott


MNA Business Desk: Saudi Arabia signed deals worth $50 billion on Tuesday, showing it can still attract investment at a conference boycotted by Western politicians and global business chiefs after the killing of journalist Jamal Khashoggi. Crown Prince Mohammed bin Salman arrived at the investment conference late in the day after attending a meeting at which King Salman received members of Khashoggi’s family, including his son Salah. Earlier, Energy Minister Khalid al-Falih assured the investment conference that the world’s top crude exporter was passing through a “crisis of a sort” but would power ahead with economic reforms. The chief executive ...

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Ecnec approves 21 projects involving Tk 19,779cr


MNA Business Desk: The Executive Committee of the National Economic Council (Ecnec) on Tuesday approved 21 projects involving an overall cost of some Tk 19,779 crore. The approval came from the weekly Ecnec meeting held at NEC conference room here with Ecnec Chairperson and Prime Minister Sheikh Hasina in the chair, reported news agency. Briefing reporters after the meeting, Planning Minister AHM Mustafa Kamal said, “A total of 21 projects were approved today involving an overall cost of Tk 19,778.73 crore.” Of the total estimated cost, Tk 17,316.93 crore will come from the national exchequer, while Tk 2,227.87 crore as ...

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Saudi kicks off investment summit


MNA Business Desk: Saudi Arabia hosts an investment event Tuesday despite pulling out of several country’s officials from attending the conference over death of journalist Jamal Khashoggi. But Turkey’s threat to reveal the “naked truth” over critic Jamal Khashoggi’s murder is hanging over the gathering, reported news agency. The three-day Future Investment Initiative (FII) was meant to project the historically insular petro-state as a lucrative business destination as it seeks to diversify and set the stage for new ventures and multi-billion dollar contracts. But the summit, nicknamed “Davos in the desert”, has been overshadowed by growing global outrage over the ...

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US to help Ctg port bolster nuclear security


MNA Business Desk: A US team is due in the city next month to discuss with officials the issue of prohibiting illicit shipment of nuclear and other radioactive materials through the Chittagong port, reported news agency. Under the “Megaports Initiative,” the National Nuclear Security Administration of the US government has installed 12 Radiation Portal Monitors (RPMs) in Chittagong port, which operates to deter, detect, and stem illegal transportation of radioactive substances. The team was scheduled to visit Dhaka in August last but the trip was deferred until mid-November. The governments of Bangladesh and the United States signed a memorandum of ...

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EU to sign trade deal with Singapore

trade deal

MNA Business Desk: The European Union (EU) was set to sign a trade deal with Singapore after talks with Asian leaders keen to push back against US protectionism, but efforts to encourage China to drop state subsidies ran into resistance from Beijing. The biennial Asia-Europe Meeting (ASEM) brings together leaders representing 65 percent of global economic output — from the EU, Switzerland, Norway and 21 Asian countries, including Russia and China. The EU hoped to use the gathering to show the world it can move beyond Britain’s departure from the bloc. China requested the changes at a negotiation of senior ...

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China witnesses weakest economic growth since 2009

economic growth

MNA Business Desk: China’s economic growth cooled to its weakest pace since the global financial crisis in the third quarter, with regulators pledging further policy support as a years-long campaign to tackle debt risks and the trade war with the United States began to bite. Chinese authorities are trying to navigate through numerous challenges, as the trade war fears have sparked a blistering selloff in domestic stock markets and a steep decline in the value of the yuan versus the dollar, heightening worries about the growth outlook. The economy grew 6.5 percent in the third quarter from a year earlier, ...

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US again most competitive economy: WEF


MNA Business Desk: The US economy sits atop of the World Economic Forum’s annual global competitiveness survey for the first time since the 2007-2009 financial crisis, benefiting from a new ranking methodology this year, reported news agency. In its closely-watched annual Global Competitiveness Report, the WEF said the US is the country closest to the “frontier of competitiveness,” an indicator that ranks competitive productivity using a scale from zero to 100. The US beat off Singapore, Germany, Switzerland and Japan, the other top four markets, with a score of 85.6 out of 100, the report said, due to its “vibrant” ...

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5-day national furniture fair begins

national furniture

MNA Business Desk: A five-day national furniture exhibition began in Dhaka on Tuesday to showcase the variety and excellence of local furniture and home furnishing products, and attract buyers from home and abroad, reported news agency. Commerce Secretary Shubhashish Bose inaugurated the 15th edition of the national fair as the chief guest at the International Convention City Bashundhara (ICCB) in Dhaka, said a press release. Speaking at the event, the commerce secretary said that the Bangladeshi furniture industry is showing signs of prosperity with the rise in demand for interior and home-furniture products. A total of 182 stalls from 47 ...

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BD, KSA to sign MoUs on defence cooperation

defence cooperation

MNA Business Desk: Bangladesh will sign a memorandum of understanding (MoU) on defence cooperation with Kingdom of Saudi Arabia (KSA) during Prime Minister Sheikh Hasina’s visit to the country, reported news agency. The prime minister is scheduled to leave for KSA today on a four-day visit. During the visit, she will have a bilateral meeting with Saudi King Salman bin Abdulaziz Al Saud tomorrow (Wednesday). “The prime minister will also open the new chancery building in Riyadh on Wednesday, and on the same night she will fly to Medina. From there she will go to Mecca to perform umrah,” Foreign ...

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