Business

BB asks to bring down interest to single digit

reserves

MNA Business Desk: The Bangladesh Bank has asked the banks to take effective measures to bring down the interest rate on lending to single digit from the existing level, reported news agency. The advice was made at two separate meetings of senior bankers held at the central bank headquarters in Dhaka on Monday with Bangladesh Bank (BB) governor Fazle Kabir in the chair. The meeting also discussed interest rates, charged by the six state-owned commercial banks (SoCBs), on term deposits to other banks, the sources added. On the other hand, the BB’s high-ups advised the senior representatives of Association of ...

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China’s largest trade fair opens

largest trade fair

MNA Business Desk: China’s largest trade fair opened its 123rd session Sunday in south China’s Guangdong Province, attracting more than 25,000 companies as exhibitors. The biannual China Import and Export Fair, also known as the Canton Fair, is considered as a barometer of China’s foreign trade. Xu Bing, the fair’s spokesperson, said buyers from more than 210 countries and regions are expected to attend the fair, with the total number of buyers to level with the previous session. The first phase of the fair, which runs from April 15 to April 19, features products including home appliances, electronics and hardware, ...

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US to rejoin TPP if terms improved: Trump

trump

MNA Business Desk: US president Donald Trump said the United States would only join the Trans Pacific Partnership (TPP), a multinational trade deal his administration walked away from last year, if it offered “substantially better” terms than those provided under previous negotiations. His comments, made on Twitter late Thursday, came only hours after he had unexpectedly indicated the United States might rejoin the landmark pact, and amid heightened volatility in financial markets as Washington locked horns with China in a bitter trade dispute. Trump had told Republican senators earlier in the day that he had asked United States Trade Representative ...

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NBR to organize Halkhata Day on Apr 14

Halkhata Day

MNA Business Desk: National Board of Revenue (NBR) will organise Halkhata Day marking Pahela Baishakh, the first day of Bengali New Year, reported news agency. “As April 14 is a public holiday, the NBR will begin its Bengali New Year celebration programme the next day (April 15),” NBR Chairman Mosharraf Hossain Bhuiyan told journalists at his office Tuesday. NBR is going to organize ‘Halkhata Day’ for the second time as it first observed day last year on the occasion of ‘Choitra Sangkranti’, a day before the first day of Bengali New Year. Like last year, the NBR will consider offering ...

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Chinese investment in US falls sharply

Chinese investment

MNA Business Desk: Chinese investment in the US plunged last year as tensions between the two countries mounted. The value of deals announced in 2017 fell by more than 90 per cent from the year before, according to joint studies by the National Committee on US-China Relations and the Rhodium Group. The reports said policy shifts in both countries triggered the decline. China has curbed outbound investments, while the US is raising concerns about deals for national security reasons. “This altered policy environment has already changed patterns of two-way (foreign direct investment) and will continue to reshape investment levels and ...

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Dhaka, Delhi sign 6 MoUs to strengthen ties

strengthen

MNA National Desk: Bangladesh and India on Monday signed six documents to strengthen development cooperation between the two countries, reported news agency. Indian Foreign Secretary Vijay Keshav Gokhale and his Bangladesh counterpart M Shahidul Haque witnessed the signing of the documents at state guesthouse Padma after a bilateral meeting between them. ‘Today, we add another 6 documents to our large and growing list of meaningful agreements signed during the recent visits of Prime Minister Narendra Modi to Bangladesh and Prime Minister Sheikh Hasina to India,’ said Vijay Gokhale. These include the implementation MoU on the friendship pipeline between Numaligarh and ...

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BB directs to keep Agrabad branches open

default loans

MNA Business Desk: Bangladesh Bank (BB) directs all scheduled commercial banks to keep open their branches in Chittagong port area for round the clock and seven days a week for facilitating international trade, reported news agency. The central bank in this regard issued a circular on Sunday and sent letters to chief executive officers (CEO) of all the commercial banks’. Earlier, the Prime Minister’s Office (PMO) directed the BB to issue circular regarding opening all banks’ branches round the clock for seven days a week. The central bank circular said, “As per PMO’s directive all scheduled banks must take necessary ...

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Central Banks of India, Pakistan crack down on crypto currencies

crypto currencies

MNA Business Desk: India’s central bank barred banks on Friday from having any links to virtual currency dealers, slashing the prices of bitcoin and other crypto currencies on local exchanges. Pakistan’s central bank said in a separate statement late on Friday that crypto-currencies were not legal in the country. The State Bank of Pakistan told banks and other financial services providers to refuse customers seeking crypto-currency transactions. It noted that those using crypto-currencies to transfer funds outside Pakistan could be prosecuted. India’s government and the Reserve Bank of India (RBI) have previously cautioned the public over crypto currencies, with New ...

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U.S. anticipates talks with China on rise of trade fight

trade

MNA Business Desk: The U.S. expressed willingness on Wednesday to negotiate a resolution to an escalating trade fight with China after Beijing retaliated against proposed U.S. tariffs on $50 billion in Chinese goods by targeting key American imports, but the Chinese ambassador to Washington said it will require willingness of both. Just 11 hours after President Donald Trump’s administration proposed 25 percent tariffs on some 1,300 Chinese industrial, technology, transport and medical products, China shot back with a list of similar duties on major American imports including soybeans, planes, cars, beef and chemicals. Beijing’s rapid and vigorous reaction raised the ...

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TCB to sell 5 daily essentials before Ramadan

daily essentials

MNA Business Desk: The Trading Corporation of Bangladesh (TCB) will sell five daily essentials at least 7 to 10 days before the starting of Ramadan this year. The five goods are – soybean oil, sugar, red lentil, grams, and dates. TCB official Md Humayun Kabir said they have concluded all the preparations for selling the products. The prices of the products will be fixed after consulting with Commerce Ministry and the goods will be placed for sell in district and divisional level of the country, he said. The essentials will be available at TCB sale-centers, dealers and open market truck ...

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Star Ceramics IPO Road Show held

Star Ceramics

MNA Business Desk: Star Ceramics, among the most premium tiles and sanitaryware companies of Bangladesh, organized a Road show at Radisson Hotel, Dhaka,to announce their plan to raise equity through IPO under book-building method. Subject to regulatory approval, Star Ceramics intends to raise BDT 60 crore from the IPO. About BDT 43 crore for expansion of its sanitaryware project and the rest for loan repayment and meeting IPO expenses. The program witnessed an unusually large attendance of eight hundred plus guests including eligible investors comprising merchant bankers, portfolio managers, asset managers, fund managers, stock dealers, alternative investment fund manager, recognized ...

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BD to enjoy LDC trade benefits for 9 years

trade benefits

MNA Business Desk: Even after formally being graduated from the Least Developed Country (LDC) category in 2024, Bangladesh will be able to enjoy the existing trade benefits for another three years or up to 2027. Thus the country is eligible to enjoy the current trade-related benefits, tariff-free market access to be precise, for next nine years from now on. Experts have already confirmed this in several deliberations in the different events on the occasion of celebrating the country’s eligibility to graduate from the LDC category to a developing one. Recently, United Nations (UN) formally disclosed that Bangladesh has fulfilled the ...

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Bank of China to make Colombo “financial hub”

Colombo

MNA Business Desk: The Bank of China, which ceremonially opened its branch in Colombo on Wednesday, will help the city become the “financial hub of South Asia”, Sri Lankan Prime Minister Ranil Wickremesinghe said. It has been Wickremesinghe’s plan to make the US$ 1.4 billion Colombo Port City, now being built by a Chinese company, a “Financial City” where persons from across South Asia and the globe, can transact financial business and also park their funds. Speaking at the inaugural function of the Chinese bank, the Prime Minister said: “As the world’s fourth largest bank, the Bank of China, will ...

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Govt to introduce E-chalan to collect VAT, tax

NBR

MNA Business Desk: The government will introduce E-chalan soon for collection of VAT and income tax. Finance secretary Muslim Chowdhury informed the media this at city function Sunday to inaugurated ‘e-chalan’. State minister for finance and planning MA Mannan inaugurated the ‘e-chalan’ at a programme held at the finance ministry. Muslim Chowdhury also said if all payments of the government are made through electronic system, the money is deposited to the government exchequer timely and properly and people will also get rid of sufferings. The government has introduced ‘e-chalan’ to facilitate people to pay fees for online passport, police verification ...

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Trump signs $1.3 trillion budget

travel ban

MNA Business Desk: President Donald Trump grudgingly signed a $1.3 trillion federal spending measure Friday and averted a midnight government shutdown – but only after undercutting his own negotiators and setting off a mini-panic with a last-minute veto threat. The episode further eroded the already damaged credibility of both the president and a White House staff that had assured the nation he was onboard. Trump said he was “very disappointed” in the package, in part because it did not fully pay for his planned border wall with Mexico and did not extend protection from deportation to some 700,000 “Dreamer” immigrants ...

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Power generation sets record crossing 10,000MW mark

lines

MNA Business Desk: The country’s power generation set a new record crossing the 10,000-MW mark on Monday night.   According to Public Relations Department of Power Development Board (PDB), the electricity generation reached 10,084 MW which was highest so far. Last year, the available power generation was about 8,500 MW in March, it said.   Though record power was generated last evening, there was no power in different parts in the capital for some time. Earlier, the power generation reached 9,715 MW on March 15. Later, the generation was increasing gradually. After the Awami League led government assumed power, the number of ...

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Bangladesh gets developing country status

developing

MNA Business Desk: Bangladesh has termed it a historic day as it attained all three criteria for graduation from the least-developed country (LDC) group to developing one. “It’s a historic day for us. I am delighted to inform you that Bangladesh has fulfilled the criteria for graduation from the LDC category for the first time,” said Permanent Representative of Bangladesh to the UN Ambassador Masud Bin Momen. Roland Mollerus, Chief, Secretariat of the Committee for Development Policy (CPD) handed over Ambassador Masud Bin Momen an official letter conveying this announcement. The UN Committee for Development Policy (CDP) determines the graduation ...

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Xi Jinping’s BRI uplifts debt trap risk for 68 nations: US experts

debt

MNA Business Desk: Chinese President Xi Jinping’s mega Belt and Road Initiative (BRI) raises the risk of debt distress for 68 countries identified as potential borrowers if the programme follows Chinese practices for infrastructure financing, which often entail lending to sovereign borrowers, Washington, D.C. based think tank Center for Global Development said in a recent report. BRI has come into sharper focus following the Chinese Communist Party’s decision to change the rules to allow Xi to potentially rule for life. The report said that eight countries including Maldives, in India’s neighbourhood, and Djibouti, which hosts the lone Chinese military base ...

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Four big concurrent events at CHINAPLAS

CHINAPLAS

MNA Business Desk: Development of plastics and rubber technologies has roared ahead like a tiger in current years and CHINAPLAS, as a leading trade fair, offers a technology-oriented platform for those sectors globally, reported news agency. Not only will 4,000 distinguished exhibitors showcase their advanced products and services at CHINAPLAS 2018, show organizer Adsale Exhibition Services Ltd. will also hold several exciting concurrent events. These will include “3rd Industry 4.0 Conference”, “Tech Talk”, “Medical Plastics Connect” and “CMF Inspiration for Design x Innovation”. Experts from all over the world will gather in Shanghai this April to assess market trends and ...

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Trump blocks $140bn Qualcomm bid

Qualcomm

MNA Business Desk: US President Donald Trump has blocked a planned takeover of chipmaker Qualcomm by Singapore-based rival Broadcom on grounds of national security. His order cited “credible evidence” that the proposed $140bn (£100bn) takeover “threatens to impair the national security of the US”. Qualcomm was already trying to fend off Broadcom’s bid. Broadcom said it strongly disagreed that its proposed takeover gave any cause for concern. The deal would have created the world’s third-largest maker of microchips, behind Intel and Samsung. It would also have been the biggest takeover the technology sector had ever seen. The presidential order said: ...

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Sonali Bank seeks Tk 60b bailout urgently

Sonali Bank

MNA Business Desk: The state-owned Sonali Bank has sought guarantee worth Tk 60 billion from the government to meet its huge capital shortfall urgently, officials said. According to data available until September, Sonali Bank Ltd (SBL) had a capital inadequacy of over Tk 31.40 billion. And the current figure is assumed to have increased with the rise in its non-performing loans (NPLs). Managing Director of the SBL Obayed Ullah Al Masud in a letter to the Ministry of Finance on March 4 made the request for a kiss of life to the bank, the sources said. Officials of the bank ...

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NEC approves Tk 1,48,381cr revised ADP

Revised

MNA Business Desk: The National Economic Council (NEC) on Tuesday approved a Taka 1,48,381 crore Revised Annual Development Programme (RADP) for the current fiscal year (FY18) downsizing the original ADP by 3.23 percent. “The NEC today approved the Revised ADP making a cut of Taka 4,950.25 crore from the foreign sources portion,” said Planning Minister AHM Mustafa Kamal while briefing reporters after a NEC meeting. Prime Minister Sheikh Hasina presided over the meeting at the NEC conference room at city’s Sher-e-Bangla Nagar. The Planning Minister said considering the organization’s own fund of Taka 9,213.39 crore, the overall RADP size now ...

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3 MoUs signed between Bangladesh, Vietnam

Vietnam

MNA Business Desk: Bangladesh and Vietnam have signed three memoranda of understanding (MoUs) to promote bilateral cooperation in fisheries and livestock, industry and cultural exchange. The MoUs were signed after talks between the two sides, reported news agency. Prime Minister Sheikh Hasina led the Bangladesh delegation at the talks while visiting Vietnamese President Tran Dai Quang his country side. The MoUs are on promoting cooperation in the field of fisheries and livestock on renewal of the MoU signed on November 02, 2012. Minister for Fisheries and Livestock Narayan Chandra Chanda signed the MoU on behalf of Bangladesh side while Minister ...

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Ctg International Trade Fair begins

International Trade Fair

MNA Business Desk: The 26th Chittagong International Trade Fair (CITF) 2018 began at Railway Pologround in the port city of Chittagong on Saturday. Shipping Minister Shahjahan Khan, MP, inaugurated the fair as the chief guest at Bangabandhu Conference Hall of the World Trade Center in Agrabad area while Chittagong Chamber of Commerce and Industries President Mahbubul Alam presided over the inauguration ceremony. The month-long fair, hosted by Chittagong Chamber of Commerce and Industries, will remain open for visitors from 10:00am to 10:00pm every day, reported news agency. Thailand, India, Iran and Mauritius along with some other countries showcased their products ...

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WTO voices concern over US tariffs plan

WTO

MNA Business Desk: WTO director-general Roberto Azevedo on Friday said WTO is clearly concerned at the announcement of US plans for tariffs on steel and aluminium. The potential for escalation is real, as we have seen from the initial responses of others, Roberto said in a statement. “A trade war is in no-one’s interests. The WTO will be watching the situation very closely.” Trump triggered a furore on Thursday by announcing he would set tariffs of 25 percent on steel and 10 percent on aluminium to protect US producers, reported news agency. He did not specify if the tariffs would ...

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SC freezes Robi’s bank accounts for 3 days

bank accounts

MNA Business Desk: The Supreme has upheld a decision of the National Board of Revenue (NBR) to freeze all the bank accounts of mobile phone operator Robi on charge of dodging VAT. The Appellate Division of the SC on Thursday stayed for three days a High Court order that stayed the NBR decision. A four-member Appellate Division bench, led by chief justice Syed Mahmud Hossain, passed the order after hearing a petition filed by the revenue board. Earlier, the NBR filed a petition challenging the High Court stay order. The HC on Tuesday stayed the NBR decision to freeze all ...

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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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