Business

NRB Commercial Bank fires chairman

NRB Commercial Bank

MNA Business Desk: The NRB Commercial Bank has fired Farasath Ali as its chairman in a major shake-up of the board of directors after Bangladesh Bank flagged it for gross irregularities in releasing loans. NRBC Bank Director Tamal SM Parvez has been elected as the replacement of Farasath Ali, following an emergency Board meeting of the bank held in Dhaka’s Gulshan area. The board also issued a three-month leave for the bank’s managing director Dewan Mujibur Rahman, who was removed by Bangladesh Bank under Section 46 of Bank Company Act. The High Court on Thursday stayed a Bangladesh Bank order ...

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BB wants study before issuing digital currency

default loans

MNA Business Desk: Bangladesh Bank (BB) deputy governor SK Sur Chowdhury on Saturday said the matter of the issuance of crypto-currency by the central bank in the country still needs lots of study as it has both good and bad sides. The deputy governor said central bank’s issuing cryptocurrency is still in the stage of study and observation. He, however, added that, ‘We are seriously thinking on it.’ Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. Lots ...

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NBR tax revenue falls short of target: UO

NBR

MNA Business Desk: The Unnayan Onneshan (UO), an independent multidisciplinary think tank, in its monthly publication of Bangladesh Economic Update November 2017 revealed that collection of NBR tax revenue falls short of target in the first four months of the current fiscal year. For the period of July-October 2017, revenue target was set at Tk. 19575 crore for income and travel tax, Tk. 25331.01 crore for value added tax (VAT) at the local level, and Tk. 20552.57 crore for import and export tax, while the actual collections fall short by 13 percent, 9.55 percent, and 7.78 percent respectively. Analysing historical ...

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Mohammadi Stock Market steps into 3rd year of operation

Mohammadi Stock Market

MNA Business Desk: Mohammadi Stock Market Ltd. celebrated the 2nd founding anniversary with clients, stakeholders, regulators, civil society and community partners on Thursday. The company specializes in developing the country’s most efficient stock brokerage workforce with unmatched skills and consummate perfectionism. The company also has the distinction of being one of the fastest growing brokerage house in terms of transaction value in the capital market. The company’s success is underpinned by its strong network of key clients and its unparalleled standard of service quality, offering clients the highest level of convenience and reliability in transacting business. On this occasion, Mir ...

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Muhith wants more Saudi investments

Zoellick

MNA Business Desk: Finance minister AMA Muhith on Tuesday sought more Saudi Arabian investments in infrastructure, power and other sectors in Bangladesh, saying the government is providing all sorts of supports to the investors. “Since 2015, there is an investment friendly environment in the country. Earlier, Foreign Direct Investment (FDI) was US$1.2 billion, but now it is $2.2 billion,” he told newsmen after a meeting with a Saudi Arabian business team at the commerce ministry in the city. Among others, commerce minister Tofail Ahmed also attended the meeting and briefed the newsmen over the outcome. Executive president of the International ...

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ADB approves $583m for LNG project

imported

MNA Business Desk: The Asian Development Bank (ADB) has approved $583 million in debt financing and partial risk guarantees for the Reliance Bangladesh Liquified Natural Gas (LNG) and Power Project. The project, which is composed of a power generation facility in Meghnaghat and an LNG terminal near Cox Bazar’s Kutubdia, ADB said in a statement. The total cost of the project is about $1 billion. “ADB’s partnership with Reliance Power will help Bangladesh scale up its energy infrastructure to sustain and support the country’s economic growth,” said Michael Barrow, director general of ADB’s Private Sector Operations Department. “ADB’s role as ...

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Dhaka, Phnom Penh sign 10 instruments

instruments

MNA Business Desk: Bangladesh and Cambodia on Monday signed 10 instruments, including one agreement and nine (MoUs), aiming to enhance cooperation in various fields, including tourism, agriculture, civil aviation, ICT and technical education between the two countries. The instruments were signed after the official bilateral talks between Bangladesh and Cambodia held at Peace Palace in Phnom Penh in the morning. Prime Minister Sheikh Hasina led the Bangladesh side at the talks, while her Cambodian counterpart Hun Sen led his home side. The agreement signed on Monday is on cooperation between the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) ...

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Govt to procure 300,000 tonnes of rice

procure

MNA Business Desk: The government will procure a total of 300,000 tonnes of aman rice at a rate of Tk 39 per kg from the internal market during the current aman season. The decision was taken at an inter-ministerial meeting of food planning and monitoring committee (FPMC) held at the Bangladesh secretariat on Thursday. The procurement drive will continue from 3 December 2017 to 28 February 2018. Last year, the government also procured 300,000 tonnes of aman rice at a rate of Tk 33 per kg and production cost of per kg rice was Tk 29. Food minister Qamrul Islam ...

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Scheduled banks to remain open on 29-30 Nov till 8pm

NBR

MNA Business Desk: All scheduled banks will remain open till 8:00pm on Wednesday and Thursday to facilitate the tax return activities of customers. The Bangladesh Bank took the decision on Tuesday following a plea from the National Board of Revenue (NBR). According to the central bank’s gazette notification, all banks were asked to remain open so that customers can deposit their pay orders, demand note and complete tax returns. The deadline for paying tax returns in individual category will be ended on Thursday. As per the bank ordinance, those who will fail to submit the tax return within 10:00pm on ...

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Govt to finalise SDGs monitoring framework

finalise

MNA Business Desk: The government will soon finalise the Sustainable Development Goals (SDGs) Monitoring and Evaluation (M&E) Framework for Bangladesh. It will track the implementation progress of SDGs in Bangladesh, the government said in a statement on Tuesday. A draft has already been prepared in this regard, Dr. Shamsul Alam, Member (Senior Secretary), General Economics Division (GED) of the Planning Commission said. He was inaugurating a three-day inter-ministerial consultation workshop on “Developing SDGs Monitoring and Evaluation Framework for Bangladesh” on Tuesday. The GED, Planning Commission, with the support from Engaging with Institutions (EI), IP Project, UNDP Bangladesh, organised this expert ...

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Muhiuddin resigns as Farmers Bank chairman

Farmers Bank

MNA Business Desk: Ruling Bangladesh Awami League (AL) MP Muhiuddin Khan Alamgir has resigned as the chairman of The Farmers Bank Limited. The bank’s audit committee chairman and bank’s director Mahabubul Huq Chishti has also left his position. The bank made the decisions at a special meeting on Monday. The meeting also appointed a new chairman besides forming new executive committee, audit committee and risk management committee. On Sunday night, the Bangladesh Bank had asked the bank to show reasons why its managing director AKM Shamim will not be removed from his post. Bangladesh Bank executive director and spokesperson Shuvankar ...

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2nd tea auction centre in Moulvibazar

auction centre

MNA Business Desk: Country’s second tea auction centre is going to be launched at Sreemangal in Moulvibazar. The port city Chittagong hosts the only tea auction centre. Moulvibazar district administration and Tea Planters & Traders Association of Bangladesh will arrange the launching programme. The participants at open discussion held at a resort at Sreemangal on Friday night agreed to launch the second tea auction center here in December. At the programme chaired by acting deputy commissioner Ashrafur Rahman, Commerce ministry additional secretary Md Abdur Rauf handed over the approval letter to Moulvibazar district administration and Tea Planters & Traders Association ...

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Grameenphone top telecom taxpayer

taxpayer

MNA Business Desk: Grameenphone received the tax card as the top taxpayer of the year in the telecom sector for fiscal 2017-18. National Board of Revenue (NBR) at its office arranged a programme presided by Nojibur Rahman, chairman of National Board of Revenue, to honour the highest taxpayers in different sectors on 8 November. The tax cards were issued to Grameenphone CEO, Michael Foley and its CFO, Karl Erik Broten while the company also bagged a crest in this regard. Head of corporate tax management unit Md Mohsin received the crest on behalf of its CEO from state minister of ...

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Black Friday draws early shoppers, but real frenzy is online

Black Friday

MNA Business Desk: Turnout at U.S. retailers was relatively subdued on Black Friday, with many shoppers flocking to stores to eye items in person and enjoy the festive atmosphere while waiting to do their actual bargain hunting online. There were few signs of the over-the-top frenzy that had been a hallmark of the start to the U.S. shopping season in years past, and some stores appeared to be getting creative with gimmicks beyond heavy discounts to lure shoppers through their doors. The day after Thanksgiving is traditionally when retailers offer “doorbuster” deals attracting bargain hunters. Many department and big-box stores ...

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ACC summons former BASIC Bank Chairman

Bank Chairman

MNA Business Desk: The Anti-Corruption Commission (ACC) has summoned former BASIC Bank Chairman Sheikh Abdul Hye Bachchu for questioning over a massive loan fraud. Bachchu and a few others have been instructed to appear at the ACC on Dec 4, said ACC Deputy Commissioner (Media) Pranab Kumer Bhattacharya. The ACC opened an investigation into the state-run BASIC Bank after allegations that Tk 35 billion in loans had been illegally distributed from the Gulshan, Dilkusha and Shantinagar branches between 2009 and 2011. After nearly four years of investigation, the ACC filed 56 cases at three police stations in Dhaka, accusing 156 ...

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NBR to introduce VAT Honour Card

NBR

MNA Business Desk: The National Board of Revenue (NBR) is going to introduce ‘VAT Honour Card’ to encourage people to pay Value Added Tax (VAT). “We’ll give VAT payers this card during the VAT Week from 10 to 17 December across the country,” said NBR chairman Md Nojibur Rahman to media. The NBR held the dialogue with members of Economic Reporters’ Forum (ERF) at the office of its VAT Online Project at Kakrail. The NBR chief said income tax card created huge enthusiasm among taxpayers during the ‘Income Tax Fair’ held from 1 to 7 November. The NBR has decided ...

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Best Electronics opens 10 new showrooms

Best Electronics

MNA Business Desk: Country’s leading global brand electronics retailer, Best Electronics, has opened 10 more showrooms in Bangladesh, said a press release. Syed Asaduzzaman, Managing Director of the company, opened the Flagship Outlet of Best Electronics in Bangladesh, while 9 more showrooms in the country were opened by higher officials at the same time. Syed Tahmid Zaman Rashik (Marketing Director), and Syed Ashhab Zaman Rafid (Sales Director) were also present during the opening ceremonies. Along with these 10 showrooms, Best Electronics is now operating over 110 own showrooms in Bangladesh, distributing global brands like Hitachi, Sharp, Panasonic, Philips, Conion, Whirlpool, ...

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Robi to bring iPhone X in Bangladesh

bank accounts

MNA Business Desk: Mobile phone operator Robi Axiata Limited will bring iPhone X in Bangladesh from 7 December. Customers will be able to pre-order the iPhone X online at www.robi.com.bd, Airtel Experience Centre from 1 December. The iPhone X has got the world’s best display and camera, according to industry benchmarks – and faster wireless charging is coming too. The iPhone X is the huge leap forward that Apple’s handsets needed. Aside from the original iPhone in 2007, this new iPhone is set to have the biggest impact on Apple’s smartphone direction ever. The iPhone X was the third phone ...

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Manmohan new ADB chief for Bangladesh

Manmohan

MNA Business Desk: The Asian Development Bank (ADB) has appointed Manmohan Parkash as new country director for its Bangladesh resident mission. Parkash, an Indian national with more than 32 years of professional experience, assumed his new position on Wednesday, Manila-based ADB said in a media release on Thursday. He succeeds Kazuhiko Higuchi, who went on retirement in early November. Parkash joined ADB in 2002. Prior to his new assignment, he was advisor for ADB’s Operations Services and Financial Management Department, and head for the bank’s Operations Management Unit. As country director for Bangladesh, he will oversee the implementation of the ...

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Sheikh Hasina opens BLLISS-2017

hill

MNA Business Desk: Prime Minister Sheikh Hasina inaugurated Bangladesh Leather Footwear and Leathergoods International Sourcing Show (BLLISS)-2017 urging the foreign investors and buyers to invest more in Bangladesh’s leather sector. Sheikh Hasina opened the three-day show at the International Convention Centre, Bashundhara (ICCB) in the capital through videoconferencing from her official Ganabhaban residence in Dhaka on Thursday morning. The Ministry of Commerce and the Leathergoods and Footwear Manufacturers and Exporters Association of Bangladesh (LFMEAB) have jointly organised the event to attract more investment in the leather sector. The theme of the show is ‘Think Ahead, Think Bangladesh’. Commerce Minister Tofail ...

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Seven SIBL directors resigned

SIBL

MNA Business Desk: Weeks after a hostile takeover of Social Islami Bank Ltd (SIBL), seven board members of the Bank have resigned. Earlier, on Oct 30, the bank’s chairman, executive chairman and managing director were replaced following a boardroom coup, reported news agency. Four independent directors and three sponsor directors resigned on Monday during a board meeting, SIBL Chairman Anwarul Azim Arif said to media on Tuesday. A senior official said the four independent directors who resigned, are Abdur Rahman, Abdul Mohit, AFM Asaduzzaman and Muinul Hasan. The three sponsor directors are Hakim Md Yousuf Harun Bhuiyan, Lily Amin and ...

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Sheikh Hasina Cantonment Project approved

13 projects

MNA Business Desk: The Executive Committee of the National Economic Council (ECNEC) on Tuesday approved the ‘Establishment of Sheikh Hasina Cantonment, Barisal’ project to be set up at Lebukhali along the Payra River involving an estimated cost of Tk 1,699 crore. The approval came from the regular weekly ECNEC meeting held at the NEC conference room here with ECNEC Chairperson and Prime Minister Sheikh Hasina in the chair. Briefing reporters after the meeting, Planning Minister AHM Mustafa Kamal said a total of 10 projects were approved on Tuesday involving an overall cost of Tk 3,333 crore. The Planning Minister said ...

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ASEAN signs deal with Hong Kong over ‘vote for open trade’

Hong Kong

MNA Business Desk: Hong Kong and Southeast Asian nations signed a free trade deal Sunday, in what one minister described as a “clear vote” against protectionism, as the United States withdraws into its “America First” rhetoric. The city, a special administrative region of China, forged the agreement with the Association of Southeast Asian Nations (ASEAN) on the sidelines of a summit in Manila to be attended by world leaders including US President Donald Trump. The ministers were meeting just days after Trump accused Asia-Pacific nations of undercutting his country-the world’s largest economy-during another regional meeting in Vietnam. “In the face ...

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End to end customs service for Maitree

Maitree

MNA Business Desk: Authorities on Friday launched end to end customs and immigration service for the passengers of Maitree Express to make rail journey between Dhaka and Kolkata more comfortable. Prime minister Sheikh Hasina, with her Indian counterpart Narendra Modi formally launched the service on Thursday through video conference. Railways minister Md Mazibul Hoque on Friday paid a visit to Kamalapur Railway Station to inspect the service. The Maitree Express train runs between Dhaka-Kolkata six days a week now with Thursday as weekly holiday. According to railways authorities, all the 456 seats were sold out on the first day of ...

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First-ever leather product show kicks off Nov 16

Leather

MNA Business Desk: A three-day ‘Bangladesh Leather Footwear and Leathergoods International Sourcing Show-2017’ will begin in capital Dhaka on November 16. The first-ever exposition of this kind will showcase a wide array of collection of quality leather products to attract buyers, global retailers and international sourcing agents. The event, organised by the Leathergoods and Footwear Manufacturers and Exporters Association of Bangladesh in collaboration with the Ministry of Commerce, will also facilitate direct interaction between manufacturers and exporters. Prime Minister Sheikh Hasina will inaugurate this grand event at the International Convention City Bashundhara (ICCB). The show is being held under the ...

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US, Chinese firms sign $9b deals

deals

MNA Business Desk: US and Chinese companies signed nearly 20 deals worth a total $9 billion on Wednesday at the start of president Donald Trump’s state visit to Beijing. US commerce secretary Wilbur Ross and Chinese vice premier Wang Yang oversaw a signing ceremony at the Great Hall of the People but they did not immediately give details about the 19 deals. Wang said the agreements were merely a “warmup” before Trump and Chinese President Xi Jinping oversee their own ceremony on Thursday involving bigger deals, including in exports of natural gas and soybeans. Trump plans to use the three-day ...

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Rooppur Plant gets construction licence

Rooppur

MNA Business Desk: The authorities of Rooppur Nuclear Power Plant (RNPP) project on Saturday formally received the design and construction license for its 24,000 MW nuclear power project from Bangladesh Atomic Energy Regulatory Authority (BAERA). BAERA Chairman Dr Naiyyum Chowdhury formally handed over the license to the chairman of Bangladesh Atomic Energy Commission (BAEC) Dr Dilip Kumar Saha for RNPP project at a function at Sonargaon Hotel in the city. The BAEC has been implementing the 2,400 RNPP project at a cost of $12.65 billion. Russian nuclear agency Rosatom is working as its contractor. Addressing the function as chief guest, ...

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