Business

MNA Business Desk: Energypac Power Generation Limited has received approval for the initial public offering (IPO) through the book-building process. The securities regulator Bangladesh Securities and Exchange Commission (BSEC) it its 734th commission meeting gave the approval for fixing the company’s cut-off price through electronic bidding with BSEC chairman Shibli Rubayat Ul Islam in the chair, according to a press release. Through IPO, Energypac will raise BDT 150 crore from the capital market. The IPO proceeds will be used to expand the LPG business, repay bank loans and meet the cost of the IPO process. According to the consolidated financial ...

MNA Business Report: Stocks witnessed an upward trend in early trading on Sunday as investors are showing a buying spree on sector-wise issues despite facing troubles due to the slow Dhaka Stock Exchange (DSE) website. The DSE website has remained slow for the last three consecutive sessions due to its maintenance and upgradation work. Investors and stockbrokers alleged in the morning that they were unable to access information on time for the last couple of days as the new website of the DSE was “very slow to load”. Many investors complained that they do not see the share prices on ...

MNA Business Desk: After about five months of flight suspension due to coronavirus pandemic, the US-Bangla Airlines announced resumption of operations on Dhaka-Doha route from August 31. It will operate flights on the route twice a week following all health and travel guidelines of Bangladesh and Qatar governments, the company said in a statement on Thursday. The Doha-bound flights of Boeing 737-800 aircraft will leave Dhaka at 7:30pm on Mondays and Fridays. The return flight will leave Doha at 11:50pm (local time) on the same day, said the press release. US-Bangla Airlines has 13 aircraft, including six brand new ATR ...

MNA Business Report: Daily trade turnover on Dhaka Stock Exchange (DSE) scaled Tk 12-billion mark on Thursday once again as investors put fresh stakes on stocks amid growing confidence in the market. Turnover, a crucial indicator of the market, stood at Tk 12.08 billion on the country’s premier bourse, climbing further by 7.86 per cent over previous day’s mark of Tk 11.20 billion. It happens to be the biggest single-day transaction in the last n weeks since June 28, when turnover totalled Tk 25.43 billion riding on huge block trade of GSK Bangladesh. Attuned to the rising turnover value, DSEX, ...

MNA Business Desk: Bangladesh Hi-Tech Park Authority (BHTPA), Oryx Bio-Tech Limited and Summit Technopolis Limited signed a tripartite agreement today (Tuesday) to establish the country’s first bio-tech Industry. As per the agreement, the bio-tech venture will facilitate manufacturing drugs require to provide treatment for critical disease like cancer and different types of infections. Hosne Ara Begum, Managing Director (MD) of the BHTPA and Abu Reza Khan MD of the Summit Technopolis Limited inked the agreements on behalf of their respective organisations at the ceremony held at ICT division headquarters while David Bo, MD of the Oryx Bio-Tech Limited signed virtually. ...

MNA Business Desk: People who avail ride sharing service Uber can now pay their bills through mobile financial service provider bKash. The two organisations signed a deal to this regard on Monday, said Uber in a press release. The Uber said some 45 million local users will be benefited through bKash payment as it would ensure their security. The long-awaited partnership aims to enhance rider experience and safety by making the payment process contactless, convenient and secure as riders resume travel after a lengthy lockdown, it said. The partnership will give millions of Bangladeshi riders the convenience of seamlessly taking ...

MNA Business Desk: Prices of vegetables went up on the kitchen markets in the capital over the week ending on Friday due to a supply shortage after Eid-ul-Azha, one of the largest religious festivals of the Muslims. Eid-ul-Azha was celebrated across the country on August 1. Traders said that the prices of all types of vegetables soared as floods and the monsoon damaged farmlands in many districts of the country. The prices of most vegetables increased by Tk 10 a kilogram in the city after Eid. Aubergine sold for Tk 60-80 a kg, papaya for Tk 40 a kg, bitter ...

MNA Business Desk: The inflow of remittances crossed US$ 2.50 billion-mark in July—before the celebration of Eid-ul-Azha — highest ever the country received in a month, officials said. Remittances from Bangladeshi nationals working abroad were estimated at $2.60 billion in July, up by 766.87 million a month before. The amount was $1.83 billion in June 2020. It was $1.60 billion in July 2019. The government’s incentive along with latest policy support, provided by the Bangladesh Bank (BB), has contributed to achieve the new record of inward remittances, they added. “The July remittance set a new record in the history of ...

MNA Business Report: Dhaka residents who waited till the last day to buy sacrificial animals have been left disappointed, as a supply shortage raised prices at Eid-ul-Azha cattle markets on Thursday and Friday. Many people had to travel to several markets to find suitable cattle and had to pay higher than they would have had to a few days earlier. Cattle traders happily reaped the benefits, as they had feared sales would be lower due to the ongoing Covid-19 pandemic. “Fearing low sales due to the Covid-19 pandemic, we brought 20 cows for sale even though we had more in ...

MNA Business Desk: The government on Tuesday in Dhaka endorsed seven development projects at a combine cost of Tk 30.75 billion. Presided over by the Prime Minister Sheikh Hasina, the Executive Committee of the National Economic Council (ECNEC) approved the projects at its meeting. After the meeting, Planning Minister MA Mannan told journalists that the ECNEC endorsed seven projects where Tk 21.33 billion would be provided by the government from its own exchequer while the remaining Tk 9.42 billion from the external resources as the project aid. Among the projects, five are fresh schemes and the rest two are revised ...

MNA Business Desk: The Bangladesh Reconditioned Vehicles Importers and Dealers Association (BARVIDA) launched its official web portal to ensure the flow of information among concerned parties more easily. The association launched the web titled www.barvida.com.bd on Sunday at a ceremony at BARVIDA office with Abdul Haque, the present and founding president of the association in the chair. The BARVIDA leaders hoped that the web portal will be a dynamic platform for all the members, the customers and concerned parties to provide all necessary information of country’s reconditioned vehicle sector. From now on the upcoming members could apply for membership online ...

MNA Business Desk: Grameenphone on Sunday contributed Tk 300 million to the Bangladesh Labour Welfare Foundation Fund, the operator said in a press statement. A three-member delegation from Grameenphone led by its Chief Human Resources Officer CHRO Syed Tanvir Husain handed over the cheque to the Secretary of the Ministry Mr. K. M. Abdus Salam at the Secretariat. Grameenphone had been regularly contributing a certain portion of its profits to the Bangladesh Workers Welfare Foundation. As the highest contributor to this fund, Grameenphone has so far deposited TK 1.51 billion. During the check handover event, Secretary of Ministry of Labor ...

MNA Business Desk: Emirates customers can travel with confidence, as the airline will cover medical expenses of up to EUR 150,000 and quarantine costs of EUR 100 per day for 14 days, should they be diagnosed with Covid-19 during their travel, while they are away from home. This cover is provided by the airline, free of cost to its customers. Emirates is the first airline in the world to offer free, global cover for Covid-19 related costs, according to a media release. The cover for Covid-19 related medical expenses and quarantine costs is offered by Emirates free of cost to ...

MNA Business Report: Jewellers in Bangladesh have raised gold prices to a record high amid the coronavirus pandemic. They will sell the yellow metal of the best quality, 22 carat, at Tk 72,783 per Bhori (11.664 grams) from Friday, up around Tk 3,000 from the price set just over a month ago. Dilip Kumar Agarwala, the general secretary of Bangladesh Jewellers Samity (BJS), cited a hike in gold prices in the international market as the reason behind their decision to push the prices in the local market. People are stocking up on gold considering it a safe investment amid the ...

MNA Business Report: The import of fruits, particularly vitamin-C enriched ones such as orange, kinnow and apple recommended by health experts to ward off the coronavirus, has increased amid the pandemic. Although the harvest season is underway for local fruits such as mango, jackfruit and lychee, widely available in the markets, there is also growing demand for kinnow, apple, orange and grapes. Sales of fruits in retail markets across the country have shot up too. Due to the coronavirus pandemic, citrus fruits are in great demand not only in Bangladesh but also around the world as people tend to consume ...

MNA Business Desk: Prime Minister Sheikh Hasina today stressed the need for using developed and modern methods to save the local varities of fishes from extinction. “Coming out of the traditional methods, we’ve to adopt developed and modern ones to protect local species of fishes from extinction,” she said after inaugurating the National Fisheries Week, 2020. The premier formally opened the week by releasing fish fries into Ganabhaban lake here this mornin, reports BSS. The National Fisheries Week is being observed across the country this year from July 21 to July 27. The theme of the week is “Machh Utpadan ...

MNA Business Report: Dhaka South City Corporation (DSCC) has fixed 11 spots to set up makeshift cattle markets ahead of Eid-ul-Azha. The DSCC authorities took the decision on Sunday, reports UNB agency citing a press release signed by Md Abu Naser, DSCC public relations officer. The spots are Uttar Shahjahanpur Moitri Songho Math, Hazaribag Leather Technology College Math, Postogola Shoshan Ghat , Kamalapur Little Friends Club and Aftabnagar haat,Meradia bazar, Dania College Math, Dupkhola Math, open places adjoining Dholaikhal Truck Terminal, Amulia Model Town and Rahmatganj Khelar Math. This year, cattle markets will be set up in open areas under ...

MNA Business Desk: The government has estimated crop losses from flash floods at Tk 3.49 billion, Agriculture Minister Abdur Razzaque has said. “The floods have destroyed harvests of paddy, vegetables, jute and other crops. The government has taken measures such as creating alternative seedbeds, cultivating other crops on damaged lands and monitoring weather conditions to mitigate the damages,’ the minister said during a programme on Monday. In the first phase, floods from June 25 to July 8, affected approximately 76,310 hectares of paddy fields in 14 districts where a total of 344,000 farmers were victimised, Razzaque said. In the second ...

MNA Business Desk: Stocks extended the losing streak for the fifth straight session on Sunday as the risk-averse investors continued their sell-offs ahead of Eid-ul-Azha. Market operators said some retail investors sold shares to pull out money ahead of Eid festival as only nine trading days are left before Eid vacation. The market opened on the negative trend and the downturn continued until the end as the shaky investors liquidated their holdings from most of the major sectors’ shares. DSEX, the key index of the Dhaka Stock Exchange, went down by 18.46 points or 0.45 per cent to settle at ...

MNA Business Desk: IDLC Investment won “Euromoney Awards for Excellence” for the third time in a row as the “Best Investment Bank in Bangladesh”. IDLC Investments has been awarded by Euromoney for its ability to adapt and tailor its offerings in adverse conditions, superior financial performance compared to peers, unique deals, its legacy of delivering tailored and innovative solutions to local and international clients across a range of products and services. Applauding this achievement, Arif Khan, CEO & Managing Director of IDLC Finance commented, “IDLC’s strength lies in its adaptability to change and also its commitment to creating a lasting ...

MNA Business Desk: Due to the outbreak of the Covid-19 pandemic, air communication systems around the world have been shut down. Under the changed circumstances, US-Bangla Airlines has surpassed 6 years of success. US-Bangla started its journey in the aviation industry of Bangladesh on July 17, 2014 and has been setting unique precedents one after another, achieving milestones of successes. US-Bangla Airlines started its journey in the competitive aviation business of Bangladesh and also in the International air space 6 years ago on this day. Then US-Bangla started its journey by operating Dhaka-Jashore flight with two 6-seater Dash-Q400 aircraft. From ...

MNA Business Desk: The government has barred apparel factory workers from leaving their workplace during the Eid-ul-Azha holidays, Home Minister Asaduzzaman Khan Kamal has said. Kamal announced the decision after a meeting over the wages, festival allowances and holidays of these workers at the Secretariat on Thursday. “This vacation will not be extended,” he added. The home minister said the workers’ wages for the month of June have been paid and the labour ministry would sit with the garment exporters’ body BGMEA to reach a decision over the workers’ salaries for the month of July and their Eid allowances. The ...

MNA Business Desk: Fazle Kabir has been reappointed as the governor of Bangladesh Bank for two more years. Ministry of Finance issued a notification in this regard on Wednesday. According to the notification, Fazle Kabir has been reappointed as per article 13(3) and 10(5) of the Bangladesh Bank (Amendment) Act 2020. His present tenure will end on July 3, 2022. He is the 11th Governor of Bangladesh Bank, the central bank of Bangladesh. Prior to this position, he served as the Finance Secretary to the government and chairman of the state-owned Sonali Bank. He also served as a director of ...

MNA Business Desk: China and Bangladesh has established a new joint venture company (JVC), titled “Bangladesh-China Power Company (Pvt) Ltd (Renewable),” to implement renewable energy projects having a target to generate around 500 MW of electricity. State-run North-West Power Generation Company Ltd (NWPGCL) and China National Machinery Import and Export Corporation (CMC) inked a joint venture agreement on Tuesday to form the JVC where both the companies will have equal stakes. Authorised capital of the JVC is Tk 10 billion, while its paid-up capital is Tk 160 million.State minister for the Ministry of Power, Energy and Mineral Resources (MPEMR) Nasrul ...

MNA Business Desk: The first one month of the ongoing lockdown that ends today (Sunday) has already affected the country’s economy seriously. The Health Economics Department estimates the loss during the first one month at over Tk.1.0 trillion. However, relevant other government agencies are yet to make their assessment. Until Saturday, a total of 140 people died of coronavirus infection and 4,998 others tested positive in 60 districts, according to official estimate. And there are debates in different circles on the issue of reopening of different sectors to ‘save the economy’ from further damage. But when asked the billion-dollar question ...

MNA Business Desk: The price of ginger, an essential kitchen item, has shot up to Tk 300 from Tk 170 per kg within a week in the capital due to what traders said supply crunch. Insiders said there is a huge stock of ginger at ports that could not be unloaded for lack of labourers and slow port authorities. Talking to UNB, several retailers said they were selling each kg of imported ginger at Tk 280-320 against Tk 170-180 last week. Local ginger price also marked a sharp rise to Tk 260-270 per kg which was selling at Tk 140-160 ...

MNA Business Desk: Around 100,000 Bangladeshi migrant workers have returned home after losing their jobs amid the outbreak of novel coronavirus. This information was revealed at an inter-ministerial meeting held in the Expatriate Welfare and Overseas Employment Ministry on Thursday. Foreign Minister Dr AK Abdul Momen and State Minister for Foreign Affairs M Shahriar Alam, were also present in the meeting. “Due to the fall in the oil prices, the countries in the Middle East are suffering economic downturn and terminations of workers have become frequent there,” said Overseas Employment Minister Imran Ahmed to the media after the meeting. “We ...