Bangladesh’s outlook remains bright despite global uncertainty
Says HSBC’s chief economist for Asia
Govt sets $110 billion export earnings for FY27
The government has set a target to export goods and services worth $110 billion in the fiscal year of 2026-27, which is double the earnings recorded in the last financial year
Finance minister infected with Covid-19
Cabinet Secretary for Coordination and Reforms Mahmudul Hossain Khan told The Daily Star
City Bank’s profit grows marginally in Q1
City Bank registered a 2.7 percent year-on-year growth in profit to Tk 92.44 crore in January-March of 2024
Daraz appoints new managing director for Bangladesh
Ben (Qian) Yi replaced Syed Mostahidal Hoq, sources said.
Bar non-compliant banks from giving new loans
Citing BB data, he said there were 16 banks where the NPL ratio exceeded 10 percent and 9 banks where the NPL ratio exceeded 20 percent as of June 2023.
Analysis / Biden's new China tariff wall faces leakage via Mexico, Vietnam
The Biden administration's new tariffs on Chinese electric vehicles and other strategic sectors aim to protect the future of US manufacturing, but they will likely accelerate a shift of Chinese production to Mexico, Vietnam and elsewhere to avoid them
EBL signs agreement with US State Department to launch Climate Change Adaptation Award
Eastern Bank PLC (EBL) has entered into an agreement with the US Department of State to collaborate on the EBL Climate Change Adaptation Award
Yield on treasury bills climbs to a record 12% as govt borrowing intensifies
Currently, the government is borrowing heavily from commercial banks using the tool as the central bank has suspended injecting fresh money into the economy to avoid fuelling inflation, which has stayed above 9 percent for the past 20 months.
Economy
Steel consumption to increase 25% by 2027: study
Steel consumption in Bangladesh is projected to rise by 25 percent to around 1.06 crore tonnes in 2027 from 85 lakh tonnes in 2024 thanks to growing infrastructure development projects and individual consumption, according to Bigmint.
Entrepreneurs spend 6 times more than official fees to obtain licences
At least 20 licences are required to establish a garment factory in Bangladesh, which eats away at time and money, said Khondaker Golam Moazzem, research director of the Centre for Policy Dialogue (CPD).
‘Reserve heist’ report fake
Bangladesh Bank has dismissed a report published by an Indian digital news outlet on a “new reserve heist” at the central bank.
BATB's profit drops as for high inflation deters smokers
British American Tobacco Bangladesh (BATB) saw a drop in its profits and sales in the January-March period of 2024, reasoning that people had cut back on smoking cigarettes amidst high inflationary pressure.
Bangladesh Bank says ‘reserve heist’ report is fake
It was “absolutely fake” news, Bangladesh Bank spokesman Mezbaul Haque said today.
BRAC Bank to get $50 million loan from British International Investment
The bank will support 3,500 MSMEs and women-led businesses in Bangladesh
Steel prices set to rise in Bangladesh: analysts
The US dollar rate hikes will fuel steel raw material cost, they said at Bangladesh International Trade Summit
Green Delta logs Tk 8 crore profit in Q1
Green Delta Insurance Ltd reported a profit of Tk 8 crore in the first quarter of 2024, an increase of 8 percent year-on-year
Global Economy
Argentina: Yearly inflation at almost 300%
The monthly inflation rate rose at 8.8 percent, compared to 11 percent in March
Uber to buy Foodpanda Taiwan
The US giant aims to complete the all-cash acquisition of Foodpanda Taiwan by the first half of 2025, it said in a statement.
US to raise tariffs on $18 billion of China imports including chips
The United States is hiking tariffs on $18 billion worth of imports from China, targeting strategic sectors like electric vehicles, batteries, steel and critical minerals, the White House said Tuesday
Sony net profit dips on-year but beats estimate
On Tuesday, Sony logged a net profit of $6.2 billion for 2023-24
IMF endorses Japan's commitment to flexible yen
IMF said Japan's commitment to allow the yen to move flexibly will help the central bank focus on achieving price stability
'Significant' China response to US tariffs possible: Yellen
Beijing could possibly issue a "significant" response to US tariffs on Chinese goods, Treasury Secretary Janet Yellen said Monday when asked about the prospect of fresh levies
China overtakes US to become India’s top trading partner
China has regained its position as India’s largest trading partner overtaking the US after two years, according to Indian media reports
BD-Turkey can be trade gateways between Europe, South & SE Asia
Turkish business leaders discussed bilateral trade potential with FBCCI president
Organisation News
Bangladesh, Netherlands joint initiative to ensure healthy food
In the wake of massive adulteration of food, Bangladesh and the Netherlands today launched a joint initiative to produce healthy food and market them in Bangladesh through Fargo Private Limited.
Mahbubur, Jahangir elected PDBL chairman, vice-chairman
Syed Mahbubur Rahman, managing director and CEO of Mutual Trust Bank, and Mohammad Jahangir, managing director and CEO of Rupali Bank, have been elected as chairman and vice-chairman respectively of Primary Dealers Bangladesh Limited (PDBL).
National Finance holds 21st AGM and 5th EOGM
National Finance recently organised its 21st annual general meeting (AGM) and 5th extraordinary general meeting (EOGM) at the Radisson Blu Dhaka Water Garden.
Nagad hands over Tk 5.5cr revenue to Postal Department
Nagad, the country’s leading mobile financial service provider, has shared its revenue with the Bangladesh Postal Department as per their agreement.
Citizens Bank partners with Trust Bank for Western Union transfer services
Citizens Bank PLC recently partnered with Trust Bank to offer homebound Western Union branded money transfer services through branches of Citizens Bank recently.
Union Bank and MedRabbits Healthcare sign agreement
A corporate agreement was recently signed between Union Bank PLC and MedRabbits Healthcare at the bank’s head office in the capital’s Gulshan recently
Exim Bank opens booth at Ashkona Hajj Camp
Exim Bank recently inaugurated a service booth at the Ashkona Hajj Camp to provide services to pilgrims during the Hajj season.
GP, bKash launch seamless account opening services
Grameenphone has partnered with bKash to enable the former’s customers to seamlessly open bKash accounts directly within the MyGP app
Business Multimedia
Potato price shoots up
The price of potatoes has begun an upward climb in the market
92 thousand crores or more siphoned out in 15 years?
Based on the compilation of media reports on bank scams between 2008 and 2023, CPD said as much as 92 thousand crores of taka have been siphoned out of the banking sector in the last fifteen years
Is Bangladesh going towards a deep economic crisis?
How can Bangladesh avoid the economic crisis to deepen further?
Who will benefit from WTO's duty benefit extension?
What are WTO’s duty-free benefits?
How can Bangladesh resolve economic, political problems?
Why is Bangladesh facing economic problems? Why did the country fail to follow the IMF's loan conditions? What are the remedies?
Credit card use up 17% in March
Bangladesh Bank data showed that transactions through credit cards increased to Tk 3,490 crore in March. Of the amount, Tk 2,985 crore was spent within the country while the remaining was spent abroad.
April food prices cross 10%, highest in five months
According to the Bangladesh Bureau of Statistics (BBS), food inflation jumped 35 basis points to 10.22 percent last month from 9.87 percent in March. This was the first time in five months that food inflation hit double digits.
Interest, exchange rates to become stable: BAB
The economy will run at its own pace and the foreign exchange rate and interest rate will hover at a certain range following the kerb market, said Nazrul Islam Mazumder, chairman of the Bangladesh Association of Banks.
Misconceptions about risk management in import and export
Cross-border trade is the main driver of the economic progress of a country. The World Trade Organisation Trade Facilitation Agreement (WTO TFA) has set standards to facilitate global trade. Bangladesh ratified the TFA in 2016, and risk management is a unique measure of it..Risk management
BTRC to seek Tk 87.18 lakh dues from Software Shop
The Bangladesh Telecommunication Regulatory Commission (BTRC) has decided to seek dues totalling Tk 87.18 lakh from Software Shop and impose a fine of Tk 2 lakh on the company for violating different rules.
Health, education face spending cuts again
Education and health sectors are set to get less Annual Development Plan allocation than prescribed in the eighth five-year plan.
Make gender budget transparent: speakers
Speakers at a press conference yesterday urged the government to ensure the effective allocation, implementation, and evaluation of the gender budget designated for women’s empowerment in the 2024-25 national budget.
Make budget tight, control inflation
Prime Minister Sheikh Hasina yesterday directed the finance ministry to formulate a contractionary budget for the upcoming fiscal year to control inflation.
SSC exams: Syeda Anjuman Ara Girls School gets 100% success rate
Students of Syeda Anjuman Ara Girls School, founded in 2018 in Cumilla's Chauddagram, have had a 100% success rate in the 2024 SSC exams
LafargeHolcim’s profit drops for first time since 2022's Q1
The cement maker’s turnover fell 3%, profit 15% in Jan-Mar
