• Monday, April 21, 2014

Business

Rana Plaza survivors left in desperate straits

Most of the survivors, around 66 percent, of the Rana Plaza tragedy are leading an inhuman life in the face of difficulties to meet their daily needs, according to a survey.   A total of 2,222 victims were surveyed, including 1,436 survivors and 786 family members, by ActionAid Bang-ladesh. Of them, 2.4 percent cannot make ends meet at all, the survey found. The objective of the survey was to portray the current socio-economic and physical vulnerability of the workers along with vulnerability of family members of the deceased, said Aamanur Rahman, deputy director of ActionAid Bangladesh, a nongovernmental organisation. The survey also highlighted the dire need for compensation. Rahman shared the findings of the survey at a dialogue organised by ActionAid at Brac Centre Inn in the capital.   The top three priorities of the survivors are food and their outstanding house rents and loans, he said.   Although almost one year has passed since the building collapse, 73.7 percent of the survivors are yet to return to work, mainly due to physical ailment (63.74 percent), trauma (23.76 percent) and employers' unwillingness (7.54 percent). The majority of the respondents have individual and family incomes between Tk 5,000 and Tk 10,000 a month. “We...

MCCI pushes for higher tax-free income ceiling

  The Metropolitan Chamber of Commerce and Industry (MCCI) yesterday urged the government to increase the tax-free income ceiling for individuals and...

Trade deficit shrinks

Trade deficit in the first eight months of the current fiscal year fell 22 percent to $3.56 billion year-on-year due to...

WB to give budget support

After five years, the World Bank once again looks likely to extend budget support to Bangladesh, a move which demonstrates the...

Indenting agents hurt by importers trading without registration

Despite repeated instructions from the finance ministry, the National Board of Revenue (NBR) has not initiated any steps to make it mandatory for importers to register before starting an import business in Bangladesh. The import business in the country is open and does not require registration for importers or suppliers. The foreign suppliers who have opened local offices here or do business through agents do not need to pay taxes, except customs duties, to the government on their incomes from...

Govt may offer new licences for telecom transmission

The telecom ministry is going to provide more licences on national telecom transmission and internet exchanges to make internet available countrywide. Abdul Latif Siddique, telecom and ICT minister, yesterday directed the regulatory chief to produce proposals for the new licences. “I will issue an order immediately to provide these two types of licences if the BTRC chairman sends me the papers tomorrow,” he said at a discussion on "promoting ICT sector enabling environment through public-private policy dialogue" at The Westin Dhaka. The...

Mergers, acquisitions market heats up in Europe

Europe's mergers and acquisitions market is rebounding after years in the doldrums, as improving market sentiment is prompting companies to spend piles of cash built up during the financial crisis. A flurry of new deals have been announced in the past month alone, including Numericable's purchase of Vivendi's SFR mobile phone unit in France, the merger of Swiss cement group Holcim and French rival Lafarge and the tie-up of Sopra and Steria to create a new French technology services giant. British...

Published Date: April 20, 2014
Sonali in a tight spot over Hall-Mark bills

Sonali in a tight spot over Hall-Mark bills

Sonali Bank is now under fresh pressure to honour the accepted bills of Hall-Mark Group amounting to Tk 1,316 crore, after the Anti-Corruption Commission decided not to investigate the transactions for anomalies. The state-owned bank has been putting off from paying other banks for the bills for almost two years now, as it waited...

Published Date: April 20, 2014
NBR's tax receipts remain sluggish

NBR's tax receipts remain sluggish

Revenue collection remained sluggish in the first eight months of the fiscal year, with the National Board of Revenue recording the lowest year-on-year growth in tax receipts for the period in the last seven years. Between July and February, collections rose 8.66 percent year-on-year to Tk 68,344 crore, according to data from NBR. Lower receipts...

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Published Date: April 20, 2014
BGMEA starts training factory managers

Bangladesh Garment Manufacturers and Exporters Association yesterday began its first-ever training for mid-level managers, often to take the blame for labour unrest and industrial disasters. About 100 factory managers comprising officials from compliance, human resources and administration departments took part in the daylong training programme at the BGMEA headquarters in Karwan Bazar. Ministers, bureaucrats and business leaders welcomed the move, saying the initiative would help narrow the gap between workers and factories, increase productivity and cut down the frequency of unrest...

Published Date: April 20, 2014
100 social businesses launched

Yunus Centre Social Business Design Lab, a platform promoting projects based on Prof Muhammad Yunus's idea, yesterday crossed a milestone of producing more than 100 projects.     The disclosure came at the 14th Yunus Centre Social Business Design Lab at the Grameen Bank auditorium in Dhaka, Yunus Centre said in a statement. The Nobel laureate provided a summary of the projects presented at the lab so far. Of the 113 projects, 97 were approved for implementation, 36 are operational and 54...

Published Date: April 20, 2014
No transparency in PM's relief fund for Rana Plaza victims

The government has failed to show transparency in collecting and distributing money for the victims of the Rana Plaza building collapse, a BNP leader said yesterday. “There was no transparency and accountability in dealing with the Prime Minister's relief fund. It is still unclear who received how much money from the relief fund and who contributed to the fund,” said Amir Khasru Mahmud Chowdhury who is also an adviser to the BNP chairperson. Chowdhury's comment came at a dialogue --BBC Bangladesh...

Published Date: April 20, 2014
Govt may amend telecom law

The telecom regulator is moving to remove the inconsistencies in the Telecom Act 2001, to ease its day-to-day regulatory work. Sunil Kanti Bose, chairman of Bangladesh Telecommunication Regulatory Commission (BTRC), said the areas related to tariff, service approval and licensing are most in need of amends. A committee, comprising officials of the legal and licensing department of the commission, is working on it, he added. The Bangladesh Telecommunication Regulatory Act was enacted in 2001 and amended in 2010. The telecom regulator used...

Published Date: April 20, 2014
Ex-Apple chief plans mobile phone for India

Former Apple chief executive John Sculley said he plans to launch a mobile phone in India to exploit its still largely untapped smartphone market.  

Published Date: April 20, 2014
Stocks end a flat week

The stockmarket remained almost flat last week, as large-cap companies continued to draw investors' attention while others faced significant price corrections. DSEX, the benchmark general index of Dhaka Stock Exchange, gained only 6.19 points or 0.13 percent week-on-week to close at 4,598.92. DSES, the shariah index of DSE, also increased 14.71 points or 1.44 percent to finish at 1,034.93. The week featured four trading sessions instead of regular five as trading remained closed on April 14 due to the public holiday marking...