• Wednesday, July 23, 2014

Business

GP's half-yearly net profit doubles

GP's half-yearly net profit doubles

Grameenphone's net profit more than doubled to Tk 1,060 crore between January and June from the same period a year ago, thanks to healthy revenue growth from 3G data services. The company's revenue from 3G, high-speed internet services launched in October last year, was Tk 50 crore in the second quarter of 2014. The astronomical...

Homeowners get some relief

Homeowners who earn more than Tk 25,000 a month from rents have been exempted from the obligation to deposit the sum...

19 garment factories shut by Accord

Some 19 factories have so far been shut down following recommendations from engineers of the Accord on Fire and Building Safety,...

Sonali ready to settle Tk 1,200cr bills with other banks

Sonali Bank is ready to pay Tk 1,200 crore against the bills of more than two dozen banks it had accepted...

Wheat production highest in 11 years

Wheat production highest in 11 years

Wheat production rose to 13.02 lakh tonnes in fiscal 2013-14, the highest in 11 years, mainly due to increased acreage and favourable weather. The amount was 3.82 percent higher than 12.54 lakh tonnes in the previous year, according to provisional estimates by Bangladesh Bureau of Statistics. Quality seeds also contributed to higher yields, said Md...

Banks await $20b opportunity to invest in power

Banks await $20b opportunity to invest in power

Bangladesh's power sector opened opportunities for private banks to lend between $10 billion and $20 billion by 2030, as the country struggles to narrow the gap between demand and supply of electricty. The government plans to produce 39,000 megawatts of electricity by 2030 against estimated demand of 34,000MW at the time to fulfil its...

Profit Growth Of Mncs In First Half Of The Year

Stable market brings good profits to multinational firms

Stable market brings good profits to multinational firms

Higher sales and falling cost of production have helped multinational companies earn good profits in the six months to June. Lafarge Surma Cement's net profit rose 32.07 percent to Tk 140 crore in the January-June period from the same time a year ago. “We have posted healthy profit with increasing sales and falling costs of...

Yahoo builds mobile muscle

Yahoo continued its quest for renewed relevance with the purchase of a startup specialising in analysing and making money from mobile applications. Yahoo did not disclose how much it paid for San Francisco-based Flurry, but online reports valued the deal in the hundreds of millions of dollars for the startup founded in 2005. "Yahoo is committed to being a part of consumers' daily life on mobile," Flurry chief executive Simon Khalaf said in an online post. "More importantly, Yahoo knows...

Thai food giant plans massive Australia expansion

Thailand's Charoen Pokphand Foods is planning to roll out up to 500 quick-service Thai restaurants in Australia, a market it sees as ripe for a fast-food explosion, reports said Tuesday. The food arm of Thailand's largest agriculture-based company also plans to expand into the booming ready-to-eat meals segment as its Australian investments grow to more than Aus$200 million (US$188 million) over the next five years. "The best-practice model for restaurants and franchises globally is in Australia," regional general manager Richard Lovell...

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Nielson Survey

More than half of consumers upbeat on job prospects

More than half of consumers upbeat on job prospects

More than half of consumers globally expect job prospects to be good to excellent in the year ahead, a survey showed on Tuesday. That helped push global consumer confidence up in the second quarter to its highest since the first quarter of 2007, according to the survey by global information and insights company Nielsen. India...

China's Xiaomi hopes Mi 4 smartphone can take on Apple

Xiaomi launched its flagship Mi 4 smartphone at a glitzy event in Beijing, where the Chinese budget handset maker's chief executive sought to challenge larger US rival Apple Inc. The Mi 4 comes as budget handset makers in China are competing more aggressively on price and generous features, with even high-end manufacturers feeling the pressure. South Korea's Samsung Electronics Ltd said this month that its disappointing smartphone shipments were due to poor sales in China, which had 1.27 billion mobile...

Singapore Exchange opens India office

Singapore Exchange Ltd has opened an office in Mumbai to attract listings and capital raising from India at a time when the Narendra Modi government is also seeking to allow more companies to raise funds abroad. India's Finance Minister Arun Jaitley said earlier this month the country would liberalise norms for real estate investment trusts (REITs) and American and global depositary receipts from domestic companies. "Our India Office will enable us to better support Indian enterprises seeking to raise capital," said...

Saudi Arabia to open $530b bourse to foreigners in 2015

Saudi Arabia to open $530b bourse to foreigners in 2015

Saudi Arabia plans to open its stock market, the Arab world's biggest, to direct investment by foreign financial institutions in the first half of next year, the market regulator said on Tuesday. The opening of the Saudi market, capitalised at about $530 billion, is one of the most keenly awaited economic reforms in the...

Japan cuts growth outlook

Japan on Tuesday cut its fiscal year growth forecast for the world's number three economy, blaming weak exports and rising imports as well as the impact of April's sales tax hike on consumer spending and business confidence. The Cabinet Office said it now expects expansion of 1.2 percent in the year to March, compared with a previous estimate of 1.4 percent. The announcement comes a week after the Bank of Japan also lowered its outlook to 1.0 percent from an...

Fuel oil imports seen up 20pc

Bangladesh Petroleum Corp (BPC) plans to import 20 percent more fuel oil in the second half of this year from the first to feed demand for power generation, a senior official from the company said yesterday. State-owned BPC will import about 420,000 tonnes of 180-cst high sulphur fuel oil (HSFO) in the second half, compared with 350,000 tonnes in the first half, he said. A shortfall in natural gas supply has forced the South Asian country to turn to costly oil-fired...

Harun Securities fined Tk 3 lakh

Bangladesh Securities and Exchange Commission (BSEC) yesterday fined Harun Securities Tk 3 lakh for providing loans beyond the permissible limit to its directors, employees and their relatives to buy shares. The penalty was imposed on the brokerage firm at a meeting chaired by BSEC Chairman M Khairul Hossain, according to a statement. The brokerage firm also violated rules by providing share credit to its clients without loan agreement, and to help buy Z category shares that are non-marginable. Earlier the stockmarket...