• Friday, July 25, 2014

Business

Happy days for printing industry

Happy days for printing industry

The printing industry is passing through a good time as sales of shopping bags, corporate greetings cards and Eid posters have soared this Ramadan on the back of a stable political climate, with receipts expected to hit the Tk 100 crore-mark. Typically, sales of paper carry bags shoot up during Ramadan, the main shopping season. Azharul Haque Azad, president of Fashion Entrepreneurs Association of Bangladesh that represents more than 50 leading fashion houses, said around 30 lakh pieces of shopping bags are needed during Ramadan month, which is...

Eid sales pick up in Ctg markets

Eid sales pick up in Ctg markets

With Eid-ul-Fitr approaching, shopping malls in Chittagong city remain abuzz with...

StanChart, GP sign deal to collect bills

StanChart, GP sign deal to collect bills

Standard Chartered Bank yesterday signed an agreement with Grameenphone to collect...

BASIC to hire audit firm to assess current state

The newly-appointed board of directors of scam-hit BASIC Bank has decided to hire an audit firm to asses the current position...

Bangladesh to lose $101m a year to Asia-Pacific deal

Bangladesh stands to lose $101.6 million of business a year if the Transpacific Partnership (TPP), the biggest free trade deal yet, is signed by 12 Asia-Pacific nations, said a study. Initiated by the US, TPP is a proposed regional free trade agreement that is currently being negotiated by Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam. TPP is one possible pathway toward realising the vision of a free trade area of the...

BB, FBCCI to distribute fake-note detectors in Chittagong

Bangladesh Bank will today distribute 20 fake-note detector machines among top shops in Chittagong city to prevent transaction of counterfeit notes. In association with the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the central bank will hand the machines in the port city at a ceremony Hotel Agrabad, the apex chamber said in a statement yesterday. On July 21, Bangladesh Bank and FBCCI distributed 50 such machines in Dhaka, an official of the chamber said.

Nokia reports renaissance

Finnish telecom equipment group Nokia jumped back into profit in the second quarter, it reported on Thursday, boosted by restructuring after it lost its leading position in handsets and sold its phone division to Microsoft. The group reported a net profit for the quarter of 2.51 billion euros ($3.38 billion), from a loss of 226 million euros at the same time last year.

Half-yearly results cheer stocks

Stocks end positive on the last trading day before Eid, as investors went on a buying spree yesterday thanks to good half-yearly earnings disclosure. DSEX, the benchmark general index of the Dhaka Stock Exchange, closed the day at 4,427.15 points after gaining 38.47 points or 0.88 percent. DSES, the shariah index of the Dhaka bourse, gained 11.43 points or 1.15 percent to close the day at 1,004.66. “The closing session ahead of Eid-ul-Fitr stepped up with investors' focus on large-cap scrips,” IDLC...

LG Electronics Q2 profit surges 165pc

LG Electronics posted a 165 percent surge in second-quarter net profit Thursday from a year ago, on solid TV sales and a dramatic turnaround in its long-troubled mobile unit. Net profit for the South Korean electronics giant in the April-June period amounted to 412 billion won ($399.8 million), LG said in a statement. Operating profit also soared 26.5 percent for the previous year to 606 billion won, while sales rose 0.9 percent to 15.37 trillion won. Operating profit of the firm's TV...

Loader

More

CPD puts distinct mark on post-MDG global discourse

The Board of Trustees of the Centre for Policy Dialogue reviewed CPD's research, dialogue and publication activities in the six months to June in 2014 and expressed satisfaction over the think-tank's performance in the period. The board considered CPD's audit report for 2013 and the half-yearly accounts and revised budget for 2014. The board also endorsed the think-tank's plan for research, dialogue, publication and outreach-related activities for the rest of 2014 and beyond. The information was revealed at the 42nd meeting of...

IMF cuts US 2014 economic growth forecast to 1.7pc

The International Monetary Fund on Wednesday lowered its US economic growth forecast for 2014 after severe winter weather in the first quarter delivered a sharp contraction. The IMF projected that the world's largest economy would grow a "disappointing" 1.7 percent this year, after a 1.9 percent expansion in 2013. The forecast marked another downgrade from the IMF, which estimated US growth of 2.0 percent for the year in mid-June, down from a 2.8 percent estimate in April. "An unusually harsh winter conspired...

Pakistan working to give India 'most favoured nation' status

Pakistan working to give India 'most favoured nation' status

Pakistan on Thursday said it would re-start work on improving trade ties with arch-rival India when the two nations' foreign ministers meet in Islamabad next month. Pakistan had pledged to grant India "Most Favoured Nation (MFN)" status by the end of 2012, meaning Indian exports would be treated the same as those from other...

Asian economies to struggle on weak export demand

The outlook for emerging Asia has dimmed further this year on weak demand for exports, although growth in India is expected to accelerate into 2015 even as China is held back in part by a slowing property market, Reuters polls showed. China and India have been stung by the West's slow recovery from the Great Recession and, adding to the problem, both countries have struggled to implement reforms at home to boost productivity and consumer spending. But signs of stabilisation have...

More than 2.2b people 'poor or near-poor': UN

More than 2.2 billion people are "poor or near-poor", with financial crises, natural disasters, soaring food prices and violent conflicts threatening to exacerbate the problem, a United Nations report said Thursday. While poverty is in decline worldwide, growing inequality and "structural vulnerabilities" remain a serious threat, said the report by the United Nations Development Programme (UNDP), released in Tokyo. Nearly 1.5 billion people in 91 developing states live in poverty while another 800 million are teetering on the edge, it found. "Eliminating...

With sales sputtering, Apple's iPad looks to IBM alliance

With sales sputtering, Apple's iPad looks to IBM alliance

Apple Inc's iPad is losing steam just four years after its release, but an alliance with International Business Machines Corp could rejuvenate a flagging product by entering into a largely untapped corporate market. Apple shipped 13.2 million iPads in the June quarter, 8 percent fewer than a year earlier and lagging Wall Street's forecast...

GM profit skids on recall costs

General Motors on Thursday posted a sharp drop in second-quarter profit as the automaker took heavy charges for massive recalls and a compensation fund for victims of faulty ignition switches. GM net profit dived 85 percent from a year ago to $190 million, well below analyst expectations. Adjusted earnings per share of 58 cents came in a penny below estimates. The largest US automaker took a pre-tax net loss from special items of $1.3 billion, and a $1.2 billion charge mainly...

Swatch Group denies working with Apple on smartwatch

Swiss watchmaker Swatch Group has denied a media report saying it was working with technology company Apple on a smartwatch, a wearable device with interactive functions. Technology website VentureBeat said in a report on Wednesday Apple was working with "at least one partner, Swatch" on a smartwatch project, citing an unnamed source. A spokeswoman for Swatch Group said on Thursday the report was unfounded. She said the only business relationship Swatch Group had with mobile phone makers was as a supplier...