• Sunday, April 20, 2014

Business

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 on the results of ACC probe to be certain that no fraud was involved. But ACC's latest move means Sonali has no other option but to make payment to the 26 banks. “ACC has decided not to investigate the non-funded portion of the Hall-Mark scam. The issue can now be deemed settled,” the anticorruption watchdog said in a...

NBR's tax receipts remain sluggish

NBR's tax receipts remain sluggish

Revenue collection remained sluggish in the first eight months of the...

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...

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...

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...

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...

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.  

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...

Japan investment in Southeast Asia surges amid China slump

Japanese companies' investments in Southeast Asia surged last year to almost three times the amount invested in China, after relations between Beijing and Tokyo soured in 2012 and Chinese labour costs rose, a government agency of Japan said on Friday. Japanese companies invested 2.33 trillion yen ($22.8 billion) in Singapore, Thailand, Indonesia, Malaysia, the Philippines and Vietnam last year, compared with 887 billion yen in China, Japan's largest trading partner, the Japan External Trade Organization (JETRO), said. Investments doubled in Southeast...

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VW to keep adding Chinese capacity

Volkswagen will keep adding capacity in China as the German group is counting on double-digit growth in the biggest auto market, helped by strong economic growth in interior regions. Europe's largest carmaker said in March 2013 it was planning to almost double production capacity in China to be able to make more than 4 million vehicles in its largest market by 2018. "We will further expand our capacities to be able to respond to the high market growth," Jochem Heizmann, head...

India's Reliance posts quarterly profit rise

Energy giant Reliance Industries Ltd reported a marginal rise in quarterly profit Friday, with billionaire tycoon Mukesh Ambani saying his company had turned in a "satisfying" full-year performance. Reliance, which operates the world's biggest refining complex, said net profit for its fourth quarter ended March 31 rose 0.8 percent to 56.3 billion rupees ($933 million) from a year earlier. The profit was in line with analysts' forecasts. The company's average gross refining margin -- a key benchmark of profitability -- fell to...

Reflections on GDP growth trend and investment rate

Reflections on GDP growth trend and investment rate

The expected GDP growth rate for the current fiscal year has already raised concerns about the health of the economy. The rate of GDP growth, estimated at 5.80/6.2 percent, is much lower than the target set by the current budget. It is also lower than the achievement of the previous years. Is there any...

What Beijing can learn from Wal-Mart

What Beijing can learn from Wal-Mart

So, how? The question, short for “So, how do you want to handle this?” is a common, subtle way to invite someone to offer you a bribe in Asia. A traffic cop pulls you over for running a yellow light. He's at your passenger window, a leather strap covering his name tag. He...

China trumps environment as car sales boom

China trumps environment as car sales boom

When accountant Ariel Wang bought a new car a few weeks ago, environmental protection was far from her mind even though smog has reached crisis levels in China's commercial hub Shanghai. She settled on a sturdy sport utility vehicle, the Audi Q5, as the ideal family car for her husband's daily commute to work...

Published Date: April 18, 2014
Alliance to pay workers during factory renovation

Alliance to pay workers during factory renovation

Workers of garment units that need to shut down temporarily for renovation will receive payment to cover two months' sala-ries, said North American buyers of apparel made in Bangladesh. Of the payment, the Alliance for Bangladesh Worker Safety, a forum of 26 North American apparel retailers, will bear 50 percent of the cost while...