• Thursday, July 24, 2014

Business

Local footwear brands on a roll

Local footwear brands on a roll

The footwear market is brimming with high-quality local brands as a number of exporters entered the scene to capitalise on the growing demand from domestic consumers. Furthermore, a number of companies opened stores in recent days in a bid to grab their own share of the country's biggest spending season—Eid. One such company is HAMKO Group. Largely known as a leading producer of batteries, it made its foray into the local footwear market this Ramadan, opening its...

Potato exports treble

Potato exports treble

Potato exports saw a quantum leap in the recently concluded fiscal...

Workers of Shishir Group, Tuba stage protests for wages, bonuses

Workers of Shishir Group, Tuba stage protests for wages, bonuses

Workers of a knitting and dyeing factory in Tongi yesterday came...

Tofail invites US trade chief to see safety progress

Commerce Minister Tofail Ahmed yesterday invited USTR chief Michael Froman to visit Bangladesh and witness first-hand the improvements the country has...

Lafarge teams up with Metrocem to boost presence in Dhaka

Lafarge teams up with Metrocem to boost presence in Dhaka

Lafarge Surma Cement has tied up with local Metrocem Cement in a bid to increase its market share in the Dhaka region. The multinational company, whose plants are located at Chhatak, Sunamganj, will supply its clinker to the Muktarpur-based cement manufacturer, which will add other raw materials to manufacture Portland composite cement for Lafarge. ...

IDLC's half-yearly profits rise 52pc

The net profit of IDLC Finance rose 52.84 percent year-on-year to Tk 31 crore in the January-June period on the back of growth in deposit and lending. “Our deposit and lending businesses—corporate, small and medium enterprises and consumer division client segments—recorded good business growth in the first half of the current year,” said Selim RF Hussain, managing director of IDLC Finance. Deposits grew by 25 percent and loans by 21 percent in the first six months of 2014, he said. “In the...

Bangladeshis tour India the most among neighbours

Bangladesh continued to top the list of six neighbouring countries in terms of foreign tourist arrivals in India, Rajya Sabha was informed yesterday. Bangladesh has held this position for the last three years. About 1.14 million people from Afghanistan, Nepal, Pakistan, Sri Lanka, Bhutan and Bangladesh visited India in 2013, Tourism Minister Shripad Naik said in a statement. There were 463,543 visitors from Bangladesh in 2011 which increased to 487,397 in 2012 and further to 524,923 in 2013. Visitors from Pakistan also increased...

Social business shows way of development in Myanmar

Social business shows way of development in Myanmar

Nobel laureate Prof Muhammad Yunus discussed the role of social business in the development of Myanmar with the country's ministers, senior government officials and members of parliament on the final day of his three-day visit there. He was received at the conference venue by Myanmar's two Union Ministers U Tin Naing Thein and U...

The monetary policy is working well

The monetary policy is working well

It is now the time of the year when the Bangladesh Bank announces the next six monthly monetary policy stance. In anticipation there are considerable ongoing deliberations and debate on the forthcoming monetary policy statement (MPS). Bangladesh Bank has established a rich tradition of extensive prior consultations before it announces the MPS. Nevertheless,...

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Twin air disasters threaten Malaysian tourism push

Twin air disasters threaten Malaysian tourism push

An unprecedented second major aviation disaster in four months could further associate Malaysia with calamity in the eyes of travellers, observers warn, putting the tropical destination's vital tourism sector at risk. Even before Malaysia Airlines flight MH17 was shot down on Thursday over rebel-held eastern Ukraine in an apparent missile strike, killing all 298 people on board, Malaysian tourism was under a cloud following the MH370 debacle. Malaysia's March 8 loss of a jumbo jet with 239 people aboard and its widely mocked response hurt the country's image worldwide. With most of the passengers on MH370 Chinese, tourist arrivals from China -- an increasingly important travel-industry market on which Malaysia has pinned...

India outsources chores as servant culture shifts

Need someone to pay your bills and pick up your shopping, take an elderly relative to hospital or deliver 26 presents to your girlfriend on her 26th birthday? These are just some of the requests received by Mumbai start-up "Get My Peon", one of the new Indian companies offering to do your chores and errands in a country traditionally reliant on full-time servants. Hired help still plays a huge role in hierarchical Indian society, with those who can afford it employing...

New India government urges changes to World Bank

India's new government has called for reforms to the World Bank structure to reflect the "emerging" clout of developing nations in a meeting with visiting bank chief Jim Yong Kim. The government, which took office in May, said in a statement late Tuesday that Finance Minister Arun Jaitley stressed at an evening meeting with Kim the need for significant changes to the way the World Bank operates. Jaitley told Kim that the Bank needs to play a "global role in poverty...

Published Date: July 23, 2014
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...

Published Date: July 23, 2014
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 into separate bank accounts, the National Board of Revenue said in a notice yesterday. But they would still have to deposit the rental incomes into their existing bank accounts from this month, according to a notice from the tax authority. The development comes following demands from homeowners for relaxing the rule, which made separate bank accounts compulsory for rent collection...

Published Date: July 23, 2014
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, the platform of mainly European brands. The Accord recommended for closure of some 31 factories in 14 buildings but the government-appointed review panel allowed partial operation in seven of the factories and full operation in five after immediate corrective measures by the owners. Syed Ahmed, inspector general of the Department of Inspection for Factories and Establishments, said the review panel...