• Wednesday, July 30, 2014

Business

Tourism rebounds on Eid vacationers

Tourism rebounds on Eid vacationers

The tourism industry expects good business from the Eid as hotel and resort operators received a lot of bookings in the run-up to the festival, thanks to a stable political climate.   “We expect an increased number of tourists during the Eid vacation,” said Omar Sultan, president of Cox's Bazar Hotel-Motel and Guesthouse Owners Association. Different...

Bank borrowing shoots up ahead of Eid

Bank borrowing shoots up ahead of Eid

The government's borrowing from the banking system soared 263 percent year-on-year in the first nine days of the current fiscal year as expenditure exceeded revenue. The amount was Tk 5,011 crore during July...

Economy shows signs of recovery

Manufacturing and productive activities are yet to pick up to the level of 2011-12, but trade and commerce and services sectors...

Bank Asia profits rise 35pc

Bank Asia's net profits rose 34.74 percent to Tk 66 crore in the six months to June on the back of...

Published Date: July 28, 2014
Good governance key to growth: ICCB

Good governance is the way to ensure adequate infrastructure, energy, skilled manpower, political stability and investment-friendly climate to achieve high economic growth, International Chamber of Commerce-Bangladesh said in its bulletin. Bangladesh needs at least 7-8 percent growth to become a middle-income country; and to achieve that growth investment to GDP ratio must be at 30 percent, according to the bulletin which was released yesterday. In developing countries like Bangladesh, growth in private sector investment is crucial for achieving the targeted GDP...

Published Date: July 28, 2014
Al-Arafah appoints independent director

Al-Arafah appoints independent director

Khalid Rahim has recently been elected as an independent director of Al-Arafah Islami Bank and chairman of the board audit committee, the bank said in a statement yesterday. Rahim is a fellow member of the Institute of Chartered Accountants in England and Wales and a member of ICAB (Bangladesh). Currently he is a senior consultant...

Published Date: July 28, 2014
Nissan recalls over 226,000 cars

Japanese carmaker Nissan said Saturday it was recalling 226,326 additional vehicles in the United States due to faulty airbags. The move brings the total number of vehicles recalled for this reason to 664,628, the company said in a statement, adding that the defective airbags were made by Japan's Takata Corp. Nissan, which notified the National Highway Traffic Safety Administration (NHTSA) about the recall, said it was working to "promptly address" the issue. The affected vehicles were built between 2001 and 2003, Nissan...

Published Date: July 28, 2014
China approves three private banks

China has approved the setting up of three private banks, including one by Internet giant Tencent, the industry regulator said Friday, in a long-awaited economic reform aimed at bringing competition to state banking giants. Previously, China had just two privately-owned banks, Minsheng Bank and Ping An Bank, according to state media. The China Banking Regulatory Commission (CBRC) said it had approved private banks in the southern boomtown of Shenzhen, the northern port city of Tianjin and the eastern city of Wenzhou,...

Published Date: July 28, 2014
Asset bubbles could deflate global recovery: analysts

In a world still struggling to shake off the worst financial crisis for a generation, many economists are worrying that new asset bubbles are already threatening to derail the tepid global recovery. Concern has been rising that investors are paying too much for securities in a search for good returns when interest rates are hovering near record lows, creating the bubble conditions for a new market crash. The Bank of International Settlements warned at the end of last month that financial...

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Published Date: July 28, 2014
Coal reserves offer no relief for India fuel crunch

Coal reserves offer no relief for India fuel crunch

India sits on one of the world's biggest coal reserves, yet its power stations are starved of the fuel with some idle and others running dangerously low on supplies. Coal accounts for nearly 60 percent of India's electricity, and the country's biggest utility company warned the government this month that supplies at many plants...

Published Date: July 28, 2014
Bose sues Beats over headphone patents

Audio technology veteran Bose Corporation on Friday sued Beats Electronics over patented technology for canceling noise in earphones. The suit filed in federal court in the US state of Delaware pits the 50-year-old firm against an Internet Age youngster being bought by Apple in a deal valued at $3 billion. "Bose brings this action against Beats to protect its valuable patented technology for noise-canceling headphones," lawyers for the company said in a copy of the suit obtained by AFP. Attorneys said they...

Published Date: July 28, 2014
Investors pin growth hopes on US as Ukraine crisis casts shadow on Europe

Investors pin growth hopes on US as Ukraine crisis casts shadow on Europe

With the prospect of stiffer sanctions against Russia rattling confidence in Europe, investors will be looking to the United States and China to underpin the global economy. Wednesday's US gross domestic product (GDP) reading and jobs data on Friday will help markets to judge the strength of the economy's rebound and the likely speed...

Published Date: July 28, 2014
Banks accused of rigging silver price

Deutsche Bank, HSBC and Bank of Nova Scotia have been accused of attempting to rig the price of silver, in a lawsuit filed in the US. The plaintiff alleges the banks, which set the price of silver each day, abused their position in the market. Deutsche Bank and HSBC have not commented on the filing, while Bank of Nova Scotia told Bloomberg news agency it would "vigorously defend" itself. The lawsuit follows similar filings in the gold price-fixing market. Earlier this year, Barclays...

Published Date: July 28, 2014
Scandal-hit China food firm withdrawing all products, US parent says

The parent company of a scandal-hit Chinese food supplier said it is withdrawing all products made by the subsidiary. Shanghai Husi Food Co Ltd, owned by Illinois-based OSI Group LLC, is at the centre of a major food safety scandal, which has spread from China to Hong Kong and Japan, over allegations it mixed fresh and expired meat. In a statement posted on its website late Saturday, OSI Group said it would "withdraw from the marketplace" all products made by Shanghai...

Published Date: July 27, 2014
BB aims to rein in inflation

BB aims to rein in inflation

The new monetary policy for the first half of the current fiscal year focuses on reining in inflation, keeping the key policy rates unchanged, the central bank said yesterday. Bangladesh Bank also forecast the country's economic growth will be between 6.2 percent and 6.5 percent in fiscal 2014-15 though the government in the new...