Stressed loans in banks to remain elevated: Moody’s
The stressed loans in the banking sector of Bangladesh will remain elevated even after the central bank tightened the rules for classification of non-performing loans (NPLs), said Moody’s Investors Service.
Summit Power's profits climb 49%
Summit Power Ltd (SPL) recorded a profit of Tk 441.64 crore in the July-March period of the ongoing financial year (FY) 2023-24, up a substantial 49 percent year-on-year despite witnessing a decline in revenue.
HC scraps its order to probe loan scams in three banks
The High Court yesterday scrapped its suomoto (voluntary) rule that directed the authorities concerned to probe the alleged loan scams in Islami Bank, Social Islami Bank and First Security Islami Bank.
Marico’s sales growth hits 7-year low
Sales grew for Indian consumer goods company Marico Bangladesh in the 12 months of fiscal year (FY) 2023-24, which ended on March 31 this year as per their books.
More exchange rate flexibility needed
Bangladesh’s macroeconomic performance has significantly improved since the country entered the IMF’s $4.7 billion loan programme in January last year, but the bleeding of foreign currency reserve continues, putting the taka under pressure, the global lender said yesterday.
Capital gain tax on stock trading unlikely: BSEC chairman
Prof Shibli Rubayat-Ul Islam says in a meeting with capital market journalists
Beximco Pharma’s Q3 profits soar 51%
Beximco Pharmaceuticals’ profits in the January-March period of fiscal year (FY) 2023-24 grew by 51 percent from that in the same period of the previous fiscal year, owing to higher sales and efficient cost management.
Tax revenue’s 43% spent on govt salaries
Public employees’ pay rises 406% in 12 years, a PRI study finds
Four establishments of Ispahani Group win ‘Green Factory Award’
Three tea gardens and an export-oriented textile mill of Ispahani Group have been honoured with the “Green Factory Award 2023” in recognition of their commitment to providing environment-friendly working environments.
Economy
ERF-Pran Media Award on agro-processing launched
Seven journalists will be awarded in print, online and television categories
Shams Zaman, PwC Bangladesh’s new country managing partner
He has over 28 years of professional experience
Beximco’s Tk 1,500 crore zero coupon bond’s subscription begins
The subscription of the Beximco 1st Unsecured Zero-Coupon Bond worth Tk 1,500 crore started on April 28 and the first tranche of the subscription will be closed on May 15 this year, Beximco said in a statement.
RURAL HOUSING FINANCE / $289 million deal signed with Islamic Development Bank
The second phase of the project will be of five years
Marico Bangladesh declares lowest dividend since 2015 despite profit rise
Marico Bangladesh Ltd reported a profit of Tk 462.37 crore for the year that ended on March 31, an increase of 19 percent year-on-year
Square Pharma’s profit grows to Tk 1,465cr
Square Pharmaceuticals Ltd recorded Tk 1,465 crore profit in the July-March period of the ongoing financial year, up around 9 percent year-on-year
ADB leads $121m financing for private solar project in Bangladesh
The Asian Development Bank (ADB) has signed a $121.55 million financing package with Dynamic Sun Energy (DSE) Private Ltd to build and operate a 100-megawatt (MW) grid-connected solar photovoltaic power plant in Pabna, a northwest district in Bangladesh
IMF suggests greater flexibility in exchange rate to ease pressure on external account
Bangladesh should allow greater flexibility in its exchange rate to address issues in its external account, particularly the deficit in the financial account, said the International Monetary Fund (IMF) today
Global Economy
BSRM's two entities’ sales drop, but profit surges 574%
The two made Tk 333 crore profit in nine months
China wants to import mango from Bangladesh
Chinese experts will come to Dhaka in June to see mango production
Renata’s Q3 profit grows 21%
The drugmaker’s nine months’ profit exceeds FY22’s full year figure
Analysis / Why has the Japanese yen been so weak?
Japan's yen hit a three-decade low on Monday before rebounding in a move currency traders suspected was official intervention
Tesla wins key China security clearance during Musk visit
Tesla received a key security clearance from China during Elon Musk's whistlestop visit to the world's biggest electric car market, which wrapped up on Monday
Exclusive / China firms go 'underground' on Russia payments as banks pull back
The US has imposed an array of sanctions on Russia and Russian entities since the country invaded Ukraine in 2022.
Banks asked to increase forex inflow
Bangladesh Bank today sat with five leading private commercial banks
Organisation News
BFIU organises meeting with ICCAB
The Bangladesh Financial Intelligence Unit (BFIU) recently organised a meeting with the newly-formed executive committee of anti-money laundering compliance officers of the Insurance Companies CAMLCOs Association of Bangladesh (ICCAB) at the Bangladesh Bank in Motijheel.
Bank Asia Securities holds AGM
Bank Asia Securities Limited recently organised its 13th annual general meeting (AGM) at Bank Asia’s board room at Rangs Bhaban in the capital’s Bijoy Sarani.
Polygon, Zaytoon strike deal to implement CPS
Zaytoon Fintech recently signed an agreement with Polygon Information and Technology to implement Core Payment Solution (CPS).
Seven Rings Cement holds ‘Dealer Conference’
Seven Rings Cement recently organised a “Dealer Conference 2024” at a hotel in Cox’s Bazar.
Rationalise tariff to protect local industry
Entrepreneurs yesterday emphasised the need to follow Bangladesh’s tariff policy when imposing duties on imported goods.
LafargeHolcim wins ‘Green Factory Award 2023’
LafargeHolcim Bangladesh received the “Green Factory Award 2023” yesterday for its continued endeavor to ensuring eco-friendly technology and a safe workplace in its cement plant in Chattak upzaila of Sunamganj.
Shibli Rubayat-Ul-Islam reappointed as BSEC chief
Prof Shibli Rubayat-Ul-Islam has been reappointed as the chairman of the Bangladesh Securities and Exchange Commission (BSEC) for another four-year term.
Faruque Ahmed elected chairperson of RDRS board of trustees
Faruque Ahmed has been elected chairperson of the Board of Trustees of RDRS Bangladesh for a three-year term, effective from today.
Business Multimedia
Potato price shoots up
The price of potatoes has begun an upward climb in the market
92 thousand crores or more siphoned out in 15 years?
Based on the compilation of media reports on bank scams between 2008 and 2023, CPD said as much as 92 thousand crores of taka have been siphoned out of the banking sector in the last fifteen years
Is Bangladesh going towards a deep economic crisis?
How can Bangladesh avoid the economic crisis to deepen further?
Who will benefit from WTO's duty benefit extension?
What are WTO’s duty-free benefits?
How can Bangladesh resolve economic, political problems?
Why is Bangladesh facing economic problems? Why did the country fail to follow the IMF's loan conditions? What are the remedies?
IMF asks about NPL classification, write-off policies
The IMF mission met with the deputy governors, policy advisor, executive directors and directors in different meetings at the central bank headquarters.
Heatwave comes as a blessing for salt farmers
Cox's Bazar is the main hub of salt production in the country and officials estimate 38,000 metric tonnes of salt are being produced each day.
Taking SMEs on the road to a Cashless Bangladesh
Consistent and synergistic innovation has powered Bangladesh’s growth in the last few decades.
IMF Loan: Govt may miss two key targets set for fourth tranche
The government is likely to ask the International Monetary Fund (IMF) to revise down two key targets related to Net International Reserves (NIR) and tax revenue collection, set for June this year for the release of the fourth tranche of its $4.7 billion loan, finance ministry officials said.
Dhaka Bank’s 2023 profit up 4%
Dhaka Bank registered a 4 percent year-on-year growth in profit to Tk 173 crore in 2023.
aamra technologies’ entire bandwidth blocked
The IIG operator didn’t share Tk 22 crore revenue in time
Summit Group brings major changes in top brass
Jafer Ummeed Khan is new chairman of Summit Oil and Latif Khan is new chairman of Summit Power
National Bank holds 498th board meeting
National Bank recently arranged the 498th meeting of its board of directors at its head office in Dhaka.
Another market in Dhaka goes cashless
Khairul Islam, a vendor selling cosmetics, bags, toys and watches, told The Daily Star that he welcomed the initiative but added that it would take some time for customers to get used to it.
Shrimp farmers fear losses for scorching heatwave
Shrimp farmers in Khulna, a southwestern division of Bangladesh that grows shrimp mainly for exports, could be facing serious losses this year as the enclosures used for raising their crustaceans are drying up amid an ongoing heatwave.
