Finance Minister seeks budget support from ADB
Finance Minister Abul Hassan Mahmood Ali sought policy-based lending support to undertake reforms related to trade policy, logistics, climate and LDC graduation.
Prime Bank, Hishabee strike MoU to boost retail banking
Prime Bank recently signed a memorandum of understanding (MoU) with Hishabee, a business management startup in Bangladesh, to transform its retail banking through innovative digital integration.
Bank Asia, Mastercard launch ‘World Elite Mastercard Credit Card’
Bank Asia and Mastercard launched the “World Elite Mastercard Credit Card”, aiming to provide a wide range of offers and benefits to cardholders on both domestic and overseas spending.
Eastern Bank declares 25% dividend
Eastern Bank has declared a 25 percent dividend, including 12.50 percent cash dividend, for the year that ended on December 31, 2023.
Faisal Khan now managing director of Summit Corporation
He joined Summit Group in 2007
Remittance rises 21% in April
$2.04 billion came in the fourth month of the year
Exports fall in April
It declined 0.99% year-on-year to $3.91 billion in April
IFIC Bank’s profit falls due to lower operating income
IFIC Bank PLC’s profit declined nearly 13 percent year-on-year to Tk 300.21 crore in the year that ended on December 31
United Power logs Tk 312 crore profit in Q3
The company's profit rose to Tk 312.45 crore from Tk 248.1 crore in the third quarter of 2022-23
Economy
RAK Ceramics suffers massive fall in profit
RAK Ceramics (Bangladesh) Ltd’s profit plunged 70 percent year-on-year to Tk 4.7 crore in the January-March quarter of 2024
Pvt hajj agencies fail to rent houses for pilgrims in KSA
HAAB, ministry trade blame over ‘mismanagement’
Cotton farming not catching on for lack of govt support: experts
The expansion of cotton farming in Bangladesh has remained stagnant over the years due to a lack of sufficient farmland, manpower and government support, particularly in terms of innovation and investment.
Heatwave leaves day labourers in the lurch
Despite their willingness to brave the unprecedented temperatures, many day-labourers are still not finding jobs as most employers have put their projects on hold since they are not getting the optimal output from day labourers.
Container handling rises in Ctg port
According to data provided by the Chittagong Port Authority (CPA), the port handled 23.38 lakh TEUs (twenty-foot equivalent units) of containers, including those laden with imports and exports and empty ones, from July last year to March this year.
Govt formulates maiden logistics policy
The policy aims to ensure a reduction in delays and costs by achieving efficiency in overall logistics services, including production, storage, transportation, shipping and release, and distribution of products, within competitive cut-off times based on regional and international standards.
Reforms can generate Tk 15 lakh crore additionally by 2035
In the study, the Policy Research Institute of Bangladesh (PRI) found that by 2035, the government would be able to raise 6.8 lakh crore at the current pace of collections. If reforms are carried out, it will go up to Tk 21.1 lakh crore.
Exports may shrink up to 14% after LDC graduation
With over 70 percent of the country’s merchandise exports currently benefitting from LDC-specific trade preferences, the impact of Bangladesh’s impending LDC graduation on its export sector, particularly the dominant garments industry, is a significant concern.
Global Economy
Maersk's net profit sinks amid Red Sea attacks
Maersk reported a net profit of $177 million in the first three months of the year, a 13-fold drop from the same period last year
India widens spices crackdown with nationwide checks on all manufacturers
The agency added checks would also be made for any presence of ethylene oxide, whose use is banned in India, and "appropriate actions will be initiated as fit" after testing was completed.
Apple set for big sales decline as investors await AI in iPhones
Apple's plan to add generative AI to its iPhones and revive sagging sales in the crucial Chinese market will be in focus on Thursday, when the tech giant is expected to report its biggest quarterly revenue decline in more than a year
Microsoft announces $2.2 bn AI, cloud investment in Malaysia
Microsoft pledged a $2.2 billion investment in artificial intelligence and cloud computing in Malaysia on Thursday to help develop the country's AI infrastructure
US Federal Reserve keeps interest rates at 23-year high
"The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks," the Fed said in a statement.
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
Organisation News
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.
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.
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.
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.
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?
Capital gain tax on stock trading unlikely: BSEC chairman
Prof Shibli Rubayat-Ul Islam says in a meeting with capital market journalists
Sonali Bank gets new DMD
Sonali Bak has appointed Shamim Uddin Ahmed as its deputy managing director (DMD).
Tax revenue’s 43% spent on govt salaries
Public employees’ pay rises 406% in 12 years, a PRI study finds
Dhaka Bank holds orientation for newly recruited MTOs
Dhaka Bank recently arranged an orientation programme for newly-recruited management trainee officers (MTOs) of the bank at the Dhaka Bank Training Institute (DBTI) in Dhaka.
No bar in running Sonali Life Insurance by administrator
Says IDRA lawyer as SC halts HC’s stay order on the regulator's decision to suspend the board
City Bank strikes deal to sell Pioneer Insurance Company’s products
City Bank has signed a bancassurance agreement with Pioneer Insurance Company to commence the sale of non-life insurance policies.
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.
$289 million deal signed with Islamic Development Bank
The second phase of the project will be of five years
