US support sought to build Smart Bangladesh
ERD secretary sits with US delegation on the sidelines of the ADB annual meeting
Conclude ex-Robi CEO’s case in 3 months: HC
Mahtab Uddin Ahmed lodged a lawsuit seeking Tk 227 crore compensation for his 'wrongful dismissal'
Agri ministry, Netherlands to hold roundtable on agriculture transformation
The Ministry of Agriculture and the Embassy of Bangladesh in the Netherlands will jointly convene a roundtable at the Wageningen University in the Netherlands on Monday to discuss future scenarios and ways to transform the agriculture sector of Bangladesh.
Personal finance / Where should I invest my money?
Amid persistently higher inflation in Bangladesh for more than a year, the low- and middle-income groups are struggling to meet their daily expenses.
Analysis / Inditex’s golden era is coming to an end
As Shein prepares for a possible New York stock listing, Inditex is so far dismissing the threat, yet it has few defences
Tannery workers' minimum wage should be Tk 22,776: CPD
Minimum wage of workers in the tannery industry should be Tk 22,776 considering the current market conditions and high inflation, according to a study by CPD
India lifts ban on onion export
Minimum Export Price would be US$ 550 per tonne
Apple profit ebbs as iPhone sales under pressure
The iPhone maker reported a profit of $23.6 billion on $90.8 billion in revenue in the first three months of this year
Use more recycled fashion to cope with climate change
Speakers at a discussion yesterday suggested the adaptation of recycled fashion to preserve the environment and foster sustainability in the industry.
Economy
Country’s first onion storage starts operation in Mymensingh
Bangladesh’s first onion storage and processing centre has started its operation at Bhaluka of Voradoba in Mymensingh on May 2
Half of remittances came thru Islamic banking in Dec
Nearly half of the total remittances in December last year came to Bangladesh through Islamic banking channels, according to the Bangladesh Bank.
Remittance rose 21% in April for Eid
Officials of commercial banks said the remittance inflows are not up to the mark considering the record number of manpower exports because the unofficial exchange rate is still high.
Export falls to a six-month low
The country shipped products worth $3.91 billion last month, down 0.99 percent from $3.95 billion a year ago, according to data released yesterday by the Export Promotion Bureau (EPB).
Handover of 500 acres of land for Bay Terminal at final stage
In three separate letters, the Chattogram district administration yesterday instructed the Chittagong Port Authority (CPA) to deposit the land lease charges with the Bangladesh Bank and send copies of the respective receipts to its office.
Padma Bank MD asked to justify application on behalf of defaulter
The court has served a show-cause notice to the managing director of Padma Bank for applying for bail and release of property of a wilful defaulter without fulfilling the conditions of the law, according to court documents.
GPH Ispat makes Tk 64 crore profit in Q3
GPH Ispat Ltd registered a profit of Tk 64.31 crore between July and March of the current financial year on the back of the relative stability in the exchange rate as it helped reduce expenses for raw materials imports.
Power price to go up four times a year
The government has drawn up a plan to increase the price of electricity four times a year for the next three years to withdraw all subsidies in the power sector, which the IMF recommends.
Global Economy
US services activity shrinks for first time since 2022: survey
The services index of the Institute for Supply Management (ISM) slipped unexpectedly to 49.4 percent in April, dipping below the 50-point mark separating growth from contraction
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.
Organisation News
DESCO MIC gets Tier 3 certification
The Dhaka Electric Supply Company Limited’s (DESCO’s) Master Information Centre (MIC) has received Tier 3 certification in both design and facility from the Uptime Institute of the USA.
Paramount Textile organises ‘Fabrics Week’
Paramount Textiles recently organised a fabrics week, styled “Spring-Summer Collection Fabrics Week”, to further expand the textile industry of Bangladesh in the international market.
Eastland Insurance declares 10% cash dividend
Eastland Insurance Company recently declared a 10 percent cash dividend for the year that ended on December 31, 2023.
Cactus Materials offers tech-based solutions for CETP
Cactus Materials, a US-based developer of proprietary nanotechnology-based solutions for long-lasting antimicrobial and antifouling properties of water, expressed interest in providing the technology for the Central Effluent Treatment Plant (CETP) and desalination project at the Bangabandhu Sheikh Mujib Shilpa Nagar in Mirsarai.
Nagad, Pran-RFL Group ink deal on digital finance, consumer goods integration
Nagad has forged a corporate partnership with Pran-RFL Group, marking a significant milestone in the evolution of digital finance and consumer goods integration.
RAK Ceramics’ profit plunges 70% in Q1
RAK Ceramics (Bangladesh) Limited saw a 70 percent decline in profit in the first quarter of the current calendar year compared to same period last year due to a decline in sales.
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.
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?
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.
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.
The invisible ones
Of the over 7 crore people employed in Bangladesh, 85 percent (nearly 6 crore) are vulnerable as they work in the informal sector, which lacks basic social and legal protection, and employment benefits.
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 reserves continues, putting the taka under pressure, the global lender said yesterday.
