Rationalise tariff to protect local industry
Entrepreneurs yesterday emphasised the need to follow Bangladesh’s tariff policy when imposing duties on imported goods.
Walton launches solar solution for 30 solar products
The products belong to five categories
IMF prescribes ending tax exemptions
It recommended the National Board of Revenue (NBR) discontinue the tax holiday for the information and communication technology industry and abolish the tax benefit for mining and petroleum extracting companies.
Govt's bank borrowing rises sharply in July-April
From last July to April 22 this year, government loans from commercial banks amounted to Tk 65,432 crore, according to Bangladesh Bank. In the same 10 months or so of fiscal year 2022-23, it was only Tk 5,334 crore.
Potato price surges during peak season
Potatoes are at least 50 percent costlier than a year ago owing to lower production, tight supply, and the profiteering tendency among a section of people in the supply chain, dealing a blow to the consumers already reeling under higher inflation.
Banks asked to find ways to raise forex inflow
The central bank directive came during a meeting between BB Governor Abdur Rouf Talukder and the managing directors of five leading private commercial banks on Sunday.
Trust Bank's 2023 profits up 46%
Trust Bank has registered a massive 45.74 percent year-on-year rise in profit in 2023.
Efficient use of AC can reduce electricity bills: experts
However, although ACs provide a much-needed respite from the heat, the home appliance also draws a lot of power, leading to higher electricity bills and putting a further strain on people who are already suffering due to heightened inflation.
Stocks rise after last week’s downturn
The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), surged 97 points, or 1.76 percent, from that on the day before to reach 5,615.
Economy
Govt forms safety panels for 7,367 establishments
The Department of Inspection for Factories and Establishments (DIFE) has formed “safety committees” in 7,367 establishments as of February 2024, said State Minister for Labour and Employment Md Nazrul Islam Chowdhury yesterday.
RMG exporters fed up with harassment by tax officials
Garment exporters are fed up with being harassed by VAT and customs officials, who have been imposing abnormal fines alleging a lack of documents, said an exporter yesterday.
Consider white-roofing to reduce heat
Wearing white clothes in the heat provides comfort and white umbrellas can protect the traffic police from sunlight. Why, then, would painting the roofs of buildings white not provide similar benefits?
Nat’l Bank not up for merger
National Bank officials do not want the bank to merge with another entity.
Banks asked to increase forex inflow
Bangladesh Bank today sat with five leading private commercial banks
29 companies honoured with green factory awards
The Department of Inspection for Factories and Establishments gave the awards
National Bank continues incurring losses
It made a loss of Tk 1,497 crore in 2023, down from Tk 3,285 crore in 2022
A third of budget spent on interest payments, subsidies
The government spent Tk 246,583 crore in July-January of 2023-24 out of the total budget of Tk 761,785 crore for the entire fiscal year, figures from the finance ministry showed. The outlay under interest payments and subsidies was Tk 88,226 crore, which was 36 percent of the allocation.
Global Economy
US Fed's favored inflation measure accelerates, dimming rate cut hopes
The PCE price index rose at an annual rate of 2.7 percent in March, up 0.2 percentage points from a month earlier
EU toughens safety rules for online retailer Shein
The company joins Facebook, TikTok, X, YouTube and others on a list of "very large online platforms" which have more than 45 million monthly active users in the European Union
Airbus net profit soars 28% in first quarter
Airbus' net income in the first three months rose to 595 million euros ($637 million) while revenue grew nine percent to 12.8 billion euros
Microsoft, Google earnings shine as AI drives revenue
Alphabet reported profit of $23.7 billion on revenue of $80.5 billion, Microsoft's revenue was $61.9 billion, with net profit up by 20 percent to $21.9 billion
Meta profits soar but costs of AI cause worry
The rise in sales and profit continued Meta's rebound of 2023, which came thanks to drastic cost-cutting, including massive layoffs
Heidelberg Bangladesh’s sales drop, but profit rises
The company gives credit to fall in administration, distribution costs and selling expenses
Analysis / Beijing powers up into car wars battleground
The Chinese market alone is crucial: it’s the world’s biggest with sales of 22 million vehicles last year, according to the China Passenger Car Association
Tesla profits tumble but shares rise on new vehicle plan
Tesla reported a big drop in quarterly profits Tuesday amid an increasingly cutthroat electric vehicle market
Organisation News
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.
Delta Life Insurance Company organises ‘Annual Business Conference’
Delta Life Insurance Company recently organised its “Annual Business Conference-2023” at Hotel Sea Palace in Cox’s Bazar.
Green Delta, Truck Lagbe strike deal on motor insurance services
Green Delta Insurance recently signed an agreement with Truck Lagbe to facilitate motor insurance services to the latter’s customers.
Enhance skillset of graduates to improve insurance sector
Knowledge of specialised financial services is continuously evolving, which makes industry-academia relationship very important, according to discussants at a roundtable.
Prof Ubaidul Kabir new chairman of Bangladesh Red Crescent Society
Prof Dr Md Ubaidul Kabir Chowdhury, a prominent dermatologist, has been appointed as chairman of Bangladesh Red Crescent Society
ICCAB gets new office bearers
Probir Chandra Das, deputy managing director and CFO of National Life Insurance Company, and Moinul Hye Asif, executive vice-president and head of risk and compliance of MetLife, have recently been elected as chairman and general secretary respectively of the Insurance Companies CAMLCOs Association of Bangladesh (ICCAB) for a two-year term (2024-25).
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?
IFIC Bank organises business conference in Sylhet
IFIC Bank recently organised a conference, styled “IFIC Largest Banking Network Business Conference”, in Sylhet.
Eastern Bank, Mastercard launch dual currency prepaid card for medical tourism
Eastern Bank, in collaboration with Mastercard, launched the country’s first dual currency prepaid card for medical tourism to simplify access to healthcare in India for Bangladeshi patients.
BTRC to formulate satellite internet guideline
In a recent internal meeting, Bangladesh Telecommunication Regulatory Commission (BTRC) approved the formulation of the committee comprising officials of its different divisions to prepare the guideline for internet services through non-geostationary satellite orbit (NGSO) satellites.
Bank mergers far from voluntary
In fact, the reactions of the associated bankers and directors, circumstances centring the meetings where the decisions were taken alongside protests in one case confirmed that these had been decided by the government and relayed through the central bank.
29 companies to get Green Factory Award-2023
The government will present a “Green Factory Award-2023” to 29 companies from 12 sectors today recognising their role in enhancing productivity through the use of skilled workforce and eco-friendly technology in safe environments.
Under-invoicing by importers crowding out country's lone sandpaper maker
Bangladesh’s first and only sandpaper plant is struggling to expand its footprint owing to unhealthy competition from importers, who are allegedly under-invoicing prices of the abrasive paper.
Expectations for a good budget
How do you define a good budget? Should it be all-inclusive? Should it be too large? Or should it only focus on the possible future of the nation and allocate more to education and healthcare?
Improving summer power supply: Govt pays half the subsidy power ministry needs
The Finance Division last week disbursed Tk 1,500 crore in subsidy against the power ministry’s demand for the immediate release of Tk 3,000 crore to boost electricity supply during the summer months.
Runner Automobiles trims losses
Runner Automobiles, one of the largest listed automobile companies, has continued to suffer from losses due to a decline in revenue and increase in financing costs.
Seamless internet not before end of May
The maintenance works of SEA-ME-WE 5, through which Bangladesh avails the largest chunk of international bandwidth, will take about a month, prolonging woes over the lack of a smooth broadband internet service in the country.
