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.
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.
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.
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.
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.
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.
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.
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.
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.
Economy
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.
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.
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.
Capital gain tax on stock trading unlikely: BSEC chairman
Prof Shibli Rubayat-Ul Islam says in a meeting with capital market journalists
Tax revenue’s 43% spent on govt salaries
Public employees’ pay rises 406% in 12 years, a PRI study finds
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.
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.
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.
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.
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?
Sonali Bank gets new DMD
Sonali Bak has appointed Shamim Uddin Ahmed as its deputy managing director (DMD).
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.
$289 million deal signed with Islamic Development Bank
The second phase of the project will be of five years
Shahjalal Islami Bank posts highest profit in 5 years
Shahjalal Islami Bank PLC reported a net profit of Tk 362.48 crore for the year ended December 31, the highest in 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
Coastal fishermen gearing up as two-month fishing ban ends tonight
Coastal fishermen in Barishal and Bhola are preparing their boats and nets in the rivers today as the two-month ban on fishing will end at midnight
Editors' Council, Noab condemn central bank's restrictions on journalists
The Editors’ Council and Newspaper Owners’ Association of Bangladesh (Noab) today condemned Bangladesh Bank’s (BB) decision to impose restrictions on journalists’ entry into its headquarters and demanded ensuring free access of journalists to the central bank
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
