C&F staff halt work at 4 container depots
Staffers of clearing and forwarding (C&F) agents stopped working at four leading inland container depots (ICDs) in the port city since the early hours today following a dispute with customs officials, which eventually led to a clash between C&F staff and staff of an ICD
Fixed expenses to eat up 40pc of next budget
The government has to spend about 40 percent of the next budget on subsidies, interest payments, and salaries and allowances of government employees, which will limit its ability to spend on social safety net, health and education.
21 life insurers failing to comply with securities investment rule
Twenty-one life insurance companies in Bangladesh have failed to comply with the rule that makes it mandatory for them to invest 30 percent of their assets in government securities, the regulator has found.
Agriculture credit disbursement rises
Agriculture credit disbursements in Bangladesh grew 12.46 percent year-on-year to Tk 23,690 crore in the July-February period of the current fiscal year, central bank data showed.
Forex with banks on the decline
Foreign currencies held by commercial banks in Bangladesh are on the decline due to high demand, indicating growing pressure on the country’s external sector.
Administrator appointed at Swadesh Islami Life
The Insurance Development and Regulatory Authority (IDRA) has appointed Sk Md Rezaul Islam, former additional secretary of the Ministry of Chittagong Hill Tracts Affairs, as administrator of Swadesh Islami Life Insurance Company with immediate effect.
BB asks banks, NBFIs to inform of wilful defaulters
Bangladesh Bank yesterday asked banks and non-bank financial institutions (NBFIs) to inform Credit Information Bureau (CIB) of wilful defaulters the moment they are identified.
Income tax exemptions for IT to be lifted gradually
The government will provide a roadmap for the continuation of income tax exemptions for the IT sector for a couple of years before a gradual withdrawal, said Salman F Rahman, private industry and investment adviser to the prime minister.
Govt banks, NBFIs highlight 25 innovative initiatives
Government-owned banks and non-bank financial institutions yesterday highlighted 25 innovative initiatives that offer various financial services to customers.
Economy
CTG CITY CORPORATION / Tk 258 crore street lighting project okayed
Ecnec approved the project titled “Modernisation of City Street Light System under Chattogram City Corporation”
Administrator appointed for Swadesh Islami Life Insurance
Sk Md Rezaul Islam, former additional secretary, will be the new administrator with immediate effect
USTDA, CdNet team up for Bangladesh International Submarine Cable (Bagha-1)
The US Trade and Development Agency (USTDA) has awarded a feasibility study grant to Bangladeshi telecom company CdNet Communications Ltd (CdNet) to expand reliable internet connectivity across Bangladesh through the development of the Bangladesh International Submarine Cable (Bagha-1).
BSEC changes Z category listing rules
The Bangladesh Securities and Exchange Commission (BSEC) issued a directive yesterday repealing one criterion and adding a new one for companies to be listed as junk.
Power Grid Company to issue 250cr preference shares
The Power Grid Company Ltd on Sunday got the go-ahead from the Bangladesh Securities and Exchange Commission (BSEC) to issue preference shares against its share money deposit
AI starts to replace entry-level IT jobs in Bangladesh
It was a pretty good project for SkyTech Solutions for the last few years: generating earnings of $8.5 per hour for each of over 50 people.
How GP makes more money than Robi
The profit margin of Grameenphone Ltd was around seven times more than that of Robi Axiata Ltd in 2023.
Global Economy
Apple slashes iPhone prices in China amid fierce Huawei competition
Apple in China is offering discounts of up to 2,300 yuan ($318) on select iPhone models
China's fiscal revenue shrank 2.7% in Jan-April amid shaky economic recovery
China's fiscal revenue slipped 2.7 percent in the first four months of 2024 from a year earlier, after a 2.3 percent slide in the January-March period, in a further sign of an uneven economic recovery
Saudia Group in 'landmark' deal for 105 Airbus planes
Saudi Arabia's Saudia Group will buy 105 Airbus planes, the company said on Monday, hailing it as the biggest aircraft deal in the country's history
Lending through agent banking rises 41%
Agents disbursed Tk 16,482.5 crore loans as of March this year, up from Tk 11,667 crore in March last year
ABB clarifies reasons of bank MDs' USA visit
26 managing directors are going on invitation to attend Annual US-Bangladesh Bilateral Banking Dialogue
Analysis / Pricey stocks overlook the world’s troubles
Stock market indices reached record highs on both sides of the Atlantic even amidst geo-political volatility
Oil climbs after Iran's president dies, Saudi flags issue with king's health
Oil prices extended gains on Monday amid political uncertainty in major producing countries after Iran's president died in a helicopter crash and Saudi Arabia's crown prince cancelled a trip to Japan, citing issues with the king's health
BGMEA seeks extension of EU's Everything but Arms facility
EU ambassador meets BGMEA president in Dhaka
Organisation News
Bangladeshi Ashik Chowdhury set to jump from 41,000ft
The skydiver is attempting to break Guinness World Record
Mastercard launches ‘Spend and Win’ campaign ahead of Eid-ul-Azha
Mastercard today launched a ‘Spend and Win’ campaign, titled “Stunning Sydney” ahead of Eid-ul-Azha.
Chinese company to invest $22.92 million in Bepza EZ
Chinese company Sanxin Accessories MFC BD Ltd will invest $22.92 million to set up an interlining and garment accessories unit at the Bepza economic zone of the Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) in Chattogram.
NBR plans self-assessment of tax liabilities for all firms
The National Board of Revenue (NBR) is likely to introduce self-assessment for companies from 2024-25 to allow them to determine their own tax liabilities and cut reliance on taxmen.
ICB develops mobile app to facilitate services
The Investment Corporation of Bangladesh (ICB) recently developed a mobile application “MyICB-Biniyog Hather Muthoy”, integrating the services of ICB and its three subsidiaries in a bid to improve the quality of investor service, simplify services and bring various office services in hand.
Alliance Finance, Concord Real Estate sign MoU on home loan
Alliance Finance recently signed a memorandum of understanding (MoU) with Concord Real Estate to finance the potential apartment buyers of the realtor and offer them exclusive home loan benefits at a competitive rate.
Walton unveils new models of electronics with advanced features ahead of Eid
Walton recently unveiled a slew of new models of products, including refrigerators, air conditioners, OLED TVs, washing machines and fans, with advanced technology and features ahead of Eid-ul-Azha.
Edison, GPH Ispat sign deal on using materials
Edison Real Estate recently signed a strategic partnership agreement with GPH Ispat at the realtor’s headquarters in the capital’s Tejgaon, enabling the former to use materials designed to optimise performance.
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?
Global Islami Bank opens two sub-branches
Global Islami Bank has opened two sub-branches at Sarulia of Narayanganj and Dhorkora of Cumilla today.
Azizur Rahman appointed as AMD of City Bank
City Bank recently promoted an official to the post of additional managing director (AMD).
NRBC Bank donates Tk 20 lakh to Anjuman Mufidul Islam
NRBC Bank has donated Tk 20 lakh to Anjuman Mufidul Islam as part of its corporate social responsibility activities.
BRAC Bank logged 35% higher profit in 2023
BRAC Bank logged a 35 percent higher consolidated net profit after tax in 2023 amid challenging market conditions.
Al Arafah Islami Bank's first-quarter profit up 21 percent
Al-Arafah Islami Bank PLC reported a profit of Tk 25.92 crore in the first quarter of 2024.
Achieving $110b export target by FY27 is difficult
The government’s target of earning $110 billion from exports by the fiscal year of 2026-27 would be difficult to attain because of the persisting challenges in the global and local economies, economists and businesspeople said.
Online tax returns can bring $32b extra revenues annually: CPD
Bangladesh can raise an additional $32.6 billion in revenues annually within the next four years if the electronic filing of tax returns can be ensured, said the Centre for Policy Dialogue (CPD) yesterday.
Robi, Banglalink may share network resources
Mobile network operators Robi and Banglalink recently signed a memorandum of understanding (MoU) to evaluate the potential sharing and rationalisation of their network resources.
Four steelmakers control 53% of the market: study
Although there are around 40 steelmakers in Bangladesh, just four based in Chattogram are currently catering to 53 percent of the total demand, according to market studies and industry insiders.
