Extended contractionary monetary policy might be needed: BB
The stubbornly high inflation has raised concerns that inflation expectations would become unanchored, meaning inflation will get much worse, which may necessitate an extended period of contractionary monetary policy, said Bangladesh Bank.
Saudi pledges big oil cuts in July as OPEC+ extends deal into 2024
Saudi Arabia will make a deep cut to its output in July on top of a broader OPEC+ deal to limit supply into 2024 as the group seeks to boost flagging oil prices.
Dhaka, Chattogram stocks open higher
The DSEX, the benchmark index of the premier bourse in Bangladesh, gained 8 points, or 0.13 per cent, to 6,371 at 11:10 am.
Dollar bears bide their time as US economic strength persists
The dollar is up 2.5 per cent from its recent low against a basket of currencies and stands near its highest level since March.
Export rebound in May provides some relief
Bangladesh’s exports bounced back in May after declining in the preceding two months riding on increased shipment of garments, the main export earning sector, according to data released by the Export Promotion Bureau (EPB) yesterday.
Why should you have an emergency savings fund?
Setting aside a portion of money can be a great help during the worst time. People don’t know what is going to happen in the near future. Any sudden accident may occur and he may require emergency money for treatment.
National Budget FY2023-24 / Rise in clinker duty a burden on consumers
The increase of duty on the import of cement clinker by Tk 200 per tonne will have an adverse impact on the cost of production and put a burden on consumers, said Mohammad Iqbal Chowdhury, chief executive officer of LafargeHolcim Bangladesh Limited.
Budget inconsistent with Smart Bangladesh vision
ICT trade bodies yesterday termed the proposed budget inconsistent with the government’s Smart Bangladesh vision, demanding withdrawal of VAT on software development and import duty on crucial software.
Widen corporate tax gap between listed, non-listed firms
Stock market intermediaries yesterday urged the government to widen the corporate tax rate gap between listed and non-listed companies to encourage more companies to go public.
Economy
Farm exports likely to fall up to 11% in key markets
The agricultural export from Bangladesh could decline as high as 11 per cent in the nations that are the biggest GSP facility providers following the country’s LDC graduation, according to a new study.
Govt allows onion imports to tame price spiral
The government yesterday announced that it would allow onion imports to reduce the suffering of lower-income groups amid ongoing inflationary pressure, according to an official of the agriculture ministry.
Lankan Alliance Finance Ltd becomes Alliance Finance PLC
Lankan Alliance Finance Ltd has changed its name to Alliance Finance PLC, according to a notice of the central bank.
Money changers asked to become member of trade body
All licensed money changers will have to become members of their trade body concerned by June 30 to run operations smoothly.
Stock market remains in black
The stock market of Bangladesh remained in the black yesterday, the first trading day after Finance Minister AHM Mustafa Kamal proposed the national budget for fiscal year 2023-24 on June 1.
Mercantile Bank launches global debit card service
Mercantile Bank Limited yesterday launched a global debit card service for its customers.
Bank Asia, GP sign deal to accelerate financial inclusion
Bank Asia Limited has signed an agreement with Grameenphone to appoint the retailers of the mobile phone operator as the bank’s micro-merchants with a view to taking banking services to the doorsteps of grassroot people and strengthening its financial inclusion drive to help Bangladesh become a cashless economy.
4th GTB 2023 begins in Chattogram Jun 8
The 4th GTB 2023, an international trade show on garment machinery and allied products, will resume at GEC Convention Hall in Chattogram’s GEC More on June 8 after a gap of a few years due to disruptions caused by the Covid-19 pandemic.
Global Economy
China making headway in large-scale AI models
China has developed at least 79 large-scale artificial intelligence models with over 1 billion parameters each, a research institute said in a rare public statement, amid the worldwide buzz created by OpenAI’s artificial intelligence chat bot ChatGPT.
Economic policies sacrifice poor Americans
Dollar General, the ultra-low-cost retailer with 19,000 stores reaching 75 per cent of the US population, has never been a comfortable reflection of the American consumer. It’s getting even worse.
Opec+ may go for further output cuts
Opec and its allies begin two days of meetings on Saturday which may culminate in further production cuts of as much as 1 million barrels per day, Opec+ sources told Reuters, as the organisation faces flagging oil prices and a looming supply glut.
China’s yuan may slip further to aid economic recovery
China’s yuan has skidded to six-month lows against the dollar and analysts say it could weaken further as investors fret over a bumpy pandemic recovery in the world’s second-largest economy.
India’s forex reserves fall
India’s foreign exchange reserves fell for a second consecutive week and stood at a one-month low of $589.14 billion as of May 26, the Reserve Bank of India’s (RBI) data showed on Friday.
US hiring heats up in May
Hiring in the United States heated up again in May, according to government data released Friday, with the strong labor market defying expectations of a slowdown amid efforts to cool the world’s biggest economy.
India's forex reserves fall for second straight week
It declines to $589.14 billion as of May 26
Organisation News
Daraz partners with Visa to introduce co-branded card
Online shopping platform Daraz and global digital payment leader Visa jointly launched a co-branded card on Tuesday to make the online shopping experience easier and more enjoyable for customers.
Buet hosts workshop on sustainable medical device
The Department of Biomedical Engineering at Bangladesh University of Engineering and Technology (Buet) hosted a workshop titled "Towards a Sustainable Medical Device Industry in Bangladesh" on May 16, said a press release. .The event aimed to bring together regulatory bodies and industrie
Colloquium on new possibilities held at NSU
A high-profile policy colloquium titled “From the Himalayas to the Bay of Bengal: New Possibilities in the Bangladesh, Japan, India Trilateral Partnership” was held at the Syndicate Hall of North South University yesterday, said a press release.
Runner Auto to issue Tk 265cr bond
Runner Automobiles PLC is going to issue a Tk 265 crore bond to expand its customer base and build a rooftop solar plant for its three-wheeler manufacturing facility.
DBH Finance launches Islamic wing
DBH Finance PLC, a specialist housing finance institution, launched the company’s Islamic financing wing “DBH Islamic” in Dhaka on Wednesday.
Conference on immunoassay held in Dhaka
An international conference titled "Revolution of Automated Immunoassay -- The Game Changer of Medical Diagnosis" was held at hotel le Meredien in the capital on May 7 said a press release. .The conference was jointly organised by the renowned biomedical company ABC Corporation of Banglad
RVL gets certifying authority license
Relief Validation Ltd (RVL), a subsidiary of domestic multinational company Dipon Group, has been awarded licensed as a Certifying Authority (CA)..On behalf of the Controller of Certifying Authority (CCA), Controller of Certifying Authority, Md Sattar Sarkar handed over the license to the
MTB recorded Tk 236cr profit in 2022
Mutual Trust Bank Ltd posted a Tk 236.84 crore profit in the financial year that ended on December 31, down more than 20 per cent from a year earlier.
Business Multimedia
Why the cuts in edu, health budget?
Will cuts in allocations to education and health sectors create an obstacle to becoming a developed country?
Can government implement this budget?
No budget in the last 14 years has been implemented fully
Will this budget help foreign trade amid dollar crisis?
Rashed Al Mahmud Titumir, professor and chairman of the development studies department of Dhaka University, talks to The Daily Star about whether the proposed budget for the 2023-24 fiscal year may help the foreign trade of the country amid the persistent dollar crisis
People's thoughts on budget for FY 2023-24
The budget for the financial year 2023-2024 has been presented in the Parliament. What do people think of this budget? What do they expect from it?
The tale of 52 national budgets
Bangladesh has so far had 52 national budgets, stretching back to the first one in the 1972-73 fiscal year. Watch this video for a recap of the changes the annual national budget underwent over the years.
