BBS Cables’ profit nosedives 88%
The company’s profit fell to Tk 9.74 crore in FY23 from Tk 80.66 crore in FY22
Apex Footwear’s profit jumps nearly 21%
The company made a profit of Tk 16.71 crore in FY23
Indonesia bans goods transactions on social media platforms
Indonesia has banned goods transactions on social media platforms in a new regulation, its trade minister said Wednesday, as Jakarta aims to rein in direct sales on major platforms it says are harming millions of small businesses.
Govt to set up 3 plants to produce 370MW solar power
The government is going to set up three solar-based power plants in order to produce 370 megawatt (MW) of electricity in the country.
‘BB governor worse performer than 70 countries’ central bank chiefs’
New York-based Global Finance magazine finds, reviews performance of central bank chiefs of 102 countries.
Arrival of foreign tourists far below potential
Bangladesh is home to the world's longest sea beach as well as the world's largest mangrove forest alongside numerous places of outstanding natural beauty. But despite its potential, the country still could not explore the global markets and attract foreign holidaymakers..Even 52 years aft
World Tourism Day: Bandarban celebrates with marathon and procession
People of Bandarban celebrated World Tourism Day today by participating in a mini marathon and bringing out a colourful procession in the district town.
Tourism festival kicks off in Dhaka
A four-day tourism festival began today in Dhaka to mark the World Tourism Day 2023.
47% year on year rise in Bangladeshi companies joining Dubai Chamber
The number of new Bangladeshi companies joining the Dubai Chamber of Commerce has surged 47 percent year on year to 1,044 in the first half of this year, said the chamber
Economy
Supply of day-old chicks drops, leads to price hike of broilers
The price of broiler chicken, one of the biggest sources of protein, has seen a sudden and sharp increase in the retail market due to low supply of day-old chicks (DOCs).
E-commerce to face more scrutiny as BB makes rules to stop fraud
The Bangladesh Bank yesterday introduced a guideline for merchant acquiring, making it mandatory for payment services providers to carry out intense scrutiny before onboarding sellers as it looks to eliminate online frauds and financial crimes..According to the 'Guidelines for Merchant Acq
BB fixes interest rate for loans from green fund
The central bank yesterday fixed the interest rate of its US dollar and euro financing from the Green Transformation Fund (GTF) owing to the discontinuation of Libor and the upward trend of the interest rate globally..The Bangladesh Bank operates the fund in the two currencies to extend lo
Nagad's interim licence tenure extended again
Bangladesh Bank has once again renewed the interim licence of Nagad as Bangladesh Post Office (BPO) is yet to form a subsidiary to run the mobile financial service. .The fast growing mobile financial service (MFS) provider has until September next year to avail a full-fledged licence from
No US info yet on ACU payments bar: BB
Bangladesh Bank (BB) is yet to be officially communicated by the US authorities and Asian Clearing Union (ACU) regarding restrictions on processing payments linked to the ACU, confirmed a top central bank official yesterday. .The ACU is an arrangement to settle payments for intra-regional
Nearly 22,000 MFS accounts blocked for hundi, online gambling
The BFIU says in a meeting with commercial bankers
No forward forex contract for over three months: BB
The forward forex rate will be Tk 113.85 a US dollar
Dollar hits 10-month high
The dollar rose to a new 10-month peak on Tuesday as US bond yields hit their highest level since October 2007, while the Japanese yen recovered from an early dip, with traders on alert for signs of government intervention..Federal Reserve policymaker Neel Kashkari said on Monday that, giv
Global Economy
How serious is Russia's fuel export ban and who will be hit?
Russia said on September 21 it had temporarily banned gasoline and diesel exports to all but four ex-Soviet states in response to domestic shortages, a move that will disrupt global trade that has already had to adjust to Western sanctions on Russian fuel exports.
Shutdown looms as US Senate, House take dueling tacks on funding
The US Senate on Tuesday took a step forward on a bipartisan bill meant to stop the government from shutting down in just five days, while the House sought to push ahead with a conflicting measure backed only by Republicans.
Global aluminium output hits record high
Global production of primary aluminium hit an all-time high in August, with the world's smelters running at an annualised rate of 71.2 million metric tons..It was the second consecutive month that run-rates were above the 70-million metric ton mark. Prior to July the level had been exceede
None communicated yet regarding ACU payment restriction: BB
The Bangladesh Bank (BB) is yet to receive any official communication neither from the US authorities nor from the Asian Clearing Union (ACU) regarding restriction on processing payments linked to the ACU.
India to cut floor price for basmati rice exports - sources
India will cut the floor price for basmati rice exports in the coming days, sources familiar with the matter said, after millers and traders complained about a sharp drop in overseas sales of the premium aromatic grain.
How reform can aid growth and green transition in developing economies
Many emerging markets and developing economies face threats to economic growth and limited policy space due to high inflation, rising debt, and balance of payments pressures. These challenges mounted during the pandemic and were further intensified by Russia's war in Ukraine.
Bangladesh starts exporting printed circuit boards
While already established as a major player in garment and pharmaceutical exports, Bangladesh is now expanding its presence in the global market for high-tech circuitry, namely printed circuit boards (PCBs).
Malaysia boosts exports of palm oil to China
Malaysia will increase palm oil exports to China by 500,000 tons a year as it faces pressure from new European Union restrictions targeting deforestation, a senior minister told AFP on Monday.
Organisation News
SM Mainul Kabir appointed UCB DMD
United Commercial Bank PLC (UCB) has recently appointed SM Mainul Kabir as its deputy managing director.
BAPA FoodPro int’l expo kicks off on Sep 28
The Bangladesh Agro Processors Association (BAPA) is going to organise a three-day exposition to showcase agriculture and food products.
Emirates to recruit experienced captains
Emirates is going to recruit experienced Airbus captains as the airline continues to expand its fleet amid growing demand.
Unilever appoints Durdana Kabir as HR director
Unilever Bangladesh Limited (UBL) has appointed Syeda Durdana Kabir as its new human resources director.
Alliance Finance organises workshop
Alliance Finance PLC, in collaboration with Bangladesh Financial Intelligence Unit (BFIU), organised a daylong workshop on “Anti-money laundering and combating financing of terrorism”.
Saif Powertec signs MoU with Kolkata port
Saif Powertec Limited, a local provider of logistics and container supply chain management services, has agreed to facilitate the transport of goods from mainland India to remote north-eastern states of the neighbouring nation.
NSU observes World Pharmacists Day
North South University Pharmaceutical Club organised a rally today, marking World Pharmacists Day 2023, read a press release.
Islami Bank wins Muktadhara’s ‘Remittance Award’
Islami Bank Bangladesh PLC won the “Remittance Award” from Muktadhara New York Inc for collecting the highest amount of remittance in Bangladesh.
Business Multimedia
Khulna farmers prefer cultivating beans instead of shrimps
Shrimps were once widely cultivated in Dumuria upazila of Khulna. Now, farmers in this area are moving towards growing vegetables, especially beans. Vegetables from Dumuria are also exported to many countries in Europe
Fishes aplenty at Friday haat
A haat pops up every Friday along the Kaliakoir-Tangail road in Gazipur where buyers find almost all varieties of fish available in the country
Bogra Motors manufactures, exports automobile filters
There are 350 different types of filters made by Motors Bogra Pvt Ltd, from motorbike filters to car filters. These filters, produced in Bangladesh, are exported overseas as well as being used locally
Has the number of unemployed really decreased in the country?
The number of unemployed in the country has decreased. In other words, more people are involved in economic activities than ever before
Jon Haat: a place for hiring farm workers
The demand for day labourers is considerably high in Faridpur as farms in the major crop producing region require the assistance of seasonal workers whenever the harvest period comes around.
NRBC Bank gets 'PCI DSS' certification
NRBC Bank PLC has achieved the certification of the Payment Card Industry Data Security Standard (PCI DSS) version 3.2.1.
Kabir re-elected as BCMA president
Md Alamgir Kabir, vice-chairman of Crown Cement PLC, has been re-elected as president of Bangladesh Cement Manufacturers Association (BCMA) for the period of 2023-25.
$27b health budget in the works
The government is preparing a $27 billion budget for the upcoming five-year health sector plan, up 52.5 percent from the ongoing programme that ends in June 2024.
Munshi seeks Mexican investment
Commerce Minister Tipu Munshi has urged Mexican entrepreneurs and business community to invest in Bangladesh's economic zones. .He made the call during a bilateral meeting with Mexican Secretary of Economy Raquel Buenrostro in Mexico on Tuesday, according to a commerce ministry press rele
Visa restrictions won’t affect RMG exports: BGMEA
Apparel shipments from Bangladesh to the US will not be adversely affected by any visa restrictions imposed by the western nation, according to the Bangladesh Garment Manufacturers and Exporters Association (BGMEA)..This is because the industry can continue operating without its officials
Benapole port: 173-tonne hilsa exported to India in 3 days
A total of 173 tonnes of hilsa have been exported to India through Benapole port since Thursday
Japanese backpacks now at Yellow
Japanese trading company ITOCHU Corporation has entered the Bangladesh market by offering bags of its "Outdoor Products" brand through Yellow, a fashion and lifestyle brand of Beximco Group. .Iwama Kiminori, Japanese ambassador to Bangladesh, and Naved Husain, adviser to Beximco Group, la
Oil prices fall 1.24%
Oil prices fell on Tuesday as a stronger US dollar compounded concerns that demand for fuel will be held back by major central banks holding interest rates higher for longer..Brent crude futures were down $1.16, or 1.24 percent, at $92.13 a barrel at 0844 GMT, while US West Texas Intermedi
Embracing entrepreneurship and required personality traits
Entrepreneurship is a general, blanket term related to starting a business. An entrepreneur is someone who has an idea and who works to create a product or service that people will buy. .An entrepreneur takes on most of the risk and initiative for the new business and is often seen as a vi
One Bank offers loans to United Property customers
One Bank Ltd signed a memorandum of understanding with United Property Solutions Ltd, a concern of United Group, recently offering the latter’s customers financial products, including home loans. .Md Kamruzzaman, head of the lender’s retail banking division, and Sheikh Md Faruk Hossain,
