Stocks lose lustre as investment tool
Since the floor price removal, the stocks have been bleeding owing to massive sell-offs by local and foreign investors as the economic uncertainty persists
USTR identifies Bangladesh among top-five counterfeit product suppliers
China (together with Hong Kong) continues to be the largest origin economy for counterfeit and pirated goods, accounting for more than 85 percent of global seizures of counterfeit goods from 2017 to 2019.
IMF suggests raising power, gas and fertiliser prices
The International Monetary Fund yesterday recommended reducing government subsidies by hiking prices of power, gas and fertiliser, and spending the saved money on society safety net programmes.
Stocks fall further despite new circuit breaker
The DSEX, the benchmark index of Dhaka Stock Exchange (DSE), plunged 60 points, or 1 percent to 5,518.
Poultry farmers in a bind as chickens succumb to heatwave
Sumon Howlader, president of the Bangladesh Poultry Association (BPA), claimed that marginal farmers have suffered losses totalling around Tk 200 crore in the past 10 days due to the effects of the heatwave.
Islami Bank to issue Tk 1,000 crore bond to strengthen capital
Islami Bank Bangladesh, the largest and oldest shariah-based bank in the country, today announced that it would borrow Tk 1,000 crore through the issuance of bonds to improve its capital adequacy in line with Basel-III.
Reckitt Benckiser revenue down 3pc
Reckitt Benckiser (Bangladesh), whose brands include Dettol, Mortein and Harpic, witnessed a drop in revenue of around 3 percent year-on-year in the last January-March period, citing that it was due to a drop in sales.
Bata Bangladesh recommends highest-ever dividend despite profit decline
Bata Shoe Company (Bangladesh) Ltd’s profit dropped 2 percent year-on-year to Tk 40.09 crore in 2023, yet it recommended its highest-ever cash dividend
Entrepreneurs make hay out of naturally available leaves
Thousands of women from several villages in Mymensingh’s Phulbaria upazila are now becoming self-reliant by making an earning through the production of traditional handicrafts from a variety of leaves.
Economy
Heatwave leaves no impact on RMG production
So far, any loss of productivity or major casualty has been averted while no incident related to the thin presence of workers or missing shipment deadlines has been recorded.
Boss-beating services: the workplace solution
A former colleague shared one of the most bizarre local news about an employee who hired a goon to severely beat up his boss for being the cause of excessive stress in the workplace.
Central bank restricts journalists’ access to its offices, drawing criticism
In a rare move, the Bangladesh Bank has restricted the entry of journalists to its offices for the first time in its history, prompting a group of journalists to protest.
Islami Bank Bangladesh’s full-year profit rises to Tk 635 crore, highest since 2019
Islami Bank Bangladesh recorded a profit of Tk 635.33 crore in 2023, the highest since 2019
Many tech startups to collapse if tax exemption goes: experts
The income tax exemption period for the software and information technology services sector is set to expire in June of this year.
Bay Terminal may draw $8b FDI
The Bay Terminal project’s two container terminals, a multipurpose terminal and an oil and gas terminal will all be implemented wholly with FDI, said the CPA chairman.
BSEC narrows circuit breaker limit to halt panic selling
The BSEC issued an order recalibrating the circuit breaker, saying that stocks of listed companies would not be allowed to fall more than 3 percent based on the previous day's closing price.
IMF calls for smaller budget amid low revenue receipts
The IMF mission suggested that the upcoming budget, which will be unveiled in the first week of June, should be smaller than the projection, citing a low revenue collection, according to a number of finance ministry officials who attended the meeting.
Global Economy
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
Inflation, exchange rate stability should get priority: experts
ICMAB organises a pre-budget discussion
Chinese SBS Zipper to invest $20 million in Bepza economic zone
The company will produce annually 271 million pieces of zipper and accessories
FBCCI to establish joint business council with Qatar Chamber
The council will strengthen economic ties and cooperation
Depositors’ money in merged banks will remain completely safe: BB
Accountholders of merged banks will be able to maintain their respective accounts as before
Organisation News
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).
Bangladesh embassy in US, SECI organise customers gathering and SECI app campaign
The Embassy of Bangladesh in the US capital of Washington DC and Sonali Exchange Company Incorporation (SECI), a subsidiary of Sonali Bank, jointly organised a customer gathering and SECI app campaign at the embassy’s Bangabandhu auditorium.
Visa appoints Sabbir Ahmed as country manager for Bangladesh, Nepal and Bhutan
Visa has appointed Sabbir Ahmed as the country manager for Bangladesh, Nepal and Bhutan
Prime Bank’s first-quarter profit rises 26% to Tk 131 crore
Prime Bank recorded a profit of Tk 131.34 crore in the January-March quarter of the current financial year
Matin Spinning’s Q3 profit soars 790% to Tk 9.5 crore
Matin Spinning Mills’ profit jumped 790 percent year-on-year to Tk 9.55 crore in the January-March quarter.
LafargeHolcim keen to work with environment ministry on waste management
Mohammad Iqbal Chowdhury, chief executive officer of LafargeHolcim Bangladesh, paid a courtesy call on Environment Minister Saber Hossain Chowdhury at his office in Dhaka recently.
StanChart executes first INR-BDT import transaction for Unilever
Standard Chartered Bangladesh (SCB) has arranged the first Indian rupee (INR) denominated trade transaction to facilitate the import of Unilever Bangladesh Ltd (UBL), the largest multinational company operating in the fast-moving consumer goods (FMCG) sector.
Aman Feed’s loss down 66% thanks to lower expenses
The loss stood at Tk 4.32 crore in the identical January-March quarter in the previous year
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?
Is commodity market competitive? Experts have different views
Syndication has become a buzzword among consumers in Bangladesh, particularly in relation to the abnormal price hike of essential commodities over the past several years.
Tax receipts rise 15% in July-March, close to IMF target
Bolstered by rising value-added tax (VAT) collection and increased income tax receipts, the tax administrator logged Tk 259,866 crore in total revenue in the July-March period of the current fiscal year, according to the NBR’s provisional estimates.
Allure of bonds, forced selling blamed for stock market rout
In the two and a half months preceding last Sunday, the DSEX, the benchmark index of Dhaka Stock Exchange (DSE), dropped 794 points, or 12 percent.
BGMEA again seeks duty-free garment exports to US market
At the meeting, the BGMEA also urged the USTR to put pressure on US clothing retailers and brands to increase the per unit price paid for garment items sourced from Bangladesh.
Govt's debt servicing for foreign loans surges 49%
In the July-March period of fiscal year 2023-24, the government paid $1.05 billion in interest, which is 117 percent higher than the $485 million it paid during the same period a year ago.
3rd Loan Tranche: IMF team to focus on four key areas
During its visit to Dhaka, the International Monetary Fund’s review mission will focus on Bangladesh’s foreign exchange reserves, inflation rate, banking sector, and revenue reforms.
Stocks break five-day losing streak
Stocks in Bangladesh yesterday staged a comeback, breaking a five-day losing streak as investors regained some confidence in the market after learning that the regulator is working to revitalise trading.
Ahsan Khalil becomes new MD of Meghna Bank
Kazi Ahsan Khalil has been appointed as managing director (MD) and chief executive officer of Meghna Bank.
Upazila polls: BB seeks info on candidates to identify loan defaulters
Bangladesh Bank (BB) has asked all the returning officers to provide information about the candidates in the second phase of the Upazila Parishad election to prevent loan defaulters from becoming candidates
Robi records a massive 153% jump in profit
It made Tk 106.7 crore in 2024’s Q1, up from Tk 42 crore in 2023’s Q1
