‘We were forced to leave UCB, and the PM knew everything’
Former land minister Saifuzzaman Chowdhury Javed compelled UCB board members to resign and former prime minister Sheikh Hasina was aware of this, according to the lender’s new Chairman Sharif Zahir.
Plastic rules amid lax compliance with 14-yr old jute packaging law
Mandatory jute packaging for nearly two dozen of food stuff now falls almost flat thanks to slack implementation of the law.
USAID to provide over $200m
The United States Agency for International Development (USAID) will provide over $200 million in aid to support the interim government in advancing Bangladesh’s development, empowering youths, and strengthening democracy and governance in the country.
Almost all Savar, Gazipur garment factories resume
Nearly all of the roughly 407 garment factories situated in the Ashulia area under Savar upazila and Zirabo and Zirani areas under Gazipur were operational yesterday after security measures were beefed up centring labour unrests.
Dhaka’s importers still facing long waits to get goods from Ctg port
It has been nearly a month that an automobile dealer has been waiting for a container loaded with reconditioned parts to reach the inland container depot (ICD) at Kamalapur, Dhaka from the Chattogram port over railway.
ADB may give $900m by March next year
The Asian Development Bank (ADB) may provide $900 million to Bangladesh by March next year as the budget support for the country, a senior official of the finance ministry said yesterday.
UK’s finance-business chasm is as wide as ever
The committee studying the financial state of British business did not pull its punches. After a lengthy investigation, the government-appointed panel of economists and experts concluded UK financial institutions were less supportive of domestic companies than their rivals in Europe and the United States. To revive the sluggish economy and moribund stock market, the group recommended sweeping reforms to funnel long-term capital to industry.
The way out for weak banks
The banking sector of Bangladesh has expanded over the years in terms of the number of formal financial institutes and types of financing instruments and products available in the country.
Fed to cut rates for first time since 2020
The Federal Reserve is gearing up to announce its first interest rate cut for more than four years on Wednesday, with policymakers expected to debate how big a move to make less than two months before the US presidential election.
Economy
Dhaka’s importers still facing long waits to get goods from Ctg port
It has been nearly a month that an automobile dealer has been waiting for a container loaded with reconditioned parts to reach the inland container depot (ICD) at Kamalapur, Dhaka from the Chattogram port over railway..The parts, imported by M/s Partsco Automobiles of Munshiganj’s Sirajdik
For reform and growth, stock brokers demand capital market taskforce
Stock brokerage firms have urged the government to form a taskforce for the capital market to support its growth and to carry out necessary reforms
BSEC orders probe into unusual price surge of Khan Brothers’ stock
The Bangladesh Securities and Exchange Commission (BSEC) has ordered the Dhaka Stock Exchange (DSE) to investigate the unusual price surge of Khan Brothers PP Woven Bag Industries
USAID to provide $202 million in grant to Bangladesh
The United States Agency for International Development (USAID) will provide $202.25 million in aid to Bangladesh as part of the Development Objective Grant Agreement
Most factories in Ashulia reopen as law and order improves, 20 remain closed
Most factories in the Ashulia area resumed operations today, while 20 factories remain shut in the Ashulia Industrial area, police said.
Onion turns Tk 5 cheaper here as India relaxes export rules
Prices of Indian onion are dropping in Bangladesh, as the neighbouring country on Friday withdrew the restriction of “minimum export price” at $550 per tonne and slashed export duty to 20 percent from 40 percent.
US firms concerned over unrest in industrial zones
American companies operating in Bangladesh yesterday expressed concern over the law and order, especially in light of the recent unrest in industrial zones, and also highlighted issues regarding profit repatriation amid the ongoing dollar crisis and challenges in the supply chain resulting from congestion at ports.
Pathao gets $12m for fintech push
Ride-hailing firm Pathao yesterday announced that it had raised $12 million to ramp up its fintech offerings in a much-needed boost for Bangladesh’s start-up ecosystem, which has been grappling with shrinking funding in recent times.
Global Economy
Sri Lanka economy slows ahead of presidential elections
Sri Lanka’s economic growth slowed, government data showed Sunday, days ahead of the first presidential elections since an unprecedented financial meltdown in 2022.
India accuses Samsung, Xiaomi of colluding with Amazon, Flipkart
Samsung, Xiaomi and other smartphone companies colluded with Amazon and Walmart's Flipkart to exclusively launch products on the e-commerce firms' Indian websites in breach of antitrust laws, according to regulatory reports seen by Reuters.
US Fed expected to announce its first interest rate cut since 2020
The Federal Reserve is gearing up to announce its first interest rate cut for more than four years on Wednesday, with policymakers expected to debate how big a move to make less than two months before the US presidential election.
US finalises sharp tariff hikes on Chinese EVs, other goods
The United States locked in tariff hikes on billions of dollars worth of Chinese goods Friday, with a 100 percent duty on electric vehicles and 25 percent on EV batteries taking effect in two weeks.
India sharply raises import tax on edible oils to support farmers
India has raised the basic import tax on crude and refined edible oils by 20 percentage points
Cash-strapped Maldives says no need for IMF bailout
The Maldives says its financial troubles are "temporary" and the luxury tourist destination has no plans to seek an International Monetary Fund bailout after warnings of a possible sovereign default
US moves to curb 'trade loophole' over China worries
The US government said Friday it will work to curb the "overuse and abuse" of a mechanism allowing lower-value imports to enter the country duty-free, as concerns grow over Chinese shipments
China retail sales, industrial production slow in August
Chinese retail sales and industrial production growth slowed in August, official data showed Saturday, as leaders in Beijing seek paths to achieve growth targets despite consumers' reluctance to spend
Organisation News
Bida gets new chairman
Ashiq Chowdhury has been appointed as executive chairman of the Bangladesh Investment Development Authority (BIDA) for a two-year term starting from the date of joining..The Ministry of Public Administration issued a notification in this regard last Thursday..According to the circula
Hatil wins SDG Brand Champion Award
Hatil recently won the SDG Brand Champion Award 2024 in the category of “SDG Brand Champion in Responsible Consumption and Production” for the furniture brand’s unique waste management process..Syeda Rizwana Hasan, adviser to the Ministry of Environment, Forest and Climate Change, and the
Construction work of Krishibid Sea Palace in Kuakata kicks off
Krishibid Group inaugurated the construction work of ‘Krishibid Sea Palace’, the first five-star hotel in Kuakata, at an event at the Sheraton Dhaka in the capital's Banani yesterday..Initiated by Krishibid Properties Limited, a concern of Krishibid Group, the Kuakata hotel work will end i
Metlife settles Tk 1,425cr in claims in H1
MetLife Bangladesh settled Tk 1,425 crore in claims during the first six months of 2024, according to a press release
Adviser promises transparency in tendering process
Muhammad Fouzul Kabir Khan, the adviser on power, energy and mineral resources to the interim government of Bangladesh, has pledged to implement various reforms aimed at enhancing transparency in the tendering process for government projects..He made this promise during meeting with the bo
ICB declares 35% cash dividend
The Investment Corporation of Bangladesh (ICB) announced a 35 percent cash dividend for the financial year that ended on June 30, 2024..The announcement came from the corporation’s 56th fund related meeting at its head office in Dhaka yesterday, according to a press release..ICB unit
Universal College Bangladesh, EBL sign industry-academia collaboration deal
Universal College Bangladesh, a pioneering international education provider in the country, signed a memorandum of understanding (MoU) with Eastern Bank PLC (EBL) with a vision to bridge the gap between industry and academia.
39 brands honoured for sustainability efforts
Some 39 sustainable brand initiatives were awarded in the 2nd SDG Brand Champion Awards 2024, organised by AkijBashir Group in association with Intellier and The Daily Star, at the Le Méridien Dhaka on Tuesday.
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?
BB wins global award for financial inclusion among youths
The Bangladesh Bank has received the “AFI Global Youth Financial Inclusion Award 2024” for its role in increasing financial inclusion among youths in the country..The Alliance for Financial Inclusion (AFI), an international coalition of policymakers and regulators working for financial inc
Stocks fall after a three-day rise
Indices of the stock markets in Bangladesh fell yesterday after a three-day rise last week as investors were cautious in trading shares, seeking to wait out earnings disclosures by corporates before undertaking any major move..Investors were optimistic about the return of good governance a
Premier Bank, Lords sign deal on school fee waivers
Premier Bank PLC recently signed an agreement with LORDS, an English medium school..Under this agreement, the school offers a 100 percent waiver on admission fees, security deposit, admin cost and special discounts on monthly tuition fees for the children of employees and customers of the
US to help Bangladesh diversify exports
The US has assured Bangladesh of support in diversifying export products and exploring new markets to boost bilateral trade between the two countries
Restoring trust in the banking sector
Lately, I have been receiving calls from friends and family asking which banks are safe or if they should withdraw their deposits from a particular bank.
Act fast to address labour unrest
Prompt steps are needed to address the workers’ demands and quell the ongoing labour unrest, said Socialist Labour Front President Razekuzzaman Ratan.
IMF to assess Bangladesh’s need for fresh loan
An International Monetary Fund (IMF) delegation due to arrive later this month will assess Bangladesh’s potential financial needs as the country sought a fresh $3 billion loan from the multilateral lender.
Workers’ demands are not unjust
The workers’ demands are logical so owners should sit together to address this and restore stability to the garment industry, the country’s largest export-earner, said Kalpona Akter, president of Bangladesh Garment & Industrial Workers Federation.
City Bank’s Tk 85cr investment in Sea Pearl raises eyebrows
City Bank PLC is investigating how and why it spent about Tk 86 crore, or roughly one-third of its total market exposure, on purchasing shares of Sea Pearl Beach Resort and Spa Ltd in 2023, according to bank officials.
Gold to hit close to Tk 130,000 per bhori for first time
The price of gold will increase by 2.8 percent from the previous rate of Tk 126,321 a bhori, which has been effective since September 2.
