Archive / Business - 2019
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Dev partners should reform process to give assistanceDevelopment partners need to bring reforms in their assistance processes if they want to respond to the dramatic shifts in the global landscape, Debapriya Bhattacharya,...Tk 250cr RMG investment plan stuck in limboInternational Classic Composite Ltd (ICCL) has been facing troubles to invest Tk 250 crore, as the Dhaka’s development authority is not allowing the Bangladesh-Netherlands joint...Irrational collection targets put bankers on edge: studyBank employees feel stressed while performing their duties due to the irrational targets for deposit collection and loan disbursement set by the top management, according...Loy Krathong Festival in Radisson Blu Dhaka Dec 6, 7In collaboration with the Royal Thai Embassy, Radisson Blu Dhaka will host a Loy Krathong Festival at its poolside on 6th and 7th of December.The...DSE loses 65 points in two daysIt took just two days till yesterday for the Dhaka bourse to lose 65 points of its key index. But gaining it had taken a...Tractor sales dropTractor sales declined 10 percent year-on-year to 6,287 units in the January-October period this year mainly because of the falling prices of farm produce and...J&J, Parachute among brands in huge haul of fake cosmeticsBangladesh Standards and Testing Institution (BSTI) yesterday destroyed counterfeit cosmetics of various renowned brands namely Johnson & Johnson (J&J), Parachute and Kumarika.The standards agency seized...Govt to build mega fertiliser factoryBangladesh is going to set up a massive urea fertiliser plant at a cost of $1.3 billion, equivalent to over Tk 11,000 crore, by availing...BSCIC probing graft allegation in setting up Savar CETPThe government is investigating whether any corruption took place in the installation of the central effluent treatment plant at the Savar tannery estate, the industries...Future of finance hinges on understanding of dataIt is being discussed in the corridors that the accounting or finance profession is going to be most impacted in the era of artificial intelligence...Good governance needed to keep up growth momentumGood governance is compulsory to keep up the higher GDP growth trajectory and spread equally the benefits of the steady economic expansion, said economists yesterday.They...AmCham gets new top brassSyed Ershad Ahmed, country manager and managing director of Expeditors (Bangladesh), has recently been elected president of the American Chamber of Commerce in Bangladesh (AmCham)...Bangladesh a promising destination for FDIBangladesh is one of the promising economies with a large domestic market, labour at competitive prices, low utility charges, seaports, long-term tax holiday and easy...Drugmakers’ spending on doctors raises medicine pricesMedicine prices are high in Bangladesh as drug-makers have to spend big to convince doctors to prescribe their products, a new study finds.Sometimes, drug manufacturers...EU antitrust regulators seek details of Google’s data practicesEuropean Union (EU) antitrust regulators are seeking details of Google’s data collection practices, according to a document seen by Reuters, a move that could signal...Prepare well to sail thru’ 4th industrial revolutionEnterprises should stay ahead of the curve in understanding the impacts of the fourth industrial revolution, identifying future challenges and possibilities and ensuring tailored governance,...Firms awarded for best corporate governance, financial reportsThe Institute of Chartered Accountants of Bangladesh (ICAB) yesterday awarded 22 listed and non-listed companies for their extraordinary performance in corporate governance, integrated reporting and...Family businesses thrive despite headwinds: expertsFamily businesses in Bangladesh have been growing at a rate higher than the international average despite facing many challenges, speakers said yesterday. The challenges they pointed...Bus-truck body builders flex musclesJust 20 years ago, it was beyond imagination that bodies of buses and trucks would be built in Bangladesh. But companies like Aftab Automobiles stepped...12 banks face provision deficit of Tk 12,000crA dozen banks faced a combined provision shortfall of Tk 12,000 crore in the third quarter of 2019 in a sign that exposed their weakness...Cargo handling at Ctg port's outer anchorage haltedUnloading of imported bulk cargoes from bigger vessels at the outer anchorage of Chattogram port remains halted immediately after water transport workers started work abstention...Economic indicators contradict GDP growth figure: economistBangladesh’s macroeconomic indicators are not in keeping with economic growth numbers of the government, which not only raises questions about the figures but also points...India extends time for mandatory use of jute bagsThe Indian cabinet yesterday extended the time for mandatory packaging of foodgrains and sugar with jute material for the jute year 2019-20 in order to...Bangladesh Development Bank gets new CEOKazi Alamgir has recently joined Bangladesh Development Bank as managing director and chief executive officer.He is a former managing director of Rajshahi Krishi Unnayan Bank...Sanofi to pay staff gratuity, provident fund before exitSanofi’s top management has agreed to pay service benefits to employees in the form of gratuity and provident fund before selling off its shares in...Revenue, job creation dismal despite high GDP growthThough the economy has been growing at a healthy pace in recent years, it has failed to raise revenue collection and private investment and create...Tax returns can be submitted on Dec 1People can submit their income tax returns on December 1 as the last date of submission, November 30, is a weekly holiday.In a directive early...Alibaba shares surge on Hong Kong debutChinese online retail giant Alibaba surged Tuesday as it drew back the curtain on a Hong Kong listing the firm described as a vote of...Bangladesh far behind peersBangladesh ranked 57th out of 58 economies in the world in the Mastercard Index of Women Entrepreneurs (MIWE 2019), highlighting the country’s poor record in...ADB to help fight bad loansAsian Development Bank is poised to provide financial support to the government to form a public asset management company (PAMC) with a view to arresting...Jet industry’s grand masters fight to a draw in DubaiAfter insisting for 15 years that the superjumbo is the future, Emirates airline has been forced by the demise of the A380 to embrace smaller...Bank Asia chalks out five-year plan to reach the unbankedBank Asia has undertaken a plan to reach out to all parts of the country within five years in order to provide banking services to...Citi launches 15th edition of microentrepreneurship awardsThe Citi Foundation, the philanthropic arm of Citigroup, yesterday launched the 15th Citi Microentrepreneurship Awards (CMA) to encourage micro, small and medium entrepreneurship in the...Fair price to guarantee onion self-sufficiencyBangladesh has to rely on foreign onions as local farmers do not want to expand its cultivation amid fears of losses due to low prices...Freight forwarders assoc elects top brassKabir Ahmed, chairman of Conveyor Group, has recently been elected president of Bangladesh Freight Forwarders Association (BAFFA) for 2019-21.The association also elected Amirrul Islam Chowdhury,...Foreign buyers keen to source processed foods from BangladeshLocal food processors received good response from the foreign buyers at the 7th Bapa FoodPro International Expo 2019 that concluded yesterday, industry people said.Md Masudur...Public-private efforts to help banks provide better digital servicesPublic-private cooperation will enable banks to provide quality digital services to customers at a faster rate, top bankers said yesterday. They made the observations at a...Economic growth alone can’t ensure well-being of peopleEconomic growth alone cannot ensure well-being of the general mass, especially those living under the poverty line, economists said yesterday.The view came at the closing...Rancon brings Fuso buses, trucks for Ctg marketRancon Trucks and Buses Ltd (RTBL) yesterday opened its state-of-the-art sales centre in Chattogram for Fuso-branded buses and trucks with 3S commitment that incorporates sales,...Embrace new tech to stay relevantAccounting professionals should embrace new technologies and upgrade their skills in order to stay relevant in the fast-changing world, understand and analyse data, and support...Processed food market size hits $2.5bIndian food processing machinery manufacturers are eying good business in Bangladesh as the latter’s agro food processing industry is thriving with each passing year. Annual sales...Govt’s borrowing from banks spiralsThe government’s borrowing from banks has escalated alarmingly on the back of a revenue shortfall, a development that is poised to aggravate the already tight...Global refiners raise cleaner shipping fuel output ahead of IMO 2020Global oil refiners have upgraded processing units and adjusted operations to raise output of low-sulphur residual fuels and marine gasoil (MGO) to prepare for stricter...Digitalisation key to financial inclusion: expertsDigitalisation in the financial sector is necessary to bring unbanked people under the banking system and ensure financial inclusion, bankers and policymakers said yesterday.“We have...Transport strike disrupts exportsA German garment buyer stayed at the Narayanganj club over the last two days for visits to MB Knit Fashion Ltd. After completion of his visit...No more card payment for Uber and Uber EatsDifferent banks have barred their clients from making payment for Uber with credit cards as the ride-hailing service debits the fund from the foreign currency...Agri food processors eye $1b in exportsAgricultural food-processing entrepreneurs yesterday said they can raise their annual exports by more than 40 percent to $1 billion within 2021 through adoption of advanced...Housing sector gets a shot in the armThe central bank yesterday increased the ceiling for home loans by 66.66 percent to help the expanding middle class buy properties and build houses amid...BB cuts interest rate for export dev fundThe central bank yesterday cut interest rate on its export development fund (EDF) by 1 percentage point with a view to giving a boost to...India may extend onion export ban to FebIndia may keep a ban on onion exports until February because domestic prices have risen after the harvest of summer-sown crops, which were expected to...