Archive / Business - 2020
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Go head-to-head with India, Vietnam to hit $5b in exportsBangladeshi companies need to compete with their Indian and Vietnamese counterparts without compromising on prices to achieve their target of earning $5 billion from exports...ICB’s baffling investment decisionSome 8 per cent of state-owned ICB Asset Management Company’s funds are tied in stocks that have shuttered production or have not been providing dividend...Mirsarai 1 economic zone to be ready on timeThe SBG Economic Zone in Mirsarai is expecting to be complete by the year end as promised.The government plans to set up 100 such economic...Great expectations from BASIS SoftExpoThe 16th edition of the BASIS SoftExpo kicked off yesterday with the view to showcasing the aptitude of the country’s software industry that is gunning...Slowing exports stretching trade deficitBangladesh’s trade deficit widened slightly in the first half of the fiscal year on the back of sluggish exports, in a worrying development for the...The surplus money bill has its heart in the right placeThe government has passed the act of bringing the surplus money of 61 state and autonomous agencies to the national exchequer in order to ensure...Onion cultivation continues following lucrative priceAs a result of the prevailing lucrative market price, farmers are continuing transplantation of onion seedlings along with harvesting the tuber variety of the spicy...China to cut tariffs on $75 billion in US importsChina said on Thursday it will halve punitive tariffs on $75 billion in US imports from February 14, a month after Beijing and Washington signed...Stock investors shun the idea of due diligenceThe Dhaka Stock Exchange’s market capitalisation is now a respectable Tk 342,570 crore, so one would think a raft of stock market data analysis providers...Bangladesh comes to Somalia’s rescueSince time immemorial Bangladesh has been taking on aids, grants and financial assistance from the global community. But now, it is providing debt relief to...NBR once again extends deadline for VAT software useThe National Board of Revenue has extended the deadline for the third time for use of software for record-keeping by firms with turnover of Tk...EBL gets new DMDMahmoodun Nabi Chowdhury has recently been appointed as the deputy managing director and chief risk officer of Eastern Bank Ltd (EBL).Prior to the appointment, he...Pakistan to buy Malaysian palm oil to compensate for India’s withdrawalPakistan will buy more palm oil from Malaysia, Prime Minister Imran Khan said on Tuesday, to try and compensate after top buyer India put curbs...Exports remain sluggishExport earnings continued to remain sluggish until January this fiscal year, frustrated by slumping shipment of apparel and leather and leather goods, the two sectors...India offers tax relief amid slow economic growthIndia’s government on Saturday offered relief to taxpayers and vowed to spend billions to double farmers’ incomes and upgrade infrastructure, health care and industry to...NCC Bank gets new DMDM Shamsul Arefin has recently been promoted to the post of deputy managing director of NCC Bank.Prior to the promotion, he was the bank’s senior...‘If we face any challenges, customers will suffer’Grameenphone will give more emphasis on innovation and localisation of digital services in the days to come and raise its game further to understand the...Export diversification hinges on access to bonded warehouseEasing access of non-RMG sectors to bonded warehouse benefit, an opportunity to ensure duty-free import of raw materials of export items, is vital to diversify...US offering credit guarantee to import its agriculture produceThe US is offering favourable terms to hook foreign companies towards its agricultural produce as part of the Trump Administration’s push to increase exports.An increasing...Marico Bangladesh staying ahead of the curveParachute Coconut Oil: one product by which Indian fast-moving consumer goods brand is almost synonymous with.So much that almost 70 per cent of Marico Bangladesh’s...Donors commit $4.25b in this year’s BDF: KamalThree foreign donors made commitments of $4.25 billion of new funds in Bangladesh Development Forum this year, in what was a first for the ten-year-old...Remittance floating uphillRemittance continued its upward trend last month, with migrant workers sending home 3 per cent more than they did a year earlier, in what can...Meena Bazar in talks to take over AgoraMeena Bazar, one of the country’s biggest supermarket chains, is in talks to acquire its peer Agora in a bid to scale up its business...Korean firm seeks 700 acres urgentlyKorea Industrial Complex Corporation (KICC) is urgently seeking 700 acres of land in Bangabandhu Sheikh Mujib Shilpa Nagar that it intends to start developing from...Political commitment holds the keyPolitical commitment is a must to help Bangladesh become a self-reliant nation, said a senior official of the World Bank Group.“You will not need a...Make prompt LC payment or face the musicThe central back yesterday instructed banks to make their import payment to corresponding foreign banks on time or else strict actions will be taken against...Tenure extension raises cost by 92pcThe government yesterday extended the tenure of a water supply project by three years increasing its cost by more than 92 per cent.The Tk 1,036-crore...BASIS software expo starts Feb 6The Bangladesh Association of Software and Information Services (BASIS) is going to organise a four-day exposition on the local software market at International Convention City...‘We will eat shares of other companies’Being amongst the fastest growing nations in the world in recent years, it is natural to assume that foreign companies would want in on Bangladesh.So...Private sector’s appetite for credit cratersPrivate sector credit growth dropped to the lowest since 2008 in December last year, in continuation of its downward trend of the previous 21 months.In...New York surges ahead of Brexit-shadowed London in financeNew York remains the world’s top financial center, pushing London further into second place as Brexit uncertainty undermines the UK capital and Asian centers catch...India renews push to sell Air India, puts entire stake on the blockIndia said on Monday it plans to sell its entire interest in Air India Ltd, making a renewed push to sell the flag carrier after...Construction poised to start this yearConstruction of a satellite town in Mirpur under public-private partnership (PPP) is likely to take off this year after the maiden initiative of National Housing...Lindex Baby Home focuses on organic cotton and recycled polyesterLindex’s very popular baby assortment is being expanded to today include ‘Lindex Baby House’ - a playful residence collection for kids.The home collection is manufactured...Renata to set foot in the US this yearRenata is set to become the third local drug maker to export products to the tightly regulated US market, in a testament of the advances...Ctg customs seizes illegally imported cigarette, chocolateChattogram Custom House yesterday seized two containers of cigarettes and chocolates, which were imported under false declaration.The containers were supposed to have mushrooms and sweetcorn,...Bangladesh’s rise in global apparel businessJust after the Independence War of 1971, Bangladesh had to put up a fresh fight to get rid of the scars that the nine-month battle...Lubricant consumption rises but prices stay highThe market for various petroleum products has expanded at an average rate of about 6 per cent in the last eight years following a rise...Govt rests easy as NBR collections riseRevenue collection edged up in first half of the fiscal year, spurred by improving receipts of value-added tax (VAT) and customs tariffs -- much to...US-China tech rivalry ragingChina and the United States may have laid down their arms for now in a trade truce, but their technological rivalry is still raging, raising...India likely to raise import duties on more than 50 items next weekIndia plans to increase import duties on more than 50 items including electronics, electrical goods, chemicals and handicrafts, targeting about $56 billion worth of imports...Dream71 to help Bhutan digitalise citizen serviceThe Bhutanese government has sought the Bangladeshi software development company Dream71’s support in formulating plans for digitalising services, in yet another pat on the back...IDLC becomes kitchen market vendors’ white knightShahinur Parvej, who owns a grocery shop in the capital’s Mirpur area, never thought he would require a loan from any bank or non-banking financial...Intel gets new chairman with Bangladeshi originAmerican tech giant Intel on Tuesday announced its board has elected with immediate effect a new chairman who had grown up in Bangladesh.Omar Ishrak joined...Social stigma puts women entrepreneurs offFemale agro-producers in rural areas play a vital role in the agricultural sector. However, the majority struggle to market their products at local and regional...Oracle firmly puts down roots in BangladeshOracle, one of the world’s leading providers of business software, yesterday opened an office in Bangladesh, where it had started operations 20 years back.“The speed...Budget deficit crosses 5pc for first time in 11 yearsBudget deficit went past the sensible limit of 5 per cent last fiscal year, for the first time in 11 years, largely because of lower-than-expected...Symphony now meets smartphone demand from own plantA new era is dawning in the manufacturing industry as local companies are putting their best foot forward towards building a ‘Made in Bangladesh’ brand.One...DSE Brokers Association elects top brassSharif Anwar Hossain, managing director of Sahidullah Securities, has recently been elected president of DSE Brokers Association.The association also elected Richard D’ Rozario, managing director...Bangladesh to export bandwidth to NepalBangladesh Submarine Cable Company (BSCCL) is looking for new markets to export its huge unused bandwidth and the new destination is Nepal, said officials of...