Archive / Business - 2021
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Australia says taking China to WTO over wine tariffs enables negotiationsAustralia's complaint to the World Trade Organisation over China's anti-dumping duties on wine exports should enable bilateral negotiations, Foreign Minister Marise Payne said on Sunday...Twitter loses 'safe harbour' shield in India over non-compliance to IT rulesTwitter has lost its 'safe harbour' protection in India over non-compliance with IT rules and failure to appoint key personnel mandated beneath the new guidelines,...Bangladesh among 3 countries leading recovery: USDABangladesh has joined two other countries to lead the global cotton trade recovery as the demand for the commodity has risen sharply because of buoyant...Bangladesh overtakes Hong Kong to be India’s 4th most significant export destinationBangladesh is just about the fourth greatest destination for exports from India overtaking Hong Kong in the first 90 days of the ongoing twelve months,...Banks’ provision shortfall widensThe provision foot of the banks in Bangladesh deteriorated heavily in the first quarter of 2021 as a result of the surging bad loans, highlighting...Cotton waste recycling can save $500m a year: studyBangladesh can save $500 million a year by recycling the cotton waste as garment factories and textile millers produce a huge level of leftovers of...Make a 2-year survival arrange for businessesThe government should make a two years' survival arrange for businesses, outlining different recovery guidelines, to guard the country's trade and economy amidst the pandemic,...Second wave derails recovery: MCCIThe second wave of coronavirus infections and subsequent lockdowns have derailed Bangladesh's financial recovery from the coronavirus pandemic, said the Metropolitan Chamber of Commerce and...Govt scraps plan to phase out reconditioned carsThe government has withdrawn its plans to phase out reconditioned car imports over the next five years taking into consideration the growing demand for private...DSE sues Banco SecuritiesThe Dhaka STOCK MARKET (DSE) has filed a case against Banco Securities on discovering a shortfall of Tk 60 crore in its consolidated customers' account.Such...Recruiting agencies face higher AIT: Tax burden could be pushed onto migrant workersRecruiting agencies will have to pay higher advance income tax (AIT) on service charges or costs they earn from migrant personnel going abroad, according to...Bad loans rise as payment holiday ends partiallyAs feared, default loans went up substantially in the first quarter of 2021 after the government partially withdrew the loan moratorium facility, which had prevented...Make farm machinery affordableThe government should provide at least 80 per cent subsidy to farmers to bring agriculture machinery of their purchasing power.Representatives of farmers, machinery manufacturers and...Tax benefit to spur growth of oceangoing shipping sectorBangladesh's fleet of oceangoing vessels is likely to expand in the coming years following the National Board of Revenue eased age rules for ships to...ACI stocks soar on news of Tk 84cr foreign investmentACI stocks soared yesterday when news broke that its subsidiary ACI Motors is defined to receive Tk 83.99 crore in foreign investment for the expansion...Strong bike industry inspires component makersBuoyed by the federal government policy targeted at developing the motorcycle industry, local companies are slowly but surely making a foray into the component manufacturing...Facebook gets VAT registrationSocial media giant Facebook yesterday received the value-added tax registration from the National Board of Revenue after 2 yrs of stalemate.Three entities of Facebook -...Price hike of essentials weighs on 90pc peopleAround 90 % of individuals of Bangladesh are forced to get low-quality products when the costs increase as their incomes usually do not go up...Banks face IT auditsThe ICT Division will probably commence an IT audit on banks next month to measure their capacity to thwart cyberattacks as growing digitalisation and remote...Bill put in parliament to hike HBFC’s capital with provision of tougher punishment for violating rulesA bill titled "The House Building Finance Corporation Bill (Amendment) 2021" was put in the parliament today to improve House Building Finance Corporation's authorised capital...Raise tariff on imported tilesCeramics makers yesterday demanded a rise in the tariff on imported tiles and withdrawal of the local supplementary duty on tiles and sanitary products to...Bangladesh’s stock market a concealed gem: HSBCBecause of the potential of the country's listed companies, HSBC has termed Bangladesh's stock market as a "hidden gem" for fund managers.Although Bangladesh has higher...Zaved brand-new CEO of Unilever BangladeshUnilever Bangladesh, one of the largest fast-moving consumer goods companies, has appointed a Bangladeshi as its ceo and managing director for the next time.The brand...Uber halts CNG service soon after launchUber suspended it has the CNG-run auto-rickshaw service found in Dhaka soon after its rollout, citing "mechanical faults."Both the introduction and suspension of the service...Tk 20,000cr fresh stimulus necessary for small businessesA fresh stimulus bundle of at least Tk 20,000 crore is needed especially for the survival and revival of cottage and micro enterprises (CMEs) as...Steel prices unlikely to cool-down despite source tax cutThe cut in source tax in the proposed spending budget may well not bring down the cost of steel, meaning the price of infrastructure and...After soybean, mustard oil to be dearerThe 5 % regulatory duty imposed on the import of rapeseed may cause the cost of mustard oil to shoot up and exceed the purchasing...High-flying insurance shares may put marketplace in troubleThe stock price of virtually all general insurance companies has a lot more than doubled within the last year riding on speculation, putting the complete...Telcos seek corporate tax cutsTelecom operators yesterday placed a slew of demands before the authorities, including slashing corporate tax from 40 % and 45 % to 25 % and...World Bank projects 5.1% GDP progress for Bangladesh in 2021-22The World Lender has projected that Bangladesh's GDP growth will be 5.1 percent within the next 2021-22 fiscal year.The WB revealed the projection on Tuesday...Businesses demand reforms in tax systemBusiness leaders in Chattogram experience stressed the necessity for reforms found in the tax system, such as for example policies that usually do not require...BB buys record $7.7b to keep taka stableThe central bank purchased $7.68 billion from the banking system in the first 11 months of the existing fiscal year, the best on record, to...Govt data in economy contradicts realityIndividual sector credit growth has been sluggish, capital machinery imports declined, and commercial production grew slower in the outgoing fiscal year than a year ago.The...Stocks fall amid earnings bookingThe currency markets took a dip yesterday credited the profit booking tendency among investors.The DSEX, the benchmark index of the Dhaka STOCK MARKET (DSE), dropped...LankaBangla gets $15m foreign loanLankaBangla Financing has received a overseas loan of $15 million from Luxembourg-based BlueOrchard Microfinance Fund.The mortgage loan proceeds will meet financing needs of tiny and...Fine doubles for wrong information in export-import documentsThe government has amended the Customs Act, doubling the penalty for providing incorrect information in import and export paperwork despite the fact that wrong declarations...Withdraw VAT, import duty over manmade fibre: BTMATextile millers yesterday demanded the withdrawal of value-added tax (VAT) and import duty about all types of manmade fibre for the potential growth of the...Just about all private banks reluctant to supply long-term loans to industriesMost of the private banks are reluctant to provide long-term loans to large and large industries, affecting industrialisation and professional projects in the united states. Although...Disburse SME stimulus fast: expertsThe government should make certain that stimulus funds for the cottage, micro, little and channel enterprises (CMSMEs) are quickly disbursed in order to facilitate sustainable...Fiscal measures hardly associated with job creationThe proposed budget has didn't offer fiscal measures to create jobs essential to millions of the persons in the informal sector who slipped to poverty...Corporate tax trim won’t pay offDespite a 2.5 percentage point corporate tax reduction, listed and non-outlined companies might end up having to pay more tax than that last year because...Focus shifting from vitality generation to transmissionThe government has shifted its focus from power generation to transmission and distribution as the sector is fighting overcapacity even though individuals are yet to...Continue 0.5pc source tax for 5yrsGarment exporters yesterday demanded the continuation of the existing 0.5 % source tax for another five years.Apparel manufacturers usually demand for supply tax to come...Budget proposal does not offer much to deal with the pandemic: CPDThe proposed budget does not have very much to offer regarding concrete measures and impressive policies to combat Covid-19 induced challenges, said Centre for Coverage...TIB raises concern above insufficient allocation for healthThe Transparency International Bangladesh has expressed concern for devoid of sufficient allocation in the next budget for critical sectors, including health, to combat the Covid-19...Kamal defends pro-business FY22 budgetFinancing Minister AHM Mustafa Kamal today said his authorities would be able to implement the budget for the upcoming fiscal time like it did during...MCCI welcomes budget but worried over implementationThe Metropolitan Chamber of Commerce and Sector (MCCI) welcomed the proposed cover 2021-22 fiscal year, but it thinks implementation of the annual plan will be...US winds down small business help scheme that gave $800bThe US government on Tuesday closed the books on the Paycheck Protection Program (PPP) that extended a almost $800-billion lifeline to smaller businesses to keep...Expectations from budgetThis year's national budget will be the second to be implemented amid the ongoing unprecedented monetary and social crisis brought on by Covid-19. One expectation is...Bata incurs first damage in 59 years of Bangladesh operationsBata Shoe Enterprise (Bangladesh), among the country's most common footwear makes, suffered losses for the first time in 59 years of functions since it had...