Business

19th DITF begins today

The month-long Dhaka International Trade Fair 2014, the 19th edition of the annual event, begins in Dhaka today with a high hope of fetching significant export orders. Prime minister Sheikh Hasina is expected to inaugurate the fair, a platform for both local and foreign producers to showcase the products, at city’s Sher-e-Bangla Nagar on the grounds to the west of […]

January 11, 2014 · 0 comments · Business

NEW TRADING SOFTWARE: DSE asked to halt purchase until end of demutualisation

The capital market regulator has asked Dhaka Stock Exchange not to make a deal for purchasing new trading software of the bourse during the ‘interim period of demutualisation’. The Bangladesh Securities and Exchange Commission’s move came when the DSE recently took an initiative to get a new trading system. A BSEC senior officer told New Age, ‘We have already conveyed […]

January 11, 2014 · 0 comments · Business

Small poultry farm owners losing ground to big investors

Small poultry farm owners are gradually losing the ground for business to big investors in the sector, particularly the multinational investors, amid the absence of a protective mechanism by the government, industry insiders said. The stakes of the multinational companies over the poultry sector have made a leap from 4-5 per cent to 31-32 per cent since 2007, while, at […]

January 11, 2014 · 0 comments · Business

NBR asked to cut RMG export tax at 0.3pc

The government has bowed to the pressure of readymade garment manufacturers by agreeing to reduce significantly tax on apparel exports. The national board of revenue officials told New Age that the ministry of finance directed them to lower the tax at 0.3 per cent from existing 0.8 per cent. NBR, which is going to face a revenue shortfall of around […]

January 10, 2014 · 0 comments · Business

H1 export earnings up

Export earnings in the first-half of the current financial year crossed the government-set target for the period by 3.08 per cent to $14.68 billion. The earnings posted a 16.56-per cent growth from $12.59 billion of the same period of the financial year 2012-13, showed the Export Promotion Bureau data released on Thursday. Experts said the export earnings growth in the […]

January 10, 2014 · 0 comments · Business

Govt bank borrowing drops as unrest hits dev projects

The government borrowing from the banking sector went down by 32.05 per cent to Tk 4,569.85 crore from Tk 6,725.81 crore in the corresponding period of FY13, according to the latest Bangladesh Bank data. BB officials told New Age on Thursday that the government borrowing from the banking sector had declined significantly in the first six months of FY14 due […]

January 10, 2014 · 0 comments · Business

2010-11 stock crash still haunts victims

The stock market crash in 2010-11 resulted mainly from share price manipulation by powerful cartels took centre stage in the five-year tenure of the Awami League-led government. The biggest market crash in the country’s history that left thousands of investors penniless still haunts the sufferers. According to experts and stakeholders, the small-scale investors affected by the crash are still languishing […]

January 10, 2014 · 0 comments · Business

Stocks rise on another bubble anticipation

Dhaka stocks advanced for the third trading session on Thursday as investors became active in anticipation of another bubble at the capital market as the Awami League-led alliance is going to form government for another term, market operators said. They said the outgoing government run by AL-led alliance saw abnormal share price hike in early years of its five-year tenure […]

January 10, 2014 · 0 comments · Business

RMG buyers continue to cancel visit

Readymade garment exporters feared that the export orders for next summer and winter seasons might drop by 40 per cent as most of the global buyers have cancelled their visit to Bangladesh due to political instability surrounding the national elections. The exporters now have to go to any third countries or to the buyers’ countries to negotiate order whereas they […]

January 9, 2014 · 0 comments · Business

Export proceeds through TT: RMG makers to get 5pc cash incentive

Bangladesh Bank on Wednesday said that apparel makers would get five per cent cash incentive against their export proceeds if sent through an electronic system known as telegraphic transfer. The products which will enjoy the government cash incentive from now on are woven, knitwear and terri-towels. To this end, the BB issued a circular to the authorised dealer branches of […]

January 9, 2014 · 0 comments · Business

Trade deficit drops to $2.24b in July-Nov

The country’s trade deficit went down by 35.71 per cent in the first five months of the current fiscal year compared with that of 22.02 per cent per cent fall in the same period of the FY 2012-13 due to a rise in exports against slow growth in imports. According to the BB data to be released today, the deficit […]

January 9, 2014 · 0 comments · Business

Muhith turns down proposal for special fund for REHAB

Finance minister AMA Muhith on Wednesday turned down a plea by the real estate developers for creation of a special fund worth Tk 3,000 crore for the sector. Realtors under the banner of REHAB demanded creation of the fund at a meeting with Muhith at secretariat to help overcome their dull housing business. Led by REHAB president Nasrul Hamid, the […]

January 9, 2014 · 0 comments · Business

SIM REPLACEMENT TAX: NBR body, telcos in tussle over signing draft report

The review committee formed by the National Board of Revenue has yet to finalise its report on Tk 3,100-crore SIM replacement tax claimed from four mobile phone operators, even after six months of formation of the body, because of disputed stands by the parties, NBR officials said. According to the officials, the committee, comprised by representatives from the revenue board, […]

January 9, 2014 · 0 comments · Business

MPS hopes keep stocks up for 2nd day

Dhaka stocks advanced for the second trading session on Wednesday, hitting one and a half months high as a media report that the central bank might announce a relaxed monetary policy statement for January-June period made investors optimistic. DSEX, the benchmark general index of Dhaka Stock Exchange, gained 1.40 per cent, or 60.63 points, to 4,391.27 points, highest since November […]

January 9, 2014 · 0 comments · Business

Listing of MH Spinning Mills gets DSE nod

The Dhaka Stock Exchange board has approved the listing of Mozaffar Hossain Spinning Mills which has recently raised fund worth Tk 27.50 crore through initial public offering. The DSE board made the approval in a meeting held at a hotel in the city on Tuesday. The Bangladesh Securities and Exchange Commission on September 2013 approved the company to float its shares […]

January 9, 2014 · 0 comments · Business

DSE polls schedule announced

The Dhaka Stock Exchange’s election commission on Wednesday announced an election schedule, stating that the elections to four posts of shareholding directors for the first demutualised board of the bourse would be held on February 12. The three-member election commission headed by former district and session judge Shamsul Haque made the decision at a meeting, a member of the commission […]

January 9, 2014 · 0 comments · Business

Four SCBs stopped lending from Tk 4,100cr recapitalisation fund

The finance ministry has put a restriction on four SCBs to make fresh lending from the Tk 4,100 crore recapitalisation funds in an effort to tighten the bad lending culture of the struggling banks. As the four state-owned commercial banks—Sonali, Janata, Agrani and Rupali—have above Tk 12,000 crore in classified loans as of December 2013, the latest directives would have […]

January 8, 2014 · 0 comments · Business

5-month pvt sector credit flow miles away from target

Credit growth in the country’s private sector achieved only 4.41 per cent in July-November of 2013 against a six-month target of 15.50 per cent as the businesspeople were reluctant to expand their business by taking finance from banks due to political unrest. According to the latest BB data released on Tuesday, private sector credit growth declined to 11.13 per cent […]

January 8, 2014 · 0 comments · Business

Political unrest propels inflation for 2nd month

The overall point-to-point inflation and food inflation continued to rise significantly in December due mainly to political unrest including frequent blockades and hartals that broke down supply chain across the country, officials of Bangladesh Bureau of Statistics said on Tuesday. In December, point-to-point inflation rose by 0.20 percentage points and stood at 7.35 per cent from 7.15 per cent a […]

January 8, 2014 · 0 comments · Business

Tobit new AMTOB chief

Airtel’s chief executive officer Chris Tobit has been appointed the chairman of the Association of Mobile Telecom Operators of Bangladesh, said a press release. AMTOB is a trade body representing six mobile operators – Airtel, Banglalink, Citycell, Grameenphone, Robi, and Teletalk. The immediate past president of the association was Michael Kuehner, who completed his tenure as CEO of Robi in […]

January 8, 2014 · 0 comments · Business

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