Business

Board has limited option to offset revenue loss The revenue board plans to backtrack from a move to slash the corporate tax in the upcoming budget as the revenue to be forgone under the fiscal stimulus stands high, and loss offsetting budgetary measures appear limited. Senior taxmen said raising the tax slabs for individuals to offset ... Read more

Country’s leading mobile phone operator Grameenphone on Tuesday reported Tk 516.01 crore profit in January-March period of 2014 compared to that of Tk 453.96 crore in the same period of previous year. The earnings per share of the company is Tk 3.82 after the first quarter compared to that of Tk 3.36 at the same period ... Read more

Bangladesh should go for expansion of its diplomatic network at a cost effective manner by engaging honorary consuls to expand its position in the global market especially in accelerating trade and attracting investment. ‘Many countries like Canada, Cyprus, Iceland, Mexico and the Philippines are using such services of the honorary consuls as a cost effective

The country’ leading economists have opposed a proposal of the apparel manufacturers seeking sovereign guarantee from the government against foreign loan for setting up a garment industrial park in Munshiganj. It will be risky for the government to give sovereign guarantee for the private sector project as the government will be responsible for the

The country’s credit growth rate in the private sector increased slightly in March from the previous month but still remained very low as businesspeople continued with their wait-and-see policy because of ongoing political uncertainty. According to Bangladesh Bank data released on Tuesday, the year-on-year credit growth rate in the private sector

The Insurance Development and Regulatory Authority has fined Janata Insurance chief executive officer Fazlul Haque Tk 1 lakh on charge of providing false information to the regulator and not paying claimed money against an insurance policy. The IDRA also asked the insurance company to pay the due Tk 1.86 lakh with interest to the policy holder ... Read more

Bangladesh Securities and Exchange Commission on Tuesday approved Ratanpur Steel Re-Rolling Mills Limited’s initial public offering of Tk 100 crore at an issue price of Tk 40 per share including a premium of Tk 30. The BSEC made the decision in a regular meeting presided over by its chairman M Khairul Hossain. Through the IPO process, RSRM ... Read more

Indian mangoes, banned by European Union, have started to trickle into Bangladesh market. The Indian state of Odisha has already sent the first consignment of the king of fruits to Bangladesh, reports The Times of India. Bangladesh commerce ministry officials, however, told New Age that they were not aware of any mango import from India. A senior

The inflow of remittance increased to $1,232.41 million ($1.23 billion) in April of the current financial year 2013-14 against $1,194.40 million in the same month of the FY13 as the expatriate Bangladeshis are now feeling encouraged to send more greenback due to an eased political situation than the first half of the current FY. According to

Bangladesh Bank on Monday decided to increase the limit of foreign currency a student can carry while going abroad for studying to $500 from $200. The BB raised the amount by $300 for every foreign trip by students studying overseas institutions. To this end, the BB issued a circular to authorised dealer

The Centre for Policy Dialogue on Sunday opposed the government’s plans for reducing corporate tax and keeping the provision of legalising undisclosed money in the budget for the fiscal year of 2014-2015. In its recommendations for the upcoming budget, the private think-tank also apprehended that the economic growth might fall below 6 per cent in the

Employees, workers demand on-operation overhaul The Ruposhi Bangla Hotel, operating under state-run Bangladesh Services Limited, has set September 1 as fresh timeframe for suspending its operation for a 16-month renovation project. The employees and workers of the hotel, however, have demanded that renovation to be carried out keeping the five-star hotel open. Earlier, BSL planned renovation to

Net overseas investment in the Dhaka Stock Exchange hit a fresh all time high of Tk 572.08 crore in April as a number of corporate declarations of multinational companies in the month and decline in prices of other scrip since January attracted them to the market. The foreign investors during the period bought

The outline for setting up the garment industrial park at Gazaria in Minshiganj will be finalised at a meeting to be held at the Prime Minister’s Office on May 7, industries minister Amir Hossain Amu said on Sunday. ‘I hope the country’s garment sector will enter a new era within a short time as in today’s ... Read more

Financial Intelligence Unit of Bangladesh Bank and Anti-Corruption Commission on Sunday signed a memorandum of understanding to fight against money laundering. The BB and the ACC officials signed the MoU at the central bank headquarters in the capital in presence of BB governor Atiur Rahman and ACC chairman

Dhaka stocks declined sharply on Sunday, fifth trading session in a row, with declining turnover in apprehension of further decline in share prices amid unstable law-and-order situation and Bangladesh Bank’s moves, market operators said. The key index of the Dhaka Stock Exchange, DSEX, declined to 4,504.77 points, shedding 1.35 points or 62.08 points. The

Bangladesh Bank has framed a draft guideline on outsourcing policy for scheduled banks in a bid to mitigate their (banks) risks. According to the central bank’s draft guidelines, banking institutions throughout the world are increasingly using third parties (outsourcing) as a means of both reducing costs and achieving strategic aims. When these

The Investment Corporation of Bangladesh on Sunday started disbursing fund from the Tk 900-crore government refinancing scheme for the share investors affected by the market crash, giving Tk 1.11 crore to a brokerage house. The state-run organisation will soon release more funds from Tk 300 crore, the first tranche of the scheme it had taken from

Etihad Airways, the national airline of the United Arab Emirates, has recently unveiled the new product and service offering on its Airbus A380 and Boeing B787 Dreamliner aircraft, including The Residence, the world’s most luxurious living space in the air, said a news release. The Residence will be the breath-taking and completely

Revenue target set at Tk 1,82,520cr for FY15 budget The overall revenue earning target for the upcoming fiscal year will see around 17 per cent rise compared with the revised estimate for the outgoing fiscal year as the finance ministry plans to introduce new tax measures and increase the existing slabs in the new budget. Finance ... Read more