Business

The new board of directors of the Dhaka Chamber of Commerce and Industry was elected with Asif Ibrahim as its president on Thursday. The board was elected 2011 at the association’s 49th annual general meeting, said a press release. TIM Nurul Kabir and Nasir Hossain have been elected as senior vice president and

Parveen Mahmud has been elected president of Institute of Chartered Accountants of Bangladesh (ICAB) for 2011 in its council meeting yesterday. Mahmud is the first woman president for ICAB since its establishment in 1973, said a statement. Former ICAB vice president in 2008, she is the deputy managing director of

The Board of Investment (BoI) yesterday introduced online registration system to help investors get their proposals approved faster and with less paper works. With the web-based automation, the prospective investors will be able to complete registration within just a day compared to six days in the existing

Dhaka University’s finance department team won the Battle of Minds 2010, a real-life business case solving competition, said a statement yesterday. The grand finale of the show, organised by the Bangladesh unit of British American Tobacco (BAT), was held at North South University (NSU) on

Bangladesh will enter a full-fledged mobile banking network within the next three months, and the shift will be implemented within a bank-led model, the central bank governor said yesterday. “The upcoming mobile banking has to be led by the banks,” Atiur Rahman said at a discussion at the National Press Club in Dhaka

Dhaka stocks gained heavily for the second day on Tuesday, recovering most of the ground the market had lost in its highest single-day fall on Sunday. Market operators said investors had continued buying spree to avail lower prices of securities after Sunday’s massive fall and subsequent withdrawal of some stringent regulatory measures by the

BB continues injecting money into banking sector, NBFIs The inter-bank call money rate was reduced further to around 40 per cent on Tuesday in response to the Bangladesh Bank’s directive not to charge interest rate over 50 per cent for short-term loans. Banking sector sources said that the call money rate, the rate of interest ... Read more

Bangladesh Bank (BB) has asked banks not to finance the purchase of any car older than five years. The central bank emphasised that the banks willing to finance the purchase of used cars must prepare a set of uniform guidelines to determine the value of the vehicles. “However, in no case the banks will finance ... Read more

Tanuja Rahman Maya from Jessore emerged as the ‘Best Women Entrepreneur of the Year’ yesterday, for making a successful foray into the country’s handicrafts market. Maya, owner of Rong Handicrafts, has received the National SME Women Entrepreneur Award 2010 at a function at Sonargaon Hotel in the

A two-day show of Bangladeshi readymade garments will begin in London on February 23. European buyers, retailers, wholesalers, fashion houses and leading brands will take part in the fair to be organised at Olympia 2 conference centre, the organisers said at a press conference at the Westin Dhaka yesterday

Candidates of Byabasayi Oikya Parishad gained won 14 director posts, out of 20, in the Khunla Chamber of Commerce and Industry’s bi-annual election held on Monday. Samomona Byabasayi Parishad won 4 posts and Khulna Byabasayi Kalyan Parishad won 2, said principal Jafar Imam, chairman of the election

Mobile operator Robi Axiata Limited and Eastern Bank Limited on Tuesday signed an agreement to introduce mobile-remittance service. Robi’s managing director and chief executive officer Michael Kuehner and Eastern Bank’s managing director and chief executive officer Ali Reza Iftekhar signed the agreement at a ceremony at the

Mutual Trust Bank has recently opened its Baridhara branch and relocated the Pragati Sarani branch of MTB Securities Ltd at the Alliance Building, 63 Pragati Sarani in Dhaka. MTB Group chairman Samson H Chowdhury inaugurated the branches as chief guest at a ceremony held on the premises of the branches, said a news

Mobile phone operator Grameenphone won a top award of the Institute of Chartered Accountants of Bangladesh (ICAB) for publishing transparent financial statements and annual report for 2009. The award was given in the category of communication and IT sector, Grameenphone said in a statement yesterday

Akij Group quietly went green seven months ago by setting up a 12-megawatt biomass thermal power plant costing more than Tk 10 crore. The group is using the power in several of its factories at Munshiganj, saving the company a portion of the money being spent for gas and

DSE Weekly review Dhaka stocks passed another bearish week with the turnover and benchmark general index of the bourse falling heavily as the nervous investors went for huge selling following volatility in the money market over liquidity shortage. The average daily turnover at Dhaka Stock Exchange fell by 32.24 per cent in the past week

A three-day information and communication technology (ICT) fair will be held at Woodland Park at Sholashahar in Chittagong on December 22-24. Inpace Management Services Ltd is organising the fair, `Banglalion Chittagong Digital Expo-2010′. Banglalion Communications Limited (BCL), a leading broadband wireless access operator of the

North South University has become the winner and champion of BrandWitz, a marketing competition. Institute of Business Administration, Dhaka University (IBA-DFS) was the first runner up and Institute of Business Administration, Dhaka University (IBA-SITH) Group was the second runner up, said a news release. The topic for the final was: ‘Branding Bangladesh through World Cup ... Read more

Economists warn of adverse impacts on investment The inter-bank call money rate on Wednesday skyrocketed to 175 per cent as banks and non-banking financial institutes scampered to submit cash to the Bangladesh Bank to fulfil their cash-reserve ratio. Economists warned that the economy would be affected severely if such volatility in call money rate continued. ... Read more

Bangladesh to get $1b from lending agency The International Monetary Fund (IMF) wants Bangladesh Bank (BB) to seriously address concerns with the commercial banks’ over exposure to the stockmarket. “We hope Bangladesh Bank will work diligently to ensure that banks and their subsidiaries take necessary action to mitigate the risks from stock market volatility,” said