Business

Mohammad Abdullah became the managing director of IFIC Bank Limited on Wednesday. Prior to the assignment, he was the deputy managing director of the bank, said a news release. Abdullah started his career with Agrani Bank in 1973 as probationary officer and held different positions in the bank. He joined IFIC Bank Limited in March ... Read more

Mutual Trust Bank Limited on Thursday launched four new retail loan products, personal loan, auto loan, home loan and home equity loan, as part of its programme to diversify products and services. Launching the products at a ceremony at the MTB Centre in Gulshan, the bank’s managing director and chief executive officer Anis A Khan ... Read more

The telecom regulator has finalised the draft licence renewal guidelines for the telecom sector, under which the four major operators are likely to pay a combined Tk 14,000 crore for licence renewal next year. The renewal fee for the four operators, whose licence will expire next year, will be Tk 10 crore each, according to ... Read more

The top official of the country’s prime bourse resigned from his post yesterday, much ahead of his tenure’s expiry. Satipati Moitra, who took over as the chief executive officer of Dhaka Stock Exchange December 24, 2009 for three years, in his resignation letter cited his deteriorating health condition as a

The regulator has extended time for execution of the rules on stockbrokers’ margin on additional trade exposure. “On receipt of appeals from Dhaka Stock Exchange, we’ve agreed to give more time to stockbrokers to go by such margin rules. The new deadline is January 2,” said an official of Securities and

The Customs, Excise and VAT commissionerate has taken stringent measures to clear its divisional and circle offices of un-appointed aides, popularly known as ‘Faltus’, who act as middlemen in unscrupulous deals between clients and the officials. The government is deprived of a huge amount of VAT which these ‘Faltus’ negotiate between

Bangladesh may achieve a 6.2 percent GDP growth this current fiscal year because of a steady rise in investment, particularly in power sector, a recent Citi report has forecast. The FY 2010-11 GDP growth target has been set at 6.7 percent. Such growth was 6 percent a year earlier. The report, Asia Macro and Strategy ... Read more

NBR collects record revenue in July-October The government will reduce tax incentives for different sectors to help increase tax collection, said National Board of Revenue (NBR) officials yesterday. Also, in the new income tax law, truncated tax will be withdrawn in case of VAT at retailer level, they said. The NBR officials said revenue collections ... Read more

Dhaka stocks dropped on Monday for the straight second day as investors, unnerved by a rumour of netting facility suspension move by the regulators and tensions in the political arena, sold off their possessions in afternoon trading, market operators said. The benchmark general index of Dhaka Stock Exchange lost 59.45 points or 0.69 per cent ... Read more

Italian sportswear company Lotto has recently signed a ten-year licensing deal with local Express Leather Products Ltd in Dhaka. The deal will allow Express to produce, distribute and retail Lotto-branded footwear, accessories in Bangladesh from January. Lotto also plans to give the same authority for apparel to the local

The commerce ministry sits with edible oil refiners today to find the reasons behind soaring soybean oil prices. Depending on the brand, the retail price of five litres of packed soybean oil stands at Tk 514-560 from Tk 464-494 earlier, traders said yesterday. The price of loose soybean oil crossed Tk 100 a

Walton Hi-tech Industries Limited is going to relocate a Korean mobile phone manufacturing plant to Bangladesh which is scheduled to come into operation early next year, advisory director of the company, Mizanur Rahman, said on Sunday. The handsets to be manufactured by the plant will be marketed under a local brand, he

Textile chemicals company Huntsman Textile Effects organised a programme in Dhaka yesterday to highlight its activity and the future of its business in Bangladesh. The multinational’s local agent, Swiss Colours Bangladesh, co-organised the event styled ‘Avitera SE & Eriopon LT – A Revolution in Exhaust Dyeing’ at

The government will punish people trading coins of Tk 1 denomination for more than their value. In a statement on Sunday, the Bangladesh Bank said it could not ascertain the reason behind the surge in demand for these yellowish coins. The central bank statement, however, did not elaborate on the mode of punishment or

Radisson Water Garden Hotel has organised a six-day food festival to promote Bangladeshi cuisine. The festival kicked off on November 25 and will continue serving diners until tomorrow, said Razeen Abhi Mustafiz, assistant public relations manager for the five-star hotel. “The purpose of the festival is to endorse Bangladeshi food, which is gaining popularity around

Soaring prices have made gold purchasers shy away without a compelling occasion, like a wedding, as prices rose early this month for the 10th time in a year. Jewellery manufacturers said they raised the prices to adjust to those on the international market. The price per bhori (11.66 grams) of 22-carat gold stands at Tk ... Read more

A leading optical fibre network service yesterday urged the government not to extend its November 30 deadline for removing risky overhead cables from electric poles across the capital. “We have already laid our optical fibre networks from Uttara to the Motijheel area of the capital, setting up distribution points across all the major routes,” said ... Read more

Hazera Alam Munni from Chittagong won the best chef of the year award for 2010 in the ‘Monitor-Malaysian Palm Oil Chef of the Year’ competition. The Bangladesh Monitor, a travel magazine, organised the competition for the sixth time. The gala award ceremony was held at Hotel Sonargaon in Dhaka

BRAC Bank has recently launched a new service, Apon Shomoy, a customer service centre dedicated to serving BRAC Bank customers 24 hours a day, seven days a week. This new service was opened at the bank’s Gulshan Avenue and Banani outlets. BRAC University vice-chancellor Ainun Nishat launched the ‘Apon Shomoy’ as chief guest in

Citycell has recently signed a strategic partnership agreement with Dutch-Bangla Bank at Citycell head office at Mohakhali in Dhaka. Under the agreement, DBBL’s mobile financial services will be available through Citycell phone and Citycell authorised point of sales