Business

A strong nexus between trade union and political party acts as a major obstacle to reining in corruption in the state-owned banks, said a research paper published yesterday. “Trade union leaders are fabulously rich and refuse promotion to remain labour leaders. They dictate transfer, posting and promotion on monetary consideration,” said the

Five bidders have submitted their request for proposals (RFP) with Power Development Board (PDB) for two power projects that will generate a total of 675 megawatts. The two gas-fired power plants to be built under the private sector are Bibiyana phase-2 450 MW and Bhola 225 MW combined cycle power projects

Singer has introduced its high-tech personal computer brand SINGTECH in Bangladesh recently, says a statement. The computer is available in two models, such as SINGTECH Standard and SINGTECH Pro. Customers can buy the computers both in the forms of cash and instalment from Singer Plus shops across

ONE Bank opens 42nd branch at Jagannathpur ONE Bank has opened its 42nd branch at Jagannathpur of Nadda in Dhaka recently. Chairman of the bank Zahur Ullah inaugurated the branch, said a news

Dutch-Bangla Bank has launched its 1,000th ATM booth and 50th Fast Track booth in Chittagong recently. The bank launched the 1,000th ATM booth on the factory premises of the GlaxcoSmithKline Bangladesh Ltd in the Fouzderhat Industrial Area of Chittagong. Chairman of the executive committee of the DBBL board Sayem Ahmed inaugurated the

An international CSR conference will be held in Dhaka later this month focussing corporate social practices of German businesses. Organised by the Bangladesh German Chamber of Commerce and Industry, the conference will be held on October 28, chamber officials told

Declining shipments of apparels had earlier kept the demand for cotton dull, but revival of export to the US and EU markets has pushed up cotton procurement by Bangladeshi spinners sharply in the past few months, according to a report by the US Department of Agriculture. The report shows that Bangladeshi spinners purchased 9,14,000 tonnes ... Read more

Bangladesh will be able to take part in the decision-making process of International Telecommunication Union (ITU) as the country has been elected a council member of the union, telecom regulator BTRC said yesterday. At an election on Tuesday, Bangladesh got 123 votes out of 161 and acquired the sixth position, beating giants like Australia, India ... Read more

Grameen Krishi (agriculture) Foundation (GKF) has tied up with a leading Japanese agro-company, Yukiguni Maitake Company (YMC) Ltd, to produce mung beans in Bangladesh. Both the sides entered into a joint venture agreement yesterday. Prof Muhammad Yunus, chairman of GKF, the agriculture arm of Grameen Bank, and

The Microcredit Regulatory Authority (MRA) will announce next week a uniform interest rate for microfinance institutions, officials said. “MRA will give a cap on lending rates and some slabs,” said Lila Rashid, a director of MRA. She, however, did not say what the maximum rate would

North-West Power Generation Co Ltd and China National Machinery Import and Export Corporation (CMC) yesterday signed an agreement to set up a peaking power plant to produce 150 megawatts of electricity. According to the agreement, the Chinese company will install the plant at Soydabad in Sirajganj at a cost of Tk 962.5

The government on Monday decided to reopen five state-owned jute mills under the Bangladesh Jute Mills Corporation for rejuvenating the industry. The mills to be reopened include Quami Jute Mills in Sirajganj, Daulatpur and People’s jute mills in Khulna, MM Jute Mills in Chittagong and the second phase of the Rajshahi Jute Mills,

The wage board finalised yesterday the draft copy of new pay structure for garment workers without any changes. The new monthly salaries will come into effect from November 1. A minimum pay at entry level has been fixed at Tk 3,000 a month from the previous amount of Tk

Each country to set up two markets once a week The Cabinet on Monday approved the Memorandum of Understanding and Mode of Operation that Dhaka is expected to sign with New Delhi for setting up border markets. The commerce ministry placed the proposal for the operation of four markets initially on the frontier at the ... Read more

The central bank has given all banks directives to go by educational criteria in recruiting members of their staff. In a circular yesterday, Bangladesh Bank (BB) said it found some banks not complying with the criteria with regard to traditional and GPA (grade point average) evaluation systems. Asking the banks to strictly follow the education ... Read more

Despite a fall in migrant movement to the Middle East, revenues of Dubai-based carrier Emirates from Bangladesh were not affected as it banked more on travellers to long-haul destinations, Europe and the US, an official said yesterday. “We witnessed a huge pressure of labour traffic in 2008. But when travel by migrant workers

German fashion and lifestyle company s.Oliver yesterday opened its new office at Gulshan to strengthen outsourcing from Bangladesh. s.Oliver’s Asian Chief Operating Officer Bernd Hanemann said his company has been expanding business in Bangladesh because the country has a reputation of producing quality clothing

Bangladesh Bank will introduce a two-taka metal coin Tuesday with the pictures of Bangabandhu Sheikh Mujibur Rahman along with national flower Shapla (water-lily). According to a competent source, initially the coin will be released from the head office of the central bank, and it will be available at other branches

Dutch-Bangla Bank Ltd (DBBL) has launched its 1000th ATM at the factory premises of the GlaxcoSmithKline Bangladesh Ltd., Fouzderhat Industrial Area, Chittagong. Sayem Ahmed, Chairman of the Executive Committee of the Board inaugurated the 1000th ATM by drawing money from the ATM using DBBL Nexus Card on Sunday. The Chairman in his speech extended his ... Read more

Robi Axiata Ltd, a leading mobile phone operator of the country, has launched its career website at a hotel in city on Sunday. The career portal will facilitate potential applicants to apply for any new job offered by Robi. “The career portal will serve as a bridge between the employment seekers and the management to ... Read more