Business

Money laundering suspicion persists amid rising machinery import The country’s overall imports increased by 11.01 per cent in October of this year against a 8.60-per cent growth in the corresponding month of last year due mainly to higher import of capital machinery, rice and chemical fertilisers.BB officials and experts suspected that money laundering might have ... Read more

Dhaka stocks declined for the third trading session on Monday due to panic selling following a media report that the Bangladesh Merchant Bankers Association requested the BSEC to bring the investors having above Tk 1 crore in margin loan under the CIB reporting to facilitate recovery of the margin loans. The key index of Dhaka Stock ... Read more

Sovereign Bond JP Morgan also keen to become issue manager JP Morgan, a US-based investment bank, has showed interest to become issue manager for raising funds for Bangladesh from the international money market, officials said. Some international banks have started lobbying for the same as the government planned to issue sovereign bonds to raise finance ... Read more

Mobile phone operator Robi’s net profit declined by 9 per cent to Tk 130 crore in the third quarter of 2014 compared with the same period of the previous year because of higher operational expenses for 3G rollout, said officials on Monday. In Q3 of 2013 the net profit of the company was Tk 140 crore. ... Read more

Workplace Death, Injury Legal entitlement to compensation not ensured despite govt pledge The government has failed to ensure in stipulated time a legal entitlement to compensation for workers in case of death and injury in workplace incident though it is a commitment under the National Action Plan. Labour rights groups alleged that the government and factory ... Read more

BMBA requests BSEC The Bangladesh Merchant Bankers Association has requested the capital market regulator that the investors having loans above Tk 1 crore in merchant banks and brokerage houses should be brought under the reporting of Credit Information Bureau of Bangladesh Bank to facilitate recovery of the margin loans. A BMBA letter sent to the Bangladesh ... Read more

Bangladesh Bank on Sunday, for the first time, awarded 24 non-resident Bangladeshis for their contribution to serving the country with sending remittance and investing in bonds. BB officials said the award was given to acknowledge the contribution of the NRBs to the country’s economic growth through sending remittance and

Md Russel Shahrior has recently joined FAS Finance & Investment Ltd as managing director and chief executive officer. Prior to the appointment, he was the deputy managing director of MIDAS Financing Limited, said a news release. Shahrior served as executive vice-president and head of SME Finance, Green Banking & IT Division at IIDFC for more than eight ... Read more

Turnover hits three-and-half-month low Dhaka stocks declined for the second trading session on Sunday, first trading session of the week, with the turnover at the Dhaka Stock Exchange hitting its three-and-a-half-month low as investors overreacted to a regulatory step against Shahjibazar Power Company Ltd. The key index of the DSE, DSEX, closed at 4,838.11 points,

The auditor of Zeal Bangla Sugar Mills, a state-owned entity listed with the stock market, has expressed doubt over the future of the company due to an accumulated losses amounting to Tk 138.80 crore and due to higher production cost than the selling price of sugar. Malek Siddiqui Wali, the auditor of the company,

Swindling Of TK 30CR From Job Seekers BB asks Prime to file criminal cases against officials involved Bangladesh Bank has asked Prime Bank Ltd to take legal action against the officials of SMG Infocom Ltd and Prime Bank who were involved in swindling of around Tk 30 crore received from 2,500 jobseekers as undertaking. The BB ... Read more

Experts advise LDCs at CPD-FES dialogue Trade experts on Saturday suggested that the least developed countries including Bangladesh should immediately undertake necessary preparation to reap benefits from negotiations on new and emerging trade issues and to bring momentum in the current trade negotiations of the World Trade Organisation. LDCs will face difficulties and fail to reap ... Read more

Bangladesh Bank has sought the finance ministry’s approval for continuation of services of the current two credit rating agencies for three more years to 2017 as the central bank opts for avoiding procurement regulations-related hassles under a fresh appointment process. The BB in a letter sought the approval past week,

The worst type of defaulted loan stands at Tk 42,353cr Bad loans, the worst category of the defaulted loans, in the banking sector increased by 32.68 per cent to Tk 42,352.86 crore in the first nine months of this year due to the scheduled banks’ failure in recovering classified loans amid rising financial corruption. According to ... Read more

DSE to miss Dec target for ETF launch The Bangladesh Securities and Exchange Commission has moved to formulate guidelines on operating index-based exchange traded fund and to scrutinise the Dhaka Stock Exchange’s proposal of launching two index-based ETFs, BSEC sources said. The BSEC’s moves came at a coordination meeting of the commission held on November 19. ... Read more

The prices of edible oil went up in the city’s retail markets over the week ending Friday due to a decreased supply from the refiners. The prices of vegetable, however, decreased on the kitchen markets due to an increased supply of winter vegetables. Traders said that the prices of unpacked soya bean and palm oil increased by ... Read more

Commitments made by the international lenders and development partners to give loans and grants to Bangladesh declined by more than 50 per cent in the first four months of the current fiscal year of 2014-2015, officials of the Economic Relations Division said. Disbursement of foreign loans and grants, however,

The American Federation of Labour and Congress of Industrial Organisations has suggested that the US government should include telecommunication sector in its action plan for Bangladesh for reviving GSP facilities. The AFL-CIO made the suggestion alleging that the employees at Grameenphone, the leading mobile company in Bangladesh, have been struggling for the

Auditor of two companies listed with the Dhaka Stock Exchange — Meghna Condensed Milk and Meghna Pet Industries — has expressed doubt about the future of the companies as their current liabilities exceeded current assets. Ahmed Zaker & Company, the auditor of Meghna Condensed Milk, in its opinion on the Meghna Condensed Milk’s audited financial statements ... Read more

Imported raw rubber from India, Malaysia floods market More than 5,000 tonnes of rubber remained unsold at depots of the state-owned producers as the local market has been flooded with raw rubber imported from neighbouring countries taking advantage of low duty. Bangladesh Forest Industries Development Corporation is facing a tough time to clear the stock, the ... Read more