Business

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

Authorities now have started suspending production at garment factories following recommendation of North American retailers’ inspection teams after they closed production at nine units at the suggestion of EU retailers’ assessment teams. Production at three garment factories in the port city of Chittagong has recently been suspended as inspection teams

Finance ministry seeks clarification Some 20 state-owned companies have come under fire from the finance ministry as the boards of those firms defied the instructions of Prime Minister Sheikh Hasina and refrained from offloading the shares of the firms in the capital market. The ministry last week sought clarification from the errant companies for their repeated ... Read more

NRBs, World Bank, ADB, European Union to give funds Bangladesh Bank is going to introduce four new refinance and pre-finance schemes of Tk 1,000 crore for small and medium entrepreneurs in a bid to boost the country’s SME sector, said officials. A BB official told New Age on Sunday that non-resident Bangladeshis, World Bank, Asian Development ... Read more

Dhaka stocks fell sharply last week as investors went for selling shares following a central bank move against some banks for increasing their capital market investment beyond the allowable limit. Market operators said investors also booked some profit after gains in the previous week. The key index of Dhaka Stock Exchange, DSEX, lost 2.88 per cent,

Abdul Hai Sarker has been re-elected as the chairman of Dhaka Bank, said a news release. Sarker also holds different top positions at Bangladesh Textile Mills Association, Bangladesh Association of Banks, and Federation of Bangladesh Chamber of Commerce and Industries. He was an associate director of International Cotton