Business

Standard Group Factory Fire Fire dept assesses Tk 531cr in loss, half the sum estimated by owner An investigation committee formed by the Fire Service and Civil Defence to investigate fire in the garment factory of Standard Group at Konabari in Gazipur estimated Tk 531 crore in losses in the factory fire. The committee said in ... Read more

Banks will be able to make instant settlement of foreign currency and government securities-related transactions as well as local currency transactions when Bangladesh Bank will introduce the ‘real-time gross settlement’ system by July next year. According to a BB report, the RTGS system will replace the existing deferred net settlement system under which banks settle

The Bangladesh Garment Manufacturers and Exporters Association on Sunday said the latest power price hike would put adverse impact on the readymade garment sector and the industry would lose its competitive edge. In a news release the trade body expressed its deep concern over the power price hike and said the 6.96 per cent increase in ... Read more

Dhaka Stock Exchange is going to introduce T+2, which will allow maturity of shares in two trading sessions, from April 16 scrapping its existing T+3 trading cycle, according to a DSE web post published on Sunday. DSE officials said after the introduction of T+2 trading cycle investors would be able to sell shares after two trading ... Read more

Humayun Kabir Manik, a district judge, on Sunday joined as the judge in the first-ever special tribunal to deal with the stock market-related cases. ‘Humayun Kabir has submitted his joining letter to the Supreme Court, law ministry and the BSEC on Sunday,’ BSEC executive director Saifur Rahman

DIFE official says they have no info A good number of garment factories are yet to implement the new wage structure for workers after more than three months of its announcement. Labour leaders said less than 50 per cent of the factories implemented the new wage announced by a government-formed wage board on December 5 ... Read more

Sweater, Knitwear Factory Body on piece-rate workers’ problem moves very slow The working committee formed on January 28 to identify the problems sweater and knitwear factory workers are facing has begun its operation after one month of its formation, frustrating the workers who work under piece-rate system. The committee was supposed to submit its report within ... Read more

Production cost of rice and wheat in the current Rabi season increased due to higher input prices, agriculture ministry said. The government would take this into account while fixing the procurement prices for boro paddy, rice and wheat, said officials. The growers will not get fair prices unless the government buys directly from them taking the increased ... Read more

The government has finalised a preliminary list of about 3,500 garment factories to include the name of the factories and their workers in a publicly accessible database for RMG sector. As per the requirements of the GSP action plan set by the US as well as the requirement of Sustainable Compact of EU, the government ... Read more

The Bangladesh Securities and Exchange Commission is likely to amend the Mutual Fund Rules-2001 again waiving a condition which made 60 per cent investment in the stock market mandatory for the mutual funds, a senior official of BSEC said. The capital market regulator took the move in a bid to shape the mutual fund rules as ... Read more

The country’s rice import increased significantly in the recent months following the lower prices on the global market, according to a Bangladesh Bank finding report. The BB has recently conducted an investigation to know the cause of the increased trend in rice import. The central bank prepared a finding report in this

India has offered another $ 1 billion line of credit to Bangladesh at higher interest rate for implementing Bangladesh’s priority development projects. The country has also offered to provide an additional 500 megawatt electricity to Bangladesh if infrastructures are improved. The offers were made during

The Bangladesh Securities and Exchange Commission has asked the Dhaka and Chittagong stock exchanges to investigate short-selling of securities by certain stockbrokers detected by the regulator’s surveillance system. The BSEC on Wednesday directed the Dhaka Stock Exchange and the Chittagong Stock Exchange to look into the unlawful activities. Short-selling is a

Banks and non-bank financial institutions should come forward to finance the women entrepreneurs as only 30 per cent of them have so far got access to credit facilities. Lack of adequate financing hinders women empowerment although loan recovery from women entrepreneurs is almost hundred per cent, speakers at a daylong

The Europe-Bangladesh Technology Summit 2014 began in Hanover of Germany on March 10 to explore business opportunities in the European market for the country’s IT firms, said the Bangladesh Association of Software and Information Services on Thursday. The Hanover summit ends today and the next gathering

Foreign industrial enterprises operating in Bangladesh will not require taking prior approval from Bangladesh Bank to bring interest-free short-term loan with up to one year tenure from their parent companies and shareholders abroad, said the BB. To this end, the BB issued a circular to the authorised dealers of all banks on Wednesday saying that the ... Read more

Almost all house owners and businessmen detected as suspected tax dodgers have ignored the order of the National Board of Revenue for paying income tax while only less than 1,000 of them submitted income tax returns till date, NBR chairman Ghulam Hussain said on Wednesday. He said that the revenue board through its door-to-door survey-2012 detected

Ramadan Market TCB to intervene thru 3,000 dealers Essential food items at prices cheaper than those in the market would be sold throughout the country before and during the holy month of Ramadan through 3,000 dealers of TCB, commerce minister Tofail Ahmed said on Wednesday. The items are—lentil, edible oil, peas, dates and onions. ‘We are committed ... Read more

Bangladesh Bank is going to start online monitoring of the foreign exchange transaction with international credit and debit cards issued by the local banks in a bid to stop anomalies in the process of outward remittance, said officials of the central bank. A BB official told New Age on Tuesday that the central bank was now ... Read more

Country’s leading mobile phone operator Grameenphone has got 20 per cent new users among its 86,574 3G customers, showed a latest data of the company. GP recently submitted the October-December 3G performance report to the Bangladesh Telecommunication Regulatory Commission which showed that