Business

M-banks daily stock reporting to BB might be made weekly Bangladesh Bank will coordinate with the Bangladesh Securities and Exchange Commission in making any capital market-related decision in future, BSEC commissioner Amzad Hossain told reporters on Sunday. The BSEC commissioner’s comment came after a coordination meeting held among BB, BSEC, Insurance Development and Regulatory Authority and ... Read more

Checking Fake Tin Submission Service providing agencies to get access to NBR online database The National Board of Revenue is going to allow some service providing agencies partial access to its online database to crosscheck the authenticity of taxpayer’s identification number submitted by a service seeker with the application for the services, officials of the ... Read more

Three months timeframe set for retrospective approval The Bangladesh Telecommunication Regulatory Commission has recently asked the mobile phone companies to get the service and tariff approval for mobile financial service from Bangladesh Bank. According to a BTRC letter issued on February 9, the mobile phone companies have to obtain within three months the mobile financial service ... Read more

Garment manufacturers have turned their focus on getting more stride into the non-traditional market buoyed by recent success and against the backdrop of tough conditions frequently being imposed by the EU and the US — the two major export destinations. According to exporters and experts, despite being the second largest apparel exporter in the world,

RMG Factory In Shared Building Alliance gives more time for relocation Alliance for Bangladesh Worker Safety, a group of North American retailers, has agreed to the demand from the garment factory owners for more time to relocate their (factory owners) units from shared or rented buildings. At a meeting with the factory owners at the Bangladesh ... Read more

The government has extended the procurement target of aman rice by one lakh tonnes for the current aman season to boost stock and help ensure fair price to the growers, food department officials said. As per the latest decision, the government would now procure a total of four lakh tonnes, instead of three lakh tonnes of ... Read more

Garment owners express reservations about full publice access The government has taken a move to create a publicly accessible database of the country’s garment factories but the manufacturers have expressed their fear that public discloser of factory report would hamper their business and benefit their competitors. Expressing reservations about full public access

The prices of sugar, edible oil and maida (refined flour) increased on the retail market in the capital over the week ending Friday due to supply shortage of the commodities on the wholesale markets. Traders said that the refiners had reduced their daily sales of sugar and at the same time some wholesalers had made stock ... Read more

Lack of expertise and policies restrains Bangladesh from developing blue economy though its rights over 360 km of territorial waters in the Bay of Bengal was established in 2012. Foreign secretary Khurshed Alam told New Age Thursday that demarcation of the sea boundary with India, expected to be settled in June, would open

The National Board of Revenue has in principle decided that Civil Aviation Authority, Bangladesh will have to pay income tax as it is a taxable entity, officials of the NBR said. The revenue board, at an inter-ministerial meeting held in February 19 at NBR conference room, made the decision rejecting a plea of CAAB seeking

Shipping lines, airlines and multimodal transport operators licensed as freight forwarders by Customs Authorities will now be able to open and maintain accounts in US dollar or other freely convertible currencies with authorised dealer banks to receive payments in foreign currency against their handling of FOB export cargos from Bangladesh. Funds from these

The Bangladesh Securities and Exchange Commission has moved to bring to book Paramount Textile, a newly-listed company, on charge of violation of securities rules in utilising initial public offering fund worth Tk 21 crore. The BSEC on Sunday sent a letter to Bangladesh Bank credit information bureau general manager seeking detail information regarding PTL’s account

Industries minister asks contracting firm Industries minister Amir Hossain Amu on Monday ordered the contracting firm to start construction works of the central effluent treatment plant in the tannery estate at Savar in one week. He gave the order to the JLPCL-DCL-JV, a joint venture of Chinese firm Jiangsu Lingzhi Environmental Protection Company Limited and ... Read more

Tofail urges buyers to include local engineers in factory inspections Commerce minister Tofail Ahmed on Sunday assured that the government would take an initiative to ensure duty-free import of fire and building safety-related products and he would place the matter to the next cabinet meeting. ‘To make the readymade garment sector safer and compliant I will ... Read more

Bangladesh Bank on Sunday issued rules and regulations on bank directors and shareholders’ taking loans from their respective banks that included a bar on waiving any loan of any director and interests that are included in the bank’s earning. The BB issued the rules and regulations in line with the amended version of the Bank Company ... Read more

The government is set to award 20 non-resident Bangladeshis the status of commercially important person for their outstanding contribution to the national economy in 2011 and 2012. Of them, 19 will be awarded the status for their contribution to the economy through sending remittance in 2011 and 2012 while the other will be

Dse’s New Trading Software New board reviews procurement process tomorrow The demutualised board of Dhaka Stock Exchange is going to review the procurement process of its new trading software worth Tk 50 crore that was earlier halted by the capital market regulator amid allegation of irregularities. The previous board had almost finalised the procurement process. But, ... Read more

Bangabandhu Satellite Govt to consider China co offer: minister State minister for foreign affairs Shahriar Alam on Sunday said the government would actively consider the offer extended by China Great Wall Industry Corporation (CGWIC) over the launch of the country’s first telecommunication satellite — Bangabandhu Satellite — in space. ‘The offer extended by China Great Wall ... Read more

Dhaka stocks declined on Sunday, the first trading session of the week, with increased turnover as some investors continued to sell-off shares to make profit along with fall in the large capitalised company shares. The benchmark general index of Dhaka Stock Exchange, DSEX, declined to 4,727.44 points, shedding 0.70 per cent or 33.74 points. Starting with a ... Read more

The government is going to reintroduce 20 per cent supplementary duty on import of tea to protect local producers from uneven competition with imported ones, officials concerned said. The National Board of Revenue has prepared a summery in this connection which will be sent to the finance minister for his approval soon, they said.