Business

Credit growth in the country’s private sector achieved only 4.41 per cent in July-November of 2013 against a six-month target of 15.50 per cent as the businesspeople were reluctant to expand their business by taking finance from banks due to political unrest. According to the latest BB data released on Tuesday, private sector credit growth declined ... Read more

The overall point-to-point inflation and food inflation continued to rise significantly in December due mainly to political unrest including frequent blockades and hartals that broke down supply chain across the country, officials of Bangladesh Bureau of Statistics said on Tuesday. In December, point-to-point inflation rose by 0.20 percentage points and stood

Company denies any wrong doing Newly-listed Paramount Textile Ltd has repaid around Tk 21 crore loan to its shareholder Paramount Spinning from its initial public offering fund by dodging the capital market regulator, BSEC sources said. The company in its IPO prospectus did not mention of having any such loan. Using the IPO fund other than ... Read more

Airtel’s chief executive officer Chris Tobit has been appointed the chairman of the Association of Mobile Telecom Operators of Bangladesh, said a press release. AMTOB is a trade body representing six mobile operators – Airtel, Banglalink, Citycell, Grameenphone, Robi, and Teletalk. The immediate past president

Release of Fund From Tk 900cr Stock Scheme Merchant bankers oppose giving directors’ personal guarantee Bangladesh Merchant Bankers Association opposed a fresh condition imposed by the Investment Corporation of Bangladesh which asked for personal guarantee from directors of merchant banks to release sanctioned fund for affected small investors. BMBA president Tanjil Chowdhury expressed the association’s stance ... Read more

The Dhaka Stock Exchange board on Tuesday set January 12 to hold its next elections to elect four shareholding directors of the bourse from the first demutualised board, DSE officials said. The election commission of the bourse headed by former district and session judge Shamsul Haque will announce the election schedule today.

Dhaka stocks returned to positive zone on Tuesday after decline in the previous trading session with increase in turnover due to a media report that the central bank might declare relaxed monetary policy for January-June period which made investors optimistic. The benchmark general index of Dhaka Stock

The government has given contractual appointment to the National Board of Revenue chairman Ghulam Hussain for next one year. In a gazette notification, the ministry of public administration on Tuesday said that the government cancelled his post retirement leave and gave the appointment. His appointment will be effective from January 9 or on the date from his

Kazi Md Neyamat Ullah was on Monday promoted to deputy managing director of state-run Rupali Bank, said a news release. Prior to the new assignment, Neyamat was working as general manager of the bank. During his banking career, he worked at Rajshahi Agriculture Bank, Bangladesh Krishi Bank and Karmasangsthan Bank.

Risky Dhk-Ctg Highway RMG buyers mull shifting orders to Ctg Global buyers of Bangladesh readymade garment products are mulling to shift their work orders to factories located in Chittagong from Dhaka as the factories in the port city enjoy less disruption in transportation of their products to the port for shipment amid general strikes and ... Read more

Monetary Policy BB may keep pvt sector credit growth target unchanged Bangladesh Bank may keep unchanged the private sector credit growth target in the upcoming monetary policy for January-June of 2014 considering the existing political unrest, said officials of the central bank. Under the monetary programme for July-December, the central bank had set 15.5 per cent ... Read more

The leaders of the country’s apparel associations on Monday said they were expecting announcement of incentives for the sector from the government this week. They expressed their optimism emerging from a meeting with finance minister Abul Maal Abdul Muhith at the latter’s secretariat office. Leaders of the

Kuwait is going to resume recruitment of workers from Bangladesh after a seven-year break, senior officials at the expatriates’ welfare and overseas employment ministry said on Monday. The Bangladesh Embassy in Kuwait has so far sent home a demand for some 593 workers’ employment in a particular company in Kuwait, they said.

Dhaka stocks declined on Monday after a four-day bull run with a decreased turnover amid fresh political tension after the 10th national elections held on Sunday. The polls were boycotted by the main opposition alliance led by the BNP. DSEX, the benchmark general index of Dhaka

Three officials of Sonali Bank were on Monday promoted to deputy managing directors, said a news release. They are Zahid Hossain, Md Mustafizur Rahman and Ataur Rahman Pradhan. Prior to the new assignment, Zahid was company secretary (Board Division) of the bank’s head office while Mustafizur and Ataur were general managers.

The 10th national elections held on Sunday amid violence and boycott by the main opposition alliance led by the BNP will deepen economic crisis continuing in the country over the last several months, economists said. The election will not bring any positive change in already devastated economic situation, rather the economy will move further towards the ... Read more

Unsettled Inland Bills BB asks 30 banks to explain by January 19 Bangladesh Bank has issued show-cause notices to 30 scheduled banks to explain why they failed to settle their back-to-back inland bills against local letters of credit in line with the central bank’s directions. A BB official told New Age on Thursday that the central ... Read more

Stock Market 1:1 margin loan ratio comes into effect The new margin loan ratio which has come into effect this month will allow merchant banks and brokerage houses to issue margin loans to their clients at 1:1. Previously merchant banks and brokerage houses were allowed to give margin loans at 1:1.5. As per the new margin ... Read more

The National Board of Revenue is going to ask the commerce ministry for reducing the duration of the month-long Dhaka International Trade Fair to 10 days from next year in order to uphold the spirit of the fair and ensure discipline, officials of the NBR said. The month-long DITF does not fulfill the purposes,

Business activities worth around Tk 10,000 crore in the readymade garments sector were hindered by a supply chain disruption in the last two months amid frequent general strikes and blockades enforced by the opposition political alliance. RMG sector leaders said the apparel sector lost the volume of the business from November 1 last year to January ... Read more