Business

Dull Business Amid Unrest Interest spread rate drops Interest spread rate in the banking sector declined below five percentage point in November last year as surplus liquidity mounted in most of the scheduled banks due to a decreased loan disbursement amid dull business situation thanks to political unrest, Bangladesh Bank officials said. According to the latest ... Read more

The prices of local onion and broiler increased on the retail markets in the city over the week ending Friday due to a supply shortage. Rice prices remained high over the week. The price of local onion increased by Tk 5 a kilogram and it was selling at Tk 65 a kg on Friday. A section of ... Read more

The Dhaka Stock Exchange is likely to announce this week election schedule to elect it first board after the demutualisation of the bourse in November last year, DSE officials said. As per the Demutualisation Act 2013 enacted on April 29, the DSE have to form its first board within 90 days of its demutualisation. The DSE

The rate of defaulted loan at BASIC Bank decreased to 12.42 per cent only at the yearend of 2013 which is one of the lowest among the state-run commercial banks, according to a BASIC Bank news release. Though BASIC Bank had to face an unexpected midyear encounter with memorandum of understanding from Bangladesh Bank, diligences of ... Read more

Aircraft Purchase Biman negotiates for costly $338m loan from StanChart Cash strapped Bangladesh Biman is negotiating with an international commercial bank for a $ 338 million loan at high interest rate to clear delivery payment for two Boeing aircraft. Civil aviation and tourism ministry officials told New Age on Thursday that the Biman was negotiating ... Read more

The country’s imports increased by 9.01 per cent in the first five months of the current fiscal year 2013-14 compared with that of a negative growth of 13.21 per cent in the corresponding period of the FY 2012-13. According to the latest Bangladesh Bank data, settlement of letters of credit, or generally known as actual imports, ... Read more

Restoring Gsp In Us Market Commerce asks other ministries to speed up ‘action plan’ implementation The commerce ministry has asked different ministries and offices to speed up the implementation of the pledges that contained in an action plan the government had given to the United States Trade Representative in November to revive the suspended GSP ... Read more

57,000 brought under tax net The National Board of Revenue through its ongoing door-to-door survey detected till November this year 1,43,408 house owners and businessmen across the country who were dodging taxes and did not have tax identification numbers, NBR officials said. Of the suspected tax evaders, 57,564 house and shop owners have been brought under ... Read more

Dhaka stocks advanced for the fourth trading session on Thursday as institutional investors, encouraged by the central bank’s directive allowing banks another year to adjust their capital market exposure, continued to buy shares despite political unrest. The turnover of Dhaka Stock Exchange, however, dropped on the day, the second day of the sixth spell of

Shamim Ahmed Chaudhury has recently been appointed president and managing director (acting) of AB Bank with effect from January 1, said a news release. Shamim Ahmed, a masters of business administration (major in finance), started his banking career as a management trainee with American Express Bank

The number of income tax returns for the current fiscal year of 2013-14 that the National Board of Revenue received by the deadline of December 31 fell by 1 lakh or 10.5 per cent compared with that of last year, officials of the revenue board said on Wednesday. They said that economic slowdown and ongoing

The country’s remittance inflow decreased to $13.83 billion in the just-concluded year from $14.17 billion in 2012 against the backdrop of downward manpower exports during the period. According to Bangladesh Bank data released on Wednesday, remittance inflow decreased by 2.39 per cent in 2013 compared with that of a rise of 16.49 per cent in 2012. ... Read more

Scams, Defaulted Loans SCB’s loss-making branches rise to 235 The number of loss-making branches of the four state-owned commercial banks increased by 53 in the first nine months of 2013 due to surge in the defaulted loans at the banks and decreased credit demand from the private sector, Bangladesh Bank officials said. According to the ... Read more

Bangladesh Bank on Wednesday asked scheduled banks to maintain 100 per cent risk-weighted asset for unrated SME loan amounting to Tk 30 lakh and above. To this end, the BB issued a circular to managing directors and chief executive officers of all banks asking them to maintain 75 per cent RWA for unrated

Opening New Branch Fin min tags new conditions for state-owned specialised banks The ministry of finance has tagged some new conditions for four state-owned specialized banks for opening new branches. It wanted 80 per cent branches of Bangladesh Krishi Bank, Rajshahi Krishi Unnayan Bank, Ansars and VDP Bank and Karmasangstan Bank to make profit as a prerequisite ... Read more

Abu Zafar Hedaytul Islam has recently been promoted to deputy managing director of Trust Bank. Prior to his new assignment, he was senior executive vice-president of the bank, said a news release. Zafar joined the bank as senior vice-president in October 2003. Before his joining in Trust Bank he worked in Eastern Bank. Zafar started his banking career ... Read more

The net foreign investment at the Dhaka Stock Exchange rose by 145.13 per cent in the just-concluded year 2013 from that in the previous year as record fall in the stock prices on the bourse lured overseas investors. It increased to Tk 1,942.89 crore from Tk 792.59 crore

Dhaka stocks advanced on Wednesday, the first trading session of 2014, led by low capitalised scrips as institutional investors went for buying. The benchmark general index of Dhaka Stock Exchange, DSEX, increased to 4,286.15 points, adding 0.45 per cent or 19.60 points. DS30,

Supun Weerasinghe, a Sri Lankan national, on Wednesday joined Robi Axiata Limited as the company’s new chief executive officer and managing director. Weerasinghe replaced outgoing Robi CEO Michael Kuehner, who retired from full time corporate life. Kuehner will, however, continue to be a

Muhammad Shams uz Zoha, director of Shams Group and of Supreme Jute and Knitex Ltd, has recently been elected chairman of the Bangladesh Jute Mills Association for the term 2014-2015. He was elected by the members of executive committee of the association at its 30th annual general meeting held in Dhaka recently, said a news ... Read more