Business

Electronic chip-based cards to replace magnetic stripe tech The Bangladesh Bank is going to make mandatory for the scheduled banks to introduce electronic chip-based credit and debit cards by replacing the existing magnetic stripe technology-based ones to tackle fraudulent acts, Bangladesh Bank officials said. To this end, the BB will issue a circular in a ... Read more

The country’s remittance inflow hit a 21-month low of $1.01 billion in August due to a lower value of US dollar against the local currency taka and the post-Eid hangover, said Bangladesh Bank officials. They said that political unrest was another cause of the lower inflow of remittance last month as such a situation usually created ... Read more

All four participants in the auction for 3G mobile services will get licences, said Bangladesh Telecommunication Regulatory Commission chairman Sunil Kanti Bose on Tuesday. ‘As four operators were in the final race for four licences, all of them would get a licence but they would compete for the spectrum allocation,’

Tk 3100cr Sim Replacement Tax NBR reluctant about full-scale audit into disputed SIMs The National Board of Revenue high officials ditched a proposal of a tri-partite committee on SIM replacement tax to conduct full scale regular audit and further verify identities of more than 2.5 crore disputed SIMs of four mobile operators. The committee was ... Read more

The Bangladesh Securities and Exchange Commission on Tuesday approved a proposal of Mozaffar Hossain Spinning Mills Limited to go for initial public offering to raise Tk 27.50 crore. The company will float 2.75 crore shares through the process at an offer price of Tk 10 per shares, said a BSEC press release. The company will

Biman Bangladesh Airlines will double the frequency of its Dhaka-Kolkata flights and begin flights on Chittagong -Kolkata route by November using two turbo-propeller aircrafts expected to arrive soon, said Biman officials. ‘We would connect Dhaka and Chittagong with Kolkata when I get the delivery of two turboprop jets which are expected to add

Used Car Import Request for FY14 budget facility for 4,000 cars rejected  The National Board of Revenue, retreating from its previous stance, has rejected a plea of a section of importers for allowing 45 per cent depreciation benefits for more than 4,000 reconditioned cars imported before June this year, said NBR officials. After getting the ... Read more

U.S. Ambassador to Bangladesh Dan W Mozena on Monday said that there was growing opinion among Americans that they would not buy shirts stained with the blood of Bangladeshi workers. At the launching programme of Dhaka Chamber of Commerce and Industry Help Desk and US Products and Services Center at DCCI, the envoy said

Defaulted loans in the industrial sector increased by 79.05 per cent in the recently concluded fiscal year 2012-13 compared with that of the FY 2011-12 when it increased by 0.90 per cent, according to the latest Bangladesh Bank data. BB officials told New on Monday that banks

Online Transaction With Cards 2-step verification system by Apr 1, ’14 The Bangladesh Bank on Monday asked scheduled banks to introduce two-step authentication and online alert systems for the use of credit and debit cards for online transactions by April 1 next year. The BB issued a circular to managing directors and chief executive officers of ... Read more

The three-member supervision committee to manage the Tk 900 crore Capital Market Affected Small Investors’ Assistance Fund in its first meeting on Monday brought in two more members to assist the committee. ‘The supervision committee made the decision

Jute farmers, millers, researchers and experts of the jute sectors at a workshop on Monday called for increasing local consumption of jute through immediate implementation of jute packaging act to create its demand at home and abroad. They also emphasised on ensuring fair price

Dhaka stocks declined on Monday after just one session on the up while the turnover also plummeted as the investors went for sell-offs to make some profits. The benchmark general index of the Dhaka Stock Exchange, DSEX, lost 0.96 per cent, or 39.94 points, to finish at 4,100.35 points. DS30,

Internet service provider Ollo is running illegal business and tarnishing the image of legal Wimax operators, alleged Banglalion on Monday. In a press release, the company said that some corrupt official of Bangladesh Telecommunication Regulatory Commission was planning to give Ollo

BB tightens security steps, puts cap on transaction amount Bangladesh Bank on Sunday asked the banks not to allow money transactions through mobile banking without the clients’ mobile account. The BB also tightened the security steps for mobile banking, asking the banks to implement fully ‘know your client’ system by December and imposing a cap on ... Read more

GSP suspension comes into effect from tomorrow Implementation of the action plan taken for retaining GSP status in the US market has made little progress despite the fact that the time of review hearing on reinstatement of the benefits for the Bangladeshi products is nearing. The suspension of the generalised system of preferences benefits will come ... Read more

ADP Spending Ministries to set autonomous bodies’ target based on capacity The planning ministry on Sunday decided to ask all ministries to approve allocation for the autonomous wings based on their capacity of spending against the backdrop of dismal performance of autonomous bodies in implementation of self-financed development projects in the financial year 2012-2013. The ... Read more

Biman Bangladesh Airlines incurred losses of $25 million in the last fiscal year 2012-2013, but made improvement from the FY 2011-2012 when it had sustained losses of $75 million. ‘Biman has gradually been slashing its financial losses and is going for breakeven,’ said Biman managing director Kevin Steele at a press briefing at the Biman ... Read more

Mobile phone service quality falling: Inu Posts and telecommunications minister Sahara Khatun on Sunday said allowing mobile phone operators to use the 3G spectrum to launch their 3G services on easy conditions will enable the government to hold the shares of ‘huge revenue’. ‘The government is not doing auction business by conceding the 3G spectrum to ... Read more

Volatile political situation and concerns over the next poll-time government have dejected the foreign investors, which resulted in 21.33 per cent fall in net foreign investment in the Dhaka Stock Exchange in the month of August, market operators said. According to data released by the DSE on Sunday, foreign