Business

The Bangladesh Securities and Exchange Commission on Thursday fined three brokerage houses Tk 7 lakh for violating different securities related laws, said a BSEC release. The BSEC made the decision at a commission meeting presided over by its chairman M Khairul Hossain, the release said. The three companies

Prime minister Sheikh Hasina on Thursday said her government would encourage more investments in the infrastructure and private sector development in the country by the Islamic Corporation for Development of the Private Sector. The prime minister said this when visiting ICD chief executive

Dhaka signs deal with Washington, Ottawa: minister Dhaka signed a fresh air service agreement with Washington early this week to resume Biman Bangladesh Airlines’ flights to and from New York that had remained suspended since July 2006. A six-member team led by civil aviation and tourism secretary Khurshed Alam Chowdhury initialed the air service agreement ... Read more

The Bangladesh Securities and Exchange Commission has moved to withdraw suspension order on the controversial Appollo Ispat Complex Limited’s initial public offering of Tk 220 crore, BSEC officials said. The withdrawal of suspension order on Appollo Ispat’s IPO is on the agenda of today’s Commission meeting, a BSEC official told New Age on Wednesday.

The Bangladesh Telecommunication Regulatory Commission has decided to increase the power of the auctioneer in the draft auction method for the 3G auction which is scheduled on September 8. BTRC officials said the draft auction process would allow the auctioneer to raise the call price by his own in specific case and call for strategic ... Read more

Remittance inflow from six countries significantly decreased in the recently concluded fiscal year compared with that of the FY 2011-12, according to Bangladesh Bank data released on Wednesday. The BB and commercial bank officials told New Age that the ongoing financial recession in the European countries and an increasing trend in money supply

Indian businessmen see their decision to stop exporting onions to Bangladesh as a befitting reply to the latter’s ban on export of hilsa fish to the former. A year after Bangladesh banned the export of hilsa to India, on Monday Indian traders stopped exporting onions to Dhaka, reports Hindustan Times.

Adhering corporate governance guideline a must for issuing rights shares Bangladesh Securities and Exchange Commission on Wednesday barred the listed companies from issuing dividends from surplus shown courtesy of asset revaluation. The BSEC, in a separate directive, also made adhering to corporate governance guideline mandatory for the listed companies for issuing rights shares.

Stock Market Crash Draft MoU on Tk 900-crore refinancing scheme finalised Bangladesh Bank, Bangladesh Securities and Exchange Commission and Investment Corporation of Bangladesh on Wednesday finalised the draft memorandum of understanding that the three entities will sign on Tk 900 crore refinancing scheme for stock investors. BB officials said that the first Tk 300 crore ... Read more

The Dhaka and Chittagong bourses on Tuesday signed a memorandum of understanding for setting up a joint clearing corporation for smooth transaction in the stock market and payment for derivative instruments. The MoU was signed at the DSE office on the day after the DSE board had decided to set up a clearing corporation project jointly ... Read more

Beximco Pharma managing director Nazmul Hassan MP has won Asia’s Most Influential Leaders Award while Beximco Pharma has been nominated for Asia’s Most Promising Brands Award, said a press release. Nazmul has been selected as one of the top 15 most influential Asian corporate leaders and the award will be given at a gala ceremony ... Read more

Fin min okyes guideline, sets 9pc interest rate The finance ministry has approved a guideline on disbursement of Tk 900 crore in loans to the small-scale investors affected by the market crash, raising the interest rate to 9 per cent from the proposed 8 per cent. The ministry on Monday endorsed the guideline

Bangladesh Bank on Tuesday issued a guideline for non-bank financial institutions on base rate system so that they could offer a reasonable interest rate of their different products to the clients. A BB official told New Age on Tuesday that the base rate could be described as the minimum interest rate below which it was ... Read more

Income tax collection by the National Board of Revenue grew by 28 per cent in the first month of current fiscal year 2013-14, officials of the NBR said. In July, the revenue board collected Tk 1,837 crore in income tax, which is Tk 425 crore higher than that of the last fiscal year, provisional data ... Read more

Member of the US House Ways and Means Committee Sander Levin on Tuesday stressed on responsibility of the US retailers in revamping the RMG sector of Bangladesh. ‘In the current globalised world all concerned has shared responsibility to overcome any difficulties,’ Congressman Levin opined during a meeting with foreign minister Dipu Moni

Walmart, Gap and other major US retailers plan to meet Tuesday in Chicago to start implementing a Bangladesh factory-safety plan announced last month amid criticism it lacks teeth to enforce company promises, reports Wall Street Journal. The group, made up of 20 companies known as the

The Bangladesh Telecommunication Regulatory Commission on Tuesday asked 23 international gateway operators, most of which got licences on political influence, to pay dues worth around Tk 500 crore by August 26. BTRC officials said the commission had taken

The Dhaka and Chittagong bourses on Tuesday held a meeting and discussed the possibility of setting up a joint clearing corporation for smooth transaction in the stock market and payment for derivative instruments. The meeting was held at the Dhaka Stock Exchange building. DSE president Ahasanul Islam chaired the meeting.

Dhaka stocks ended flat on Tuesday with an increased turnover as investors went for profit-taking selling in late trading on the day after a six-day rise. The benchmark general index of Dhaka Stock Exchange, DSEX, closed at 4,082.67 points, shedding 0.03 per cent or 1.24 points. DS30, the blue-chip index of the bourse,

The country’s current account balance posted a large surplus amounting to $2.52 billion in the recently concluded financial year against a deficit figure of $447 million in the FY 2011–12, according to Bangladesh Bank data. Economists and BB officials told New Age on Monday that the large surplus of the current account balance would put ... Read more