Bangladesh and Nepal are negotiating to make their currencies readily convertible against each other to minimise pressure on foreign currency. Regional currency conversion is under consideration at the regional forum of SAARC but Dhaka and Kathmandu could proceed bilaterally too, a foreign ministry official told the
Business
Rahimafrooz enters Japan market with batteries
Rahimafrooz has entered the Japanese market, the first for a Bangladeshi company, as part of the battery maker’s plan to expand its geographic reach. “We are very happy to enter the competitive market of Japan through maiden export,” says Munawar Misbah Moin, managing director of Rahimafrooz Globatt Ltd
Realtors protest Sahara’s entry
The government’s decision to allow Sahara India Pariwar to invest in the real estate sector has been met with vehement objections from the local realtors. The government is set to provide Sahara with one lakh acres of land to develop a satellite township around Dhaka. The move comes at a time when the government failed to ... Read more
Stocks gain for 2nd day amid volatility
Dhaka stocks gained for the second day on Thursday amid volatility as the investors still remained skeptical about the market following legal battle over securities law. DGEN, the benchmark general index of Dhaka Stock Exchange, gained 0.72 per cent, or 34.29 points, to close at 4,734.33 points
Bangladesh-made uniforms for British army
Satexco has been supplying uniforms to the army for the last 10 years A Bangladeshi company supplies uniforms to the British army, which is another testimony to the excellence of the country’s garment sector. Satexco, a garment company inside Dhaka Export Processing Zone (DEPZ), has been serving the British army for the last 10 years
Stocks break six-day losing streak on regulators’ intervention
Dhaka stocks gained on Wednesday breaking a six-day losing streak following desperate efforts by market regulators and the Dhaka bourse to prop up the market with the help of institutional support. DGEN, the benchmark general index of Dhaka Stock Exchange, gained 1.48 per cent, or 68.85 points, to close at 4,700.03 points. In the
Tough times ahead for private banks
Banking sector in Bangladesh is undergoing a challenging phase due to a liquidity shortage, following a massive capital outflow that resulted in a stock market crash early last year and restricted the banking sector’s ability to finance large projects, according to a report of gulfnews.com, a web portal. Some 77 banks and financial institutions serve ... Read more
Stocks on free fall amid street protest
Dhaka stocks continued to slide for the fifth straight day on Monday amid street protest by aggrieved investors against the latest spell of free fall of share prices in the market. DGEN, the benchmark general index of Dhaka Stock Exchange, lost 1.48 per cent, or 70 points, to close at 4,645.61 points. In the last ... Read more
BRAC comes up with low-cost solar lights
Low cost solar lights can be a good source to lighten up the homes of the marginalised people without access to the national power grid. BRAC yesterday launched such solar products that are safe for health and can play an important role in education and agricultural activities at
Stocks dip further as investors wait for CJ’s decision on writs
Dhaka stocks continued to plunge on Sunday, four days in a row, as investors agonizingly waited for a decision of the Chief Justice on five writ petitions filed against a provision of the Securities and Exchange Commission Ordinance 1969. DGEN, the benchmark general index of Dhaka Stock Exchange, lost 1.71 per cent, or
Pay tax online
Anybody with a debit or credit card and internet access can pay tax from home, instead of queuing for hours at a bank. The National Board of Revenue (NBR) yesterday introduced an online tax payment system at a function at Bangabandhu International Conference Centre in Dhaka. Prime Minister Sheikh Hasina first paid her advance income tax ... Read more
oDesk to help transfer freelancers’ payments
Senior official of the US-based company speaks on online payment system Bangladeshi freelancers will be able to receive payments in their local accounts from their US clients directly through the accounts of oDesk, a global marketplace that helps businesses hire, manage and pay remote freelancers or teams. oDesk is now working to develop a money ... Read more
Top exporters get HSBC awards
HSBC Bangladesh yesterday awarded six exporters for their contribution to promoting Bangladeshi products on the international market. Finance Minister AMA Muhith handed out the prestigious “HSBC Export Excellence Awards, 2011” to the winners at Radisson Hotel in the
Bapex finds oil in abandoned fields
The state-run energy exploration company, Bapex, has found extractable and economically viable oil in two oilfields abandoned two decades ago. The oilfields in Sylhet are able to produce at least 55 million barrels of oil, which could meet the country’s total demand for petroleum for more than two years, officials
3G, VAS guidelines not friendly for business: Orascom CEO
The visiting Orascom Telecom chief executive officer Ahmed Abou Doma on Saturday said that the draft 3G licensing and value added-service guidelines ‘will put many foreign investments off the country.’ Abou Doma, addressing a press conference at the Westin hotel in the capital, also asked the regulator and the government to reach a consensus with ... Read more
StanChart, Citibank, SBI, Prime slip from top position
BB CAMELS rating StanChart, Citibank, SBI, Prime slip from top position Four banks, including multinational Standard Chartered and Citibank NA, slipped from the top position in the latest CAMELS rating of the Bangladesh Bank. The composite CAMELS (capital adequacy, asset quality, management, earning, liquidity and sensitivity) rating for July–December 2011 showed that StanChart, Citibank, State ... Read more
Stocks fall for fourth week amid political, legal battle worries
Dhaka stocks extended losses last week, fourth week in a row, as tensions on the political front and worries over a legal battle on mandatory shareholding continued to haunt investors. DGEN, the benchmark general index of Dhaka Stock Exchange, lost 1.67 per cent, or 84.84 points, to close the week at 4,991.79 points
Herbal medicine market to exceed Tk 2,500cr by 2020: herbalists
The country’s herbal medicine market, which has been expanding gradually since 1980 as a safe treatment system, will exceed Tk 2,500 crore by 2020, herbalists told a workshop in the city on Saturday. The sales volume of herbal medicines jumped to Tk 1,000 crore in 2010 against an insignificant Tk 1 crore in 1980. Bangladesh ... Read more
Banglalink’s revenue up 19pc
Banglalink’s revenue rose 19 percent to Tk 1,070 crore in the first quarter, compared to the same period a year ago. An aggressive subscriber acquisition strategy for the quarter, in addition to a higher level of value-added service and data adoption led to the revenue increase for Q1, the country’s second largest mobile phone operator said ... Read more
NBR to launch online tax payment May 26
The National Board of Revenue will start online payment of income tax, VAT and other taxes on May 26, the NBR chairman said yesterday. Nasiruddin Ahmed spoke at a meeting with the representatives of trade associations at the Chittagong Chamber of Commerce and Industry (CCCI). CCCI President Murshed Murad Ibrahim