Pradeep Shrivastava has recently been appointed as the chief market officer of Robi Axiata Ltd, the mobile operator said in a statement yesterday. Shrivastava will succeed Bidyut Kumar Basu who moved to the corporate centre of Axiata Group Berhad in Kuala Lumpur. Prior to joining Robi, he was the operations director at
Business
Sluggish real estate jolts glassmakers
A sluggish real estate sector has affected the growth of glass processing industry, market players said. Float-glass manufacturers, who saw a jump in domestic demand in 2009 and 2010, have been facing a sort of stagnation since early this year. “No gas and electricity in new buildings has put a brake on our growth,” said
Civil servants’ salaries to proceed by e-payment
The government will process all public transactions electronically within the next couple of months, said Bangladesh Bank’s (BB) Governor on Thursday. While addressing the launching ceremony of ‘ICBI Easy Pay’, a new product developed by ICB Islamic Bank Ltd based on Electronic Fund Transfer Network (EFTN) in Motijheel, Governor Dr Atiur Rahman said, “Initially, public ... Read more
An event to promote the positives
THE World Marketing Summit (WMS) would present a new platform to portray Bangladesh as there is a gap between reality and perception about the country in the global arena, said experts. To be held on March 1-3 at Bangabandhu International Conference Centre in Dhaka, it will discuss how marketing philosophies, ethos and insights can be ... Read more
WB to provide $29mn for creating jobs in EPZs
The World Bank will provide US$ 29 million for creating jobs in the country’s Export Processing Zones (EPZs) for 11,000 poor women of Monga-prone areas. The government on Sunday signed a US$29 million financing agreement with the World Bank for the Northern Areas Reduction of Poverty Initiative (NARI) project, said a World Bank
Robi posts Tk 12.5cr loss in Q3
Robi yesterday declared a third-quarter loss of Tk 12.5 crore, although the mobile operator touched the break-even point in the previous quarter. The company earned Tk 782.1 crore in revenues in Q3, 13 percent higher than the same period in 2010 and 3 percent higher than Q2 this
An exposition of IT strengths
Asia’s mega technology event, eAsia 2011, ended saturday amid huge enthusiasm among visitors. Companies showcased how information and communications technologies (ICT) helped people get better services with ease at the event held at Bangabandhu International Conference Centre in Dhaka. Public and private organisations at the mega exposition showed their preparations in entering
821pc duty sends reconditioned car market crashing
Sales slump by 30pc A crippling 821 percent duty – highest in the world – imposed by the government on reconditioned vehicles has reduced sale by 30 per cent in recent months. The reconditioned cars business is in the doldrums because of staggering import duties. Taxes have also hit the sale of brand new
Local freelancers long for PayPal
They say the online payment service to boost income from abroad Local freelance software developers, who work for foreign companies online and earn foreign currency, yesterday urged the government to take steps to introduce a convenient online money transfer service, such as PayPal, for smooth transfer of their payment. They made the demand at a ... Read more
Remittance flow to Bangladesh, Asia might be hit: WB
The indigenisation programmes being considered or implemented in the countries under Gulf Cooperation Council including Saudi Arabia have raised concerns of adverse implications for future remittances to migrant-sending countries including Bangladesh, said a World Bank report released on Thursday. ‘While the indigenisation may not affect remittances in the near-term, they highlight the
BB receives 37 applications
Bangladesh Bank has received 37 applications for permission to set up new banks. On the list of the applicants are many influential lawmakers, politicians and businessmen having strong links with the ruling alliance. Under pressure from government high-ups, the board of the central bank in September decided to give its approval for new banks, provided ... Read more
10 Bangladeshi firms get SAFA awards
Bangladesh’s Prime Finance and Investment Ltd yesterday beat competitors from other South Asian countries to win the top award for best published accounts and corporate disclosures. The non-bank financial institution defeated its domestic competitor IDLC, which came first runner-up, and Hatton National Bank of Sri Lanka, which was the second runner-up, to win the
Stocks plunge ahead of stimulus announcement
Speculation over non-inclusion of CRR, SLR reduction spread panic Dhaka stocks plunged by 224 points on Wednesday in late panic-driven selling following a rumour in mid-session that the government’s stimulus package which would be announced after trading hours would not include reduction of banks’ cash reserve requirement and statutory liquidity ratio. DGEN, the benchmark general ... Read more
DSE turnover crosses Tk 8b mark
Buoyed by a number of measures to lift the stockmarket, turnover at the Dhaka Stock Exchange crossed Tk 8 billion on Tuesday, surpassing by a staggering nearly Tk 3 billion transaction of the day before. The bullish run has been continuing for the past couple of days after the bourse authority and the National Board ... Read more
Stocks rally for 2nd day on PM pledges
Dhaka stocks continued to rally for the second consecutive day on Thursday, with the turnover posting a significant rise, as the prime minister’s directive to bring back stability in the country’s ailing capital market infused the investors with new hope. DGEN, the benchmark general index of Dhaka Stock Exchange, rose by 3.59 per cent, or
A stride in solar panel manufacturing
A stride in solar panel manufacturing Rahimafrooz Renewable Energy Ltd (RREL) is set to manufacturer solar panels in the country by next month, to tap growing demand for green energy at home and abroad. The company has already set up a plant in Ashulia in Dhaka to manufacture 18MW PV (photovoltaic) solar panels a year ... Read more
Local footwear pulls in top world retailers
Bangladeshi exporters look to brighter days ahead Bangladesh’s footwear industry has attracted attention of globally known chain retails that now consider buying shoes from here in a bid to diversify their sourcing base. Global retail chains such as JC Penny, Marks & Spencer, Tesco and Wal-Mart, which now buy clothes from Bangladesh, are contacting leading ... Read more
Stock index hits 2-year low
Prompts agitating investors to demo in front of SEC Capital market investors on Monday staged demonstrations on the streets in Motijheel and in front of the Dilkusha office of the Securities and Exchange Commission as the stock prices on the Dhaka bourse went on a free fall and its general index fell to below the ... Read more
$300m WB credit to improve rural road network
The World Bank (WB) will provide Bangladesh with around US$ 300 million for improving the country’s rural road network. The concessional credit would be disbursed for the second phase of the Rural Transport Improvement Project (RTIP) as the first phase of the project will come to an end shortly, said
Banks’ move fails to lift stocks
Key index of Dhaka bourse plunges 180 points No efforts from the regulator and the private sector proved effective to pro up the stumbling stockmarket, which yesterday slipped again by more than 3 percent. Owners of commercial banks, under their platform Bangladesh Association of Banks (BAB), decided on Sunday to launch a Tk 5,000 crore ... Read more