A panic caused by a rumour that some of the heavyweight players were going for massive disinvestment following the news that the Securities and Exchange Commission was preparing to take legal actions against market manipulators during the last stocks debacle pulled down the Dhaka stocks on Monday. The benchmark general index of the Dhaka Stock ... Read more
Business
HSBC to axe 30,000 jobs despite pre-tax profits rise
Banking giant HSBC has said it will cut another 25,000 jobs by 2013 and exit operations in 20 countries as it looks to save billions of dollars. The announcement came as the bank reported pre-tax profits for the first six months of the year of $11.5bn (£7bn), up 3% on the $11.1bn the bank made ... Read more
Profit taking pulls down stocks
Dhaka stocks continued to go through price correction yesterday for the fifth consecutive day with almost 2 percent decline. While declaration of less-than-expected earnings by some listed firms frustrated investors, a rumour on a regulatory action based on recent stockmarket probe report frightened many others,
DSE opens corporate governance dept
The Dhaka Stock Exchange on Sunday opened corporate governance and financial reporting department to bring more transparency among listed companies. Securities and Exchange Commission chairman Khairul Hossain inaugurated the department which will examine mainly financial reports submitted by the listed firms. The listed firms are required to
Mobile operators’ token of love for quake-hit Japan
Mobile operators of Bangladesh yesterday donated more than Tk 1 crore to the earthquake-ravaged Japanese people. Foreign Minister Dipu Moni handed over a cheque for Tk 10,224,891 to Japanese Ambassador Tamotsu Shinotsuka at a function at Ruposhi Bangla Hotel in
GSK moves to shore up foothold
GSK Bangladesh chairman shares insights with The Daily Star Fifty countries are now listed as ‘least developed’. All these LDCs may not remain on the list in future. With time, many will graduate to upper-income levels, broadening prospects in many areas, including healthcare. GlaxoSmithKline (GSK), a leading pharmaceutical and healthcare company, looks to cash in ... Read more
Gold price crosses Tk 50,000 mark
The Bangladesh Jewellers’ Association on Friday further increased the gold price by Tk 1,166 per vori (11.66 gram) to Tk 50,721 only 10 days after setting the price at Tk 49,555. Jewellers in the capital said the continued price spiral of gold on the global market and depreciation of taka against dollar compelled them to ... Read more
BRAC Bank launches credit card for online forex payment
BRAC Bank has launched a special credit card for online foreign exchange payment for specific business purposes such as domain purchase, server hosting and software licence purchase for IT businesspeople. The ‘BASIS-BRAC Bank co-branded credit card’ will be issued only to the members of Bangladesh Association of Software and Information Services (BASIS). The VISA card ... Read more
Stocks end the week in red
Stocks returned to the red as trading sessions advanced toward the close last week, ending a five-week gaining streak. Profit-taking pushed down market indices. The benchmark general index of Dhaka Stock Exchange, DGEN, capped the week at 6,587, declining 73 points or 1.10 percent. The yardstick of the premier bourse gained 884 points or 15.15 ... Read more
GSK to cut medicine prices
GlaxoSmithKline (GSK) is set to cut prices of a number of vaccine and pharmaceutical products marketed in Bangladesh by up to 61 percent, starting in August. The price cut is GSK’s Action for Access healthcare initiative to provide healthcare in the least develop countries within people’s ability to pay, said Duncan Learmouth, chairman of GSK ... Read more
Western Marine delivers vessels today
Western Marine Shipyard will deliver three vessels and a ro-ro ferry to its German buyer and Bangladesh government today in Chittagong. Two of the three vessels are the third pair of ice-class large vessels — named EMS Wave and EMS Tide — each having a capacity of 5,200 deadweight tonnage and 12 nautical miles per ... Read more
BB aims at squeezing credit growth in pvt sector
The Bangladesh Bank announced Wednesday its six-monthly monetary policy aiming at squeezing money supply to unproductive sectors and discouraging speculative usage of money to reduce the credit growth in the private sector to 18 per cent by June 30, 2012 from the present 25.5 per cent. BB governor Atiur Rahman announced what he termed an ... Read more
Stocks suffer swings, end in the red
Stocks fluctuated yesterday before settled in the negative zone as the investors went for selling shares to pocket profit. The benchmark general index of Dhaka Stock Exchange, DGEN, shed 14 points or 0.22 percent to end at 6,627. On the port city’s bourse, the selective categories index, CSCX, the main yardstick
Listed SoEs start offloading additional shares
Meghna Petroleum, Jamuna Oil to offload 1.07 crore shares from today Two state-owned enterprises listed with the Dhaka bourse will today start offloading additional shares as part of the government’s measure to increase the quantum of shares in the market. The state-run Bangladesh Petroleum Corporation on Tuesday announced that it would offload more shares of ... Read more
Indonesia set to import more medicines from Bangladesh
Dhaka has set a model for disaster management, says Minister The Indonesian Health Minister, Dr Endang Rahaya Sedyaningsih, has said that her country wants to import more quality drugs from Bangladesh and that it is mulling over ways to set up joint ventures with leading Bangladeshi drug manufacturers. The visiting dignitary was talking to The ... Read more
Fukuoka: Second Social Business City
Fukuoka has become the second city in the world to be named “Social Business City” for spreading activities based on the much-talked-about economic theory championed by Nobel Laureate Muhammad Yunus. Soichiro Takashima, the recently elected mayor of the Japanese city, made the announcement at the closing of the Asian Forum for Social Business that took ... Read more
Agora takes over PQS
Rahimafrooz Superstores Ltd that operates supermarket chain Agora has acquired PQS, another renowned brand. From August 1, all five PQS outlets across the capital will be operated under the brand name of Agora. “We reached an agreement two weeks back to take over PQS. This move is part of an expansion plan we have been working ... Read more
Stocks buck gaining trend
Twin bourses ended a four-day gaining streak yesterday as investors sold shares for profit-taking. The benchmark general index, DGEN, the yardstick of Dhaka Stock Exchange, lost 14 points, or 0.21 percent, to end the day at 6,669. On the port city’s bourse, the selective categories index, CSCX, the indicator of Chittagong
Zakat an effective tool for poverty alleviation: seminar
Speakers in a seminar said zakat was an effective tool for poverty alleviation and suggested that in order to reduce economic disparity and alleviate poverty zakat should be incorporated in the development strategies. Besides, the wealthy people should make appropriate planning for proper distribution of zakat, they said in the seminar on ‘exploring potential of ... Read more
Senior StanChart officials due in town
Sandeep Bahl, managing director and head of financial market sales for South Asia of Standard Chartered Bank, is scheduled to arrive in Dhaka today, the bank said in a statement yesterday. He is scheduled to meet senior officials of the bank, key clients and regulators. Prior to his current role, he was the managing director ... Read more