Business

The Year In Review Remittance, forex reserve beat doomsayers Foreign exchange reserve and remittance marked an important milestone in Bangladesh economy in 2009, beating the development partners’ glum forecasts in the face of global recession. In ten years, foreign currency reserve grew from $1 billion to cross the $10 billion mark this year for the ... Read more

Citibank, NA, Dhaka branch on Sunday announced that it had successfully arranged syndicated facility of Tk 170 crore ($24.6m) to provide financing for Nasir Glassware and Tube Industries Limited, a sister concern of Nasir Group. This five-year term loan facility will be utilised to finance the purchase of capital machinery and other long-term investments associated ... Read more

The year 2009 has been a mixed experience for the local sellers of brand new cars, especially who deal with the high-end market segment as some dealers had very good sales while others had little business. Some importers argued that huge increase on duties on the high-end cars depressed their sales while others said they ... Read more

RAK Ceramics, a Bangladesh-UAE joint venture, is going to be the first to offer primary shares using the book building method, a modern pricing mechanism for initial public offering (IPO). The Securities and Exchange Commission, the market regulator, gave the green light to RAK at a meeting on Wednesday, officials said. The tiles and sanitary-ware ... Read more

The maiden shipment of crocodile export from Bangladesh is going to be delayed due to bureaucratic tangles, claimed the top executive of Reptiles Farm Limited, country’s lone crocodile farm. Despite applying about four months ago, the organisation is yet to get permission to export the unconventional item, causing failure to meet the deadline of the ... Read more

The annual sales conference, 2010 of Incepta Pharmaceuticals Ltd was held at the Bangabandhu International Conference Center(BICC) yesterday. Managing director of Incepta Pharmaceuticals Ltd, Abdul Muktadir inaugurated the daylong programme. Hasneen Muktadir, director, Planning and Commercial also addressed the programme. Year 2009 was another successful year for Incepta. According to IMS health, an independent market ... Read more

The government will make a new law titled Bangladesh High-tech Park Authority Act 2009 aiming to attract foreign investors into making investment in the country’s dormant IT sector for achieving its envisioned goal of ‘Digital Bangladesh’ by 2021, report agencies. In this regard, the government will set up a High-Tech park at 232 acres of ... Read more

AMCL (PRAN) have declared 29 per cent dividend to its shareholders for the year 2008-2009 at the 24th Annual General Meeting of Agricultural Marketing Co Ltd(AMCL) held at National Shooting Complex, Gulshan, Dhaka on  Thursday. Lt Col Mahtabuddin Ahmed (Retd), chairman, Maj Gen Amjad Khan Chowdhury (Retd), managing director,  Ahsan Khan Chowdhury, deputy managing director, ... Read more

Otobi, a leading furniture maker, opened a showroom of office decorative items and accessories in Dhaka yesterday. The showroom, named Notepad, will provide all modern furniture and accessories to bring a full-fledged corporate makeover to offices. “We bring around 2,000 products of trendy taste that ranges from Tk 10 to Tk 70,000,” said Shabbir Hossain ... Read more

Micro Cables Ltd,  launched it’s New products — fire-retardan cables — in a ceremony held at Hotel Westin in Dhaka on Wednesday . Commerce Minister Lt Col (Rtd) Muhammad Faruk Khan attended the ceremony as chief guest while Fazlul Haque, President BKMEA, Engr Tanveerul Haque Probal, President of REHAB and Shah Alam Sarwar, Managing Director, ... Read more

Chairman of the Board of Directors of Jamuna Bank Limited, Sakhawat Abu Khair Mohammad inaugurated the 47th Gazipur Chowrasta Branch of the bank as chief guest in  Gazipur  recently. Al-Haj Nur Mohammed, chairman of Jamuna Bank Foundation Md. Ismail Hossain Siraji, vice chairman of Jamuna Bank and a large number of valued customers, well-wishers and ... Read more

United Airways added a new MD-83 aircraft to its fleet yesterday to expand its international network. The new MD-83 aircraft will be primarily used on the carrier’s upcoming routes between Dhaka-London, Dhaka-Dubai, Dhaka-Kuala Lumpur, Dhaka-Kathmandu and Dhaka-Bangkok. “The MD-83 aircraft has been purchased from Romania and this new addition has increased the fleet strength of ... Read more

SEC’s new decision effective from today The new criteria fixed by the stock market regulator for margin loans for mutual funds have drawn mixed reactions from fund managers, investors and an academic. The fund managers and investors fear that the new criteria will send wrong signals to market. But some experts said the restriction is ... Read more

Navana Limited, the local distributor of world class brand Toyota, extended its customer access points at commercial hub Agrabad by opening a new showroom of the brand new quality vehicles today. Vice-Chairman of Navana Limited Saiful Islam, General Manager of Toyota Tsushu Corporation (Dhaka Office) Y. Miura, President of Chittagong Press Club Abu Sufian, Editor ... Read more

Banglalion Communi-cations Ltd, a WiMAX internet service provider, has appointed Aftab Mahmud Khurshid as its chief brand officer, said a press release. Prior to joining Banglalion, he was the head of brand and marketing of The City Bank Ltd. Khurshid, also president of JCI Bangladesh, has a master’s in banking from Dhaka University and

Sakhawat Abu Khair Mohammad, chairman of the board of directors of Jamuna Bank Limited inaugurated 46th branch of the bank at S. S. K. Road in Feni as chief guest. Al-Haj Nur Mohammed, chairman of Jamuna Bank Foundation, Md. Ismail Hossain Siraji, vice chairman, Kanutosh Majumder, director of Jamuna Bank and a large number of ... Read more

Rubel Aziz, managing director of Pertex Beveragr has been elected as president of Gulshan Club, for the year 2009-2010 in the Annual General Meeting followed by Election held on Friday, at the Club premises. It was a landslide victory for Rubel Aziz, says a press release. Ten elected members of the executive committee are Obeid ... Read more

Mobile handset giant Nokia organised an advocacy meeting in Khulna city yesterday as part of its countrywide campaign — ‘Avijan’. Begum Mannujan Sufian, state minister for labour and employment, was present as chief guest at the event. The Avijan campaign, launched on October 18 this year, aims at spreading knowledge among the new generation about ... Read more

AKTEL, the third largest mobile operator, recorded profits worth Tk 147 million at the end of September, rising from a loss of Tk 737 million in the same period last year. However, the company recorded a loss of Tk 472 million in the third quarter (July-September) compared to the second quarter (April -June) this year. ... Read more

Samsung Electronics plans to invest around 7 trillion won ($6.05 billion) in its semiconductor business next year – 5 trillion won in DRAM and 2 trillion won in NAND flash memory and system LSI, an industry source told The Korea Herald. The world’s top memory chip maker’s investment plan is a 75 percent jump from ... Read more