Business

Policy Opening On Credit IDRA fines five insurers Tk 1.35cr The Insurance Development and Regulatory Authority has fined five insurance companies Tk 1.35 crore for opening policies on credit for clients and providing margin to unlicensed agents, violating insurance laws, said an IDRA news release issued on Sunday. The penalised companies are Standard Insurance Company,

The Institute of Chartered Accountants of Bangladesh on Sunday awarded 50 organisations including banks, financial institutions, manufacturing companies, non-government organisations and public sector entities for their ‘best presented annual reports’ in 2013. The 14th ICAB National Awards were handed over to the winners

Scope for filing income tax returns by individual taxpayers for the current fiscal year ended on Sunday as the National Board of Revenue did not extend the deadline. Officials of the revenue board said that they faced huge rush of the taxpayers as many people crowded the field-level income tax offices at the last moment ... Read more

The fuel oil price slide on the international market has eased the government’s budgetary pressure as cost of its petroleum import would be reduced by up to 30 per cent, experts said. They, however, said that the benefit of the downtrend in the fuel price on the international market, which began in June this year, ... Read more

Business leaders, government policy makers and experts on Saturday said that there should be a strong financial mechanism including bank loans with low interest rate and secondary market system for the real estate sector to make the business vibrant and ensure affordable housing for all. At a seminar on housing for public welfare organised

The country’s apparel exporters are feeling a pinch of the sanctions imposed on Russia by the United States and the European Union over Ukraine issue. The sanctions have no direct impact on the export of Bangladesh but they have an indirect impact as some of the Russian importers are facing hassle following some

The law ministry has raised questions over the National Board of Revenue’s authority to issue statutory regulatory order on behalf of the government, NBR officials said. They told New Age recently that the revenue board could not issue over 10 SROs as the ministry either sent back or kept hold the draft of the SROs ... Read more

Twelve scheduled banks including eight state-run banks held 69.17 per cent of the total defaulted loans in the banking sector as of September 30, 2014 as they disbursed significant amount of loans unlawfully to their clients, said Bangladesh Bank officials. Five out of the 12 banks also failed to keep required

The price of egg went up in the city’s retail markets over the week ending Friday due to its increased demand. Traders said the egg price increased a bit as the demand for the item increased compared to the supply over the week. The price of egg increased by Tk 2 a hali (four pieces) and the ... Read more

The Centre for Policy Dialogue on Thursday said that Bangladesh would need at least another decade for graduating from the least developed countries’ category to a developing country as it lagged behind in human assets index and economic vulnerability index. ‘It will take at least a decade for graduation even if we

Govt finalises guidelines, to issue gazette notification next month The government has finalised guidelines for the sweater factories with a provision that the owners will have to pay their workers, who work under piece rate system, minimum wages during off-season. The sweater factory workers usually remain unpaid during off-season (three to four months every year) as ... Read more

Bangladesh Bank on Thursday asked scheduled banks not to open several mobile financial services accounts in favour of a single client to avoid financial crimes and anomalies. The BB issued a circular to managing directors and chief executive officers of all banks saying that from now on a client would be allowed to open only ... Read more

Active mobile phone subscribers in the country reached to 11.89 crore in October as country’s mobile operators added 5 lakh new users in the month. The latest data of Bangladesh Telecommunication Regulatory Commission showed that four mobile operators — Grameenphone, Banglalink, Robi and Teletalk — added new subscribers in the month while Airtel and Citycell witnessed

Dhaka stocks returned to a positive zone on Thursday, the last trading session of the week, but the turnover of the bourse declined to a four-month low because of investors’ cautious trading. The key index of Dhaka Stock Exchange, DSEX, rose by 0.33 per cent, or 15.94 points, to close at 4,772.55 points. Turnover of the burse ... Read more

Paul Polman, chief executive officer of Unilever Plc, visited Bangladesh on Wednesday and Thursday as part of his regular visit to key Unilever markets across the world, said a news release. He was accompanied by Sanjiv Mehta, executive vice-president-South Asia Cluster of Unilever. Kamran Bakr, chairman and managing director of

The consumers of medicines will have to pay an increased value added tax of around 2.4 per cent on an average from the existing 2 per cent. The National Board of Revenue on Wednesday issued an order saying that medicine manufacturers would have to deposit VAT on actual commission which they give to the retailers from ... Read more

Rush for NSCs makes govt worried The net investment in national saving certificates and bonds surpassed its annual target in just four months (July-October) of this financial year 2014-15 as clients continued to invest heavily in the NSCs due to low bank deposit rates and sluggish business climate. According to the Directorate of National Savings ... Read more

Downtrend At Stock Market BMBA defends CIB reporting proposal Bangladesh Merchant Bankers Association president Tanjil Chowdhury on Wednesday said that the proposals made by the association recently were for better management of the merchant banks and not to hurt investors’ sentiment and the market. Tanjil said the proposal of bringing investors with above Tk 1 crore ... Read more

The country’s telecom regulator has decided to amend the broadband wireless access (BWA) service guideline to incorporate LTE service-related clauses for facilitating the WiMAX operators to launch the service, officials said. Bangladesh Telecommunication Regulatory Commission officials said that the commission last week decided to form two committees to finalise

Farm loan disbursement decreased by 5.81 per cent in the first four months of the current financial year 2014-15 compared with that in the same period of the FY14 while 13 scheduled banks disbursed agriculture loan below 10 per cent of their target. According to the Bangladesh Bank data released on Tuesday, farm loan disbursement by ... Read more