Business

Asks BSEC to take steps to cut stock market’s dependency on banks The capital market advisory committee at its second meeting on Wednesday expressed its concern over the growing criticism about the initial public offering approval process and Bangladesh Securities and Exchange Commission’s role in the process, sources present at the meeting told New Age. ... Read more

Dhaka stocks advanced sharply on Wednesday with the key index of Dhaka Stock Exchange, DSEX, rebounding above 5,000 points level as investors continued with optimistic share purchase. DSEX, increased to 5,005.65 points, adding 1.43 per cent or 70.87 points after a 21-point rise in the previous day. Market operators said that investors’ optimistic participation on the trading

About 4,000 garment workers of five companies have been passing through hardship for last couple of months as they were not getting their wages and dues as per the law. The companies are Doreen Fashions Ltd, LA Fashions, Ha-meem Sportswear Ltd, Tuba Group and Amco Fashions Ltd. Labour rights groups alleged that the authorities

The local and foreign investors are yet to get back their confidence which is a major challenge for the economic growth of the country, said the Metropolitan Chambers of Commerce and Industry on Tuesday in its first quarter economic review of the current fiscal year. The MCCI review published on the day said that in

The National Board of Revenue has formulated draft rules to give service providing agencies access to its online database so that the agencies can verify the authenticity of taxpayer’s identification numbers of the service seekers, officials of the NBR said. They said a committee of the NBR had already submitted the draft rules to the revenue ... Read more

The government will close two types of prize bonds — Tk 10 and Tk 50 denominations — permanently on January 31, 2015. Only the prize bonds worth Tk 100 will be valid after the period. The BB issued a circular to executive directors and general managers of all its branches and managing directors of scheduled ... Read more

All kinds of taxpayers including individuals and proprietors will have to pay tax at source at the rate of 3 per cent on total value of local letters of credit for procuring products from domestic markets, the National Board of Revenue said. In a clarification issued on Sunday, income tax wing of the revenue board said ... Read more

The Bangladesh Securities and Exchange Commission on Tuesday rejected proposals of four companies to issue rights shares as the investors got insufficient time to judge the performance of entities which were listed with the major bourse in last one year. The companies, Bangladesh Building Systems, Central Pharmaceuticals, Mozaffar Hossain Spinning Mills and JMI Syringes

The Bangladesh Securities and Exchange Commission on Tuesday allowed United Power Generation and Distribution Company to raise Tk 237.60 crore from the capital market — 13 days after penalising the company, its issue manager and auditor for providing inappropriate information in its financial statement. The BSEC allowed UPGD to offload shares through the

Dhaka stocks advanced on Tuesday amid investors’ optimistic purchasing as share prices of many companies came down notably in recent downtrend. The key index of Dhaka Stock Exchange, DSEX, increased to 4,934.78 points, adding 0.40 per cent or 20.07 points. As prices of stocks became lucrative following fall

An Asia-Pacific summit on Tuesday endorsed a Beijing-backed route towards a vast free trade area in the region, host Xi Jinping said, calling it a ‘historic’ step. At the same time the Asia-Pacific Economic Cooperation meeting saw a flurry of diplomatic activity, with Russia’s president Vladimir Putin—often criticised by the

Bank and Financial Institutions Division of the finance ministry has recently appointed Shaikh Aminuddin Ahmed as the chairman to the board of directors of Bangladesh House Building Finance Corporation. Aminuddin, who started his career as a banker in 1966 after completing Masters in Economics, began his new responsibilities on Tuesday, said a news release. As a banker ... Read more

Accord on Fire and Building Safety, the platform of EU buyers and brands, has developed a fire safety manual for the existing readymade garment buildings suggesting installation of automatic fire alarm and sprinkler systems. The manual, revealed on Tuesday, suggested for creating fire compartments using fire resistant walls and floors, providing at least two exits and ... Read more

Unpaid Sim Replacement Tax Muhith advocates cutting NBR claim from 4 telcos by Tk 1,000cr Finance minister Abul Maal Abdul Muhith has suggested that the National Board of Revenue reduce the SIM replacement tax it has been claiming since 2012 from four mobile phone operators by around Tk 1,000 crore from the revised claim of ... Read more

The country’s export earnings in the first four months of the current financial year 2014-15 registered a negative growth for the first time in last five years due to sluggish earnings from the major export item, readymade garments. The monthly export growth in October also fell for the second consecutive month due mainly to the ... Read more

Mobile money transfer service provider bKash has 50 per cent market share in the country while new providers are expanding rapidly, Kenya-based international organisation Helix Institute of Digital Finance said in a report on Monday. In the Agent Network Accelerator Survey Report 2014, the Helix also said transaction volumes and profits in mobile financial service

The cabinet on Monday approved the draft Financial Reporting Bill 2014, more than one year after approving it in principle, to set a standard for financial reporting by the companies. The finance division placed the draft bill in a weekly cabinet meeting on the day presided over by prime minister Sheikh Hasina at the secretariat, ... Read more

Foreign Loan Of Over 1yr BoI nod must for capital machinery import: BB The businesspeople will have to take prior approval from Board of Investment to import capital machinery by receiving foreign credit with tenure of more than one year, said officials of Bangladesh Bank. The BB will issue a circular to authorised dealer branches ... Read more

Revenue Sharing BTRC to get Tk 244cr VAT exemption The National Board of Revenue on Sunday decided in principle to exempt the Bangladesh Telecommunication Regulatory Commission from paying Tk 244 crore as outstanding value-added tax on revenue sharing, officials said. The telecom regulator was supposed to collect the value-added tax from the six mobile companies and ... Read more

RMG Factory Inspection BUET teams for partial evacuation of 2 buildings The inspection teams of Bangladesh University of Engineering and Technology have found safety risks in two buildings, where five garment factories are housed, and suggested that the government-set review committee should evacuate the buildings partially. The BUET teams under a joint initiative of the