Business

Shahjibazar’s Surge BSEC forms another probe committee The Bangladesh Securities and Exchange Commission on Sunday formed a fresh investigation committee to look into unusual rise in the share prices of Shahjibazar Power Company. Earlier on August 3, the regulatory body had formed a committee that had investigated unusual rise in the share prices of the ... Read more

Md Abdus Salam has recently joined Premier Bank as deputy managing director. Prior to joining Premier Bank, he served as an adviser to Multimode Group, said a news release. Salam started his career in 1976 as a senior officer with Sonali Bank. He also worked at National Bank and Mercantile Bank.

Wali Ul Islam has recently joined Unicap Securities Limited — a subsidiary of Union Capital Limited — as chief executive officer. Prior to his joining at Unicap Securities Limited (former SES Company Limited), Wali served as the chief executive officer and director of LankaBangla Securities Limited, said a news release. He had worked in different organisations like ... Read more

Mayor Hanif Flyover Orion set to get tax exemption for 15yrs The National Board of Revenue on Sunday decided in principle to provide Orion Infrastructure Limited, a concern of Orion Group, with tax exemption on its income from the Mayor Hanif Flyover for 15 years, officials said. They said that the decision was taken at the ... Read more

Dhaka stocks declined sharply on Sunday, the first trading session of the week, with increased turnover amid investors’ share sell-offs of large capitalised companies. The key index of the Dhaka Stock Exchange, DSEX, declined to 4,938.65 points, shedding 1.72 per cent or 86.44 points. DS30, the blue-chip index of DSE, fell

Net profit of most banks listed with the capital market rose in July-September period of 2014 compared to the same period of the previous year amid relaxed loan rescheduling facility against defaulted loans and increased interest margin on working capital. Out of the 30 banks listed with the capital market, net profit

Defaulted loans in the country’s agriculture sector stood at Tk 6,006.80 crore as of September 30, 2014 which accounted for 20.04 per cent of the total loans disbursed (Tk 29,971.50 crore) in the sector. The farm sector defaulted loans accounted for 18.22 per cent of the total loans (Tk 34,632.82 crore) disbursed in the sector ... Read more

The prices of onion and broiler went up in the city’s kitchen markets over the week ending Friday. According to traders, the price of onion increased due to supply shortage and the price of broiler went up due to increasing demand. They said that the price of imported onion increased as a supply shortage of ... Read more

The National Board of Revenue has sought detailed data on economic units and businessmen in the country found by the Bangladesh Bureau of Statistics through Economic Census-2013 to trace potential taxpayers, officials said. They said that income tax wing of the revenue board would conduct survey based on the data to bring businessmen listed through ... Read more

Traders suffered as business activities were hampered by the nationwide general strikes enforced by the Bangladesh Jamaat-e-Islami in all four working days in this week. Tuesday was a public holiday on the occasion of Ashura. Jamaat enforced the strikes in protest at the punishments

The National Board of Revenue on Wednesday formed a committee to identify Bangladeshi citizens who laundered money abroad, officials concerned said. The four-member committee will also prepare a work-plan to prevent tax evasion by Bangladeshi people through laundering money, they said. The committee, headed

The government is going to finalise new textile policy with the aim of raising local textile production from the existing 7,000 million mitres to 14,036 million mitres of fabrics by 2019-20. Currently, country’s textile sector meets 62 per cent of the local demand for fabrics — 11,400 million mitres — a year. Earlier, the government ... Read more

Mobile Sim Replacement ACC launches probe into tax evasion by 4 cos The Anti-Corruption Commission has launched an inquiry into alleged tax evasion worth Tk 3,062.20 crore by four mobile phone operators through SIM replacement, officials of the ACC told New Age on Monday. They said they had already started investigation into the matter after ... Read more

A finance ministry internal report has strongly recommended making immediate revision on the interest rates regime of savings tools amid their astronomical growth in a sluggish investment climate in the country. The report warned of an imminent fiscal risk to be caused by high interest burden of the government if the interest yields are not ... Read more

Bangladesh Bank on Monday said any person, organisation and company would have to take prior approval from the central bank if they hold jointly or individually more than 5 per cent shares of a bank company. The BB issued a circular to managing directors and chief executive officers of all banks saying that individual person, ... Read more

The country’s remittance inflow registered a 14-month low in October due to post-Eid hangover, said officials of Bangladesh Bank. According to BB data released on Monday, remittance inflow in the month was $1.01 billion. The previous lowest figure was $1.005 billion in August of the FY14. The remittance inflow decreased by 17.87 per cent in

Alltex Industries, a listed company at the Dhaka Stock Exchange, has ‘fabricated’ its annual financial statements by stating losses as profits resulting in an abnormal hike in its share prices. On October 29, Alltex disclosed its financial statements for the year ended on June 30, 2014, stating earning per share Tk 2.56 and declaring 10 ... Read more

Bangladesh Bank on Monday extended again the deadline by three and a half years for repayment of the depositors’ money under Oriental Bank (reconstruction) Scheme as ICB Islamic Bank failed to repay the money in due time. A BB circular issued on the day also said the bank’s deposit liability of the development partners would ... Read more

Dhaka stocks declined for the second trading session on Monday with the key index of Dhaka Stock Exchange, DSEX, dropping to its one-month low as investors remained watchful amid the general strikes being enforced by the Bangladesh Jamaat-e-Islami. Jamaat is enforcing the strikes in protest at the

Govt tax collection from the bourse falls The net overseas investment at the Dhaka Stock Exchange fell by 54 per cent or Tk 230.39 crore in October compared with that in the previous month as the foreign investors opted to go slow after the recent surge in share prices. The foreign investment at the DSE ... Read more