Business

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

Thirteen years after the 9/11 terrorist attack, the resurrected World Trade Center is again opening for business — marking an emotional milestone for both New Yorkers and the nation. Publishing giant Conde Nast will start moving Monday into One World Trade Center, a 104-story, $3.9 billion skyscraper that dominates the Manhattan skyline. It is America’s ... Read more

Latest Spate Of Strikes Apparel exporters fear shipment delay, losses Apparel exporters fear losses as production and shipment are being interrupted due to the latest spate of the general strikes being enforced by the Bangladesh Jamaat-e-Islami. Jamaat is enforcing the strikes in protest at the punishment handed down to its leaders by international crimes tribunals. ... Read more

Says the move taken to help relocate tanneries to Savar soon Bangladesh Bank on Sunday relaxed the loan repayment and rescheduled policy for the debt-burdened tannery industries which have already been relocated or under the process of relocation to designated Modern Leather Industrial City at Savar from the Dhaka city. The BB issued a circular ... Read more

The move taken for non-payment of workers’ wages, service benefits The government is likely to file a case with court today against the owner of Tuba Group, Delwar Hossain, for non-payment of wages and service benefits to the workers of his five garment units and non-compliance with the labour law. ‘We have no option but ... Read more

Int’l Call Termination Cut rate to be effective from order date The telecom ministry on Sunday made it clear that the slashed revenue sharing and international call termination rate would be effective from September 18 despite desperate attempt by a cartel of IGW operators to get a retrospective effect from July 1. Bangladesh Telecommunication Regulatory ... Read more

The National Board of Revenue on Sunday extended again the deadline for submission of income tax returns for individual taxpayers by one month. The income taxpayers will be able to file their returns till November 30, according to an official order of the NBR. The deadline which was earlier extended to November 2

Industrial productions and business activities across the country were severely hit by a countrywide blackout on Saturday. A large number of the manufacturing units like readymade garment factories and textile and steel mills were shut down while many of them faced disruption in production across the country due to the outage. The banking service through ... Read more

ABB seminar on banking identifies Financial market experts at a seminar on Saturday said that lack of monitoring, moral decay, credit concentration and risk management were the key challenges for the future banking in Bangladesh. In the seminar on banking titled ‘future vision’, they said fraudulent activities of same nature were taking place in the ... Read more

The banking service through automated teller machines and card-based transactions collapsed on Saturday because of the country-wide power outages. As Saturday was weekly holiday for banks the normal banking service, however, was not affected, said bankers. In many businesses, where POS (point of sale) machines are

The Bangladesh Securities and Exchange Commission will rerun investigation against the unusual price hike of Shahjibazar Power Company, BSEC chairman M Khairul Hossain said on Saturday. ‘We had suspended the trading of Shahjibazar shares as the company provided fabricated information. As we opened it after having correction is no reason for abnormal price hike now,’

The National Board of Revenue on Thursday rescinded two orders it issued transferring 27 income tax commissioners following stern opposition from finance minister Abul Maal Abdul Muhith to such major reshuffle without taking his opinion, NBR officials said. They said that Muhith raised questions over such a major