Business

The finance ministry and the International Monetary Fund, which are increasingly worried over the skyrocketing growth of non-bank borrowing of the government through savings instruments, are prompting policymakers to look for quick fix to keep budgetary deficit in control. The IMF past week asked the government to rein in

RMG Factory Database Upgradation hindered for owners’ non-cooperation A move for correction and upgradation of the readymade garment sector database taken by the Department of Inspection for Factories and Establishments is being hampered due to non-cooperation of the factory owners, sources close to the process told New Age. They said DIFE officials, who found about ... Read more

The Bangladesh Telecommunication Regulatory Commission is likely to amend the guideline for the interconnection exchange operators with a provision to realise dues from the performance bank guarantee. BTRC officials said the commission had already discussed about the possible changes in the ICX guideline as 25 ICX companies had dues worth Tk 389.20 crore in revenue ... Read more

Relocation Of Tanneries Errant owners to face tannery closure, says Amu Industries minister Amir Hossain Amu on Saturday threatened with closure of tanneries in the capital’s Hazaribagh if their owners fail to transfer those to new site at Savar by next March. ‘Errant tanners would also face cancellation of plots in new tannery estate,’ he ... Read more

Dermatologist Ehsanul Kabir Joglul has recently been appointed managing director of Essential Drugs Company Ltd, the only government-owned pharmaceutical manufacturing company in Bangladesh, said a news release. Prior to the new appointment, Kabir had been working as head of dermatology department at Bangladesh Medical College Hospital. He is also the

Checking Money Laundering BB, customs start exchanging export-import data online Bangladesh Bank and customs department have started to exchange export- and import-related data through an online system to check money laundering and financial anomalies, officials of the central bank said. They said that the two entities had started to exchange the data from early this ... Read more

Bangladesh and 21 other Asian countries on Friday signed the intergovernmental memorandum of understanding to establish the Asian Infrastructure Investment Bank, reports Bangladesh Sangbad Sangstha. Representatives of the 22 nations signed the MoU at the Great Hall of the People in the heart of Beijing, according to media reports. Bangladesh was represented by state

The price of local red lentil increased in the city’s retail markets over the week ending Friday due to a supply shortage. The prices of other daily essential commodities including rice remained high over the week while the prices of some vegetables and broiler chicken decreased a bit. The price of local red lentil increased ... Read more

Suspicious Fund Handling BSEC probe finds LR Global caused losses to MFs A Bangladesh Securities and Exchange Commission’s probe body on LR Global Bangladesh Asset Management Company’s suspicious bank transactions has found that the frequent fund transfer from the mutual funds’ one bank account to another resulted in heavy losses for the funds. A BSEC ... Read more

The net investment in the national savings certificates and bonds increased by 225.20 per cent in the first quarter of the financial year 2014-15 compared with that in the same period of the FY 2013-14 as clients continued to invest heavily in the NSCs due to low bank deposit rates and sluggish business climate. According ... Read more

Commerce minister Tofail Ahmed on Thursday ruled out any possibility of bringing about further changes in the latest amended EPZ Act (2014) to ensure traditional trade union activities in the factories running inside the country’s export processing zones. ‘We have already initiated a process of bringing about

Internal Resource Division of the finance ministry on Thursday suspended the National Board of Revenue commissioner Hafizur Rahman on corruption charges and for not joining at office on time after expiry of his study leave. IRD on Wednesday issued an official order in this regard, officials of the revenue board said. They said that two ... Read more

International Gateway Operators Forum, a cartel of IGW operators, is lobbying with the government high-ups to get retrospective effect of the slashed revenue sharing and international call termination rate from July 1. The IGWOF in a letter to Bangladesh Telecommunication Regulatory Commission on Tuesday requested that the new call termination rate of US 1.5 cents ... Read more

The Alliance for Bangladesh Worker Safety has engaged the University of Texas to identify the effectiveness of its worker training on fire safety for garment factory workers in Bangladesh. Alliance, a platform of 26 retailers and brands of North America formed after the Rana Plaza building collapse, on Thursday said in a press release that ... Read more

The National Board of Revenue has taken steps to identify Bangladeshi citizens who bought homes abroad under ‘second home scheme’ of different countries to ensure tax collection from them, NBR chairman Ghulam Hussain on Wednesday said. The revenue board has started collecting data about the people from several countries where Bangladeshi people bought home with

Minister says at CSE internet trade fair State minister for finance and planning MA Mannan on Wednesday said Financial Reporting Act would be passed in the next parliament session in a bid to ensure more transparency in the financial sector. Mannan said while addressing the inauguration ceremony of a two-day CSE internet trade fair being ... Read more

Govt to give subsidy for CETP The government will give subsidy to the foreign investors in the proposed special economic zones to encourage establishment of central effluent treatment plants, officials said. Up to 50 per cent cost of the CETP would be provided by the government for ensuring safeguard of the country’s environment as part ... Read more

Bangladesh Krishi Bank managing director Abdus Salam on Wednesday was appointed managing director of Janata Bank Limited. Obayed Ullah Al Masud, deputy managing director of Agrani Bank Limited, was on the same day appointed managing director of Karmasangsthan Bank. Bank and Financial Institution Division issued notification in this connection in the afternoon

The government’s borrowing from the banking system increased by 269.92 per cent in the first three months and nine days of the current financial year compared with that in the same period of FY14. The government resorted to such increased borrowing from the banking source to pay salaries and festival bonus to its employees on ... Read more

The Alliance for Bangladesh Workers Safety, comprised of 26 North American retailers and brands, has said that the Bangladesh government must decide whether or not it would be responsible for the country’s RMG sub-contractors. The North American buyers’ forum further said that the government should also decide how the RMG sub-contractors would be regulated