Business

Bangladesh Bank on Monday gave 10 more days to the three banks which failed to reduce the number of directors from a single family to two in their respective boards in accordance with the bank company act. The three banks are National Bank, Premier Bank and The City Bank. The BB on Monday issued separate ... Read more

Bangladesh Garment Manufacturers and Exporters Association has been lobbying the National Board of Revenue for extending the special income tax rate facility for readymade garment exporting industry for five more years. The revenue board withdrew the facility of reduced income tax rate at 10 per cent for the sector from the current fiscal year to ... Read more

Company share price hits roof after trading suspension withdrawal Shahjibazar Power Company inflated its net profit by Tk 11.68 crore in its financial statement for the July 2013-March 2014 period, finds a Bangladesh Securities and Exchange Commission special audit. Following the finding, the capital market regulator decided to take action against Shahjibazar for its failure ... Read more

Dhaka stocks declined for the third trading session on Monday in volatile trading as investors, panicked by the previous trading session’s freefall, continued selling shares. Investors also said that merchant banks and large-scale investors increased share sales with an intention to pull down the share prices to get shares cheap.

Appollo Ispat Complex Limited on Monday said it would set up a galvanising plant with non-oxidised furnace technology for producing CI sheets in environment-friendly manner. The NOF is a rapid heating furnace that eliminates hydrochloric acid and lead at the final stage of galvanising process making it environment friendly, said a company

NBR launches e-filing project Taxpayers will be able to file their income tax returns online from anywhere in the country without visiting tax offices from the next fiscal year under the e-filing programme of the National Board of Revenue. ‘Initially, the revenue board will launch a pilot project in June next year in big cities ... Read more

The Bangladesh Telecommunication Regulatory Commission has decided to take stern action against the interconnection exchange operators which owe the government Tk 389.20 crore in revenue share. According to BTRC officials, 25 ICX companies have huge amount of dues but are dillydallying in payment as most of the ICX operators are backed by influential ruling party

Celebration Of 110th Years Of Services MCCI seeks govt policy support to bring ‘Bangladesh Miracle’ into reality The Metropolitan Chamber of Commerce and Industry on Saturday sought policy support from the government to bring ‘Bangladesh Miracle’ into reality for ensuring potential economic growth of the country. At an event celebrating the 110th years of services ... Read more

A big crowd of gawkers has gathered around Yuvraj, a giant 1400kg Murrah bull that on Friday was crowned champion at Meerut’s All India Cattle Show by a 10-member jury, startled as much by the animal’s size as by his owner’s refusal to sell it for a mind-boggling Rs 7 crore (about Tk 9.30 crore). ... Read more

The Bangladesh Securities and Exchange Commission has asked the asset management companies (AMCs) to explain on re-investment dividend calculation following investors’ allegation of miscalculation, BSEC sources said. The regulator took the step as some investors who are holding units of different mutual funds (MF) filed complaints with the commission stating the

The International Labour Organisation has urged the government to waive around $1 million value-added tax generated from the spending on a project involving the readymade garment factory inspection, officials said. The ILO made the appeal to the finance ministry through the labour and employment ministry saying that development partners were giving $7.5 million for the ... Read more

The advance-deposit ratio in the country’s banking sector fell below 70 per cent in the last week of August due to a dull business situation amid political uncertainty, said Bangladesh Bank officials. All banks’ ADR came down to 69.91 per cent as of August 28, 2014 from 70.42 per cent as of July 24, 2014. ... Read more

The prices of coarse and fine varieties of rice increase on both retail and wholesale markets in the capital city over the week ending Friday. Traders said the prices of rice increased as production in most of the rice mills were yet to start after Eid-ul-Azha celebration. The prices of coarse and fine varieties of ... Read more

The Bangladesh Telecommunication Regulatory Commission has decided to allow international calling card service in the country so that people can talk to their families abroad. BTRC officials said the commission last week approved the international calling card service but decided to limit the licences within three companies.

Coats Plc chief executive officer Paul Forman arrives in Dhaka today to join the celebration programme of 25 years of partnership of Coats Bangladesh tomorrow, said a news release. Forman was appointed as the group CEO of Coats Plc in December 2009. He was previously group chief executive of Low & Bonar Plc, a global ... Read more

Kaymu.com.bd, an online marketplace founded by Germany’s Rocket Internet Gmbh in 2012, has expanded its business into mobile marketing by launching its android mobile application in Bangladesh on October 1. The Kaymu free application available on Google Playstore has been developed to make online buying and selling easier and faster, said a news release.

High Value-Addition Participation of B’desh in D-8 PTA uncertain Bangladesh’s participation in the preferential trade agreement under the Developing-8 looks uncertain due to rigid stance of other member countries on 40 per cent value-addition in trade under rules of origin, commerce ministry officials said. They said that commerce ministry had been requesting the member states of ... Read more

Bangladesh Bank has started to monitor on real time basis the exchange rates of major currencies against the local currency taka in a bid to ensure transparency and discipline in the financial sector. As part of the move, the central bank started to publish the exchange rates of the four major global currencies — US dollar, ... Read more

Engineers India Ltd, an Indian state-owned enterprise, has proposed that Bangladesh should allow it to set up a petroleum refinery unit without tender at the location of the government-owned Eastern Refinery Ltd in Chittagong. The proposed refinery will have a capacity to refine 6 million tonnes of crude oil per year, according to a proposal of ... Read more

Dhaka stocks declined on Thursday, the last trading session of the week, after rising in the previous trading session amid rumour-driven share sales. The key index of Dhaka Stock Exchange, DSEX, declined to 5,285.83 points, shedding 0.55 per cent or 29.27 points. Market operators said that in line with last