Business

Usual Share Price Hike Probe bodies on Far, Shahjibazar get more time The Bangladesh Securities and Exchange Commission has extended time for the two investigation committees which were formed to probe unusual share price hike of FAR Chemical Industries and Shahjibazar Power Company. ‘The commission has increased the time for investigating unusual share price hike of ... Read more

Businesses continue to show low appetite for loans The country’s private sector credit growth stood at 12.29 per cent in last fiscal year, much lower than the Bangladesh Bank’s target of 16.50 per cent as the businesspeople were reluctant to expand their business by taking loans from banks due to political violence in the period, ... Read more

The government has selected 147 businesspeople for awarding commercially important person status for their outstanding contribution to export in 2012, commerce ministry officials said. They said that the ministry would soon hand over the CIP (export) cards to the selected people and the CIPs would enjoy various facilities for the next one year.

Indian auto maker Tata Motors on Wednesday launched its Nano brand car in Bangladesh market. Nitol Motors will market the Nano car in the country. Inaugurating the car launch function in Dhaka, commerce minister Tofail Ahmed urged Tata Motors to set up a manufacturing plant in Bangladesh. On the occasion

The central bank on Wednesday sent one of its general managers, Md Golam Mostafa, from inspection department to ‘leisure leave’ (forced leave) because of his ‘poor performance’. The BB took the decision at an inter-departmental meeting among inspection related departments at the central bank headquarters in the capital.

The parliamentary standing committee on commerce ministry came down hard on the top officials of the ministry for not framing any trade policy for the country. In reply to a query from the committee chairman Ali Ashraf, commerce secretary Hedayet Ullah Al Mamun told the meeting that the country has no trade policy

Tk 900cr Refinancing Scheme For Stock Investors BB yet to release 2nd tranche as govt lacks fund The Bangladesh Bank is yet to release the second tranche of Tk 300 crore of Tk 900-crore government’s refinance scheme for the affected small investors as there was no budget allocations for the scheme, finance ministry sources said. Due ... Read more

Dhaka stocks dropped on Wednesday with a decreased turnover due to investors’ scrip-wise moves amid profit-taking sell-offs. The key index of Dhaka Stock Exchange, DSEX, finished at 4,553.86 points, shedding 0.49 per cent or 22.50 points. Market operators said the market on the day started

The service tenure Md Mehmood Husain, president and managing director of Bank Asia, has been extended for another three years. Mehmood joined Bank Asia in August 2011 and played a significant role for the growth and restructuring of the bank, said a news release. A post graduate in economics from the University

Duty-Free Access For 7,800 Items To China Dhaka rejects Beijing’s new offer on higher value addition ground Dhaka has rejected an alternative offer from China on duty-free market access for 7,800 products from Bangladesh with enhanced value addition as the commerce ministry finds existing duty-free facility under the APTA arrangement for Chinese market more viable. ... Read more

Foreign contracting firms will have to pay tax at source at the rate of 5 per cent on their total receipts which they get for executing development projects in Bangladesh, officials of the National Board of Revenue said. The government’s development project implementing agencies will have to deduct the tax while making payment to any foreign ... Read more

Alliance Inspection Number of closed RMG factories may increase The number of closed factories on the Alliance list is likely to increase as the government-set review panel is going to start its review work on the eight factories from next week where the North American retailers’ group found serious structural faults and suggested for evacuation. Name ... Read more

The country’s telecom regulator has recently issued a letter to state-run mobile phone operator Teletalk asking it to effectively use the illegal call termination detection system. The Bangladesh Telecommunication Regulatory Commission letter also asked Teletalk to maintain the standards of using a SIM detection box, an

Accord declines to consider inspection by individual Alliance brand The rift between the North American retailers’ group Alliance and the European group Accord over the Bangladesh garment safety inspection has surfaced again as Accord on Friday declined to accept inspection of any factory by any individual retailer under Alliance. The Accord on Fire and Building ... Read more

LR Global’s Bank Transactions BSEC probe body gets some powers of civil court The Bangladesh Securities and Exchange Commission has empowered a committee, formed to investigate LR Global Bangladesh Asset Management Company’s suspicious bank transactions, with some powers of a civil court. The powers include enforcing the attendance of a person and examining him on oath, ... Read more

NBR Time Release Study Lengthy process at Benapole hampers Indo-Bangla trade Excessive time consumption in clearing and releasing goods at the Benapole land port hurts export and import between India and Bangladesh, a study report of the National Board of Revenue said. Delay in releasing goods is detrimental to trade facilitation, deterrent to direct foreign investment ... Read more

Demand 10pc CVD on shipments into India With Indian domestic demand for jute bags shrinking, local manufacturers have asked the government for concessions to export for countering competition from Bangladesh in global markets, reports The Hindu BusinessLine. The manufacturers have also demanded that penal duties be imposed on jute imported from across the border to nullify ... Read more

New Import Policy Order Ministry sets Oct deadline for drafting Commerce ministry has set October as the deadline for drafting the import policy order for 2015-2018 after less than expected proposals from stakeholders were made to the ministry on the major trade policy. After drafting the order to be in place for four years up to ... Read more

The prices of onion, egg and red lentil went up in the capital’s retail markets over the week ending Friday due to a supply shortage. Traders said that consumption of egg rose sharply after the Eid-ul-Fitr vacation as people returned to the city and production at the bakeries started in full swing after the festival. They said ... Read more

Lack Of Empowerment DSE decides not to inspect any listed company The Dhaka Stock Exchange has decided not to conduct inspection to any listed company and to any company which is seeking regulatory approval for its initial public offering as the bourse lacks explicit legal power to make such visit, DSE officials said. They said ... Read more