Business

Mohammad Lutfar Rahman has recently been re-elected chairman of Nepal Bangladesh Bank, a joint venture operation of IFIC Bank in Nepal, said a news release. The bank has re-elected him chairman in its 19th annual general meeting held in Kathmandu. Lutfar will also maintain the position of executive committee chairman

ASM Mohiuddin Monem has recently been appointed the honorary consul of the Czech Republic, said a news release. Monem is the deputy managing director of Abdul Monem Limited, chairman of ServicEngine Limited, director of Pragati Insurance Limited and Pragati Life Insurance Limited. He is a former director Dhaka Chamber of Commerce and Industry, the

Bangladesh Bank on Wednesday cancelled the mobile banking licence of Prime Bank Ltd as the central bank found Prime responsible for the swindling of of up to Tk 30 crore from 2,500 job seekers by the bank-appointed mobile banking service solution provider SMG Infocom. The BB issued a letter to managing director of Prime Bank saying ... Read more

The National Board of Revenue is going to set a strategic plan today to achieve its revenue collection target for the current fiscal year of 2014-15 in the backdrop of a significant shortfall in collection in the last fiscal year, NBR officials said. They said that the NBR fell short of its revised target

Bangladesh Bank is going to ask Grameenphone to stop the media advertisement of its mobile financial service, Mobicash, as the contents of the campaign is creating ‘confusion’ in the financial sector, said officials of central bank. Besides, the central bank is now thinking to stop the financial transaction of Mobicash as it (Grameenphone) is not authorised ... Read more

The Bangladesh Telecommunication Regulatory Commission on Wednesday again invited interested international parties to apply for the job of spectrum consultant to make a roadmap for spectrum management after failing to find one in the first attempts. The interested candidates will have to apply by August 31,

Bangladesh Bank is going to launch a Tk 100 crore start-up financing scheme soon to encourage new entrepreneurs to get entry into trade and commerce with low-cost refinancing fund, a senior official of the central bank said. The fund will be channeled through 29 banks and financial institutions that have so far showed their excellence and ... Read more

The net investment in the national savings certificates and bonds hit a new record at Tk 11,707.31 crore in the recently concluded financial year as clients invested heavily in the savings tools due to lower rate of interest of deposit products of the scheduled banks. An official of Directorate of National Savings told

The Bangladesh Telecommunication Regulatory Commission has decided to appoint new auditors to settle a dispute of Tk 3,004.11 crore dues from leading mobile operator Grameenphone, said BTRC officials. They said the commission on Tuesday gave nod to a proposal of the legal and licensing department of BTRC for appointing new auditors for system and

Jute growers have started harvesting their cash crop across the country but there is no visible benefit in producing jute due to low market price, said officials and farmers. The production of jute might further decline this year due to crop damage caused by drought and rough weather, they said. Jute harvesting season generally

Finance minister AMA Muhith on Tuesday said the cancellation of fund by the World Bank for the Padma Bridge project for alleged conspiracy of corruption was a wrong policy of the global lending agency. ‘Now they’ve admitted it was a wrong policy,’ he told reporters replying to their queries at his ERD office after World Bank ... Read more

The Farmers Bank has brought back Tk 1.92 crore which it paid illegally as office rent between September 2010 and March 2012, said officials of Bangladesh Bank. The newly-launched bank on Monday sent a letter to the BB saying that it had recovered the money from a director of the bank, who is also the ... Read more

The government is considering to review the provision of tax collection from the income of Bangladesh Securities and Exchange Commission in response to its appeal seeking tax exemption, finance ministry officials said. Finance minister Abul Maal Abdul Muhith has recently informed the revenue board through a note on an appeal made by the BSEC that

International lenders and development partners disbursed $3 billion in loans and grants in the fiscal year 2013-14 which is the highest ever foreign aid amount for Bangladesh. According to the latest data of the Economic Relations Division of the finance ministry, of the total amount disbursed, $2.27 billion was in loans and $72 million

Forex reserve increases to $21.40b The country’s inward remittance hit a new monthly record at $1.48 billion in July as expatriate Bangladeshis sent huge amount of greenback to their relatives on the occasion of Eid-ul-Fitr which was celebrated on July 29. A Bangladesh Bank official told New Age on Monday that Bangladesh had never received so ... Read more

Business community has intensified lobbying with the government high-ups to annul the new Value-Added Tax and Supplementary Duty Act-2012 arguing that the law was formulated ignoring stakeholders’ opinion. In this connection, the Federation of Bangladesh Chambers of Commerce and Industry, the apex trade body in the country, recently wrote

Draft Labour Rules Mobile operators lobby government Association of Mobile Telecom Operators of Bangladesh has placed 15-point proposals for bringing about changes to the proposed Bangladesh Labour Rules drafted by the labour ministry. The association submitted the proposals to the ministry on July 8 seeking changes in the definition of worker, tenure for apprenticeship, provision for ... Read more

Driven substantially by the higher education sector, real estate deals and mining income, India’s black economy could now be nearly three-quarters the size of its reported gross domestic product, reports The Hindu. These are among the findings of a confidential report commissioned by the government and accessed exclusively by The Hindu. Since there were no

Shahjibazar’s share price soars after formation of probe committee The committees formed by the Bangladesh Securities and Exchange Commission to probe unusual price hike of shares of different companies in last one year have little effect as no action was taken against any manipulator in most of the cases. The BSEC in last one year ... Read more

Dhaka stocks rebounded on Monday after a fall in the previous trading session with turnover hitting its three and a half months high due to sudden increase in some scrip-wise investments, mostly by the institutional investors. DSEX, the key index of Dhaka Stock Exchange, gained 1.04 per cent, or 46.38 points, to finish at 4,467 points ... Read more