Business

US Department of Agriculture has slightly lowered its rice production forecast for Bangladesh to 3.46 crore tonnes for 2014-15 from earlier estimate of 3.48 crore tonnes due to decline in boro rice production. The USDA said the production would decline in the boro areas as farmers had been shifting to other crops due to higher production ... Read more

Bangladesh’s apparel export to the US fell by 1.39 per cent to $2.45 billion in the first six months of 2014 compared with that of the same period in last year as Vietnam, the main competitor of Bangladesh, is gaining more ground in the market while India is emerging. Experts and exporters said that the ... Read more

Private think-tank Unnayan Onneshan said that the inflation and private sector credit growth targets set in the latest monetary policy statement of Bangladesh Bank might not be achieved given the historical track record of the statements. In its Bangladesh Economic Update for August,

BGMEA accused of siding with amoral Inadequate wages, lack of workplace safety and trade union rights, and infrastructural weakness are the main challenges to the country’s readymade garment sector, said economists and trade union leaders in Dhaka on Saturday. Criticising the role of the government and the apparel sector leaders over the crisis of Tuba Group ... Read more

Hong Kong is facing a growing shortage of domestic helpers as workers from Bangladesh and Myanmar — brought to the city to bolster a shrinking workforce — are returning home early, reports South China Morning Post on Saturday. As well, agencies are reporting that it is

DSE Weekly Review Stocks advance as investors take scrip-wise move Dhaka stocks advanced last week, first week after Eid-ul-Fitr, with an increased turnover due to scrip-wise higher participation of institutional investors. The key index of Dhaka Stock Exchange, DSEX, finished at 4,486.20 points, increasing by 1.33 per cent or 59 points in the week. The DSEX ... Read more

Political Unrest Import LC cancellations soar to $1.5b in FY14 Cancellations of the import-related letters of credit increased to $1.50 billion in the recently concluded financial year 2013-14 from $1.35 billion in the FY13. A BB official told New Age on Thursday that disagreement between importers and exporters and dull business situation in the country ... Read more

Fish prices remain high The prices of beef and egg increased in the city’s retail markets over the week due to supply shortage after Eid-ul-Fitr vacation. Traders said that the supply of cow decreased after Eid that caused price hike of beef. The price of beef increased by Tk 20 a kg and the item was selling ... Read more

Most of the listed non-bank financial institutions have managed to increase their net profit in the first half of the year 2014 compared with that in the same period of the previous year mainly due to relaxed loan rescheduling policy of the central bank. In December last year, Bangladesh Bank had relaxed loan

The country’s foreign exchange reserves crossed $22-billion mark for the first time on Thursday as Bangladesh Bank has already purchased US dollars worth $776 million in this financial year to keep taka stable against greenback. A BB official told New Age on Thursday that foreign exchange reserves stood at $22.05 billion on Thursday as the central ... Read more

Rice imports rise by 1,479pc, industrial materials 13pc The country’s imports increased by 14.93 per cent in the recently concluded financial year compared with that of a negative growth of 7.05 per cent in the FY 2012-13 due mainly to a rise in the import of industrial raw materials and food products. According to the ... Read more

Bangladesh Bank on Thursday asked Grameenphone not to make agreement with agents to operate its mobile financial service, Mobicash, as it (Grameenphone) is not authorised to do it in line with the central bank’s guidelines on mobile financial services, said BB officials. The central bank also asked the mobile phone operator

Tax Collection Strategy House owners, foreigners to come under NBR watch The National Board of Revenue on Thursday instructed its field officials to intensify their efforts for brining all eligible house owners, businesses, high-income professionals and foreigners under the tax net and step up monitoring to prevent tax evasion by those groups, officials said. At a ... Read more

Share prices of Shahjibazar Power Company, a newly listed company, increased by another 25.73 per cent in four trading sessions after the formation of an inquiry committee by Bangladesh Securities and Exchange Commission to probe unusual price hike of shares of the company. Market operators said that the share prices of

Dhaka stocks ended positive on Thursday, the last trading session of the week, despite decline in most of the traded scrips as rising share prices of large capitalised companies kept the market afloat. The key index of the Dhaka Stock Exchange, DSEX, finished flat at 4,486.19 points, adding 0.02 per cent or 1.29 points. Turnover of the ... Read more

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