Business

Facebook Inc’s web site crashed briefly on Thursday, temporarily preventing computer and mobile phone users from reaching the site around the globe, reports Reuters. During the outage, Facebook users ranging from Australia to South Korea to India and Britain were greeted with a message saying ‘Sorry, something

Bangladesh Bank is likely to increase private sector credit growth target in the upcoming monetary policy for the financial year 2014-15 in a bid to stimulate dwindling private sector, said officials of the central bank. The BB may announce the monetary policy in the second week of July. A BB official told New Age on Wednesday that ... Read more

Mozaffer Ahmed and Swadesh Ranjan Bose jointly got the Bangladesh Bank Award-2013, a BB press release said on Wednesday. Both of the economists were awarded posthumously. ‘Professor Dr Mozaffer Ahmed was an exceptional and multitalented researcher,’ the central bank said while announcing the award. The BB also mentioned that Mozaffer contributed

DSE seeks clarification from BSEC Dhaka Stock Exchange has requested the capital market regulator to clarify in what category the Lafarge Surma Cement, which is now under junk Z category, will be placed after the declaration and disbursement of 5 per cent interim cash dividend by the company. Lafarge, which has been under Z category for ... Read more

The Bangladesh Telecommunication Regulatory Commission has awarded two National Internet Exchange licences for the first time to route domestic internet traffic. BTRC chairman Sunil Kanti Bose on Wednesday handed over the licences to Bangladesh Internet Exchange Trust and Novocom at BTRC, said a news release. Novocom managing director Syed Moinul Haque

The government should formulate the relevant rules and regulations of the Geographical Indication Act 2013 in order to protect the patent rights of traditional products, speakers at a discussion meeting on Tuesday said. The discussion on protecting Jamdani as a Geograpic Indication of Bangladesh was jointly organised by Centre for Policy Dialogue and

Bangladesh Securities and Exchange Commission fined Aman Cotton Fibres Limited, a yarn making company, and two of its issue managers Tk 15 lakh for providing forged documents with the applications for approval of initial public offering. Aman Cotton, which recently applied to the BSEC to go for IPO for raising Tk 100 crore from the investors, ... Read more

Factory Inspection Another RMG unit shut in Ctg The government-set review panel on Tuesday ordered suspension of production at a garment factory in the Chittagong port city following detection of structural flaws in the unit by European retailers’ inspection teams. The experts of the review panel comprising representatives from the government, EU Accord, North American Alliance, ... Read more

Urges govt not to impose gain tax on individual investors Leaders of the Bangladesh Merchant Bankers Association on Tuesday opposed the finance minister AMA Muhith’s latest remark on capital market investors. Such remark from the government will affect the overall capital market, they said while addressing a post-budget press conference held at a city hotel.

Bangladesh Bank on Tuesday introduced an automated system to identify the weak and problem-ridden non-bank financial institutions considering their financial capabilities. The BB introduced the new system to detect the financial problems of the NBFIs in the quickest possible time which will protect the financial institutions from an unexpected business crisis.

Dhaka Stock Exchange fell for the third trading session on Tuesday with the its key index, DSEX, hitting five-and-half month low as dissatisfied investors continued to sell shares fearing further fall in the market. DSEX fell by 0.45 per cent, or 19.88 points, to stand at 4,338.87 points on Tuesday, the lowest after 4,330.63 points on ... Read more

The country’s foreign exchange reserves crossed $21-billion mark for the first time on Monday as Bangladesh Bank purchased US dollars worth around $5 billion this fiscal year to keep taka stable against greenback. A BB official told New Age that foreign exchange reserves stood at $21.03 billion on Monday as the central bank purchased $87 million ... Read more

An agreement for Japanese loans worth US$ 1.18 billion to implement five development projects was signed in Dhaka on Monday. The projects include a coal-fired power plant and efficient use of natural gas in the energy-starved country. Three other projects are linked to improvement of city

Anti-Formalin Drives Supply shortage pushes up fruit prices The prices of mangoes and litchis increased in the city’s retail markets in the last few days due to a supply shortage of the summer fruits amid government’s drives against chemically-treated fruits. The government began the drives against the malpractice on June 9. On June 13, Dhaka Metropolitan ... Read more

Committee formed to formulate guidelines Bangladesh Bank has taken initiative to reduce the transaction fee for mobile financial service as the clients are now giving their respective banks charges between Tk 18 and Tk 20 for a single transaction amounting to Tk 1,000 through the service. The central bank has already formed a technical committee

Insurance Development and Regulatory Authority has scrapped the appointment of Syed Tanvir Alam as the chief executive officer of Progressive Life Insurance Company for hiding experience-related information. As per the insurance rules, any person needs to have at least 15 years of experience in the related field including three years experience as the second highest

The country’s export earnings in the first 11 months of the current fiscal year 2013-14 stood at $27.37 billion, 0.21 per cent short of the target due to a weak earning growth in May, showed the data released by Export Promotion Bureau on Sunday. Despite setbacks in jute exports, the readymade garments

Dhaka stocks declined significantly on Sunday, first trading session of the week, following demoralising comments made by the finance ministry high-ups on the capital market and stock investors on Thursday, market operators said. The key index of Dhaka Stock Exchange, DSEX, finished at 4,361.58 points, shedding 1.07 per cent or 47.21 points. Finance

Ramadan Item Import Banks asked to assist importers in opening LCs Bangladesh Bank on Sunday asked the scheduled banks to extend their cooperation to the importers of essential commodities so that they (importers) can open easily letters of credit against such items to meet demand for the commodities in the upcoming Ramadan. The BB issued a ... Read more

But 12 banks release below 70pc of targets Farm loan disbursement posted an 8.66-per cent growth in 11 months of the current financial year 2013-14 compared with that in the same period of the FY13 although 12 scheduled banks disbursed below 70 per cent of their loan targets to farmers in the period. According to ... Read more