Business

Bangladesh Bank will set simple rate of interest on farm loan instead of existing compound rate of interest in a bid to save the farmers from the burden of bank interests, said officials of the central bank. The BB will receive the relaxed rule in its upcoming agriculture and rural credit policy and programmes for financial ... Read more

BASIC Bank Ltd has suspended its Gulshan branch manager ASM Waliullah for his alleged involvement in financial corruption. An office order on the suspension of the manager was issued on Wednesday, a high official of BASIC Bank told New Age. He said that the senior management of BASIC Bank

The Bangladesh Securities and Exchange Commission on Wednesday informed the Dhaka Stock Exchange that the commission might launch a special audit of Wata Chemicals following an unprecedented rise of its share price, said officials. The commission conveyed the message when

Dhaka stocks declined for the third day on Wednesday as investors were selling shares as precaution to avoid massive losses if the market reacts negatively to the 2014-15 fiscal year budget to be announced today. DSEX, the benchmark general index of Dhaka Stocks Exchange, lost 0.40 per cent or 17.78 points, to close at 4,401 points. The ... Read more

Dhaka Bank on Wednesday donated Tk 1.2 crore to Khulna University & Rotary District Community Hospital under its CSR initiatives at a programme in Dhaka. Bangladesh Bank governor Atiur Rahman was present at the event as chief guest, said a news release. Dhaka Bank chairman Abdul Hai Sarker, directors, and

Grameenphone, the country’s leading telecom service provider, and Bangladesh Association of Software and Information Services, the national trade body for software and IT-enabled service industry, signed a memorandum of understanding to promote internet for all in the country. The agreement was signed during a ceremony as

1.16 lakh sq metre floors to be readied by December Bangladesh Export Processing Zones Authority is going ahead to implement local and foreign investment proposals in multi-storied buildings now being constructed within its exclusive zones, as lands for new industries have depleted. There would be 1.16 lakh square meters of floor ready for setting up around ... Read more

Commerce minister urges WTO Commerce minister Tofail Ahmed on Tuesday urged the World Trade Organisation to take initiative for implementation of the declaration of Bali package for ensuring duty- and quota-free market access for the least developed countries including Bangladesh. The minister was speaking at a meeting on ‘Strengthening the Multilateral Trading

The Bangladesh Securities and Exchange Commission on Tuesday formed a committee to formulate a guideline about venture capital and private equity. The three-member committee, headed by BSEC executive director Mahbubul Alam, was asked to submit its report to the commission in one month. The other

The government is likely to offer tax exemption on dividend up to Tk 15,000 that the investors get from the listed companies in the budget for the next fiscal year 2014-2015. At present, investors get tax exemption on dividend up to Tk 10,000 and they pay tax at a rate of 10 per cent on ... Read more

The government is going to include six new districts under the new Zilla budget in the coming fiscal year in a bid to strengthen the concept although it could not make any impact on targeted people in the outgoing fiscal year. Separate budgetary allocations will be shown against six new districts of Chittagong, Syhlet, Rajshahi, Khulna, ... Read more

The government is unlikely to increase tax-free minimum income limit but may offer an upward revision of the income slabs for the imposition of income tax, officials of the National Board of Revenue said. They said that taxpayers would enjoy less tax burden for higher income if the proposal is passed in parliament. According to the NBR ... Read more

11-month inflow dips by 3.54pc year-on-year The inflow of remittance continued to maintain a positive trend for the fourth month in May as expatriate Bangladeshis sent home US$ 1,202.18 million in the month compared with US$ 1,087.19 million in the same period of the previous year. Despite the upward trend in the last four months, the ... Read more

Beggars to see their place on the list The allocation under the social safety net programme in the upcoming budget is likely to be made around Tk 13,810 crore, up by 11 per cent from the allocation of the outgoing fiscal year, a high official at the finance ministry said. The honorariums, given to the beneficiaries ... Read more

BASIC, 7 others main offender Scheduled banks’ capital decreased by Tk 616.39 crore to Tk 64,574.61 crore in the first quarter of 2014 from that of Tk 65,191 crore as of December 31, 2013 with eight banks including BASIC Bank failing to manage their minimum capital requirement. According to the latest Bangladesh Bank data released on ... Read more

Centre for Policy Dialogue on Sunday said that investors were refraining from making new investments in the country because of absence of investment-friendly environment. Investors are suffering from a lack of confidence in doing further investment in the absence of congenial political situation in the country, it said.

Piece-Rate Workers Body suggests factory owner-worker consultation to set wage The working committee formed by the government to identify problems of the sweater factory workers who work under piece rate system has suggested that factory owners should set rates after consultations with their workers. To resolve the prevailing disputes over payment on piece-rate basis, the committee ... Read more

The net foreign investment at the Dhaka Stock Exchange dipped to Tk 128.64 crore in May from a record Tk 572.08 crore a month before as the country’s premier bourse experienced downward trend in May. The DSE data showed that foreign investors made transactions of shares worth Tk 577.50 crore in May with Tk 128.64 crore ... Read more

Bangladesh Bank on Sunday asked scheduled banks to settle payment against foreign letters of credit on quarterly basis if the import value of products is $5,00,000 or more. To this end, the BB issued a circular to authorised dealer branches of all banks saying that late payment for external imports had been increasing in recent ... Read more

Representatives of different micro-credit institutions on Sunday said that if the government imposes taxes on micro-credit, the loan receivers would lose. They also said that the government’s poverty alleviation programme would also be affected if taxes are imposed on micro-credit. They made the