Business

Targets 100m tourists a year by 2020 President Barack Obama vowed Thursday to cut long and frustrating lines at customs for foreigners arriving at US airports in a bid to lure 100 million tourists a year by 2020. Obama promised to maintain national security but ease the entry of travellers as he launched a new tourism ... Read more

The government is planning to slash the supplementary duty (SD) on import of fabrics in a bid to deal with the problem, amid the allegation that the fabrics imported for the 100 per cent export-oriented garment industries under the bonded warehouse system are often smuggled out. According to sources at the National Board of Revenue, the ... Read more

In line with its policy to diversify both products and markets to achieve higher export growth, the government wants to take a serious look at the idea of ‘One District One Product’. Since the country has a limited number of products in its export basket, the idea will help enlarge it and thus give a boost ... Read more

Bangladesh Bank governor Atiur Rahman has said Asian Clearing Union needs to deepen further the regional trade and economic integration for inclusive and environmentally sustainable growth. He termed the ACU member countries as a significant collective global growth hub. ‘We, ACU member countries, are already collectively a significant global

The government is going to raise the surcharge on net assets of rich people and to increase slabs in a bid to ensure progressive taxation in the country, officials of the National Board of Revenue said. They said that finance minister Abul Maal Abdul Muhith might propose a total of four slabs in surcharge with highest ... Read more

Embezzlement Of Tk 30cr Prime Bank asked to refund 2,500 jobseekers by May 30 Bangladesh Bank has asked Prime Bank to refund the undertaking money its mobile banking service solution provider SMG Infocom Ltd collected from 2,500 jobseekers by May 30 as the bank was responsible for the fraudulent act, said BB officials. According to a ... Read more

Dhaka stocks declined again on Thursday as investors anxiously waited for the Appellate Division ruling on a legal battle over market regulator’s order on mandatory 2 per cent shareholding by listed company sponsor-directors. DSEX, the benchmark general index of the Dhaka Stock Exchange, declined 0.60 per cent or 26.56 points, to close at

Bangladesh Bank on Thursday asked scheduled banks to assign 5 to 10 officials at their district-level branches as mentors to assist entrepreneurs in the information and communications technology sector. To this end, the BB issued a circular to managing directors and chief executive officers of all banks asking them to include the skill of the mentors ... Read more

Industries minister Amir Hossain Amu on Thursday asked tannery owners to relocate their units from Hazaribagh to Savar by March next year and said that the delay of the process might cause harm for the country and entrepreneurs. The minister visited the progress of construction of the Central Effluent Treatment Plant on the day and held ... Read more

Repayment may swell over $2b in new fiscal Surge in hard term and suppliers’ credits over the last few years will push up the country’s foreign debt repayment bill over $ 2 billion in the coming fiscal year. Economic relations division officials said growing dependence on the non-concessional loans amid falling soft loans from the ... Read more

Industries minister Amir Hossain Amu on Wednesday said the government would not give any permission to import salt this year. ‘The government has decided not allow salt import to ensure its better price for farmers,’ he said while speaking at a seminar titled ‘ensuring iodised salt for all’ at a city hotel. BSCIC and Global Alliance for ... Read more

A study report by Bangladesh Foreign Trade Institute has suggested opting for Chinese duty-free offer for 7,787 Bangladeshi products in its market at higher value addition criteria than that of under the APTA arrangement. The institute under the ministry of commerce has submitted its report to the ministry on Sunday after being asked to analyse whether

Jeans giant Gap Inc fell victim to a web hoax on Tuesday, with a fake corporate web site set up to shame the retailer for its response to Bangladesh worker deaths. The convincing-looking GapDoesMore.com surfaced to coincide with Gap Inc’s shareholder meeting, where the San Francisco clothier celebrated its recent

Titas Gas Transmission and Distribution Company Ltd will install 8,600 pre-paid gas meters in the residential areas of Dhanmondi and Mohammadpur in the capital by March 2015. To this end, Titas Gas signed an agreement with Itron Metering Systems Singapore Pte Ltd in the city on Tuesday, said a news release. Titas Gas company secretary Moshtak Ahmed ... Read more

Dhaka stocks gained on Wednesday after an eight-day fall as investors went for bargain hunting focusing on engineering and cement sectors. The key index of the Dhaka Stock Exchange, DSEX, finished at 4,410.63 points, adding 1.08 per cent or 47.13 points on the day. The DSEX had lost 213 points

People legalising money may get legal shield The upcoming budget is likely to offer facility for legalising undisclosed money through investing in productive sectors to boost private sector investment. The latest stance of the government, though contrary to the statement made by finance minister AMA Muhith last week against legalising tainted money

The National Board of Revenue is going to provide exemption to the export-oriented industries, mainly readymade garment sector, from double audit done by two separate commissionerates of the revenue board. The NBR has decided to scrap a provision of the Customs Act-1969 in the budget for the next fiscal year in this connection to make export ... Read more

Dhaka stocks inched down on Tuesday after a seven-day sharp fall with the Dhaka Stock Exchange’s turnover hitting a fresh seven-month low as investors failed to sense any improvement in the market trend soon, said market operators. DSE turnover on Tuesday declined to Tk 196.79 crore

The collection of initial public offering subscription fees through brokerage houses and merchant banks instead of banks will start in July. The overseas investors, however, will continue to subscribe IPO through banks. The Bangladesh Securities and Exchange Commission

ICAB to be suggested for taking action against auditor Bangladesh Securities and Exchange Commission fined four directors of GQ Ball Pen Industries Tk 2.50 lakh each for different anomalies in the company’s audited financial statements. The four directors of the company are : Kazi Shalemul Haque, Salma Huq, Qazi M. Salman Sarwar and Sara Haque. The BSEC ... Read more