WedJan172018

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Business

Malaysian trade team in city to explore biz opportunities

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Malaysian trade team in city to explore biz opportunities

An eight-member Malaysian trade delegation is now visiting Bangladesh to explore opportunities in renewable energy, ICT, medical tourism, agro processing and vehicle assembling.


President of Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI) Syed Moazzam Hossain welcomed the Malaysian business delegation led by Tan Seng Sung of TC Management Service Corporation Sdn Bhd on Monday at BMCCI office.

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Better domestic policies to boost trade

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Better domestic policies to boost trade

Better domestic policies are important for a country to benefit from trade, former WTO director general Pascal Lamy said yesterday.


“I do believe trade opening brings benefit on the number of conditions that has to be made,” Lamy said.


“Some of these solutions are international. There is an issue of the fairness of the global trade regime and it is only partially been addressed in the recent decades.”

 

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High rice prices, weak banking sector buck Bangladesh’s economic gains in 2017

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The key indicators did well in 2017 amid a seemingly stable political atmosphere throughout the year, but the economy took a hit on spiralling rice prices and a messy banking sector.


The Bangladesh economy grew by a record 7.28 percent in the 2016-17 fiscal, beating the 7 percent target, thanks to the increased revenue collection, high foreign currency reserves propelled by a spike in export and remittance inflow.

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High rice prices, weak banking sector buck Bangladesh’s economic gains in 2017

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The key indicators did well in 2017 amid a seemingly stable political atmosphere throughout the year, but the economy took a hit on spiralling rice prices and a messy banking sector.


The Bangladesh economy grew by a record 7.28 percent in the 2016-17 fiscal, beating the 7 percent target, thanks to the increased revenue collection, high foreign currency reserves propelled by a spike in export and remittance inflow.

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2017 marked by consumers' woes

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Since early morning yesterday, Shaikh Masum Bellah has been recollecting the year that just passed by and the factors that affected his and his family's wellbeing.


And one such event was the spiralling prices of rice and the other essential commodities in 2017.


“As consumers, we had a painful year. We had to spend almost double of what we spent the previous year,” said Bellah, who works as manager of a shrimp wholesale depot at Rupsha, Khulna.

 

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BIBM study finds five hurdles to PPP projects; not a single one completed in 9 years

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Despite the policymakers' high hopes, not even one of the around 50 projects initiated under the public-private partnership or PPP, has been completed in nine years.

The Bangladesh Institute of Bank Management or BIBM researchers have identified five obstacles behind the sluggishness in the projects in a report titled ‘Financial and Non-Financial Issues in Implementing PPP in Bangladesh: An Examination of PPP Projects of PPP Projects in Pipeline’.

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BB blocks funds of two banks

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Bangladesh Bank has frozen Tk 51 crore from ONE Bank's current account with the banking regulator and Tk 25 crore from Premier Bank's for their aggressive lending practices that took them way past the permissible limit for advance-deposit ratio (ADR).


The central bank blocked the amounts on December 17 in line with the Bank Company Act, 1991 -- a first in case of private commercial banks.

 

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Bangladeshis can bring up to eight mobile phones as BTRC eases rules

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A Bangladesh national can bring up to eight mobile handsets from abroad, two of them tax-free, beginning Jan 1.


They can bring only five now.


Bangladesh Telecommunication Regulatory Commission or BTRC has raised the ceiling to ease the process of bringing handsets from abroad for private use.


BTRC Director Lt Col Sufi Mohammad Moinuddin has sent a letter on the changes of the rules to the Customs Intelligence and Investigation Directorate or CIID director general.

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Bangladesh postal money: Open accounts for Tk 2

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In an effort to take banking to a larger population, the government has launched Dak Taka, a postal financial service that allows users to open accounts with local post offices with only Tk 2.

 

 

Prime Minister’s ICT Adviser Sajeeb Wazed Joy launched the service at the Posts and Telecommunications Division on Monday.

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Air pollution leads to GDP loss in Bangladesh, says World Bank study

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A steel mill in Chittagong's Bayazid Bostami area spews black smoke, polluting the air. Photo: suman babu

Bangladesh must check environmental degradation, particularly in the urban areas and become climate resilient to achieve an upper-middle income status, the World Bank says in a new analysis.

 

 

The preliminary findings of the report ‘Country Environment Assessment for Bangladesh’ discussed at a workshop on Sunday say that the country is losing 1 percent GDP every year due to air pollution.

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NRBC Bank’s board restructured

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NRBC Commercial Bank today restructured its board of directors in a move to restore corporate governance and depositors’ confidence.

 

The new board, headed by Tamal SM Parvez, also sent the bank’s Managing Director Dewan Mujibur Rahman for three-month leave.

 

Mohammad Shahid Islam has been made its vice chairman replacing Toufique Rahman Chowdhury.

 

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Rice prices may rise further as Aman harvest fails to tame market

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Despite assurances that rice prices would fall after the Aman rice harvest, traders in Dhaka say the price of rice has gone up.

 

 

Though farmers are happy with the higher price, others worry that it may lead to a further price hike.

 

New rice retailed at about Tk 32-34 per kg last year, Mirpur-based rice trader Mohammad Mohiuddin Harun told bdnews24.com on Thursday. This year, the price is Tk 40-41 per kg.

 

Prices of a 50kg sack of coarse rice have risen to Tk 2,050-2,070 from Tk 2,000 in a week, he said.

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Bangladesh gets $150m loans from World Bank for trade connectivity

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Bangladesh has signed a $150 million loan agreement with the World Bank to modernise trade infrastructure, systems and procedures.

 

 

These improvements will help Bangladesh increase regional connectivity and trade with India, Bhutan, and Nepal, the World Bank has said in a statement.

 

The project will develop and improve four land ports - Bhomra, Sheola, Ramgarh, and Benapole. These land ports are the key to facilitating regional and transit trade, especially with India.

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Tofail assures Saudi delegation of better business climate

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Tofail assures Saudi delegation of better business climate 

Commerce Minister Tofail Ahmed on Wednesday told a high-level Saudi business delegation that Bangladesh is 100 per cent safe for investment, and investors including the ones from the Saudi Arabia can draw their money back any time they like.

 

 

The minister said this during his speech as a chief guest in a business seminar, organized by the Federation of Bangladesh Chambers of Commerce & Industries (FBCCI) with the delegation in a city hotel.

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ADB approves $583m for LNG, power project

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ADB approves $583m for LNG, power project

The Asian Development Bank’s (ADB) Board of Directors has approved debt financing and partial risk guarantees totaling $583 million to develop the Reliance Bangladesh Liquefied Natural Gas (LNG) and power project.

The project, which includes a power generation facility to be located in Meghnaghat, near the capital city of Dhaka, and an LNG terminal, near Kutubdia Island south of Chittagong, will significantly increase power generation and improve energy infrastructure in Bangladesh.

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Bangladesh facing food crisis for first time in 20 years, says finance minister

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Finance Minister AMA Muhith has said for the first time in nearly two decades, Bangladesh is facing a 'food crisis', but the efforts are on to bring down the rice prices. “This is for the first time in the last 15/20 years that we are facing this food crisis. Flash floods have damaged crops, and thus prices of rice have gone up. "But, we are trying to bring it down to Tk 40 per kg,” said the minister.

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Govt to issue licenses to 3 new banks: Muhith

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Finance Minister AMA Muhith on Monday categorically said the government is going to issue licenses for setting up three new banks, reports UNB.

 

"Not two, we're giving (permission for) three new banks," he said while talking to reporters at Dhaka Club following a seminar on insurance sector in Bangladesh.

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