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Business

Leaders must talk to find a way out of crisis: FBCCI chief

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DHAKA, Apr 9: The president of the country’s apex trade body, the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), Kazi Akramuddin Ahmed, said a dialogue between the two major political parties is a must to end the prevailing political standoff in the greater interest of the national economy. “I am urging leaders of the two major political parties to sit together and help the nation overcome the ongoing stalemate, which has reached extreme proportions,” Akramuddin said. “If you… political leaders, do that, the businessmen and the general people will remember your contribution with great respect,” he added.

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Tullow Oil agrees sale of Bangladesh operations

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Exploration company Tullow Oil has agreed the sale of its Bangladesh operations to KrisEnergy Asia Holdings in a deal worth $42.35 million.

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Walmart Looks To Tighten Controls On Suppliers, Donates To Bangladesh ...

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Bangladeshi firefighters battle a fire at a garment factory in the Savar neighborhood in Dhaka,Bangladesh, late Saturday, Nov. 24, 2012.

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Shops to open during strikes

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Shop owners have decided to keep businesses open from 2pm-9pm during any future shutdown.There will also be no weekly off until this year's Eid-ul-Fitr, the National Association of Shop Owners in Bangladesh said in a media statement on Tuesday.

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Int’l tenders for Padma project by June: Muhith

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News - Int’l tenders for Padma project by June: Muhith
Dhaka, Apr 9 (UNB) - Finance Minister AMA Muhith on Tuesday said the government would invite international tenders by June next for the construction of the country’s much-hyped 6.15-kilometre long Padma Multipurpose Bridge project.
 
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Ministry suggests cuts in import duty on industrial machinery

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The government should reduce duty on import of industrial machinery, and basic and intermediary raw materials to encourage entrepreneurs to set up new industries, according to a set of recommendations compiled by the industries ministry.The government also needs to continue the existing zero duty policy for imports of essential commodities such as food items and 1 percent duty on imported machinery used by export-oriented industries.Industrialists demanded cuts in duties on industrial machinery from 3 percent to 1 percent, on basic raw materials from 5 percent to 3 percent, and on intermediary raw materials and raw materials produced domestically from 12 percent to 3 percent.

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Contract for Bhola 225 MW Plant to be signed today

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A deal for setting up a 225 MW combined cycle power plant in Bhola will be signed today (Tuesday).
The Power Development Board (PDB) and China Chengda Engineering Co will sign the contract at a ceremony at Biddiyut Bhaban for the Tk 2,060 crore combined cycle power plant.
Islamic Development Bank (IDB) will share the lion's share of the project cost approved by the Executive Committee of the National Economic Council (ECNEC) on April 10 2012.

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PRE-BUDGET MEETING FY 2013-14 - Apparel exporters demand tax cut at source

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Garment manufacturers and exporters on Monday demanded that the National Board of Revenue should reduce the tax at source for export-oriented industries in the upcoming national budget to 0.50 per cent from the existing 0.80 per cent considering global recession and political instability in the country.
At a pre-budget discussion with the NBR, leading associations of exporters also demanded extension of bond licence auditing interval from two years which is now done every year and increase of time for submission of audit documents to six months from the existing three months.

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Money ‘being shifted to saving schemes’ from capital market

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Dhaka, Apr 8 (UNB) – The freefall in the capital market has prompted many individual investors to switch over to various saving schemes, increasing the revenue flow to the national exchequer.
According to data provided by the National Board of Revenue (NBR), collection of tax from the interests of bank deposits marked a rise by nearly 22 percent in the current fiscal.

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Hartals force stockpile of Tk 8b worth shrimps

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DHAKA, APR 8: A huge consignments of shrimp to be valued at around Tk 7-8 billion (Tk 700-800 crore) have been stockpiled at farm levels at various parts of the country’s south western region mainly due to frequent hartal calls and political violence. According to sources, more than 10,000 tonnes of seafood, grown (cultured) at far flung areas of South Westerns districts, remained stock pilled and farmers are facing serious troubles in maintaining the stocks.
They are also apprehending decomposing of the crustacean, which are highly perishable, in high temperature.
Harvesting of the seafood starts at March and continues through July. Farmers are catching thousands of tonnes of fish everyday as this is the the high season for harvesting the seafood. “But due to absence of proper transportation they apprehended that the fish may get stale unless measures are taken immediately.
Such incident will ultimately hamper the industry seriously,” said an official of Bangladesh Frozen Food Exporters Association President (BFFEA).

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Unruly people attacked 70 factories during hartal: BGMEA, BKMEA

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Dhaka, Apr 8: The country’s apparel sector trade bodies -- BGMEA and BKMEA -- on Monday claimed that some ‘unruly’ people attacked 60-70 garment factories in Gazipur during the hartal hours and forced the workers to stay out of their workplaces. “It’s a conspiracy to destabilise the RMG industry although it was out of the hartal purview. BGMEA and BKMEA strongly condemn the attacks,” the trade bodies said in a joint statement.
They urged the authorities concerned to launch a fair investigation into the incidents and bring those involved in the attacks under the ambit of law.

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Norway keen to invest in 3G

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Telenor will invest more in Bangladesh, especially in 3G services through Grameenphone, Norwegian Trade and Commerce Minister Trond Giske said yesterday.
He also expressed his country’s interest to invest in shipbuilding/recycling and oil and gas sectors of Bangladesh.
Giske spoke in a meeting with Foreign Minister Dipu Moni in the capital and is leading an 18-member trade delegation on a two-day visit to the country.
Giske also appreciated GP’s role in the socioeconomic development of Bangladesh, and expressed keen interest in expanding investment given a stable and investment-friendly regulatory regime, while visiting the GP headquarters in Bashundhara.

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Hartal costs RMG exporters Tk 250cr in Jan, Feb: BGMEA, BKMEA

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Dhaka, Apr 7 (UNB) – Voicing deep concern at the fresh spell of countrywide shutdown calls, apparel sector’s trade bodies -- BGMEA and BKMEA -- on Sunday said the exporters had to count additional losses of around Tk 250 crore because of air shipments due to hartals in January and February alone.
“Export orders worth US$ 2.2 million of 15 factories have so far been cancelled due to frequent hartals…timely shipments of export goods worth US$ 7.8 million through seaway have become uncertain also because of shutdowns,” they said in a joint statement.

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BASIS delegates met BSEC chairman

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Dhaka, Apr 7: A three member delegation from BASIS led by AKM Fahim Mashroor, President of Bangladesh Association of Software and Information Services (BASIS), met Professor Dr M Khairul Hossain, chairman Bangladesh Securities and Exchange Commission (BSEC), at BSEC office recently, says a press release.

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United Airways to restart flight on Dhaka-Barisal route

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Dhaka, Apr 7: United Airways (BD) Limited, the country’s leading largest private airline, will restart flying on Dhaka-Barisal route from April 25 to carry passengers from Hazrat Shahjalal International Airport, says a press release. The one way special fare for Dhaka-Barisal is starting from Tk 3000 and return fare is Tk 6000 (inclusive of all taxes). Initially, weekly two flights from Dhaka to Barisal will be operating on Thursday and Sunday.

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Indian company sets fresh condition for power exports

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Dhaka Apr 7: NTPC Vidyut Vyapar Nigam (NVVN), a wholly owned subsidiary of National Thermal Power Corporation (NTPC) of India, has set a new condition to the government for exporting power to Bangladesh. It has requested the government to withdraw a provision from the bid documents that requires deposit of money against power exports to the country. To ensure smooth imports of electricity from the Indian open market, Bangladesh Power Development Board (BPDB) has include a clause in the document asking the exporter to deposit Tk. 1 crore against 1 MW of electricity, which would ensure that it would be bound to supply the amount at any cost, BPDB sources said.
“We received a letter from NVVN recently. They have sought withdrawal of this provision from the document,” a senior BPDB official told The Independent.

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PM for Norwegian technology to produce hydropower

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DHAKA: Prime Minister Sheikh Hasina today requested Norway for augmentation of its investment in Bangladesh and help with the modern technologies to generate hydropowe

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