WedJan172018

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Business

Mark power plants as KPIs, restore power to Kansat

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DHAKA, MAR 31: The Parliamentary Standing Committee on Power, Energy and Mineral Resources has asked the government to ensure the security of power plants and substations across the country by earmarking those as “Key Point Installations (KPIs).” The committee has also asked the government to take enough measures to protect the public properties from any aggression or sabotage.
In its 46th meeting at Sangsad Bhaban, the parliamentary watchdog has also suggested the government to enhance security of various KPIs across the country.

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Gas crunch affects industrial production

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DHAKA, MAR 31: Already hit hard by frequent hartal and work stoppages, productions in mills and factories in Dhaka and its adjoining areas are being hampered seriously due to shortage of power and energy, especially by dwindling gas supply situation. According to industry sources, a good number of industries in Narayanganj, Gazipur, Savar, Manikganj and Mirzapur have been suffering seriously due to irregular supply and low gas pressure in pipelines.
It is causing the entrepreneurs huge economic losses every month.
The stringent supply situation has greatly affected productions in mills and industries, particularly the textile sector.

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Expand tax net with focus on direct tax : Speakers

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Entrepreneurs at a seminar on Sunday called for expansion of tax network instead of increasing tax repeatedly for increasing revenue earning in the country.
The purview of direct tax need to be expanded for strengthening the social safety net, they said and suggested that the tax benefit to be fixed for specific period to help grow local industries.
Ministry of Industries in cooperation with stakeholders arranged the seminar on 'Import Recommendation for Formulation of an Industry-friendly Tax and Tariff Structure for Producing Import-substitute Goods' at a hotel in the city.
Industries Minister Dilip Barua spoke on the occasion as the chief guest while additional secretary of the ministry M Farhad Uddin presented the keynote paper on the topic of the seminar.
State Minister for Industries Omar Faruq Chowdhury, Chairman of Bangladesh Tariff Commission (BTC) Shahabullah, chief executive officer of Bangladesh Foreign Trade Institute (BFTI) Dr Mojibur Rahman, president of Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Kazi Akram Uddin Ahmed addressed it as the special guests.

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'Future of 1.5 lakh child labourers uncertain in Rajshahi'

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Speakers at a participatory discussion Sunday said future of around one and half lakh children is uncertain as they are engaged in risky and hazardous jobs across the city.
They said child labour has become quite widespread as many families rely on the income generated by their children for survival.
They observed employers often prefer to employ children because they are cheaper and considered to be more compliant and obedient than adults.
The children, forced to work, are often exposed to vulnerable situations like trafficking, abuse, violence and exploitation, denials of various types of human and child rights.
The observations came at a seminar styled "Our Responsibilities towards mitigating the hazardous child labour problems" held at Moonlight Garden Community Center in the city.

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Expand tax net with focus on direct tax: Speakers

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Dhaka, Mar 31 (UNB) – Entrepreneurs at a pre-budget seminar here on Sunday urged the government to expand the tax net with a special emphasis on boosting direct tax to help the country have a stronger revenue base.
They also urged the authorities concerned not to change tax structure frequently for the smooth flourishing of the country’s industrial sector.

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Stocks plunge for 2nd consecutive trading day

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Dhaka, Mar 31 (UNB) – Share prices at the country’s both bourses -- Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) –- plunged for the second consecutive trading day on Sunday.
The DSE benchmark index, DGEN lost 71.88 points or 1.89 percent to close at 3722.40 at the close of the day’s trading, the first of the week.
Of the issues traded at the DSE, 40 gained, 198 declined and 25 remained unchanged.

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Maisha Group proposes to build 10.5km elevated BRT & expressway under PPP

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News - Maisha Group proposes to build 10.5km elevated BRT & expressway under PPPDhaka, Mar 31 (UNB) – Maisha Group, a local business conglomerate, has proposed to build the 10.5-kilometer `Elevated Bus Rapid Transit (BRT) and Expressway’ on Mirpur Road -- from Gabtoli-Aminbazar to Azimpur-Plassey in the capital under Public Private Partnership (PPP) initiative.

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Rail awaits rebirth

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Rail awaits rebirth It appears the bad days for Bangladesh Railway are coming to an end. A new era is on the horizon.The struggling railway, yet popular courtesy of poor and crowded road network, is set to get a large number of new coaches, wagons, locomotives and new and better rail lines from next year.More goods and passengers would travel faster and more comfortably and new routes would be added.Many of 27 closed rail stations would also be reopened in a year.

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Controversy over latest T-bond sales - Bankers claim BB did not follow rules but central bank says PD banks tried to manipulate yields

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The Bangladesh Bank did not follow its own rules in distributing unsubscribed government securities among primary dealer and non-primary dealer banks in one of its recent auctions this month, bankers alleged.
Although BB is supposed to distribute treasury bills and bonds which remain unsubscribed in the auction where only PD banks can take part, among PD and non-PD banks at a ratio of 60:40, the central bank devolved all the unsubscribed T-bonds to PD banks in the March 12 auction.

 

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Tk 6,852cr for Padma Bridge in next budget

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Finance Minister AMA Muhith on Saturday said he would come up with a clear outline within a week on implementation of the multibillion-dollar Padma Bridge project with the government's own resources.
The Finance Minister said this while exchanging views with editors and senior journalists of different dailies, news agencies and TV channels at a pre-budget discussion meeting at his ministry.

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WB funding for ADP on rise

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DHAKA, MAR 30: The disbursement of the World Bank (WB) funds for Annual Development Programme has witnessed an upward trend in the last four years. The WB disbursement for the current financial year is $ 437 million (till February 28, 2013). During the corresponding period in FY’12 the disbursement was $283.5 million. The Government and the World Bank on Saturday jointly completed a portfolio review of selected WB-supported operations in Bangladesh and decided to further enhance the project implementation and the disbursement rates.
The WB's current portfolio in Bangladesh comprises 36 projects with a commitment of $4.5 billion. Out of these 36 projects, the Government and the World Bank today reviewed 13 projects which are either nearing completion or identified as slow moving compared to the rest of the portfolio.

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Export to Germany up by 80pc in three years

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DHAKA, MAR 30: The country’s export to Germany got a tremendous boost in the last three years increasing by around 80 per cent. As a result, the highly developed European country has become the second largest destinations for the goods from Bangladesh after the USA. This was disclosed by the president of the Bangladesh-German Chamber of Commerce and Industry (BGCCI) at a colourful function in the city on Friday.
The current bilateral trade a year between the two countries is more than $4 billion, which is dominated by Bangladesh’s exports worth $3.5 billion.
The trade figure was close to $2.5 billion in the year 2009, according to BGCCI.

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PADMA BRIDGE FUNDING-DECISION ON M’SIA PROPOSAL IN A WEEK: MUHITH

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The proposed Padma bridge/Star file photo The government will release a statement in a week on whether to accept Malaysia’s proposal to build the Padma bridge, Finance Minister AMA Muhith said on Saturday. The minister disclosed this at a pre-budget meeting with ...

 

 

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ACC urges courts not to issue stay orders in graft cases

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News - ACC urges courts not to issue stay orders in graft casesDhaka, Mar 30 (UNB) – Appreciating the role of courts in fighting corruption, chairman of the Anti Corruption Commission (ACC) Ghuman Rahman on Saturday urged the judges not to issue ‘stay orders’ in graft cases.

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Bangladesh, Thailand extend MoU on importing rice

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DHAKA, Mar 29: Bangladesh and Thailand have signed a three-year extension of a memorandum of understanding (MoU) on importing rice under a government-to-government arrangement. Bangladesh's food minister, Dr Muhammad Abdur Razzaque, and Thai commerce minister, Boonsong Teriyapirom, signed the agreement in Bangkok on Friday, according to a food ministry release. The agreement will remain valid till February 28, 2016. Bangladesh will import up to one million tonnes of Thai standard parboiled rice, subject to the production situation in both countries, at a price prevailing at the time of actual purchase. This arrangement is a continuation of an MoU signed between the two countries in 2010, which was valid till February 28, 2013.

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Bangladesh may retain GSP facility in US market

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DHAKA, MAR 29: Bangladesh is likely to overcome the crisis in  continuing GSP facilities in the US market  as  the country’s submission to the USTR (US Trade Represen-tative) hearing was quite impressive replying most of the queries adequately. The Bangladesh team, led by Commerce Secretary Mahbub Ahmed, submitted the country’s position paper giving in details of the steps taken by the government with respect to labour rights and other compliance issues, sources in the USA confirmed.

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Capital deficit at state banks worries IMF

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State banks have failed to maintain the required capital amid increasing default loans and net losses due to various irregularities and scams, worrying a visiting IMF mission.
The combined capital deficit at four state banks reached Tk 1,981 crore on December 31 last year from a Tk 1,172 crore surplus on June 30.
The team of the International Monetary Fund has also expressed concern about the deterioration in the banks’ major financial indicators.
On March 20 this year, the IMF mission started a second review of its extended credit facility loans. The mission has held several meetings with the finance minister, and high officials of the finance ministry and Bangladesh Bank.

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