Forex holdings in banks fall in August
Commercial banks witnessed a drop in foreign currencies last month from that in the preceding month mainly due to a sharp fall year-on-year in the inflow of remittance and a relatively small growth in export earnings.
Price capping a windfall for syndicates?
Every time the government tried to fix the price of a good or service, it unwittingly ended up offering a financial bonanza to the market syndicates. From potato to rawhide, from LPG to onions, from fertiliser to sugar, from saline to edible oil, there is rarely any success to speak of.
Will Bangladesh benefit from trade in rouble?
Russia has included Bangladesh on its list of friendly and neutral countries, a development that would allow its local banks and brokers to settle trade transactions in the rouble.
US wants govt action against counterfeit apparel exports
The United States has urged Bangladesh to take action to address the export of counterfeit clothing items from the second-largest garment supplier to the world’s largest economy.
BATBC to build Tk 151cr warehouse
British American Tobacco Bangladesh (BATBC) has decided to invest nearly Tk 151 crore to construct a warehouse and set up ancillary facilities in its Savar factory.
Minori, Emerald, Jamuna join hands to produce rice bran oil
Emerald Oil and Minori Bangladesh joined hands with Jamuna Edible Oil Industries to produce and sell rice bran oil in the local and Japanese markets.
Exporters’ dollar retention limit lowered again
The Bangladesh Bank has once again lowered the US dollar retention limit that exporters have to maintain in their foreign currency accounts from the shipment proceeds as Bangladesh continues to face the shortage of the American greenback.
China seeks energy partnership with Arab states
China is willing to work with Arab states to build a strategic energy partnership featuring mutual benefits and long-term friendship and explore the possibility of a renminbi settlement for oil and gas trade, a senior Chinese official said on Thursday during the sixth China-Arab States Expo.
UK consumers most optimistic since early 2022
British consumers are their most optimistic since the start of 2022 as they turn more hopeful about the economy with inflation on the wane and wages growing, a survey showed on Friday.
Economy
Islami Bank wins Muktadhara’s ‘Remittance Award’
Islami Bank Bangladesh PLC won the “Remittance Award” from Muktadhara New York Inc for collecting the highest amount of remittance in Bangladesh.
Prime Bank inks deal with Le Meridien Dhaka
Prime Bank recently signed a strategic partnership with Le Meridien Dhaka.
Commercial Bank of Ceylon, Partex Furniture sign MoU
The Commercial Bank of Ceylon PLC signed a memorandum of understanding (MoU) with Partex Furniture Industries Ltd, a furniture manufacturing company in Bangladesh.
BSCCL to issue shares to govt at Tk 75 each
Bangladesh Submarine Cable Company Limited (BSCCL) is going to issue 2.21 crore ordinary shares worth Tk 166 crore to the government, which provided the fund as share money deposit when the second submarine cable was set up.
DSE index, turnover fall on news of US visa restriction
Bangladesh’s stock market fell yesterday on the first day of trade after the US imposed a visa restriction.
BTMA president re-elected unopposed
Mohammad Ali Khokon, chairman of Maksons Group, has been re-elected unopposed as the president of Bangladesh Textile Mills Association (BTMA) yesterday for the 2023-25 tenure.
Timely steps alleviate forex crunch of Pubali Bank
Pubali Bank Limited has successfully dealt with the ongoing foreign currency crunch courtesy of timely restrictions on the import of luxurious items, foreign fruits and ornaments, said the top official of the private commercial lender.
BGMEA demands fair price from buyers
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) yesterday urged members of Action, Collaboration, Transformation (ACT) for fair pricing and ethical sourcing of garment items from Bangladesh.
Global Economy
Fed official calls for more rate hikes
The US Federal Reserve has more work to do to tackle high inflation despite making “considerable” progress in the last 18 months, a senior bank official said Friday.
Malaysia’s medical tourism sector alive and well
Medical tourists are returning to Malaysia in full force and are expected to surpass the pre-Covid-19 pandemic level in 2019 thanks to the reopening of borders, quality healthcare and competitive pricing.
Toyota to speed up EV production
Toyota Motor will speed up production of electric vehicles of its Toyota and luxury Lexus brands, the Nikkei newspaper reported on Friday.
Dollar up against major currencies
The US dollar advanced against a basket of currencies on Friday as the latest batch of data on business activity from around the globe highlighted the superior position of the United States relative to other major economies.
Oil ends week lower
Oil prices held steady on Friday but closed the week lower on profit-taking and as markets weighed supply concerns stemming from Russia’s fuel export ban against demand woes from future rate hikes.
China cenbank adviser for structural reforms
China has limited room for further monetary policy easing, and it should pursue structural reforms such as encouraging entrepreneurs rather than counting on macroeconomic policies to revive growth, a central bank adviser said on Sunday.
US dollar gets costlier
The Bangladesh Foreign Exchange Dealers' Association (Bafeda) and the Association of Bankers' Bangladesh (ABB) increased the rate at a virtual meeting
Russia lets Bangladesh trade on its currency market
Russia has approved a list of more than 30 friendly and neutral countries whose banks and brokers will be allowed to trade on the Russian currency as well as derivatives markets.
Organisation News
Meghna Bank wins ‘Excellence in Credit Cards’ by Visa
Meghna Bank Ltd has won the “Excellence in Credit Cards” award in the “Visa Leadership Conclave 2023”.
Union Bank distributes agriculture funds
Shariah-based Union Bank Ltd distributed agriculture investment among farmers in Chattogram yesterday.
Exim Bank holds business development confce
Exim Bank yesterday arranged a “Business Development Conference” for the branch managers, executives and officials of the bank in Chattogram region.
Fresh Ceramics opens dealer showroom in Bangla Motor
Fresh Ceramics, a ceramics and tiles manufacturing company of the Meghna Group of Industries, recently launched a dealer showroom styled “Hatirpool Tiles” at Bangla Motor in Dhaka.
Foodpanda owner may sell operations in some markets
Delivery Hero, which owns Foodpanda and Pandamart in Bangladesh, said it was in negotiations regarding a potential sale of its Foodpanda business in selected markets in Southeast Asia.
Pharma Aids to outsource glass ampoules making
Pharma Aids Limited is going to outsource the manufacturing of glass ampoules as demand has outpaced its production capacity.
ASA to disburse Tk 55,000cr loans in FY24
ASA, one of the nation’s leading microfinance institutions, decided to disburse loans amounting to Tk 55,000 crore among its 73 lakh clients during the current fiscal year of 2023-24.
Airlines recognised for service excellence
Emirates was named “Airline of the Year” while US-Bangla Airlines was named “Best Domestic Airline” in the “ShareTrip-Monitor Airline of the Year 2023” awards.
Business Multimedia
Khulna farmers prefer cultivating beans instead of shrimps
Shrimps were once widely cultivated in Dumuria upazila of Khulna. Now, farmers in this area are moving towards growing vegetables, especially beans. Vegetables from Dumuria are also exported to many countries in Europe
Fishes aplenty at Friday haat
A haat pops up every Friday along the Kaliakoir-Tangail road in Gazipur where buyers find almost all varieties of fish available in the country
Bogra Motors manufactures, exports automobile filters
There are 350 different types of filters made by Motors Bogra Pvt Ltd, from motorbike filters to car filters. These filters, produced in Bangladesh, are exported overseas as well as being used locally
Has the number of unemployed really decreased in the country?
The number of unemployed in the country has decreased. In other words, more people are involved in economic activities than ever before
Jon Haat: a place for hiring farm workers
The demand for day labourers is considerably high in Faridpur as farms in the major crop producing region require the assistance of seasonal workers whenever the harvest period comes around.
Banks asked to work together to stabilise forex market
The central bank instruction came from a meeting between Governor Abdur Rouf Talukder and a delegation of the Association of Bankers Bangladesh (ABB)
BGMEA demands fair price from buyers
The BGMEA made the demands in a letter sent to Action, Collaboration, Transformation (ACT)
Exporters’ dollar retention limit lowered again
Traders are allowed to keep a portion of their earnings in the export retention quota (ERQ) accounts to settle back-to-back letters of credit liabilities without facing exchange losses.
BTMA re-elects Mohammad Ali Khokon as president
The president, three vice-presidents and 23 directors were elected unopposed
Govt’s bank borrowing in check
The government’s borrowing from the banking system has remained in check so far in the ongoing fiscal year thanks to lower expenditures and higher revenue collection.
Man-made fibre plant to begin operation next month
Modern Syntex Limited, a concern of TK Group, is likely to begin commercial operations of one of the largest man-made fibre plants in Bangladesh next month at the Bangabandhu Sheikh Mujib Shilpa Nagar in Chattogram.
BB plans raft of measures to fight economic crisis
The Bangladesh Bank is going to take a raft of policy measures to tackle inflationary pressure, volatility in the foreign exchange market and growing non-performing loans (NPLs) and give a much-needed boost to the forex reserve.
Japan sticks to ultra-loose monetary policy
The Bank of Japan stuck to its ultra-loose monetary policy Friday, though officials face increasing pressure to turn more hawkish as the yen weakens and after fresh data showed inflation remains stubbornly high.
EU seeks to put brakes on China without hurting ties
When the EU launched an investigation into Chinese electric car subsidies, Brussels wanted the world to know that it will protect the automotive sector that is the jewel in Europe’s industrial crown, even if it upsets Beijing.
4 IP telephony service providers lose licences
The Bangladesh Telecommunication Regulatory Commission (BTRC) has recently cancelled the licences of four internet protocol telephony service providers (IPTSPs) after they lost their internet service provider (ISP) licence.
