RMG exporters in a race against time to offset losses
Local apparel exporters are in a frantic race to recover the losses they incurred during the latest spell of violence centring the quota reform movement and nationwide curfew, with international retailers and brands pressuring them to ensure timely delivery of goods.
Tourism jolted by curfew
Zahra Mayeesha, a 26-year-old private job holder, was preparing to return to Dhaka from a two-day vacation to Sreemangal with her husband on July 16.
Is Islamic finance facing headwinds?
Rabiul Islam, a practising Muslim who works at a private organisation, refrained from conventional banking services for many years as both paying and receiving interest are against his religious principles.
Current account deficit narrows
Bangladesh’s current account deficit dropped by half year-on-year to stand at $5.98 billion in the 11 months till the end of May of fiscal year 2023-24 as imports fell in tune with Bangladesh Bank’s (BB) measures amidst a US dollar crisis.
Remittance collection disrupted
The internet blackout for five days has affected remittance collection through banks and mobile financial services (MFS), which may put pressure on the country’s foreign exchange reserves.
Stocks bounce back after a dip
Stocks in Bangladesh bounced back yesterday after falling by a large margin on the previous day.
Govt may waive rent for delayed delivery of imported goods
State Minister for Shipping Khalid Mahmud Chowdhury gave the assurance today
BB lends Tk 25,521cr to banks, financial institutions in a day
Bangladesh Bank has lent around Tk 25,521 crore to commercial banks and financial institutions to meet cash demands on Wednesday
Shahjalal Islami Bank makes Tk 167 crore profit in Apr-Jun
The bank made Tk 166.79 crore in the same period previous year
Economy
Stocks return from losses in nervous trade
Stocks gained marginally in early trade today, returning from losses it suffered a day earlier.
Garment sector reeling from shutdown
DBL Group, a leading garment exporter, usually ships apparel worth around $50 million each month.
Stocks dip amid jitters
Stocks plunged yesterday amid a sell-off, reflecting a downbeat investor sentiment as the market reopened after three days following the recent violence stemming from the quota reform movement.
ADB lowers growth forecast for Bangladesh
Asian Development Bank (ADB) has revised down the economic growth projection for Bangladesh but said inflation might creep up further during the current fiscal year of 2024-25.
Banks face cash withdrawal pressure
As banks reopened after three days of general holidays, most lenders had to contend with cash withdrawal pressure while some faced disruptions in conducting foreign transactions.
Banks, NBFIs asked not to impose late fees
Banks and non-bank financial institutions (NBFIs) have been asked to refrain from imposing fees or interest on delayed repayment of loan and saving scheme instalments and credit card bills between July 18 and July 25.
Container delivery, transport from Ctg port gaining momentum
Online assessment process began Tuesday evening
India lowers development aid allocation for Bangladesh by 40%
The Modi-administration allocated 120 rupees for Bangladesh as development assistance for 2024-25
Global Economy
Waive demurrage charges at ports: FBCCI
It also demanded no new charges to be imposed when shipment begins
Fresh blow to the fragile economy
The countrywide shutdown and subsequent violence centring the quota reform movement crippled business and economic activities for the last three days, dealing a further blow to an economy that is already ailing due to high inflation, falling exports and depleting forex reserves.
Oil prices steady
Oil prices were broadly steady on Thursday as investors took profits from earlier gains fuelled by larger than expected declines in US crude stocks.
US Fed flags expectations of ‘slower growth’
Prospects for the US economy appear to be flagging with slower growth expected in the coming months, as November’s presidential election and inflation contribute to uncertainty, the Federal Reserve said Wednesday.
US considers China chip crackdown
The US, facing pushback to its chip crackdown on China, has told its allies it is considering using the most severe trade restrictions available if companies continue giving the country access to advanced semiconductor technology, Bloomberg News reported on Tuesday.
HSBC appoints insider Georges Elhedery as CEO
Elhedery, 50, who becomes HSBC's third CEO in less than eight years, will replace outgoing head Noel Quinn from Sept. 2
Inflation teaches five lessons for the next crisis
Central bankers are close to declaring mission accomplished. After inflation soared beyond 9 percent following the pandemic and Russia’s invasion of Ukraine, it’s tumbling back toward the 2 percent level targeted by the US Federal Reserve and its peers in Britain and Europe.
German investor morale records first drop in a year
German investor confidence fell for the first time in a year in July, a key survey said Tuesday, as the prospects for Europe’s largest economy seemed to darken once again.
Organisation News
Oppo launches Reno12 Series in Bangladesh with AI features
Global smartphone leader Oppo recently launched its latest line-up of smartphones, unveiling the “Reno12 Series” at a programme at the International Convention City Bashundhara in the capital..The phones are designed to deliver smooth experience straight out of the box, up to 50 months of
ICCB organises roundtable on digitalising international trade
The International Chamber of Commerce Bangladesh (ICCB) recently organised a roundtable on “Digitalising International Trade in Bangladesh” in Dhaka..Salman Fazlur Rahman, adviser to the prime minister for private industry and investment, participated as chief guest, according to a press r
Eastland Insurance Company arranges half-yearly business conference
Eastland Insurance Company arranged its “Half-Yearly Business Conference-2024” at the DCCI auditorium in the capital’s Motijheel yesterday..Mahbubur Rahman, chairman of the insurer, inaugurated the conference, according to a press release..Rahman expressed gratitude to the Almighty,
Summit-Friendship Solar Village wins Reuters’ Global Energy Transition Awards
The ‘Summit-Friendship Solar Village’ project recently won Reuters’ Global Energy Transition Awards 2024 under the ‘Projects of Impact’ category in New York, USA..Located at the Kabilpur char in Gaibandha, this project was nominated for its concrete results in terms of improved energy affo
Conference for CAMLCOs of insurance companies held
The chief anti money laundering compliance officers (CAMLCOs) of insurance companies participated in a conference recently at a hotel in the capital..The conference was held under a joint initiative of the Bangladesh Financial Intelligence Unit (BFIU) and the Insurance Companies CAMLCO Ass
Visa’s Group Country Manager Sandeep Ghosh to arrive in Bangladesh tomorrow
Sandeep Ghosh, group country manager for India and South Asia at Visa, will arrive in Bangladesh tomorrow for a two-day visit..During the visit, Sandeep will engage with policy elites, government stakeholders and key partners to explore further opportunities for Visa to be a key contributo
Bangladesh Cement Manufacturers Association arranges seminar in Dhaka
The Bangladesh Cement Manufacturers Association (BCMA) recently organised a daylong seminar, styled “Crisis of Cement Industry and Its Probable Solutions”, at the Crowne Plaza Dhaka Gulshan..Md Almagir Kabir, president of the BCMA, presided over the seminar, the association said in a press
ELCO Wires and Cables organises sales conference
ELCO Wires and Cables Limited recently organised its annual “Sales Conference 2023-2024” at the Green Garden Convention Hall in the capital’s Dhanmondi to increase nationwide sales services, review annual sales and implement plans..Tarek Mahmud Matin, managing director and chief executive
Business Multimedia
Potato price shoots up
The price of potatoes has begun an upward climb in the market
92 thousand crores or more siphoned out in 15 years?
Based on the compilation of media reports on bank scams between 2008 and 2023, CPD said as much as 92 thousand crores of taka have been siphoned out of the banking sector in the last fifteen years
Is Bangladesh going towards a deep economic crisis?
How can Bangladesh avoid the economic crisis to deepen further?
Who will benefit from WTO's duty benefit extension?
What are WTO’s duty-free benefits?
How can Bangladesh resolve economic, political problems?
Why is Bangladesh facing economic problems? Why did the country fail to follow the IMF's loan conditions? What are the remedies?
Khairul Alam re-elected as AB Bank chairman
Khairul Alam Choudhury has recently been re-elected as the chairman of AB Bank for a second consecutive term..Choudhury is a senior lawyer of the Supreme Court of Bangladesh, the bank said in a press release..He graduated from the University of Wolverhampton in 2001 and completed a p
IFIC Bank launched IFIC Islamic
IFIC Bank launched a full range of Shariah-compliant banking services, styled “IFIC Islamic”, aiming to offer comprehensive Islamic financial solutions alongside its conventional banking services..Salman F Rahman, the prime minister's adviser on private industry and investment, and chairma
NRB Bank launches offshore banking
NRB Bank recently launched an offshore banking unit (OBU) with the slogan “Banking Beyond Boundary”..Mohammed Mahtabur Rahman, chairman of the bank, inaugurated the unit at the bank’s corporate head office in Dhaka, the bank said in a press release..Golam Kabir and Mohammed Jamil Iqb
BRAC Bank rebrands its corporate banking division as corporate and institutional banking
BRAC Bank recently rebranded its corporate banking division as corporate and institutional banking division, illustrating a significant shift in its strategic direction..The announcement came during the division’s half-yearly review meeting at the bank’s head office in Dhaka, the bank said
Quota system: a storm in a teacup
In the last one week, Bangladesh has been in the grip of student unrest over the quota system, rendering discussions over its merits and demerits a household phenomenon. Steering away from political discussions, this assessment attempts to evaluate the socio-economic impact of the quota system on our government's vision of a Smart Bangladesh
Banks see cash withdrawal, bill payment pressure
Banks reopened today after three days of additional general holidays
People will get broadband internet tonight: Palak
40 percent restored so far, says president of Internet Service Providers Association
Banks reopen today from 11am to 3pm
Banks are set to re-open today from 11:00am to 3:00pm after four days of general holidays.
Container congestion eases slightly
Container congestion at Chattogram port eased slightly yesterday as a noticeable number of containers could be transferred to private inland container depots (ICDs).
