Interest rate spread rises to highest level since 2003
The spread between interest rates on deposits and loans rose to 6.03 percent, the highest in two decades, indicating that banks are making money at the expense of depositors and borrowers.
Dhaka Bank MD Emranul Huq passes away
Emranul Huq, managing director and CEO of Dhaka Bank, passed away last night at a hospital in Kolkata.
Unrest to hit RMG exports
The latest spell of unrest in the garment industry of Bangladesh will negatively impact its apparel exports as many international buyers are cancelling their trips to the country to finalise work orders for the coming seasons.
China tells US it presents 'opportunity' not 'threat': ministry
Chinese Vice Commerce Minister Wang Shouwen told his US counterpart on Saturday that a modern China was an economic "opportunity" not a "threat" to the United States, the ministry said
Most stocks owned by Awami League leaders struggling
Share prices of most companies with directors connected to the immediate past Awami League government saw a big drop in the past month after the fall of Sheikh Hasina, though the market was in a rising trend during the period.
Britain needs extra $1.3 trillion investment for economic growth, report says
Britain needs an additional one trillion pounds ($1.3 trillion) in investment in the next decade to grow the economy, a report said on Friday
Adani repeatedly pressing for $800m electricity dues
India’s Adani Group has been repeatedly requesting the interim government to immediately clear dues of around $800 million on their electricity sales, according to officials of Bangladesh Power Development Board (PDB).
National Bank’s new board to scrutinise all waived and written-off loans
The newly appointed board of National Bank PLC (NBL) will scrutinise all waived and written-off loans and interests, regardless of whether they were justified or not.
Bangladesh, Vietnam overtake India in low-cost manufacturing: WB
India’s share in global trade has not kept up with its fast-growing economy, as Vietnam and Bangladesh have surpassed the country as low-cost manufacturing and export hubs, according to a recent report of World Bank (WB)..Despite India’s rapid economic growth, the proportion of trade in go
Economy
Time for business schools to scale up
Thanks to our entrepreneurs, a few dynamic policy planners, mostly docile and hard-working workers, Bangladesh’s private sector has expanded rapidly and became a crucial driver of economic growth.
No limit on cash withdrawals from tomorrow
Bangladesh Bank (BB) has lifted a limit on cash withdrawals from banks in view of overall improvements in law and order.
Market monitoring should protect consumers, producers alike
The interests of both consumers and producers of goods, including essential food commodities, need to be kept in mind during market monitoring, said Salehuddin Ahmed, finance and commerce adviser to the interim government, yesterday..While there will be regular market monitoring to prevent
Leadership and business insights from the stars Switzerland symposium 2024
Attending the three-day stars symposium in Switzerland, organized by stars, was an enriching experience that brought together some of the most brilliant minds in leadership and business.
Hasina’s 15-year rule / A regime of crony capitalists
When the Awami League (AL) announced its manifesto with the slogan ‘Charter for Change’ ahead of the general elections in 2008, it drew applause from various sections of society
Key index rises 500 points in a month
The benchmark index of the Dhaka Stock Exchange (DSE), the premier bourse in Bangladesh, rose 500 points in the past month after a change in the political landscape brought on by the ouster of the Awami League government.
Unrest continues to weigh on industrial belt
After four days of closure, apparel production resumed in the Ashulia and Gazipur industrial belts yesterday morning amid tight security.
Govt to form task force to recover money taken abroad illegally
The interim government will form a task force to recover money illegally taken out of Bangladesh, said Finance and Commerce Adviser Dr Salehuddin Ahmed yesterday.
Global Economy
US job gains miss expectations as labour market cools
US hiring bounced back in August but missed expectations while the jobless rate crept down, government data showed Friday, paving the way towards central bank rate cuts in the coming weeks.
China seeking WTO talks with Canada over EV, steel tariffs
China’s commerce ministry said on Friday Beijing had referred Canada to the World Trade Organization (WTO) over Ottawa’s new restrictions on imports of Chinese electric vehicles, steel and aluminium.
Russia raises main economic forecasts, sees higher year-end inflation
A sharper rise in capital investment is one of many improvements to Russia's 2024 economic outlook, new economy ministry forecasts showed, though stubbornly accelerating inflation may blunt the impact of faster rises in household incomes
Analysis / China’s global battery ram will be hard to stop
China’s electric cars have zoomed into a new era of battery-powered driving. Now models such as BYD’s Seal and Great Wall Motor’s Funky Cat face an international backlash.
Google 'anti-competitive' over online ad tech: UK
US tech titan Google employs "anti-competitive practices" with regards to online advertising, Britain's competition watchdog concluded Friday in provisional findings of a two-year long investigation
US Fed official says expects series of rate cuts
With inflation easing and the labor market cooling, it will likely be appropriate for the US Federal Reserve to make a series of interest rate cuts in the coming months, a senior official said Friday
US job openings hit 3-1/2-year low as labor market eases
US job openings dropped to a 3-1/2-year low in July, suggesting the labor market was losing steam, but the reduction on its own is probably not enough to warrant a half-percentage-point interest rate cut by the Federal Reserve this month
BYD's global expansion push runs into stiff Japan test
BYD is rolling out electric-vehicle charging stations and ramping up marketing and customer incentives in Japan, aiming to boost sales in a market that has become a stumbling block in the Chinese automaker's global expansion
Organisation News
Walton declares 350% cash dividend
Walton Hi-Tech Industries PLC declared a 350 percent cash dividend for its general shareholders for the financial year 2023-24, despite adverse economic situations..General shareholders will get a cash dividend of Tk 35 per share. .But, sponsors and directors have opted for a 200 per
IDLC payments now on bKash app
IDLC Finance PLC has partnered with bKash recently to enable its customers to make different payments through the mobile financial service provider’s app from the comfort of their homes. .The payments include loan instalments, duplicate document issue charges, statement and certificate c
Asset Developments & Holdings donates Tk 20 lakh for flood victims
Asset Developments & Holdings Ltd, a developer company in Bangladesh, donated a financial relief package worth Tk 20 lakh for the flood-affected people in the eastern and southeastern regions of Bangladesh..The aid will be donated to the Chief Adviser’s Relief and Welfare Fund..Nabil
Bangladesh Honda starts motorcycle export
Bangladesh Honda Private Ltd (BHL), a subsidiary of Honda Motor Co Ltd, has started its export operations to contribute to both local and international markets
HSBC Bangladesh wins International Retail Bank of the Year by ABF
Hongkong and Shanghai Banking Corporation (HSBC) Bangladesh has been awarded the International Retail Bank of the Year for the fourth consecutive year by the Asian Banking & Finance (ABF)
Rezaul Karim made chairman of BPDB
Md Rezaul Karim was appointed chairman of the Bangladesh Power Development Board (BPDB) on Sunday..Karim had been serving the BPDB as member (distribution) prior to joining the new role, according to a press release..He replaced former chairman Md Mahbubur Rahman..Karim started
Bangladesh General Insurance Company declares 10% cash dividend
Bangladesh General Insurance Company declared a 10 percent cash dividend for the year that ended on December 31, 2023..The declaration came at the insurer’s 39th annual general meeting (AGM), which was held virtually recently, the bank said in a press release..Towhid Samad, chairman
Edison Real Estate, AkijBashir Group sign MoU on service benefits
Edison Real Estate recently signed a memorandum of understanding (MoU) with AkijBashir Group..Ahmed Pasha, director of the realtor, and Mohammod Khourshed Alam, chief operating officer of the business conglomerate, penned the MoU at the latter’s head office in the capital’s Tejgaon, accord
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?
Abdul Awal new chairman of Mercantile Bank risk management committee
Mohammad Abdul Awal (Sumon) has been elected the chairman of the risk management committee of Mercantile Bank PLC..The election was held at the bank’s 448th board meeting in Dhaka recently, the bank said in a press release..Awal, former chairman of Express Insurance Limited, is the m
Eastern Bank opens 38th sub-branch at Chandaikona
Eastern Bank PLC recently opened its 38th sub-branch at Chandaikona of Raiganj upazila in Sirajganj..M Khorshed Anowar, Eastern Bank’s retail and SME banking head, inaugurated the sub-branch, the bank said in a press release..The bank has been gradually expanding its sub-branch netwo
Al-Arafah Islami Bank opens its 224th branch in Chandpur
Al-Arafah Islami Bank PLC opened its 224th branch in Chandpur recently..Farman R Chowdhury, managing director and CEO of the bank, inaugurated the branch as the chief guest, the bank said in a press release..Chowdhury said that the country’s socioeconomic development is possible alon
Community Bank holds its 56th board meeting
Community Bank Bangladesh PLC recently held its 56th board meeting at the Police Headquarters in Dhaka..Inspector General of Police (IGP) Md Mainul Islam, who is the chairman of the bank, presided over the meeting, said a press release..During the meeting, a number of important decis
Meghna Bank, Sheba.XYZ sign MoU on service benefits
Meghna Bank PLC recently signed a memorandum of understanding (MoU) with Sheba.XYZ, an on-demand service delivery platform in Bangladesh..Kimiwa Saddat, deputy managing director of the bank, and Ronald Micky, chief operating officer of the on-demand service delivery platform, penned the Mo
Bangladeshi vessel on its way to Colombo after emergency repairs
A Colombo-bound Bangladeshi-flagged vessel resumed its journey to the transshipment port yesterday, a day after it returned to Bangladesh territory after facing a problem in its main engine
Brokers request reviewing DSE independent director appointment
Stock brokerage firms have urged the Bangladesh Securities and Exchange Commission (BSEC) to reconsider the appointment of seven independent directors to the Dhaka Stock Exchange..In a letter, the DSE Brokers Association (DBA) yesterday said the stock market regulator can apply clause 24 o
Foreign banks lead the way in female representation
Nine foreign commercial banks in Bangladesh boast 27.73 percent female representation in their workforce, the highest in the sector, according to a report.
Islami Bank’s Tk 8,279cr stuck with four lenders, one NBFI
Already struggling on providing a huge amount of loans to S Alam Group, Islami Bank Bangladesh is now in uncertainty over getting back Tk 8,279 crore it had provided as liquidity support to four banks and one non-bank financial institution (NBFI).
German factory orders rise but outlook stays gloomy
German industrial orders rose for a second consecutive month in July, official data showed Thursday, but analysts said it wasn’t enough to brighten the outlook for struggling Europe’s top economy.
