Stocks slip in early trading
Of the traded shares, 129 advanced, 154 declined, and 87 remained unchanged.
Moody’s downgrades Bangladesh banking rating to ‘very weak’
Moody’s has downgraded Bangladesh’s banking sector to “very weak” from “weak”, citing worsening client confidence, limited transparency and inadequate financial safeguards over the past year.
How some non-banks tamed bad loans
When most non-bank financial institutions (NBFIs) in Bangladesh are in hot water with high ratios of non-performing loan (NPL), a handful have been successfully able to keep the rate low.
Nvidia crushes earnings expectations on AI chip demand
Nvidia reported quarterly sales of $35.1 billion, some $2 billion more than market expectations.
Adani plunges in Mumbai on founder's charges as Asian markets retreat
Several listed subsidiaries of the Adani empire collapsed in early trade, with some losing as much as 20 percent
Adani dollar bonds tumble after US bribery charges
US authorities said on Wednesday that Adani Group Chairman Gautam Adani and seven other defendants agreed to pay about $265 million in bribes to Indian government officials.
Social Islami Bank has no ‘untraceable’ loans
Social Islami Bank PLC stands out among crisis-hit banks with no “untraceable” loans, a factor that will catalyse its swift recovery, according to M Sadiqul Islam, the new chairman of the Shariah-based lender.
Govt to lend Tk 60cr to Beximco to clear wages
The government will lend Tk 60 crore to Beximco from the national budget in a bid to help the troubled conglomerate clear wages for the month of October.
Limit raised for forex endorsement by money changers
Bangladesh Bank (BB) has doubled the limit for the endorsement of foreign currencies at money exchange houses for travels abroad.
Economy
Monno Ceramic’s profit plunges 89% in Q1
Monno Ceramic Industries Ltd, one of the leading ceramic tableware manufacturers of the country, saw its profit drop significantly year-on-year in the first quarter of the current fiscal year.
Doreen Power posts 17% drop in profit
Doreen Power Generations and Systems has witnessed a year-on-year drop in its profit in the first quarter of the current fiscal year, reasoning that its power plants had been shut down and costs had soared.
277 firms allowed to import 14.81 lakh tonnes of rice
The interim government of Bangladesh has allowed 277 private entities to import 14.81 lakh tonnes of rice as it looks to contain domestic prices of the staple grain by increasing stocks..Of the total, 10.65 lakh tonnes will be boiled rice while the rest will be sunned rice, according to do
Stocks rise marginally after 3-day fall
Major indexes of the stock markets in Bangladesh rose marginally yesterday, snapping a three-day losing streak, as investors cautiously traded shares amidst intense political and economic uncertainties..Recent news over the downgrading of the country’s sovereign rating by Moody’s and the b
Focus now on one exemplary economic zone, not 100
Bangladesh will focus on properly setting up one economic zone, offering all amenities and utilities and complying with environmental standards, instead of 100, according to Ashik Chowdhury, executive chairman of the Bangladesh Economic Zones Authority (Beza).
Trump may unleash 40% tariffs on China: poll
The United States could impose nearly 40 percent tariffs on imports from China early next year, a Reuters poll of economists showed, potentially slicing growth in the world’s second-biggest economy by up to 1 percentage point.
No banks will be closed
“Depositors kept their hard-earned money in banks so efforts will continue in order to ensure that deposits are unaffected,” he added.
Dhaka stocks regain
Of the traded shares, 213 advanced, 89 declined, and 67 remained unchanged
Global Economy
Inditex boosts fast fashion flights from India to avoid shipping delays
Zara owner Inditex has sharply increased its use of air freight to bring clothes from factories in India to its logistics hub in Spain to avoid shipping delays, according to trade data, industry experts, and investors.
Nokia wins 'multi-billion' dollar deal in India
Sources familiar with the talks told Reuters last month Nokia and Bharti were nearing a deal worth several billion dollars to expand Bharti's network in India.
UK annual inflation jumps on higher energy bills
The Consumer Prices Index reached 2.3 percent from a three-year low of 1.7 percent in the 12 months to September, the Office for National Statistics said in a statement
Bitcoin breaches $94,000 for the first time
It was last at $92,104 in Asian hours on Wednesday, having touched a record high $94,078 just toward the end of the previous session.
IMF, Ukraine, reach agreement on $1.1 bn loan disbursement
The swift agreement, which comes just over two months after the last one, will provide Ukraine with a large injection of funds amid Russia's ongoing assault on the country, which entered its 1000th day on Tuesday.
Trump names China hawk Howard Lutnick as US commerce secretary
Lutnick will also lead the country's tariff and trade agenda, with "additional direct responsibility for the Office of the United States Trade Representative," Trump said in a statement.
UK and India to resume stalled free trade talks
Britain and India will resume stalled talks to agree a free-trade deal, the two countries said after their leaders met at the G20 summit in Brazil.
US to call for Google to sell Chrome browser
The US will urge a judge to make Google-parent company Alphabet sell its widely used Chrome browser in a major antitrust crackdown on the internet giant, according to a media report Monday.
Organisation News
Gree Global’s assistant president to visit Bangladesh
Kevin Bai, assistant president of Gree Global, will begin a visit to Bangladesh on November 22..Bai will stay in Bangladesh for four days, accompanied by other delegates from the Gree headquarters in China, according to a press release..Bai will be engaged in different activities and
Minhaz made DSE director
Minhaz Mannan Emon, managing director of BLI Securities, has been elected as a shareholder director of the Dhaka Stock Exchange (DSE) for a three-year term..Emon will be replacing Sharif Anwar Hossain, managing director of Sahidullah Securities, who is retiring from the DSE board in line w
Gargee Paul appointed Unicef's Youth Advocate in Bangladesh
Gargee Tanushree Paul was today appointed as a for Unicef for years. .During today’s signing ceremony, Gargee met with Rana Flowers, Unicef Representative in Bangladesh, and discussed about children's rights at its office in Sher-e-Bangla Nagar of Dhaka..In her new role as a Youth A
BHBFC inaugurates Islamic finance to rural housing
Bangladesh House Building Finance Corporation (BHBFC) recently launched the second phase of the “Rural and Peri-Urban Housing Finance Project” at the InterContinental Dhaka..The project is expected to be completed by fiscal year 2028-29..Finance Adviser Salehuddin Ahmed inaugurated t
Softograph, Ineos Oxford Institute unite for World AMR Awareness Week
Softograph, in collaboration with Ineos Oxford Institute as its knowledge partner, is launching a gamified initiative for World Antimicrobial Awareness Week (WAAW) to increase public understanding of antimicrobial resistance (AMR)
Yamaha celebrates 8 years with ACI Motors
Yamaha, a renowned motorcycle brand of Japan, has completed a successful journey of eight years in Bangladesh with the partnership of ACI Motors, a subsidiary of ACI Group..Yamaha entered Bangladesh's market in 2016, the company said in a press release..By providing customers with ad
IDLC Finance wins gold at SAFA BPA Awards
IDLC Finance PLC recently won a gold award at the South Asian Federation of Accountants (SAFA)..M Jamal Uddin, managing director and chief executive officer of the non-bank financial institution (NBFI), received the award at a function held in Colombo, the capital of Sri Lanka..The N
Pragati Life settles Tk 305cr in claims by Q3
Pragati Life Insurance Limited settled Tk 305.20 crore in claims from the January to September period of the financial year 2024, reflecting an increase of 11.73 percent compared to the same period last year..The life insurer settled a total of 98,266 claims in the first three quarters of
Business Multimedia
Food prices stubbornly high despite govt measures
When prices of widely consumed staples like potatoes, edible oil, sugar or onions spike and remain inflated for extended periods, it understandably hits the poor and low-income people where it hurts the most: in their wallet.
Remittance rises 21% in October
Migrant Bangladeshis sent home $2.39 billion in October
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?
Mansur attending central bank conference in India
Bangladesh Bank (BB) Governor Ahsan H Mansur went on a visit to India yesterday to attend a high-level policy conference of central banks from the Global South..Two other members of the central bank are accompanying Mansur during the visit. They are Deputy Governor Md Habibur Rahman and Ex
Jashim Uddin becomes Bangladesh Development Bank MD
Md Jashim Uddin was appointed as managing director and CEO of Bangladesh Development Bank PLC yesterday..Prior to joining his new assignment, Jashim Uddin had been working at Janata Bank PLC as deputy managing director, the bank said in a press release..He started his professional ba
Prime Bank signs deal with Concord Architects & Interior Decor
Prime Bank PLC recently signed an agreement with Concord Architects & Interior Decor Limited, an interior design firm in Bangladesh..Md Nazeem A Choudhury, deputy managing director of the bank, and Anup Kumar Sarkar, chief marketing officer of Concord Group, penned the deal at the bank’s c
BRAC Bank achieves Tk 10,000cr deposit growth in Jan-Oct
BRAC Bank’s branch network has achieved a milestone by making a net deposit growth of Tk 10,000 crore within the first ten months of 2024, spanning January to October..Despite a challenging economic environment, the bank obtained this impressive growth driven by the lender’s strong market
Bank Asia wins SAFA award for best-presented annual report
Bank Asia PLC recently won “SAFA Best Presented Annual Report Award 2023” for integrated reporting among all the participating institutions..Rumee A Hossain, director and chairman of the executive committee of the bank, and ANM Mahfuz, additional managing director, received the award and c
Pubali Bank receives two accolades at Mastercard Excellence Awards
Pubali Bank PLC recently won two awards in different categories at the Mastercard Excellence Awards in recognition of the bank’s contributions to fostering financial inclusion and building a robust digital economy..Mastercard, the US-based payment solutions provider, awarded the commercial
S Alam says Singapore citizenship is a shield against central bank ‘intimidation’: FT
The letter and Saiful Alam’s threat to pursue international arbitration mark his most serious pushback yet against Bangladesh’s interim government.
Bank owners’ forum was useless during AL time
The Bangladesh Association of Banks (BAB), the private bank owners’ forum, will work with the central bank governor and the finance adviser to rejuvenate the banking sector, weakened under 15 years of Awami League rule, said its new chairman Abdul Hai Sarker.
Steelmakers call for speeding up infrastructure projects
Steelmakers in Bangladesh have placed a five-point demand to the interim government, which includes accelerating infrastructure development projects, to address ongoing challenges in the industry..“The government needs to intensify its development efforts to resolve the economic crisis tha
Defaulted loans may double next year
The defaulted loan figure is set to double as the Bangladesh Bank is set to tighten the classification rules for all types of loans by March next year to meet the International Monetary Fund’s loan conditions.