Sending businessmen to jail may cause further price spiral
The government wants to bring down the prices of essentials through talks with the business community since sudden jail and other stern actions might send the prices higher further, said Commerce Minister Tipu Munshi today.
23% RMG factories remain out of inspection in Bangladesh: CPD
About 23 percent of the RMG factories in Bangladesh have remained out of inspection, according to the findings of a study by the Centre for Policy Dialogue (CPD).
Top cement makers shifting to eco-friendly production
Bangladesh’s major cement manufacturers are increasingly shifting to eco-friendly production processes with a view to cutting energy consumption and pollution and ensuring the sustainability of their business in a world that is getting more worried about industries’ carbon footprint.
What happened to shut down Toyota's production in Japan?
Toyota Motor (7203.T) was ramping back production at its Japan-based factories on Wednesday after a computer system processing orders for vehicle parts broke down on Tuesday, forcing the closure of 14 assembly plants.
New UK trade benefit / Bangladesh can save £315m a year: experts
Bangladesh will benefit the most from the UK’s Developing Countries Trading Scheme (DCTS) as it will potentially save £315 million in tariffs annually on its exports to the European nation, according to experts.
Economy headed in wrong direction
As much as 70 percent of the respondents in a recent survey think Bangladesh’s economy is heading in the wrong direction, and they cite high prices of products as the basis for their viewpoint.
PM directs to initiate process to secure loans from NDB
Prime Minister Sheikh Hasina yesterday directed the concerned departments to start the process of securing loans from the New Development Bank (NDB).
Bilateral trade to rise if EPA is signed with Korea
Bangladesh’s bilateral trade and investment with Korea will increase if an economic partnership agreement (EPA) is signed, Korean Ambassador to Bangladesh Park Young-sik said yesterday.
Policyholders can take loan from pension scheme fund
The policyholders can take loans against the money they will deposit as subscription fee for the universal pension scheme, said Kabirul Ezdani Khan, executive chairman of the National Pension Authority.
Economy
Record potato production, yet prices going up
Potato prices are soaring even though farmers this year grew a record 1.04 crore tonnes, cutting the buying power of consumers, especially fixed and low-income people already battered by sustained high inflation.
India cuts prices of cooking gas
India cut the price of cooking gas for households on Tuesday by about 18 percent to rein in inflation ahead of crucial state and general elections.
ChatGPT turns to business as popularity wanes
OpenAI on Monday said it was launching a business version of ChatGPT as its artificial intelligence sensation grapples with declining usership nine months after its historic debut.
StanChart facilitates first LC application via H2H connectivity
Standard Chartered Bangladesh has provided Genesis Fashions Ltd, a ready-made garments manufacturer and sister concern of the M&J Group, with the resources needed to submit trade applications via host-to-host (H2H) connectivity.
EBL, Trust Bank sign deal on money transfer
Eastern Bank Ltd (EBL) has signed an agreement with Trust Bank Ltd for the money transfer service Ria, a US-based global money transfer company whose Bangladesh agent is Trust Bank.
UCB gets BB recognition in sustainability rating
United Commercial Bank (UCB) PLC was honoured yesterday as one of top banks in “Sustainability Rating 2023” by the Bangladesh Bank.
Dollar ticks up, yen under pressure
The US dollar ticked up slightly on Tuesday after a strong run though traders held off from large bets ahead of a slew of economic data this week, while the Japanese yen languished near levels that triggered intervention last year.
Govt now offers incentives on summer onion varieties
The government will provide an additional Tk 16.2 crore as incentives to farmers to encourage them to cultivate the summer varieties of onions in its efforts to reduce import dependence and become self-reliant.
Global Economy
US trade curbs threaten global supply chains
Beijing has raised “serious concerns” with the United States over Washington’s trade curbs on Chinese businesses, warning they could threaten the “security and stability” of global supply chains, state media reported Tuesday.
Toyota’s Japan production at standstill
Toyota Motor Corp on Tuesday said it has suspended operations at all 14 of its assembly plants in Japan due to a production system malfunction, bringing domestic output to a standstill at the world’s biggest-selling automaker.
UK shop price inflation at 10-month low
Prices in British store chains rose in August at the slowest pace in nearly a year, according to industry data that offers further relief for consumers hit by high inflation and for the Bank of England which is trying to quash it.
India’s 5 lakh tonnes of rice shipments postponed after new duty
India’s move to impose a 20 percent duty on exports of parboiled rice has prompted buyers and sellers to postpone shipments of around 500,000 metric tons to after mid-October to avoid paying the tax, three leading exporters told Reuters on Tuesday.
China’s factory activity likely extended declines
China’s factory activity likely contracted for a fifth straight month in August, a Reuters poll showed on Tuesday, as weak demand threatens recovery prospects in the world’s second-largest economy and pressures officials to prop up growth.
Ukraine won’t reduce winter wheat acreage
Ukrainian farmers are not expected to reduce the area of winter wheat they sow for the 2024 harvest despite higher logistics costs due to the wartime export crisis, a senior farming official told Reuters on Tuesday.
Tk 16.2 crore incentive for summer onion growers
The move comes when India imposes 40% export duty on onion
Bangladesh, Korea trade deal to boost bilateral investment: envoy
The two countries celebrated 50th anniversary of diplomatic relations
Organisation News
Workshop on MFS abuse held in Sylhet
Sylhet Metropolitan Police, in collaboration with bKash, recently organised a daylong workshop styled “Investigating and Preventing Abuse of Mobile Financial Services” at Hotel Rose View in Sylhet.
Electro Mart opens sales centre in Sylhet
Electro Mart Group, an electronics and home appliances company of the country, recently opened a sales and display centre in Sylhet.
Rancon, Montrims sign deal for rooftop solar power plant
Rancon Infrastructures and Engineering Limited (RIEL) signed a contract with Montrims Limited to establish a 2.5MWp rooftop solar power plant at the latter’s factory located at Mouchak, Kaliakoir in Gazipur.
Honda posts 78% rise in Q1 profit
Japan’s Honda Motor reported a 78 percent rise in quarterly profit on Wednesday, boosted by increased sales, especially in the North American market, and a weaker yen.
Walton’s industrial expo begins today
Walton, an electronics manufacturer of Bangladesh, is going to host the country’s first-ever mega industrial fair styled “International Advanced Components and Technology (ATS) Expo-2023”.
aamarPay teams up with LankaBangla
aamarPay, a fintech company of the country, has recently entered into strategic payment collaboration with LankaBangla Finance Ltd over payment services.
AIBL organises business review meeting
Al-Arafah Islami Bank Ltd organised a Business Review Meeting for managers of corporate branches at the bank’s head office in Dhaka yesterday.
Tasty Treat opens outlets in Pabna
Tasty Treat, a fast-food retail brand of Pran-RFL Group, has started operations in Pabna by opening two outlets in the Dilalpur and Shalgaria areas of the city on Monday.
Business Multimedia
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.
After ten years, how much did new banks contribute to economy?
Despite criticism from analysts and economists and initial objections from the central bank, the government licensed nine new banks in 2013. Some of the banks are currently doing well in terms of profitability. However, the non-performing loans of some of them are relatively high
Will Bangladesh benefit from trade in Indian rupee?
Will trade in rupee increase Bangladesh’s forex reserves?
Chinese investors rush to offshore funds to offset domestic risks
Disillusioned with a weak stock market at home, geopolitical risks and a falling currency, Chinese investors are pouring money into investment products with exposure to overseas assets that will also help diversify their portfolios.
PM seeks more US investment
Prime Minister Sheikh Hasina yesterday called for larger investment from US companies in sectors, particularly power, energy, ICT and infrastructure.
‘University curriculum fails to meet industrial sector’s needs’
A Dhaka University professor says at SME Foundation, FES Bangladesh event
Policyholders can take loan from universal pension scheme fund
Can borrow 50% of the money deposited as subscription fee
Indian rice shipments of 500,000 tons postponed after new duty- exporters
India's move to impose a 20 percent duty on exports of parboiled rice has prompted buyers and sellers to postpone shipments of around 500,000 metric tons to after mid-October to avoid paying the tax, three leading exporters told Reuters on Tuesday.
China warns US trade curbs threaten global supply chains
Beijing has raised "serious concerns" with the United States over Washington's trade curbs on Chinese businesses, warning they could threaten the "security and stability" of global supply chains, state media reported Tuesday.
China, US set to hold fresh talks on trade disputes
US and Chinese officials will hold a fresh round of talks on contentious trade issues Tuesday, the third day of a visit to Beijing by US Commerce Secretary Gina Raimondo.
Dollar kerb market heats up again
The exchange rate gap in the official and unofficial channels in Bangladesh has started to widen after a few months of lull as the US dollar is getting costlier in the informal market, a development that may adversely impact the remittance flow.
Worker outflow to Saudi Arabia climbs but remittance falls
The outflow of migrant workers from Bangladesh to Saudi Arabia surged around four times in the last three years but remittance earnings from the country have kept falling, official figures showed.
Country Garden says its $100b Malaysia project on track
Embattled Chinese developer Country Garden said on Monday its $100-billion project in Malaysia was proceeding as planned and it had sufficient assets, despite concerns about its financial strength amid debt woes.
