ADB forecasts 6.1% GDP growth for Bangladesh in FY24, higher than World Bank’s
The ADB’s projection comes days after the Bangladesh Bureau of Statistics said economic growth in the October-December quarter of fiscal 2023-24 halved to 3.78 percent, the slowest pace in three quarters, as manufacturing output growth declined sharply owing to reduced domestic consumption.
All member factories completed paying March salary, Eid bonus: BGMEA
BGMEA President SM Mannan Kochi says in a press briefing today
Economy grows by 3.78% in Oct-Dec, slowest in three quarters
The Bangladesh Bureau of Statistics says in quarterly GDP estimate
UCB plans to take over troubled National Bank
United Commercial Bank (UCB) is likely to take over trouble-ridden National Bank Ltd (NBL), according to officials of the lenders.
No respite to consumers: Inflation edges up in March
Inflation edged up in March after marginally easing in the previous month, showing no signs of respite to consumers already hurt by the consistent erosion of buying capacity due to elevated prices.
Online ticketing platforms sprout amid quest for convenience
As such, at least a dozen e-ticketing platforms have emerged aiming to capitalise on people’s preference for convenience when availing transport facilities, according to market players.
City Bank likely to take over BASIC Bank
Troubled state-owned BASIC Bank is likely to be acquired by private sector lender City Bank as the central bank is forging full steam ahead with its plan to engineer the takeover of weak banks with stronger ones.
Loans to become overdue 3 months after repayment date
The BB said this will come into effect from September 30 this year.
BTRC to open fresh audits into GP, Robi
The decision to carry out the audits comes although the claims of the first audits into the operators haven’t been settled yet.
Economy
Workers of 3 RMG factories in Gazipur stage demo for arrears
Workers of three RMG factories demonstrated in Gazipur city’s Basan area yesterday, demanding their arrears.
Furniture sales rebound on buying spree ahead of Eid
Following two years of dull demand, home furniture sales went up slightly in the lead-up to Eid-ul-Fitr, the biggest religious festival for the Muslim community in Bangladesh, as people went on a buying spree despite ongoing inflationary pressure, according to industry people.
50% factories yet to pay salary of March
As of yesterday, 51.21 percent, or 4,849 out of 9,469 mills and factories, did not pay the salaries for the month of March, data from the Industrial Police showed.
No power, gas supply for new factories outside economic zones
The central bank also directed banks to ensure mandatory clearance certificates from utility service providers before approving loans.
Pran gets $30m from IFC amid dollar shortage
According to the IFC, the food and beverage sector, a key pillar of Bangladesh's economy, accounts for around 13 percent of the manufacturing production in value and employs 19 percent of the industrial workforce with a projected compound annual growth rate of 12 percent.
BJMC racking up losses for payroll burden
The Bangladesh Jute Mills Corporation continues to be mired in losses due to the huge payroll burden of its 25 closed factories since 2020.
Govt seeks duty-free access to Brazil
Bangladesh has sought duty-free access for its products shipped to Brazil to reduce the bilateral trade gap.
New industries outside economic zones will not get electricity, gas
The cabinet committee on economic affairs says
Global Economy
Bank Alfalah's profit triples
The multinational bank made Tk 43 crore in 2023, up from the previous year's Tk 13 crore
Turning camels into cows
Megafarms are being set up to produce camel milk on industrial scales
China pushes back at US overcapacity concerns as Yellen wraps visit
Beijing's commerce minister dismissed as "groundless" US concerns that a surge of low-cost Chinese exports posed a risk to global markets, as Washington's Treasury chief on Monday wrapped up a visit aimed in part at addressing the issue
70% factories yet to pay March salary
Some 70% have already paid festival bonus, Industrial police say
Leather shipment recovers, fetches $100 million in 9 months
Leather exports rose 9.8% year-on-year in Jul-Mar of FY24
Bank of Japan hints at near-term rate hike, pushing yields higher
Ueda said the central bank could "respond with monetary policy" if currency moves significantly drive inflation and wages, suggesting sharp yen falls could affect the timing of the next rate hike
Analysis / Elon Musk bets big on Tesla, not cars
Hopes of keeping the crown have rested on a long-promised $25,000 model. If the project gets scrapped, as Reuters reported on Friday, boss Elon Musk has one remaining advantage: using Tesla’s data trove to develop self-driving technology
World food prices rise for first time in 7 months: FAO
Global food prices rose in March, the first increase since July, pulled higher by cooking oil prices despite the cost of grains continuing to ease, the UN's Food and Agricultural Organization said Friday
Organisation News
National Housing Finance opens Islamic wing
National Housing Finance has launched an Islamic wing at the company’s head office in Dhaka today.
Uttara University VC Prof Eaysmin Ara Lekha conferred D.Litt
Prof Eaysmin Ara Lekha, vice-chancellor of Uttara University, was conferred a Doctor of Literature (D.Litt) by Ranchi University on Friday, said a press release
Mohsin Habib appointed as director of Berger Paints
Md Mohsin Habib Chowdhury has recently been appointed as a director of Berger Paints Bangladesh.
Essential Drugs to get insurance services from MetLife
Essential Drugs Company, a pharmaceutical company, recently penned a contract with MetLife to provide insurance facilities to its employees.
MA Haque’s 28th death anniversary today
Today is the 28th death anniversary of MA Haque, former minister, top ranking police officer, writer, and founder president of Bangladesh Association of International Recruiting Agencies (BAIRA), said a press release
SM Mannan Kochi takes charge as BGMEA president
SM Mannan (Kochi), the newly elected president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), today formally took the charge of the association as the president for the 2024-26 tenure.
Shibli Rubayat likely to be reappointed as BSEC chairman
Prof Shibli Rubayat-Ul-Islam is likely to be reappointed as the chairman of Bangladesh Securities and Exchange Commission (BSEC) for another four-year term
Father-son duo of Envoy Legacy Group honoured with CIP
Kutubuddin Ahmed, chairman of Envoy Legacy, Sheltech Group and Green Textile, and Tanvir Ahmed, his son and managing director of the three entities, have been recognised as Commercially Important Persons (CIP) for 2022 for their contributions to the textile and manufacturing industries
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?
Meghna Bank approves 12.50% dividend
Meghna Bank approved a 12.50 percent dividend, including 10 percent cash dividend, for the year that ended on December 31, 2023.
Shahjalal Islami Bank holds 871st executive meeting
Shahjalal Islami Bank recently organised the 871st meeting of its executive committee at its corporate head office in Dhaka.
NCC Bank gets PCI-DSS certification for card data security
NCC Bank recently achieved the Payment Card Industry Data Security Standard (PCI-DSS) certification for card data security.
Bangladesh has capacity to become upper middle income country by 2031: ICCB
Leading chamber body’s latest news bulletin highlights challenges, opportunities for Bangladesh economy in 2024
SC issues status quo on income tax collection from 3 private universities
The Supreme Court today issued status quo on National Board of Revenue’s (NBR's) action for collecting income tax from three private universities
Gold price continues breaking records
The price of gold in Bangladesh is poised to surpass all previous records as the jewellers in the country have decided to increase its rates with effect from today
Dhaka shares rise for third straight day
The benchmark index of the Dhaka Stock Exchange (DSE) extended its winning momentum as all indices of the premier bourse of the country gained for the third consecutive day today.
City Bank eyes takeover of BASIC Bank
State-owned and trouble-ridden BASIC Bank is expected to merge with City Bank — a development that comes less than a week after the government decided in principle to merge four state banks
IFC provides $30m in loans to PRAN Group amid dollar shortage
IFC is providing $30 million in Pran Dairy Ltd (PDL) and Habiganj Agro Ltd (HAL), concerns of PRAN Group, to support their businesses severely impacted by the shortage of US dollars in Bangladesh
Import RMG from Bangladesh directly, PM tells Brazil
Prime Minister Sheikh Hasina today called upon Brazil to directly import readymade garments (RMG) from Bangladesh
