Cash subsidy for exports surges. Only garment yields expected results
The government’s cash incentive against export receipts has soared over the years although many sectors could not make their mark in the global market, bringing in limited results for the government’s diversification initiative.
Business leaders call for interest rate ceiling
The Bangladesh Bank told businesspeople that the lending rates will not exceed 14 percent, according to the leaders of several trade bodies.
Power producers may lose zero-duty benefit
Power generation companies, including rental ones, may see an end to a zero-duty benefit on their import of machinery, equipment and spare parts from next fiscal year as the government moves towards generating more revenue curtailing the practice of handing out tax exemptions.
Amnesty to black money in EZs, hi-tech park may go
An amnesty provided to black money invested in economic zones and hi-tech parks is unlikely to be continued from the next fiscal year of 2024-25 as per plans of the National Board of Revenue (NBR).
Too much of cement: production capacity outstrips demand
Competition in the cement industry of Bangladesh could become even narrower as smaller producers are at risk of going out of business due to overcapacity in production and increasingly higher input costs.
No let-up in reserves slide
Bangladesh’s foreign exchange reserves have been falling since September 2021 despite a series of government initiatives to reverse the trend.
Next budget will be challenging than previous years: Debapriya
High inflation, rising pressure on external account to slow down economy, the economist said
National Bank’s losses jump 145% in Q1
Crisis-ridden National Bank’s financial woes have deepened further, as the bank’s losses increased by a massive 145 percent year-on-year in the first quarter of 2024.
Bangladesh could earn billions from carbon trade: experts
Bangladesh could earn a few billion US dollars from global carbon trading each year if carbon reduction projects are properly implemented in the country, according to speakers at a discussion.
Economy
Merging minds with machines
With the news of brain chip implants, our friends joked that advertisers would run commercials in our brains if we got chips without a subscription.
UAE’s AD Ports Group to invest $1 billion to develop Ctg port
The Chittagong Port Authority signs MoU with the Abu Dhabi-based company
Jamuna Bank Q1 profit up 23%
In Jan-Mar, the bank made a profit of Tk 164 crore this year, up from Tk 134 crore last year
Dhaka Bank’s Q1 profit highest in 4 years
The bank's profit rose 26% year-on-year to Tk 60.39 crore in Jan-Mar period of 2024
Bangladesh approves Tk 2.65 lakh crore ADP for FY25
The government has approved the Annual Development Programme of Tk 2.65 lakh crore for fiscal 2024-25
MoU with AD Ports today on Bay Terminal project
Chittagong Port Authority (CPA) will sign a memorandum of understanding (MoU) with AD Ports Group today regarding the latter’s proposal to implement a portion of the Bay Terminal project.
Bangladesh expands offshore banking in hunt for forex
Offshore banking is increasingly becoming a key window for banks in Bangladesh to facilitate investments and international trade by attracting deposits in foreign currencies.
Investors in hi-tech parks, EZs may lose tax benefits
Investors in the economic zones and hi-tech parks in Bangladesh may see an end to the zero-duty benefit on imports of capital machinery, components and construction materials next fiscal year.
Global Economy
US consumer inflation eases slightly in April, sending stocks higher
The annual consumer price index (CPI) came in at 3.4 percent in April, down 0.1 percentage point from March
Japan economy suffers worse-than-expected contraction of 0.5%
Gross domestic product in the world's number four economy shrank by 0.5 percent against market expectations of a drop of only 0.3 percent
What will be the repercussions of Biden's new China tariffs?
Despite targeting $18 billion in imports across new and already targeted sectors, analysts do not expect a major economic impact, assuming Beijing does not retaliate significantly
Islamic banks lose Tk 8,496 crore deposits in a month
Deposits in Islamic banks reduced, but in Islamic banking branches of conventional banks rose
Semiconductor makers have potential to earn $10 billion by 2041: Palak
Bangladesh would be able to earn $10 billion from semiconductor manufacturing by 2041 if proper policy support is ensured, according to Zunaid Ahmed Palak, state minister for telecom and ICT.
Bangladesh’s outlook remains bright despite global uncertainty
Says HSBC’s chief economist for Asia
Analysis / Biden's new China tariff wall faces leakage via Mexico, Vietnam
The Biden administration's new tariffs on Chinese electric vehicles and other strategic sectors aim to protect the future of US manufacturing, but they will likely accelerate a shift of Chinese production to Mexico, Vietnam and elsewhere to avoid them
Argentina: Yearly inflation at almost 300%
The monthly inflation rate rose at 8.8 percent, compared to 11 percent in March
Organisation News
imo, JAAGO join hands to empower marginalised children
Instant communication platform imo and Bangladesh-based non-profit organisation JAAGO Foundation signed an Memorandum of Understanding (MoU) to facilitate better education for the marginalised children of the country.
Electro Mart launches Eid-ul-Azha campaign for its Konka and Haiko brand electronics
Electro Mart has launched a monthlong promotional programme for its Konka and Haiko brand electronics ahead of Eid-ul-Azha.
Islami Bank, Mastercard name winners of Transfast-Islami Bank Remittance Campaign
Islami Bank Bangladesh and Transfast, a remittance brand of Mastercard, declared the winners of the “Transfast-Islami Bank Remittance Campaign”.
ICAB, BPPA strike MoU on document verification system
The Institute of Chartered Accountants of Bangladesh (ICAB) has signed a memorandum of understanding (MoU) with the Bangladesh Public Procurement Authority (BPPA), enabling financial discipline in the public procurement system of the country.
11th National SME Fair-2024 to begin May 19
The 11th National Small and Medium Enterprise (SME) Fair-2024, the biggest fair of locally made products, will take place at the Bangabandhu International Convention Centre in the capital's Agargaon from May 19 to 25.
Prime Bank Investment holds roadshow in Singapore
Prime Bank Investment Ltd (PBIL) recently organised an “Investment Roadshow Singapore 2024”, aiming to empower remittance earners and unlock the nation’s potential in the Capital Market.
Bangladesh’s outlook remains bright despite global uncertainty
Despite global uncertainty, Bangladesh’s outlook has remained bright and the economy is expected to grow steadily, said a top economist of the Hongkong and Shanghai Banking Corporation (HSBC).
Bangladesh, Netherlands joint initiative to ensure healthy food
In the wake of massive adulteration of food, Bangladesh and the Netherlands today launched a joint initiative to produce healthy food and market them in Bangladesh through Fargo Private Limited.
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?
Grameen Kalyan's tax evasion case: HC starts rehearing pleas
The High Court today started rehearing of two separate writ petitions that challenged National Board of Revenue (NBR) orders over reassessment of around Tk 600 crore as income tax from Grameen Kalyan for different tax years
City Bank’s profit grows marginally in first quarter
City Bank registered a 2.7 percent year-on-year growth in profit to Tk 92.44 crore in January-March of 2024.
Ensuring security in land digitalisation
Bangladesh’s ambitious land digitalisation project holds the potential to transform property management and transactions, making them quicker and free from corruption.
Ship recycling down by a third for global conflicts
Bangladesh annually recycles around 2.5 to 3 million tonnes of scrap vessels but this has come down to around 1 million tonnes in the last two years, according to the Bangladesh Ship Breakers and Recyclers Association.
Alternatives to cash incentives planned for exports
The government plans a new export promotion fund as an alternative to direct cash incentives for export-oriented sectors to help the country face challenges resulting from its graduation to a developing nation in 2026.
Policy support can help earn $10b from semiconductor manufacture by 2041
Bangladesh would be able to earn $10 billion from semiconductor manufacturing by 2041 if proper policy support is ensured, according to Zunaid Ahmed Palak, state minister for telecom and ICT.
IFIC Bank gets new DMD
IFIC Bank has recently promoted an official to the post of deputy managing director (DMD).
ShareTrip Pay, MTB strike deal to launch travel wallet solution
Mutual Trust Bank recently signed a strategic alliance agreement with ShareTrip Pay, the country’s first travel wallet and a concern of ShareTrip, to launch a travel wallet solution.
Southeast Bank provides financial aid to farmers from CSR fund
Southeast Bank recently provided financial assistance to grassroots level farmers across the country from the bank’s special corporate social responsibility (CSR) fund to help their cultivation and facilitate purchases of agri-based machinery.
Stocks drop for three straight days
The stock market continued to plunge for a third consecutive day yesterday as risk-averse investors sold shares apprehending that the economy would turn for the worse in the coming days.
