Business
AFP, Buenos Aires : Poverty in Argentina rose to affect over 52 percent of the population in the first six months of self-declared “anarcho-capitalist” Javier Milei’s presidency, according to official data released Thursday.The report for the first half of 2024 showed that 52.9 percent of Argentina’s 47 million people now live in poverty and nearly one in five are indigent.The poverty figure was up from 41.7 percent in the second half of 2023, said the INDEC statistics agency.Since taking office...
AFP, Hong Kong : Hong Kong and Shanghai ploughed on with their China-fuelled rally Friday on hopes that Beijing will press on with new plans to boost the world’s number two economy.A string of announcements this week has seen leaders cut interest rates, pledge support to the beleaguered property sector, free up banks to lend more and pledge to boost jobs, particularly for the poor.While analysts have warned that the measures — the boldest in years — will not on...
AFP, Paris : From disinformation campaigns to soaring scepticism, plummeting trust and economic slumps, the global media landscape has been hit with blow after blow.World News Day, taking place on Saturday with the support of hundreds of organisations including AFP, aims to raise awareness about the challenges endangering the hard-pressed industry.In 2022, UNESCO warned that “the business model of the news media is broken”.Advertising revenue — the lifeline of news publications — has dried up in recent years, with Internet...
AFP, Shanghai : The Shanghai Stock Exchange was hit by an “abnormal slowdown” in transactions on Friday, saying it was probing the cause of an issue that sent jitters through investors as they rushed in to pick up stocks after China unveiled a string of economy-boosting measures. Equity markets in the city as well as Hong Kong and Shenzhen have rocketed this week in reaction to a raft of much-needed stimulus including help for the troubled property sector, interest rate...
Business Report : The National Board of Revenue (NBR) has relaxed subcontracting laws to boost exports and improve Bangladesh’s economic environment. According to a recent notification issued by the NBR, non-readymade garment (non-RMG) enterprises, particularly those with bonded warehouse licenses, can now subcontract with other manufacturers. This policy adjustment is intended to assure timely deliveries and increase export orders.Subcontracting was previously permitted in all export-oriented sectors. However, the previous government limited this privilege to the RMG sector. This restriction posed...
AFP, Beijing : China on Friday cut the amount banks must hold in reserve, a bid to boost its flagging economy by releasing an estimated $142.6 billion in liquidity into the financial market. The move, announced by China’s central bank, comes a day after top officials including President Xi Jinping met and admitted to “new problems” in the world’s second-largest economy. Beijing has this week unveiled a raft of measures to boost its ailing economy, which it has targeted to...
Business Report : NCC Bank organizes a daylong training on “CMSME, Sustainable Finance & Digital Financial Services (DFS)” for the CMSME Relationship Managers for Chattogram region recently. M. Shamsul Arefin, Managing Director & CEO of the bank inaugurates the programme as chief guest while Deputy Managing Director Md. Mahbub Alam, Head of Strategy and Emerging Business Mohammad Ridwanul Hoque, EVP and Chattogram regional Head Ali Tarek Parvez, SVP and Head of SME Sharif Mohammad Mahsin, Nighat Mumtaz, Head of Women...
Dinajpur Correspondent : Import of Indian potatoes through Dinajpur’s Hili land port resumed on September 25 after remaining halted since July 8.Businesses stopped bringing in Indian potatoes for 77 days due to price parity between domestic and imported varieties in the local markets.Import of the vegetable began after the government reduced duties on Indian potatoes from 15 percent to 3 percent, according to the importers of Hili land port.At around 2pm on Wednesday, 47 tonnes of potatoes loaded in two...
Reuters, London : British consumers have grown more gloomy over the past month following the new Labour government’s removal of a welfare benefit for pensioners and warning of tax rises at next month’s budget, a new survey from a trade body showed on Thursday.The British Retail Consortium said households’ assessment of the general economic situation over the next three months sank to -21 in September from -8 in August.This reading – which represents the difference between the percentage of respondents...
Business Report : German logistics company DHL Express has increased its rates by 4.9 percent for the Bangladesh market. The annual adjustment, effective from January 1 of 2025, aims to offset rising operational costs driven by inflation, currency fluctuations and regulatory requirements, the company said in a statement.The price hike will allow continued investment in the company’s logistics network, enhancing its resilience amid ongoing geopolitical and supply chain disruptions, said Md Miarul Haque, country manager of DHL Express Bangladesh.“Despite external...
AFP, Frankfurt : German shoppers are heading into October feeling slightly more optimistic, a key survey showed Thursday, even as the outlook for Europe’s biggest economy remains gloomy.The forward-looking indicator climbed to minus 21.2 points for October, up 0.7 points on a month earlier, according to pollsters GfK and the Nuremberg Institute for Market Decisions (NIM).The survey of around 2,000 people showed a “slight increase” in consumer confidence, NIM consumer expert Rolf Buerkl said, adding however that it did not...
Business Report : PriyoShop, Bangladesh’s leading B2B marketplace and smart distribution partner, is driving significant change in the supply chain landscape for small and medium enterprises (MSMEs) across the country. Committed to streamlining operations and ensuring that brands reach retailers in every corner of Bangladesh, PriyoShop is significantly expanding its operations and establishing itself as a vital force in the local economy. Since its inception, PriyoShop has extended its network to 11 districts, 73 thanas, and 752 routes, enabling connections...
AFP, Beijing : China’s commerce ministry on Wednesday said it “firmly opposes” US plans to ban the sale of connected vehicles incorporating Chinese and Russian technology, citing national security risks. “The US practice has no factual basis, violates the principles of market economy and fair competition, and is a typical protectionist act,” a ministry spokesperson said. The proposed rule is part of President Joe Biden’s hardening approach to the world’s second-biggest economy and comes after an announcement in February of...
UNB, Dhaka : Commerce Adviser Dr Salehuddin Ahmed on Wednesday said the government is working to simplify business and trade conditions. He said this when a delegation from the American Chamber of Commerce in Bangladesh (AmCham) paid a courtesy to him at the secretariat on Wednesday. The commerce adviser emphasised the government’s commitment to easing business and trade, saying, “The government’s objective is to make business and trade easier. Over the past 16 years, no rules and regulations have been...