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Reuters : Beijing warned on Friday that escalating frictions with the European Union over electric vehicle imports could trigger a trade war, as Germany’s economy minister arrived in the Chinese capital with the proposed tariffs high on his agenda. Robert Habeck’s three-day trip to China is the first by a senior European official since Brussels proposed hefty duties on imports of Chinese-made electric vehicles to combat excessive subsidies. That has unleashed countermeasures by China and harsh criticism from Chinese leaders....
Reuters : JPMorgan Chase (JPM.N) is seeing signs of an improving economy in China that will bolster the bank’s business in the country after a sluggish period, its CEO of asset and wealth management Mary Erdoes said. US companies are assessing their prospects in China as its economy recovers unevenly and relations worsen between the two nations. For banks, sluggish capital markets have weighed on activity in China, and investors are watching the effect of government support measures on the...
Noman Mosharef : InterContinental Dhaka owner Bangladesh Services Limited (BSL) suffered declining business performance throughout three quarters of fiscal year 2024. About a decade ago, the state-owned hospitality firm borrowed nearly Tk574 crore from Agrani Bank for renovating the InterContinental Dhaka as per the InterContinental Hotel Group (Asia Pacific) standards. Thanks to interest charges, the loan amount has now swelled up to more than Tk900 crore increasing the firm’s finance costs and eventually throwing the company into losses. This slump...
Business Report : Bangladesh Prime Minister Sheikh Hasina will emphasise on Line of Credit (LoC) agreement of $7.36 billion to Bangladesh during her upcoming visit to Delhi, where it will be a key topic at the summit meeting with Indian Prime Minister Narendra Modi. Bangladesh and India initiated their first Line of Credit (LoC) agreement 12 years ago, with India pledging $7.36 billion to Bangladesh; however, as of last December, only $1.65 billion has been disbursed. Following the formation of...
AFP : The pace of Japanese inflation accelerated in May partly due to higher energy bills, government data showed Friday, as analysts speculate on the timing of the Bank of Japan’s next rate hike. The Consumer Price Index (CPI) — which excludes volatile fresh food prices — rose 2.5 percent year-on-year, compared with the 2.2 percent logged in April by the internal affairs ministry. The ministry said that “energy, including electricity and gas bills, contributed” to the acceleration, which was...
Gazi Anowar : The Dhaka Stock Exchange (DSE) flagship index, the DSEX, is experiencing its worst session ever, hitting a 52-week low. Despite slight improvements in two trading days this week, DSEX fell to the 5244.13 during last Thursday (June 20) trading session, underscoring the severity of the situation. A year ago, in June 2023, the DSEX’s position was 6,300 points. Comparatively the benchmark index fell to 1056 points as per the latest market last Thursday. However, during the trading...
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Business Report : The proposed budget for the fiscal year 2024-25 raises the supplementary duty (SD) and value-added tax (VAT) for the telecom sector, leading to increased sales costs for two of the three listed telecom companies on the capital market: Bangladesh Submarine Cables PLC, Robi Axiata Ltd, and Grameenphone Ltd. The two key tax increases are a rise in supplementary duty (SD) on SIM/RUIM cards for mobile services, from the current 15 per cent to 20 per cent, and...
Business Desk : Dhaka Bank PLC has teamed up with SME Foundation (SMEF) for providing loans to the Cottage, Micro, Small and Medium Enterprises (CMSMEs) under their Revolving Loan facility, fund from the government’s stimulus package and its own source to help navigate the challenges of the pandemic. Dhaka Bank and SMEF have signed an agreement in this regard on 11 June 2024 in a hotel in Dhaka. Under this program, SME Foundation will provide Tk450 crore to the participating...
Reuters, Brussels : European Union countries agreed on a 14th package of sanctions against Russia over its war in Ukraine, diplomats said on Thursday, including their first restrictions on Russian gas. The package bans re-exports of Russian liquefied natural gas (LNG) in EU waters but stops short of banning imports as the bloc did in 2022 for Russian seaborne oil. Some EU countries still import pipeline gas from Russia via Ukraine. However, gas market experts say the measure will have...
Business Report : Leading steel manufacturer BSRM targets local steel market to 34% from 23% now and cater to rising demands for steel products as it sets to launch new $217m steel new plant this month in Chattogram’s Mirsarai by late June or early July with an annual production capacity of 8 lakh tones. To set up the new re-rolling plant, BSRM secured $50 million in low-cost loans from the Japan International Cooperation Agency (Jica), making it Bangladesh’s first private...
Business Desk : Md Sariful Islam, a seasoned professional with over 15 years of experience, has recently joined Oxfam Bangladesh as its head of Influencing, Communications, Advocacy and Media. This appointment follows his tenure as a communications officer at the International Labour Organization (ILO) in Bangladesh, reads a press statement issued today (20 June). Speaking about his new role, Sariful said, “I am thrilled to join Oxfam, an organisation at the forefront of the global fight against inequality and injustice....
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Business Desk : Midland Bank PLC, a 4th generation Private Commercial Bank in the country, completed11thyear of its commercial operation on 20th June, 2024. On this occasion, Md. Ahsan-uz Zaman, Managing Director along with the Senior Management Members, Divisional Heads of the Bank held a ‘dua’ session in the Board Room of the Bank at Gulshan-2, Dhaka at a simple ceremony. Md. Ahsan-uz Zaman, Managing Director in his speech conveyed best wishes and thanks to all for the successful completion...
Business Report : Country’s both the bourses, Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) on Thursday also witnessed an upward trend like earlier as investors continued their buying spree on large-cap issues amid optimism. DSEX, the prime index of the DSE, went up by 82.75 points or 1.60 per cent to settle at 5244.13. The DSE 30 Index, comprising blue chips, and the DSE Shariah Index (DSES) also gained 31.34 points to finish at 1875.48 and 2.20 points...
Business Desk : Meghna Insurance Company Limited successfully conducted its 28th Annual General Meeting (AGM) recently using a hybrid system that combined physical presence at Golf Garden, Army Golf Club, Dhaka Cantonment, Dhaka, and online connection through the digital platform. Physically the meeting was attended by Musfiq Rahman (nominated by SW Holdings Ltd), Chairman; Manwar-Uz-Zaman, (nominated by BARWAZ Investments LLC), Vice Chairman; Sarder Saniat Hossain, nominated by ZAMORED Investments LLC, Director Ashim Chowdhury, Independent Director and Chairman of the Audit...
Business Report : Around 16 lakh tonnes of rice gets wasted in the country every year due to over-polishing, Food Minister Sadhan Chandra Majumdar said on Thursday. “Bangladesh annually produces 4 crore tonnes of rice. Subjecting this rice to five rounds of polishing leads to a 4-5% reduction in its weight. As a result, annual rice production has declined by 16 lakh tonnes,” the minister told journalists after the inauguration of the BMRE project at Ashuganj Silo in Brahmanbaria. “If...
Staff Reporter : The board of directors of Linde Bangladesh has approved a 1540 per cent interim cash dividend based on the audited interim financial statements of the company as of 31 October 2023. That means investors will get Tk 154 per share as against the face value of Tk 10. This is the highest cash dividend declaration since listing with the stock market in 1976. The record date is set on July 9 to avail the cash dividend. In...
AFP : Families of Boeing 737 MAX crash victims on Wednesday asked US authorities to impose a fine of up to $24.8 billion on the aviation giant and proceed with criminal prosecution. The move comes a day after Boeing CEO Dave Calhoun acknowledged the “gravity” of the company’s safety problems and assured a US congressional panel that it was making progress on the issue. Sitting behind him in the audience were relatives of victims of the Boeing 737 MAX 8...
Staff Reporter : Bangladesh’s foreign currency reserves went up by $318 million in the span of a week to hit $19.53 billion on June 19, central bank figures showed. It was $19.21 billion on June 12. The latest upward movement of the reserves will give much-needed relief to the US dollar supply, which has squeezed sharply in the last couple of years amid higher outflows against inflows. The rally might continue in the coming weeks as the country is set...