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...
Reuters : Walmart (WMT.N), opens new tab settled its lawsuit against Capital One (COF.N), opens new tab over their credit...
AFP : Asian markets mostly fell Friday following a broadly negative lead from Wall Street, where tech giants led a...
AP : The cybersecurity firm Kaspersky denied Friday that it is a security threat after the U.S. Commerce Department banned...
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...
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...