Business Report : Chairman of Electro Mart Group Mohammed Nurun Newaz recently inaugurated a new sales and display centre in...
Reuters : The Federal Reserve cut US short-term borrowing costs on Wednesday by a bigger-than-usual half percentage point, a watershed moment that should start to ease some of the financial pressures everyday consumers have felt over the two and a half years that the central bank has battled with high inflation.The Fed, after 5.25 percentage points of increases between March 2022 and July 2023, lowered its key rate to 4.75 percent-5 percent to address rising worries about the cooling labor...
Business Report : The value of the US dollar has decreased in Bangladesh’s kerb (open) market due to a drop in demand and an increase in supply.Currently, the dollar is being sold at Tk121-122 in the kerb market, down from Tk125 just three weeks ago, according to traders and money changers dealing in foreign currency.They attributed the drop to reduced demand for foreign travel following the political changes in the country on August 5, as well as an increased flow...
Business Report : Mercantile Bank inaugurated ‘Sonaimuri Upashakha’ (under control of Chowmuhoni Branch) at Sonaimuri, Noakhali on Thursday to provide...
Business Report : Speakers at a workshop on Thursday stressed the need for more training for women on e-GP for their capacity building in entrepreneurship and taking part in the government procurement system.Bangladesh Public Procurement Authority (BPPA) arranged the day-long workshop on electronic Government Procurement (e-GP) in its conference room at BPPA Bhaban on the campus of the Bangladesh Planning Commission in Dhaka.The workshop was aimed at encouraging women’s participation in public procurement process, a BAPPA press release said.The workshop...
Business Report : BRAC Bank, PROVATi3-LGED, and bKash Limited have entered into a tripartite agreement to facilitate the digital disbursement...
Business Report : Bangladesh Bank has mandated that directors of all banks must now attend board meetings in person, officially ending the “hybrid” meeting model that allowed virtual participation during the pandemic. The central bank issued this directive through its Banking Regulations and Policy Department on Wednesday, instructing the top executives of all banks to implement the changes immediately. During the Covid-19 pandemic, a hybrid model had been introduced to facilitate remote participation in board and subsidiary committee meetings. However,...
Business Report : Bangladesh Bank has mandated that directors of all banks must now attend board meetings in person, officially ending the “hybrid” meeting model that allowed virtual participation during the pandemic. The central bank issued this directive through its Banking Regulations and Policy Department on Wednesday, instructing the top executives of all banks to implement the changes immediately. During the Covid-19 pandemic, a hybrid model had been introduced to facilitate remote participation in board and subsidiary committee meetings. However,...
Business Report : Commending the ongoing reform process to stabilize the financial sector, the country’s commercial bankers sought regular consultation...
Business Report : Bangladesh’s external debts shot to an astounding $103.78 billion by June 2024, a colossal leap from just $23.5 billion in 2009 when the Awami League-led government came to power. This indicates a staggering 341 per cent increase over the past 15 years, amounting to over $80 billion in new foreign loans. Such an astronomical rise in external debts not only signals deepening financial mismanagement but also exposes the country’s alarming overdependence on foreign loans to finance its...
Business Report : The World Bank will support the reform of Bangladesh’s banking sector, and is likely to provide a total of $2 billion in support in the current FY25, which would include budgetary support and project assistance. Martin Raiser, vice-president for South Asia at the World Bank, and Finance and Commerce Adviser Salehuddin Ahmed said on Thursday after a meeting between the two at the latter’s Secretariat office. Regarding the meeting, Salehuddin Ahmed said: “Discussions covered various topics with...
Business Report : The Bangladesh Securities and Exchange Commission on Wednesday appointed two independent directors to the board of Dhaka Stock Exchange, and seven independent directors to the board of Chittagong Stock Exchange. The two independent directors appointed to the DSE board are AF Nesaruddin, senior partner of Hoda Vasi Chowdhury & Co, and Syeda Zakeerin Bakht Nasir, chief consultant and CEO at ZN Consultants. Earlier, on September 1, the BSEC appointed seven independent directors to the DSE’s board, but...