Business Report : Investit Asset Management Limited has taken the initiative to launch its first open-end mutual fund named “Investit Growth Fund.” The asset manager signed a trust deed with Sandhani Life Insurance on 2 September. Investit is the main sponsor of the fund, while BRAC Bank will serve as the custodian, according to the press release. Investit said in the press release, that this new fund is designed to provide investors with superior risk-adjusted returns through a focused investment...
Business Report : The newly formed Board of Directors of Islami Bank Bangladesh on Thursday exchanged views with Bangladesh Bank’s Governor Dr Ahsan H Mansur. The governor expressed his satisfaction on daily positive balance of Islami Bank’s current account maintained with Bangladesh Bank. Regarding the restrictions related to business operations, the governor stated that, there will be no more restrictions on the business operations and opening Letter of Credits in Islami Bank from now on. Necessary instructions will be given...
Business Report : A task force is being formed to bring back laundered money from abroad, Finance Adviser Salehuddin Ahmed said on Thursday. Following a meeting with a delegation of buying houses at the finance ministry, the adviser told reporters that the government had already announced the formation of this task force. “Since the interim government took over, numerous programmes have been implemented and measures have been taken to address defaulted loans,” he said. “Banks experiencing difficulties are undergoing reorganisation,...
Business Report : The Bangladesh Securities and Exchange Commission on Sunday started an investigation into the approval process of initial public offering and share manipulation involving nine companies, Beximco’s Sukuk, and issuance and selection of Bashundhara Group’s company as strategic investor of Chittagong Stock Exchange. The decision to probe into allegations of irregularities was made at an emergency commission meeting on the day. A 5-member investigation committee was formed headed by Zia U Ahmed, the founder chairman and consultant of...
Business Report : Al-Arafah Islami Bank (AIB) PLC has opened its 224th branch in Chandpur on Thursday, 5 September 2024....
Business Report : The business climate in Bangladesh remains unstable following the fall of the Awami League government.Although an interim government led by Nobel Laureate Dr. Muhammad Yunus was formed on August 8, the return to normalcy in trade and commerce is expected to take time, according to several business officials.The country has been in turmoil since early July, with mass student protests culminating in the ousting of prime minister Sheikh Hasina on August 5. In wake of these events,...
Business Desk : Farzana Lalarukh, Associate Professor of the University of Dhaka, has been appointed as the commissioner of the...
Business Report : Protests by retrenched garment workers and job seekers continued in Ashulia and Gazipur, as workers from several garment factories and unemployed young adults demanded various concessions, prompting authorities to close over 60 factories on Wednesday. Later, the law enforcement agencies intervened and managed to restore normalcy.“The government will take immediate action to address the growing labor unrest, which officials believe is being fuelled by external influences,” said Asif Mahmud Shojib Bhuiyan, Labor and Employment adviser, following a...
Business Report : Taxation rules and processes, including that for income, needs to be revised and automated to make it easy for cottage, micro, small and medium enterprises to run business, Ashraf Ahmed, president of the Dhaka Chamber of Commerce and Industry (DCCI) on Wednesday. In case of businesses with multiple ventures, taxation at multiple levels should be scrapped by allowing profits of one concern to cover for losses of another, he requested the National Board of Revenue (NBR) chairman...
Business Report : Bangladesh is likely to seek financial assistance from the US during talks with a US delegation scheduled to arrive in Dhaka on September 15, said Foreign Adviser Touhid Hossain on Tuesday. US Assistant Secretary of State Donald Lu will lead the delegation, which includes Brent Neiman, acting assistant secretary of the Treasury for International Finance and Development at the US Department of the Treasury.The delegation will call on the Chief Adviser and hold meetings with the Finance...
Business Report : NRBC Bank has helped the injured and those undergoing treatment in various hospitals in the anti-discrimination student...