‘High corporate tax for banks, insurers, telcos illogical’

High corporate taxes on banks, non-bank financial institutions, merchant banks, insurance companies and telecommunication companies are not logical as their profit is not high compared to capital, said Shahidul Islam, chief executive officer of VIPB Asset Management Company.
31 May 2023, 18:00 PM

Moody’s cuts ratings for six local banks

US-based global ratings agency Moody’s Investors Service yesterday downgraded the credit rating of six local banks by one notch, a day after it cut the sovereign credit rating for Bangladesh. 
31 May 2023, 18:00 PM

FY23: A year of price shocks

Just a year ago, Aminur Rahman, a private sector employee living in Dhaka, could buy a moderate amount of essential goods, including rice, soybean oil, onions, salt and eggs, at Tk 553 from stores in Dhaka city
31 May 2023, 02:00 AM

Guidelines for NBFIs to step up fight against money laundering

The Bangladesh Financial Intelligence Unit (BFIU) yesterday issued guidelines for non-bank financial institutions (NBFIs) to tackle money laundering and terrorist financing and asked them to draw up separate regulations. 
30 May 2023, 18:00 PM

India’s lack of jobs threatens its young

On a hot summer afternoon, 23-year old Nizamudin Abdul Rahim Khan is playing cricket on a muddy, unpaved road in the Rafiq Nagar slum in India’s financial capital, Mumbai.
30 May 2023, 18:00 PM

Buy yarn, fabrics from local mills

Textile millers in Bangladesh yesterday urged woven and knitwear exporters to buy a portion of their required yarn and fabrics from local markets so that they can overcome the current crisis situation and help save the country’s foreign reserve.
30 May 2023, 18:00 PM

Envoy Textiles’ AGM postponed

Export-oriented listed company Envoy Textiles Ltd has indefinitely postponed an annual general meeting scheduled to be held on June 26, when a dividend for shareholders was scheduled to be approved, till a case involving its directors was disposed of.
30 May 2023, 18:00 PM

Policy coordination to yield better budgetary outcomes

Sharper, flexible and timely coordination among fiscal, monetary and trade policies of Bangladesh will yield improved stabilisation outcomes, said Debapriya Bhattacharya, a distinguished fellow of the Centre for Policy Dialogue.
30 May 2023, 18:00 PM

Contain inflation, be business-friendly

The upcoming budget should target containing inflationary pressure to provide much-needed relief to consumers and be business-friendly to help the business community overcome the crisis stemming from the Russia-Ukraine war, said a number of businessmen and economists yesterday.
30 May 2023, 18:00 PM

Lifting of mandatory fumigation of US cotton to boost trade

The lifting of the rule of mandatory fumigation of US cotton by Bangladesh has created a huge bilateral trade opportunity, said Faruque Hassan, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
30 May 2023, 18:00 PM

Grameen Uniqlo shuts down ahead of schedule

Clothing brand Grameen Uniqlo yesterday shut down all their 10 outlets in Bangladesh, including eight in Dhaka, ahead of their June 18 scheduled closure due to “stock unavailability”. 
30 May 2023, 18:00 PM

Meheriar M Hasan becomes Brac Bank chairman

Meheriar M Hasan, a nominated director of the Brac Bank Board, has been elected as the chairman of Brac Bank Limited, effective from Tuesday.
30 May 2023, 18:00 PM

Most mobile data users want fixed floor price, fewer packages

Setting a fixed floor price for data, decreasing the number of packages and providing flexible plans that carry forward are priority demands of mobile internet users in Bangladesh, according to a survey.
30 May 2023, 18:00 PM

Saiful joins Shahjalal Islami Bank as DMD

MM Saiful Islam has joined Shahjalal Islami Bank Limited (SJIBL) as a deputy managing director (DMD) on Monday.
30 May 2023, 18:00 PM

Oil price falls 2% on debt deal struggles

Oil fell by nearly 2 per cent on Tuesday as concerns about the US debt ceiling pact cooled the market’s risk-on sentiment and mixed messages from major producers clouded the supply outlook ahead of their meeting this weekend.
30 May 2023, 18:00 PM

Moody's downgrades Bangladesh's credit rating

Its now B1 from the earlier Ba3
30 May 2023, 13:36 PM

Small furniture makers up the creek

Small wooden furniture businesses in Bangladesh are facing a deep financial crisis as the demand for their products has fallen drastically, according to market players.
30 May 2023, 04:00 AM

No way but to unveil a restrained budget

Despite being the last budget before the next general election, the government has little scope to unveil a big spending plan for the next fiscal year owing to limited fiscal space driven by lower-than-expected revenue collection, a noted economist said.
30 May 2023, 03:30 AM

Air travel tax may surge

For the first time, domestic air travellers are likely to face a travel tax while people going abroad on airplanes are expected to pay up to 67 per cent higher taxes from next fiscal year as the government looks to increase revenue collection. 
30 May 2023, 03:00 AM

Traditional lenders fall behind Islamic banks in profit growth

Conventional lenders in Bangladesh fell behind shariah-based banks in 2022 in terms of profit growth mainly due to the lower interest rate regime.  
30 May 2023, 02:30 AM