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Business

Indian co to invest $8.919m in EPZ

BD Designs Private Ltd, an Indian company, will invest $ 8.919 million to set up a garments industry in Karnaphuli Export Processing Zone, a press release said. This fully foreign owned company has annual production capacity of 3.4 million pcs. of Jacket, Pant, Shirt, T-shirt, Suits, Under Garments and ladies wear items. The company is expected to creat employment opportunity ... Read More »

NovoAir’s jet take-off

Business Report NovoAir, a new private airline, has started its journey to three domestic routes on Wednesday with a vision of ‘Excellence in Aviation Services’ under the motto of ‘Art of Aviation’. Read More »

DGEN closes lower

The key index of the Dhaka Stock Exchange shed more than 36 points to stand over 4,126 points at close on Monday amid a low turnover. Shares and mutual funds worth over Tk 1.21 billion changed hands with 42 issues gaining, 190 declining and 29 remaining unchanged. On Sunday, the DSE benchmark index ended 2 points higher with about Tk ... Read More »

Forex reserve top $13b for first time

The foreign exchange reserve crossed the $ 13 billion-mark for the first time on Monday, thanks to a robust growth of inward remittance as well as decreasing import payment. The reserve rose to $13.04 billion on the day — the first week this year– setting a new record, according to the central bank statistics. Kazi Sayedur Rahman, General Manager of ... Read More »

Biman staff on indefinite strike

The agitating employees of Biman Bangladesh Airlines on Monday called for a non-stop strike from Tuesday as their demands had not been met, according to Moshiqur Rahman, president of the Biman Sramik League. The announcement comes following a day-long sit-in protest by Biman Sramik League, an association of Biman employees, that had paralysed the Biman head office for the day. ... Read More »

‘Speculators’ creating share market chaos’

Finance Minister AMA Muhith on Sunday once again blamed ‘speculators’ for destabilising the capital market. Speaking to journalists after a meeting on ways to improve the capital market, he said ‘speculators’ were creating chaos in the market. Journalists asked him whether he was uneasy with the current share market condition at the end of the fourth year of the government’s ... Read More »

Tazreen fashion fire: CID begins investigation

Two high profile teams of Criminal Investigation Department (CID) of Police have started their investigation of Tazreen Fashions fire which killed 112 workers in Ashulia of the district. On Saturday afternoon two teams of CID visited the burnt building of Tazreen Fashions at Nischintapur of Ashulia. Senior Assistant Police Super of CID Mansur Ali Mondol told banglanews that they got ... Read More »

E-Commerce to reduce bank expense: Atiur

Bangladesh Bank governor Dr Atiur Rahman categorically said that the electronic commerce (E-commerce) system will reduce the infrastructure costs of the bank. “The system has also opened a new door and we all can work together now,” he added. He came up with the observation while inaugurating the ‘E-Commerce Week’ in city’s Hotel Westin on Saturday morning. Bangladesh Bank and ... Read More »

Directors’ recruitment in state-run banks: Process not transparent: CPD

Distinguished Fellow of Center for Policy Dialogue (CPD) economist Debapriya Bhattacharya termed the process of directors’ appointment to state-run banks ‘not transparent’. “The director-recruitment is not transparent, rather they are being recruited basically upon political decision, he added. Debapriya Bhattacharya said, “It is not clear at all who is recruiting them, Finance Ministry or Prime Minister’s office. As a result ... Read More »

SME fair-2013 begins Feb 12

With a view to promoting products produced by small and medium enterprises in both national and international markets, a five-day National SME Fair-2013 will begin in the city from February 12. The SME Foundation is organizing the fair at Bangabandhu International Conference Centre. The fair will remain open for visitors from 10:00am to 8:00pm during the fair. A press release ... Read More »

DSE ends positive

The key index of the Dhaka Stock Exchange rose over 21 points to stand at over 4,160 points at close of Thursday’s trading. This comes after two days of slide in the New Year. Shares and mutual funds worth over Tk 1.64 billion changed hands with 161 issues gaining, 70 declining and 35 remaining unchanged. Earlier on Wednesday, the DSE ... Read More »

REHAB fair begains today

Real Estate Association of Bangladesh (REHAB) fair 2013 will kick off on Wednesday. A total of 226 organizations are expected to participate in the fair. Earlier in a press conference on Friday Leaders of the epic body of country’s housing business sought the government’s cooperation at a press conference which was organized at Hotel Ruposhi Bangla to disclose about the ... Read More »

Tazreen fire probe finds sabotage

banglanews24.com The inquiry committee formed by the home ministry made five final and 16 general recommendations, including punishment of Tazreen’s owner Delwar Hossain. Convener of the investigation committee Mainuddin Khandaker Monday submitted the probe report to the home ministry. Mainuddin Khandaker told banglanews: ”The investigation has found that the fire was a subversive act. So, we have recommended punishment of ... Read More »

Khaleda wants businesses to break silence

bdnews24.com The leader of the opposition Begum Khaleda Zia on Thursday responded to the call of the businesses to shun shutdowns by asking them to join the anti-government movement instead. The BNP Chairperson said this at the closing ceremony of the 23rd Bangladesh Apparel and Textile Exposition, Batexpo-2012, where she explained the logic of the opposition movement. The government is ... Read More »

Bridge fund on fair probe: WB, Muhith surprised

Agency The WB Dhaka office on Saturday issued a statement saying the bank will proceed with support for the Padma Bridge only if the Anti-corruption Commission (ACC) launches a full and fair investigation based on evidence of corruption under the project. Read More »

‘Please panel for Padma fund’

A South Asia Director of Japan International Cooperation Agency (JICA) on Monday said the World Bank’s return to Padma bridge project depended on its external panel’s ‘satisfaction’. “If the external panel is not satisfied, the World Bank will not be satisfied. If they are not satisfied, they will not come back,” Tomohide Ichiguchi, who oversees JICA affairs in Bangladesh and ... Read More »

‘Abul Hasan recommended, not me’

Former Communications Minister Syed Abul Hossain has admitted of receiving recommendation from former State Minister for Foreign Affairs Abul Hasan Chowdhury to appoint Canadian firm SNC Lavalin as Padma bridge project consultant. But he claimed that he did not put any pressure on the committee formed to pick the consultancy firm. Hossain, however, on Monday again protested his innocence after ... Read More »

Japan pledges $2.1 bln for metro rail

Japan has made about $ 2.1 billion aid commitment for the Mass Rapid Transit Development (MRT) project aimed at easing the Dhaka’s nagging traffic gridlock. “The total cost of the project is $2.7 billion and Japan will provide us $2.1 billion,” Finance Minister AMA Muhtih said at a press briefing after meeting with Japanese Ambassador Shiro Sadoshima at his office ... Read More »

Mobilising business community for sustainable prosperity

Worldwatch Institute : Washington, D.C.-Transnational corporations are now so numerous and in some cases so well capitalized that their global influence now rivals and in many cases exceeds that of governments, according to research published by the Worldwatch Institute. Around 80,000 transnational corporations (TNCs) operate worldwide, a mere 147 of which control 40 percent of the total value of all ... Read More »

Deeper into the electric vehicle business

David A Gabel, ENN : GM is already the maker of the Chevrolet Volt, the first wide-selling domestic plug-in hybrid electric vehicle to hit the market. With new CAFE standards put in place by the US Government, and with growing public demand for cleaner vehicles, GM has decided to expand its electric vehicle inventory. According to GM’s product development chief, ... Read More »

Devastating garment fire: Poor governance, CSR to blame

Mostafa Kamal Majumder : The death of yet another 112 workers in Saturday’s devastating fire at the Tazreen factory in Ashulia, Savar, has brought to the fore safety and security of three million garment workers – most of them women – under scrutiny putting buyers in Europe and the USA under pressure as to why they order for garment products ... Read More »