Vegetable prices soar as transport costs rise

The price of all vegetables soared up at the retail markets of the city on Friday. Market insiders said increased transportation costs reflected in the price of vegetables at both wholesale and retail markets. They said the cost of transporting vegetables from rural farms to the wholesale markets increased following a rise in price of fuels used by trucks.  The owners of trucks raised the fare for transporting vegetables at their wish after the government had...

Call money rate on the rise again

The inter-bank call money rate rose to 12 percent on Thursday due to liquidity shortage in different banks. The Bangladesh Bank injected Tk 2,068 core in the money market under a repurchase agreement (Repo) on Thursday. BB also provided Tk. 6470.72 crore as liquidity support facility to the primary dealers. The call money rate or the interest rate which a bank charges on other banks for lending money for a short period, ranged between 10 percent and 12 percent on...

Increased trucking cost keeps rice price high

The price of coarse rice has remained unchanged over the past one week, despite an increasing supply of the newly harvested Boro rice, as millers stopped reducing the price any further following a rise in trucking cost caused by the recent fuel price hike. The wholesale price of coarse rice had declined by more than Tk 100 per maund [37.3 kilogram] over the previous two weeks with the newly harvested Boro stocks hitting the market. On Wednesday, BRRI-28 variety...

Bad weather blights mango output prospect

Mango farmers in various parts of the country are concerned by the large number of green mangoes that have been torn from the trees by the recent nor'westers and hailstorms. The unfavourable weather follows the earlier attack by leaf hoppers which had caused many green mangoes to fall before ripening properly. Mango farmers told New Age that the dropping of green mangos from the trees would reduce production, particularly in the mango growing districts like Chapainawabganj,...

MCCI suggests thorough reform of capital market

The Metropolitan Chamber of Commerce and Industry has proposed six remedial measures for restoring stability in the capital market and ensuring its healthy growth. In its quarterly review on the country's economic situation, the premier chamber suggested that the government institute a thorough reform of the system in the capital market by framing the necessary short-term, mid-term and long-term rules and regulations after discussion with all stakeholders. The...

BGMEA, BKMEA oppose BTMA’s demand to govt for incentives

The Bangladesh Textiles Mills Association on Tuesday demanded 'special incentives to protect the local factories from being shut down' in the wake of the drastic fall of yarn prices in the international market. But the Bangladesh Garment Manufacturers and Exporters Association and the Bangladesh Knitwear Manufacturers and Exporters Association opposed the demand for increasing the incentive against exports to 15 per cent from the existing five per cent at a meeting...

Tax lawyers demand increase in tax-free income ceiling

Leaders of the Bangladesh Tax Lawyers Association on Tuesday proposed that the National Board of Revenue should raise the ceiling of tax-free income to Tk 3 lakh from Tk 1,65,000 and increase the rate of tax on income exceeding the proposed ceiling. BTLA leaders placed a set of proposals in a pre-budget meeting at the NBR office. The meeting was presided over by NBR chairman Nasiruddin Ahmed. The association proposed a multi-layer income tax structure,...

Chinese co to invest $2.52m in Mongla EPZ

Bora International Limited, a Chinese Company, will set up a rubber-sheet manufacturing industry in Mongla Export Processing Zone. This fully foreign owned company will invest $2.515 million in setting up their unit and manufacture rubber-sheet items. The company will also create employment opportunity for 1,239 Bangladeshi nationals. An agreement to this effect was signed between Bangladesh Export Processing Zones Authority and Bora International Limited on BEFZA...

Dhaka Regency Hotel celebrates International Mother's Day

Dhaka Regency Hotel and Resort yesterday celebrated the 'International Mother's Day' as elsewhere in the country and the world. The hotel offered a set of unique and surprise lunch buffet and complimentary foot massage to the clients to mark the day.Source: The Daily Star (May 9, 2011)...

Harun reelected as Asia Insurance chairman

Leading business-leader Yussuf Abdullah Harun has been reelected as the chairman of Asia Insurance Ltd, the company said yesterday. The former president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) was reelected at the 83rd meeting of the board of directors at Hotel Sonargaon in the city on May 5.Source: The Daily Star (May 9, 2011)...

Best brands crowned

Nokia was recognised as the best brand in Bangladesh for the second consecutive year and Lux and Grameenphone came out as second and third best brand respectively at the Best Brand Award 2010 programme on Saturday.Bangladesh Brand Forum (BBF), a private organisation, hosted the event to recognise these brands at a gala event at Ruposhi Bangla Hotel . BBF and Nielsen Bangladesh have jointly been initiating the award to promote branding.Nokia, in the mobile handset...

Automated clearing house starts in Barisal

The central bank has launched an automated clearing house in Barisal yesterday for faster settlement of transactions and payment systems as part of its move to digitalise the banking system. Twenty-six branches of scheduled banks in Barisal came under the online system of Bangladesh Automated Clearing House (BACH) at Bangladesh Bank (BB).The system is expected to reduce the settlement time significantly -- from three days to only two hours. "We moved one step ahead...

BB gets HC ruling on Grameen Bank interest

The High Court yesterday ruled upon Bangladesh Bank to explain within four weeks why it should not directed to regulate interest rates charged by Grameen Bank to ensure that the rate is not oppressively high.The bench of Justice Farid Ahmed and Justice M Shawkat Hossain issued the rule after hearing a writ petition filed by Barrister Masood R Sobhan, a lawyer of the Supreme Court.The lawyer filed the petition in the form of public interest litigation on Saturday,...

MCCI urges trade friendly taxation

Metropolitan Chamber of Commerce and Industry (MCCI) yesterday proposed the government take trade and industry friendly taxation measures to assist the productive sectors in the budget for fiscal 2011-12.The chamber asked for simple, flexible and business friendly amendments to any tax and revenue law in its pre-budget meeting with the chief of National Board of Revenue (NBR) at his office."Experiences say that stringent rules and regulations do not help increase...

Imports hurt local poultry

The government is allowing the import of eggs and chicks from India although the local poultry industry suffers losses because of surplus production, alleged egg and chick raisers yesterday.Presently, 1.5 crore pieces of eggs are produced daily against a demand for 1.3 crore pieces. The weekly production of day-old chicks (DOC) of layer and broiler has also exceeded demand. This had lead to a fall in prices of layer and broiler DOC used to produce eggs and meat.Currently,...

Potato exports surge on subsidy boost

Potato exports surged 71 percent to 16,570 tonnes in the first ten months (July-April) of the current fiscal year, exceeding the total quantity of the tuber exports last year, according to the Plant Protection Wing of the Department of Agricultural Extension (DAE).The buoyancy in exports came after the government, in February, promised to double cash subsidy for potato exports to 20 percent to help farmers recover from losses caused by a slump in prices amid a...

Inflation affects development goals, says economist

Rising inflation affects the development goals of the country, said a leading economist yesterday. The government must contain inflationary pressure to safeguard the economy from any major harm, he said. Mustafa K Mujeri, director general of Bangladesh Institute of Development Studies, said the prices of commodities are increasing gradually, which have to be brought under control. "If it continues, our target to reach millennium development goals (MDGs) may be delayed...

Friends of Grameen sad at SC decision

Friends of Grameen yesterday said it is deeply disappointed and saddened by the decision of the Supreme Court of Bangladesh that upheld the central bank's decision to remove Professor Muhammad Yunus from Grameen Bank. The Supreme Court yesterday rejected two appeals made by Grameen Bank and nine of the directors of its board, challenging the High Court decision to remove Prof Yunus as managing director, for exceeding mandatory retirement age. "Today, we are extremely...

ESCAP projects 6.4pc growth for Bangladesh

The United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) yesterday projected the economy of Bangladesh to grow 6.4 percent in 2011."The expected growth is to be supported by improved growth in the agricultural sector, recovery in export growth with diversification into new markets, including the emerging economics, and an improved situation in power and gas supplies," said a survey by ESCAP styled Economic and Social Survey of Asia and...

Indo-Bangla trade fair kicks off in Dhaka

Industries Minister Dilip Barua yesterday urged the Indian entrepreneurs to invest more in Bangladesh, saying that a liberal investment policy for the foreign investors prevails here. Barua said this while addressing the inaugural session of the second India-Bangladesh Trade Fair-2011 at Sonargaon Hotel in Dhaka."Our vision is to make an industrialised Digital Bangladesh by 2021. In order to materialise our dream, we have been pursuing a liberal investment and...

IBCF re-elects top brass

Islamic Banks Consultative Forum has recently re-elected Abu Nasser Muhammad Abduz Zaher chairman and Md Nazrul Islam Mazumder vice chairman for 2011, the body said in a statement yesterday.The election took place at the head office of Islami Bank Bangladesh in Dhaka on April 28.Chairman of Islami Bank Bangladesh, Zaher is a postgraduate in English from Rajshahi University. He is also the managing director of Ibn Sina Pharmaceuticals Ltd, chairman of Industrialists...

Crown Agents' CEO due in town

Terence Jagger, chief executive of Crown Agents', is scheduled to arrive in Bangladesh tomorrow on a three-day visit, said a statement yesterday.During his first tour to the Asian region, he will meet government officials, international financial institutions and other development partners to gain a deeper understanding of the region.Jagger will also deliver the opening address at a seminar on public financial management, sponsored by Crown Agents Foundation,...

Poorest at most risk from 10b world population

There may be 10 billion mouths to feed within a few generations. The United Nations sees the world's population hitting that landmark by 2100. Without efforts to change the pattern, the poorest countries will face the worst effects of the demographic drain.Compared with its last effort two years ago, the new U.N. forecast both increases population projections and delays the date by which the global population will peak and begin to decline. Previously this was...

Ericsson, Aircel team up on mobile positioning systems

Indian mobile operator Aircel has selected Ericsson to provide mobile positioning systems for its 2G and 3G subscribers, Ericsson said in a statement yesterday.Aircel users can now get real-time tracking, navigation information and information services while on the move. As part of the three-year contract for supply and support, Ericsson will supply its mobile positioning centre to Aircel."There is huge potential in offering this value-added service to our customers....

Flour retailers nick consumers despite wheat price plunge

The flour price at consumers' end is yet to match the price plunge the essential commodity has posted at farm and wholesale levels over the past one month. According to market watchers and consumer rights activists, excessive profiteering by retailers has been depriving consumers of getting benefitted from the sharp price decline of the country's second major staple food at primary sources. On Tuesday, New Age found a two-kilogram packet of coarse flour of the...

DCCI opposes proposed property tax

Dhaka Chamber of Commerce and Industry on Wednesday opposed re-introduction of wealth tax in the name of property tax that was proposed by National Board of Revenue which would be effective from fiscal 2012-13. 'It is illogical to impose property tax reviving the Wealth Tax Act-1963 that was repealed in 1999 as the provision of imposing such tax was considered regressive,' the trade body's president Asif Ibrahim told reporters at a press meet at its auditorium...

Reduced corruption key to Asia’s rise: ADB

Reducing corruption and improving government accountability are the greatest challenges to making Asia the world's wealthiest region by 2050, the Asian Development Bank said Wednesday. The continent is undergoing a historic transformation, according to a study for the bank unveiled at its annual meeting in Vietnam. 'If it continues to grow on its recent trajectory, it could, by 2050, account for more than half of global gross domestic product, trade and investment,...

GMG resumes flight to New Delhi

Private carrier GMG Airlines has recently resumed its flight from Dhaka to New Delhi. Re-entering New Delhi market is a part of GMG's expansion plan. The airline is going to offer the most competitive fair in the route compared to other local and foreign airlines, said a news release. Shahab Sattar of GMG Airlines said re-entering into New Delhi market was a big boost for the airline considering the large number of Bangladeshi people travelling to and from New Delhi....

EU-IMF rescue deal for Portugal hangs on terms

Portugal is now the third eurozone debt rescue case, with an EU-IMF bailout of 78 billion euros to avoid default, but the conditions as well as the key reaction of opposition parties remain unclear. 'The government has reached a good agreement that defends Portugal,' outgoing Prime Minister Jose Socrates announced on television, but the country got a rough ride on Wednesday when it had to pay sharply increased rates to borrow money. A deadline looms on June 15,...

BMW reports 4-fold profit surge in Q1

German luxury carmaker BMW says first-quarter net profit rose almost fourfold to euro1.21 billion ($1.79 billion) as sales climbed all around the world, but particularly in China. Profits were up from last year's euro324 million. Revenues grew 29 per cent to euro16.04 billion. BMW, which includes the Mini and Rolls-Royce brands, saw especially big sales increases in Asia, where it sold 53 per cent more cars, including a 72 per cent jump in China. Wednesday's results...

African economies must plug in globally: experts

Africa must accelerate links to global markets and improve competitiveness to sustain the strong growth expected this year, experts at the World Economic Forum on Africa said on Wednesday.African economies weathered the global economic storm in 2008 and have since resumed strong growth — a positive showing which paradoxically highlighted Africa's weak presence in global financial markets, said Jennifer Blake, head of WEF's competitiveness centre.'It is also a...

ICCB for assured energy supply to attain higher GDP growth

Petrobangla in last two years failed to explore and develop any new gas field, according to the editorial of the news bulletin of International Chamber of Commerce-Bangladesh released on Monday. It mentioned that continued failure of GTCL in implementing gas transmission infrastructure would prolong gas crisis. Therefore, expeditious implementation of high pressure gas pipeline compressor project and other gas infrastructure of GTCL are urgently needed, it said....

World luxury market to grow 8pc: study

Global luxury sales should grow eight per cent this year to $185 billion but Japan's market will contract, according to a study by research group Bain&Company released Tuesday. The forecast was raised from an earlier estimate of growth of between three and five per cent but would still be lower than last year's result of 12-per cent growth in the luxury market, as the world recovered from the economic crisis. Bain said growth would average five to six per cent...

Banglamoti rice cultivation gains popularity

The cultivation of Banglamoti variety of rice has been gaining popularity among the farmers in Bagerhat creating a new hope for them.According to farmers, BRRI-50, invented by Bangladesh Rice Research Institute, known as Banglamoti rice, is suitable for boro season. The size of the variety is better than Indian and Pakistani 'basmati rice'. Officials in the Department of Agricultural Extension in Bagerhat said this newly developed variety of rice could become a blessing...

Thailand, Vietnam go for parboiled rice production for Bangladesh

Exporters in Thailand and Vietnam, world's top two rice sources, are now selling to Bangladeshi importers parboiled rice, which has not been a traditional item in their export basket. Bangladeshi importers and bankers said parboiled rice procurement from Thailand and Vietnam had increased sharply in the recent months as availability of this category of rice increased there. Tipu Sultan, a leader of Bangladesh Rice Importers' Association, told New Age on Friday...

Foreign assistance target for next ADP set at Tk 188.85b

The government has set the foreign assistance target for the next Annual Development Programme at Tk 188.85 billion, attaching top priority to infrastructure project development. Economic Relations Division officials said the target was set last week based on the demands made by government ministries and agencies for implementing their ongoing projects as well as those in fiscal year 2011-12. The foreign assistance target for the next ADP is Tk 69.55 billion...

BRAC Bank opts for Oracle Fusion Middleware

BRAC Bank has recently chosen Oracle Service Bus for Financial Services and Oracle WebLogic 11g, part of the Oracle Fusion Middleware products family, as a platform to help modernise its banking operations. Oracle Service Bus for Financial Services will enable BRAC bank with a flexible infrastructure to integrate various third party applications, while providing the IT team with the ability to centrally configure polices and ensure security of the exposed services,...

Japanese co to invest $5.6 million in Bangladesh

CG Fashions Limited, a Japanese company, will set up a readymade garment industry in the Adamjee Export Processing Zone investing $5.6 million. The foreign-owned company will also create employment opportunity for 1,399 Bangladeshi nationals, said a news release. An agreement to this effect was signed between the Bangladesh Export Processing Zones Authority and CG Fashions Limited at BEPZA Complex on Monday. BEPZA member (investment promotion) Md Moyjuddin Ahmed...

Dhaka joins in seafood expo in Brussels today

A three-day seafood fair titled 'European Seafood Exposition' begins today in the Belgium capital of Brussels. Two-man delegation of the Export Promotion Bureau will participate in the exposition, the world's largest seafood show. Members of the Bangladesh Frozen Foods Exporters Association will display an array of sea fish especially known as black gold. Commerce minister Faruk Khan will lead the delegation, which will be accompanied by a 30-member business delegation....

GP posts Tk 2,067cr revenue earnings in Q1

Grameenphone Limited contributed Tk 944 crore in revenue to the public exchequer in 2010, its chief financial officer Raihan Shamsi told a press briefing at a city hotel on Monday. He said the mobile operator had contributed a total of Tk 19,446 crore in revenue to the national coffers in the last 14 years. Grameenphone's revenue earnings in the first quarter of 2011 stood at Tk 2,067 crore, posting a Tk 363 crore or 21.3 per cent rise from that in the corresponding...

Tax lawyers for imposing property tax

Tax lawyers on Monday proposed imposing property tax in the forthcoming national budget. Jatiya Kar Ainjibi Samity president Zakir Hossain said, 'The wealth tax, which was once imposed, has been withdrawn for the benefit of the wealthy people.' 'As a result, the public exchequer has been losing a large amount of revenue every year,' he told a press meet organised by the JKAS, the national forum representing tax consultants, at the National Press Club to present...