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 'It is illogical to impose property tax reviving the Wealth Tax Act-1963 that was repealed in 1999 as the provision of imposing such tax was considered regressive,' the trade body's president Asif Ibrahim told reporters at a press meet at its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...