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Business

Cabinet ministers back Muhith over budget criticism

    Live Correspondent:  After harsh criticism from several ministers over the newly proposed budget, Cabinet members Amir Hossain Amu and Hasanul Huq Inu have spoken up for the finance minister in parliament. Earlier on Wednesday, Commerce Minister Tofail Ahmed took a swipe at ministers for making harsh remarks on AMA Muhith. On Thursday, Amu and Inu took side for the... details

More than 2 lac loan defaulters in the country

      Live Correspondent: Finance MInsiter AMA Muhith on Tuesday said that the number number of loan-defaulting persons and companies in Bangladesh is now 202,623. The finance minister while speaking in the parliament however, did not disclose how much money they owe to the banks. Defaults stood at Tk 734.09 billion until March, which is 10.53% of the total... details

Amazon deal slams retailers as Dow edges to record

  Live Desk:  Food and retail stocks floundered Friday on news of Amazon's takeover of Whole Foods Market, but the Dow edged to a fresh record on gains in energy shares. Investors smiled on the two parties in Amazon's $13.7 billion purchase of Whole Foods, sending Whole Foods' stock up 29.1 percent and Amazon 2.4 percent higher. But the market punished other retailers, including... details

Nike to cut 1,400 jobs in reorganization

  Live Desk:  Sports apparel and footwear giant Nike will cut about 1,400 jobs, part of a plan to expand direct selling to consumers as e-commerce roils the retail sector, the company announced Thursday. Nike said it would cut about two percent of its global workforce as it implements the "Consumer Direct offense," a reorganization initiative that targets customers in 12 key... details

Leather production increased 13.16% last 3 FY

    Business Live: Leather production in the country has increased to 13.16 percent during the last three fiscal (FY). During the time, the industry has produced 4,76,23,060 pieces of leather. While replying to a stared question from treasury bench member M Abul Kalam of Natore-1 in the Jatiya Sangsad on Tuesday, Fisheries and Livestock Minister Mohammad Sayedul Haque said,... details

Govt signs $616 m loan deals with ADB to improve power supply

      Business Live: The government and the Asian Development Bank (ADB) on Monday signed agreements for $616 million in loans to enhance the coverage and reliability of the country’s power system and improving the efficiency of the distribution network. Economic Relations Division (ERD) Secretary Kazi Shofiqul Azam and Kazuhiko Higuchi, Country Director of ADB,... details

UCB gets new Chairman, Vice-chairman

  Business Live: Young woman entrepreneur and Managing Director of Aramit Group Rukhmila Zaman has been elected Chairman of United Commercial Bank Limited (UCB) in an emergency board meeting. The meeting was held after the 34th Annual General Meeting (AGM) on Thursday at the corporate office of the UCB, said a press release. The meeting elected notable industrialist, one of the... details

Muhith hints 30pc revenue growth target for FY18

Live Correspondent: Finance Minister AMA Muhith today hinted at increasing the revenue growth target to 30 percent in the upcoming 2017-18 financial year (FY18). "We are going to give several pushes this year. We will increase the revenue growth up to 30 percent," he said while addressing a pre-budget meeting with editors and managing directors or chief executive officers (CEO) of... details

Luna receives Bangladesh Business Award

    IUB Live: Mrs. Luna Shamsuddoha, the Trustee and former Vice Chairman of Education, Science, Technology and Cultural Development Trust (ESTCDT), the founding Trust of Independent University, Bangladesh (IUB) and Chittagong Independent University (CIU); Member, Board of Trustees and the Syndicate of IUB; and the Chairman of Dohatec New Media, has received the prestigious “Bangladesh... details

BD economy to grow 6.9pc: ADB

  Business Live: The economy of Bangladesh will grow at 6.9 percent this and next years, according to a latest report of the Asian Development Bank (ADB). "In Bangladesh, South Asia's garment industry leader, exports are a key element driving growth that is forecast at 6.9 percent in 2017 and 2018," said the Asian Development Outlook (ADO). The flagship report of the ADB also termed... details

NBR will launch new app to collect VAT from businesses

  Business Live: National Board of Revenue (NBR) chairman Md Nojibur Rahman said NBR has been thinking to launch a mobile app in line with the proposal of the business men to collect Value Added Tax (VAT). “We’re seriously thinking of launching a mobile app to collect VAT,” he said while speaking at the opening session of a workshop on VAT and income tax here today. Member... details

Muhith off to USA to join IMF-WB spring meeting

Business Live: Finance Minister AMA Muhith left here today for USA to participate in the annual spring meeting of the International Monetary Fund (IMF) and the World Bank to be held from April 20 to 23 at Washington DC. "The minister left Hazrat Shahjalal International Airport at 10:15 am for Dubai. He is scheduled to reach Washington DC on April 19," a Finance Ministry official told... details

Electric short circuit causes BB fire: Finance Minister

Business Live:  Finance Minister AMA Muhith today said the cause of the recent fire incident in Bangladesh Bank (BB) headquarters was an electric short circuit. "No important damage has been caused in the fire incident," he told journalists after a meeting on 'recovery of BB reserve heist money' with BB officials at the finance ministry. The fire originated on the 13th floor of central... details