Business

Business / DCCI urges BB to supply adequate dollars to banks

The Dhaka Chamber of Commerce & Industry (DCCI) called upon the Bangladesh Bank to assist commercial banks with adequate foreign exchange supply to help them settle letters of credits (LCs) with a view to ensuring the continuous supply of essential commodities during the upcoming Ramadan.

Europe shoring up power firms with billions more

Finland and Switzerland provided billions in financial support to power companies on Tuesday, as Europe scrambles to secure energy supplies in a deepening crisis sparked by Russia’s move to shut a major gas pipeline.

Local firms gain ground in making lights

Bangladesh’s entrepreneurs have made a lot of advancements in building their capacity to make lighting products and accessories for residential and industrial use.

Talks on CEPA soon: Modi

Bangladesh and India will soon start holding negotiations on a bilateral comprehensive economic partnership agreement (CEPA), announced Prime Minister Narendra Modi of India yesterday.

Inflation to keep rising in Sep

Inflation will increase in the August-September period owing to the hike in the cost of living and the ongoing Russia-Ukraine war, but it may decline in October, said Planning Minister MA Mannan yesterday.

Rules eased for exporters to retain dollars

The Bangladesh Bank yesterday allowed exporters to retain the value-added portion of export proceeds in US dollars for 30 days instead of 15 days.

Miniket is not a rice variety

The Directorate of National Consumers Right Protection (DNCRP) will launch a drive to stop sales of miniket rice in the market, as miniket is not an actual rice variety, said AHM Shafiquzzaman, director general of the DNCRP.

Autogas consumption rising amid higher fuel costs

The number of filling stations that dispense liquefied petroleum gas (LPG), also known as Autogas, is on an upward trend across the country as consumption is growing amid government efforts to cut dependency on compressed natural gas (CNG) and fuel oil.

BB scraps 360-day special repo

The central bank yesterday scrapped the 360-day special repo facility thanks to the improvement in the coronavirus situation and a lack of demand for the borrowing tool.

Economy

BB move lifts stocks

Shares in Bangladesh bounced back yesterday after falling for two consecutive sessions as general investors thought that banks might increase their participation in the market after a central bank move.

Phoenix Finance suffers losses in 2021

Phoenix Finance & Investments Ltd incurred losses in the year that ended on December 31, 2021.

IBN Sina Pharma’s profit jumps 24pc

IBN Sina Pharmaceutical Industry Ltd’s profit jumped nearly 24 per cent in the financial year that ended on June 30.

Bank Asia awards certificates after training course

The 59th Foundation Training Course for the business officers of Channel Banking Division of Bank Asia has been completed recently.

BB assures BSEC of policy support for stock, bond markets

Bangladesh Bank recently assured the Bangladesh Securities and Exchange Commission (BSEC) that it would continue providing policy support to develop both the stock and bond market.

Banks asked to suspend evening banking

Bangladesh Bank yesterday asked bank to suspend their evening banking operation in order to reduce electricity consumption as part of the government’s austerity measures.

Stop illegal banking by cooperatives: BB

The Bangladesh Bank yesterday urged the Department of Cooperatives to take measures against the illegal banking operation carried out by several cooperative societies.

Bangladeshi vessel with Indian transit container reaches Ctg port

A Bangladeshi vessel—MV Trans Samudera—carrying an Indian transit container from Kolkata reached Chattogram port today.

Global Economy

China to pay for Russian gas in yuan, rouble

Russia’s energy giant Gazprom said Tuesday that China will start paying for Russian gas in rubles and yuan instead of US dollars, as Moscow seeks closer ties with Beijing in the wake of Western sanctions over Ukraine.

German industrial orders keep sliding

German industrial orders slumped for the sixth consecutive month in July, official data showed Tuesday, raising the spectre that a recession was looming in Europe’s biggest economy.

Russia rakes in $158b from energy exports after war

Russia has raked in a whopping 158 billion euros ($158 billion) in energy exports in the six months following its invasion of Ukraine, with the EU accounting for more than half, a think tank said Tuesday.

Big rate hike won’t save euro as energy shock deepens

The hit to the euro zone economy and its currency from a deepening energy crisis is so severe that more aggressive monetary tightening from the European Central Bank will do little to stop the euro’s slide.

Floods, energy crisis shrink S African GDP

South Africa’s economy shrank in the second quarter, as floods and an energy crisis put a halt to months of growth, official data showed Tuesday.

UK shoppers cut back on non-essentials

British shoppers are cutting back on purchases of clothes and other non-essential items as they try to cover their sky-rocketing utility bills and higher food prices, surveys showed on Tuesday.

Euro hits 20-year low against dollar

The euro sunk below $0.99 on Monday, a 20-year-low, following the announcement last week that Russia would cut off gas deliveries to Germany via the Nord Stream pipeline.

Europe heading for recession

The euro zone is almost certainly entering a recession, with surveys on Monday showing a deepening cost of living crisis and a gloomy outlook that is keeping consumers wary of spending.

Business Multimedia

Why did Doel laptop fail to meet expectations?

The government launched Doel laptop to provide people with laptop at low cost. State-owned Telephone Shilpa Sangstha brought the laptop in 2011. But the gadget failed to create any buzz in the market. This much-hyped laptop can hardly be seen today. Why did the laptop fail? What is the present condition of the project and can the project ever turnaround? In this Straight from Star Newsroom, Khondoker Md Shoyeb is trying to find the answers to the questions with The Daily Star’s reporter Mahmudul Hasan.

Why does Bangladesh export hilsha to India?

Durga Puja, one of the biggest Hindu festivals, will be celebrated next month. Like previous year, Bangladesh will export its national fish hilsha to the neighbouring nation, India, this year too.

Bangladesh's current financial sector challenges, prospects

Bangladesh's financial sector is facing various challenges due to the Covid-19 pandemic and the Russia-Ukraine war.

How was last week’s stock market

The prime index of the Dhaka Stock Exchange rose 113 points last week from the previous week. The whole week experienced a rising trend except one day.

Powdered moringa leaves from Khulna’s Dumuria being exported to Dubai

Nabadip Mallik, a farmer from Khulna, has grown moringa leaves for commercial sale.

Organisation News

Summit supports migrant workers in Singapore

In an effort to fundraise for the Migrant Workers' Welfare Fund, HOME in Singapore, Summit with the Tagore Society Singapore organised a charity concert, said a press release.

Konka wins Peace of Mind Award 2022

Refrigerator brand Konka recently won the “2022 Peace of Mind Award” at the fifth Yunfeng Conference organised by the Interface News of Shanghai Newspaper Group.

Nagad opens 11 new service points

Nagad, a mobile financial service provider of the Bangladesh Postal Department, launched a new 11 Nagad-Sheba points at different districts across the country.

HC recasts Envoy Textiles’ board for row among directors

The board of directors of export-oriented Envoy Textiles has been temporarily reconstituted until the disposal of a case filed by Abdus Salam Murshedy, former managing director and one of the founders of the company, along with some other directors, as per a High Court order issued last month.

Fu-Wang Ceramic announces Tk 650cr expansion

Fu-Wang Ceramic Industries, a listed ceramics maker with foreign and local shareholders, will invest Tk 650 crore to expand its tiles production capacity by about 15,000 square metres per day, according to a disclosure on the Dhaka Stock Exchange (DSE) yesterday.