Star Business Report

The government today issued special bonds, the second time after fiscal 2012-13, worth of Tk 3,016 crore to two banks in order to clear arrears on behalf of fertiliser importers.

BRAC Bank has suspended all sorts of cash withdrawals by its cardholders outside Bangladesh, a development that comes amid the country’s lingering forex crisis. 

Fazlur Rahman, chairman and managing director of City Group, one of the leading commodity importers and processors, is no more.  

Pacific Denimwear Ltd, a unit of Pacific Jeans Group, plans to invest $54.5 million to establish a garment factory in the Adamjee Export Processing Zone (EPZ).

Bangladesh has signed a $540 million loan agreement with Japan for the third terminal of Hazrat Shahjalal International Airport, a cargo terminal, and associated facilities.

The International Monetary Fund (IMF) has advised Bangladesh to continue to focus on containing inflation and rebuilding external resilience.

The poverty situation in Bangladesh was higher than expected in 2020-21 as the COVID constrained economic activity and reduced incomes. The situation worsened further amid spirals in global food prices in 2022. And the global economic slowdown could push more people into poverty this year.  

MJL Bangladesh PLC, one of the leading private lubricant marketers, plans to invest $32.5 million, or Tk 350 crore, to purchase a newly-built tanker and provide rental services to private liquefied petroleum gas (LPG) companies.

Garment factory owners have submitted a new proposal on the minimum wage for apparel workers in Bangladesh, revising it upwards to Tk 12,500, according to a source. 

The first imported consignment of eggs, which has become a much-talked item in recent months for high prices, entered Bangladesh today. 

The government has decided to allow import of potato to increase supply and contain the prices of the widely consumed vegetable in the domestic market, according to a statement by the commerce ministry today.

GPH Ispat Ltd, one of the leading steel makers in Bangladesh, reported a massive drop in earnings during the financial year 2022-23 due to the spiral in raw materials prices and higher cost of the dollar in foreign currency transactions.

Unilever Consumer Care Limited (UCCL), the manufacturer of Horlicks in Bangladesh, said it generated a 25 percent year-on-year higher profit in the three quarters to September although revenue dropped.

The commerce ministry has permitted five firms to import five crore pieces of eggs in order to increase supply of the protein item and check its prices in the domestic market, it said in a statement today.

The visiting mission from the International Monetary Fund was not fully convinced with the plans laid out by the National Board of Revenue on accelerating the tax collection to raise the tax-to GDP ratio by 0.5 percentage points in the current fiscal year. 

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) today sought fair prices and demanded ethical sourcing of garments from the US retailers and brands as the new wages for the workers are expected to be implemented from December this year.

Bangladesh’s garment exports to the US can increase annually anywhere from $400 million to $800 million if the American government offers a “cotton GSP scheme”, according to a study.

A democratic transition has emerged as a prerequisite for an inclusive and sustainable economy, said a noted economist today.

Refiners in Bangladesh today cut the price of soybean oil by Tk 5 and palm oil by Tk 4 a litre after edible oil prices declined in the international market.

Bangladesh Lamps is going to set up a production line to manufacture plastic parts for tube lights, said the company today.