Star Business Report

The Bangladesh Bank has bought 72.8 decimals of land from Islami Bank Bangladesh Ltd (IBBL) in the capital for Tk 110 crore.

The planned comprehensive economic partnership agreement (Cepa) could be a game-changer for both India and Bangladesh in terms of trade, said Indian High Commissioner Pranay Verma yesterday.

Re/DRESS, a fashion brand using nearly 100 per cent recycled cotton or polyester textiles in Bangladesh, has launched its products in Dhaka.

Banks in Bangladesh will remain open from 9:30am to 4:00pm on every working day during Ramadan, which may begin next week based on the sighting of the moon. 

The Centre for Policy Dialogue (CPD) today urged the government to reduce the duties and taxes, both at import and domestic levels, on essential commodities in order to provide some respite to consumers with low and limited income amid higher inflation.

The Bangladesh Economic Association (BEA) today urged the budget planners to employ all possible ways to reduce the inequality related to wealth, income, health, and education.

The Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) today urged the government to cut the tax deducted at source and continue the existing corporate tax rate for another five years.

The Bangladesh Textile Mills Association (BTMA) today sought the scope to import all types of fibres, including recycled and manmade, in the upcoming fiscal year of 2023-24 without paying any duty and other taxes and any non-tariff barriers.

Apparel exporters today sought a host of tax benefits, including bringing down the tax deducted at source and withdrawing income tax levied on cash incentives in the upcoming fiscal year, in a bid to help the garment industry deal with the current economic stress.

IPDC Finance Limited’s profit rose to Tk 90.18 crore in the financial year that ended on December 31, up 2.5 per cent from a year earlier.

Fu Wang Foods Ltd posted a 55 per cent increase in profit to Tk 1.55 crore in the July-December half of the current financial year.

Confidence Cement Ltd reported a Tk 22.51 crore profit in the October-December quarter of the current financial year.

Reckitt Benckiser (Bangladesh) PLC made a profit of Tk 65.91 crore in the year that ended on December 31, down 18.44 per cent year-on-year.     

At yesterday’s meeting, the cabinet committee also gave the nod to the Trading Corporation of Bangladesh (TCB) to buy 1.10 crore litres of soybean oil from City Edible Oil Ltd at Tk 174.5 per litre.

Gold is going to be even pricier from tomorrow as the Bangladesh Jewellers' Association (Bajus) is set to hike its rates for the third consecutive week.

International footwear and apparel brand Puma has expanded its footprint in Bangladesh by launching a flagship showroom in port city Chattogram.

Old vehicle importers yesterday urged Bangladesh Road Transport Authority (BRTA) to gradually phase out from Dhaka vehicles which were over 15 years old for a healthier capital.

Bangladesh will attract more British investment if the existing business-related “complexities” are removed, said Rushanara Ali, the British prime minister’s trade envoy to Bangladesh.

Sarah Gilbert, a vaccinologist and co-inventor of AstraZeneca coronavirus vaccine, visited the office of Incepta Pharmaceuticals today.

Any increase in the retail tariffs of electricity will drive up the production cost and lead to a further spiral in inflation, worsening the condition of lower-income groups, said presidents of two chambers today.