Star Business Report

Bangladesh’s economy is facing tough macroeconomic challenges originating from a higher imbalance in its external account, depleting foreign exchange reserves, and an elevated inflation, said a noted economist today.

Local businesses want the government to start the negotiation with Canada to sign the free trade agreement (FTA) in order to retain the duty-free market access in the North American nation.

World Health Organization (WHO) has recognised the quality of products manufactured at Renata’s Rajendrapur Potent Product Facility to be of an international standard, enabling the pharmaceutical to sell birth control pills abroad. 

Gold bars and pieces of jewellery that are smuggled into the country might be worth around Tk 73,000 crore a year, said the Bangladesh Jeweller’s Association (BAJUS) today.

A team from the Institute of Business Administration under the University of Dhaka became the champion of Unilever Bangladesh’s “BizMaestros 2022” trophy.

Daraz Bangladesh, the biggest online shopping platform in the country, said products worth about Tk 320 crore were sold through its flagship campaign that started on November 11, underscoring the company’s solidified position in the local e-commerce market.

The 5G (fifth generation) is going to play a very important role in changing almost everything in Bangladesh, including industry and education, and it will connect the whole population to very high-speed internet, said Telecom Minister Mustafa Jabbar today.

Seventy-one exporters won the National Export Trophy today in recognition of their contribution to the country’s overseas trade through higher sales, the addition of new products and markets, and maintaining compliance in the financial year of 2018-19.

The Dutch-Bangla Chamber of Commerce and Industry (DBCCI) is going to organise a weeklong roadshow in three European Union (EU) countries from February 25 next year to attract foreign investment.

Bangladesh Bank yesterday asked private banks to speed up their farm loan disbursements to enhance the country’s food security.

Ambee Pharmaceuticals Limited returned to profit in the last financial year that ended on June 30.

Only 13 shares rose on the Dhaka and Chittagong stock exchanges yesterday as investors worried about the economic uncertainty stayed away from trading, forcing the bourses to fall.      

Jamuna Bank Limited has received approval from the Bangladesh Bank to establish an exchange house in Spain.

Bangladesh’s trade with other countries may suffer as foreign shipping lines are facing difficulties in remitting foreign currencies from the country because of a dollar crisis, speakers said yesterday. 

The 1,600-megawatt Adani Godda Power Plant in India will start exporting half of the electricity to Bangladesh from December 16 this year, according to a report by the Bangladesh Power Development Board (BPDB).

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) is hopeful that the country's share in the global apparel market may reach 8 per cent within this year as international clothing retailers and brands are coming here with new work orders.

The government should provide cash support to the poor and the low-income groups to protect their consumption and boost domestic demand as the socio-economic impact of the pandemic will linger for them, said the Citizen’s Platform for SDGs, Bangladesh yesterday.

Policy support, tax benefits, and incentives are needed to help develop the country’s automobile industry, according to experts and entrepreneurs.

Bangladesh Bank yesterday said banks would have to keep all their branches closed from the morning of April 14 to midnight of April 21 when strict restrictions on movement would be in place as part of its efforts to contain the coronavirus pandemic.

The Bangladesh Securities and Exchange Commission (BSEC) is investigating complaints regarding Padma Bank and it will take action as per the law, Shibli Rubayat-Ul-Islam, chairman of the commission, said yesterday.