Income inequality has widened to such an extent in Bangladesh that now it has become one country with two societies – one a low-income group and the other a high-income one, said a noted economist yesterday.

Garment exporters yesterday urged the revenue authority to provide faster and hassle-free services so they can remain competitive in the global apparel market, according to a press statement by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).

Says Debapriya Bhattacharya

A bhori of 22-carat gold will cost Tk 99,377 from October 12

His tenure ended last week

Bangladesh’s earnings from spice exports increased 25 percent year-on-year in the first three months of fiscal 2023-24 due to demand from expatriates of Bangladesh and other Asian countries.

The government will today launch a Tk 7,000 crore project to boost the commercialisation of farming and accelerate agricultural exports by facilitating the expansion of safe food production.

With the high rate of non-performing loans (NPLs) being a major challenge for the banking sector, just 25 of the 61 commercial banks in Bangladesh are managing to keep their NPL rates below 5 percent.

Malek Spinning Mills Ltd has approved an investment of around Tk 157 crore by its subsidiary, JM Fabrics Limited (JMFL), to set up facilities, including one for yarn texturising and covering.

Best Holdings Limited, the owning company of Le Méridien Dhaka, Best Hotels Limited, and Dhamshur Economic Zone, has got the approval to raise Tk 350 crore by issuing ordinary shares through an initial public offering (IPO).

In inspections to identify potentials of companies which have been performing poorly over the years, Dhaka Stock Exchange (DSE) last month found factories of five listed entities closed.

Eighteen private commercial banks yesterday signed a deal with the Bangladesh Bank (BB) to avail funds from the central bank’s long-term financing facility (BB-LTFF) for export-oriented manufacturing companies.

Multilateral development finance institution Islamic Development Bank (IDB) has withdrawn the directorship of its representative from the board of directors of Islami Bank Bangladesh PLC

Multilateral development finance institution Islamic Development Bank (IDB) has withdrawn the directorship of its representative from the board of directors of Islami Bank Bangladesh PLC.

The International Monetary Fund (IMF) has revised down growth forecast for Bangladesh’s economy to 6 percent for the fiscal year 2023-24, lower from its previous projection of 6.5 percent.

The use of the Bangladesh Standards and Testing Institution’s (BSTI) standardisation mark has been made mandatory for 36 new products, including LPG cylinders, pressure cookers, microwave ovens and sweetmeats.

Anxiety has gripped tea producers in Bangladesh as both sales and prices at the weekly international tea auction in Chattogram city are experiencing a drastic fall this season.

With major indicators showing stress in the economy, there is no good news in the investment flow too as investors now prefer to stay away from taking new projects or expanding their existing capacity.

Bangladesh Bank yesterday gave cold storage owners another month, until November 30, to apply for rescheduling their default loans.

The visiting International Monetary Fund (IMF) mission yesterday inquired about the government’s plans to reduce energy and fertiliser subsidies, which have been increasing in recent years.