Square Textiles Ltd saw its profit dip by 17 per cent in the July-September quarter of the financial year 2022-23 owing to higher spending aimed at ensuring energy supply amid the gas and electricity crisis and fuel price hikes.

The Middle Eastern countries are going to be major garment export destinations for Bangladesh as the local apparel manufacturers are now receiving a lot of queries from the buyers of the region, said Faruque Hassan, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA).

Bangladesh Bank today said cases of under and over-invoicing of imported and exported items came to its notice during specials audit.

The tax authority has requested the home, cultural affairs and other agencies to ensure payment of source tax from payment of honorarium and other expenses for Bollywood artist Nora Fatehi.

Proper utilisation of the credit guarantee scheme is inevitable for the revival of cottage, micro, small and medium enterprises (CMSMEs), said Bangladesh Bank Deputy Governor Abu Farah Md Nasser today.

The apparel industry and other major export sectors of Bangladesh are being left with unsold products due to reduced buying orders from abroad, according to various businesspeople.

The negotiation between Bangladesh and Japan for signing a free trade agreement (FTA) or an economic partnership agreement (EPA) should start as soon as possible, Japanese Ambassador ITO Naoki said today.

Around 52,500 tonnes of wheat reached the outer anchorage of Chattogram Port through a cargo ship called Magnum Fortune on November 9.

The Bangladesh Bank today said no money changer in the country will be allowed to keep over Tk 50 lakh in their vault a day.

Bangladesh firm JMI Export Import Company Ltd has won a government contract to import 12,500 tonnes of sugar worth Tk 65.98 crore from Brazil and supply it to the Trading Corporation of Bangladesh.

The Bangladesh Bank today raised the interest rate for loans from its export development fund (EDF) by 1 percentage point with a view to making borrowing costlier and thus saving foreign currencies.

The exchange rate of dollar needs to be freed to make the garment business profitable at this crisis time, said a top leader of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) today.

"Complacency has brought us to the current forex reserve situation,” said Salehuddin Ahmed, former governor of the Bangladesh Bank.

The government should come up with a clear strategy to stop fast depletion of the foreign currency reserves in a bid to save the country from a major crisis, said a noted economist today.

The external factors are not only responsible for Bangladesh’s present economic volatility, rather there are some issues which remained unattended for a long time such as low revenue collection, absence of quality public expenditure and the non-performing loans, said noted economist Debapriya Bhattacharya today.

The Technical University of Dresden (TUD), a leading German institution, will work to help the local manpower to improve skills in technical garment production in Bangladesh.

October's export earnings declined by 7.85 per cent year-on-year to $4.35 billion because of slowdown in shipment of goods stemmed from the high inflation in the European countries, the main export destination for Bangladesh.

Bangladesh plans to start commercial export of mangoes to Japan and European countries from 2023, Agriculture Minister Muhammad Abdur Razzaque said today.

A delegation of India’s leading steel manufacturer Tata Steel Ltd visited the factory of GPH Ispat at Sitakunda upazila in Chattogram today.

GPH Ispat Ltd’s profit fell more than 18 per cent year-on-year to Tk 149.39 crore in the financial year that ended on June 30.