Friday , November 17 2017
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Bangladesh’s economic growth hits record 7.28% in FY17


  DHAKA: Bangladesh’s economic growth accelerated to 7.28 percent in the year to June 30, Planning Minister AHM Mustafa Kamal said at a media briefing in Dhaka on Tuesday, citing final data. Provisional data put the GDP growth at 7.24 percent for the year. Per capita income rose from $1,602 to $1,610. “In the final data, Bangladesh’s GDP stands at ... Read More »

Customs seizes 200 mobile handsets including iPhones in Dhaka


  DHAKA: The confiscated handsets were imported without paying duties, according to Customs Intelligence and Investigation Directorate or CIID. CIID, Bangladesh Telecommunication Regulatory Commission and Dhaka Metropolitan Police started a drive at Bashundhara Shopping Complex on Monday afternoon. Sensing the raid, traders started pulling down shutters of their shops on the fifth and ground floors. However, the officials managed to ... Read More »

Ship collisions at Ctg port raise concerns


  DHAKA: Ships have frequently been colliding with each other and running aground at Chittagong port’s outer anchorage and approaches for the last couple of months, raising concerns among ship owners, charterers, shipping agents and other stakeholders. Over 30 such incidents occurred from July to October, according to local representative firms of international protection and indemnity (P&I) clubs, which provide ... Read More »

Bangladesh’s exports bounce back in October


  DHAKA: Bangladesh exports earned $2.8 billion in October, an increase of 6.4 per cent from a year earlier, driven by a surge in shipments of garments, government data showed on Thursday. In September, exports had fallen 9.8 percent to $2 billion from a year earlier, which exporters attributed to Eid holidays. For July-October, the first four months of the ... Read More »

Bangladesh seeks to reduce trade deficit with Bhutan


  DHAKA: While Bhutan’s exports to Bangladesh have been increasing rapidly over the years, increase in imports from Bangladesh has been meager. This was highlighted by the Bangladeshi delegation during the third meeting of the joint working group of customs, which began in Thimphu yesterday. Head of the visiting delegation, Member of Bangladesh’s National Board of Revenue, Khondakar Muhammad Aminur ... Read More »

Bangladesh cracking down on tax-evading foreign workers


  DHAKA: Bangladesh’s National Board of Revenue (NBR) is clamping down on foreign workers failing to declare their earnings in the country. Earlier companies were encouraged to report details of foreigners they have on their payroll to the Bangladesh Investment Developments Authority (BIDA), as currently required by law. Foreign individuals should pay a 30 percent income tax on their income ... Read More »

Beximco secures 20-year PPA for 200 MW PV project in Bangladesh


DHAKA: Teesta Solar, a unit of Bangladesh-based holding company Bangladesh Export Import Co. (Beximco), has obtained a 20-year PPA from the local power utility Bangladesh Power Development Board (BPDB) for a 200 MW solar project it aims to build in Latshal, Sundorgonj, in Pakistan’s Gaibandha district. According to the international consultancy company Mercom, it is the first utility-scale solar project ... Read More »

Remittance inflow rises 35% in October


DHAKA: Remittance inflow to the country in October has increased by 35% to $1.16 billion compared to September, according to the latest data released by Bangladesh Bank on Wednesday. In September expatriate Bangladeshis had sent home $857 million, the lowest in the last five-and-a-half years. The remittance this October is also 14.5% higher than that of October last year, which ... Read More »

Bangladesh seeks up to 1.27 mln T oil products in tender


DHAKA: Bangladesh Petroleum Corp (BPC) issued an international tender on Wednesday to import refined oil products for the first half of 2018, officials said. The state-owned company is seeking 780,000 to 980,000 tonnes of 500ppm sulphur gasoil, 100,000 tonnes of jet fuel, 120,000 to 160,000 tonnes of 180-cst high sulphur fuel oil and 30,000 tonnes of 95-octane gasoline. The tender ... Read More »

Bangladesh Bank asks banks to tighten offshore lending


DHAKA: Bangladesh Bank has asked banks to tighten their lending in foreign currency through their offshore banking units with the view to stabilising the exchange rate. The instruction came at a meeting yesterday with the top executives of banks that have offshore banking units. The central bank is concerned about banks’ offshore exposure as they are collecting foreign currency funds ... Read More »

Bangladesh signs deal with China to build pipeline for oil imports


DHAKA: Bangladesh with the assistance of China will construct a 220 km (138 miles) pipeline that includes a 146-km offshore stretch to unload imported oil from ships, a government minister said on Monday. “Bangladesh and China signed an agreement on Sunday to build this pipeline in the southeast of the country to unload oil from ships in the Bay of ... Read More »

Bangladesh signing $554 mln credit deal with China for single point mooring

Germany-Switzerland sign arbitration agreement for tax disputes

DHAKA: Bangladesh is penning a $554 million loan deal with China to build a deep-sea single point mooring with an aim to cut the time and cost of offloading fuel oil from tankers. The Economic Relations Division or ERD and the Export-Import Bank of China will sign the deal in Dhaka on Sunday. ERD Deputy Secretary AKM Matiur Rahman told ... Read More »

BJMC plans to build jute industrial villages

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DHAKA: Bangladesh Jute Mills Corporation (BJMC) plans to develop jute industrial villages on its unused lands for the diversification of products made from the natural fibre. Last week, the jute and textiles ministry gave go-ahead to BJMC to establish the villages, officials said. “We will take steps. We will try to complete all the procedures as soon as possible to ... Read More »

Bangladesh to import 150,000 tons parboiled rice from Thailand


DHAKA: The government has decided to import 150,000 tons of parboiled rice from Thailand, and procure another 100,000 tons from local traders at a total cost of Tk1017.14cr to boost domestic food grain reserves. The Cabinet Committee on Public Purchase approved two Food Ministry proposals on the purchases on Wednesday, at a meeting chaired by Finance Minister AMA Muhith. After ... Read More »

Bangladesh Bank grills NRBC Bank CEO over loan scandal


DHAKA: Bangladesh Bank has grilled NRB Commercial Bank’s Managing Director Dewan Mujibur Rahman on charge of his alleged involvement in a number of loan scandals. A BB standing committee started interrogating Rahman in a personal hearing at the BB headquarters on October 16 and completed the process yesterday, a central bank official confirmed The Daily Star requesting anonymity. If Rahman ... Read More »

Bangladesh expects first gasoil import from India through pipeline by end-2019


DHAKA: Bangladesh expects to import first 0.05% sulfur gasoil through pipeline from neighboring India by the end of 2019 under an agreement to import a total 5 million of the fuel over a 15-year period till 2034, state-run Bangladesh Petroleum Corporation chairman Abu Hena Md Rahmatul Muneem told S&P Global Platts Monday. BPC and India’s state-owned Numaligarh Refinery Ltd signed ... Read More »

Bangladesh approves purchase of 100,000t rice from India


DHAKA: Bangladesh has approved the purchase of 100,000 tonnes of parboiled rice from India in a state-to-state deal at $455 a tonne, officials said on Sunday, as the government races to shore up depleted stocks and combat high prices. Traditionally the world’s fourth-biggest rice producer, Bangladesh’s rice imports are set to hit their highest levels in a decade after floods ... Read More »

Bangladesh tea prices rise


DHAKA: Tea prices in Bangladesh rose at the weekly auction for the eighth time in a row due to robust demand for quality leaves amid tight supplies. Bangladeshi tea fetched an average price of 230.27 taka ($2.79) per kg at the auction on Tuesday, compared with 229.72 taka at the previous sale the National Brokers said. There was strong demand ... Read More »

BPC to sign diesel purchase deal with Indian refinery


DHAKA: State-owned Bangladesh Petroleum Corporation (BPC) is set to sign a 15-year sales and purchase agreement with Indian oil company Numaligarh Refinery Ltd (NRL) on October 22, for importing diesel to meet local demand. “We hope that the agreement will be signed during Indian Foreign Minister Sushma Swaraj’s upcoming Dhaka visit,” BPC Director (Operations and Planning) Sayed Mohammad Mozammel Haque ... Read More »

Bangladesh tea prices rally for eighth week

Bangladesh tea prices rise in weekly auction

DHAKA: Tea prices in Bangladesh rose at the weekly auction for the eighth time in a row due to robust demand for quality leaves amid tight supplies. Bangladeshi tea fetched an average price of 230.27 taka ($2.79) per kg at the auction on Tuesday, compared with 229.72 taka at the previous sale, the National Brokers said. There was strong demand ... Read More »