Sep 23

Those corrupt banks!

Untitled-5Special Correspondent: Service corruption in the banking sector of the country is increasing day by day due to interference of high ups in banking and unethical practice. The number of corruption complaints lodged with the central bank, conducted by the banking sector in 2013-14 was alarming, which is recorded 4.19% higher than previous year.

Permanent link to this article: http://www.daily-industry.com/?p=966

Sep 23

Dhaka should focus on finished goods for export

Malaysian envoy Norlin Othman says

Untitled-4Staff Correspondent: Bangladesh needs to concentrate on high value and high-end finished products though export diversification to bridge the trade gap with Malaysia which is now heavily in favour of the Southeast Asian country, said the Malaysian envoy in Dhaka yesterday.
“We need high value and high-end finished products (from Bangladesh),” Malaysian High Commissioner in Dhaka Norlin Othman told a ‘Meet-the-Press’ programme at the Jatiya Press Club.
The diplomat also suggested the exporters to diversify their products what they are currently selling to Malaysia to boost bilateral trade apart from joining hands with Malaysian companies to produce products here and re-export those to the global market.

Permanent link to this article: http://www.daily-industry.com/?p=963

Sep 23

Abbas-Shahjahan to be quizzed for plot allocation

Untitled-3Staff Correspondent: The Anti Corruption Commission (ACC) will quiz Shipping Minister Shajahan Khan and former Housing and Public Works Minister Mirza Abbas on October 12 next in connection with a 7-acre land in the city allocated for journalists during the previous BNP government. The Commission on Monday sent letters, signed by its deputy director Jatan Kumar Roy, to Shajahan Khan and Mirza Abbas asking them to be present at
the ACC head office on October 12, ACC public relations officer Pranab Kumar Bhattacharya told.

Permanent link to this article: http://www.daily-industry.com/?p=958

Sep 23

Bangladesh gains record WB loan in last year

Untitled-1Staff Correspondent: Bangladesh has recorded highest disbursement of World Bank loan in the last fiscal, the global lender says. After a joint portfolio review with the government, it says its fund disbursement to Bangladesh for Annual Development Programme has been witnessing an “upward trend” in the last four years. But $944 million loan disbursed in 2013-2014 fiscal is a record. It is not clear why the disbursement rate has gone up.

Permanent link to this article: http://www.daily-industry.com/?p=952

Sep 23

City Bank abused Tk 10.5cr

Buying a loss incurring money transfer company in Malaysia

Special Correspondent: ‘C-category’ The City Bank has abused more than Tk 10.50 crore in Malaysia to buy a loss incurring money transfer company. It has also incurred net loss of Tk 2.14 crore in last two years.
The City Bank in 2012 has bought the license of Rushmoney Sdn. Bhd for opening its money transfer subsidiary in Malaysia. But the company was a loss incurring liability money transfer house in Kuala Lumpur and Bank Nigara, the central bank of Malaysia was going to cancel its license. In the verge of extinction, the owner of the company Guru Charan Singh tendered to sell it. Four Bangladeshi banks rushed to buy the Rushmoney in 2012.

Permanent link to this article: http://www.daily-industry.com/?p=977

Sep 23

Sub-standard edible oil increases Tk 30,000cr medical cost annually

DSC_0004Staff Correspondent: Bangladeshi physicians and cardiovascular specialists have opined that the sub-standard edible oil is the key factor for heart diseases, diabetics, kidney, high blood pressure and high cholesterol related diseases. The sub-standard edible oil has hiked medical cost of the nation for about Tk 30,000 crore annually, the experts also opined.
Presently palm oil is the dominating edible oil market since 2003 in Bangladesh. About 64% kitchen oil shared by palm oil in Bangladesh and it is increasing day by day due to cheap in price but other parts of the world palm oil consumption is decreasing due to public health ground.
Local edible oil refineries and marketing companies are also sourcing majority crude oil from palm oil suppliers. Some of the soyabean oil refiners are frequently using palm oil but marketing it as soyabean oil. Bangladesh refines 1313700 tonnes of Palm oil in 2013, which was 1027200 tonns in 2012.
Sources told, “Palm oil can be of two varieties: palm oil, made from palm fruit and palm kernel oil, made from the seed inside the fruit. Both types are rich-tasting and common in tropical climates, such as in India and Malaysia. A vegetable oil, both types of palm oil are high in calories — they are pure fat — and they also contain high amounts of saturated fat.

Permanent link to this article: http://www.daily-industry.com/?p=971

Sep 23

DSE, CSE index gain despite hartal

Staff Correspondent: Key share price index at the country’s twin bourses — Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) – gained Monday, the 2nd trading day of the week, amid continued bull run despite a daylong hartal.
The DSE benchmark index, DSEX gained 11.28 points or nearly 0.23 percent to close at 4924.53 on the day. Of the 303 issues traded, 141 gained, 135 declined and 27 remained unchanged.

Shares worth Tk 992.30 crore changed hands at the DSE on Monday. The day’s top 10 gainers at the DSE were
RSRM Steel, Sino Bangla Industries, ACI Formulations, Peoples Leasing And Finance, BD Finance, International Leasing & Financial, First Lease Finance and Investment, BRAC Bank, City Bank, and 7th ICB Mutual Fund. The CSE key index, CSCX gained 62 points to reach 9279.89 at close on Monday. Of the 237 issues traded, 117 advanced, 102 suffered loss and 18 remained unchanged. The value of the traded issues was Tk 77.11 crore on the day.

Permanent link to this article: http://www.daily-industry.com/?p=961

Sep 23

‘Fraud’ secretary with PM’s entourage for US visit

Untitled-2Staff Correspondent: Health secretary M Niaz Uddin Miah, who got hold of a fake freedom-fighter certificate to extend service tenure, has gone to the United States as a member of Prime Minister Sheikh Hasina’s entourage.
The prime minister left for New York on Sunday night to attend the 69th United Nations General Assembly. Her entourage boasting more than 150 members includes several ministers, advisers, businessmen, journalists and other government officials.

Permanent link to this article: http://www.daily-industry.com/?p=955

Sep 23

5 state-owned banks in poor condition

Staff Correspondent: The capital deficit of the state-owned banks has increased, default loans have shot up alarmingly and large amounts of loans have been written off. Again there is the massive misappropriation of funds.
The conditions of the banks have been deteriorated particularly over the past six years. The state-owned Sonali Bank faced a massive financial scandal during this period. And businessmen in many cases have chosen Janata, Agrani and Rupali Bank for fund misappropriation. As for BASIC Bank, it has been engrossed in scams and scandal throughout this period.

Permanent link to this article: http://www.daily-industry.com/?p=950

Sep 23

Income tax fair got highest ever response

Staff Correspondent: The Income Tax Fair 2014 ended yesterday with getting the highest ever response from the taxpayers. The fair, which began simultaneously in divisional headquarters and 22 districts on
September 16, concluded in a festive mode on Monday as the National Board of Revenue (NBR) received Taka 1,695 crore 30 lakh 73 thousand and 451 as income tax.

The amount was the highest since the inception of the event in 2010. The record achievement was disclosed at a programme at the Officers’ Club, the usual fair venue for the capital city.
State minister for finance and planning MA Mannan was the chief guest at the concluding ceremony of the fair, presided over by NBR Chairman Md. Ghulam Hussain.
Last year, the NBR got Taka 1,117 crore as income tax from the fair. Around 6.50 lakh taxpayers received services from the fair, which was held in seven divisional cities for seven days and 22 district towns for four days to provide tax-related assistance to taxpayers.
This year, a total of 1 lakh 49 thousand and 309 persons submitted their income tax return when 15 thousand 907 persons registered for eTIN. Besides, 10 thousand and 838 individuals registered for getting eTIN, replacing their previous traditional TIN.

Permanent link to this article: http://www.daily-industry.com/?p=948

Sep 22

Bangladesh imports 67% of dairy products spending $44.52b annually

Untitled-1Enayet Karim: Bangladesh is presently fulfilling its milk and dairy products’ demand by importing 67% of the requirements, spending US$44.52 billion annually. Milk production of the country in 2012-13 was 3.46 million tons against the demand of 12.8 million tons. On an average consumption demand has been increasing 9% annually.
Being one of the thrust off-farm agriculture sectors, dairy farms of the country are still facing hindrances due to lack of policy and patronization from the state. 3.6 million people households with supplementary income from dairy sector in Bangladesh.

Permanent link to this article: http://www.daily-industry.com/?p=944

Sep 22

Smuggled mobile sets flooding local market

Govt losing huge revenue

Ibrahim Khalil Jewel: The local mobile phone handset market is flooded by smuggled handsets of many international brands, which deprives the govt a huge revenue every year. It also makes an uneven competition in the market with the legally imported and locally manufactured handsets. A South Korea based mobile giant, which has a legal business in Bangladesh, said that the illegally imported mobile phone sets evade more than Tk 4 crore revenue every month.

Permanent link to this article: http://www.daily-industry.com/?p=942

Sep 22

Syndicate keeps edible oil prices higher

Staff Correspondent: Syndicate keeps edible oil prices higher in Bangladesh despite fall abroad. The fall of edible oil prices abroad has not changed prices in Bangladesh market. Exporters have explained the current prices saying “there was no import of edible oil after prices fell in the international market”. But an official of the Tariff Commission told that businessmen ‘have united’ in their efforts to retain the earlier prices of the essential despite the low prices abroad. The price of unrefined soyabean oil has come down by 37 percent within the span of a year,
according to the Commission’s report. Palm oil costs 17 percent less, it said.

Permanent link to this article: http://www.daily-industry.com/?p=940

Sep 22

$125m foreign loan gets clearance for seven cos

Special Correspondent: The Scrutiny Committee on approval of foreign loan and supplier’s credit yesterday cleared US$ 125.05 million for seven private sector projects. The approval came from the 89th meeting of the Scrutiny Committee held in this regard at Bangladesh Bank yesterday.

The committee approved $44 million for Dutch-Bangla Power & Associates Ltd, $44 million for Orion Power Meghnaghat Ltd (Earlier IEL Consortium & Associates Ltd), $15.43 million for Tarasima Apparels Ltd, $15 million for Ma-Meem Denim Ltd, $4.45 million for Rising Industries Ltd, $1.60 million for Knit Concern Ltd and $0.567 million for Plummy Fashions Ltd.
The meeting was presided over by Bangladesh Bank Governor Dr Atiur Rahman, who is also the convener of the committee, while the Committee members, including representatives from the Prime Minister’s Office, Ministry of Finance, Ministry of Industries, Board of Investment (BoI) and officials of the committee secretariat were also present.
The highest interest rate of the approved proposals is a three-month LIBOR+4.50 percent p.a. that is the effective interest rate is within 4.74 percent p.a. and the tenure of these loan proposals are at least three years.
The committee official (Joint Director of Bangladesh Bank) informed the meeting that more foreign financing proposals are under consideration for approval.
The committee hoped that such foreign financing will be helpful in keeping the Dollar price stable, decreasing the deficit of the country’s ‘Balance of Payment’ and it will create more job opportunities.

Permanent link to this article: http://www.daily-industry.com/?p=938

Sep 22

Dr Yunus at New York

Special Correspondent: Nobel Laureate Professor Muhammad Yunus arrived New York to join a program of Clinton Global Initiatives. A reliable source said that Yunus will pass three days with his daughter there. On the other hand, Bangladesh Prime Minister Sheikh Hasina will come to New York to attend the 69th General Assembly of the United Nations (UN).

Permanent link to this article: http://www.daily-industry.com/?p=936

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