Business Desk :The Bangladesh Bank lowered the interest rate on pre-finance facilities under the Program to Support Safety Retrofits and Environmental Upgrades (SREUP) from 7 per cent to 5 per cent.The 5 per cent interest will be applicable to all new and existing sub-loans under the project, according to a notice issued by the central bank on Monday.Bangladesh Bank is implementing the SREUP project with a credit line of €50 million and a donation of €10.29 million from the French...
Business Desk :The American Apparel and Footwear Association (AAFA) along with 270 other trade bodies has urged the US Congress for reactivating the Generalised System of Preferences (GSP) for the convenience of the American traders.The Congressional authorisation of GSP expired on December 31 in 2020 for all the eligible countries.As a result, American companies have paid at least $1.4 billion in extra taxes due to the GSP lapse while also dealing with Covid-19 impacts, high freight costs, and supply chain...
Business Desk :The Metropolitan Chamber of Commerce and Industry (MCCI) yesterday said businesses require longer than 11 days found by the National Board of Revenue (NBR) in a recent study to release goods from the Chattogram port.“Actually, it takes long to get goods from the port as the NBR still physically examines the related documents against shipments, which is a time-consuming practice that has been dropped in most countries,” said MCCI President Md Saiful Islam.Islam, who was speaking at a...
Business Desk :Bangladesh will request the United States to restore its generalized system of preferences (GSP) for widening the market access of its products to the single largest export destination.Sources said the country would call for the trade facilities at the upcoming meeting of the Bangladesh-US Trade & Investment Cooperation Forum Agreement (Ticfa), expected to be held on December 6 or 7 in Washington.It will also urge the USA to extend the existing trade benefits Bangladesh now enjoys as the...
Business Desk :The World Bank, in a recent study, has found that without massive reforms, Bangladesh’s gross domestic product (GDP) could fall below 4 per cent by 2035.It has also found three obstacles to Bangladesh’s economic reform, which are – declining trade competitiveness, a weak and vulnerable financial sector, and unbalanced and inadequate urbanisation.If these three obstacles can be addressed, the development will get a boost and growth will be more sustainable, the study highlighted.According to the World Bank report,...
Business Report :Most shares on the Dhaka and Chittagong stock exchanges fell on Sunday amid fear among investors that their foreign counterparts would keep pulling out their funds after major economies raised key interest rates. The renewed apprehension came after the Federal Reserve of the US on Wednesday increased benchmark interest rates by 75 basis points to bring down inflation, the fifth straight hike.On September 8, the European Central Bank announced a 75-basis point interest rate rise. The UK and...
Business Desk :City Bank has been awarded the ‘Leading Partner Bank in Bangladesh’ in Trade and Supply Chain Finance Program...
Business Desk :Bangladesh’s leading multinational electronics brand Walton has said its android smart television has witnessed a huge response in Ireland, a country in north-western Europe.Walton TV is being displayed and sold in DID Electrical, the largest retail store in Ireland.The electronics brand described, in a press release, the achievement of a huge response as a milestone towards its market expansion in Europe and also achieving the vision of becoming a top global consumer electronics brand.Syed Al Imran, vice-president of...
Business Desk :Talukdar Md. Zakaria Hossain, Managing Director &Chief Executive Officer of Union Insurance Company Limited (UICL) left Dhaka to...
Business Desk :Nowadays, refrigerators are more of a staple appliance within many households across the country and with many brands available in the market, customers can choose from a range of colours, styles, options, and smart features, according to whatever best suits their needs. Among all of these features, the need for space can be considered a common necessity for all households, especially the ones with large families. As a solution, many brands are coming up with refrigerators that are...