Small businesses navigated difficult times in 2023
Small businesses in 2023 faced substantial hardships amidst prevalent inflationary pressure of the country
Analysis / BYD: Chinese electric vehicle giant that has overtaken Tesla on sales
BYD, the Chinese vehicle giant, has dethroned the trailblazing Tesla in terms of sales
Export, remittance earnings limp along
Export and remittance sectors suffered disappointments in 2023, looking desperately for solutions this year
Maersk extends suspension of Red Sea passage
Shipping giant Maersk said on Tuesday it would not resume passage through a key Red Sea strait "until further notice,"
Agent banking losing steam with banks opening more sub-branches
Sub-branches are the priority for banks now, replacing agent banking in bringing banking services efficiently to people
IMF's Georgieva says Americans should 'cheer up' about falling inflation
IMF's managing director Kristalina Georgieva is hopeful about the US economy as inflation declines further
Business at ICDs dropped in 2023
KDS Logistics Limited managed to retain its position as the top private inland container depot (ICD) in terms of handling export and import cargoes in 2023, a year when business in ICDs saw a year-on-year decline of nearly 11 per cent.
Clearing Power, Fertiliser Arrears: Govt to issue Tk 26,000cr special bonds
The Finance Division is set to issue special bonds of about Tk 26,000 crore to clear mounting arrears to independent power producers and fertiliser suppliers.
Rising food prices a concern for 71% families in Bangladesh: WB
A WB report states that 71 percent Bangladeshi families are concerned with rising prices of food
Economy
$160 million ADB loan to boost Dhaka’s energy supply, distribution
The Dhaka Power System Expansion and Strengthening Project will construct eight substations
Investment dried up in textile and garment in 2023
The textile and garment sector witnessed a very dry investment season in 2023 as demand for clothing items fell globally
Three factors that could determine stock market recovery in 2024
Bangladesh might have bid adieu to 2023 but it could not leave behind the old problems that held it back throughout the turbulent year
Ctg port’s container handling down in 2023
The Chattogram port has experienced a 2.92 percent year-on-year drop in the number of containers handled in the just concluded year
Reserves fall short of IMF target
Bangladesh has failed to meet IMF’s target on keeping $17.78 billion as the minimum net international reserve as of December 31 last year
Govt sees budget surplus of Tk 11,865cr in Q1
The government saw a budget surplus of Tk 11,865 crore in the first quarter of the current FY due to lower spending
Global Economy
China factory activity growth accelerates in Dec
China's factory activity expanded at a quicker pace in December due to stronger gains in output and new orders
Analysis / Saudi sovereign wealth fund splashes cash in 2023
Saudi Arabia's Public Investment Fund accounted for about a quarter of the almost $124 billion spent by sovereign wealth funds worldwide last year
Sri Lanka raises taxes ahead of foreign debt deal
Sri Lanka slapped a new 18 % VAT on fuel, mobile phones and computers from Monday to raise revenue ahead of a foreign debt restructuring
Russian economy shrank by 1.2% in 2022, less than previously thought
Russia's economy contracted by 1.2 percent last year, less than the 2.1 percent decline previously estimated
Analysis / King dollar seen vulnerable in 2024 if Fed pivots
The Federal Reserve's dovish December pivot has boosted the case for the weakening dollar to keep falling into 2024
China's December factory activity likely contracted for third month
China's manufacturing activity likely contracted for the third consecutive month weighed by soft demand for manufactured goods
Maersk schedules dozens of vessels to travel via Suez Canal
Maersk has scheduled several dozen container vessels to travel via the Suez Canal and the Red Sea
Analysis / AI to give fillip to new industrial revolution
Artificial intelligence has the potential to revolutionize various industries, spearheading a new technological and industrial revolution
Organisation News
Pragati Life partners with SSL Wireless
Pragati Life Insurance Ltd recently signed a strategic partnership agreement with SSL Wireless, a software development, fintech and ITES company in Bangladesh, to drive Insurtech innovation and expand access to micro-insurance in Bangladesh.
Consumer protection committee must for insurers
Every insurance company must have consumer protection and complaint settlement committees comprised of those on the board of directors, according to the draft insurance policyholder protection guidelines.
ICAB gets new Dhaka region chairman
Ramdas Howlader, a supervisor, general ledger, intercompany, revenue and accounting policy at Chevron Bangladesh, has been elected as chairman of the Dhaka regional committee (DRC) of the Institute of Chartered Accountants of Bangladesh (ICAB) for a one-year term.
bKash gets NRB Day Award 2023
bKash has been honoured with the “NRB Day Award 2023” in the financial services sector for its contribution to ensuring easy, safe and time-saving digital transactions for everyone.
Libra Infusions declares 80% dividends
Libra Infusions Ltd, a subsidiary of Libra Group, declared 80 percent dividends, including 30 percent cash dividend, for the financial year 2020-2021.
BSRM Steels declares 25% cash dividend
BSRM Steels Ltd recently declared a 25 percent cash dividend for the year that ended on June 30 this year.
Orion Infusion declares 10% cash dividend
Orion Infusion Ltd has announced a 10 percent cash dividend for the year that ended on June 30 of the current year.
BRAC Bank to sell Green Delta’s insurance products
BRAC Bank recently signed a three-year bancassurance agreement with Green Delta Insurance Company Ltd, enabling the bank’s customers to purchase a range of non-life insurance products of the insurer directly through the lender.
Business Multimedia
Potato price shoots up
The price of potatoes has begun an upward climb in the market
92 thousand crores or more siphoned out in 15 years?
Based on the compilation of media reports on bank scams between 2008 and 2023, CPD said as much as 92 thousand crores of taka have been siphoned out of the banking sector in the last fifteen years
Is Bangladesh going towards a deep economic crisis?
How can Bangladesh avoid the economic crisis to deepen further?
Who will benefit from WTO's duty benefit extension?
What are WTO’s duty-free benefits?
How can Bangladesh resolve economic, political problems?
Why is Bangladesh facing economic problems? Why did the country fail to follow the IMF's loan conditions? What are the remedies?
NCC Bank organises EGM
The National Credit and Commerce Bank has organised its 10th extraordinary general meeting (EGM) today.
Dhaka Bank brings credit card for ICAB
Dhaka Bank recently launched a co-branded Visa signature credit card for members and employees of the Institute of Chartered Accountants Bangladesh (ICAB).
Eastern Bank to sell MetLife’s insurance products
Eastern Bank has signed a Bancassurance agreement with MetLife, a leading private life insurance company of the country, enabling the bank to sell the insurer’s insurance solutions to its retail customers.
IDRA appoints external auditor for Sonali Life
The Insurance Development and Regulatory Authority (IDRA) has appointed an external auditor for Sonali Life Insurance, a listed insurance company in Bangladesh.
Quality credit helped improve Sonali Bank’s health: MD
Almost all the indicators of state-run Sonali Bank improved now rather than earlier due to disbursement of quality loans, said its managing director and CEO Md Afzal Karim.
Five side jobs to make extra money
Family expenses are increasing day by day but the earnings from the job have increased once a year and it’s becoming more difficult to maintain the monthly expenses.
Ahmed promoted to National Bank DMD
National Bank Limited has promoted an official to the post of deputy managing director.
Private credit growth slows
Credit growth to the private sector slowed to 9.9 percent in November as appetite for loans from businesses waned amid rising interest rate, sustained high inflation, and banks’ focus on attracting more deposits during the final months of the year, according to bankers.
Shahjalal Islami Bank holds EC meeting
Shahjalal Islami Bank PLC recently organised the 866th meeting of its executive committee (EC) at its corporate head office in Dhaka.
National Bank opens two sub-branches
National Bank Ltd recently launched two sub-branches -- in Banorupa under Rangamati branch and in Bandartila under Agrabad branch -- in the Chattogram region.
