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?
BRAC Bank opens branch in Banani
BRAC Bank has inaugurated a relocated Banani 11 branch in the capital’s Banani today.
Aftab Automobiles suffers massive losses
Aftab Automobiles Ltd, which primarily assembles Hino buses, suffered massive losses in the first quarter of the current fiscal year, reasoning that "chassis model changes" and challenges in opening letters of credit for imports caused its revenue to plunge.
A mix of unease and hope as Bangladesh dives into 2024
The Daily Star spoke to top entrepreneurs and executives to know about their 2024 business navigating plans
Work to ensure energy efficiency
Bangladesh is more dependent on imported fuel because of its limited primary energy. Hence, policymakers need to work towards ensuring energy efficiency, said the chief of Bangladesh Independent Power Producers’ Association (BIPPA).
Food wasn't in short supply. But many struggled to feed families
As dawn broke yesterday, Asia Begum prepared again for her daily battle to buy essential goods at subsidised prices in order to save a few bucks and bear other family expenses.
2024 could be a year of growth
Like the outgoing year, 2024 could be a challenging year but it will also offer immense opportunities to Bangladesh’s corporate sector to post growth, said eminent industrialist M Anis Ud Dowla.
Reforms must speed up
Bangladesh’s economy might see a boom in the coming years if mega projects such as the Bay Terminal of Chattogram Port, the Matarbari Deep Sea Port and the Dhaka-Chattogram Elevated Expressway are completed on time, said BSRM Chairman Alihussain Akberali.
Opportunities are there, so are challenges
The global economy seems to remain fragile in 2024 though inflationary pressure might come down despite the continuation of the wars in Europe and the Middle East, said Kanti Kumar Saha, chief executive officer of Alliance Finance PLC.
'Recovery likely after March’
Businesses in Bangladesh will likely start recovering from the ongoing economic downturn after March 2024 if the inflationary pressure and US dollar crisis in the country are resolved.
Bring back missing $12b in export proceeds
The government should take steps to bring back the $12 billion in export earnings that went missing from the overall export proceeds of fiscal 2022-23, according to a noted economist.
