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Business Report : Country’s both the bourses– Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) – on Thursday plunged due to mainly price fall in large-cap securities. The benchmark index DSEX settled 14.09 points down at 6,254.54. Two other indices also ended lower with the DSE 30 Index, comprising blue chips, plunged 5.82 points to finish at 2,126.80 and the DSE Shariah Index (DSES) lost 3.84 points to close at 1,359.82. Turnover, a crucial indicator of the market, increased...
Economic Reporter : Three board of directors of three listed company of stock market has decided to declare the dividend for their shareholders. The companies are Eastland Insurance, Unilever Consumer Care and IDLC Finance Limited, according to DSE sources. Among the companies, the board meeting of Eastland Insurance will be held on March 7 at 4 pm, Unilever Consumer Care on March 9 at 3:30 pm and IDLC Finance on March 10 at 3:30 pm....
Business Report : With the slogan of ‘Best product, Best offer’, the country’s electronics giant Walton has launched ‘Digital Campaign Season-20’ across the country with the offer of a ‘Nonstop Millionaire’ benefit. In the earlier seasons of Walton’s digital campaign, a total of 30 customers became millionaires after they had purchased Walton products. In the newly launched ‘Digital Campaign Season-20’, customers of Walton products will again get the opportunity to become millionaires, reads a press release. In Season 20, customers...
Business Report : Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), emphasized the immense potential for collaboration between Bangladesh and India as trading partners, particularly in the textile and apparel sectors to grow together. Speaking at the “Building Resilient Value Chains – India as Global Sourcing Destination” discussion organized by the Indian Ministry of Textiles and the Consortium of the Export Promotion Councils in New Delhi yesterday, Faruque highlighted the synergies between the strengths of both...
Economic Reporter : Meanwhile LafargeHolcim Bangladesh has declared a 50% cash dividend for shareholders for the year of 2023, the highest payout in its history. The announcement was made during a board meeting on Thursday, said a press release. To approve the dividend and audited financial statement, the company will conduct the annual general meeting on 14 May. The shareholders will be entitled to the dividend till 14 March and will get to attend the annual general meeting. In the...
Business Desk : Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has announced its plan to launch a hotline aimed at ensuring the smooth supply of essential goods and curbing its artificial crisis and extortion during the upcoming holy month of Ramadan. The businesspeople have also urged the government to solve the problem in opening letters of credit (LCs) saying that it creates barrier to import essential commodities. FBCCI President Mahbubul Alam made the call at a meeting with...
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Business Desk : The Dhaka Stock Exchange (DSE) fell on Wednesday amid lower trading activity. The DSEX, the benchmark index of the premier bourse of Bangladesh, dropped 4 points, or 0.06 percent, to close the day at 6,268. Similarly, the DSES, which represents shariah-compliant companies, dipped 1.98 points, or 0.14 percent, to 1,363. The DS30, an index comprising blue-chip stocks, shed 5.37 points, or 0.25 percent, at 2,132....
Business Desk : The Annual Development Programme (ADP) registered a record low of 27.11% progress in the first seven months of the current fiscal year, owing to a sluggish economy and the national election held during the period. The implementing agencies managed to spend Tk74,464 crore during the July-January period of FY24 against the Tk2.75 lakh crore ADP allocation, according to the latest report from the Implementation Monitoring and Evaluation Department (IMED), released on Tuesday. Even in the previous fiscal...
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Business Desk : Daraz Group, Alibaba’ s South Asian e-commerce arm that operates in five markets including Bangladesh, has announced that it is letting go of “many” employees but stopped short of disclosing the number. “After much deliberation, we collectively arrived at the decision to adopt a more streamlined and agile structure. Reluctantly, we will bid farewell to many valued members of the Daraz family,” Darwz said in a statement. Officials of Daraz Bangladesh, wishing anonymity, said many employees in...
Reuters : Alibaba-owned e-commerce platform Daraz Group has announced layoffs across the group to “adopt a more streamlined and agile structure”, acting Chief Executive Officer James Dong said on Tuesday in an internal memo to employees reviewed by Reuters. The memo did not mention the number of people affected by the layoff. Daraz declined to comment on the percentage or absolute number of employees impacted across its operations in Pakistan, Bangladesh, Nepal, Sri Lanka and Myanmar. “Reluctantly, we will bid...
Business Report : The National Board of Revenue (NBR) on Tuesday extended the deadline for tax return filing by companies by two months to April 30, according to an order. The announcement comes just a day before the deadline for the submission of income tax returns by firms expires. Earlier, the NBR extended the time from January 15 to February 28. “We have extended the deadline in response to the request from businesses so that companies can comply properly,” said...
AFP, Abu Dhabi : The world’s trade ministers were locked in tough negotiations on Tuesday at a WTO meeting in Abu Dhabi, with fisheries and agriculture taking centre stage. Many eyes were trained on India — which is often described as an obstructionist element in trade talks — but it’s Commerce Minister Piyush Goyal has yet to arrive in Abu Dhabi. The closed-door negotiations are taking place on the second day of the World Trade Organization’s 13th ministerial conference which...
Business Desk : Lowering trade cost through easing customs procedure and further improvement in investment climate and skill development were key for Bangladesh to cope with challenges stemming from graduation from the Least Developed Country (LDC) category, experts said at a seminar on Monday. They also said that signing free trade agreements with more countries, fetching higher foreign investment and improving the labour rights situation were also vital in this regard. The seminar titled “LDC Graduation of Bangladesh: Challenges and...
Business Desk : The country’s foreign debt service shot up significantly to an annual rate of 45% over the last few months, much of it on account of high interest payments. The government had spent $1.86 billion in the first 7 months (July-Jan) of the current FY24 for repayment to lenders, over $500 million higher than the corresponding period of last FY23, government sources said. They also said that Bangladesh’s debt repayment jumped significantly mainly due to a record-high amount...
Business Report : Stocks on Tuesday witnessed upward trend as major indices of both Dhaka and Chittagong Stock Exchanges were found rising with higher activities of some large-cap securities. DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 13.09 points or 0.21 per cent to settle at 6,272.73. Two other indices also ended higher with the DSE 30 Index, comprising blue chips, rose 0.72 points to finish at 2,138 and the DSE Shariah Index (DSES) advanced...