Business Report : Grameenphone, the largest mobile phone operator in Bangladesh, logged a Tk 1,338 crore profit in the first quarter of the financial year 2024, riding on reduced net finance costs and foreign exchange gains. The telecom company, the most valued scrip in Bangladesh’s stock market, reported a 72 percent higher profit in the January-March quarter from a year ago, thanks also to reduced income tax expenses, according to its unaudited financial statement posted on its website late on...
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AFP, Tokyo : The weak yen is putting pressure on the Bank of Japan to tighten monetary policy, analysts say, although it is not expected to hike its main interest rate when it wraps up a two-day meeting on Friday. With the yen at three-decade lows, speculation has grown that Japan’s government could intervene in forex markets to prop up the currency for the first time since 2022. Early Friday, one dollar bought 155.58 yen, compared with 155.74 the previous...
Business Desk : Bangladesh Export Processing Zones Authority (BEPZA) has invited South Korean investors to invest more in Export Processing Zones (EPZs) of Bangladesh and BEPZA Economic Zone located at...
REUTERS, Denis Balibouse : Nestle denied Thursday that it was applying any “double standard” after an NGO accused the Swiss food giant of selling baby food with high levels of added sugar in low-income countries but not in wealthier nations. “There is no double standard,” the company said in a statement. “We apply the same nutrition, health and wellness principles everywhere.” In a report published last week, Swiss NGO Public Eye said that “two of the best-selling baby-food brands marketed...
Business Report : A visiting delegation from Jiangsu Soho Holdings Group Co Ltd engaged in discussions with the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) regarding potential collaborations and investment opportunities in the textile and apparel sector. The delegation led by Zhou Yong, chairman of Jiangsu Soho Holdings Group met the BGMEA team headed by its Senior Vice President Khandoker Rafiqul Islam at the BGMEA complex on Wednesday. BGMEA leaders provided an insightful overview of Bangladesh’s thriving apparel industry, highlighting...
Business Report : Domestic textile millers urged the government on Tuesday to revert the gas tariff to its pre-hike level, saying the sector is facing a severe gas shortage despite the price hike. They said the government increased the gas price in January last year promising uninterrupted supply of the energy. They also demanded that the concerned authorities address the crisis related to US dollar and take required measures so that businesses do not face any harassment by Customs officials....
AFP, San Francisco : Facebook-owner Meta on Wednesday said its quarterly profits soared last quarter, but worries about the cost of artificial intelligence saw its share price take a hit on Wall Street. The company founded by Mark Zuckerberg said that net profit in the January to March period rose to $12.4 billion with total revenue, mainly from selling ads, up an impressive 27 percent, at $36.5 billion. “We estimate that more than 3.2 billion people use at least one...
Business Desk : Using bKash app, customers are getting 15% instant cashback up to Tk. 200 on payment of selected courses of 10 Minute School, the leading online educational platform of the country. The offer can be availed by selecting ’10 Minute School’ from the ‘Suggestions’ section of bKash app’s home screen till June 30. bKash customers can take a variety of courses under this offer, including 10 Minute School’s Live Courses, Language Learning and Skill Development Courses like Spoken...
Business Desk : Global payments leader Visa (NYSE: V), announced the appointment of Sabbir Ahmed as the Country Manager for Bangladesh, Nepal and Bhutan. With over 27 years of rich experience in banking and payments across Bangladesh and Vietnam, Sabbir will now lead the market operations for Visa in the three countries, with a team based out of the Dhaka office. With Sabbir Ahmed’s appointment, Visa reiterates its leadership and commitment to the Bangladesh market, along with Nepal and Bhutan....
Business Desk : An 11-member delegation from government of Malawi is currently visiting Bangladesh to gain firsthand knowledge on Idcol’s renewable energy activities. Idcol is facilitating in-house sessions at its head office and arranging site visits to various Idcol financed renewable energy interventions. Idcol, a government owned financial institution, was engaged by the Ministry of Energy of Government of Malawi to design and operationalize the $20 millon off-grid market development fund with the objective of electrifying 200,000 households in rural...
Business Desk : The 16th edition of Bangladesh Denim Expo will open its doors in the International Convention City, Bashundhara (ICCB) in Dhaka on May 6 and 7. Over 60 exhibitors from 11 countries such as Bangladesh, India, China, Pakistan, Turkey, Italy, France, Spain, Switzerland, Vietnam, Japan etc are set to attend the event. Participant categories include fabric mills denim and non-denim, garment manufacturer, washing laundry, accessories & trims, chemicals, machineries or technology, and logistic etc. An inauguration program, a...
Business Desk : The bank’s consolidated earnings per share increased to Tk 3.95 in 2023 from Tk 3.83 the previous year, according to a stock exchange filing. The board of the bank has approved a 10 percent cash dividend, the same since 2016. Islami Bank’s net operating cash flow per share was a loss of Tk 10.63 in 2023, compared with a loss of Tk 55.68 a year earlier. The bank said that its cash and cash equivalent balance is...
Business Desk : Mutual Trust Bank (MTB) said on Thursday that it plans to construct its corporate head office on a three-bigha plot of land, which it will purchase for Tk 108 crore. The private commercial bank’s corporate head office will be located in Beraid,Badda, Dhaka, as approved by the MTB board on Wednesday. The cost of each katha of land will be Tk 1.8 crore. The bank said that this decision is pending approval from the relevant authorities. MTB,...
Business Report : The Board of Directors of Islami Bank Bangladesh PLC has recommended 10 percent cash dividend for the shareholders for the year 2023 subject to approval of the 41st Annual General Meeting of the bank. The decision was taken in a meeting of the board of directors on Wednesday while it’s Chairman Ahsanul Alam in the chair. Tanveer Ahmad, Vice Chairman along with other Directors, Mohammed Monirul Moula, Managing Director & CEO and J.Q.M. Habibullah, Additional Managing Director...
Business Report : Matin Spinning Mills’ profit jumped 790 percent year-on-year to Tk 9.55 crore in the January-March quarter. Earnings per share (EPS) were Tk 0.98 in the third quarter, compared with Tk 0.11 a year earlier, the company said in a filing to the Dhaka Stock Exchange on Wednesday. However, Matin Spinning did not register the same growth in the first nine months of the financial year, as the EPS for the July 2023-March 2024 period was Tk 1.56,...
Business Report : State Minister for Information and Broadcasting Mohammad Ali Arafat, now on a visit to Mauritius, on Wednesday urged the Indian Ocean country to invest in the special economic zone in Bangladesh. The state minister made the call in a bilateral meeting with Mauritius Foreign Affairs, Regional Integration and International Trade Minister Maneesh Gobin in Port Louis, said a press release received on Wednesday afternoon. Different bilateral issues, including trade and investments as well as the matters of...
Business Report : The Bangladesh Garment Accessories and Packaging Manufacturers and Exporters Association (BGAPMEA) is gearing up for its biennial election for 2024-26 amidst a chaotic schedule. The election, slated for May 11, is clouded with uncertainty due to ongoing legal cases and repeated lawsuits. April 22 was the last day to publish the list of final and withdrawn candidates but the candidates still do not know how the elections will be held in Dhaka and Chittagong. BGAPMEA Election Board...
