TueSep262017

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Business

PM woos US investors, promises protection

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Prime Minister Sheikh Hasina has invited the US entrepreneurs to partner with Bangladesh in investment, trade, share of profits and prosperity to strengthen the friendship between the two countries.

 

"I urge upon you, the leaders of the US business, commerce and industry, to partner with us in investment, trade, share of profits and prosperity. Our mutual beneficial business will strengthen our two countries' friendship, raising it to an enviable level," she said.

 

The prime minister was speaking at the luncheon meeting organised by the Business Council for International Understanding (BCIU) at Hotel Grand Hyatt in New York on Wednesday.

 

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Gold prices drop in Bangladesh after a week of gain

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Jewellers in Bangladesh have readjusted the price of gold in a seesaw market by reducing it to Tk 1,166 per Bhori (11.664 grams), just a week after they drove it.

 

 

Bangladesh Jewellers Samity or BAJUS in a media statement on Tuesday said from Wednesday each Bhori of 22-carat gold will cost customers Tk 48,989 at the local market.

 

The BAJUS had increased the gold price on Sept 10 for, what it had said, adjustment with the global market.

 

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Govt eyes to earn Tk 11,000cr from 4G auction

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The government has targeted to earn Tk 11,000 crore by selling spectrum at the upcoming 4G technology auction that will allow mobile phone operators to offer high-speed data service.

 

Industry experts, however, cautioned that the government should not be too much focused on making a huge amount of money from the auction because high prices might leave the spectrum unsold like it happened in case of 3G.

 

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British trade envoy in city to expand ties with BD

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British trade envoy in city to expand ties with BD 

A trade delegation of nine UK rail companies, led by Rushanara Ali, MP, UK Prime Minister’s Trade Envoy for Bangladesh, began a week-long tour to Bangladesh on Sunday.

 

They are here to showcase UK’s expertise in the rail sector and underscore the importance the UK attaches to its trade and investment partnership with Bangladesh.

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Tax camps to boost NBR collections

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Tax camps to boost NBR collections

The National Board of Revenue has started holding tax camps to increase the tax net and encourage people to be compliant, said its chairman yesterday.

 

The tax authority is also planning to award families whose every member pay tax regularly with the “Tax Hero” title.

 

“We are also considering a pause in auditing of tax returns for some time to reduce pressure on taxpayers,” said NBR Chief Nojibur Rahman at a programme held at the Institute of Chartered Accountants of Bangladesh in Dhaka.

 

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Exports hit record high in Aug

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Exports hit record high in Aug

Exports fetched $3.64 billion in August, the highest in a single month in the country's history, on the back of increased shipments of garment, frozen fish, agricultural and leather products.

 

The previous monthly highest earning was recorded in June last year when exporters brought home $3.58 billion.

 

August's receipts, which comfortably beat the target of $2.90 billion, were an increase of 10.64 percent from a year earlier and 13.75 percent from a month earlier, according to data from the Export Promotion Bureau.

 

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Local demand for prawn on the rise

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The domestic demand for freshwater prawns, grown mainly to cater to the export market, is rising on the back of growing consumption by urbanites, said sector insiders.

 

“This trend is likely to continue rising due to the growing middle and affluent classes in urban Bangladesh,” said the Food and Agriculture Organisation in a report titled Shrimp Market Focus: Bangladesh.

 

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Interest rate on deposits rises for the first time in 2.5yrsThe interest rates on deposit crept up in July, breaking a downtrend of two and a half years on the back of a rising private sector credit demand. The weighted average interest rate on deposits

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The interest rates on deposit crept up in July, breaking a downtrend of two and a half years on the back of a rising private sector credit demand.

 

The weighted average interest rate on deposits stood at 4.89 percent in July, up from 4.84 percent in June, according to data from the Bangladesh Bank.

 

The interest rate had been on a descent since January 2015 -- when lenders provided 7.26 percent -- thanks to a slashing spree of state banks and the new ones.

 

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Bangladesh central bank sends team to Manila to push for heist money recovery

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Bangladesh's central bank will send a team of officials to the Philippines on Tuesday to push for the recovery of more of the $81 million stolen from its account at the New York Federal Reserve last year and routed through a bank in Manila.

 

Bangladesh Bank has been able to retrieve only about $15 million of the money stolen in one of the world's biggest cyber heists.

 

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Myanmar building economic zone in Rakhine to boost trade with Bangladesh

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Representational Image: A wood parquet factory in Yangon. Reuters

The Myanmar authorities have said the construction of an economic zone on the outskirts of Maungdaw Township in northern Rakhine state is expected to start when the 'current situation in the area calms down'.

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Social obligation fund from telcos crosses Tk 1,200cr

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Social obligation fund from telcos crosses Tk 1,200cr

The social obligation fund from the telecom operators reached Tk 1,206.84 crore as of June this year, but the government is yet to decide how to make best use of the money.

 

Of the amount, Tk 1,019.99 crore came from six mobile operators in the last six years and Tk 186.86 crore is added to the fund as bank interest.

 

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Bangladesh, Cambodia, China sign new UN treaty to strengthen digital trade in Asia-Pacific

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Bangladesh, Cambodia and China have signed a new UN treaty to strengthen digital trade in Asia-Pacific.

 

 

The Framework Agreement on Facilitation of Cross-border Paperless Trade in Asia and the Pacific, a new United Nations treaty aimed at strengthening digital trade in the region, was signed at the office of the UN Economic and Social Commission for Asia and the Pacific or ESCAP in Bangkok on Tuesday.

 

 

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Exporters now struggle with air shipments too

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Exporters are facing serious challenges in making shipments from the Hazrat Shahjalal International Airport as many airlines have slashed their cargo transport capacity.

 

For instance, Etihad Airways reduced the number of its cargo flights in a week from six to three, and Oman Air, which used to transport 120 tonnes of cargoes by way of three flights in a week, has stopped carrying cargo altogether.

 

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Local card transactions must go thru' national payment switch: BB

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Local card transactions must go thru' national  payment switch: BB

The central bank yesterday issued a notice that mandated domestic card transactions with its national payment switch, which is yet to be EMV-compliant and remains vulnerable to fraud.

 

EMV, which stands for Europay, MasterCard and Visa, is a global standard for cards that uses computer chips to authenticate and secure chip-card transactions.

 

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Niko deals with Bapex, Petrobangla illegal: HC

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The High court today declared two deals of Niko signed with Bapex and Petrobangla illegal.

 

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Bangladesh goes up 28 notches

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Bangladesh went up 28 notches in the anti-money laundering and counter terrorist financing (AML/CTF) index of the Basel Institute on Governance -- a development that will come as a pat on the back for the government.

 

The country came in at No. 82 out of 146 in the 2017 edition of the Basel AML Index, up from its previous spot of 54.

 

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Trade deficit hits six-year high

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Trade deficit hit $9.47 billion in fiscal 2016-17 -- the highest in six years -- with the central bank projecting it to cross the $11 billion mark this year.

 

Since fiscal 2012-13, trade deficit has been hovering around $6 billion, but in fiscal 2016-17, it made a 47 percent year-on-year jump on the back of a wide mismatch between export and import growth.

 

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