TueNov212017

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Business

Bangladeshi firms slow in innovation

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Bangladeshi firms slow in innovation

Bangladesh's firms and institutions are lagging behind their counterparts in India, Vietnam and Sri Lanka when it comes to invention and protection of intellectual property owing to inadequate research, investment and awareness.

 

The Department of Patents, Designs & Trademarks (DPDT) granted patents for 106 inventions in 2016 out of 344 applications submitted by local and foreign firms. Of the approved, only seven were local patents.

 

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Manmohan Parkash new ADB country director for Bangladesh

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Manmohan Parkash

The Asian Development Bank or ADB has appointed Manmohan Parkash as new country director for its Bangladesh resident mission.

 

 

Parkash, an Indian national with more than 32 years of professional experience, assumed his new position on Wednesday, Manila-based ADB said in a media release on Thursday.

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Take steps against GP over VAT claims

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Take steps against GP over VAT claims

The Large Taxpayers Unit has requested the capital market regulator to take legal measures against Grameenphone for not keeping provision in its accounts against state's VAT claim of Tk 2,015 crore.

 

The move comes at a time when Grameenphone's stock has been on an upward trajectory and even hit an all-time high of Tk 500 on Tuesday.

 

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GDP growth hits 7.28pc, per capita income $1,610

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Gross domestic product (GDP) growth of Bangladesh surpassed the set target, and stood at 7.28 percent this fiscal year, breaking all the previous records.

 

Per capita income increased to $1,610 which is equivalent to BDT 1,28,800.

 

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NBR organising fairs at tax zones from Sunday

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The National Board of Revenue or NBR is organising income tax fairs at the tax zones across the country from Sunday to Nov 30.

 

 

The NBR said in a media release on Saturday that the fairs at the tax zones aim to facilitate submitting the tax return.

 

Other tax-related services will also be available in the tax fairs in 56 district headquarters, 34 Upazilas, and moving fairs in 71 Upazilas.

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Bangladesh's exports rebound with 6.5% growth in October

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The apparel sector in Bangladesh has seen impressive growth over the years accounting for more than 80 percent of the total exports earnings of the country. File photo: asaduzzaman pramanik

After a slump in September, Bangladesh's export earnings have bounced back in October, topping expectations.It earned over $2.84 billion last month, marking a nearly 6.5 percent growth year-on-year and around 6.3 percent more than the target set in the budget for the fiscal 2017-18, according to Export Promotion Bureau data released on Thursday.

 

In September, export earnings dropped to $2.03 billion, which is around 10 percent less than the same month last year. It also missed the target by 28 percent.

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Bangladesh to buy 55,000 tonnes of sugar from international market

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Bangladesh has given the green light to a Singaporean firm to buy 55,000 tonnes of sugar from the international market through open tenders.

 

 

The cabinet committee on government procurement, headed by the finance minister, cleared the import of the essential commodity on Wednesday.

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Bangladesh signing $554 million credit deal with China for single point mooring

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A single point mooring. Reuters

Bangladesh is penning a $554 million loan deal with China to build a deep-sea single point mooring with an aim to cut the time and cost of offloading fuel oil from tankers.

 

 

The Economic Relations Division or ERD and the Export-Import Bank of China will sign the deal in Dhaka on Sunday.

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India to supply another 500MW power to Bangladesh by July next year

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India will supply another 500MW power to Bangladesh through the Bheramara- Bherampur inter-connection by July next year, High Commissioner Harsh Vardhan Shringla has said.

 

 

He said discussions are underway to finalise the 765 KV power transmission line from Assam to the eastern part of India through Bangladesh (Bornagar-Parbatipur-Katihar) through which a portion of the power will be supplied to Bangladesh.

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India to supply another 500MW power to Bangladesh by July next year

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India will supply another 500MW power to Bangladesh through the Bheramara- Bherampur inter-connection by July next year, High Commissioner Harsh Vardhan Shringla has said.

 

 

He said discussions are underway to finalise the 765 KV power transmission line from Assam to the eastern part of India through Bangladesh (Bornagar-Parbatipur-Katihar) through which a portion of the power will be supplied to Bangladesh.

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India to supply another 500MW power to Bangladesh by July next year

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India will supply another 500MW power to Bangladesh through the Bheramara- Bherampur inter-connection by July next year, High Commissioner Harsh Vardhan Shringla has said.

 

 

He said discussions are underway to finalise the 765 KV power transmission line from Assam to the eastern part of India through Bangladesh (Bornagar-Parbatipur-Katihar) through which a portion of the power will be supplied to Bangladesh.

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Possible to recover entire stolen amount: BB governor

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The complete amount of the stolen reserve money of Bangladesh Bank will be recovered after conclusion of the judicial case in this connection, said Bangladesh Bank governor Fazle Kabir on Wednesday.

 

After attending a discussion programme at Club Road in Barisal he said “It is possible to recover the complete amount of the remaining stolen reserve money after completion of the judicial case.”

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Remittance decreases by 14.48% this year

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Remittance decreases

The remittance inflow has decreased by 14.48 percent in 2016-17 fiscal year, says an annual report.

 

Cabinet Secretary Shafiul Alam briefed reporters in this regard after the weekly cabinet meeting this afternoon.

 

The annual report of the Ministry of Finance on the FY 2016-17 was placed before the cabinet members at the Secretariat today.

 

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Accord to leave next year

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Accord, the garment factory inspection agency sponsored by more than 200 brands mostly based in Europe, will leave Bangladesh in May next year after failing to get an extension despite lobbying for more than a year.

 

The platform wanted to stay in Bangladesh until 2021 to ensure its goals were fully met.

 

The government yesterday said the platform's tenure in Bangladesh may be extended by six more months from May 31 next year if the steering committee deems it necessary.

 

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High Court halts new Bangladesh accord on garment factory fire, building safety

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This Aug 1 2017 file photo shows a procession of Jago Bangladesh Garments Shramic Federation against the 'closure of garment factories in the name of establishing safety by Accord on Fire and Building Safety in Bangladesh and Alliance for Bangladesh Worker Safety'.

The High Court has halted the new accord between fashion brands and trade unions on fire and building safety in Bangladesh's readymade garment industry.

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World Bank to help Bangladesh meet the needs of Rohingya refugees

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Bangladesh sought support from the World Bank to meet the needs of Rohingya refugees fleeing violence in Myanmar.

 

 

Both parties will determine the extent of support and what portion will come in loans and what portion will come in grants, Finance Minister AMA Muhith toldbdnews24.com after a meeting with top World Bank officials at the organisation’s headquarters in Washington on Wednesday.

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BB heist probe report submission deferred again

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Criminal Investigation Department (CID) has again failed to submit the probe report into Bangladesh Bank reserve heist to the court.

 

Dhaka Metropolitan Magistrate AKM Moinuddin Siddique on Wednesday set November 29 for the next date of submission.

 

With this, the submission deadline has been deferred 19 times.

 

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