Local-Business
Govt. hikes per litre bottle of soybean oil by Tk 4, cuts by Tk 2 on unpacked oil
A day after edible oil refiners demanded an increase of Tk 10 against per litre bottle of soybean oil, the government on Thursday fixed the price of per litre bottle of edible oil at Tk 167, hiking by Tk 4.
Civil society group protests decision of refiners to raise edible oil price
State Minister for Commerce Ahsanul Islam Titu said this at a press conference on the reassessment of price of edible oil at the conference room of the Ministry of Commerce on Thursday.
Following the government move, a consumer now will have to pay an extra amount of Tk 18 to purchase a five litre bottle of edible oil, which earlier cost Tk 800.
Traders propose raising edible oil prices by Tk 10 per litre as VAT exemption period ends
On the other hand, the government cut the price of per litre of unpacked oil by Tk 2 which now will cost Tk 147.
Sale of loose edible oil increases health risks: PROGGA
Earlier on Wednesday, the edible oil refiners sought to hike its retail price by Tk 10 per litre, saying that a value added tax (VAT) reduction, which they had been enjoying for the last two months, expired last Monday.
Bank Asia to take over foreign bank Alfalah
Bangladesh Bank has permitted Bank Asia to take over Alfalah, a foreign bank, in a departure from its decision that no more merger of banks will be allowed.
As part of the new dimension, Bank Asia, a private commercial of Bangladesh plans to acquire foreign Bank Alfalah.
BASIC Bank to merge with City Bank in strategic consolidation move
Karachi-based Bank Alfalah disclosed the information to the Pakistan Stock Exchange on April 17.
The disclosure said the board of directors of Bank Alfalah Ltd had given approval in-principal for the non-binding indicative offer received from Bank Asia Ltd to acquire the bank's Bangladesh operations, assets, and liabilities, subject to compliance with all applicable laws, regulations and obtaining of necessary regulatory approvals.
The disclosure said that the Bank Alfalah is now seeking approval from the State Bank of Pakistan for Bank Asia to commence due diligence on Bank Alfalah, Bangladesh.
BDBL to merge with Sonali Bank while BKB with RKUB
Sohail RK Hussain, Managing Director of Bank Asia said this is an ongoing process and it's not part of much talk about mergers.
The issue of acquiring will get a final shape in the next week in the meeting with to executives of both the banks, sources said.
Civil society group protests decision of refiners to raise edible oil price
Bangladesh Common Civil Society (BCCS), an organisation of common citizens, has protested the decision of the Vegetable Oil Refinery Association to increase the edible oil price by Tk 10 per liter.
Traders propose raising edible oil prices by Tk 10 per litre as VAT exemption period ends
In a statement, the BCCS alleged that the vegetable oil refiners have increased the price of edible oil by Tk 10 per litre before any such decision was announced by the Tariff Commission or the Ministry of Commerce.
“This is not only illogical, but it is a kind of thumbs up to the government to set their own arbitrary decision to set the oil prices,” it said.
TCB to procure 10,000 MT of lentil, 1.60 crore litres of edible oil for OMS in Ramadan
Convenor of the BCCS Mohiuddin Ahmed said it’s contrary to the previous statement of state minister for commerce.
The BCCS said the opinion of the common people has no value in this country. Just when the people are returning to work after Eid, the news of increasing the price by Tk 10 per liter on the second working day has disappointed the citizens.
Sale of loose edible oil increases health risks: PROGGA
“The will push up the monthly expense of a normal family by between Tk 100-200. We strongly protest and condemn such callous decisions on behalf of the common people,” said the statement.
Azeeza Khan joins the ranks of YGL 2024
Azeeza Aziz Khan ACCA, Director, Summit Group of Companies, has been inducted as a Young Global Leader (YGL) by the World Economic Forum (WEF) for the class of 2024, according to a press release of the Summit Group.
On this occasion Azeeza Aziz Khan said, “Excited to begin this new chapter and join the 2024 Class of Young Global Leaders with the World Economic Forum (WEF). Always a firm believer in the power of collective advocacy and activism, I look forward to bringing about impactful changes alongside my fellow WEF Leaders”.
Together, with all your support and prayers, I look forward to advancing our shared vision for a world that offers sustainable, affordable, and clean energy to all sections of our communities, she added.
She is among the exceptional individuals selected globally into the YGL community of outstanding leaders. These responsible leaders will undertake a transformative 3-year journey, addressing global challenges and driving positive change.
Azeeza Aziz Khan's induction into the YGL Class of 2024 recognises her exceptional leadership and visionary approach to finance, sustainability, and social responsibility.
It is also a testament to her relentless dedication, innovative strategies, and compassionate initiatives that have propelled Summit Group to new heights, along with her significant contributions to the well-being of marginalised communities and the Empowerment of Women within Bangladesh.
Bangladesh’s second quarter GDP growth slowed to 3.78%: BBS
Bangladesh’s gross domestic product (GDP) growth in the second quarter of the current fiscal year, 2023-24, has been estimated at 3.78 percent.
Bangladesh Bureau of Statistics (BBS) on Monday revealed this information as the quarterly growth in the second quarter (October-December 2023).
According to BBS, based on currently available data, the GDP estimates for the second quarter of the FY 2023-24 have been assessed. As per the GDP growth rate for the second quarter of FY 2023-24 is 3.78 percent. In the second quarter of FY 2022-23 the growth was 7.08 percent and in the second quarter of FY 2021-22 the growth was 9.30 percent.
The agricultural sector in the second quarter was 4.65 percent, compared to 4.22 percent in the second quarter of FY 2022-23 and 2.20 percent in the second quarter of FY 2021-22.
The growth of the industrial sector was 3.24 percent. Which was 10 percent in the second quarter of FY23 and 14.50 percent in the second quarter of FY22.
Besides, the services sector grew by 3.06 percent in the second quarter of FY2023-24. Which was 6.62 percent in the second quarter of FY 2022-23 and 7.25 percent in the second quarter of FY 2021-22.
The BBS undertakes quarterly GDP estimates as per the decision of the government and subsequently on the advice of the International Monetary Fund (IMF). Like other countries in the world, BBS estimates quarterly GDP by production method.
However, annual GDP is estimated using the production and expenditure method.
Dhaka district receives lion's share of remittances so far in current fiscal: BB Report
A large portion of expatriates' income remittances in Bangladesh comes through the bank branches located in Dhaka, according to Bangladesh Bank (BB) analyst on the District-wise scenario of inward remittances.
This figure means that most of the families of expatriates stay in Dhaka or they have most of their accounts in the bank branches of Dhaka.
Chittagong ranks second while Sylhet and Comilla are in third and fourth position in terms of expatriate income or remittances.
March sees 7.77% decline in remittance, despite pre-Eid expectations
After that, the position of coastal district Noakhali, Brahmanbaria, Feni, Moulvibazar, Chandpur, and Narsingdi. This position is calculated from July 2023 last year to February 2024, which is revealed in the central bank's district-wise expatriate income report.
According to the report, in eight months from July-February, expatriates sent remittances amount US $15.07 billion. Out of this, the expatriates sent $2.16 billion last February. In the previous month of January, the expatriate income in the country was $2.10 billion.
Among this, Dhaka district received $5.23 billion in July-February, and Chittagong district received $1.42 billion in expatriate income. During this period, Sylhet district received $870 million, Comilla $810 million, and Noakhali $460 million. Apart from this, $380 million came in Brahmanbaria, $370 million in Feni, $360 million in Moulvibazar, $350 million in Chandpur, and $250 million in Narsingdi.
BRAC Bank wins Top Ten Remittance Award
Bank officials say more expatriate income is expected to come from expatriate-dominated districts. But that is not as many expatriates have settled abroad.
Rather, they (Expatriates) are selling the wealth in the country and taking it abroad. As a result, money laundering is increasing, they said.
Stocks witness big fall on first day back from Eid Holidays
The stock market of Bangladesh witnessed a big fall on Monday, the first trading day after five days of Eid holiday.
The key index of the Dhaka Stock Exchange (DSE) was sinking below the 5,800 mark once again, as investors went for panic sell-offs to avoid further losses due to uncertainty in the Middle East, which is treated as a global energy trading hub.
The stock market remained closed for five days, from April 10 to April 14, on the occasion of the Eid-ul-Fitr and Pohela Boishakh, including weekly holidays.
Substantial price erosion of board cap stocks dragged the key index of the DSE over 85 points or 1.45 percent down to settle at 5,778, after remaining almost flat before the Eid holiday.
The prices of stock in the DSE had increased in the last 3 days before Eid holidays.
The DSES Index, which represents Shariah-based companies, also shed 16 points to 1,266 while the blue-chip index DS30, a group of 30 prominent companies, lost 17 points to 2,015.
Over 85 percent of traded shares saw price decline, as out of 395 issues traded, 336 declined, 32 advanced, and 27 remained unchanged on the DSE trading floor.
The Chittagong Stock Exchange plunged with its All Shares Price Index (CASPI) shedding 198 points to 16,534 and the Selective Categories Index (CSCX) losing 119 points to 9,940.
The market opened sharply lower which continued until end of the session with no sign of reversal amid persistently lackluster trade.
The participation of investors was very thin on the trading floor as most of the investors are yet to return to Dhaka after celebrating the Eid festival in their village homes.
Govt's silence about capital market loss suspicious: AB Party
Leaders of Amar Bangladesh Party, AB Party, on Monday criticised the silence of the government on the drastic fall in share price of a large number of companies.
They said groups of influentials have looted people's money by gambling with the share prices, and the market regulators and the government remained silent on the issue to give a safe space to smugglers.
Stock markets end on high note Sunday amid price increase
The AP said this in a briefing held at its office at Kakrail in Dhaka on Monday. AB Party leader Barrister Asaduzzaman Fuaad, and Prof. Dr. Abdul Wahab Minar, among others, spoke in the briefing.
Petrobangla now plans to invite int’l bidding for onshore blocks for hydrocarbon exploration: Chairman
After floating bids for offshore oil and gas exploration, Petrobangla now plans to invite international bidding for onshore hydrocarbon exploration.
“We’re now working on preparing the bidding documents for onshore oil and gas exploration,” said Petrobangla Chairman Zanendra Nath Sarker while speaking at a workshop of the energy reporters at Petrocentre in the city.
He noted that his organisation will appoint a foreign consultant to assist Petrobangla in attracting the international oil companies (IOCs).
Petrobangla organised the workshop for the members of the Forum for Energy Reporters Bangladesh (FERB) to inform them about the technical and financial issues of the “Oil and Natural Gas Exploration Under Bangladesh Offshore Bidding Round 2024”.
Gold price goes up by Tk 3,499 per bhori over just two days
Earlier, Petrobangla, the oil, gas and mineral corporation, floated the offshore bidding on March 10 this year inviting international oil and gas companies to explore in Bangladesh's maritime area in the Bay of Bengal.
The tender, named “Oil and Natural Gas Exploration Under Bangladesh Offshore Bidding Round 2024”, was published in local newspapers and websites of concerned government entities including Bangladeshi missions abroad on Sunday giving six months time until September 9, 2024 for submission of the bids.
As per the floated tender, a total of 24 offshore blocks — of which nine are shallow blocks — and 15 deep sea blocks are available for the bidding round.
The nine shallow sea blocks are SS-01, 02, 03, 05, 06, 07, 08, 10 and 11) and 15 deep sea blocks are DS-08, 09, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21 and 22.
BASIC Bank to merge with City Bank in strategic consolidation move
The bidder, singly or in association with other companies, can bid for one or more blocks.
Contracts will be signed with the successful bidders in line with the Bangladesh Offshore Model Production Sharing Contract 2023, said the tender.
The country has a total of 48 gas blocks of which 26 are offshore and 22 onshore blocks.
The Petrobangla officials informed that some 11 onshore blocks will be placed for bidding as currently two international companies remained engaged in 11 onshore blocks.
Gold price goes up by Tk 3,499 per bhori over just two days
Bangladesh Jewellers Association (BAJUS) has hiked the price of gold today to a historic peak, increasing it by Tk 1,750 per bhori (11.664 grams), thereby setting the price of 22-carat gold at Tk 117,573 per bhori.
This adjustment reflects the fastest pace of growth in the global gold market and marks the highest pricing for gold in the nation's history.
Following the global trend, BAJUS announced the price increment on Monday, effective from 4 pm the same day, as detailed in a press release. This announcement came closely after a similar increase was instituted on Saturday, cumulatively elevating the gold price by Tk 3,499 per bhori over just two days.
Under the new pricing regime, gold of various purities will see revised rates: 22-carat gold is now priced at Tk 117,573 per bhori, or Tk 10,080 per gram; 21-carat at Tk 112,208; 18-carat at Tk 96,228; and traditional gold is set at Tk 80,190 per bhori.
While the cost of gold has seen significant adjustments, the price of silver remains constant, with 22-carat silver priced at Tk 2,100, 21-carat at Tk 2,006, 18-carat at Tk 1,715, and traditional silver at Tk 1,283 per category.
This upward trajectory in gold prices aligns with the global market trends, where the price per ounce (31.103 grams) has escalated to US $2,329, a stark rise from prices below $2,000 observed on February 14.
The surge in gold prices on the international stage is largely attributed to anticipations of a policy interest rate cut by the Federal Reserve of the USA, sparking a rapid increase in gold investments. This phenomenon has significantly influenced the pricing strategy of gold in Bangladesh, reflecting the interconnected nature of global financial markets and commodities.