Business

To support export and import-based businesses in coping with global uncertainties induced by the Covid-19 pandemic, International Finance Corporation (IFC) is providing $50 million to Prime Bank Limited in Bangladesh. This IFC funding will support working capital, trade finance, and foreign exchange liquidity needs of export and import based entities borrowing through Prime Bank’s Offshore Banking unit, UNB reports. The ...

Rice production in the country increased to 4.4 crore metric tonnes in the fiscal year2021-22, which broke the previous records, said Agriculture Minister Dr. Muhammad Abdur Razzaque. Besides, in the past 14 years, rice production has increased by 29%, wheat by 37%, maize by 671%, potato 110%, pulse 328%, vegetables 645% and onion 395%, he said while addressing the eights ...

Bangladesh has entered the three-wheeler manufacturing industry as local company Runner Automobiles Plc launched the first ever locally made liquefied petroleum gas (LPG) and compressed natural gas (CNG) run vehicles in the country. Prime Minister’s Private Industry and Investment Adviser Salman F Rahman today launched the three-wheeler and inaugurated the Runner Bajaj Three-Wheeler Manufacturing Plant built on 10 acres of ...

Moody’s downgraded on Friday the ratings outlook for some Adani Group companies, while MSCI said it would cut the weightings of some in its stock indexes, the latest blows for the Indian conglomerate plunged into crisis by a short-seller’s report. New York-based short-seller Hindenburg Research accused the Adani Group in a Jan 24 report of stock manipulation and improper use ...

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Thursday said China and Bangladesh can benefit by coordinating the development strategies of both countries. The trade organisation said this as a FBCCI team, led by its President Md Jashim Uddin, met with Chinese Ambassador Yao Wen at the Chinese mission in Dhaka. Jashim said the upcoming Bangladesh Business Summit ...

The Japan Bank for International Cooperation (JBIC) has expressed interest in setting up another fertilizer factory like Ghorashal Fertilizer Factory in Ashuganj, Bangladesh. The JBIC has also shown interest financing in different sectors including sugar, automobile and electronic. The information came today while meeting between Industries Minister Nurul Majid Mahmud Humayun and JBIC Governor Hayashi Nobumitsu at Industries Ministry in ...

The UK’s reputation for financial stability was dented by a year of political turmoil, says the boss of insurance giant Lloyd’s of London. John Neal said confidence in the UK had been hit by a high turnover of prime ministers and a mini-budget which saw the pound drop and mortgage rates soar. He said he believed the government could recover ...

The government’s successful negotiation of a $4.7 billion, approved at the Executive Council of the International Monetary Fund (IMF), will raise confidence in the macroeconomy amid a volatile foreign exchange market, analysts said. They said that the IMF loan program can help bring stability to the macroeconomic situation in two ways- increasing the US dollar supply and igniting a process ...

The Gross Domestic Product (GDP) growth rate in the country in the last fiscal year (FY22) reached a healthy 7.10 percent braving the shocks from the COVID-19 pandemic and the Russia-Ukraine conflict. The GDP growth rate in the country in FY21 was 6.94 percent up from 3.45 percent notched in FY20. The GDP growth rate in the country in FY19 ...

Jewellers on Saturday lowered the price of gold by Tk 1,166 to Tk 92,262 per bhori (11.664 grams) on the local market, said a press release. Standing committee on pricing and price monitoring of Bangladesh Jeweller’s Association (BAJUS) made the decision at a meeting held on Saturday. According to a press release signed by Committee chairman MA Hannan Azad, the ...