Business

Bangladesh has set a target to increase five times the cotton production by 2030, introducing new varieties and expanding cultivation areas, since the country appeared as the second largest consumer of the industrial crop. “Cotton could be a major cash crop as we need to spend US$3billion every year for its import to meet its expanding demand in the textile ...

Natural gas prices in Europe climbed above $1,250 per thousand cubic meters by the close of business on November 14, according to ICE data. Gas prices soared by 20% in total over the day. December futures at the TTF hub in the Netherlands edged up to $1,256 per thousand cubic meters or to 117.5 euro per MWh, reports TASS. The ...

Amazon is preparing to lay off as many as 10,000 employees, The New York Times reported on Monday, making the e-commerce behemoth the latest tech giant to unleash a large-scale redundancy plan. This would represent a little less than one percent of the group’s total payroll, which had 1.54 million employees worldwide at the end of September, not counting seasonal ...

Banks have excess liquidity of Tk 1.69 lakh crore, and rumours on social media are unfounded, Bangladesh Bank spokesperson Md. Abul Kalm Azad said on Monday. He was addressing a press conference at the central bank to brief reporters on misinformation circulating in social media regarding bank deposits and liquidity. “Conspiratorial news is being circulated on social media. Investors are ...

Gold price in the local market has jumped by Tk 2,333 to Tk 82,464 per bhori (11.664 grams) with effect from Sunday (Nov 13). The price of 22-carat gold is now Tk 7,070 per gram while it is Tk 6,750 for 21-carat gold, according to a press release issued by Bangladesh Jewellers’ Association (BAJUS) on Saturday. The price of 18-carat ...

Thirty companies operating their buses and minibuses at Mirpur in the capital have decided to run their vehicles under e-Ticketing system from Sunday (November 13). Bangladesh Sarak Paribahan Malik Samity secretary general Khandaker Enayetullah stated it at a press conference held at the city’s Paribagh on Saturday morning. He said 30 companies which operate their buses and minibuses in Mirpur ...

World Bank Vice President for the South Asia Region, Martin Raiser, will arrive in Dhaka tomorrow. He will be accompanied by the incoming Country Director for Bangladesh and Bhutan, Abdoulaye Seck. “I am glad to be back in Bangladesh and to continue discussing with the government the important reforms that can help the country stay on the resilient and inclusive ...

Meta Platforms said on Wednesday (Nov 9) it will let go of 13 per cent of its workforce, or more than 11,000 employees, in one of the biggest tech layoffs this year as the Facebook parent battles soaring costs and a weak advertising market, reports Reuters. The broad job cuts, the first in Meta’s 18-year history, follow thousands of layoffs ...

The International Monetary Fund said Tuesday it reached an agreement with Kenyan authorities following the country’s “peaceful completion of elections” which opens the door to the next installment of aid under an existing $2.3 billion loan program. The African nation is among many to seek help after being hit by volatile global commodity prices, surging inflation and an international slowdown ...

Bangladesh’s foreign exchange reserves is falling due to meeting import demand of essential goods and a downward trend in remittance-export incomes, the latest data of Bangladesh Bank revealed. After paying $1.35 billion to Asian Clearing Union (ACU) as an import bill for September-October, and $131 million spent to meet LC liabilities, the forex reserves stood at $34.3 billion at the ...