Business

Local manufacturers of refrigerators, freezers, air conditioners and compressors recently urged the government for provide industry-friendly policy supports in the next couple of fiscal years for the sustainable advancement in high-tech appliances manufacturing industry in the country.   They also demanded withdrawal of 15 percent VAT on the locally made compressors and the reduction of imbalanced duties structure between the ...

Chinese e-tailer Alibaba Group’s Chief Executive Daniel Zhang will be the new chairman, succeeding its co-founder Jack Ma from September 2019, said the global firm on Monday.   “Ma will continue as the executive chairman of the company over the next 12 months to ensure a smooth transition to Zhang,” a statement from Alibaba said.  Zhang, who was earlier the ...

Beijing, Sep 9 : China’s trade surplus with the United States widened to a record $31 billion in August as exports surged despite American tariff hikes, potentially adding fuel to President Donald Trump’s battle with Beijing over industrial policy. Exports to the United States rose 13.4 percent to $44.4 billion, ticking up from July’s 13.3 percent growth, according to customs ...

One of China’s richest men, Jack Ma, is to step down as executive chairman of the Alibaba e-commerce empire on Monday, the New York Times reported. He will remain on Alibaba’s board of directors but focus on philanthropy in education, the newspaper said.   Mr Ma co-founded Alibaba in 1999 and has seen it become one of the world’s biggest ...

 Three Bangladeshi Banks– Dutch-Bangla Bank, Prime Bank and Mutual Trust Bank– are among winners of the fourth annual Trade Finance Programme (TFP) Awards announced by the Asian Development Bank (ADB). The TFP Awards recognised 23 leading partner banks from 15 countries this year. Dutch-Bangla Bank Limited has been recognised as Leading Partner Bank in Bangladesh. Prime Bank Limited has been ...

Amongst the mounting reports of backhanders and biased judging within the industry’s award shows, this week has marked an important shift in the British-Asian hospitality award sector. The Asian Restaurant Owners Network (ARON), renowned for their proactive and honest platform, are upholding their commitment to #PressForProgress until equality for all is achieved. Rehan Uddin, founder of ARON and South Devon restaurant owner, ...

Coca-Cola is to buy the Costa coffee chain from owner Whitbread in a deal worth £3.9bn. Whitbread said its board had unanimously approved the deal as being in the best interests of shareholders.   Whitbread chief executive Alison Brittain said the company would now focus on its Premier Inn business in the UK and Germany.   Whitbread bought Costa, which ...

Panasonic’s booth at the 2018 IFA consumer electronics show in Berlin (collected photo) Panasonic plans to move its European headquarters from Britain to the Netherlands later this year over concerns about potential tax issues related to Brexit, a company spokeswoman said Thursday. “We will move our European headquarters to the Netherlands,” the spokeswoman told AFP, confirming a report in the ...

Tokyo, Aug 28 : Global shares were mostly higher Tuesday after the White House said it reached a preliminary agreement with Mexico on replacing a North American free-trade deal. KEEPING SCORE: France’s CAC 40 rose 0.1 percent in early trading to 5,485.39, while Germany’s DAX was up 0.2 percent at 12,561.44. Britain’s FTSE 100 gained 0.7 percent to 7,630.36. U.S. ...

The final cook-off competition of the Asian Restaurant and Takeaway Awards (ARTA) were held at Hackney City College in London on Monday. Chefs shortlisted from greater London and neighbouring areas participated in the event that was graced by the restaurant directors, celebrities, executive chefs and culinary teachers from colleges and universities. Speaking on the occasion, the guests said many of the ...