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UK economy falls unexpectedly in October as higher rates bite

The UK economy shrank by more than expected in October, as higher interest rates squeezed consumers and bad weather swept the country. The economy fell 0.3% during the month, after growth of 0.2% in September. Household spending has been dented by rate rises as the Bank of England tries to tackle inflation. It is due to make its next rate ...

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Govt to procure edible oil, lentil worth Tk 246cr for TCB

The government has decided to procure edible oil and red lentil for the Trading Corporation of Bangladesh (TCB) at a cost of Tk 246.05 crore. The procurement includes Tk 142 crore for 90 lakh litres of edible oil and Tk 104 crore for 12,500 metric tonnes of red lentil. The proposal was approved at the 42nd meeting of the Cabinet ...

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BB inks deal with 6 banks for long-term dollar loans for exporters

Bangladesh Bank (BB) has inked deals with six private commercial banks for the Bangladesh Bank-Long Term Financing Facility (BB-LTFF). These banks are Al-Arafah Islami Bank PLC, IFIC Bank PLC, Mercantile Bank PLC, Madhumati Bank Limited, Meghna Bank PLC and NRB Commercial Bank PLC. The deals were signed during a ceremony held at the Bangladesh Bank headquarters in city’s Motijheel area ...

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GIB opens agent banking outlet at Choker Hat

Global Islami Bank (GIB) formally opens its new Agent Banking Outlet namely Choker Hat at Birol, Dinajpur on Monday, says a press release. Kazi Mashiur Rahman Jayhad, Additional Managing Director of the Bank inaugurated the operation of the outlet as chief guest. Deputy Managing Directors Ataus Samad and Sami Karim and Head of General Services Division Zulfiquar Ali Khan, Head ...

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Onion price drops by Tk 40 per kg for newly harvested varieties

Onion prices dropped by Tk 40 per kg on Monday, thanks to the arrival of newly harvested Murikata and summer varieties in the markets, market sources said. On Monday, Murikata onion was retailing at Tk 100 per kg, imported onion at Tk 180, and local variety at Tk 200 per kg. A day before, Murikata onion was selling at Tk140, ...

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FBCCI president stresses onion import from alternative markets to stabilize price

In response to the surge in onion prices in the market, country’s apex trade body FBCCI President Mahbubul Alam has advocated for the import of onions from alternative markets if necessary to stabilize supply chain and price. He said onion import from alternative markets could be considered to maintain a reasonable price for onions and ensure smooth functioning of essential ...

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Smile Direct Club dentistry aligners firm shuts down

Smile Direct Club has shut down months after filing for bankruptcy in the US, leaving some customers confused and stranded as their treatment is ongoing. Best known for selling clear aligners remotely, the firm said it had made the “incredibly difficult decision” to wind down operations late on Friday. The US-based dentistry company was offering aligners for about £1,800 without ...

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Chinese garlic is a national security risk, says US senator

A US senator has called for a government investigation into the impact on national security of garlic imports from China. Republican Senator Rick Scott has written to the commerce secretary, claiming Chinese garlic is unsafe, citing unsanitary production methods. China is the world’s biggest exporter of fresh and chilled garlic and the US is a major consumer. But the trade ...

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ADB approves $400m to support climate priorities

The Asian Development Bank (ADB) today approved a US$400 million policy-based loan to support Bangladesh in implementing its National Adaptation Plan, 2023-2050 and Nationally Determined Contributions 2021 Update to the Paris Agreement to achieve a climate-focused inclusive development. Bangladesh is one of the world’s most vulnerable countries to the adverse impacts of climate change, recording an annual average loss of ...

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India bans onion export until March 31

India has banned the export of onions to other countries effective from December 8, says a notification issued by the Indian Ministry of Commerce and Industry on Thursday. The ban on export of onion will be in place till March 31 next year, according to the notification. The decision has been made to increase domestic availability and to keep prices ...

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