Business

  Firms across the UK’s oil and gas supply chain have expressed “grave concern” about government plans to hike windfall taxes and eliminate investment incentives to an industry that supports 200,000 jobs. In an open letter to HM Treasury, seen by the BBC, 42 companies have warned that official plans threaten £200bn of investment in all forms of domestic energy, ...

Remittance inflow to Bangladesh witnessed a massive 36 per cent surge amounting to US$406 million in the first 20 days of August compared to the same period last year. According to central bank data, Bangladesh received a total of $1.5 billion in inward remittance till August 20. The amount was $1.12 billion during the same period last year. The central ...

The central bank will dissolve the board of Islami Bank Bangladesh PLC within a couple of days. Bangladesh Bank (BB) Governor Ahsan H Mansur told this at a press conference at the BB headquarters in the capital on Wednesday. He said the central bank will form a new board of the Islami Bank. It will also take over all the ...

Bangladesh Bank Governor Dr Ahsan H. Mansur has asserted that the central bank will not provide liquidity support or other facilities to weak banks anymore by printing money. “The depositors have the right to withdraw money from the ailing banks and the banks will be liable if they have lost confidence of their clients. If depositors withdraw money from a ...

A pilot scheme scrapping peak-time ScotRail fares will end in September following “limited success”. Transport Scotland said the project, which saw ticket prices subsidised by the Scottish government and standardised across the day, “did not achieve its aims” of persuading more people to swap car journeys for rail travel. Analysis by the body recommended ending the scheme due to financial ...

The National Board of Revenue (NBR) is contemplating to widen its tax net without making any move that would create forceful and fearful environment for the taxpayers. Currently 67 percent of the revenue collection comes from indirect taxes like customs duty and Value Added Tax (VAT). Rest of the collection comes from the direct tax like income tax. “We have ...

Metro Rail authorities have expressed their hope to resume train operations from Sunday (August 25) as employees, who have been observing work abstention since August 6, have joined work. Md Ahsanul Haque, senior secretary of road transport and highways division, visited Press Club Metro Rail station on Tuesday. After discussion, he directed the officials and employees to take necessary steps ...

Islami Bank Bangladesh PLC has dismissed the top eight officials, including six deputy managing directors (DMDs), who were identified as collaborators of S Alam Group, from the bank. The bank issued letters regarding dismissal and sent the letter to the officials on Monday (August 19). The dismissed officials are — additional managing director JQM Habibullah, deputy managing sirectors (DMD) Md ...

Over the past 15 years, the Awami League government has been accused of widespread corruption in Bangladesh’s electricity sector, particularly in the name of capacity charges. These charges, paid to power plants for maintaining readiness to generate electricity even when not in use, have allegedly funneled vast amounts of money into the hands of businesspeople with close ties to the ...

The Bangladesh Bank today ordered commercial banks to disallow cash withdrawals of more than Tk 3 lakh per account, up from the previous limit of Tk 2 lakh. A senior central bank official said security concerns have been gradually easing, which is why the withdrawal limit was relaxed. It also instructed banks to monitor transactions through cheques and block any ...