Business

Russia’s largest bank Sberbank said Wednesday that it was launching operations on the Crimean peninsula, annexed by Moscow in 2014, and would open offices there this year despite Western sanctions against companies working there. “Sberbank has put together a team and is starting to work on the Crimean peninsula,” said the lender, which was hit with Western sanctions over Moscow’s ...

After electricity, now the government has hiked the gas prices for public, private and captive power plants and also for industries and commercial users. The new prices will be effective from February 1, according to a gazette notification issued on Wednesday. As per the gazette notification, the public and private power plants including the IPP and rental power plants will ...

Bangladesh’s economy has been experiencing stress for last couple of months because of the pressure on the foreign exchange reserves, continuous increase in commodity prices, energy crisis, dollar crisis in banks, decrease in expatriate income and collapse in export earnings. As a result, the businessmen are struggling to open letter of credit or LC. But, the money laundering is going ...

The global economy is heading towards a “recession” which will affect not only large economies but also small economies, including countries like Bangladesh, said an independent think-tank on Tuesday. Tensions over the maritime space could be “accelerated” as there is increased Indo-Pacific “competition and uncertainty” over the Pacific island waters, it said. Sharing its “security insight,” Bangladesh Institute of Peace ...

Credit Suisse could slash more than 10 percent of its investment banking staff in Europe, the Financial Times newspaper reported, with the beleaguered Swiss lender declining to comment Monday. Switzerland’s second-biggest bank “already let hundreds of staff go in London and Zurich last month”, the British financial daily reported on Saturday. The Zurich-based bank declined to comment when contacted by ...

Production at Rampal Thermal Power Plant in Bagerhat has been halted due to coal shortage after a month of its first unit started the commercial operation. The production of electricity was halted since Saturday morning, said Bangladesh-India Friendship Power Company Ltd (BIFPCL) deputy general manager Anwarul Azim said. It was learn that production in the power plant halted as the ...

Jewellers have raised the price of gold by Tk 2, 683 to Tk 93,429 per bhori (11.664 grams) due to a hike of ‘pure gold’ in local market. The standing committee on pricing and price monitoring of Bangladesh Jeweller’s Association (BAJUS) made the decision at a meeting held on Saturday. The price of 22-carat gold is now Tk 8,010 per ...

Two tourists carrying ships on Cox’s Bazar-Saint Martin waterways have resumed operations. Two ships– MV Parijat and MV Rajhangsha– left Domdomia Ghat of Teknaf for Saint Martin at about 9:30am on Friday (January 13, 2023) with 610 passengers on board. “We are ready to welcome tourists coming through this route after a long time,” said Jasim Uddin Shuvo, proprietor of ...

The head of one of the world’s biggest oil companies has been named to lead the COP28 global climate talks in Dubai, later this year. Sultan Ahmed Al Jaber is currently the chief executive officer of the Abu Dhabi National Oil Company. He is also the minister for industry and advanced technology for the COP28 hosts, the United Arab Emirates. ...

The World Bank slashed its 2023 growth forecasts on Tuesday to levels teetering on the brink of recession for many countries as the impact of central bank rate hikes intensifies, Russia’s war in Ukraine continues, and the world’s major economic engines sputter. The development lender said it expected global GDP growth of 1.7% in 2023, the slowest pace outside the ...