Business

US energy giant ExxonMobil is suing the European Union (EU) in a bid to stop its new windfall tax on oil firms. A windfall tax is imposed on firms that benefited from something they were not responsible for. Energy firms are getting much more money for their oil and gas, partly due to supply concerns after Russia’s invasion of Ukraine. ...

The Cabinet Committee on Public Purchase has approved three proposals to purchase some 2.9 crore litres of soybean oil spending Tk 334 crore from different local and foreign companies. The approval was given at the 39th meeting of the Cabinet Committee on Public Purchase on Thursday (December 29, 2022) held with Finance Minister AHM Mustafa Kamal in the chair. Cabinet ...

A court in Dhaka has rejected the bail petition of e-commerce platform evaly chairman Shamima Nasreen and issued an arrest warrant against her in a case filed over embezzlement of Tk 3.1 lakh from a customer. Arif Baker, a consumer, filed the case with Gulshan Police Station on September 17 last year. Earlier in the day, the court framed charges ...

Ridesharing company Uber has said key data has shown its consistent growth in Bangladesh. The company Monday released its annual analysis, which highlighted the completion of 150 million kilometres in trips during 2022, marking Uber’s expansion to all eight divisions. In 2022, Uber’s services spanned 20 cities spread across the divisions, reports UNB. Dhaka was the busiest city in the ...

High Commissioner of India to Bangladesh, Pranay Verma has highlighted that Bangladesh is India’s largest development partner, both in terms of value and number of projects. He said nearly one fourth of India’s global development assistance is extended to various projects in Bangladesh, covering a variety of sectors. “This robust development cooperation is a reflection of India’s commitment to partnering ...

The five-day REHAB Fair 2022 has fetched spot sales and bookings of residential flats and plots worth around Tk 351 crore. Organised by the Real Estate and Housing Association of Bangladesh (REHAB), the fair concluded on Sunday. Of the total amount of Tk 351 crore, Tk 168 crore came from sales and bookings of flats, Tk 80 crore from plots, ...

Economists and bankers say the country’s economy is starting to recover with a fall in Letter of Credit (LC) openings and modest increases in foreign currency reserves after tightening the grip on unusually high imports. Recently, the country’s imports skyrocketed following signs of economic recovery from the Corona crisis, as well as high import payments due to global energy and ...

Facebook’s corporate parent has agreed to pay $725 million to settle a lawsuit alleging the world’s largest social media platform allowed millions of its users’ personal information to be fed to Cambridge Analytica, a firm that supported Donald Trump’s victorious presidential campaign in 2016. Terms of the settlement reached by Meta Platforms, the holding company for Facebook and Instagram, were ...

Moscow could cut oil production by up to seven percent in early 2023 following an oil price cap agreed by Western countries, a Russian deputy prime minister said Friday. “At the start of next year, we could make a reduction of 500,000-700,000 barrels per day. For us, that’s around 5-7 percent,” Alexander Novak, who is in charge of Moscow’s energy ...

Everything from the signboard outside down to the napkins bears the official emblem of the top international coffee chain. But in Baghdad, looks are deceiving: The “Starbucks” in the Iraqi capital is unlicensed. Real Starbucks merchandise is imported from neighboring countries to stock the three cafes in the city, but all are operating illegally. Starbucks filed a lawsuit in an ...