Standard Bank Limited posted a profit of Tk 112.58 crore in the financial year that ended on December 31, an increase of 45.2 per cent year-on-year.

The BGMEA and Taiwan Textile Research Institute (TTRI) will work together to enhance the capacity of Bangladesh’s garment industry, especially in manufacturing high-end products made with manmade fibre (MMF).

ACI Formulations Limited suffered a 13 per cent year-on-year fall in profit to Tk 6.28 crore in the third quarter of the current financial year.

The current year will be very challenging for apparel exports as major global markets may shrink for reduced demand for high inflation and monetary tightening by authorities there, said BGMEA President Faruque Hassan yesterday. 

International clothing retailers and brands are demanding up to 5 per cent discounts from Bangladesh’s apparel exporters, adding another challenge for the suppliers who are already grappling with multiple issues amid volatile global economic scenario. 

Despite accepting prices lower than production cost, global brands now want extra discount

Prior to this, he was serving Meghna Bank as senior executive vice-president and head of retail and SME banking

Most countries, as they emerge from the Covid-19 crisis, are seeking economic growth from weakened fiscal positions. As health and social spending surged to help workers, families, and businesses cope, the economic shock greatly reduced revenues.

Thousands of people on both sides of the Baleshwar river, which flows between Pirojpur and Bagerhat, have changed their fates by cultivating banana on a commercial basis.

Startups in Bangladesh raised about $35.58 million in the first three months of 2023, according to LightCastle Partners, a Dhaka-based research and business consulting firm.

Monthly wage growth for workers in Bangladesh has remained below the inflation rate for 15 months consecutively, suggesting that many people are having to reduce consumption to cope with increased financial stress.

Foreign direct investment (FDI) in the country increased 20 per cent year-on-year to $3.48 billion in 2022 for a surge in reinvestment of earnings by foreign companies. 

The government plans to increase its development spending slightly in the upcoming fiscal year due to the narrow fiscal space, the dollar crisis, the conditions attached to the IMF’s loan programme, and higher expenses on subsidies and interest payments. 

bKash recently added new features named “Auto Pay”, “Balance Hide Option” and “View Charges in Statement” to its app.

Citibank endeavours continuously on digitalisation, innovation and replication of global best practices in the local banking industry, said Md Moinul Huq, Citi country officer, Bangladesh.

Profits of Dutch-Bangla Bank grew 1.79 per cent in 2022 while its income from interest, commissions and charges increased at a higher rate. 

Energy prices increased 5.7 per cent globally in April, led by a 7.8 per cent hike in crude oil prices and a 3.8 per cent spike in coal prices, the World Bank’s Pink sheet reported.

Shasha Denims Limited suffered a 94.5 per cent year-on-year decline in profit to Tk 42.31 lakh in the third quarter of the ongoing financial year.    

Al-Arafah Islami Bank Ltd made a Tk 207.66 crore profit in the financial year that ended on December 31.

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