Bangladesh Bank has imposed a fine of Tk 31 lakh on the Industrial and Infrastructure Development Finance Company (IIDFC) for violating the central bank’s rules for non-bank financial institutions (NBFIs) over renting and decorating branches.

Top business leaders yesterday urged the government to postpone its decision to close stores, shopping malls, markets and kitchen markets after 8:00pm until Eid-ul-Azha since an early closure will deal a blow to their sales.

Burimari Land Port in Lalmonirhat lacks banking facility, causing suffering to people especially those who are travelling to neighbouring countries.

The labour ministry is going to sit with top business chambers tomorrow to discuss ways for implementing the directive of the Prime Minister’s Office (PMO) regarding the closure of shops and kitchen markets from 8 pm to save energy and curb import bills for fuel.

The Bangladesh Chamber of Industries (BCI) today urged the government to review its decision to close stores at 8pm as businesses will incur losses if the shops are closed so early ahead of the Eid-ul-Azha.

Realtors today said the cost of various raw materials, including rod and lift, will increase in the next fiscal year because of the increase in value added tax and customs tariff.

Out of 795 voters, around 609 votes or 76.6 per cent of the total were cast, said AHM Bazlur Rahman, a member of the commission formed to hold the election.

The special method of growing mangoes inside multi-layered bags with wax on the outer surface may not pose any potential health hazards for end consumers, but the additional cost makes the fruit costlier, according to market players.

Bangladesh Bank yesterday said it would review a proposal from the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) to reinstate the relaxed loan classification policy until December this year.

In my last job during the time between 2014 and 2016, the company performance was well below the mark, with 2016 being a serious disaster.

From the next fiscal year, government agencies, implementing authorities of various publicly funded projects and corporate entities will come under greater scrutiny of taxmen as the National Board of Revenue has toughened rules to plug scope of avoidance regarding withholding tax deductions and payments. 

Funds deposited by Bangladeshi citizens and banks with different Swiss banks witnessed a massive rise of 55 percent to 871 million Swiss francs (CHF), about Tk 8,266 crore, in 2021 compared to the previous year.

Bank Asia Ltd, in association with Bangladesh Bank, recently organised a month-long “Entrepreneurship Development Programme” for small-and-medium entrepreneurs in Cox’s Bazar.

The Asian Development Bank (ADB) will provide a $143 million policy-based loan to Bangladesh to improve the volume, efficiency, predictability, and security of cross-border trade in the country.

Defaulters of non-bank financial institutions (NBFIs) will get two months more to reschedule their bad debts under a relaxed loan classification policy, according to a notice issued by Bangladesh Bank yesterday.

The proposed budget for the fiscal year of 2022-23 has failed to give comfort to the poor, jobless and lower-income groups, said economists, politicians, entrepreneurs and senior officials of non-government organisations (NGOs) yesterday.

The stock market in Bangladesh opened higher today as most shares advanced, building on yesterday's gains, which snapped the four-day declining trend.

The alarming Covid-19 situation had badly hampered the sacrificial animal market for Eid-ul-Azha in the last couple of years but cattle farmers are anticipating good business this time around as the situation has greatly improved.

Bangladesh Bank yesterday asked banks to refrain from procuring goods and services from firms in which directors and high officials of the lenders have ownership, be it direct or indirect. 

Bangladesh, which has one of the lowest insurance penetrations in the world, is missing out on tapping the potential of the insurance sector using technologies for a lack of recognition of insurtech by regulators, said experts and industry people yesterday.