Wednesday, 28 Oct, 2020

Business

Goldman Sachs settles 1MDB scandal with Malaysia for $3.9bn

Goldman Sachs has reached a $3.9bn (£3bn) settlement with the Malaysian government over the multi-billion dollar 1MDB scandal. The settlement includes a $2.5bn cash payout by Goldman and a guarantee to return at least $1.4bn in assets linked to 1MDB bonds. US officials have so

Mukesh Ambani with $75b now world’s 5th richest person

Riding high on foreign investors buying stakes in Jio Platforms, Reliance Industries Ltd Chairman Mukesh Ambani became the world’s fifth-richest person Wednesday, edging past American investor Warren Buffett on the real-time ranking of billionaires by Forbes. With an estimated

Bashundhara Group MD meets BPC chairman

DHAKA: Bashundhara Group Managing Director Sayem Sobhan Anvir paid a courtesy call on Bangladesh Petroleum Corporation (BPC) Chairman Md Shamsur Rahman at the latter’s office in the capital on Wednesday (July 22). BDST: 1910 HRS, JULY 22, 2020 AP

DSE, CSE start week in red

DHAKA: Key share price index in the country’s both bourses — Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) — closed the session in negative on Sunday (July 19), the first trading day of the week.  DSE turnover has reached Tk 2344.47 million changed hands while

Bangladesh-India parcel train service begins

DHAKA: Parcel train service between Bangladesh and India has begun for the first time in a bid to speed up the bilateral trade between the two neighboring countries. The first parcel train carrying dry Chillies from Andhra Pradesh, India arrived at Benapole port, said press release

Emirates set to cut 9,000 jobs, citing pandemic

The president of Emirates said the Middle Eastern airline is set to cut as many as 9,000 jobs because of the coronavirus pandemic. It is the first time the world's biggest long-haul carrier has disclosed how many jobs will be lost. Prior to the crisis, Emirates had 60,000 staff.

Rawhide industry defaulters get reschedule of loan offer 

DHAKA: The businessmen have been given special facility of rescheduling their debts with a 2 percent down-payment while purchasing rawhide of sacrificial animals during the Eid-ul-Azha. Bangladesh Bank issued a circular in this regard on Sunday (July 5). The traders can avail this

Pathao Car resumes services in Dhaka 

DHAKA: Pathao Cars on Thursday (July 2) officially resumed its services with almost 2,000 BRTA enlisted cars after a 3-month hiatus due to the COVID-19 pandemic. Pathao’s topmost priority is to ensure best service for both our users and drivers, a press release said.  Pathao has

Govt to send 24,886 jute workers into early retirement 

DHAKA: The government has decided to send 24,886 employees of state-owned jute mills into early retirement through ‘golden handshake’ scheme. Textiles and Jute minister Golam Dastagir Gazi came up with the announcement in an online briefing on Sunday (June 28), "We can't

Bangladesh forex reserves hits record $35 billion

DHAKA: The country's foreign exchange reserve reached to all-time high at $35 billion thanks to surging remittance despite the coronavirus pandemic. The reserve hit new record on June 23 in just 20 days of hitting $34 billion mark on June 3 this year.  Bangladesh Bank sources

T. K. Group hands over 20 ventilator machines in Chattogram hospitals

DHAKA: Country’s leading business conglomerate T. K. Group handed over 20 Ventilator Machine in Chittagong Medical College, Chittagong General Hospital, Chittagong Field Hospital, Parkview Hospital and Surgiscope Hospital for Corona patient treatment support.  T. K. Group Managing

Mountain Dew Presents Hrithik in Brand-New Summer Campaign 

DHAKA:  As a brand that has always maintained that the difference between ‘ordinary’ & ‘extraordinary’ is the decision to move beyond fears & self-doubt; Mountain Dew is once again set to inspire the youth of Bangladesh to overcome their fears through its "Bhoyer Porei Joy"

Qatar Airways issues statement regarding its office in Bangladesh

DHAKA: Qatar Airways has received an approval to operate flights to and from Bangladesh from 16 June, operating 3 flights per week, according to press statement by the airline issued Wednesday. Following a NOTAM put in place almost three months ago on 22 March, unfortunately a large

ADB grants $100m loan for rural road network expansion in Bangladesh

DHAKA: The Asian Development Bank (ADB) has approved a $100 million loan to expand the coverage of an ongoing rural road network improvement project in Bangladesh, connecting the rural population to agricultural development zones. This additional financing will scale up the current

UAE giant Emirates sacks 600 pilots and 700 cabin crew

Emirates has laid off over a thousand employees including 700 cabin crew and 600 pilots, most of whom flew the superjumbo Airbus A380 or were in training for type-rating the aircraft, sources familiar with the matter told Arabian Business.  "We have endeavored to sustain the current

Global economy to plunge into worst recession since WWII

The global economy, which has plunged into a severe contraction, will shrink by 5.2 per cent this year due to the massive shock of the coronavirus pandemic and the shutdown measures to contain it, the World Bank said on Monday. The COVID-19 recession is the first since 1870 to be

Coronavirus hits 458 real estate sub-sectors 

DHAKA: The COVID-19 pandemic is severely affecting the country’s real estate and housing sector that contributes a significant percentage to Gross Domestic Product (GDP).  The construction industry is also closely connected with rod, cement and ceramic, among 458 sub-sectors and all

Bangladesh fails to produce ‘Vannamei’ for global market

Though the global demand for shrimp is continuing to rise, Bangladesh is losing the market due to the inability of producing cheap and high-yielding Vannamei shrimp. Bangladeshi farmers are still dependent on expensive black-tiger species while neighbouring countries produce shrimp

UK market still attractive for Bangladesh startups 

DHAKA: Bangladesh High Commissioner to the UK Saida Muna Tasneem said the UK, which is the 2nd largest export destination for Bangladesh, is still attractive especially for Bangladeshi startups in expanding export periphery during the Covid-19 situation.  She said: “Last year,

NIVEA partners with e-commerce platforms to expand market presence

DHAKA: NIVEA, the world’s No. 1 skin care brand, today announced that it has partnered with multiple e-commerce platforms making its wide portfolio of personal care brands now easily available to consumers with a simple click of their fingertips.  Launched across some of the leading