Finance News: Latest Financial News, Finance News today in Bangladesh

Focus on organic products to grab share in $90b global mkt

Businesses should focus on value-added organic products to get a sizeable share in the US$90 billion global green food market, sector experts said at a seminar on Tuesday.Considering the growing demand for organic foods and products, the government should also review its agricultural and commercial policies giving priority to green...

HSBC makes first blockchain trade transaction

HSBC and ING Bank have successfully executed the first scalable live trade finance transaction using blockchain for Cargill, an international food and agriculture conglomerate, says a press statement. Last week, a shipment of soybeans was transported from Argentina to Malaysia, via Cargill's Geneva and Singapore subsidiaries. The deal was financed...

Move to set up microfinance credit information bureau

A project taken up for establishing microfinance credit information bureau (MF-CIB) for the microfinance regulator is expected to be launched in June, an official said. To this effect, a memorandum of understanding (MoU) may be signed between Economic Relations Division (ERD) and UK's Department for International Development (DFID) next month,...

1.4m users download bKash mobile app in 20 days

About 1.4 million people downloaded bKash mobile apps and 14,000 of them gave feedbacks in just 20 days after it was submitted to Google Play store on April 25. Officials disclosed this at a programme on Tuesday after the secured and innovative app was officially inaugurated by the country's largest...

Govt to allow inspection in EPZs by DIFE

The government recently decided to allow labour inspection in conformity with the labour law in factories located in Bangladesh's eight export processing zones (EPZs) to ensure workers rights, officials said.The workers' representation requirement for trade union registration is also set to be reduced to 20 per cent from the existing...

Five RMG factories get Tk 40m from Accord Remediation Fund

The Accord Inactive Factory Remediation Fund has provided financial support worth Tk 40 million to five readymade garment factories for safety remediation work.The Fund was launched in February 2017 to support Accord-covered readymade garment (RMG) factories that no longer have any Accord company signatories as customers. The factories which have...

Tata plans assembly unit in Bangladesh

Indian homegrown automobile major Tata Motors is planning to set up an assembly plant for cars and other vehicles in Bangladesh during the current financial year, according to a report by Business Standard Motoring of India. The plant is expected to produce about 50,000 vehicles annually that will cater to...

Govt-paid migration to cut recruitment cost

Migrant workers and rights activists at a pre-budget consultation on Tuesday urged the government to pay the migration charges to ensure better regulation of the recruitment process. To this effect, they called for necessary allocation in the national budget for the fiscal year (FY) 2017-18. The government must pay recruitment...

ADB mulls grant support to tackle Rohingya crisis

The Asian Development Bank (ADB) is considering providing grant support to help Bangladesh tackle the Rohingya crisis, a senior ADB official told the FE Tuesday."Based on the request from the government of Bangladesh, the ADB will consider providing a substantial amount of grant support, as an exceptional case, to refugees...

Takaful Ins elects new chairman, vice chairman

The 96th meeting of the board of directors of Takaful Islami Insurance Limited was held at its head office in the city recently, said a statement.The meeting unanimously elected Anwer Hossain Khan chairman and Emdadul Haque Chowdhury (Emdad) vice-chairman for the year 2018-2019.Besides, the meeting re-elected Anwar Hossain Chowdhury chairman...

Japan's SoftBank to open Saudi Arabian office

RIYADH/DUBAI, May 15 (Reuters): SoftBank is planning to open a Saudi Arabian office, two sources familiar with the matter told Reuters on Tuesday, further strengthening its ties with the kingdom.The Japanese technology investor already has close links with Riyadh after Saudi Arabia's Public Investment Fund contributed to SoftBank's $93 billion...

News Briefs-(16-5-2018)

WB to provide $110m for sustainable enterprisesThe World Bank will provide $110 million in assistance for Bangladesh to implement the Sustainable Enterprise Project (SEP), which will help about 20,000 micro-enterprises adopt environmentally-friendly practices. The project covers manufacturing and agri-business sectors, including leather, mini textiles, light engineering, plastic, food processing, metal...

Dhaka Bank and Butterfly Marketing exchanging documents

Managing Director and CEO of Dhaka Bank Ltd. Syed Mahbubur Rahman and Chief Operating Officer of Butterfly Marketing Ltd. Mustafizur Rahman Shazid exchanging documents after both the organisations signed an agreement on Cash Management Services at the Corporate Office of the bank in the city recently

India’s Lupin Ltd incurs Q4 loss on one-time charge

NEW DELHI, May 15 (Reuters): Lupin Ltd, India's second-largest drugmaker by revenue, reported a surprise loss in its fiscal fourth quarter on Tuesday, due to a one-time charge.Net loss for the quarter ended March 31 came in at 7.84 billion rupees ($115.57 million) compared with a profit of 3.80 billion...

Mitsubishi MUFG profit rises 6.8pc

TOKYO, May 15 (Reuters): Mitsubishi UFJ Financial Group Inc (MUFG) on Tuesday reported a 6.8 per cent rise in net profit for the year ended March, albeit missing analyst estimates, as lower bad loan costs and gains from equity holdings offset tepid domestic lending.Japan's largest bank by market valuation said...