Monday, 05 Jun, 2023


Korea-Bangladesh sign concessional loans of $3 billion

Korea and Bangladesh signed a new Framework Arrangement for $3 billion of concessional loans. This arrangement was signed for the Economic Development Cooperation Fund (EDCF) for the year 2023 through 2027 in Korea.  The signing ceremony was held on the occasion of 56th Annual

Airfares in BDT instead of USD from July 1 

The civil aviation ministry said airlines operating in Bangladesh will have to set flight fares in taka instead of dollars from July 1. The move will bring relief to the flyers who have been paying more as the taka loses value against the dollar. Bangladesh Association of

Biden pick Ajay Banga gets top World Bank job

Former Mastercard boss Ajay Banga has been elected to lead the World Bank as it strives to help low-income countries overcome debt and combat climate change. Mr Banga, nominated by President Joe Biden for the post, is the first-ever Indian American to head the bank. He will replace

Gold price climbs to $2,040 on Fed Chair Powell's pause comments

The gold market kept all of its recent gains as Federal Reserve Chair Jerome Powell signaled a potential pause in tightening following another 25-basis-point rate hike. The Fed’s tenth consecutive increase brought the federal funds rate to a 5-5.25% range – the highest

US raises interest rates to highest in 16 years

The US central bank has raised interest rates to the highest level in 16 years as it battles to stabilise prices. The Federal Reserve increased its key interest rate by 0.25 percentage points - its 10th hike in 14 months. The Fed signalled that Wednesday's rise may be its last

Soybean oil price increased to Tk 199 per litre 

The price of bottled soybean oil has been increased by Tk 12 to Tk 199 a litre. The new prices have been made effective from today, said Bangladesh Vegetable Oil Refiners' and Vanaspati Manufacturers' Association. Earlier on December 15 last year, the commerce ministry

IBM to freeze hiring as CEO expects AI to replace 7,800 jobs

IBM will freeze hiring as it expects about 7,800 jobs to be replaced by Artificial Intelligence (AI) in the coming years, the tech giant’s CEO has said. In an interview with Bloomberg News, IBM CEO Arvind Krishna said he could “easily see” nearly one-third of the

12kg LPG price goes up by Tk 57

The Bangladesh Energy Regulatory Commission (BERC)  has increased the price of a 12kg liquefied petroleum gas (LPG) cylinder by Tk57 to Tk1,235 for the month of May. In April, the price was Tk 1,178.  BERC chairman Nurul Amin announced the new price at a press

First Republic: JP Morgan to take over major US bank

JP Morgan is set to take over the troubled US bank First Republic in a deal brokered by regulators. The Federal Deposit Insurance Corporation (FDIC) confirmed in a statement that First Republic had collapsed on Monday. Investment banking giant JP Morgan will now take on "all of

Chicken, vegetable prices soar in Dhaka

The prices of broiler chicken and vegetable have gone up in Dhaka's kitchen markets even after the festival of Eid-ul-Fitr. On Friday (April 28), upon visiting several kitchen markets around the capital including Malibagh, Modhubag and others it was seen that the price of broiler

£55bn withdrawn from Credit Suisse before collapse

Collapsed banking giant Credit Suisse says 61.2bn Swiss francs (£55.2bn; $68.6bn) left the bank in the first three months of the year. The announcement gives an insight into the scale of the bank run that caused the 167-year-old lender to fail and triggered its state-backed

World military spending reaches all-time high of $2.24 trillion

World military spending reached an all-time high of $2.24 trillion in 2022, as Russia’s invasion of Ukraine fuelled a sharp jump in military spending across Europe, according to a leading defence think tank. Global spending rose for the eighth consecutive year, the Stockholm

India's Ultra-Rich Boost Confidence In Gold To New Heights!

According to the outlook survey conducted by Knight Frank, 6% of the total investable assets of Indian ultra-high net-worth individuals (UHNWIs) were allocated to gold in 2022. India and the Chinese mainland were ranked second on the list with 6% allocation to gold by the UHNWIs of the

G7 nations mulling near-total ban on exports to Russia: Kyodo

The Group of Seven (G7) countries are considering a near-total ban on exports to Russia, Japan’s Kyodo News has reported, citing Japanese government sources. Bloomberg News on Thursday also reported that the United States and Ukraine’s allies were considering “an

US imposes $300m penalty over exports to Huawei

US authorities have imposed a $300m (£241m) penalty on tech firm Seagate for allegedly violating export controls of hard disk drives to China's Huawei. Seagate Technology shipped more than $1.1bn worth of goods to Huawei after export controls were introduced in 2020, the

Banks in industrial areas open today

Banks in the industrial areas will remain open today and next two days. Bangladesh Bank issued a directive in this regard on April 13. According to the directive, banks in the industrial areas will remain open from April 19-21 to facilitate payment of garment workers' salary,

Jewellery Park at Bashundhara City: Shop allotment with special offers goes on

The country’s first-ever Jewellery Park is going to be established at Bashundhara City Shopping Complex at Panthapath in the capital. Bangladesh Jewellers’ Association (BAJUS) has undertaken the mega initiative to consolidate business of the precious metal. Sources said

Bashundhara City pulls in huge crowd

People in their hundreds are thronging Bashundhara City Shopping Complex in the capital to avail themselves of exciting facilities and signature collections of renowned brands ahead of Eid-ul-Fitr and Pahela Baishakh. The premium shopping mall of the country especially pulled in a huge

Jewellery Park at Bashundhara City

Bashundhara City Shopping Complex at Panthapath in the capital has housed Jewellery Park to consolidate business of the precious metal. The mega move has been initiated by Bangladesh Jewellers’ Association (BAJUS). Established on level-7 of the shopping complex, the park will

Germany ends nuclear energy era as last reactors power down

Germany will switch off its last three nuclear reactors on Saturday, exiting atomic power even as it seeks to wean itself off fossil fuels and manage an energy crisis caused by the war in Ukraine. While many Western countries are upping their investments in atomic energy to reduce