Category: The Economy

I will not budge even a hair from the mission I have embarked on: BSEC Chairman

Imran Hossain

Desk Report: The commission led by capital market regulator Bangladesh Securities and Exchange Commission (BSEC) Chairman Khandaker Rashed Maqsood has decided not to resign. Rashed Maqsood told reporters at BSEC on Thursday. He said, “Today we talked to the government. They told us to continue the work we are doing and strengthen it further.” I will not budge even a   Regarding the demands and work stoppage of BSEC officials and employees seeking the resignation of the commission, he said, “We talked to the government. We will not budge even a…

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Tarek, Mamun acquitted on appeal in money laundering case

Imran Hossain

Desk Report: The Appellate Division has acquitted BNP Acting Chairman Tarique Rahman and businessman Gias Uddin Al Mamun from seven years in prison in a money laundering case. The Appellate Division, led by Chief Justice Syed Refat Ahmed, granted the appeal filed by Gias Uddin Al Mamun and gave the verdict on Thursday. The Appellate Division had suspended the sentence by allowing Mamun’s appeal in the case on December 10. Later, when Mamun appealed, the verdict was given today after the hearing. Tarek, Mamun acquitted on ACC lawyer Asif Hasan…

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Investors also protest demanding BSEC chairman’s resignation

Imran Hossain

Desk Report: Investors are once again holding a protest and human chain program demanding the resignation of the chairman of the capital market regulator Bangladesh Securities and Exchange Commission (BSEC), Khandaker Rashed Maqsood. They have taken the initiative to hold this program in solidarity with the demands of BSEC officials and employees. The protest program was started in front of the BSEC building at around 10:30 am today, Thursday, under the leadership of the Bangladesh Capital Market Investors Association (BCMIA). Earlier, investors held a human chain and protest program in…

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Pakistan-flagged rice ship arrives at Chittagong port

Imran Hossain

Desk Report: This is the first time since independence in 1971 that direct trade between Bangladesh and Pakistan has started under the government-to-government management. The ship carrying the first consignment of rice purchased under the agreement signed between the two countries at the government level (G2G) has berthed at the CCT-1 yard of Chittagong Port on Wednesday. According to the Food Department’s Movement and Conservation Control Office, the first consignment has reached Chittagong Port under the memorandum of understanding signed at the government level in Dhaka on January 14 regarding…

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23 factories closed in Narayanganj in seven months, thousands of workers unemployed

Imran Hossain

Desk Report: Thousands of workers have become unemployed in Narayanganj due to various reasons due to the closure of some industrial establishments in the last seven months. Three main factors are being blamed for the closure of the factories. First, it is believed that the owners of most of the factories that have closed have taken such decisions due to financial crisis and lack of purchase orders. Second, some factories of owners associated with Awami League politics were vandalized and set on fire, remembering their fascist activities. As a result,…

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BSEC Executive Director Saifur Rahman forced to retire, chairman and commissioners blocked in protest

Imran Hossain

Desk Report: Saifur Rahman, the executive director of the capital market regulator Bangladesh Securities and Exchange Commission (BSEC), has been sent on compulsory retirement. The order was issued by the commission’s chairman Khandaker Rashed Maqsood on Tuesday (March 4). The BSEC officials and employees have been protesting by surrounding the floor (fifth floor) of the BSEC chairman and commissioners since 12 noon today, Wednesday. The officials and employees want an answer as to why Saifur Rahman was sent on compulsory retirement. Some also demanded the resignation of BSEC chairman Khandaker…

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BKMEA seeks incentive money by 15th Ramadan

Imran Hossain

Desk Report: Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), an organization of knitwear industry owners, has requested a deduction of Tk 7,000 crore for the textile sector and other export sectors for the fiscal year 2024-25 (till March) by 15 Ramadan before Eid-ul-Fitr. The organization’s president, Mohammad Hatem, has requested this deduction in a letter to the Finance Secretary. The said amount is deposited in Bangladesh Bank. BKMEA seeks incentive The letter said that due to the current political and economic situation in the country and instability in the ready-made…

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Banking sector’s provision deficit hits record

Imran Hossain

Desk Report: The country’s banking sector has been going through a deep crisis for a long time. The flow of high non-performing loans is making the financial health of banks fragile, and its reflection is seen in the shortage of safety reserves. Although it is mandatory to keep a certain amount of provision against loans, many banks are not able to form the necessary reserves due to the unbridled increase in non-performing loans. This deficit is not only a threat to the stability of the banking sector; but also an…

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15 people fined Tk 7.5 lakh for illegally mining sand in Nalitabari

Imran Hossain

Desk Report: A mobile court has fined 15 people Tk 750,000 for illegally extracting and transporting sand in Nalitabari, Sherpur. The operation was conducted in the Tarani and Panihata areas of the upazila on Monday (March 3) afternoon. The operation was conducted by Anisur Rahman, Executive Magistrate and Assistant Commissioner (Land) of the mobile court. It is learned that a gang has been illegally extracting and selling sand from the Bhogai River in Nalitabari upazila. On Monday afternoon, the mobile court conducted a drive in the Tarani and Panihata areas…

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Export growth at 10.5 percent in 8 months of fiscal year

Imran Hossain

Desk Report: In the first eight months of the current 2024-25 fiscal year (July-February), the country’s foreign exchange earnings from exports of goods stood at $3,294.26 billion, which is 10.53 percent more than the same period of the previous fiscal year. In the same period of the 2023-24 fiscal year, this income was $2,980.50 billion. On the other hand, export earnings in February were $3,973.1 million, which is $120 million more than the same period last year. In the previous month, January, export earnings were $4.43 billion, which is 5.7…

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