Seven private banking companies incurred operating loss in the first quarter of the current calendar year due to prolonged standoff in trade and commerce that slowed down investment growth, according to Dhaka Stock Exchange (DSE) sources.
Industry insiders said slow pace of recovery that began after January 5 parliamentary election could not make up the deficit in operational expenditure of the banks,reports the Daily Sun.
Financial statements for January-March 2014 submitted to the DSE shows that the remaining 23 private commercial banks could not make significant income but the amount required for provisioning was higher due to rise in classified loans.
“Increase in operational cost coupled with higher provisioning requirement is eroding banks’ income,” said former Bangladesh...
Eurosceptic and far-right parties have seized ground in elections to the European parliament, in what France’s PM called a “political earthquake”.
While the French National Front and UK Independence Party both appear headed for first place, the three big centrist blocs in parliament all lost seats, reports the BBC.
The outcome means a greater say for those who want to cut back the EU’s powers, or abolish it completely.
But EU supporters will be pleased that election turnout was slightly higher.
It was 43.1%, according to provisional European Parliament f...
Bangladesh Bank (BB) on Sunday removed BASIC Bank Limited Managing Director (MD) Kazi Faqurul Islam on charge of irregularities and corruption.
Kazi Faqurul Islam has been removed with immediate effect as he indulged in financial irregularities while disbursing loans violating the central bank’s directives, BB General Manager AFM Asaduzzaman told UNB over phone.
Irregularities in the bank came to the fore early last year.
BB inspections found that the bank approved loans of Tk 4,500 crore, mostly without proper documentation...
US Ambassador in Dhaka Dan Mozena on Saturday said Bangladesh can become a mighty player in the global IT and in other sectors by dint of hard and creative work by each young entrepreneur in the country.
“I believe fervently that Bangladesh can become a mighty player in the global IT world and in other sectors as your startups take root,” he said. The US diplomat made the remark while addressing a prize distribution ceremony of Global Innovation through Science and Technology (GIST) DEMO Day at a city hotel.
Mozena said he wants to see a Banglad...
The Government will provide policy support to garment accessories and packaging manufacturers in the country, in order to help the sub-sector grow parallel to the apparel industry, said Minister of State for Finance MA Mannan, during the launch of the ‘Integrated Support to Poverty and Inequality Reduction through Enterprise Development’ (INSPIRED) project that aims to develop small and medium enterprises (SMEs) in the country.
Mr. Mannan explained that the garment accessories and packaging manufa...
Qatar and Bangladesh on Tuesday signed accession agreements to become new members of the Conference on Interaction and Confidence Building Measures in Asia (CICA).
Previously observers, the two countries bring to 26 the number of member states of the CICA, established in 1992 as a forum for dialogue and consultation.
Qatar is part of Asia, and Asia can solve its own problems through cooperation, said Ahmed bin Abdullah bin Zaid Al-Mahmoud, Qatar’s deputy prime minister and minister of state for cabinet affairs, who ...
