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Remittance in May hits $378m    

The country received remittance amounting to about US$378.76 million in the first nine days of the current month, reports UNB. Meanwhile, the remittance inflow in April was US $1232.41 million, according to the latest data provided by the Bangladesh Bank (BB). The central bank data also showed that some US $ 14,461.14 million came as remittance in the last fiscal year (2012-13). remmitanceOf the total remitted amount till May 9 of the current month, the highest US$ 257.85 million came through the private commercial banks. This was follow...

Tea prices up at start of new auction season  

Tea prices in Bangladesh rose on Wednesday at the first auction of the new auction season, on the arrival of fresh and good quality leaf, brokers said. Bangladeshi tea fetched an average of 194.27 taka ($2.50) per kg at the auction, up from 68.03 taka at the last auction of the previous season, which was extended through April from the typical close at end-March, an official from National Brokers Limited said. Major buyers were back to the market on the arrival of fresh leaf at the first auction of the new season, the official said. teaSales volume...

AfDB, Yunus deepen cooperation on social business in Africa

“In one year we have come a long way and Tunisia is taking concrete steps in the adoption of social business. It will soon be a model for African countries and I am very happy,” said Professor Muhammad Yunus, 2006 Nobel Peace Laureate, pioneer of microcredit and co-founder of the Yunus Social Business (YSB) during his visit to Tunisia on 9 and 10 May 2014. yunus-14-5-2014This, his second visit to Tunisia, offered a renewed opportunity to meet representatives of the African Development Bank (AfDB) and to review progress on social ...

PM mourns deaths in Turkish coalmine accident      

Prime Minister Sheikh Hasina has expressed her deep shock at the death of a few hundred of Turkish labourers in a coalmine accident in the Soma district in Turkey on Tuesday. sheikh-hasina_25On behalf of the people and the government of Bangladesh, Sheikh Hasina conveyed to Turkish Prime Minister Recep Tayyip Erdogan and to the bereaved families, sympathies and deep condolences in this tragic accident. She also prayed to Almighty Allah to give them the strength to withstand this immeasurable loss to their families. The Pri...

Absolute power of the executive creates scope for abuse: TIB

Absolute power of the executive organ of Bangladesh creates scope for abuse and prompts to take executive decisions on partisan basis, according to a study of the Transparency International Bangladesh (TIB). The study reveals that the Prime Minister being the exclusive depository of absolute power exercises authority over the executive branch of the government. Critics have labeled it as ‘Prime Ministerial authoritarianism’, it said. The study report, titled ‘National Integrity System Assessment: Bangladesh’, was released at a press conference at the BRAC Center in the capital on Wednesday. [caption id="attachment_1292" align="alignleft" width="300"]

World Bank to help Bangladesh on VAT

The World Bank Board has approved USD60m in interest-free credit to modernize the administration of Bangladesh’s value-added tax regime and to boost the tax take. The VAT Improvement Program Project will introduce automation, including the launch of online VAT taxpayer services, and improve transparency in VAT administration. The project aims to increase the ratio of VAT to gross domestic product (GDP) by at least one percentage point of GDP by 2019, from just 3.7 percent of GDP in 2012-13. wbThe project will support the government to implement the new VAT law, which comes into effect in 2015, and aims to provide better servic...
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