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Mahbub-ur-Rahman, head of HSBC’s corporate banking in Bangladesh, and Md Nurul Alam, managing director of Ashuganj Power Station Company, exchange documents of a loan agreement signed at a ceremony in Dhaka yesterday. Tawfiq-E-Elahi Chowdhury, energy adviser to the prime minister, was also present. HSBC Bangladesh has arranged $420 million loans for Ashuganj Power Station Company […]

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$14.059b siphoned off

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Reveals Global Financial Integrity report A total of $14.059 billion had been siphoned off from Bangladesh in 10 years since 2001 through trade mis-invoicing, corruption, bribery and tax evasion, said a report of Washington-based Global Financial Integrity (GFI). Of the money, $10.597 billion [almost 75 percent] were transferred through under- and over-invoicing of exported and […]

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Prime Minister Sheikh Hasina presides over the Executive Committee of the National Economic Council (Ecnec)meeting. In a major breakthrough in building the country’s first metro rail system in Dhaka, the government on Tuesday approved a project involving a cost of Tk 21,985 crore. Under the project, 20.1 kilometer overhead rail track would be constructed on […]

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The remittance inflow into the country is likely to reach a record $14 billion this year despite the Middle East crisis, Expatriates’ Welfare and Overseas Employment Minister Khandaker Mosharraf Hossain said yesterday. Last year, Bangladeshi expatriates sent home $12.17 billion. “We are trying to increase remittance that contributes to the national economy,” Mosharraf said at […]

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star archiveAshfaqur Rahman Last week, political events in Bangladesh had been troubling. First there was the toxic oborodh (physical blockade) and then a full day of countrywide hartal followed by another one for half a day. In the 21st century such political tactics are not only out of date but also very costly economically. They […]

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Bangladesh Garments Manufacturers and Exporters Association (BGMEA) sought a separate ‘apparel ministry’ for coordination and effective representation of the multi-billion dollar Readymade Garments (RMG) industry. “We need a separate apparel ministry for effective representation of the gigantic industry. We’ll give a proposal to the government to that end shortly,” M Shafiul Islam Mohiuddin, president of […]

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Prime Minister Sheikh Hasina said, “For many countries Bangladesh is now considered as a role model of socio-economic development. Around five crore people elevated their position from poor-class to middle-class and per capita income has been raised to US$ 850 from US$ 630,” The artillery strength of Bangladesh Army has entered into a new phase […]

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LGRD Minister and Awami League General Secretary Syed Ashraful Islam on Wednesday sharply criticised US Ambassador Dan W Mozena for pushing Bangladesh to allow trade unions in the country’s RMG factories. Without mentioning the US Ambassador’s name, he said the US envoy should look at his own country first before frequently advising Bangladesh regarding trade […]

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by  F R Chowdhury In the early days of independence our import used to be three to four times higher than our exports. This was an alarming situation. It could not go on like that. We knew Bangladesh had the potentials and that it would find new avenues to eventually balance the situation. Since then […]

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State-owned Biman Bangladesh Airlines has earned around Tk 1 billion as profit only from the Hajj flights this season. Civil Aviation and Tourism Minister Muhammad Faruk Khan disclosed the information on Saturday at a press conference at the Biman headquarters at the capital’s Kurmitola earlier in the day. He said the airliner has earned a […]

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Australian expert says Bangladesh should showcase its capabilities to the world Abdullah Mamun Bangladesh can become a significant part of the outsourcing industry expected to be worth $124 billion by 2016, said a foreign analyst in the ICT sector. Business process outsourcing (BPO) deals in 2010 were worth $45 billion, of which 46 percent were […]

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The lender slaps new condition of ‘diagnostic exams’ in state banks Rejaul Karim Byron Bangladesh Bank has opened a probe into the whereabouts of the Sonali Bank money embezzled by Hall-Mark Group, on advice from the International Monetary Fund. The financial intelligence unit of the central bank will also see whether the amount has been […]

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