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The Financial Express

Search results for: Economy

Banks face post-pandemic four more years of lower profits: Report

Banks face post-pandemic four more years of lower profits: Report

Reuters 2020-12-11 10:23:19

Most banks around the world could face four more years of depressed profits in the aftermath of the Covid-19 pandemic, consulting firm McKinsey & Co said in a report. By 2024 the pandemic will re...

Bangladeshi banks see no competitive atmosphere, says ex-governor

Bangladeshi banks see no competitive atmosphere, says ex-governor

FE REPORT 2020-12-11 10:23:17

Former governor of Bangladesh Bank Dr Mohammed Farashuddin on Thursday said the country's private commercial banks are dictating banking policies. He also held responsible the domination of private b...

Tk 276b shortfall in NBR's tax earning in five months

Tk 276b shortfall in NBR's tax earning in five months

DOULOT AKTER MALA 2020-12-11 09:32:28

The revenue authority faced a Tk 275.56 billion shortfall in tax collection until November of the current fiscal year against its target due to sluggish economic activities amid the Covid-19 pandemic....

Policymakers urged to shun 'growth obsession’, address inequality instead

Policymakers urged to shun 'growth obsession’, address inequality instead

FE REPORT 2020-12-11 08:55:47

Speakers at a discussion on Thursday urged the government to redefine the development strategy from the economic growth-centric paradigm to reducing inequality and disparity. They have suggested maki...

‘Reference point’ for Dutch-Bangladesh investment collaboration launched   

‘Reference point’ for Dutch-Bangladesh investment collaboration launched  

FE ONLINE REPORT   2020-12-10 23:15:35

A new study has identified a number of key areas for entrepreneurial engagements between Bangladesh and the Netherlands, to scale up bilateral development cooperation. The Bangladesh Embassy in the N...

Rights groups call on high-income countries to back TRIPS waiver proposal

Rights groups call on high-income countries to back TRIPS waiver proposal

FE Online Report 2020-12-10 14:15:58

Two prominent global rights groups on Thursday called on the European Union and high-income countries including USA, Canada, Japan, and UK to urgently support the TRIPS corona waiver proposal and ensu...

ADB narrows 2020 GDP growth forecast for developing Asia to 0.4pc

ADB narrows 2020 GDP growth forecast for developing Asia to 0.4pc

-- 2020-12-10 13:01:37

Economic activity in developing Asia is forecast to contract by 0.4 per cent this year before picking up to 6.8 per cent in 2021 as the region moves toward recovery from the effects of the coronavirus...

IMF fund debt freeze for poor countries expected to be extended through 2021

IMF fund debt freeze for poor countries expected to be extended through 2021

Reuters 2020-12-10 10:19:04

International Monetary Fund Managing Director Kristalina Georgieva said on Wednesday that she expects an IMF programme that freezes payments on IMF debt from the poorest countries to be extended throu...

Bangladesh's 90pc extreme poor families earn less than 1.0 dollar a day

Bangladesh's 90pc extreme poor families earn less than 1.0 dollar a day

FE REPORT 2020-12-10 08:45:53

As much as 90 per cent extreme-poor families have a paltry monthly income of Tk 2,000 (US$23.80). The World Bank (WB) considers an individual living on or below $1.25 per day as extreme poor. Furthe...

Banks fail to disburse over 50pc of stimulus funds to small businesses

Banks fail to disburse over 50pc of stimulus funds to small businesses

-- 2020-12-09 18:52:38

A full recovery of the economy from the coronavirus crisis is still uncertain as more than half the funds from stimulus package for the cottage, micro, small and medium enterprises (CMSMEs) remain und...

UNCTAD predicts biggest fall in merchandise trade since 2009

UNCTAD predicts biggest fall in merchandise trade since 2009

UNB 2020-12-09 17:50:01

The value of global merchandise trade is predicted to fall by 5.6 per cent in 2020 compared with last year, according to UNCTAD's latest nowcasts. This would be the biggest fall in merchandise trade...

Pandemic slows safety reforms in Bangladesh's ship-breaking industry

Pandemic slows safety reforms in Bangladesh's ship-breaking industry

-- 2020-12-09 17:18:21

The coronavirus pandemic has slowed efforts to make safer the often hazardous job of dismantling old ships in Bangladesh, officials said, following the latest worker fatality. Covid-19 temporarily sh...

Janata Bank in US makes no headway in recovering stolen money

Janata Bank in US makes no headway in recovering stolen money

FE Online Desk 2020-12-09 17:11:48

A subsidiary of the state-owned Janata Bank in New York, which lost $603,947 equivalent to Tk 51 million sometime before February 2020, is yet to recover the money allegedly stolen by a hired officer....

CPD stresses domestic resource mobilisation in eighth FYP

CPD stresses domestic resource mobilisation in eighth FYP

-- 2020-12-08 21:00:15

The Centre for Policy Dialogue (CPD) has underscored the need for providing a special focus on strengthening domestic resource mobilisation in the Eighth Five-Year Plan (8th FYP) to address Covid-19 c...

Narayanganj-Munshiganj two-storey expressway gets ECNEC approval

Narayanganj-Munshiganj two-storey expressway gets ECNEC approval

-- 2020-12-08 17:43:52

The government will construct a two-storey expressway from Panchabati of Narayanganj to Muktarpur Bridge of Munshiganj with an expenditure of Tk 22.28 billion. The Executive Committee of the National...

Four export sectors to get $40m government grant to overcome infrastructural limits

Four export sectors to get $40m government grant to overcome infrastructural limits

FE Online Report 2020-12-08 16:49:40

The government will launch a new financial grant worth US$40 million on Wednesday to help four export-oriented sectors address the infrastructural constraints. The Public Investment Facility for Infr...

More than 110,000 US restaurants permanently close amid pandemic

More than 110,000 US restaurants permanently close amid pandemic

-- 2020-12-08 15:43:10

As of Monday, more than 110,000 US restaurants have completely closed amid the coronavirus (Covid-19) pandemic, according to the National Restaurant Association. "The vast majority of permanently clo...

ADB approves $50m to help microenterprises in Bangladesh

ADB approves $50m to help microenterprises in Bangladesh

-- 2020-12-08 15:17:25

The Asian Development Bank (ADB) has approved a 50-million US dollar loan to help restore the economic activities of microenterprises in Bangladesh, which have been severely affected by the coronaviru...

Singapore to host WEF’s annual meeting instead of Switzerland

Singapore to host WEF’s annual meeting instead of Switzerland

-- 2020-12-07 23:14:20

The World Economic Forum’s annual gathering of political and business leaders will move from Switzerland to Singapore next year as the COVID-19 pandemic would make it challenging to host the eve...

Malaysia sees 78.6pc drop in tourist arrivals

Malaysia sees 78.6pc drop in tourist arrivals

-- 2020-12-07 14:02:55

Malaysia Tourism Promotion Board has said that the country's tourist arrivals in January to September this year had slumped 78.6 per cent to 4.3 million from 20.1 million a year ago, as the spread of...

Banks to struggle with heavier burden of bad loans in 2021, beyond

Banks to struggle with heavier burden of bad loans in 2021, beyond

SIDDIQUE ISLAM 2020-12-07 08:56:37

Banks are going to face substantial pressure originating from an ever-bulging defaulted loans in the next years as the regulatory support in this particular area is due to expire by the end of this ca...

Job creation the top priority: Experts

Job creation the top priority: Experts

FE REPORT 2020-12-06 09:51:01

Experts at a webinar on Saturday said policymakers should put extra emphasis on education, youth employment, poverty, and gender issues in the 8th five-year plan considering changes in the sectors c...

Lending rate falls, interest on deposits may also decrease further: Bankers

Lending rate falls, interest on deposits may also decrease further: Bankers

Siddique Islam 2020-12-06 08:41:59

The interest rate spread dropped slightly in October last as the banks slashed the lending rates more than that of the deposit rates. The interest on the loans and advances decreased comparatively...

100 Bangladeshi products to get duty-free access to Bhutan

100 Bangladeshi products to get duty-free access to Bhutan

-- 2020-12-05 19:49:58

Some 100 Bangladeshi products would get duty-free access to the Bhutanese market under a preferential trade agreement (PTA), which is scheduled to be signed on Sunday. Meanwhile, 34 Bhutanese items w...

Shariah-compliant bonds may fetch Tk 80b for Bangladesh govt in Dec

Shariah-compliant bonds may fetch Tk 80b for Bangladesh govt in Dec

JASIM UDDIN HAROON 2020-12-05 10:38:22

The government is set to raise Tk 80 billion through sukuk or Islamic bonds this December and they will mature in five years, said officials at the financial institutions division. For the first time...

Surplus in balance of payments exceeds $4.0b in July-October

Surplus in balance of payments exceeds $4.0b in July-October

-- 2020-12-04 17:05:50

The surplus in the balance of payments of Bangladesh has continued to rise amid the coronavirus pandemic, exceeding $4 billion in the July-October period. In the same period last year, the key econom...

Ceilings for investing in savings instruments lowered

Ceilings for investing in savings instruments lowered

DOULOT AKTER MALA 2020-12-04 11:11:06

The government lowered the maximum investment ceilings of purchasing three types of savings certificates on Thursday. The certificates are - Five-Year Bangladesh Sanchaypatra, Three-Month Profit-Base...

Foreign-aided development budget unlikely to be cut

Foreign-aided development budget unlikely to be cut

FHM Humayan Kabir 2020-12-04 11:08:39

The government would not have to cut much from the project aid (PA) in the current fiscal year (FY2020-21) as the preparatory consultations on the upcoming revision of the Annual Development Program...

Minister for probing banks' reluctance to disburse stimulus money

Minister for probing banks' reluctance to disburse stimulus money

FE REPORT 2020-12-04 11:05:51

Planning minister MA Mannan has suggested that the central bank enquire about the reasons behind some banks' reluctance to disburse Covid-19 stimulus packages. He is unhappy over the poor execution...

Exports back to positive trend in November

Exports back to positive trend in November

FE Report 2020-12-04 09:52:23

The country's merchandise shipments again showed positive trend with a meagre growth in November this year after witnessing a fall in the previous month of October. The single-month income in Novem...