The year 2020 was a mixed bag for the economy of Bangladesh and bottom lies some of the most intriguing articles exploring the loses and gain of the departing year.
Owning a car to be costlier after June
Annual tax on a car or microbus is likely to go up by 50-67 percent, depending on engine capacity and vehicle type, according to pre-budget documents.
The Bangladesh Road Transport Authority (BRTA), under Section 68B of the Income Tax Ordinance 1984, collects advance income tax from private vehicle owners when they go for vehicle registration or annual fitness renewal.
Bashundhara City not to reopen before Eid
The Bashundhara City Shopping Complex authorities have decided not to reopen it before Eid in a bid to limit the spread of coronavirus.
Confirming the matter, Mohammad Abu Tayeb, media adviser to Bashundhara Group, told The Business Standard, "The market will remain closed until the coronavirus situation improves in the country."
Bangladesh's economy to overtake Malaysia, Hong Kong and Singapore in 2024
Bangladesh is set to become the world's 26th largest economy within the next decade, says a report published by the Centre for Economics and Business Research.
In a surprising note, the report predicts that in 2024, Bangladesh will rank as the 30th largest economy in the world, overtaking Malaysia's rank of 32nd that year. Bangladesh's economy ranked 40th largest in 2020, while Malaysia ranked 34th.
Li & Fung 'unlawfully' downsizing its Bangladesh office
Li & Fung, a Hong Kong-based clothing supply giant, is going through a massive downsizing in Bangladesh and has allegedly fired more than 100 of its employees unlawfully.
According to international media reports, the company is set to slash 70 percent of its workforce.
European Parliament member urges to stop buying RMG products from Bangladesh
A Member of the European Parliament recently shared a news of the protest and call to boycott all French goods in Bangladesh on her Twitter account, asking to "stop trading with those who hate us and favour localism!"
French politician Virginie Joron on Tuesday shared a link of a news covering the protest incident in Bangladeshi capital Dhaka that called to boycott French products.
Bangladesh Bank creates money worth over Tk70,000cr to revive economy
The Bangladesh Bank has created additional money worth Tk70,794 crore through various refinance schemes and easing regulatory requirements after the Covid-19 outbreak in March for stimulating demand to revive the declining economy.
Usually, banks disburse loans of Tk70,000-Tk80,000 crore every year following credit demand, but lending capacity is assumed to be less this year due to borrowers not returning money amid a shutdown of business activities.
High CEO salaries worth it for banks
When the salary of the chief executive officer (CEO) of a bank becomes a profitable investment, shareholders seem generous in paying rewards to the top executive.
Eastern Bank, a second generation bank that pays its CEO the highest salary among all banks in the country, is an example of how generous rewards to the top executive of a company gives hefty returns to its shareholders.
City Bank employees get 10% pay cut
The City Bank Limited has slashed the salaries of its employees by 10 percent to offset the losses caused by the novel coronavirus outbreak.
These pay cuts will be effective from June 1 this year and last till December 31, 2021.
Factory opening depends on Covid-19, says BGMEA
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) will reopen its factories after the coronavirus situation improves.
"BGMEA position is very clear on this. We need to be safe first before we operate. If situation improves, inshallah we will, when the time is right. But for now the first and only priority is the health and safety of our workers," BGMEA President Rubana Huq told The Business Standard.
Graft burden yoked on bankers' salary
Nur Alam Liton, a young school teacher, has recently posted a photo on his Facebook wall with a caption saying "Do not be confused, brothers! I am in a small training not in a bank."
The photo shows him sitting in front of a well-decorated desk identical to that in a bank office. His social media post reflects how passionate he still is for a bank job despite being in another profession.