The amnesty allowing investment of undisclosed money in economic zones and hi-tech parks by paying only 10% tax is unlikely to continue from the next fiscal year 2024-25, as per plans of the National Board of Revenue (NBR). Currently, the facility does not require disclosing the source of invested funds until June 30, 2024. The move aims to discourage whitening of black money. However, changes may be made to the provision enabling legalization of undisclosed income invested in buildings and flats after paying specified taxes based on location. Representational image. File photo

National Bank’s losses surged 145% year-on-year to Tk 766.29 crore in the first quarter of 2024, deepening the crisis-ridden bank’s financial woes. The bank cited non-recovery from defaulters, higher interest expenses on deposits and borrowings as reasons behind the massive loss. Its consolidated net asset value per share also plunged to Tk 4.92 from Tk 11.92 a year ago. The new board aims to improve the bank’s financial health through recovery drives and low-cost deposit mobilization amid its deteriorating condition with a high amount of classified loans.

AD Ports Group of UAE has signed a non-binding MoU with Chittagong Port Authority for the development of the seaport, including the construction of a multi-purpose terminal under the Bay Terminal project. The proposed $1 billion investment aims to equip the terminal to handle 1 million TEUs of containers and 7 million tonnes of bulk cargo annually. The MoU was signed by AD Ports Group CEO Saif Al Mazurouei and CPA Chairman Rear Admiral Mohammad Sohail, witnessed by the Shipping State Minister and UAE Ambassador.

Despite global uncertainty, Bangladesh’s economic outlook remains bright with steady growth expected, said Frederic Neumann, HSBC’s chief Asia economist. He projected Bangladesh’s GDP growth at 5.9% for 2024-25 and 6.3% for 2025-26, supported by household spending, remittances, and investment. Highlighting opportunities, he stressed the need for Bangladesh to capitalize on record FDI flowing into Asia to thrive in the coming years, building on its growing competitiveness.

City Bank registered a 2.7% year-on-year growth in profit to Tk 92.44 crore in the first quarter of 2024, driven by higher operating profit and investment income. The bank’s consolidated earnings per share increased to Tk 0.75 from Tk 0.73 in Q1 2023. Its investment income grew by Tk 87.56 crore to Tk 190.07 crore due to higher holdings of government securities. City Bank, one of the leading private banks in Bangladesh, operates through 133 branches.

The United States is imposing higher tariffs on $18 billion worth of imports from China, targeting strategic sectors like electric vehicles, batteries, steel, and critical minerals. The move aims to discourage China’s alleged unfair trade practices and protect domestic investments. Tariff rates on EVs will quadruple to 100%, semiconductors to 50%, and levies on products like lithium-ion batteries and solar cells will also increase significantly. China has warned of retaliation, stating it opposes unilateral tariff hikes violating WTO rules.

Despite stable global steel raw material prices, Bangladesh will face higher import costs due to the US dollar rate hike since the introduction of the crawling peg system. The country’s steel sector relies heavily on scrap steel imports, meeting 90% of its annual 6 million tonne demand through imports. Industry experts at the Bangladesh International Trade Summit 2024 highlighted the potential impact of supply chain disruptions and growing demand on scrap steel availability and costs for Bangladeshi millers, despite the country’s favorable geographic location.