Category: BUSINESS

Vietnamese budget carrier Vietjet Air announced a $8 billion order for 20 Airbus A330-900 widebody aircraft, doubling its previous order. The deal was signed during French President Macron’s official visit to Hanoi. The planes will support Vietjet’s Asian expansion and future long-haul European routes, adding to its current 115-aircraft all-Airbus fleet.READ FULL

Nvidia plans to launch a new AI chipset for China priced at $6,500-$8,000, significantly cheaper than its restricted H20 model ($10,000-$12,000). The Blackwell-architecture GPU will begin mass production in June, using simpler specifications to comply with US export restrictions. Nvidia’s China market share has dropped from 95% to 50% due to ongoing trade curbs, with Huawei emerging as main competitor.READ FULL

Atlas Bangladesh Ltd has partnered with Chinese company Zhejiang Luyuan Electric Vehicle to assemble and manufacture electric scooters and bikes under the “Atlas EV” brand. The state-owned enterprise plans to launch sales through its dealer network by August 2025. The MoU was signed on May 22 at BSEC Bhaban in Dhaka. The government holds 51% stake in ABL.READ FULL

US President Donald Trump stated Thursday that India has proposed a trade deal with “no tariffs” on US goods. The announcement comes as New Delhi attempts to negotiate an agreement during the 90-day pause on tariff hikes that Trump announced on April 9. India, which currently enjoys a $45.7 billion trade surplus with the US, is America’s largest trading partner with bilateral trade reaching $129 billion in 2024.READ FULL

China has reportedly ended its ban on domestic airlines accepting new Boeing aircraft, following a significant de-escalation in the US-China trade war. Both nations agreed to temporarily reduce tariffs—the US lowering duties from 145% to 30% and China from 125% to 10%—during a 90-day negotiation period. Boeing had previously confirmed Chinese carriers stopped accepting deliveries due to high tariffs and planned to deliver about 50 aircraft to China in 2025.READ FULL

Skoda Auto Volkswagen India has appointed Ashish Gupta as Brand Director of Skoda India effective May 1, 2025, replacing Petr Janeba who returns to the Czech Republic. Gupta, with over 20 years of automotive experience including 5 years leading Volkswagen India, will focus on accelerating Skoda’s growth strategy. Nitin Kohli from Audi India will take over as Volkswagen’s Brand Director. CEO Piyush Arora emphasized these appointments reflect the company’s commitment to developing local leadership talent.READ FULL

EIB has committed €350 million in framework loans for renewable energy projects in Bangladesh, with the EU adding €45 million in grants. The announcement came during the ADB’s 58th Annual Meeting, where Finance Adviser Salehuddin Ahmed met with EIB President Nadia Calvino. Active in Bangladesh since 2000, the EIB has invested €635 million across six projects. Ahmed emphasized the need for increased investment in human capital and infrastructure as Bangladesh navigates LDC graduation.READ FULL

Olympic Industries will acquire 503.5 decimals of land in Narayanganj for Tk 22.25 crore to support future expansion. The board approved purchasing five plots, including 404 decimals in Rupganj for Tk 18.18 crore, with the remaining plots near their Lolati factory. The company also reported a Q1 2025 net profit of Tk 42.98 crore, a 1% year-on-year increase, with EPS rising to Tk 2.15.READ FULL

The US has eliminated the “de minimis” tariff exemption on Chinese goods worth less than $800, implementing new duties of 120-145%. The move targets e-commerce platforms like Shein and Temu, potentially raising consumer prices. This represents the latest development in escalating US-China trade tensions, with both nations imposing retaliatory tariffs on imports.READ FULL

Vietnam and the US have initiated negotiations on trade issues following President Trump’s threat of 46% tariffs on Vietnamese goods. Washington accuses Vietnam of helping China bypass US tariffs. Vietnamese Trade Minister Nguyen Hong Dien spoke with US Trade Representative Jamieson Greer to discuss principles and negotiation roadmaps, while Vietnam has ordered stricter controls on goods origin.READ FULL

Bangladesh’s garment exports to the US increased 17.23% during July-March FY2024-25 despite recent Trump tariffs. Total RMG exports reached $30.25 billion, up 10.84% year-on-year. The EU remained the largest market (49.82% share), while the UK showed modest 4.14% growth. Non-traditional markets grew 6.66%, with Japan leading this segment. Knitwear exports rose 11.22%, while woven garments increased 10.40%.READ FULL

Tata Motors has achieved a record number of patents and design applications in FY25, highlighting its commitment to automotive innovation through sustainable solutions and new technologies. Chief Technology Officer Rajendra Petkar emphasized that these innovations aim to deliver customer value while navigating industry changes. The company remains focused on developing greener, safer vehicles while supporting national development through advanced mobility solutions that meet evolving consumer needs.READ FULL

ACI Motors has introduced Yamaha’s FZ 25 motorcycle in Bangladesh, featuring a 249cc engine. Inaugurated by Yamaha Motor India Group Chairman Itaru Otani, this high-performance bike offers dual-channel ABS, LED lighting, and adjustable suspension. Available in three colors via pre-booking, it marks Yamaha’s entry into Bangladesh’s higher-CC motorcycle market following recent regulatory changes permitting larger engines.READ FULL

India has withdrawn Bangladesh’s transhipment facility for export cargo to third countries via Indian land borders. The decision, effective immediately, cancels a 2020 arrangement that allowed cargo movement through Land Customs Stations to Indian ports or airports. This could significantly disrupt Bangladesh’s exports, particularly readymade garments shipped through Indian airports, while potentially benefiting India’s competing textile sector amid ongoing logistical challenges.READ FULL

China’s Vice Commerce Minister Ling Ji promised to protect US firms despite imposing 34% retaliatory tariffs against similar US levies. During a meeting with American company representatives including GE Healthcare and Tesla, Ling claimed the tariffs aim to bring the US “back onto the right track” of multilateral trade. China also implemented export controls on seven rare earth elements. The trade tensions triggered widespread selling in Asian markets, with tech giants like Alibaba and SoftBank experiencing significant losses.READ FULL

Japan’s Fair Trade Commission has designated Apple and Google as subjects of a new law regulating major IT companies in the smartphone app market. Taking full effect in December, the legislation will prevent these tech giants from blocking market entry by competitors or favoring their own services. Apple must allow other companies to operate app stores, while Google cannot prioritize its own services in search results. Both companies have expressed concerns about the regulation’s implementation.READ FULL

Nike faces potential setback as President Trump prepares to announce new tariffs Wednesday, with Vietnam a likely target. The sportswear giant produces 50% of its footwear and 28% of apparel in Vietnam, putting it at risk during an already challenging sales period. Average US tariffs on Vietnamese footwear currently stand at 13.6%. Other brands heavily reliant on Vietnam include Adidas, Lululemon, and On, which sources 90% of its shoes from the country.READ FULL

Starlink must route its commercial broadband through a local gateway in Bangladesh, following the country’s NGSO policy. Chief Adviser Muhammad Yunus has directed authorities to ensure Starlink’s launch within 90 days, aiming to expand internet access in remote areas and improve regulatory oversight.READ FULL

Major billionaires who attended Trump’s January inauguration have lost a combined $209 billion in wealth over the past seven weeks, according to Bloomberg. Despite stock market gains between the election and inauguration, the S&P 500 has fallen 6.4% since Trump took office. Elon Musk lost $148 billion as Tesla shares dropped, while Jeff Bezos, Sergey Brin, Mark Zuckerberg, and Bernard Arnault have also seen significant losses.READ FULL

The National Board of Revenue has eliminated advance tax on raw materials for cancer drug manufacturing, following a reduction in import tax from 5% to 2%. This government initiative aims to reduce production costs and make cancer treatments more affordable as prevalence rises in Bangladesh, where cancer accounts for 11.9% of annual deaths.READ FULL

Chinese President Xi Jinping met with prominent private sector leaders, including Alibaba co-founder Jack Ma, at Beijing’s Great Hall of the People. The meeting, which included tech titans like Huawei’s Ren Zhengfei and BYD’s Wang Chuanfu, comes as China grapples with economic challenges. Ma’s presence signals a potential rehabilitation after years of regulatory scrutiny following his 2020 clash with authorities.READ FULL

The government has implemented an immediate ban on e-cigarette imports by adding electronic nicotine delivery systems to the list of prohibited items under the Import Policy Order 2021-2024. This decision, announced through a commerce ministry gazette notification today, follows earlier restrictions imposed about a month ago. The move aims to safeguard public health and protect future generations from the harmful effects of e-cigarettes.READ FULL

KEPZ governing body, led by Professor Muhammad Yunus, fast-tracks land registration and eases bond licensing to boost foreign investment. The meeting decentralized authority, simplified procedures, and aims to create a more investor-friendly environment, potentially benefiting the 2,500-acre industrial park with 48 units and 34,000 employees.READ FULL

The US Commerce Department has finalized a $7.86 billion subsidy for Intel, reduced from the previously announced $8.5 billion after Intel secured a separate $3 billion Pentagon contract. The funding will support nearly $90 billion in manufacturing investments across Arizona, New Mexico, Ohio, and Oregon. Intel is expected to receive at least $1 billion by December 2024. This represents the largest award under the 2022 CHIPS Act’s $52.7 billion semiconductor initiative.READ FULL

Boeing announces first wave of layoffs, affecting 2,199 jobs in Washington state, with additional cuts in Oregon, Colorado, and South Carolina. The cuts are part of a larger plan to reduce global workforce by 10%. The aviation giant, which employs 170,000 people worldwide, will begin permanent layoffs from December 20, following recent production issues and a 50-day strike.READ FULL

Singapore-China joint venture Chic Wings (BD) Lingerie Co Ltd will invest $18 million to establish a garment factory in Bepza Economic Zone, Mirsharai. The factory will produce 30 million pieces of undergarments annually and create 3,000 jobs for Bangladeshis. A signing ceremony was held at Bepza Complex in Dhaka. The company joins 35 other firms who have agreed to invest in the zone, bringing total proposed investment to $868.5 million.READ FULL

Bank Asia PLC reported a significant loss of Tk 103.13 crore in Q3 2024, compared to a Tk 27.74 crore profit in the same period last year. The loss per share was Tk 0.89, down from earnings of Tk 0.18. The bank’s January-September profit also declined 42% year-on-year to Tk 205.55 crore. Despite these losses, net operating cash flow improved to Tk 32.91 from Tk 17.06, driven by increased deposits.READ FULL

Apple reported quarterly revenue of $94.9 billion, slightly exceeding analyst expectations. iPhone sales reached $46.2 billion, while services hit a record $25 billion. However, the company’s shares dropped 2% in after-hours trading, as the performance wasn’t as strong as other tech giants. The results were impacted by a $10.2 billion EU tax charge. CEO Tim Cook announced record September quarter revenue, with positive early iPhone 16 sales trends.READ FULL

China’s manufacturing output expanded in October for the first time since April, with the Purchasing Managers’ Index (PMI) reaching 50.1, up from September’s 49.8. This unexpected growth comes as Beijing battles sluggish consumption and property sector crisis. The government has implemented various measures to boost the economy, including rate cuts and looser home-buying restrictions. Officials remain confident about achieving their 5% annual growth target despite IMF’s 4.8% forecast.READ FULL

Unilever Consumer Care Ltd experienced a significant 48% decline in profit during Q3 2024, dropping to Tk 15.92 crore from Tk 31.16 crore in the same period last year. The company’s EPS fell to Tk 8.26 from Tk 16.17. The decline was attributed to reduced revenue, lower one-time benefits from liability reassessment, and new technology and trademark royalty charges from the parent company. Despite operational efficiency improvements, net operating cash flow per share decreased to Tk 7.52.READ FULL

Nestlé Bangladesh PLC has appointed its sales director, Syed Iqbal Mahmud Hossain, as a board member effective October 15. Hossain, who joined the board of the Swiss company’s wholly-owned subsidiary, has served in various roles including an assignment in India. Named Sales Director in 2011, he was recognized as “Sales Director of the Year” by Bangladesh Brand Forum in 2022 for his innovative leadership.READ FULL

Bangladesh Bank Governor Ahsan H Mansur has alleged that tycoons connected to former PM Sheikh Hasina’s administration, along with military intelligence, siphoned $17 billion from the banking sector. In an interview with Financial Times, he specifically named S Alam Group chairman Mohammed Saiful Alam, claiming his group alone channeled $10 billion through forced bank takeovers and fraudulent loans. S Alam Group has denied these allegations, calling them baseless.READ FULL

Swiggy has launched a new ‘Swiggy Seal’ badge feature to help customers identify restaurants that maintain high food hygiene and quality standards. According to CEO Rohit Kapoor, the initiative aims to build trust and encourage partner restaurants to improve their practices. The blue seal badge, visible on restaurant menu pages, is awarded based on 7 million verified customer reviews from the past six months and can be revoked if standards drop.READ FULL

Heidelberg Materials Bangladesh PLC reported a loss of Tk 79.10 lakh in the July-September quarter 2024, with a loss per share of Tk 0.14. The company cited reduced sales volume and lower net sales price per tonne for the decline. Despite the quarterly loss, it posted a profit of Tk 41.30 crore for January-September period. The company’s shares traded at Tk 259.8 on DSE.READ FULL

Import and export through Benapole-Petrapole land port are suspended from today until October 24 due to Indian Home Minister Amit Shah’s visit. Shah will inaugurate a modern passenger terminal at Petrapole on October 24. Security has been tightened at the border, with BSF and police forces on standby. While trade is halted, passenger movement remains normal. The suspension aims to strengthen security for Shah’s visit. C&F traders report that entry without an identity card is restricted in the area.READ FULL

Premier Cement Mills PLC reported a significant turnaround, posting a profit of Tk 74.23 crore for the fiscal year ending June 30, 2024, compared to a Tk 84.23 crore loss the previous year. The company’s earnings per share rose to Tk 7.04, and it recommended a 21.50% cash dividend, its highest in nine years. Premier Cement, operating since 2001, has expanded its production capacity to 5.16 million tonnes annually. The company’s shares surged 3.23% to Tk 64 at the Dhaka Stock Exchange.READ FULL