Modern Syntex coming to feed into major demand for synthetic yarns Modern Syntex has stepped up with a big investment in manufacturing polyester and synthetic yarns to fit the bill for global consumers switching from cotton to manmade fabrics. The factory, being developed on 20 acres of land in Bangabandhu

Cards with magnetic strips to be phased out by Dec The central bank yesterday instructed banks not to issue any credit or debit card with magnetic strips from next year, with a view to safeguarding customers against fraud. Several lenders did not replace their branded magnetic strip cards with ones

Inflation crawls down Inflation came down 9 basis points to 6.39 percent in June on the back of a decline in food prices, according to Bangladesh Bureau of Statistics. In the international market, the prices of various consumer items, including sugar, edible oil and lentil, witnessed a decline. Alongside, the

Plan to borrow from forex reserves Export earnings from service sector dropped more than 6.0% to USD 488.0 million in the first two months of the current fiscal year, according to the Export Promotion Bureau data released yesterday. The earnings amounted to USD 531.48 million in the same period last

Banks continue to cut interest rates on dull business The scheduled banks cut rates of interest on lending further in January as the businesspeople continued to show reluctance in receiving loans from the banking sector due to sluggish business amid political uncertainty, said officials of Bangladesh Bank. According to the