BD, WB Group to collaborate in Business Reforms

Bangladesh and the World Bank Group have agreed to extend collaboration in a number of areas, including on doing business reforms, development of investment policies, enhancement of promotional activities and skills development to face the 4th industrial revolution. Both the sides also agreed to develop institutional capacity of Bangladesh Investment Development Authority [BIDA], introduction of risk-based management and implementation of one-stop service. The decisions came during the visit of Prime Minister’s Private Industry and Investment Adviser Salman F Rahman to Washington from November 12 to 16. During the meetings, he explained in details different aspects of the progress made so far by Bangladesh under the dynamic leadership of Prime Minister Sheikh Hasina. He also urged the WB to support Bangladesh in this journey.

Source: https://today.thefinancialexpress.com.bd/trade-market/bd-wb-group-to-collaborate-in-doing-business-reforms-1573916527

Tax Fair logs Tk 1,064cr in first three days

The National Board of Revenue [NBR] logged Tk 1,064 crore in collections in the first three days of its weeklong tax fair as an increasing number of taxpayers turned up to complete tax related formalities. The amount was around 5 percent higher than the Tk 1,014 crore of the same period a year ago, according to an NBR statement. Similarly, income tax return submissions surged 20 percent to 2.21 lakh. Attendee figures were also higher this year. The fair is in its 10th edition in providing assistance to individual taxpayers for completing tax-related formalities and creating a tax culture in the country where evasion and avoidance are said to be very high. Apart from all the divisional cities, 56 district towns and 56 upazilas are witnessing the fair. In Dhaka and Chattogram, the event is ongoing at Officer’s Club and at GEC Convention Centre respectively from 9:00am to 5:00pm. .

Source: https://www.thedailystar.net/business/news/tax-fair-logs-tk-1064cr-first-three-days-1828105

Alibaba confirms huge Hong Kong Public Listing

Chinese technology giant Alibaba on Friday confirmed plans to list in Hong Kong in what it called a $13 billion vote of confidence in the turbulent city’s markets and a step forward in its plans to go global. The enormous IPO, which Hong Kong had lobbied for, will come as a boost for authorities wrestling with pro-democracy protests that have tarnished the financial hub’s image for order and security and hammered its stock market. Alibaba will offer 500 million shares at a maximum of HK$188 apiece to retail investors, the company said. The number eight is considered auspicious in China. Over-allocation options could take the total value to more than $13 billion, making it one of the biggest IPOs in Hong Kong for a decade after insurance giant AIA raised $20.5 billion in 2010. The listing comes after the city’s exchange tweaked the rules to allow double listings, while Chief Executive Carrie Lam had also been pushing Alibaba’s billionaire founder Jack Ma to sell shares in the city. Hong Kong’s key Hang Seng Index rose 0.48 percent in morning trading following the announcement Chinese shoppers set new records for spending on Monday’s annual 24-hour “Singles’ Day” buying spree, despite an economic slowdown in the country and the worries over the US trade war.

Source: https://www.thedailystar.net/business/news/alibaba-confirms-huge-hong-kong-public-listing-worth-least-13b-1828048