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TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

£

TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

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Rate last updated: 02/01/2014 11:15:04 AM

Important Business News Extracts -August 08, 2017

Grameen Bank electoral rules may see changes

The government may amend the electoral rules of microcredit lender Grameen Bank so that it can pick nine directors from the borrowers by itself — like it has done since its inception. Now the finance ministry will take opinions of the attorney general on how to amend the Grameen Bank (Election of Directors) Rules 2014, said a senior official of the finance ministry yesterday. The in-principle decision to make changes to the electoral rules came at a high-level meeting at Finance Minister AMA Muhith’s official residence in Dhaka on Sunday night.Fazle Kabir, governor of the central bank; Md Eunusur Rahman, senior secretary of the banking division; Suraiya Begum, senior secretary of the Prime Minister’s Office and a director of Grameen Bank; K Mozammel Haque, chairman of Grameen Bank; and Ratan Kumar Nag, acting managing director of Grameen Bank, were present at the meeting, among others. The meeting came following a letter from the Grameen Bank chairman on July 16. Haque is seeking approval to change some of the electoral provisions so that the bank can appoint one of its officials to oversee the election of directors from borrowers.“Grameen Bank should be allowed to run in the way it was allowed to run in the past,” Haque told The Daily Star earlier referring to the letter.

Source: http://www.thedailystar.net/business/banking/grameen-bank-electoral-rules-may-see-changes-1445242

New AMD for UCB

Ahsan Afzal has recently joined United Commercial Bank as additional managing director, the bank yesterday said in a press release.Afzal started his banking career with ANZ Grindlays Bank as management trainee in 1995.He joined AB Bank as deputy managing director in 2011.Afzal was the first chairman of Visa Executive Committee, an industry forum of all Visa member banks in Bangladesh.He completed his post-graduation in management from Dhaka University, according to the statement.

Source: http://www.thedailystar.net/business/banking/new-amd-ucb-1445191

World Bank pushes for $500m costly credit

The World Bank has offered Bangladesh US$500 million worth of costly credits from its ‘Scale-up Facility Fund’, alongside its concessional loans, though project- executing agencies demur, sources said.Government officials said the Washington-based lender in the last Financial Year (FY) 2016-17 introduced the scale-up facility fund (SUF) for an investment-promotion and- financing-facility project in Bangladesh.After reservations from the project-executing agency-Bangladesh Bank-the WB provided $100 million from the SUF instead of preliminarily offered $300 million, a senior Ministry of Finance (MoF) official said.The Bangladesh Bank (BB) expressed its reservations over the borrowing of the costly funds from the WB’s newly introduced SUF for its ‘Investment Promotion and Financing Facility Project-II (IPFF-II)’ in fear of mismatch on the domestic financial market.

Source: http://print.thefinancialexpress-bd.com/2017/08/08/180012

Banking sector grabs 40.50pc of mkt turnover

Investors’ concentration mostly on banking sector Monday helped the premier bourse close higher with a hefty turnover. On the day, losers took control over gainers but at the end of the session the Dhaka Stock Exchange (DSE) witnessed moderate rise as large cap companies including banks went green. Banking sector solely grabbed 40.50 per cent of the market turnover. Turnover and broad index witnessed moderate rise extending the gaining streak for second session in a row. The market started the session positively and the DSE broad index DSEX displayed a sharp rise for twenty minutes.

Source: http://print.thefinancialexpress-bd.com/2017/08/08/179954

MTB Unit Fund approves 13pc cash dividend

The MTB Unit Fund on Monday declared a 13 per cent cash dividend per unit for the Unit Holders of the fund for FY 2016-2017.The cash dividend was declared at the trustee committee meeting held at the Alliance Capital Asset Management Ltd (ACAML), said a statement.The ACAML is the Asset Manager of the MTB Unit Fund where Bangladesh General Insurance Company (BGIC) is the Trustee, Mutual Trust Bank is the sponsor and BRAC Bank is the custodian of the Fund.

Source: http://print.thefinancialexpress-bd.com/2017/08/08/179956

Southeast Bank donates lift for Dhaka University

Southeast Bank Limited provided financial support for installation of a new lift at the Eastern Wing MBA Building for the Faculty Members of Faculty of Business Studies, University of Dhaka as part of Bank’s corporate social responsibility activities. The formal inauguration ceremony was held on Monday at MBA Extension Building, Faculty of Business Studies, University of Dhaka. In the inaugural ceremony, Sheikh Kabir Hossain, Chairman of Association Non-Government Universities of Bangladesh and President of Bangladesh Insurance Association; M. Kamal Hossain, Managing Director, Southeast Bank Limited; Prof. Dr. Md. Kamal Uddin, Treasurer of the University of Dhaka; Prof. Shibli Rubayat-Ul-Islam, Dean, Faculty of Business Studies, University of Dhaka were also present. Among others, a good number of teachers and students of the University of Dhaka and high officials of the Bank were also present in the inaugural ceremony.

Source: http://print.thefinancialexpress-bd.com/2017/08/08/179959

The 16th Annual General Meeting of Jamuna Bank Limited

The 16th Annual General Meeting of Jamuna Bank Limited was held Monday at Eskaton Garden Road in the city.The shareholders unanimously approved 20.50 per cent cash dividend for the year ended December 31, 2016. The meeting was presided over by Md. Ismail Hossain Siraji, Chairman of the Board of Directors. Al-Haj Nur Mohammed, Chairman, Jamuna Bank Foundation, directors of the Bank and Managing Director & CEO Shafiqul Alam were present.

Source: http://print.thefinancialexpress-bd.com/2017/08/08/179965

Meghna Bank Limited card division moved to new premises

Meghna Bank Limited card division moved to new premises on Sunday at Gulshan Avenue in Dhaka. Chairman of the bank H. N. Ashequr Rahman attended the programme as the chief guest. Managing director and CEO Mohammed Nurul Amin presided over the function.

Source: http://print.thefinancialexpress-bd.com/2017/08/08/179973

Two DMD’s denied promotion for alleged involvement in loan scam

The names of two deputy managing directors have been dropped from the list of newly-promoted managing directors at state-owned banks for their alleged involvement with loan scams in Bangladesh.Agrani Bank DMD Mizanur Rahman Khan and Janata Bank DMD Abdus Salam Azad’s names were dropped in a meeting held at secretariat on Sunday.Nine other deputy managing directors were approved for the posts of managing directors in the meeting.They are Janata Bank Deputy Managing Director (DMD) Helaluddin, Agrani Bank’s DMD Ismail Hossain, Md Rafiqul Alam, Md Mashiur Ali, Ali Hossain Pradhania, Sonali Bank’s DMD Amin Uddin Ahmed, Tariqul Islam Chowdhury, Agriculture Bank’s DMD Mahtab Jabeen and Rural Savings Bank DMD Md MueenUddin.Bangladesh Bank Governor Fazle Kabir , Senior Secretary of Finance Division Hedayetullah Al Mamun and Senior Secretary of Financial Institutions Division Eunusur Rahman also attended the meeting presided over by Finance Minister AMA Muhith.

Source: http://www.dhakatribune.com/business/banks/2017/08/07/two-dmds-denied-promotion-alleged-involvement-loan-scam/

Only 20pc of Pangaon port’s capacity utilized

Only around 20 percent of the Pangaon port’s capacity could be utilised since it became operational some four years ago due to several reasons, including high shipping charges and traffic jam.The problems came to light ata meeting at the port, situated on the Buriganga river in Dhaka’s Keraniganj upazila, yesterday in presence of Finance Minister AMA Muhith and Shipping Minister Shajahan Khan.The meeting was organised with stakeholders, including importers and exporters, on how to best use facilities at Pangaon Inland Container Terminal.Businesspersons said the port would lose appeal if the problems persist. Shipping Secretary Ashok Madhav announced that a committee would be formed to sit once a month and try to solve problems that arise.The committee will be led by a shipping ministry joint secretary and comprise representatives of government organisations concerned and stakeholders, he said. Prime Minister Sheikh Hasina inaugurated the terminal, costing over Tk 250 crore, in November 2013 to reduce the load on the Chittagong port and for easy transportation of export and import goods along river routes.The terminal has the capacity to annually handle 116,000 containers.

Source: http://www.thedailystar.net/business/only-20pc-pangaon-ports-capacity-utilised-1445218

Easy rules a must to boost wheat import from Canada: study

Bangladesh’s businessmen have to pay extra to bring wheat from Canada as they need to get confirmation from a foreign bank to open letters of credit (LCs) at first to import the grain, according to a study.LC confirmation from any bank should be good enough to make the transaction, suggested the study released last week.The study report also suggested the Canadian exporters go for enough mandatory drying of wheat before loading it into the vessels as sometimes the imported Canadian grain dampens after arrival in Bangladesh.The wheatmighthave dampened because of containing higher moisture in it, said the study conducted by the Canada Bangladesh Chamber of Commerce and Industry (CanCham).

Source: http://www.thedailystar.net/business/easy-rules-must-boost-wheat-import-canada-study-1445209

World Commodities

Commodity Close Value Value Change Percentage Change
Crude Oil (WTI)* $49.23 ↓0.16 ↓0.32%
Crude Oil (Brent)* $ 52.17 ↓0.20 ↓0.38%
Gold Spot* $ 1,260.27 ↑2.42 ↑0.19%

Major Currencies Exchange Rates Movement in Last Seven Days

Exchange Rates
USD 1 BDT 80.70*
GBP 1 BDT 105.31*
EUR 1 BDT 95.33*
INR 1 BDT 1.27*

*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.