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
Rate last updated: 02/01/2014 11:15:04 AM
The total value of defaulted loans rose by almost one-fifth last year. Defaulted loans rose to Tk74,303 crore in 2017 from Tk62,172 crore in 2016– a year-on-year rise of Tk12,131 crore or 19.5%. As a proportion of the total outstanding loans, defaulted loans accounted for 9.31% in 2017 and 9.23% in 2016. According to the latest report of Bangladesh Bank, as of December last year, the commercial banks disbursed Tk798,195 crore as loans. Of the amount, default loans amounted to Tk74,303 crore or 9.31%, whereas default loans stood at Tk 80,307 crore or 10.67% in September that year. That means, default loans dropped by 6,000 crore in three months. Analysts say the loan ratio came down to single digit due to efforts to realize default loans and rescheduling of loans at the eleventh hour. Banks publish audit reports at the end of December. To show a good position in the reports, banks take up numerous strategies including rescheduling of default loans. They also strengthen their efforts to realize loans as well.
Source: http://www.dhakatribune.com/business/banks/2018/03/18/default-loan-rises-tk12000-crore/
Some banks are failing to keep requisite provisions against both classified and unclassified loans as the volumes of such problem credits kept ballooning, sources said. The findings came as the overall shortfall in provisions against classified and unclassified loans in the country’s banking system jumped by nearly 24 per cent or Tk 12.97 billion in the last calendar year. Officials said some banks ran short on the provisions following higher classified loans along with conditional rescheduling of outstanding credits. Nine banks out of 57 failed to keep requisite provisions against loans, particularly classified ones, during the period under review, according to the officials. Of them, three are state-owned commercial banks (SoCBs), five private commercial banks (PCBs) and the rest is development-finance institution (DFI).
Source:
http://today.thefinancialexpress.com.bd/first-page/some-banks-failing-in-provisioning-against-ballooning-bad-loans-1521396590
https://businessnews-bd.net/bangladeshs-banks-provisioning-shortfall-jumps-24-2017/
The Bangladesh Merchant Bankers Association has requested the Bangladesh Securities and Exchange Commission to ease some of the provisions of the drafted rules of risk-based adequacy rules by cutting the total capital requirements for merchant banks. The BSEC on February 15 drafted the risk-based capital adequacy rules, 2018 to reduce the investors’ risk. The association on March 7 requested the commission to set the minimum liquid balance for merchant banks at Tk 1 crore instead of Tk 5 crore while regulatory capital at Tk 25 crore instead of Tk 35 crore for putting positive impact on the capital market in the long-run. The regulatory capital for the full-fledged stockbrokers has been set at Tk 15 crore and the minimum liquid balance at Tk 4 crore in the draft rules. The BMBA urged to set the capital reserve at 2 per cent instead of 10 per cent that would facilitate the company to distribute profit to the shareholders of the merchant banks. Regarding the implementation of the law within two years of approval, the BMBA suggested more time saying that it was a new concept for the country’s capital market and that it also required various logistic facilities like software development and skilled manpower. The merchant banks requested half-yearly reporting system instead of monthly/quarterly reporting. In case of any shortfall in the CAR, the market intermediaries requested flexible provision regarding reasonable time to maintain required CAR as there may be unexpected shortfall in the CAR for any adverse market movement.
Source: http://www.newagebd.net/article/37062/m-bankers-seek-relaxed-risk-based-adequacy-rules
Mian Quamrul Hasan Chowdhury has joined as new Deputy Managing Director (DMD) of Shahjalal Islami Bank Limited (SJIBL). Prior to joining the bank, he served Bank Asia Limited also as DMD, looking after People Management Division, Marketing & Communication, Research & Strategy and Training Academy. A veteran in the banking industry, Mr. Chowdhury has multi-functional experience in Human Resource Management, Credit Risk Management and Internal Control & Compliance.
Source: http://today.thefinancialexpress.com.bd/stock-corporate/quamrul-hasan-new-dmd-of-sjibl-1521389006
Finance Minister AMA Muhith today said the government will provide tax cards to all taxpayers for encouraging them to pay taxes properly. “If anyone pays only one Taka income tax, he or she will also be eligible to get the tax card,” he said while speaking at a pre-budget meeting with chairmen of different parliamentary standing committees at National Economic Council (NEC) auditorium at Planning Ministry in the city. In the meeting, the chairmen of parliamentary standing committees placed a number of suggestions for consideration before finalizing the upcoming national budget for 2018-19 financial year (FY19) which includes widening the tax and Value Added Tax (VAT) net, developing the quality of education and introducing upazila level top tax payer award.
Source: http://www.theindependentbd.com/post/142010
Bangladesh should pay serious attention to properly exploring available blessings from the hitherto untapped blue economy, which could give enough impetus to the country’s journey towards becoming a developed nation, businesses and expert said on Sunday. They, at the same time, called upon the country’s private sector to concentrate more on exploration of the ocean-based resources in the way they have contributed to Bangladesh’s recent graduation from the LDC (least developing country) status. They also recommended introducing a sustainable authority on Blue Economy to deal with the massive development activities connected with it in a planned way, as the economy can generate businesses worth $40 billion in the coming days. These suggestions were made at a luncheon meeting of Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI).
The government is looking to gradually privatise the power-distribution and-transmission system, said Nasrul Hamid Sunday, as a study suggested huge investment in, and overhaul of, the sector. “This will be a very crucial thing,” he said, “because the whole sector is controlled by the public sector and taking the whole thing out to private sector is a challenge.” The minister stressed the need for a proper policy guideline and also carrying out a study to gauge the possible impacts of privatizing the transmission system. He also observed that setting up independent operators for power transmission is critical to increasing transmission accessibility and ensuring better frequency control. The State Minster for Power, Energy and Mineral Resources spoke of the government plan at a meet styled ‘Bangladesh Power Conclave’ organized jointly by PwC Bangladesh and PwC India in collaboration with Bangladesh Independent Power Producers Association. Findings of the report, titled ‘Transforming the power sector in Bangladesh’, presented by the PricewaterhouseCoopers (PwC), were released at the power-sector conclave. The report forewarned that Bangladesh may face huge challenge in funding the heavy investment it would require in the power sector by 2041 due to the current lack of project finance, inadequate domestic funding and alternative financing. “In Bangladesh, power projects have been predominantly financed by a consortium of local banks, non-banking financial institutions, international financial institutions, export-credit agencies,” said the report.
Source:
http://today.thefinancialexpress.com.bd/first-page/intl-investment-seen-key-to-developing-power-sector-1521396822
http://www.thedailystar.net/business/new-sources-funds-needed-power-projects-study-1550140
The plastic industry has been growing at about 20 percent a year on the back of spiralling demand from domestic and export markets. In fiscal 2017-18, the domestic market size of plastic products hit Tk 25,000 crore, according to the Bangladesh Plastic Goods Manufacturers and Export Association (BPGMEA). Plastic exports rose 31 percent year-on-year to $117 million last fiscal year, according to data from the Export Promotion Bureau. “Bangladesh has huge potential to grow further,” said Kamruzzaman Kamal, director for marketing at Pran-RFL Group, which is the market leader in the organised plastic sector. The average plastic consumption in Bangladesh is about 2 kg per person. In contrast, in India it is 6 kg and 40 kg in Gulf countries and 10 kg in Southeast Asia, he said. Bangladesh currently manufactures 142 plastic items and the number is increasing by the day. The country mainly exports intermediate products like film plastic, household items and garment accessories to the US, Canada, the Europe, China, India and Nepal. Bangladesh has only 0.6 percent share of the $546 billion global plastic market. Bangladesh produces several types of extrusion material, molding, thermosetting conversion like manufacturing of PVC pipe, shopping bag, injection molding products, garment bag, woven bags, PET/PE bottle, laminated packages, making of profile, rigid sheet, garments accessories, household products, cosmetics, medicine packs etc. The BPGMEA has set a target to occupy 3 percent of the global market by 2030 and the government is providing 10 percent cash incentive to the exporters.
Source: http://www.thedailystar.net/business/plastic-industry-shows-promise-demand-rises-1550146
Most listed pharmaceuticals companies saw their profits swell in 2017, thanks to higher expense on healthcare. Of the 15 listed pure-play pharmaceutical companies, 11 announced an increase in profits. Beacon Pharmaceuticals saw its profits soar 79.31 percent year-on-year to Tk 12 crore in 2017, according to Prime Finance Asset Management. Pharma Aids and Libra Infusions were in second and third positions respectively in terms of profit growth. Square, Beximco, and Ibn Sina also logged in double-digit profit growth last year. “Net income of our people is increasing, so they expend more on healthcare now,” said Shawkat Haider, head of business development of Beximco.
Source: http://www.thedailystar.net/business/drug-makers-profits-soar-1550143
What was true a few decades ago when most farmers still used ancient cultivation methods, engaging cattle for farming, has changed due to revolutionary mechanization in the sector, along with many technological developments throughout agricultural methods in the country.
ACI Motors is set to sign a manufacturing agreement with Yamaha Motors Company, Japan as its parent company ACI Limited approved the proposed deal at a meeting of its board of directors recently. Under the agreement, Yamaha brand motorcycle will be produced in Bangladesh through a fully CKD (Complete Knock Down) assembling plant, according to an official disclosure posted on the Dhaka bourse website Sunday. The estimated production capacity of the plant will be 50,000 units per annum and the revenue of which is projected to be Tk 5,000 million per year. ACI Limited has 67.50 per cent stake in the ACI Motors.
Source:
http://today.thefinancialexpress.com.bd/stock-corporate/aci-ltd-clears-its-subsidiary-to-go-for-making-japanese-brand-bike-1521388957
http://www.thedailystar.net/business/aci-assemble-yamaha-bikes-1550134
Some 49 per cent of country’s total population are now under the network of internet on the back of the growing use of digital platforms in the country. The disclosure came in a new Global Digital Report prepared by ‘We Are Social and Hootsuite’, a social media management platform. The number of internet users in Bangladesh jumped 29.0 per cent within a year, according to the report. It showed that the total number of internet users stood at 81.66 million by the end of 2017. More than 90 per cent of the Bangladeshi internet users are using internet through mobile phone devices. The report mentioned that the number of internet users through the mobile phone devices stood at 76.22 million.
Source: http://today.thefinancialexpress.com.bd/last-page/internet-users-jump-by-290pc-1521393851
One British and another Indian insurance company hold 98.5 per cent stake in the US$100 million insurance coverage for the US-Bangla Airlines plane that crashed in Nepal, sources said as stories of the tragedy kept unfolding. In Bangladesh, Sena Kalyan Insurance Company Ltd and Sadharan Bima Corporation are acting as primary insurers for the 78-seater Bombardier Dash 8 Q400 airplane that crashed at Nepal’s Tribhuvan airport last Monday, leaving 49 people dead. The airlines made a $100 million insurance deal with Sena Kalyan Insurance Company, a subsidiary of the Sena Kalyan Sangstha, during the purchase of this aircraft. Later, Sena Kalyan handed over 50 per cent of the insurance share to Sadharan Bima Corporation as per the rules. Out of the 50 per cent, Sena Kalyan holds only 0.1 per cent and the rest were handed over to two foreign companies. Of those, Halifax, a subsidiary of the global insurance giant Lloyds, holds 80 per cent and an Indian insurance company named General Insurance Corporation of India (GIC) holds 20 per cent, sources in the airlines and insurance industry told the FE yesterday (Sunday).
Commerce minister on Sunday said that despite graduation from least developed country to developing one, Bangladesh would get generalized system of preferences in the European Union till 2027 and later on the country would be eligible for getting GSP plus. Bangladesh would face the post-graduation challenges related to the trade and business successfully as the country achieved the position through facing various challenges, he said.
Source:
http://www.newagebd.net/article/37063/bangladesh-will-get-gsp-facility-till-2027-tofail
http://today.thefinancialexpress.com.bd/last-page/bd-ready-to-face-post-ldc-challenges-says-tofail-1521393906
Growing inequality, unemployment and lack of good governance are major challenges for the country in addition to costly borrowing and less trade facilities during its graduation period to become a developing nation in the next six years, experts said. They made the observations in reactions to March 16 UN announcement that Bangladesh met graduation criteria to be a developing nation after staying as a least developed nation since 1975.
Source: http://www.newagebd.net/article/37075/inequality-poor-governance-major-challenges
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