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 flow of foreign direct investment (FDI) into the country recorded substantial rise in 2018 with China becoming the top contributor. The development came in contrast to the decline in global inflow of FDI last year, according a report of the UNCTAD. Net inflow of FDI into the country, according to the Bangladesh Bank data, was $2.26 billion during the January-September period of 2018. The figure represented a 51.62 per cent increase in FDI inflow over that of corresponding period of 2017. A total of $1.49 billion FDI flowed into the country during the first nine months of 2017. In fact, the nine-month FDI in 2018 surpassed total FDI worth $2.15 billion in 2017. China became the top source of FDI in Bangladesh as net inflow of FDI from the second largest economy of the world reached $812.15 billion in the first nine months of 2018 due to big Chinese investment in the power sector. Investment Trend Monitor, released by the United Nations Conference on Trade and Development (UNCTAD) on Monday, estimated that global FDI inflow declined 17 per cent to $1.19 trillion in 2018 from $1.47 trillion in 2017. Though the figure of 2018 is based on a preliminary estimation, it is likely to stay close to it at the final count which will be released in the middle of the year.
Pearl Paper and Board Mills, a unit of BGD-Magura Group, has planned to raise Tk 400 million from the capital market using the fixed price method. The company has decided to float 40 million ordinary shares at an offer price of Tk 10 each for raising the said amount for business expansion. The Pearl Paper has recently signed an agreement with the issue managers – MTB Capital and Riverstone Capital in Dhaka. Chairman of BDG-Magura Group, chief executive officer (CEO) of MTB Capital and CEO of Riverstone Capital were present among others at the signing ceremony. The initial public offering (IPO) proceeds will be used for purchasing machinery, repay partial bank loans and bearing the IPO expenses, according to the issue manager. Pearl Paper and Board Mills is a unit of BDG-Magura Group, established its factory at Sreerampur at Dhamrai in Dhaka with unique infrastructural facilities. The company has been manufacturing writing and printing paper, offset paper, cartridge paper and ledger paper. The Pearl Paper has made strategic move and emerged as one of the leading manufacturers of paper because of high quality the products have huge demand in the market.
Shares on the Dhaka Stock Exchange (DSE) gained 475 points, or 8.80 percent, in the last 15 trading days led by rise in finance securities as investors flock to them due to low prices ahead of their full-year earnings reports. According to IDLC Securities, non-life insurance stocks rose 27.7 percent, the highest among all the sectors. The non-bank financial institutions and banking sectors were up 17.5 and 11.4 percent respectively during the period. The price-earnings (PE) ratio of the sector is very low, so people are looking at them as safe investment option. On January 3, the PE ratio of the banking sector was 9.48 whereas the market PE ratio was 15.68. On the same day, the PE ratio of the financial institutions and the insurance sectors was 14.78 and 12.42 respectively, according to DSE data. According to the central bank data, the amount of default loans rose 11.23 percent to Tk 99,370 crore at the end of the third quarter in 2018, compared to the previous quarter. The amount is up 24 percent from a year earlier. The toxic loans now account for 11.45 percent of the banking sector’s total loans, up from 10.41 percent in June.
Source: https://www.thedailystar.net/business/news/finance-stocks-thrive-low-prices-1691089
The central bank has strengthened monitoring and supervision as the first half (H1) of this fiscal year (FY) has witnessed a fall in the disbursement of agriculture loans by nearly 5.0 per cent. As per its latest move, the Bangladesh Bank (BB) is set to meet with senior officials of 30 local and foreign private banks today (Tuesday) to know about their ‘action plan’ for the second half (H2) of FY 2018-19. As per the officials the banks, whose farm loan disbursement performances were not up to the mark, have been asked to provide their updated information on overall agriculture credit activities at the special meeting. The agriculture loan disbursement came down to Tk 102.31 billion in the July-December period of FY ’19 from Tk 107.56 billion in the same period of the previous fiscal, according to the central bank’s latest statistics. Of the total amount, Tk 50.74 billion was disbursed by eight public banks and the remaining Tk 51.57 billion by the private commercial banks (PCBs) and foreign commercial banks (FCBs).
As per the National Board of Revenue, Banks will have to deduct 0.25 percent source tax on exports of apparel and other items, except for jute goods, with effect from the first day of January, The tax collector made the disclosure in a clarification issued to Bangladesh Bank and managing directors of banks on January 17. Earlier this month, the NBR slashed source or withholding tax on export proceeds, except for jute goods, to 0.25 percent from 0.60 percent. The notification created confusion among bankers as the date when this would come into effect was not mentioned. For fiscal 2018-19, the NBR imposed 1 percent source tax on export of garments and other export items other than jute goods. It reduced the rate to 0.60 percent in September 2018 in the face of demand from garment exporters.
Source: https://www.thedailystar.net/business/export/news/export-source-tax-cut-effective-jan-1-nbr-1691050
Mashrur Arefin has been appointed as the managing director and CEO of The City Bank limited recently, the bank said in a statement following the approval from the central bank. Mashrur was working in the same bank as an additional managing director for the last 3 years prior to his new assignment. Mashrur started his career as a management trainee in ANZ Grindlays Bank in 1995 and worked also in its headquarters in Australia. Mashrur joined City Bank in 2007 as head of retail banking. He also served the bank as its chief communications officer and chief operating officer, among other roles
Source: http://www.newagebd.net/article/62493/mashrur-becomes-city-bank-md
Chittagong Customs House will introduce Pre-Arrival Processing System (PAPS) to expedite the flow of trade as well as check smuggling of contraband goods into the country through the Chittagong Port. The PAPS will come into effect on July 1, 2019. And the present system in which the Import General Manifest (IGM) and Bill of Entry (BE) are to be submitted will cease to exist from the day one of the upcoming financial year (2019-20). By 2020, they want to take the customs department to such a level that everybody will be compelled to say Bangladesh is a place in which doing business is good and easy. They like to promote trade facilitation further. They have already taken up a project involving Tk 24 billion (Tk 2400 crore) for the implementation of customs modernisation scheme. Under the project, we are going to install fixed scanner machines at all 12 gates of the Chittagong Port by June 2020.
Adani Wilmar, a joint venture of India and Singapore, will set up an agro-based industry on 100 acres of land in Bangabandhu Sheikh Mujib Industrial City in Chittagong region. To this effect, the business conglomerates on Monday signed a land lease agreement with the Bangladesh Economic Zones Authority (BEZA). Adani Wilmar will invest US$400 million in the project which will create employment for 3,500 people. The joint venture is operating agro-based manufacturing industries in Bangladesh under the name of Bangladesh Edible Oil Ltd. BEZA established a land bank from which investors can avail lands as per their requirements to establish EZs. State-owned EZs with support of government agencies concerned are offering utility services such as water, gas and electricity to the investors within a short time to ensure an investor-friendly atmosphere. Mirsarai Economic Zone is a part of Bangabandhu Sheikh Mujib Industrial City spreading on 30,000 acres of land in Chattogram’s Mrisarai and Sitakundu and Feni’s Sonagazi upazila.
Meghna Group of Industries partnering with Agora has launched “Fresh-Agora New Year Carnival 2019” at all outlets of Agora across the country. The customers will enjoy special discounts and different attractive offers on Fresh and Number One branded consumer products under this campaign. The campaign will be continued until February 10, 2019.
Local handset plants churned out 23 lakh units in 2018, with the government’s policy that compelled importers to set up plants in the country looking to bear fruit. This development needs to be highlighted for Bangladesh. So far five plants have started rolling, while a good number of local and international brands are in the process of setting up new factories, thanks to the duty structure designed to discourage imports. Currently, there is 32 percent tax on handset import. The tax comes down to 18 percent for local assembling, while for manufacturing it is about 13 percent. They have targeted to become a digital product producing country from an importing one and I think the start of our journey has been very encouraging. Local brand Walton, which was the first to set up a plant in October 2017, sold about 11 lakh units last year.
Source: https://www.thedailystar.net/business/news/mobile-phone-assembly-picks-momentum-1691104
| Index Name | Close Value | Value Change | Percentage Change |
|---|---|---|---|
| DSEX | 5,859.30443 | ↓27.97281 | ↓ 0.48% |
| DJIA | 24,706.35 | ↑ 336.25 | ↑ 1.38% |
| FTSE100 | 6,970.59 | ↑2.26 | ↑0.03% |
| Nikkei 225 | 24,706.66 | ↓12.67 | ↓0.06% |
| Commodity | Close Value | Value Change | Percentage Change |
|---|---|---|---|
| Crude Oil (WTI) | $ 53.39 | ↓0.41 | ↓ 0.76% |
| Crude Oil (Brent) | $ 62.29 | ↓0.45 | ↓0.72% |
| Gold Spot | $1,278.23 | ↓2.24 | ↓ 0.17% |
| Exchange Rates | |
|---|---|
| USD 1 | BDT 83.9250 |
| GBP 1 | BDT 108.1541 |
| EUR 1 | BDT 95.4059 |
| INR 1 | BDT 1.1786 |
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