Q1 exports up by 2.58pc, cross target by 2.45pc

The country’s merchandise shipments during the first quarter (Q1) of current fiscal year (FY), 2020-21, grew by 2.58 per cent to US$ 9.89 billion over that of the same period of last fiscal. The July-September export earnings also surpassed the target set for the period by 2.45 per cent, according to provisional data of the Export Promotion Bureau (EPB). Bangladesh fetched $9.64 billion in July-September period of FY 2019-20. The single month income in September 2020 grew by 3.53 per cent to $3.01 billion, which was $2.91 billion in September 2019. The September 20 earnings also surpassed the target by 5.92 per cent, the provisional data showed.The July earnings grew by 0.59 per cent year-on-year to $3.91 billion after a continuous fall in shipments in the previous months of the current calendar year amid the coronavirus outbreak. The August 2020 earnings grew by 4.32 per cent to $2.96 billion.The country earned $4.46 billion from knitwear exports in Q1 of FY 21, registering a growth of 7.04 per cent. Knitwear exports fetched $4.17 billion in July-September of last fiscal. Earnings from export of woven garments, however, declined by 5.78 per cent to $3.66 billion during the first three months of this fiscal, from $3.88 billion in the correspondent period of last fiscal, according to data. Knitwear export earnings surpassed the target set for the months by 13.44 per cent, but woven export missed the target by 9.01 per cent. Besides, earnings from home textile exports grew by 40.74 per cent to $252.35 million. The achievement exceeded the target by 11.75 per cent.

Source: https://today.thefinancialexpress.com.bd/first-page/q1-exports-up-by-258pc-cross-target-by-245pc-1601834698

Tax receipts from DSE jump 63pc in Jul-Sept

The government revenue earnings from the Dhaka bourse jumped 63 per cent in the first quarter (Q1) of the current fiscal year (FY) compared to the same quarter last fiscal as trading volume on the rise. Market operators attributed the rise to the revenue from the Dhaka Stock Exchange (DSE) as buoyant investors took part in the trading with fresh enthusiasm.The government bagged revenue worth about Tk 709 million in July-September quarter of the FY 2020-21, which was Tk 435 million in the same quarter of the previous fiscal year. The daily average turnover on the DSE soared to Tk 10.12 billion in September, which was only Tk 9.80 billion in August, 2020, the DSE data shows. DSEX, the prime index of the DSE, surged a cumulative 974 points or 24 per cent in July-September, 2020 quarter while the DSE market-cap recovered Tk 877 billion during the period under review.The DSE paid tax worth Tk 2.72 billion in FY 2011-12, Tk 1.27 billion in FY 2012-13, Tk 1.54 billion in FY 2013-14, Tk 1.74 billion in FY 2014-15, Tk 1.58 billion in FY 2015-16, Tk 2.46 billion in FY 2016-17, Tk 2.33 billion in FY 2017-18 and Tk 2.51 billion in FY 2018-2019 on TREC holders’ commission and share sales by sponsor-directors and placement holders.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/tax-receipts-from-dse-jump-63pc-in-jul-sept-1601828586

IDLC Finance to issue Tk 5.0b zero coupon bonds

The board of directors of IDLC Finance has decided to issue unsecured non-convertible zero coupon bonds worth Tk 5.0 billion with four years tenure (in face value). The country’s one of the leading non-bank financial institutions will issue the bond only through private placement, according to an official disclosure on Sunday. The bond issue is also subject to the approval of the regulatory authorities – Bangladesh Bank (BB) and Bangladesh Securities and Exchange Commission (BSEC). Each share of the company, which was listed on the Dhaka Stock Exchange (DSE) in 1992, closed at Tk 56.40 on Sunday, losing 1.74 per cent over the previous day. Its share traded between Tk 35 and Tk 60 in the last one year. The company’s consolidated earnings per share (EPS) stood at Tk 0.99 for April-June, 2020 quarter as against Tk 1.31 for April-June, 2019.The company’s paid-up capital is Tk 3.77 billion and authorised capital is Tk 10 billion, while the number of securities is 377.05 billion. The sponsor-directors own 56.66 per cent stake in the company, while institutional investors own 21.24 per cent, foreign 11.34 per cent and the general public 10.76 per cent as on August 31, 2018.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/idlc-finance-to-issue-tk-50b-zero-coupon-bonds-1601828783

Citi contributes Tk 2.28cr to UNDP to help Bangladesh fight Covid-19

Citibank NA has contributed Tk 2.28 crore to the United Nations Development Programme (UNDP) in Bangladesh to help the country mitigate the impact of Covid-19. The contribution has supported the distribution of food and hygiene kits through the Strengthening Women’s Ability for Productive New Opportunities (SWAPNO) project in Bangladesh, reaching close to 9,000 marginalised women, the bank said in a statement. As a key social security project of the Local Government Division, the SWAPNO aims to tackle the impacts of Covid-19, cyclonic storm Amphan and the recent floods that have plunged the coastal areas into a humanitarian and financial crisis. With Citi’s support, almost 9,000 women from 5,252 families in Kurigram and 3,744 families in Satkhira have received urgently needed food and hygiene packages.Their commitment to social good alongside sustainable business practices has made them a mutually reinforcing partner for UNDP while also setting a good example for other private sector organisations.

Source: https://www.thedailystar.net/business/news/citi-contributes-tk-228cr-undp-help-bangladesh-fight-covid-19-1972637

Unilever Bangladesh launches 11th edition of BizMaestros

Unilever Bangladesh yesterday announced the start of the 11th edition of its flagship business case competition “BizMaestros 2020” to encourage the youth of the country to join the company to create a better business and a better world. The fast-moving consumer goods (FMCG) company organises the competition every year aiming to provide final year undergraduates with the “thrill of real business”. This year’s theme of the competition is “Power the Future”.The first round of the competition focuses on ‘Thriving in the New Normal’ with the help of Unilever’s purpose-led brands, said Unilever Bangladesh, a subsidiary of Unilever, one the world’s leading suppliers of consumer packaged goods in more than 190 countries. In 2020, Unilever engaged with more than 50 universities all over Bangladesh to ensure learning opportunities for the students and reach diverse talent. Through a series of campus connects and skill-building sessions, over 7,000 students could learn from the leading FMCG company.

Source: https://www.thedailystar.net/business/news/citi-contributes-tk-228cr-undp-help-bangladesh-fight-covid-19-1972637