Forex reserve crosses $41b

Bangladesh’s foreign exchange (forex) reserve crossed US$ 41 billion-mark on Wednesday due to lower import payment obligations and higher growth of inward remittance. It rose to $ 41.10 billion on the day from $ 40.99 billion of the previous working day, according to the central bank’s latest data. The reserve was $41.02 billion on October 29 last. Purchasing the US dollar from the commercial banks directly has contributed to achieve the record reserve. Foreign loans and assistance have also helped push up the reserve.

Source: https://today.thefinancialexpress.com.bd/first-page/forex-reserve-crosses-41b-1606327715

First Security Islami Bank opens two sub-branches

Social Islami Bank Limited (SIBL) inaugurated 162nd, 163rd and 164th branches in Bhanga, Faridpur, Muradnagar, Cumilla and Chayani Bazar, Begumgonj, Noakhali respectively on Tuesday. The Panditsar Bazar Sub-branch and Battoli Bazar Sub-branch of First Security Islami Bank Ltd started their operation at Hawladar Bhaban, Panditsar Bazar, Noria, Shariatpur and Muktijoddha Market, Battoli Bazar, Fazilpur, Feni on Wednesday with a view to providing shariah based banking services to its clients.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/first-security-islami-bank-opens-two-sub-branches-1606329320

DCCI signs MoU with ICMAB

The Dhaka Chamber of Commerce and Industry (DCCI) has signed a memorandum of understanding (MoU) with the Institute of Cost and Management Accountants of Bangladesh (ICMAB) with a view to working together to improve the business climate. DCCI President Shams Mahmud and ICMAB President Md Jasim Uddin Akond signed the MoU in the city on Tuesday. Shams Mahmud said the signing the MoU will usher in an opportunity for both the organisations to work together for the betterment of the business community. He also appreciated the professionals of ICMAB for their hard work to ensure transparency in the financial system of a company. CMA professionals can create a great impact by using their expertise to ensure clarity in various economic aspects. DCCI Senior Vice President NKA Mobin said that DCCI and ICMAB can jointly work to promote business-friendly environment in the country for the development of economy. DCCI Vice President Mohammad Bashiruddin, Convenor Golam Zialani and council members of ICMAB were present at the signing ceremony.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/dcci-signs-mou-with-icmab-1606329142

Apex Tannery approves 12pc cash dividend

The 44th Annual General Meeting (AGM) of Apex Tannery Limited was held by using a digital platform on Wednesday. Chairman of the Company Syed Manzur Elahi presided over the meeting. The meeting approved 12 per cent cash dividend.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/apex-tannery-approves-12pc-cash-dividend-1606329020

Elon Musk now world’s second wealthiest person

Elon Musk, the charismatic chief of electric automaker Tesla, has overtaken Bill Gates to become the world’s second richest person, according to the Bloomberg list of billionaires. The South African-born Musk, 49, added $7.2 billion in wealth on Monday alone following Tesla’s latest surge. He now has an estimated $128 billion. The outspoken Musk, who is also cofounder of SpaceX, had already overtaken numerous luminaries in recent weeks, including Facebook Chief Executive Mark Zuckerberg and Bernard Arnault, the head of French luxury giant LVMH. In 2020, Tesla shares have surged more than 500 percent and the company is now valued at more than $500 billion. Musk, who owns about 18 percent of the shares, has made some $100 billion during this stretch.

Source: https://www.thedailystar.net/business/news/elon-musk-now-worlds-second-wealthiest-person-2001177