BB forms panel to probe IT debacle

The central bank yesterday formed a committee to examine its latest ICT infrastructure’s debacle that had halted the inter-bank cheque transactions and electronic fund transfers (EFT) more than for a week.Interbank electronic cheque transaction and electronic fund transfer (EFT) activities through the Bangladesh Automated Clearing House (BACH) of the central bank were suspended on April 13 due to the disconnection of an optical fibre cable between two data centres of the BB.The central bank restored the operation of inter-bank cheque transaction on April 18. But it took more than one week to activate the EFT. The BACH, the first-ever electronic clearing house in Bangladesh, has two components — an automated cheque processing system (ACPS) and the EFT. The interbank transactions through the two digital modes are the largest in terms of number and volumes. For instance, clients submit around one lakh interbank cheques, amounting to around Tk 12,000 crore, per day. The ACPS uses a cheque imaging and truncation technology for electronic presentment and payment of paper-based instruments. Under the EFT system, around 1.5 lakh transactions are settled by clients every day, amounting to Tk 1,000 crore.Established in February 2011, the Bangladesh Electronic Fund Transfer Network (BEFTN) was the country’s first paperless electronic interbank funds transfer system.

Source: https://www.thedailystar.net/business/news/bb-forms-panel-probe-it-debacle-2085601

Banks asked to operate on limited scale till May 5

Bangladesh Bank yesterday ordered banks to run operations on a limited scale until the ongoing restrictions on movement end on May 5. Clients will be allowed to secure banking services from 10:00 am to 1:00 pm during the period. However, branches will remain open until 2:30 pm to complete their regular procedures. After Covid-19 infections and deaths from the virus began rising alarmingly, the government enforced the lockdown-like control from April 5.

Source: https://www.thedailystar.net/business/news/banks-asked-operate-limited-scale-till-may-5-2085589

Govt to set up 15MW plant in Hatia

The government will set up a 15 megawatt heavy fuel oil-based power plant in Noakhali’sHatiaupazila. The project of Bangladesh Power Development Board–to be set up by Desh Power Ltd–will cost Tk 1,396.65 crore and run for a period of 15 years. The lowest bidder got the project and the price of electricity per kilowatt hour will be 12.1 cents.

Source: https://www.thedailystar.net/business/news/govt-set-15mw-plant-hatia-2085593

Plastic pipe industry growing fast

The domestic plastic pipe industry is growing at around 20 per cent a year thanks to its rising demand in the ongoing government development projects and modern water supply, sewerage and irrigation systems. Around Tk 6,000 crore worth of plastic pipes were sold in 2020 and 80 per cent of the demand was met by the major local manufacturers, including RFL Plastics, National Polymer, Lira, Gazi, Anwar Polymer Industries Ltd and Bengal Plastic.Among the local manufacturers, RFL Plastics and National Polymer are the major suppliers in the sector where 15,000 people are directly employed.Pipes are one of the most important construction materials that are used for a variety of purposes, including house construction, irrigation, drinking water supply and sewerage, said Kamruzzaman Kamal, director for marketing of Pran-RFL Group that run RFL Plastics, the market leader.Bangladesh will be self-sufficient in pipe manufacturing and will also be ready to export its produce in the next few years, said the official of RFL Plastics, where over 5,000 people work in the manufacturing of RFL pipes and fittings.The small entrepreneurs, who manufacturer substandard products, will ultimately get ousted from the market, as people now prefer buying quality product only.

Source: https://www.thedailystar.net/business/news/plastic-pipe-industry-growing-fast-2085605

Stocks bounce back after profit booking

Stocks returned to the black after a tendency towards profit booking prevailed for two days which buoyed investors into continuing their investments. The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), rose 38 points, or 0.71 per cent, to close at 5,461 yesterday.Yesterday, Marico Bangladesh posted its profit results for the year ending on March 31 of 2021. Marico’s earnings per share rose 17 per cent to Tk 98.69 last year from Tk 84.01 a year earlier. It also finally declared 200 per cent cash dividend, so its total dividend for the year stood at 900 per cent of which a 700 per cent interim dividend has been already paid to shareholders. Meanwhile, Islami Bank Bangladesh declared that it would issue a Second Perpetual Bond worth Tk 800 crore. The DSE’s turnover, an important indicator of the market, rose 14 per cent to Tk 940 crore. Associated Oxygen topped the gainers’ list rising 9.93 per cent followed by City General Insurance Company, Shinepukur Ceramics, Mercantile Insurance Company and Global Insurance.The Chittagong Stock Exchange also rose. The CASPI, the general index of the port city bourse, advanced 128 points, or 0.81 per cent, to stand at 15,790.

Source: https://www.thedailystar.net/business/news/stocks-bounce-back-after-profit-booking-2085577

SBAC Bank gets new CEO

The South Bangla Agriculture and Commerce Bank recently witnessed the appointment of a managing director and CEO. The appointee, Mosleh Uddin Ahmed, previously served NCC Bank as managing director and Jamuna Bank as additional managing director and deputy managing director.

Source: https://www.thedailystar.net/business/news/sbac-bank-gets-new-ceo-2085549