Tk 2,140cr project to revive Teletalk

The government is set to give a lifeline to Teletalk as the loss-making mobile phone operator looks to make a turnaround by winning customers through modernisation, network expansion and the launch of 5G technology. It may provide Tk 2,140 crore, under a project, to take the state-owned operator’s 4G network to villages and upgrade the existing core and transmission networks to make it ready for the launch of fifth-generation technology (5G) by 2023.The total cost of the project has been estimated at Tk 2,200 crore. Teletalk will chip in with Tk 60.33 crore. The project will be placed at the regular weekly meeting of the Executive Committee of the National Economic Council (Ecnec) for final approval today. The project will be completed by November 2023.Market leader Grameenphone has more than 16,000 BTSs with 8.20 crore subscribers. Second-placed Robi Axiata has about 13,500 4G BTS, serving 5.18 crore subscribers, and Banglalink has 9,500 4G BTSs with 3.65 crore customers. With 59.8 lakh customers as of June, Teletalk holds 3.35 per cent share of the country’s 17.64-crore mobile phone subscriber base. In February last year, the Ecnec, however, scrapped a Tk 3,279.05 crore project of Teletalk that had planned to build towers and network. The project was not approved as it went against the telecom rules.

Source: https://www.thedailystar.net/business/telecom/news/tk-2140cr-project-revive-teletalk-2148821

 Govt to build Tk 1,511cr solar power plant

The government is going to set up the country’s biggest solar power plant in Madarganjupazila of Jamalpur, in a move to raise the share of renewable energy in total power generation to 10 per cent by 2025. The 100-megawatt Sheikh Hasina Solar Park will cater to the needs of its locality and channel the surplus electricity to the national grid.To be implemented by Rural Power Company by December 2023, the project will be placed before the Executive Committee of the National Economic Council for final approval. Its total expenditure has been estimated at Tk 1,511 crore.Of it, Tk 1,115 crore will be provided by India at one per cent interest rate, according to MdFerdaws Rahman, executive engineer of Rural Power Company.The development comes amid Bangladesh’s failure to achieve its target to raise renewable energy’s share in total power generation to 10 per cent by 2020 due to a lack of resources, technologies and policies. Currently, 766.51 megawatts are generated from renewable sources, accounting for 3.3 per cent of the total electricity produced.The project’s main activities are the plant’s engineering, procurement and construction, development of 325 acres of land and construction of a 47 km 132 KV power evacuation line and infrastructure connecting Ghatail Grid Substation.

Source: https://www.thedailystar.net/business/economy/news/govt-build-tk-1511cr-solar-power-plant-2148816

Regular banking hours from tomorrow

Banks and the stock market will return to their normal activities from tomorrow as the government looks to partially reopen the economy despite a surge in coronavirus infections. All the branches and offices will be kept open from Wednesday, said Bangladesh Bank (BB) in a circular yesterday.Clients will be able to conduct transactions from 10:00am to 4:00pm through banks, which will remain open until 6:00pm from tomorrow.From last week, the Bangladesh Securities and Exchange Commission allowed the full session of trading to run for four and a half hours from 10:00am to 2:30pm.

Source: https://www.thedailystar.net/business/economy/banks/news/regular-banking-hours-tomorrow-2148781

DSE daily turnover crosses Tk 29b-mark

Daily trade turnover on Dhaka Stock Exchange (DSE) surpassed Tk 29 billion-mark on Monday, after more than 10 years since the country’s stock market crashed in 2010. Turnover, a crucial indicator of the market, stood at Tk 29.39 billion on the country’s premier bourse, a 17 per cent rise over previous day’s tally of Tk 25.12 billion. It happens to be the second biggest single-day transaction on the Dhaka bourse’s history. The all-time-high turnover was Tk 32.49 billion recorded on December 5, 2010, when the market saw a bull run before a crash. Market experts said the market holds its firm position as buying spree added strength to the equity indices although move to mop-up excess liquidity and rise of interest rate on term deposits made investors anxious in the morning.DSEX, the prime index of the DSE, rose 32.06 points or 0.48 per cent to settle at 6,628, the highest since its inception more than eight years back on January 27, 2013. DSEX added 248 points in the past six straight sessions. Two other indices –the DS30 index and the DSE Shariah Index (DSES) — followed the suit to close at record high of 2,392 and 1,452, after gaining 6.73 points and 12.76 points respectively.The Chittagong Stock Exchange also kept rising with its All Shares Price Index (CASPI)-soaring 101 points to finish at 19,289 while the Selective Categories Index – CSCX rising 60 points to close at 11,574.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/dse-daily-turnover-crosses-tk-29b-mark-1628530127

Chairman, Vice Chairman of Al-Arafah elected

Alhajj Salim Rahman has been elected as the Chairman and Alhajj Abu Naser Mohammad Yeahea as the Vice Chairman of Al-ArafahIslami Bank Limited. The 362nd meeting of the Board of Directors assigned them as Chairman and Vice Chairman unanimously on Monday. Chairman Alhajj Salim Rahman’s father AlhajjKhalilur Rahman is a prominent businessman and founder of KDS Group, one of the largest industrial groups of the country.Newly elected Vice Chairman Alhajj Abu Naser Mohammad Yeahea was born in a respectable Muslim family from Cumilla. His father A.K.M. Abu Taher was a renowned industrialist and Chairman of National Bank Limited.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/chairman-vice-chairman-of-al-arafah-elected-1628530358