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

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Rate last updated: 02/01/2014 11:15:04 AM

Daily Business News Flash December 17, 2020

Banks to shell out another Tk 1,350cr on stocks

Banks are going to invest an additional Tk 1,350 crore in the stock market by utilising Bangladesh Bank’s incentive, a development that will likely to boost both liquidity flow and investor confidence. The highest investment commitment came from United Commercial Bank followed by Rupali, Pubali and Janata. As of December 10, lenders had invested Tk 700 crore in the market but the additional investment will likely to flow into the market in the coming months.As per Bangladesh Bank data, lenders have decided to invest in the stock market mainly after the outbreak began in early March, several weeks after the central bank had offered an incentive in the form of a Tk 200 crore fund. On February 10, the banking regulator rolled out a package that allows banks to set up a Tk 200 crore fund by taking it from Bangladesh Bank through a repurchase agreement against treasury bills and bonds owned by them. But as of March 24, lenders had invested only Tk 30 crore in the stock market under the initiative. The banks will have to pay 5 per cent interest for the fund and the credit tenure will be until February 2025.In 2010, banks had huge investments in the stock market, causing a boon in the bourses’ index. But on the other hand, when the bubble burst, a number of banks and non-banking financial institutions incurred considerable losses. So, banks should invest for the long-run so that investors gain confidence and help the lenders earn back their money.

Source: https://www.thedailystar.net/business/news/banks-shell-out-another-tk-1350cr-stocks-2012749

Akij to go big at BangabandhuShilpa Nagar

Akij Venture, a concern of Akij Group, has expressed its intention to invest Tk 3,480 crore to set up 18 manufacturing facilities at the Bangabandhu Sheikh MujibShilpa Nagar (BSMSN) in Chattogram. The investment will be made over the next 10 years in three phases. An initial proposal for the investment project has already been placed with the Bangladesh Economic Zones Authority (Beza) for approval, said FerdoushSaleheen, chief supply chain officer of Akij Venture.Akij Venture has sought 307 acres of land at the BSMSN to accommodate the project, which includes a private port to load and unload goods. The 18 new units would be divided into five industrial sectors: chemical, agribusiness, electrical, food, and beverage. The group expects the investment to contribute Tk 1,725 crore per annum to the gross domestic product. Akij Group is one of the largest industrial conglomerates in Bangladesh and consists of 24 subsidiaries. Its history dates back to 1950 and employs more than 35,000 people at present. The project is expected to begin next year and be complete in 2031. However, the port and land development will begin as soon as possible after securing the land.The agency is developing the BSMSN on 30,000 acres of land as part of its plan to construct 100 economic zones across the country by 2030. Investment proposals worth $20 billion have already been approved at the BSMSN that might create jobs for 10 lakh people.

Source: https://www.thedailystar.net/business/news/akij-go-big-bangabandhu-shilpa-nagar-2012753

Nagad teams up with GP to beef up client base

Nagad, a mobile financial service (MFS) provider, has teamed up with Grameenphone to offer scope to 7.8 crore subscribers of the telecom operator to open accounts easily for mobile money transfers. Under the arrangement, subscribers of Grameenphone will be able to open MFS accounts with Nagad by allowing the operator to share four types of information — national identity card number, name, date of birth and current address.Nagad’s move comes as it looks to fast increase its customer base. The MFS provider has even brought down its cash-out charge to Tk 9.99 for every Tk 1,000, which is the lowest among its peer companies.Since Robi Axiata and Teletalk subscribers are able to avail the same service, over 12 crore of the country’s 16.8 crore mobile phone subscribers can now easily open an account with Nagad.Nagad is a joint venture between the Bangladesh Post Office and Third Wave Technologies. The postal department owns a 51 per cent stake. Nagad’s push for greater market share comes at a time when the segment is witnessing a phenomenal growth as an increasing number of people, businesses and government agencies are turning to the channel to avail digital services amid the ongoing coronavirus pandemic. The MFS sector’s average daily transactions stood at Tk 1,718.03 crore as of October, Bangladesh Bank data shows. According to Nagad, which has 2.59 crore customers, its average daily transactions stood at Tk 200 crore as of September.

Source: https://www.thedailystar.net/business/news/nagad-teams-gp-beef-client-base-2012737

Honda recalling 1.79m vehicles worldwide for safety issues

Honda Motor Co said on Tuesday it was recalling 1.79 million vehicles worldwide in four separate campaigns, including some linked to reported fires. The recalls cover 1.4 million vehicles in the United States. The Japanese automaker said one recall covers 268,000 2002-2006 model year CR-V vehicles in the United States to replace power window master switches. Honda said there had been no reported injuries, but 16 fires reported related to the issue. Honda conducted a prior recall of the power window master switches in 2012. The new recall is in response to moisture-related failures of switches repaired under the previous campaign. Honda is also recalling about 735,000 US 2018-2020 Accord, Accord Hybrid and 2019-2020 Insight vehicles to update the Body Control Module software. A programming flaw could disrupt communication causing illumination of several warning lights and malfunction of electronic components, it said, including “the rear view camera display, turn signals and windshield wipers.”Honda is also issuing two recalls covering 430,000 U.S. vehicles in 22 U.S. states and the District of Columbia with significant road salt use to inspect and potentially replace front drive shafts. Both are in response to possible breakage of the drive shafts due to corrosion. No injuries have been reported in relation any of the recalls.

Source: https://www.thedailystar.net/business/news/honda-recalling-179m-vehicles-worldwide-safety-issues-2012721

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 30,154.54
FTSE100$ 6,570.91↑57.59↑0.88%
Nikkei 225$ 26,778.92↑21.52↑0.08%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 48.29 ↓0.47↓0.98%
Crude Oil (Brent)$ 51.57↓0.49↓0.96%
Gold Spot$ 1,863.96 ↑0.84 ↑0.05%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 84.8000
GBP 1BDT 113.0045
EUR 1BDT 102.9981
INR 1BDT 1.1524





Dear Valued Patrons,

At the very onset, let me express my heartiest gratitude for allowing us to serve you and I also wanted to reach out to you directly with an assurance that Dhaka Bank is fully equipped to support you during this difficult time.

Last couple of weeks ago we all were living in a peaceful condition, performing our daily tasks freely and perfectly. Entire economy and business environment was also in a good shape, until COVID-19 put a forceful stoppage to the overall life style and economy of the world. We all know that social distancing and cleanliness are the keys to prevent this pandemic. Hence, we urge your conscious effort to limiting public interaction and suspending wherever possible.

In this current situation, Dhaka Bank and its employees are beside you where we are fully online, either working from home or at our offices under a robust Business Continuity Plan (BCP) to serve you with limited branch banking and a full-fledged alternate delivery channel services.

Our state of the art Mobile App, Dhaka Bank GO (Click https://bit.ly/2WVfieu) and Internet Banking - Dhaka Bank Direct gives you the freedom of banking online anytime from anywhere. You can check the balance and transfer money to any designated Banks including any Dhaka Bank or bKash Account, make utility bill payments and mobile top-up through our Mobile App and Internet Banking Services. Our ATMs are also running efficiently with availability of sufficient cash for your convenience where you can make cash withdrawals whenever the need arises. Mentionable, the withdrawal of cash from any ATMs within Bangladesh with Dhaka Bank Debit Cards are absolutely free of charges up till April 30, 2020 (Dhaka Bank will bear the cost). Our corporate customers can also use our completely safe and secured online platform Dhaka Bank C-Solution for Payments, Inter Bank Fund Transfers, etc.

Moreover, to fulfill your urgent requirement, we have a limited no. of branches up and running by ensuring all kinds of precautionary and safety measures for you.

In case of extreme emergency and facing difficulties in conducting banking transactions, please let us know through our 24/7 Contact Center number 16474 (or, dial +8809678016474 for ISD/Overseas Calls). We are always with you to combat your difficulties.

As you know we are going through a critical phase and the situation is novel to all of us. We are getting lot of new information from various sources everyday about COVID-19 which will be shared at www.dhakabankltd.com.

Thank you for your trust and continued support to us. I firmly believe that jointly we will be able to combat this situation and win against all the odds.

Please stay home, stay safe and take care of yourself and family.

Best regards,

Emranul Huq
Managing Director & CEO
Dhaka Bank Limited