Big potential in Bay as 17-103 TCF gas hydrates found

The country has found the presence of around 17 to 103 trillion cubic feet (TCF) of ice-like hydrate deposits containing huge amounts of methane, the foreign ministry revealed on Wednesday. While Bangladesh at COP26 committed to gradually cut down its fossil fuel usage and go for green energy, the country still needs fossil fuel like natural gas in the next two decades in order to ensure a smooth transition and energy security. Now, the discovery of gas hydrates has come as a blessing. In 2018-21, the Maritime Affairs Unit of the foreign ministry in association with the UK analysed two surveys conducted on 6,500 line-kilometres of the sea during 2007-10, and presumed a plenty of marine resources in the exclusive economic zone. A total of 27 gas fields, stocked with around 28 TCF, were discovered in the country. Of these, about 18.24 TCF of gas had been extracted till 2020. Currently, 20 gas fields are operational in Bangladesh with the supply of only 2,300 TCF of gas per day against a national demand of 3,500 million cubic feet (mmcf) per day. Seaweed production can be done very easily in an environmentally-friendly manner. Seaweed cultivation can play a role in protecting the ecological balance as well as protecting the coastal areas.

Source: https://www.tbsnews.net/bangladesh/gas-hydrate-found-bay-bengal-353539

 DSEX surpasses 6900-mark on buying spree

Stocks extended rally for the fifth straight session on Wednesday, with the key index of the prime bourse crossing 6,900-mark, as buoyant investors put fresh bets on major sector issues, beating Omicron worries. DSEX, the prime index of Dhaka Stock Exchange (DSE), went up by 36.93 points or 0.53 per cent to settle at 6,929. The benchmark index added around 200 points in the past five straight sessions. Turnover, a crucial indicator of the market, also crossed Tk 14 billion-mark after one and a half months and amounted to Tk 14.14 billion, climbing by 19.6 per cent over the previous day’s tally of Tk 11.82 billion. The state-run corporation has reported a 73.67 per cent increase in its net profit during the fiscal year (FY) 2020-2021 to Tk 719.9 million thanks to a surge in shipping fares, and a decrease in ship operating costs. Prime Insurance, whose share price rose more than 45 per cent or Tk 27 each in the last one month, was the worst loser, losing 5.75 per cent. The Chittagong Stock Exchange (CSE) ended higher with its All Shares Price Index (CASPI)-gaining 172 points to close at 20,326 while the Selective Categories Index – CSCX– rose 102 points to close at 12,207.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/dsex-surpasses-6900-mark-on-buying-spree-1641398046

Exim Bank promotes two to deputy MD

Exim Bank has recently witnessed the promotion of two of its additional deputy managing directors to the posts of deputy managing directors. Of the duo, Maksuda Khanam joined the bank in 1999 as a principal officer, says a press release. She started her banking career with National Bank in 1995 as a probationary officer on obtaining her bachelor’s and master’s degrees in economics from Jahangirnagar University. Meanwhile Md Zoshim Uddin Bhuiyan joined the bank as a principal officer in 2000. He started his banking career with City Bank in 1989 as a probationary officer on obtaining his bachelor’s and master’s degrees in accounting from the University of Chittagong.

Source: https://www.thedailystar.net/business/economy/banks/news/exim-bank-promotes-two-deputy-md-2933461

Ex-Pubali Bank DMD Shahadat Hossain no more

Shahadat Hossain Chow-dhury, former deputy managing director of Pubali Bank Limited, passed away at a Dhaka hospital on January 01 while undergoing treatment. He was the deputy managing director from October 2004 to December 2005. He served Pubali Bank Limited for 36 years.

Source: https://today.thefinancialexpress.com.bd/trade-market/ex-pubali-bank-dmd-shahadat-hossain-no-more-1641399429