DSE app goes haywire amid investor influx
Stock investors faced problems executing trade through the Dhaka Stock Exchange (DSE) mobile app last week as the system was caving in to participation influxes. The problem was turning acute in the first and last few minutes of the designated trading period, for which the bourse has decided to keep mobile trading on halt from 10am to 10:30am and 2pm to 2:30pm.The DSE launched the app on March 9, 2016 to bring ease to trading of stocks and give a boost to the market. The app was developed by FlexTrade Systems. Apart from executing buy and sale orders, the app features real time display of market and trading statistics, company and portfolio status, company news and purchase and sale alerts.A number of brokerage firms confirmed that their investors faced the same problem and requested to solve it. Brac EPL Stock Brokerage Manager Md Rasel acknowledged receiving phone calls from investors regarding such problems. The problems in the DSE mobile app turned acute over the past three to four days. The DSE should fix the problems otherwise investors will lose heart, which may impact the market. The DSE witnessed the decade’s highest turnover of Tk 2,546 crore last week. The daily average turnover of the premier bourse was Tk 1,990 crore in the week, which was 37 per cent higher than that of the previous week. The DSEX, the benchmark index of the DSE, rose 4 per cent to 5,621 points at the end of the week.
Bangladesh gets its first fully-automated dairy farm
Eon Group has established the country’s first automated dairy farm in a village of Badarganjupazila in Rangpur. The state-of-the-art facility will mainly produce pasteurised milk alongside other milk-based products such as ghee, curd and ice cream. Fisheries and Livestock Minister SM Rezaul Karim inaugurated the farm as chief guest yesterday. He expressed deep satisfaction over the facility, which will retail products under a Barakah brand. The dairy farm was built on 50 acres of land in Shantoshpur village at the end of 2019.The same year, Eon Group imported 225 pregnant Holstein Friesian cows from Australia which are now being reared at the farm.The farm’s processing unit can separate the harmful antibiotics and aflatoxin from the milk, which will be available in 500ml and 1,000ml packs in the market.At present, the company’s daily production target is around 2,000 litres. However, they have been working on a plan to produce 10,000 litres of milk per day. MominUdDowlah, chief executive officer of Eon Group, termed it a revolutionary step in dairy farming. Around Tk, 4,000 crores are spent each year to import milk, especially the powdered one. If entrepreneurs across the country come forward, Bangladesh will be a milk exporting country and it is possible to earn huge profits from just this sector. There are 15,00,000 dairy farms across the country. Of them, just six were of a large scale, said Abdul JabbarSikdar, director-general of the Department of Livestock Services.
Kalapara awaits another 1,320MW power plant
Another coal-based power plant is being set up in Dhankhali area under Kalapara of Patuakhali district to generate 1,320 megawatts (MW) of electricity. The plant will cost an estimated Tk 20,000 crore with joint investment from Bangladesh’s Rural Power Company and China’s Norinco International Cooperation. It will generate electricity at Tk 6 per unit. With about 27 per cent of the infrastructure development work already been completed, the plant is scheduled to start production in February 2023.Of the cost, Tk 869 crore will be spent for land acquisition and development and rehabilitation of 281 families, MdSelimBhuiyan, executive director for the associated works, told journalists at the project site last week. A total of 915.74 acres of land have been acquired in Londa, Dhankhali and Nishanbaria at a cost of Tk 164.61 crore. Every 3 paisa per unit of electricity generated will be deposited in a development fund to improve the area and living standards of its people. Moreover, those with the merit will get job opportunities at the plant.
New DMD of NRBC Bank
Kabir Ahmed has been promoted to the rank of Deputy Managing Director (DMD) at NRB Commercial Bank Ltd (NRBC Bank). Prior to the promotion, Kabir Ahmed served the bank as the Senior Executive Vice President. He serves the Bank as the Head of International Division and Chief Anti Money Laundering Compliance Officer (CAMLCO). Kabir Ahmed started his banking career at Islami Bank Bangladesh Limited in 1991. After serving in Prime Bank Limited, Al ArafahIslami Bank Limited, Mercantile Bank Limited, he joined NRBC Bank in 2013.
Tesla market value crosses $800b for the first time
Shares of Tesla Inc jumped as much as 5.6 per cent on Friday, pushing the electric-car maker’s market capitalization to more than $800 billion for the first time ever and inching closer to the trillion dollar club. Tesla’s stratospheric rally has helped Chief Executive Officer Elon Musk surpass Amazon.com Inc’s top boss Jeff Bezos to become the world’s richest man, Bloomberg News reported on Thursday. At today’s session high, Musk’s 21 per cent stake in the automaker as per Forbes contributes more than $170 billion to his net worth, dwarfing the combined market capitalization of General Motors, Ford Motor Co and Fiat Chrysler Automobiles, the three Detroit automakers. In the previous session, Tesla’s market value crossed $774 billion, making it Wall Street’s fifth most valuable company, just behind Google-parent Alphabet Inc and ahead of social media giant Facebook Inc. The company’s fortunes is an anomaly as the 17-year-old automaker has production that is just a fraction of large rivals by sales such as Toyota Motor, Volkswagen and General Motors.