Exports of electric goods surge to $100m
Locally manufactured electric products, namely transformers and accumulators, are gaining popularity abroad as the industry’s annual export earnings touched a record-high of $100 million in the just concluded fiscal year. The last time export proceeds from electric goods even came close to the current level was back in fiscal 2014-15, when outbound shipments fetched a total of $90 million. The industry’s annual foreign earnings had fallen to around $65 million the following fiscal and despite a slight recovery in the year after, export receipts continued on a downward trend, hitting a low point of around $39 million in FY20. Exports then ballooned by about 71 per cent in fiscal 2019-21 before going on to hit $67 million in fiscal 2020-21, according to the Export Promotion Bureau (EPB).
Idcol to get $256.5m global climate loan
Infrastructure Development Company Limited (Idcol) yesterday signed an agreement to receive $256.5 million from the Green Climate Fund (GCF) to promote private sector investment through large-scale adoption of energy-efficient technologies in the textile and garment sectors. The GCF is the world’s largest climate fund, mandated to support developing countries raise and realise their nationally determined contributions and ambitions towards low-emissions and climate-resilient pathways. The GCF’s governing instrument was approved by the Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC). Set up in 1997, Idcol is a government-owned non-bank financial institution working to catalyse private sector investment in areas such as renewable energy and infrastructure.
EBL wins ‘Best Domestic Bank’ award
Eastern Bank Limited (EBL), a leading private sector commercial bank of the country, has been awarded as the Bangladesh’s Best Domestic Bank 2022 by Asiamoney, a renowned global financial publication. During the challenging period of Covid-19 pandemic, Eastern Bank made few strategic moves to rein in operating costs, leverage strong growth in traffic on its digital platforms and social media channels, and offer new and innovative services through the bank’s mobile apps. In 2021, EBL’s tier-1 capital rose 11.4 per cent year on year to Tk 26.1 billion and overall assets jumped 15.4 per cent to Tk 388.8 billion. Net profits rose 13.5 per cent in 2021 and return on equity was 15.5 per cent, up from 15 per cent in 2020. In 2021, the bank declared a 35 per cent dividend to shareholders, the highest in Bangladesh’s banking industry.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↑ 47.79||↑ 0.15 %|
|FTSE100||$ 7,264.31||↓ 31.97||↓ 0.44 %|
|Nikkei 225||$ 27,706.97||↑ 26.71||↑ 0.10 %|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 102.26||↓ 1.96||↓ 1.88 %|
|Crude Oil (Brent)||$ 106.25||↓ 0.67||↓ 0.63 %|
|Gold Spot||$ 1,691.61||↓ 4.97||↓ 0.29 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 93.9410|
|GBP 1||BDT 112.7306|
|EUR 1||BDT 96.0921|
*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<
* Exchange Rates are taken from BB website, as on latest update.<