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 June 06, 2021

Continue 0.5pc source tax for 5yrs

Garment exporters yesterday demanded the continuation of the existing 0.5 per cent source tax for the next five years. Apparel makers usually demand for source tax to be reduced to 0.25 per cent both before and after the budget is announced every year.But this year they came up with the call to keep the tax the same for some time as Finance Minister AHM Mustafa Kamal in his budget speech on June 3 did not clearly mention any rate of source tax.Hassan was speaking at a press conference at the BGMEA’s office in Uttara, Dhaka to express the association’s budget reaction. The BGMEA chief also demanded 10 per cent cash incentive on export receipts of garments made from non-cotton fibre. Globally, the fashion industry has been shifting to manmade fibre thanks to their environment-friendliness, functionality and durability.Manmade fibre garments occupies 78 per cent of the global business while cotton fibre holds the remaining 22 per cent. However, some 74.14 per cent of Bangladesh’s garment export earnings come from cotton made items. So, Bangladesh is lagging behind in the mainstream business of manmade fibre garments, which is worth a few hundred billion dollars globally.Of the 100 global Leadership in Energy and Environment Design (LEED) certified garment factories, about 39 are in Bangladesh. Bangladesh has 143 LEED certified buildings and 40 of them are platinum rated factories. Ten years ago, the amount of apparel shipments to new markets stood at $700 million, which was 6.88 per cent of Bangladesh’s total apparel shipments per year.During the 2008-09 fiscal year, the government gave four per cent incentives on export to new markets. Bangladesh considers all the markets as new ones except the EU, US and Canada.

Source: https://www.thedailystar.net/business/economy/news/continue-05pc-source-tax-5yrs-2105733

City Bank wins best bank award from FinanceAsia

City Bank has been named as ‘Best bank in Bangladesh 2021’ by the renowned international publication – FinanceAsia. The Hong Kong-based journal awarded City Bank for the seventh time starting in 2012 in recognition of its consistent good performance andinnovations in banking services. FinanceAsia mentioned the financial growth of City Bank during pandemic-hit 2020 when most of the financial institutions were struggling to survive. The financial inclusion of City Bank through agent banking and the partnership with bKash to introduce ease loan on mobile platform also attracted this international body.The award reflects City Bank’s consistency, innovation, and strong competence in catering to the needs of customers and investors in the fast-evolving Bangladesh market, according to FinanceAsia.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/city-bank-wins-best-bank-award-from-financeasia-1622905470

Marico to invest Tk 227cr in new unit

Marico Bangladesh is set to invest Tk 227 crore to establish a new manufacturing unit at the Bangabandhu Sheikh MujibShilpa Nagar (BSMSN) in Mirsarai, Chattogram as a part of its efforts to catch a greater share of the growing market for fast-moving consumer goods. A land lease agreement between Marico Bangladesh and the Bangladesh Economic Zones Authority (Beza) to hand over a 10-acre plot for the project will be finalised today.Marico manufactures a range of baby care, skin care and male grooming products under brands such as Parachute Just for Baby, Parachute Skinpure and Studio X in addition to its heritage brands Parachute Coconut Oil, Parachute Advanced and Saffola Active Edible Oil.Marico began its journey in the country around 20 years ago with 36 brands across 10 categories under the Parachute Advanced, Saffola, Nihar, Parachute Just for Baby, Parachute Skinpure, Parachute Naturale, Livon and Studio X franchises.Even despite the Covid-19 pandemic, the company enjoyed good business during the last financial year as its revenue grew by 15.4 per cent and profitability increased 17.5 per cent.With Marico showing resilience amid the second wave of infections and the government’s prudent measures in the form of movement restrictions and vaccination efforts, the company is hopeful of continuing to deliver growth in profits for its shareholders in fiscal 2021-22.

Source: https://www.thedailystar.net/business/economy/news/marico-invest-tk-227cr-new-unit-2105705

FBCCI seeks stimulus for small businesses

The country’s apex trade promoter FBCCI has sought fresh stimulus for small businesses as, it believes, they are worst-affected by the coronavirus pandemic. The government earlier announced a package for the CMSMEs amounting to Tk 200 billion, but over 72 per cent of the package has so far been disbursed. The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) said this at a post-budget press briefing held at its Motijheel office on Saturday.The FBCCI chief said the government imposed advance tax up to 20 per cent in the budget, adding that business activities would thus suffer serious setbacks.The FBCCI said educational institutions have been the biggest casualty as they remained closed since the beginning of the pandemic. But they have to pay 15-per cent income tax.

Source: https://today.thefinancialexpress.com.bd/first-page/fbcci-seeks-stimulus-for-small-businesses-1622912594

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 34,756.39
↑179.35↑ 0.52%
FTSE100$ 7,069.04↑4.69 ↑0.07%
Nikkei 225$ 28,941.52↓116.59↓ 0.40%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 69.62 ↑0.81↑1.18%
Crude Oil (Brent)$ 71.89↑0.58↑0.81%
Gold Spot$ 1,891.59↑20.83↑1.11%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 84.8010
GBP 1BDT 120.1800
EUR 1BDT 103.5675





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