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 08, 2021

Tax holiday to boost local manufacturing of automobiles

The 20-year tax-exemption support announced in the proposed budget will definitely take Bangladesh’s growing automobile industry to an impressive stage and promote local manufacturing, according to industry insiders. Credible data is hard to come by but the sector players assume that annual automobile and three-wheeler sales reach no less than Tk 40,000 crore and are growing at 10 to 12 per cent on average.Manufacturers are set to get a tax holiday for 10 years if 30 per cent of the components used are locally sourced and another 10 years if it is 40 per cent. The sector is now import dependent as no manufacturing plant has come about since the country gained independence some 50 years back.This long term policy support will encourage investors and help develop the industry, which exemplifies the government’s farsightedness. Side by side, the government should give benefits to component makers to develop the industry, he said, adding that the automobile sector cannot be developed without the development of component makers.According to him, around 3,000 light engineering companies will benefit from this initiative and provide a good scope to improve the quality of products.

Source: https://www.thedailystar.net/business/news/tax-holiday-boost-local-manufacturing-automobiles-2106901

LankaBangla gets $15m foreign loan

LankaBangla Finance has received a foreign loan of $15 million from Luxembourg-basedBlueOrchard Microfinance Fund. The loan proceeds will meet financing needs of small and medium enterprises (SMEs) and green and sustainable projects such that hardships stemming from the coronavirus pandemic can be smoothly overcome. Switzerland-based impact fund manager BlueOrchard Finance and Green Delta Capital made the arrangements last month. The Green Delta is also acting as the security agent on behalf of BlueOrchard Microfinance Fund in this transaction.The non-bank financial institution received its maiden foreign loan in 2019 from the Islamic Corporation for the Development of the Private Sector. BlueOrchard seeks to contribute to economic, environmental and social development and to improve access to financial services to those at the bottom of the pyramid as well as SMEs, mainly in emerging markets.NormundsMizis, chief credit officer of BlueOrchard Finance, said it would give a boost to the SME sector in Bangladesh.

Source: https://www.thedailystar.net/business/news/lankabangla-gets-15m-foreign-loan-2106877

Stocks fall amid profit booking

The stock market took a dip yesterday due the profit booking tendency among investors. The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), dropped 62 points, or 1.03 per cent, to 5,975.Turnover, another important indicator of the market, plunged 21 per cent to Tk 2,083 crore yesterday. At the DSE, 98 stocks advanced, 242 fell and 27 remained unchanged. The market witnessed massive fall in sectors that jumped at higher rates in recent months.The life insurance sector dropped 2.29 per cent while banks fell 1.78 per cent, cement 2.09 per cent, and mutual fund 1.37 per cent, according to data from UCB Stock Brokerage. In the last few days, these sectors had topped the gainers’ list as most of the related companies’ stocks rose by 7 to 18 per cent, according to DSE data. Stocks of Beximco Limited and Grameenphone were the top contributors to the plunge as they collectively brought the DSEX down by 31 points, as per data from amarstock.com, a market analysis website. National Housing Finance Corporation topped the gainers’ list, rising 10 per cent, followed by Desh Garments, Pioneer Insurance, Lub-rref Bangladesh and Aman Cotton Fibrous. Stocks of Beximco traded the most with Tk 247 crore, followed by LankaBangla Finance, Fortune Shoes, Pioneer Insurance and SaifPowertec. First Security Islami Bank shed the most, losing 12.5 per cent followed by Exim Bank, Standard Bank, Beximco and CAPM IBBL Mutual Fund.

Source: https://www.thedailystar.net/business/news/stocks-fall-amid-profit-booking-2106881

Beximco wins Tk 356cr public works

Beximco Ltd has won three public work orders involving Tk 356.5 crore. The listed company made the disclosure on the Dhaka Stock Exchange (DSE) website yesterday in response to a query from the bourse.The security filing, however, failed to cheer the stocks of the company. It closed 5.70 per cent lower at Tk 91 yesterday. A consortium of Beximco’s IT Division, Dohatec New Media, and DotGov Solutions LLC USA signed a deal with the Central Procurement Technical Unit to develop a full-fledged electronic project management information system for Tk 47.5 crore.Another consortium of Beximco’s IT Division, Tech Mahindra Ltd of India, and Tech Valley Networks Ltd of Bangladesh was handed a contract worth Tk 261 crore.

Source: https://www.thedailystar.net/business/news/beximco-wins-tk-356cr-public-works-2106869

City Bank reelects chairman, vice chairman

City Bank yesterday witnessed the reelection of the chairman and vice chairman of its Board of Directors. Aziz Al Kaiser and Hossain Khaled are both sponsor directors. Elected chairman in 2007 and 2018, Mr. Kaiser is a director of Partex Star Group and chairman and managing director of several of its subsidiaries and chairman of the bank’s subsidiary in Malaysia, CBL Money Transfer Sdn Bhd. Mr. Khaled joined the Anwar Group of Industries in 2000 and is serving as managing director. He is the founding president of Entrepreneurs’ Organization (EO) Bangladesh and chairman of City Brokerage and City Hong Kong.

Source: https://www.thedailystar.net/business/news/city-bank-reelects-chairman-vice-chairman-2106829

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 34,630.24
↓126.15↓ 0.36%
FTSE100$ 7,077.22↑8.18 ↑0.12%
Nikkei 225$ 28,948.36 ↓70.88 ↓ 0.24%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 68.59 ↓0.64↓0.92%
Crude Oil (Brent)$ 70.80↓0.69↓0.97%
Gold Spot$ 1,895.80↓3.41↓0.18%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 84.8000
GBP 1BDT 120.0598
EUR 1BDT 103.1931





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