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

Click to Close

Rate last updated: 02/01/2014 11:15:04 AM

Daily Business News Flash June 15, 2021

Tax benefit to spur growth of oceangoing shipping sector

Bangladesh’s fleet of oceangoing vessels is expected to expand in the coming years after the National Board of Revenue eased age rules for ships to qualify for VAT exemption during imports and cut advance income tax. The revenue authority said it would extend the value-added tax (VAT) exemption to import up to 25-year-old ships in the next fiscal year from the existing 22 years. It also relaxed the restriction on the sales of vessels over 5,000 deadweight tonnages. Importers will be able to sell ships after three years from the current five years from the next fiscal year. The NBR brought down the advance income tax (AIT) on vessel imports to 1 per cent for FY22 from 2 per cent in the outgoing fiscal year. Bangladesh spends $7-8 billion as freight charges every year to carry goods for its imports. The country has the opportunity to retain a portion of freight charges, ship owners earlier said. Currently, entrepreneurs have 70 ships plying on the international waters. The number of vessels, dry cargo vessels, tankers and container vessels doubled from 35 five years ago. Bangladesh had 85 oceangoing ships. But the owners sold off most of them in the face of declining freight rates, higher operating costs and removal of the VAT exemption on the imports and manufacturing of ships from fiscal 2014-15. Private investors showed renewed interest in buying ships after the NBR reinstated the VAT exemption in 2018 to accelerate the shipping industry’s growth.

Source: https://www.thedailystar.net/business/news/tax-benefit-spur-growth-oceangoing-shipping-sector-2111233

Euro zone production stronger than expected

Euro zone industrial production was stronger than expected in April, driven by a more than doubling of durable consumer goods output from a year earlier as economies steadily reopened after COVID-19 pandemic lockdowns, data showed on Monday, reports Reuters. The European Union’s statistics office Eurostat said industrial output in the 19 countries sharing the euro rose 0.8 per cent month-on-month for a 39.3 per cent year-on-year surge. Economists polled by Reuters had expected a 0.4 per cent monthly and a 37.4 per cent annual jump. The biggest production gain in April against March was in durable consumer goods, where output rose 3.4 per cent after 1.2 per cent monthly declines in both February and March. In year-on-year terms, the gain in durable consumer goods output was a spectacular 117.3 per cent after a 34.5 per cent annual rise in March, with capital goods also surging 65.4 per cent year-on-year and intermediate goods up 38.7 per cent.

 Source: https://today.thefinancialexpress.com.bd/trade-market/euro-zone-production-stronger-than-expected-1623688490

ACI stocks soar on news of Tk 84cr foreign investment

ACI stocks soared yesterday when news broke that its subsidiary ACI Motors is set to receive Tk 83.99 crore in foreign investment for the expansion of its vehicle manufacturing capacity. Stocks of ACI closed 2.51 per cent higher at Tk 269 at the Dhaka Stock Exchange (DSE). The plants in question are of Yamaha motorcycle and agro machinery. The company is also planning to set up a plant to assemble Foton-branded commercial vehicles. With the investment, the motorcycle plant’s annual production capacity will reach 1,40,000 units from 1,08,000. The ACI will issue 15.55 lakh convertible, non-cumulative preference shares worth Tk 100 each at a premium of Tk 440 per share. The new investment will reduce ACI’s shareholding in ACI Motors from 52.70 per cent to 46.80 per cent, the company added. ACI Motors is one of the market leaders in the distribution of agricultural machinery in Bangladesh and the sole distributor of Yamaha motorcycles in the country. The FMO will support access to mechanisation for farmers and help ACI Motors increase local value creation in the motorcycle segment, the FMO said about the investment in its website. Earlier, in 2020, the FMO bought 23.33 lakh convertible non-cumulative preference shares worth Tk 126 crore. Of the total foreign fund, including the previous investment, around 65 per cent will be used as capital expenditures while the remaining as working capital. Revenue of ACI Motors rose 1.67 per cent year-on-year to Tk 970 crore in the nine-month period of the current fiscal year, from July 2020 to March 2021. During the same period, its profit before tax was Tk 91.74 crore. Its asset was Tk 1,381 crore and liabilities Tk 849 crore as of March 31, 2021, according to the financial reports.

Source: https://www.thedailystar.net/business/news/aci-stocks-soar-news-tk-84cr-foreign-investment-2111221

NCC Bank signs deal with iclique solutions

NCC Bank has signed an agreement with iclique solutions Ltd to upgrade its payment system to comply with international “PA-DSS 3.2” guideline. NCC bank’s credit and debit card holders will enjoy faster, convenient and secured card services through implementation of this up-graded software. Moreover, it will help to integrate with different channels relating to digital banking platform, said a statement. Mohammad Mamdudur Rashid, Managing Director & CEO of NCC Bank, and Maruf Alam, Chairman of iclique Group exchanged the agreement on behalf of their respective organisations.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/ncc-bank-signs-deal-with-iclique-solutions-1623688828

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 34,393.75
↓ 85.85↓ 0.25 %
FTSE100$ 7,146.68↑12.62↑ 0.18 %
Nikkei 225$ 29,426.66 ↑185.72↑0.64%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 71.01↑0.32↑0.18 %
Crude Oil (Brent)$ 73.00↑ 0.14↑ 0.19 %
Gold Spot$ 1,862.86↓ 3.32↓ 0.18 %

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 84.8000
GBP 1BDT 119.6189
EUR 1BDT 102.6589





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