Digital Bangladesh requires convergence of SMEs & ICT

Covid-19 has impacted all aspects of our lives and continues to do so in profound ways. As much as everyone talks about moving into the ‘new normal’ and adapting to all the seemingly alien protocols. The damage that has already been done needs a much extensive recovery plan through a thorough rebuilding observed corporate leaders of the country. According to them, especially for the small and medium-sized enterprises (SMEs) of Bangladesh, the pandemic came as an acid-test for calibre and capability. Organisations lost valuable time, resources, and profit because of not having sufficient backup plans for facing such predicaments. Particularly, digital technology and ICT solutions are helping distressed companies to get back on their feet; hence organisations that are providing such solutions have been able to create a significant difference in the scenario.

Source: https://today.thefinancialexpress.com.bd/trade-market/digital-bangladesh-requires-convergence-of-smes-ict-1624721405

Chinese firm Didi’s $4b IPO books covered on first day of bookbuild

An initial public offer (IPO) by China’s Didi Global Inc in New York to raise up to $4 billion has been fully covered on the first day of its bookbuild, even as some investors fear tougher rules could hit growth, sources with direct knowledge said. The offering will be the biggest US share sale by a Chinese company since Alibaba raised $25 billion in 2014 and is likely to be the biggest US IPO this year. The ride-hailing giant did not respond to a request for comment on its bookbuilding exercise, set to run until Tuesday, when pricing will be set after the close of the US market. Didi’s targeted valuation is less than an initially expected range of $80 billion to $100 billion because potential investors expressed concern over its growth prospects and the chance of tighter regulation of Chinese tech firms. Didi set a price range of between $13 and $14 per American Depositary Share (ADS), a regulatory filing showed on Thursday, and said it would offer 288 million such shares in the IPO. At the top of the range, the deal will raise $4.03 billion.

Source: https://www.thedailystar.net/business/global-business/news/chinese-firm-didis-4b-ipo-books-covered-first-day-bookbuild-2118917

NRBC Bank approves 12.5pc dividend

The 8th Annual General Meeting (AGM) of NRBC Bank Limited was held on Saturday on a digital platform. The shareholders present in the AGM approved 12.5 per cent consisting of 5 per cent stock and 7.5 per cent cash dividend for the year ended 2020. NRBC Bank experienced tremendous growth in all financial parameters in 2020 amid Corona Virus pandemic situation. Bank’s deposit increased by 25 per cent from Tk 71.85 billion to Tk 90.17 billion in December 2020. Loans increased by 20.67 per cent. At the end of last year, the amount of debt stood at Tk 74.83 billion; last year it was 62.01 billion. Net profit has increased from Tk 1.14 billion to Tk. 1.34 billion. Earnings per share stood at Tk 2.31. The bank’s NPL rate is only 2.93 per cent. The bank has shown financial strength by saving 12.52 per cent of its capital adequacy Ratio (CAR). It was informed in the discussion of the AGM that NRBC Bank is a strong partner of the government for revenue collection. NRBC Bank is lending money to the people in an easy process.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/nrbc-bank-approves-125pc-dividend-1624723896

Keep EPZs open during lockdown

The Bangladesh EPZ Investors’ Association (BEPZIA) has requested the government to keep the export processing zones (EPZs) open during the nationwide lockdown to ensure smooth payment of salaries and allowances to workers. Following a sudden surge in coronavirus infections, the government has decided to impose another complete lockdown from tomorrow. The BEPZIA is now concerned that if the circular is published without a provision for the EPZs to remain open, the workers will rush to their village homes, which will spread Covid-19. The factories located in the EPZs across Bangladesh need to pay salaries and festival bonuses to their workers for Eid-ul-Azha. Uddin requested the Bangladesh Export Processing Zones Authority to keep the EPZs open during the upcoming lockdown.

Source: https://www.thedailystar.net/business/economy/news/keep-epzs-open-during-lockdown-2118985