Light commercial vehicle market expanding
The market for light commercial vehicles (LCVs) is growing steadily thanks to the rising number of small and medium enterprises and young entrepreneurs running businesses all over Bangladesh, according to market players. The LCV market size reached about Tk 1,200 crore in 2021 with annual sales averaging 11,000 units for the past three years. LCVs control 42 per cent of the commercial vehicle market on average, but in 2021, the segment’s market share edged up to 45 per cent on the back of 6 per cent growth in sales. Besides, a number of expatriates who returned home amid the ongoing coronavirus pandemic are purchasing LCVs, such as small covered vans and pickup trucks, to use them for commercial purposes. In both cases, the entrepreneurs make use of LCVs to pick up or make deliveries. Energypac’s assembly plant cranks out about 1,000 pickup trucks and 1,500 small covered vans per year. However, the presence of Japanese and Chinese truck manufacturers is very insignificant as Indian companies gained a foothold in Bangladesh by entering the market back in the 1980s and have since gradually overtaken their Asian and European counterparts.
NBR extends duty benefit for raw sugar import
The National Board of Revenue (NBR) has extended its reduced tariff benefit for importing raw sugar until May 15 so that consumers can buy the sweetener at reasonable prices during the upcoming month of Ramadan. As such, refiners can import raw sugar by paying 20 per cent regulatory duty instead of the previous 30 per cent, according to a notification from the NBR issued yesterday. The move comes after the previous concessionary benefit for importing raw sugar with 20 per cent regulatory duty expired on February 28. The NBR slashed the regulatory duty on raw sugar on October 14 and offered the privilege until February 28 to curb the spiralling prices in the domestic market. On average, prices were 3.27 per cent higher than the Tk 75-78 paid per kilogramme a month ago. Similarly, yesterday’s refined sugar prices in Dhaka were 17 per cent higher year-on-year compared to Tk 65-70 in 2021, as per TCB data.
International event on Islamic banking, finance on June 6
An international event on Islamic banking and finance will be held on June 6. “Malaysia-based REDmoney group is organizing the event titled ‘International IFN Bangladesh OnAir Forum”, said Md. Touhidul Alam Khan, Additional Managing Director of Standard Bank Limited who is nominated as one of the members of advisory board of this event. Under this theme, several emerging issues like tax, and regulatory changes on Sukuk, its potentiality as a form of mainstream financing, Shariah-based green and responsible financing solutions in response to important challenges, such as limiting climate change, alleviating poverty, and driving financial inclusion will be discussed. Bangladesh has 11 full-fledged Islamic banks and 15 Islamic windows, holding almost 24% of the country’s deposits and investments. There are 11 Takaful operators and about 12 conventional insurers are offering Takaful products.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↓ 179.86||↓ 0.53 %|
|FTSE100||$ 6,987.14||↓ 251.71||↓ 3.48 %|
|Nikkei 225||$ 25,149.21||↓ 836.26||↓ 3.22 %|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 124.08||↑ 8.40||↑ 7.26 %|
|Crude Oil (Brent)||$ 128.00||↑ 9.89||↑ 8.37 %|
|Gold Spot||$ 1,989.78||↑ 19.08||↑ 0.97 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 86.00|
|GBP 1||BDT 113.7694|
|EUR 1||BDT 93.9808|
*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<
* Exchange Rates are taken from BB website, as on latest update.<