Kiam Metal plans to set up Tk 850cr glassware factory
Kiam Metal Industries, a sister concern of BRB Group, plans to make a foray into the country’s burgeoning glassware market by setting up a Tk 850 crore manufacturing unit. The company has already submitted a proposal to Beza, seeking 30 acres of land at the Bangabandhu Sheikh Mujib Shilpa Nagar in Chattogram. According to Rahman, the company will fund 30 per cent of the project through equity while the remaining 70 per cent will be financed by local banks. The project will create around 2,500 opportunities for direct employment. The domestic demand for glassware is around 1.3 crore pieces per month, or roughly Tk 140 crore, industry insiders say. Local manufacturers Nasir Glassware and GMS cater to 65 per cent of the country’s demand while the rest is imported from countries such as China, France and Indonesia. Kiam Metal Industries began its journey back in 1990 with a kitchenware manufacturing facility in Kushtia.
Bengal Commercial Bank begins journey today
Bengal Commercial Bank (BGCB) Limited is set to start its journey today (Wednesday) with a vision ‘Inspiring Growth’ to help fulfill the economic needs of the nation. The new generation private commercial bank (PCB) is also projected to provide around Tk 25 billion as micro credit investment to nearly 25000 clients across the country in the next three years. The BGCB wants to include the people, who still remain outside of the banking system through boosting such credit facilities. The private sector credit growth came down to 8.32 per cent in January 2021 on a year-on-year basis from 8.37 per cent a month before, according to the Bangladesh Bank (BB)’s latest statistics. This growth was 6.48 percentage points lower than the BB’s target of 14.80 per cent for the second half (H2) of the current fiscal year. Currently, 59 scheduled banks along with 35 non-banking financial institutions (NBFIs) are running their businesses across the country. Prior to joining the BGCB, Mr. Morshed served as MD and CEO of BD Finance Limited, a NBFI, from April 2018 to March 2020. Besides, he worked for Social Islami Bank Limited (SIBL) as additional managing director (AMD) until March 2018. He joined the Shariah-based bank in 1995 after serving more than eight years in the BRAC.
Agrani Bank secured the 1st position among the state-owned commercial banks
Agrani Bank Limited secured the 1st position among the state-owned commercial banks in the implementation of Annual Performance Agreement (APA) 2019-20. The photo shows MD and CEO of the bank Mohammad Shams-Ul Islam receiving a crest, on behalf of the bank, at an APA-related monthly meeting of the Financial Institutions Division at the finance ministry on Tuesday.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↑ 30.30||↑ 0.10 %|
|FTSE100||$ 6,730.34||↑ 11.21||↑ 0.17 %|
|Nikkei 225||$ 29,018.86||↓ 9.08||↓ 0.03 %|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 63.61||↑ 0.40||↑ 0.62 %|
|Crude Oil (Brent)||$ 67.00 ||↑ 0.52||↑ 0.77 %|
|Gold Spot||$ 1,713.89||↑ 2.21||↑ 0.13 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 84.8000|
|GBP 1||BDT 117.2275|
|EUR 1||BDT 100.4286|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<