BFIU seeks bank account info of 23 online shops
Bangladesh Financial Intelligence Unit (BFIU) has asked banks to send information of accounts of 23 digital platforms, including Daraz and Priyo Shop, and 29 executives related to the firms. After several regulatory measures, the government formed a new committee to bring all e-commerce firms in Bangladesh under one umbrella and safeguard the interests of the consumers and merchants who were deceived.
DSE daily turnover dips to four-month low
Stocks nosedived further on Wednesday, with turnover hitting four months low on the Dhaka Stock Exchange (DSE), as investors were mostly reluctant to make fresh investment amid ongoing pessimism. Turnover, a crucial indicator of the market, dipped below Tk 12 billion-mark and amounted to Tk 11.54 billion on the country’s premier bourse, in a further decline by 11 per cent over the previous day’s tally of Tk 12.95 billion. It was the lowest single-day transaction since June 29 this year, when turnover was recorded at Tk 11.48 billion. Along with low turnover, DSEX, the prime index of the DSE, also fell sharply by 56.07 points or 0.80 per cent to settle at 6,898. DSEX lost more than 164 points in the past four consecutive days. Two other indices also ended lower with the DSE 30 Index, comprising blue chips, slumped by 20.13 points to finish at 2,585 and the DSE Shariah Index (DSES) shed 7.01 points to close at 1,461. Top negative index contributors were British American Tobacco Bangladesh (BATBC), Walton, Grameenphone, Square Pharma and Robi. These five large-cap stocks jointly contributed 37 points fall to DSEX, while BATBC alone accounted for 17 points, according to amarstock.com. Share price of the heavyweight BATBC continued to decline, tumbling over 18 per cent or Tk 140 each in the past two weeks to close at Tk 606.40 on Wednesday. According to a recent DSE web post, the National Board of Revenue has issued a Tk 24,371 million demand for VAT and supplementary duties from BATBC following a High Court ruling. The Chittagong Stock Exchange (CSE), also ended sharply lower with the CSE All Share Price Index – CASPI -losing 216 points to settle at 20,187 and the Selective Categories Index – CSCX – shedding 129 points to close at 12,127.
Home appliance market set to grow to $10bn
Bangladesh’s fast growing electronic appliances market has tripled to nearly $2.4 billion in a decade, helped by the growth of the economy that has created a stronger consumer class. Experts forecast a stronger pace over this decade as demand is set to boost further amid more investments by homegrown and foreign brands for a gradual localisation of their production to benefit from the government policy of lesser taxes and duties to reduce unit prices. The market for televisions, refrigerators, washing machines and other home appliances would quadruple to an annual size of $10 billion by 2030, estimates UCB Asset Management, a new generation investment industry firm. Analysts at the firm expect the average annual growth rate in the ongoing decade will increase to 17%, from the previous decade’s average of 14%.
SCB signs deal with IDLC Finance
Standard Chartered Bangladesh has recently inked an agreement with IDLC Finance Limited (IDLC) to act as banking partner for its online digital deposit collection. IDLC Finance has recently launched an Online Digital Deposit Service to encourage customers to meet their deposit needs without visiting branches physically. This service will serve as a single gateway with multiple payment options to collect the deposits from IDLC’s valued depositors, and the real time API integration will allow instant transfer of deposit information. Standard Chartered provided IDLC Finance with its state-of-art solution called ‘Straight2Bank Pay’. Leveraging on Standard Chartered’s ‘Straight2Bank Pay’ with API integration, IDLC Finance will be able to deliver a seamless experience to its valued depositors so that depositors can open fixed deposit accounts anywhere anytime and make payment using multiple payment options at their convenience.