BD companies to meet 100 Japanese entities
A business matching meeting began online on Wednesday between 24 Bangladeshi companies and interested Japanese investors which ends on November 30.Japan External Trade Organization (JETRO), Japan-Bangladesh Cooperation Committee, Pacific Research Exchange Center facilitated the program. Over 380 Japanese companies including many prominent companies joined the webinar. Head of UNIDO Tokyo Yuko Yasunaga, HAISON CEO M. Jalalul Hai, Jetro Representative in Bangladesh Yuji Ando and JBCCI Executive Director Dr. AKM Mozzem Hussain and Secretary General Tareq Rafi Bhuiyan (Jun) spoke on the occasion. The webinar focused on the current business outlook of Bangladesh as well as Bangladesh business environment for Japanese companies. During the occasion 24 Bangladesh companies interested in business partnership with Japanese companies also spoke about their business.The companies who participated the programme are, Agni Systems, Allianz Group, AltumInfratech, Arcvil Design & Development, Ark Consultant &Engineering ,Bristy Fashion , Conveyor Group, Dysin – Chem , Islam AftabKamrul& Co. (IAK), Bahon Ltd, Jennys Shoes , JAMS Developments , Mazada Consortium , MKK Logistics, N. Mohammad Group, Neo Zipper, New Vision, Purba Agro &Dairy Products, Pacific Quality Control, ShamsherRezia Fashions, Salma Group , Shanta Garments, UHM Limited.During the webinar the Bangladesh companies introduced their company by their own for partnership with the participating Japanese companies in the areas of power, automobiles, constructions, logistics, textile & garments, leather & leather goods, quality control inspection, management consulting, investment advisory services and education with their Japanese counterpart.
DSEX falls despite a bright day for mutual funds
In a rare instance, all 37 listed mutual funds rose at the Dhaka Stock Exchange yesterday although the benchmark index of the premier bourse fell. Phoenix Finance First Mutual Fund topped the gainers’ list with a 10 per cent rise. The unit price of all mutual funds rose more than 5 per cent on the day. SEML Lecture Mutual Fund, SEML IBBL Shariah Fund, First Prime Finance Mutual Fund, CAPM BDBL Mutual Fund, CAPM IBBL Mutual Fund, Asian Tiger Sandhani Life Growth Fund, and NLI First Mutual Fund also made it to the gainers’ list. The DSEX dropped 15.94 points, or 0.32 per cent to end the day at 4,883.69.Turnover, one of the important indicators of the stock market, hit Tk 975 crore yesterday, up from Tk 925 crore on the previous trading day. Beximco Pharmaceuticals was the most traded stock with shares worth Tk 112 crore changing hands, followed by Beximco Ltd, Trust Bank First Mutual Fund, Eastern Insurance and Brac Bank. Of the total 353 companies traded, 79 advanced, 186 declined and 88 remained unchanged. Bangladesh Shipping Corporation shed the most with a 9.93 per cent fall followed by Global Insurance, Bangladesh National Insurance, Agrani Insurance and Shyampur Sugar.The fund size is Tk 100 crore and sponsors will invest Tk 15 crore. The face value of the fund is Tk 10.
Development spending rises to four-month high
Development spending rose to a four-month high of Tk 10,151 crore in October as the government accelerated expenditure to revive the economy reeling under the impacts of the coronavirus pandemic. The outlay under the annual development programme, is, however, down 23.72 per cent from the Tk 13,308 crore spent in the same month last year, data from the Implementation Monitoring and Evaluation Division showed yesterday. From July to October, the first four months of the fiscal year, the ADP spending stood at Tk 27,453 crore, down 10.43 per cent year-on-year.Ministries and divisions could utiliseTk 7,050 crore of the government fund in October. It was Tk 9,648 crore in the same period last fiscal year. On the other hand, they were able to spend Tk 2,827 crore from the foreign aid portion this year. It was Tk 3,410 crore in the same period last fiscal year. The overall ADP implementation during the July to October period fell to 12.79 per cent, the lowest in the past five fiscal years. Of the 15 large ministries and divisions, which received 81.16 per cent of the allocation this fiscal year, 11 spent higher than the average. The primary and mass education ministry was able to spend 25.15 per cent of the implementation target, followed by the secondary and higher secondary division with 20.70 per cent of its allocation.The Prime Minister’s Office spent 19.81 per cent of its allocation and power division 16.69 per cent, education ministry 15.30 per cent, local government division 12.67 per cent, road transport and highway division spent 12.19 per cent, water resources ministry 11.97 per cent, bridge division 11.68 per cent, science and technology ministry 10.28 per cent, and ministry of housing and public works 10.11 per cent.
Edible oil prices keep rising
The price of edible oil has risen in local markets amid stockpiling by large economies owing to the potential threat of a second wave of the coronavirus and a rising cost of all products worldwide, according to market players.The price of soybean oil at Khatunganj, a wholesale market in Chattogram, has increased by Tk 500 per maund (37.3 kilograms) to about Tk 3,650. Similarly, palm oil now costs around Tk 3,250 to Tk 3,270 per maund, an increase of about Tk 450.The price of soybean oil globally stood at $970-980 per tonne yesterday, an increase of $230 per tonne from early August. At the same time, the price of palm oil ballooned by $150 per tonne to $885 in international markets.Over the last few months, the price of the key cooking ingredient has risen by about $200 in increments at international markets. The price may increase further and this could impact Bangladesh’s local market.
Modhumoti Bank signs agreement with PayWell
Modhumoti Bank Limited has recently signed a partnership agreement with PayWell, a concern of CloudWell Limited for digital payments. Under the agreement, Modhumoti Bank customers will enjoy Utility Bill payment, Mobile Recharge, Bus and Air Ticket and other digital services from Agent banking and other digital banking channels using PayWell platform.