Dhaka Bank distributes furniture cluster loans in Rajshahi

Dhaka Bank Limited disbursed loans to Rajshahi Furniture Cluster on Sunday in Rajshahi. Mayor of Rajshahi City Corporation A.H.M Khairuzzaman Liton was present on the occasion as the chief guest. Emranul Huq, Managing Director and CEO, Dhaka Bank Limited, Md. Sultan Masud Ahmed, Executive Director, Bangladesh Bank, Rajshahi, Md. Iftekhar Ali Babu, Central Co-President, National Small and Cottage Industries Association Bangladesh (NASEB), Md. Moniruzzaman, President, Rajshahi Chamber of Commerce and Industry, were present as special guest in the event. During the event, Dhaka Bank Limited Rajshahi Branch disbursed cluster loans of around Tk.10 million in different amounts to 22 furniture manufacturers affected by Covid-19 to return to normal business and expand their business.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/dhaka-bank-distributes-furniture-cluster-loans-in-rajshahi-1606149980

BB cuts interest rate to 6.0pc

The central bank has slashed interest rate on ADB-funded refinancing scheme by 3.0 percentage points aiming to help the Covid-19-hit cottage, micro and small enterprises (CMSEs). As per the revised policy, participating banks and non-banking financial institutions are allowed to charge their clients maximum 6.0 per cent instead of 9.0 per cent earlier under the refinancing scheme, according to a notification issued by the Bangladesh Bank (BB). On the other hand, lenders are eligible to borrow funds from the central bank under the scheme with paying 2.0 per cent interest instead of 4.0 per cent earlier, according to the officials. Earlier, the government along with the Asian Development Bank (ADB) formed a refinance scheme worth around Tk 20 billion to facilitate the CMSMEs of Bangladesh.

Source: https://today.thefinancialexpress.com.bd/first-page/bb-cuts-interest-rate-to-60pc-1606152727

Online land development tax system by March

The online land development tax system will be fully operational by March next year as the ongoing training on it will be completed by next month, a high official of the land ministry said on Monday. The official disclosed this at a workshop titled ‘Challenges and ways to implement online-based land development tax management software to build a digital Bangladesh’ at the conference room of the ministry. Once the online system becomes operational, people would not need to go to land office for paying land development tax, rather they could do it online, which would help save their valuable time and money. Chairman of Land Reform Board Md Yakub Ali Patwary said the field level training for land officials on online land development tax system will be completed by December 10. Members of the Land Reform Board and the additional secretaries of the land ministry participated in the workshop. The total number of holdings in the country is about 35 million.

Source: https://today.thefinancialexpress.com.bd/trade-market/online-land-development-tax-system-by-march-1606148934

Oil prices rise on Covid-19 vaccine news

Oil prices rose more than 1 per cent on Monday, extending last week’s gains as traders anticipated coronavirus vaccine trials would spur a recovery in demand. Sentiment was also bolstered by expectations that the Organization of the Petroleum Exporting Countries (Opec), Russia and other producers, a group known as Opec+, would extend a deal to restrain output. Brent crude rose 66 cents to $45.62 a barrel by 1247 GMT while US West Texas Intermediate crude gained 52 cents to $42.94 a barrel. Both benchmarks jumped 5 per cent last week. The contango structure in the market, whereby the prices of front-month delivery contracts are lower than those for delivery six months later, narrowed to as little as 31 US cents, its smallest since mid-June, reflecting traders’ views a sustained glut is receding. Outlook for demand has improved with news indicating progress towards developing COVID-19 vaccines. A US official said the first inoculations in the United States could start a day or two after regulatory approval was secured. On the supply side, OPEC+, which meets on Nov. 30 and Dec. 1., will look at options to extend its deal on output cuts by at least three months from January. Smaller Russian oil companies are still planning to pump more crude this year, a group representing the producers said.

Source: https://www.thedailystar.net/business/news/oil-prices-rise-covid-19-vaccine-news-2000025

MTB signs deal with UDDIPAN

Mutual Trust Bank Limited (MTB) has signed an agreement with United Development Initiatives for Programmed Actions (UDDIPAN) at a simple ceremony held at the bank’s corporate head office in the city recently. Under this agreement, MTB, with a view to enabling customers to enjoy digitized cash management service, will provide UDDIPAN with the fully automated payment and collection solutions. MTB, apart from the agreement, has recently increased credit facilities amounting to Tk 1,000 million for UDDIPAN.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/mtb-signs-deal-with-uddipan-1606149926

Green Delta Insurance wins WEF’s New Champion Award

After earning AAA credit rating 7 years in a row, Green Delta Insurance won another global recognition on Monday at the “Pioneers of Change Summit 2020” by World Economic Forum (WEF) in the category of “excellence in sustainability”. The Pioneers of Change summit (16-20 November) aims to explore the innovation needed to bounce back from the pandemic.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/green-delta-insurance-wins-wefs-new-champion-award-1605718721