USDA launches $27m trade facilitation project for Bangladesh
US Department of Agriculture (USDA) today launched a $27 million project to support the government to expand cross border trade in agricultural goods by simplifying and automating import and export processes and improve capacity of laboratories and warehouses. The five-year scheme, Bangladesh Trade Facilitation Project, also aims to work on fostering private and public investment in cold storages facilities and temperature controlled logistics to make international trade of agricultural products more efficient.Land O’Lakes Venture37, a US-based not-for-profit economic and agricultural development organisation, will implement the project to end in September 2025.
Power, pharma issues steer stocks
Stocks ended marginally higher on Wednesday, after choppy trading, as investors showed buying interest on power and pharma issues ahead of corporate declarations. The market opened on a sharp rise and the key index rose more than 75 points within the first 25 minutes. But late hours profit booking on selective large-cap stocks eroded most of the initial gain. At the end of the session, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up 19.66 points or 0.26 per cent to settle at 7,351 points after adding 3.85 points in the previous day. The two other indices also edged higher to set at new highs. The DS30 index, comprising blue chips advanced 9.69 points to finish at 2,787 and the DSE Shariah Index (DSES) rose 5.82 points or to close at 1,600. Turnover, another important indicator of the market, rose to Tk 26.81 billion on the prime bourse, which was 14 per cent higher than the previous day’s tally of Tk 23.52 billion. Among the major sectors, power posted the highest gain of 2.80 per cent, followed by pharma with 1.10 per cent and textile 0.40 per cent. On the other hand, financial institutions saw the biggest hit, losing 3.20 per cent, followed by general insurance 2.50 per cent, cement 1.80 per cent, telecom 1.0 per cent and banking 0.80 per cent. A total number of 334,220 trades were executed in the day’s trading session with a trading volume of 545.93 million shares and mutual fund units. The market-cap of the DSE, however, dropped further to Tk 5,806 billion on Wednesday, from Tk 5,815 billion in the previous day. The Chittagong Stock Exchange (CSE) also ended marginally higher with the CSE All Share Price Index – CASPI -gaining 81 points to settle at 21,514 and the Selective Categories Index – CSCX – rising 49 points to close at 12,922.
Standard Chartered unveils Expat Banking services
Standard Chartered has announced the launch of Expat Banking services, through which expatriates residing in Bangladesh will enjoy access to a full range of banking services, seamlessly integrating their banking experience across Bangladesh and their home countries. The first dedicated helpdesk under this service is the Bangladesh-India Non-Resident Indian (NRI) desk, catering to the banking needs of Indian expatriates, one of the largest expatriate communities in Bangladesh. Enjoy value-added services such as financial insights from a dedicated team of specialists and relationship managers, and special rates on foreign exchange conversions for all inward remittances into an NRI account held with Standard Chartered Bank, India.
Stock market needs diversified products
Bangladesh Securities and Exchange Commission (BSEC) has underscored the need for bringing diversified products to enhance the country’s capital market strength.He was speaking as the chief guest at a webinar titled ‘Sustainable Finance in the context of capital market’ organised by the Chittagong Stock Exchange (CSE) on the occasion of ‘World Investor Week-2021’ held virtually on Wednesday. CSE Chairman Asif Ibrahim was the special guest. Prof. Dr. Mohammad Saleh Juhur, Department of Finance at Business Administration Faculty at University of Chittagong, presented the keynote paper. Mohammad Golam Faruk, managing director of CSE (Acting) delivered the welcome speech.Hopefully, CSE will be able to offer an environmentally friendly blue bond soon. He said the main objective of World Investor Week 2021 is to make people aware. “As the capital market investment is risky, investors should invest wisely”.This webinar is series of programee marking the ‘World Investor Week-2021’ in accordance with the declaration of International Organisation of Securities Commissions (IOSCO), a global cooperative of securities regulatory bodies. The BSEC launched the ‘World Investor Week 2021′ on Monday. Throughout the week, stakeholders, intermediaries, stakeholders’ association will arrange various programmes to mark the World Investor Week.