TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK


TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

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Rate last updated: 02/01/2014 11:15:04 AM

Daily Business News Flash September 29, 2020

Bangladesh Bank extended the deadline for loan status classification by banks

Bangladesh Bank yesterday extended the deadline for loan status classification by banks further to December 31, as it now forecasts the economy would be enshrouded by the coronavirus-induced gloom for longer than it had imagined earlier. Now, banks will have to maintain the same credit status of a borrower as on January 30 until the new deadline.On March 19, less than two weeks after the government first reported the country’s maiden coronavirus cases, the central bank asked lenders not to consider businesspeople as defaulters if they fail to repay instalments until June 30 this year. The moratorium facility was later extended on June 15 once again.Banks will be permitted to rebate interest to the borrowers, who have not taken the moratorium facility by paying back their installments on time.More instructions will be given to banks to maintain provision against the loans and how much interest of the loans that are enjoying moratorium facility will be transferred to the income segment of lenders, the central bank stipulated in its notice.

Source: https://www.thedailystar.net/business/news/another-breather-borrowers-1969229

Locally made LPG cylinders get a cut in VAT

The revenue authority has reduced value added tax (VAT) on locally made cylinders for storing liquefied petroleum gas (LPG) in order to allow domestic manufacturers to better compete with imported cylinders and enable users to afford bottled gas.The VAT rate for locally-made LPG cylinders has been slashed to 5 per cent from 15 per cent, the National Board of Revenue (NBR) said in a notice issued at the end of last week. The benefit will remain effective until June 30, 2021, the NBR added. The move follows pleas from domestic manufacturers of LPG cylinders after the government imposed 15 per cent VAT on local manufacturing from the beginning of fiscal 2020-21 in July.Bangladesh has 11 companies producing LPG cylinders and their combined production capacity is 85 lakh units whereas the annual requirement is 65 lakh units, according to Chowdhury, also president of the LPG Operators Association of Bangladesh.A section of operators also import LPG cylinders. However, the quantity of imports declined in recent years. Data from the Department of Explosives showed that LPG cylinder imports dropped 44 per cent to 22.30 lakh units in fiscal 2018-19 from 39.60 lakh units the previous year. The number of locally made cylinders marketed increased 85 per cent to 20.30 lakh units in fiscal 2018-19 from 11 lakh units the previous year, says data from the explosives department.

Source: https://www.thedailystar.net/business/news/tax-collection-rebounds-august-1968733

TK Group to invest Tk 1,744cr at BangabandhuShilpa Nagar

Samuda Food Product and Samuda Chemical Complex, two sister concerns of the TK Group of Industries, will invest Tk 1,744.80 crore at Bangabandhu Sheikh MujibShilpa Nagar (BSMSN) to produce consumer goods and chemicals.Initially, Tk 650 crore will be invested, which will hit Tk 1,744 crore or $205.28 million in the next three years, said Haider, also a director of TK Group. The group yesterday signed an agreement with the Bangladesh Economic Zones Authority (Beza) to take 60 acres of land on lease inside the BSMSN to set up the new production units. They will be able to create around 1,560 jobs in the two units, the construction work of which will hopefully begin in next January. TK Group is one of the largest and diverse business conglomerates in Bangladesh with 43 active business units and more than 12,000 employees. In the last four-and-a-half decades, the group has invested in edible oils and fats00, steel, board, paper, textile, packaging and containers, tea plantation, ship building, consumer products, trading shares and securities.

Source: https://www.thedailystar.net/business/news/tk-group-invest-tk-1744cr-bangabandhu-shilpa-nagar-1969213

NBP teams up with Guardian Life

The Guardian Life Insurance Ltd and the National Bank of Pakistan (NBP) signed a group insurance agreement recently under which all the employees of NBP will enjoy life coverage along with medical benefits. M MMonirulAlam, Chief Executive Officer, Guardian Life, and Md. Quamruzzaman, Country Manager & CEO, NBP, signed the agreement on behalf of their companies.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/nbp-teams-up-with-guardian-life-1601310026

E-commerce can account for ’70pc transactions of goods and services’

70 percent transactions of goods and services could be done on e-commerce platforms which presently stands at only 5.0 per cent, said Mahtab Uddin Ahmed, Managing Director & CEO of RobiAxiata Ltd while elaborating on the huge potential of e-commerce. However, he also said that proper use of state-of-the-art technology is needed to move forward in this promising sector.Applauding the Digital Commerce Policy 2018, the local CEO of the multinational telecom company called for an emphasis on its implementation. He also highlighted the importance of providing exemptions of VAT-tax-duty etc. and incentives for new entrepreneurs in the development of e-commerce. Robi’s Managing Director and CEO also hope to add e-Cab to the next phase of R-Ventures, a platform for building digital entrepreneurship.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/e-commerce-can-account-for-70pc-transactions-of-goods-and-services-1601309886

Apex celebrates founder’s week

Apex Group commemorated the 79th birthday of its Founder Chairman Mr. Syed ManzurElahi as Founder’s Day recently, with week-long celebrations that included a host of events for both customers and employees.There were special offers for Apex Rewards members and e-commerce customers. At the same time 5 new stores were opened nationwide for the convenience of the Apex’s ever-loyal customers. The event culminated with a flat 26 per cent off offer on all products only on 26th September, for the first time in Apex history. Additionally, various employee engagement initiatives were taken throughout the week.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/apex-celebrates-founders-week-1601309742

DSEX exceeds 5,000-mark on buying binge

Stocks rebounded Monday, after a single-day break, with key index of the major bourse crossing the threshold of 5,000-mark once again as investors showed their appetite on large-cap stocks amid high expectations. The market opened on upbeat note and the key index soared 58 points within first hour of trading. But, eroded nearly half of the initial gain as the session progressed amid profit booking sell-offs. DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 32.01 points or 0.64 per cent to settle at above 5,000-mark again after four-day to 5,003 points.Bangladesh Bank has reduced the interest rate on borrowing from its special investment fund to 4.75 per cent from 5.0 per cent, aimed at helping the country’s lenders increase their stock investment capacity.Two other indices also ended higher. The DS30 index, comprising blue chips, gained 21.82 points to finish at 1,712 and the DSE Shariah Index rose 9.46 points to close at 1,131.The Chittagong Stock Exchange also ended higher with its All Shares Price Index (CASPI)-soaring 112 points to close at 14,299 while the Selective Categories Index – CSCX rising 75 points to close at 8,582.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/dsex-exceeds-5000-mark-on-buying-binge-1601309790

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 27,584.06
FTSE100$ 5,927.93↑85.26 ↑1.46%
Nikkei 225$ 23,433.82↓77.80↓0.33%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 40.35↓ 0.25↓0.62 %
Crude Oil (Brent)$ 42.22↓0.21↓0.49 %
Gold Spot$ 1,883.38↑1.90↑0.10%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 84.8000
GBP 1BDT 108.1200
EUR 1BDT 98.6563
INR 1BDT 1.1511





Dear Valued Patrons,

At the very onset, let me express my heartiest gratitude for allowing us to serve you and I also wanted to reach out to you directly with an assurance that Dhaka Bank is fully equipped to support you during this difficult time.

Last couple of weeks ago we all were living in a peaceful condition, performing our daily tasks freely and perfectly. Entire economy and business environment was also in a good shape, until COVID-19 put a forceful stoppage to the overall life style and economy of the world. We all know that social distancing and cleanliness are the keys to prevent this pandemic. Hence, we urge your conscious effort to limiting public interaction and suspending wherever possible.

In this current situation, Dhaka Bank and its employees are beside you where we are fully online, either working from home or at our offices under a robust Business Continuity Plan (BCP) to serve you with limited branch banking and a full-fledged alternate delivery channel services.

Our state of the art Mobile App, Dhaka Bank GO (Click https://bit.ly/2WVfieu) and Internet Banking - Dhaka Bank Direct gives you the freedom of banking online anytime from anywhere. You can check the balance and transfer money to any designated Banks including any Dhaka Bank or bKash Account, make utility bill payments and mobile top-up through our Mobile App and Internet Banking Services. Our ATMs are also running efficiently with availability of sufficient cash for your convenience where you can make cash withdrawals whenever the need arises. Mentionable, the withdrawal of cash from any ATMs within Bangladesh with Dhaka Bank Debit Cards are absolutely free of charges up till April 30, 2020 (Dhaka Bank will bear the cost). Our corporate customers can also use our completely safe and secured online platform Dhaka Bank C-Solution for Payments, Inter Bank Fund Transfers, etc.

Moreover, to fulfill your urgent requirement, we have a limited no. of branches up and running by ensuring all kinds of precautionary and safety measures for you.

In case of extreme emergency and facing difficulties in conducting banking transactions, please let us know through our 24/7 Contact Center number 16474 (or, dial +8809678016474 for ISD/Overseas Calls). We are always with you to combat your difficulties.

As you know we are going through a critical phase and the situation is novel to all of us. We are getting lot of new information from various sources everyday about COVID-19 which will be shared at www.dhakabankltd.com.

Thank you for your trust and continued support to us. I firmly believe that jointly we will be able to combat this situation and win against all the odds.

Please stay home, stay safe and take care of yourself and family.

Best regards,

Emranul Huq
Managing Director & CEO
Dhaka Bank Limited