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
Rate last updated: 02/01/2014 11:15:04 AM
The central bank has moved to form an asset management company to deal with the growing non-performing loans (NPLs) of banks, as part of its efforts to perk up the ailing sector. The development comes following recommendation from a six-member committee formed two months ago. The committee came up with the recommendation after conducting an extensive analysis of seven Southeast Asian countries on how they had brought down their large amounts of NPLs after facing a major recession — widely known as Asian financial crisis — between 1997 and 1999. Each of the seven countries — Vietnam, South Korea, Indonesia, Malaysia, Thailand, Taiwan and the Philippines — successfully brought down their classified loans by way of implementing this formula. As per a member of the committee, NPLs in Indonesia went up to nearly 50 percent of its outstanding loans during the financial crisis, but it came down to less than 3 percent in 2017.
Source: https://www.thedailystar.net/business/news/move-rid-banks-npl-burden-1730224
The government had no net borrowing from the banking sector in nine months (July-March) of the current fiscal year (2018-2019) as high sales of pricy national savings certificates helped the government meet deficit financing. Instead, the government paid back Tk 1,255.83 crore to banks in the nine months of the current fiscal year. Despite the poor state of tax-revenue collection, the government’s net borrowing from the banking sector dropped to Tk 87,001 crore as of April 7 this year from Tk 88,257.67 crore as of June 30, 2018. As per Policy Research Institute of Bangladesh executive director Ahsan H Mansur, the government’s move to borrow high-cost fund by the sales of NSCs and to pay back low-cost fund of the banks was a political decision. A major portion of the budget is being spent for debt payment and the amount would increase if such trend continues. High borrowing from the sales of NSCs would finally increase interest payment burden and reduce the government’s capacity to finance for social safety purposes including health education. Return rates offered by the NSCs are between 11.04 per cent and 11.76 per cent, while the government can take fund from the banks at less than 8 per cent interest.
Source: http://www.newagebd.net/article/69996/govt-has-no-net-bank-borrowing-in-9-months-as-nsc-sales-soar
The aviation market of Bangladesh doubled over the last seven years to 2017 and is expected to grow at even faster rate in the near future. This has prompted Airbus to look to the market with offers for supplying their most modern and up-to-date aircraft for meeting the country’s needs. As per Senior Sales Director of Airbus Customer Affairs, Bangladesh aviation market is growing and witnessed 99 per cent growth in international traffic (passengers) over the last seven years (compound annual growth rate of more or less 10 per cent in both direction). He was giving a presentation on the global aviation industry, with focus on Bangladesh, before a group of journalists from Bangladesh at the Airbus headquarters in Toulouse, France recently. In terms of gross order intake, Airbus has been the largest aircraft manufacturer in eight out of the last 10 years to December 31, 2018. The company is an industry leader with the largest order booking.
The multinational companies (MNCs) listed with the stock exchanges have performed mixed in recommending dividend for the year ended on December 31, 2018. The amounts of dividends recommended by some MNCS have declined, while the dividends of some other companies increased compared to previous year. The companies have recommended dividends ranging between 10 per cent and 700 per cent. Of the MNCs, the British American Tobacco Bangladesh Company (BATBC) has recommended the highest amount of dividend. The BATBC has recommended 500 per cent cash and 200 per cent stock dividend. Two companies have recommended stock dividend despite the MNCs usually prefer the recommendation of cash dividend. The companies whose dividends increased for 2018 maintaining their growth trend are BATBC, Linde Bangladesh and Grameenphone. As per the chief executive officer (CEO) of Crown Cement Group, the dividends recommended by some MNCs fluctuated due to decline observed in earnings.
Modhumoti Bank Limited sponsored a programme titled ‘Bangla 1426 Borsho Baron’ at Dhanmondi Rabindra Sorobor organised by Dhanmondi Club Limited. Barrister Sheikh Fazle Noor Taposh, MP, Chairman, Executive Committee of the Board of Directors of Modhumoti Bank Limited was present as Chief Guest. Md. Shafiul Azam, Managing Director & CEO of the Bank, also seen.
State-run investment facilitating agencies including Bangladesh Investment Development Authority on Monday advised National Board of Revenue to adopt policies focusing on investment, development and industrialisation instead of the current revenue-focused ones. At a pre-budget discussion with NBR at the revenue board’s office in Dhaka, the agencies also said that no investment proposals would be successful without policy support from NBR. NBR should take steps including offering incentives to improve skill development of the country’s manpower to prevent outflows of foreign currencies. BIDA executive chairman Kazi M Aminul Islam said that NBR should not prepare a ‘copy and paste’ budget from documents of the previous year rather it should prepare a budget keeping the challenges of the coming days in mind. NBR is a policy institution though it inherits the word revenue in its name, he said, adding that NBR should work to speed up the economy.
Source: http://www.newagebd.net/article/69997/investment-agencies-want-dev-focused-nbr-policies
Ambassador of the United Arab Emirates (UAE) to Bangladesh Saed Mohammed Al Muhairi called on State Minster for Shipping Khalid Mahmud Chowdhury at his Secretariat office in the city on Monday. During the meeting, the UAE ambassador discussed with the state minister about enhancement of bilateral trade and business with Bangladesh. Khalid Mahmud and Al Muhairi also discussed other issues of mutual interests as well as development of Chattogram, Mongla and Payra ports. The issue of memorandum of understanding (MoU), signed during the visit of Prime Minister Sheikh Hasina to the United Arab Emirates in February this year, also came in for discussion during the meeting.
Source: http://today.thefinancialexpress.com.bd/trade-market/uae-for-enhancing-trade-with-bd-1555349459
The country’s second liquefied natural gas (LNG) import terminal is expected to arrive at Moheshkhali Island in the Bay Bengal next week to initiate supply of re-gasified LNG (RLNG) to end users. The FSRU (floating, storage, re-gasification unit) has already started journey to reach Bangladesh, carrying 138,000 cubic metres of lean LNG from RasGas of Qatar. The Rupantarita Praktritik Gas Company Ltd (RPGCL) has already informed the terminal contractor – the Summit Group – about its readiness to carry out test as soon as the FSRU arrives in the country. The RPGCL, a wholly-owned subsidiary of the Petrobangla, is responsible to look after LNG trading. The Gas Transmission Company Ltd (GTCL) also confirmed completion of tie-in work at zero point of Moheshkhali and its readiness for RLNG evacuation. The Summit Group has also informed its readiness to the state-run Petrobangla and the RPGCL for commissioning of the FSRU on April 20.
The 101st meeting of the Board of Directors of Takaful Islami Insurance Limited was held recently. The Board of Directors approved Financial Statement for the year 2018 and recommended 5% cash and 6% stock dividend for the year 2018 for shareholders of the Company.
The fourth edition of Business Process Outsourcing (BPO) Summit is set to kick off in the city on April 21 aiming to showcase the sector’s possibilities and opportunities in local and international market. Local and international ICT experts, researchers, government policy makers, students and BPO sector insiders will attend in number of seminars and discussions during the two-day summit at the Hotel Sonargaon in Dhaka.
Source: http://today.thefinancialexpress.com.bd/stock-corporate/bpo-summit-to-begin-on-april-21-1555348782
An agreement on the movement of goods in transit between Bangladesh and Bhutan will be finalised soon at the next commerce secretary-level meeting. This was revealed in a joint statement on the state visit of Bhutanese Prime Minister Dr. Lotay Tshering, to Bangladesh issued by the Foreign Ministry. The joint statement referred to the meeting between Bangladesh Prime Minister Sheikh Hasina and her Bhutanese counterpart. It said the two premiers welcomed the signing of the standard of procedure (SOP) for the operationalisation of the MoU on the ‘Use of Inland Waterways for Transportation of Bilateral Trade and Transit Cargoes’ between Bangladesh and Bhutan.
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| Commodity | Close Value | Value Change | Percentage Change |
|---|---|---|---|
| Crude Oil (WTI) | $ 63.29 | ↓0.11 | ↓0.17% |
| Crude Oil (Brent) | $ 70.95 | ↓0.23 | ↓0.32% |
| Gold Spot | $1,285.89 | ↓2.06 | ↓0.16% |
| Exchange Rates | |
|---|---|
| USD 1 | BDT 83.4315 |
| GBP 1 | BDT 109.2760 |
| EUR 1 | BDT 94.3378 |
| INR 1 | BDT 1.2001 |
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