BB arranges Bankers-SME conference
Bangladesh Bank recently organised ‘Bankers-SME Entrepreneurs Conference and Open Loan Distribution Program’ in Noakhali. The conference was aimed at promoting and developing small and medium enterprises (SME) sector in the district. The day-long conference was held in Noakhali Sadar Upazila Parishad Auditorium. Md. Abdur Rahim, Executive Director, Bangladesh Bank; was present at the conference as the chief guest. BRAC Bank was the coordinator of the conference. A total of 25 banks and financial institutions of Noakhali district participated in the conference and around BDT 70 million SME loan was distributed to 60 SME entrepreneurs in the conference.
PRAN exports its toiletries to seven Countries
PRAN-RFL Group is exporting its toiletries to seven countries across the world. Swift, Glitter, Livana and Ray brands of PRAN’s Sun Basic Chemicals Limited (SBCL) are now being exported to four more countries after India, Nepal and Bhutan. The new destinations of SBCL’s exports include Fiji, Vanuatu and Solomon Islands. The consignments of the products have already been sent to Fiji, Vanuatu and Solomon Islands of the Oceania region this month. Earlier, SBCL started exporting its products to Maldives in January. As per the Director (Marketing) of PRAN-RFL Group, Bangladeshi toiletries products have good prospects in global market if it is manufactured maintaining quality.
TIN not mandatory for BO accounts: NBR
The tax authority has not made opening taxpayer identification number (TIN) mandatory for stock investors, allaying the fears of general investors. Following the media reports earlier this month about TIN becoming compulsory for investing in the capital market, the Dhaka Stock Exchange plunged to its three-month low on April 3 as general investors panic sold. As per the National Board of Revenue press statement, Investors would be able to open beneficiary owner’s (BO) accounts as they could in the past. No new rule has been framed making TIN compulsory. The NBR also said it is holding consultation meeting with stakeholders ahead of framing tax proposals for fiscal 2019-20. As part of the consultation, the NBR recently sat with representatives of the DSE and the Bangladesh Insurance Association (BIA). At the meeting, the DSE, responding to a question from the NBR chairman, said those who have BO accounts have TINs, while representatives from the BIA informed that TIN is compulsory for opening insurance policy. Later, it was published in the newspaper that TIN is being made mandatory for stock investors.
Doreen Power acquires 99.90pc shares of Chandpur Power
The board of Directors of Doreen Power Generations and Systems Limited in its board meeting held recently has decided to acquire 99.90 per cent shares of Chandpur Power Generations Limited. The company had 60 per cent ownership before this decision, said a statement. The board of directors has adopted un-audited financial statements for the third quarter ended on 31 March 2019. Consolidated EPS was Tk. 1.45 for January-March 2019 as against Tk.1.72 for January-March 2018 and consolidated EPS was Tk. 5.32 for July 2018-March 2019 as against Tk. 5.53 for July 2017-March 2018. Due to lower demand of electricity in national grid, both production and supply of electricity have reduced. As a result, EPS has slightly decreased in the current period compared to last year. Currently, the company is supplying 176 mw electricity in the national grid from its existing five power plants. Chandpur Power, a 115 MW under construction power plant will commence its commercial operation in next financial year. The management of the company expects that it will generate yearly sales revenue of about Tk.6,000 million to Tk.7,000 million by utilising only 70% of its installed capacity and company will earn about Tk.800 million net profit from this revenue.
S. S. Steel Limited included in DSEX
S. S. Steel Limited has been included in DSEX, the core index of the prime bourse effective from April 23. The change was done in accordance with the DSE Bangladesh Index Methodology, designed and developed by S&P Dow Jones Indices (SPDJI) and thorough supervision by Index Committee of DSE.
Prime Bank to see ‘total change’ in two years
As per the bank’s managing director, Prime Bank Limited will be a totally new and different bank within the next two years trailblazing innovative retail and wholesale products, new business model, and digital transformation. The bank is turning around, and going for a leap forward and the transformation will be visible within the next two years.
First IPTV launched
BDCOM Online Ltd has introduced IPTV (internet protocol television) service in the country, the first of its kind. The IPTV was rolled out on Pahela Baishakh, the first day of the Bengali calendar, officials of BDCOM Online told the leaders of Telecom Reporters’ Network Bangladesh (TRNB) at a programme in Dhanmondi yesterday. One of the leading internet service providers in Bangladesh, the company says it has rolled out the service under its new package – Broadband360°. Apart from the IPTV service, BDCOM Online will also offer existing internet and voice-based internet telephony service and all these packages together will be called “Triple Play Service”. As per the managing director of the company, the speed of the package is expected to be about 100mbps.
Bangladesh invites Slovenian Businesses to explore opportunities
Bangladesh on Tuesday invited the Slovenian businessmen to explore enhanced trade and investment opportunities between the two countries. State minister for foreign affairs M Shahriar Alam extended the invitation mentioning the investment-friendly environment in Bangladesh. When ambassador of the Republic of Slovenia to Bangladesh with residence in New Delhi Jozef Drofenik met the state minister at the latter’s office in the morning, Shahriar also said there is an ample scope of cooperation in the field of agriculture, education, culture, trade and economic cooperation, science and technology. Recalling the support of the then Yugoslavia in the Liberation War in 1971 and subsequent assistance for reconstruction of the war-torn economy of Bangladesh in the post-Liberation War period (early 70s), the state minister expressed gratitude to the Slovenian people and stressed enhancing the existing bilateral relations between the two time-tested friendly countries in the days ahead.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|DJIA||26,452.66|| ↑67.89||↑0.26% |
|FTSE100|| 7,469.9||↑33.05|| ↑0.44%|
|Nikkei 225|| 22,289.32||↑67.66||↑0.30%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)|| $ 64.51|| ↑0.46|| ↑0.72%|
|Crude Oil (Brent)||$ 71.97|| ↑0.25||↑0.35%|
|Gold Spot|| $1,277.45|| ↑0.66||↑0.05%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.5144|
|GBP 1||BDT 109.1580|
|EUR 1||BDT 94.3335|
|INR 1||BDT 1.1984|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<