GP revenue sees 3.7pc growth in Q1 of 2020
Grameenphone Ltd reported total revenues of BDT 36.2 billion for the first quarter of 2020, registering a 3.7 per cent growth from the same period last year. The operator also ended the quarter with 75.3 million total customers, of which 53.6 per cent, or 40.4 million, are internet customers. During the first quarter, the operator also registered a 24.6 per cent growth in data revenue year-on-year. We continued to face challenges in the first quarter of 2020. The restrictions placed on us by our regulator by not issuing NOCs lasted until March, which impacted our planned investment in the country,” said Yasir Azman, CEO of Grameenphone Ltd. In the first quarter, Grameenphone Ltd invested BDT 0.4 billion for network coverage, and added 197 new 4G sites to their network. The total number of sites stands at 16,542. The company also paid out BDT 24.6 billion equaling 68% of its total revenues, to the national exchequer in the form of taxes, VAT, duties, fees, 4G license and spectrum assignment. The largest telecom company paid the telecom regulator Tk 10 billion as part of a disputed audit claim in February last.
BMBA places three proposals
Bangladesh Merchant Bankers Association (BMBA) has made three proposals including exemption of submitting monthly statements due to closure of the offices of market intermediaries. The BMBA has submitted their proposals to the office of the Bangladesh Securities and Exchange Commission (BSEC) recently. “We have requested the regulator to exempt market intermediaries such as merchant banks, stock brokers and asset management companies from submission of statements for the month of April, May and June, 2020,” the BMBA said. The BMBA has also requested the securities regulator for allowing the listed companies to declare the record date and disburse dividend irrespective of holiday or working day.
BSEC passes five years to finalise rules on MF
The long-waited amendment to the rules of mutual funds (MFs) gathers dust for more than five years since the securities regulator approved the draft rules to bring disciplines in the MF industry. Asked, an official of the BSEC could not confirm whether the amendment to the rules of MFS will be finalised before departure of the majority number of policy makers of the securities regulator. The tenures of majority number of policy makers of the Bangladesh Securities and Exchange Commission (BSEC) will end by May 14. A BSEC statement on December 7, 2015 had said the draft provisions will be published in newspapers soon, seeking public opinion. The tenure of one commissioner already ended on April 18 and he backed to his previous profession. The tenure of another commission professor Helal Uddin Nizami will end on May 1, while the tenure of BSEC chairman professor M Khairul Hossain will end on May 14. Market analysts opine the regulator should either finalise or withdraw its decision explaining the reason. The BSEC officials could not be reached to make comment on the updates, if any, of the pending amendment to the rules of MFs. Presently, there are 37 closed-end MFs listed on the country’s stock exchanges. The units of 35 closed-end MFs were traded below face value of Tk 10 each before closure of the market.
Remittance to nosedive 22pc in 2020: WB
Remittance flow to Bangladesh may plunge by as much as 22 per cent in 2020 because of the fallout of the global coronavirus pandemic, in a major blow to the economy, said the World Bank yesterday. Money sent by the migrant workers is projected to fall to $14 billion this year, said the multilateral lender in its Migration and Development Brief. The inflows from the migrant workers, which rose 21.49 per cent to $11.05 billion in the first seven months of the fiscal year on the back of the 2 per cent cash incentive, had kept the growth momentum until January this year. But the momentum came crashing in the following months as the impact of the deadly bug started to become evident. In March, remittance fell 12 per cent year-on-year to $1.28 billion, the lowest in 15 months. Remittances to South Asia are projected to decline 22 per cent to $109 billion in 2020, following the growth of 6.1 per cent in 2019. Falling oil prices will affect remittance outflows from the GCC countries and Malaysia and the coronavirus-induced economic slowdown from the US, the UK and the EU to South Asia. Apart from the GCC countries, a major chunk of Bangladesh’s migrant workers lives and work in Malaysia and Singapore, while the US and the UK are respectively home to 5 lakh and 10 lakh expatriate professionals. .
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↑ 456.94||↑ 1.99 %|
|FTSE100||5770.63||↑ 129.60||↑ 2.30 %|
|Nikkei 225||19316.42||↑ 178.47||↑ 0.93 %|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 14.99||↑ 1.21||↑ 8.78 %|
|Crude Oil (Brent)||$ 21.91||↑ 1.54||↑ 7.56 %|
|Gold Spot||$ 1713.16||↓ 0.92||↓ 0.05 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.1778|
|GBP 1||BDT 102.481|
|EUR 1||BDT 90.1895|
|INR 1||BDT 1.09262|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<