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

Important Business News Extracts April 25, 2016

Government finally cuts oil prices

The government cautiously cut prices of major petroleum products, ranging from 4.41% to 10.41%, around two years after the start of global oil slump. As per an executive order issued Sunday by the Ministry of Power, Energy and Mineral Resources (MoPEMR) the downward adjustment applies to pump prices of diesel, kerosene, petrol and octane. The prices of octane and petrol have been lowered by BDT 10 per liter to BDT 89 per liter and BDT 86 per liter respectively. The price of diesel and kerosene has been cut by BDT 3.0 each to BDT 65 per liter. But the price of furnace oil, which was reduced by BDT 18 to BDT 42 per liter on March 31, remained unchanged. “The new prices will take effect after midnight on Sunday,” says the gazette notification. The government last made changes to prices of these petroleum products on January 04, 2013 when it raised the rates up to 11.47% to offset the losses being incurred by the BPC back then.


Power tariff hike likely again

Government’s power entities have moved again to raise power tariffs despite a drastic fall in electricity generation and supply costs following global oil slump, officials said. People are already paying high prices due to previous raise in the electricity tariff rates, said critics, who see little logic behind the fresh move on the back of cuts in oil prices. The average electricity-supply costs, which include generation and transmission expenses, of the state-run power entities have fallen by around 13.6% to BDT 5.40 per unit (one-kilowatt hour) over the past one year due to sharp fall in oil prices on the international market, said an industry expert involved with analyzing tariff structure. He sees chances of the cost going down further to around BDT 5.20 per unit from next fiscal year (FY) 2017 following the cut in furnace-oil price on the domestic market. The average electricity-supply cost of the power-distribution companies was BDT 6.25 per unit during FY2015. Currently around 3,300 megawatts (MW), or 44.0% of the country’s overall electricity generation of around 7,500 MWs, are generated through oil-fired power plants.

Source: http://print.thefinancialexpress-bd.com/2016/04/25/139937

New entity to pay BDT 5.0 billion for using Airtel’s spectrum

The new entity after the merger of Robi and Airtel will have to pay more than BDT 5.0 billion in fees for using Airtel’s existing spectrum in the 1800 band, according to a proposal of the telecom division. Additional charges and fees were also proposed for the merger. The recommendations that are currently under the consideration of the prime minister, who is also the line minister for telecom, seek additional payments to adjust the spectrum prices with those in 2011, a senior official of the telecom division said. The Prime Minister’s Office may apprise the High Court of a decision on June 2. Airtel, for BDT 3.4 billion, bought 15 MHz spectrum in the 1800 band for fifteen years in 2005. This translates to BDT 15.1 million per MHz per year in spectrum price for the license duration. However, Robi and other operators got spectrum for a higher average price in 2011 — BDT 1.5 million for 15 years — meaning per MHz spectrum price a year was BDT 100.0 million. “Now if the merged entity wants to retain this spectrum, it will have to pay the rest to match the price of 2011,” the official of the telecom division said, asking not to be named.


Ceramic lobbyist group pushes for continuing protection

Ceramic wares manufacturers have proposed the tax authority to continue protecting the local industry in the forthcoming budget to help them sustain. The Bangladesh Ceramic Wares Manufacturers Association (BCWMA) and Bangladesh Beverage Manufacturers Association (BBMA) demanded that the government continue 60% supplementary duty on import of tiles, table wares and sanitary wares in the new law. The Value Added Tax and Supplementary Duty Act will be enforced from July 1, 2016. The ceramic wares manufacturers also demanded checking the under-invoicing on import of finished ceramic wares, saying it causes uneven playing field for local manufacturers. The association leaders made the plea at a pre-budget meeting with the National Board of Revenue (NBR) at its office Sunday. NBR member (VAT policy) Jahangir Hossain, who chaired the meeting, said the authority will continue nominal protection for local industries, although effective rate of protection is still high.


Summit subsidiary starts power production for Barisal region

Summit Barisal Power Ltd (SBPL) has started supplying around 110.0 megawatts (MW) of electricity to the national grid to meet the staggering demand for electricity in the southern region, the company said. The commercial operation date of the plant was on April 5, two months ahead of the proposed schedule as per the contract signed between the state-owned Bangladesh Power Development Board (BPDB) and the SBPL. SBPL, an independent power producer (IPP), is located on the northeastern bank of Kirtonkhola River in Barisal and equipped with seven latest and highly-efficient heavy fuel oil (HFO) engines made by Wartsila Finland, the company said in a statement. Summit Oil and Shipping Company Limited (SOSCL) will import and supply the fuel for the plant. A 7,000 ton on-site capacity storage tank facility has been constructed to store HFO, which will be sufficient to run the plant for 15 days at a stretch, the company statement added. The fuel would be unloaded to the plant’s own jetty constructed by SOSCL adjacent to the plant.

Source: http://print.thefinancialexpress-bd.com/2016/04/25/139880

Economists fret over shortage of farm laborers

Shortage of laborers, decline in arable land and water sources and changing climatic condition are holding back the desired growth of the country’s agriculture sector, economists said Sunday. The observations came at a working session titled ‘Revisiting the Role of Agriculture’ of the concluding day of the two-day long ‘Critical Conversation 2016: The Bangladesh Journey,’ organized by state think-tank Bangladesh Institute of Development Studies (BIDS) in the city. Research Director at BIDS Dr Rushidan Islam Rahman presented the key-note, which revealed that agricultural growth contributes to poverty reduction and employment generation, while higher agricultural income has generated demand for non-farm consumption goods. “Wage of farm laborers increased, unemployment in both urban and rural areas declined”, it said. The paper showed farm laborers now comprise 45.0% of the total workforce, which was more than 60.0% a decade back.


Suppliers’ reforms progressing: H&M

Remediation in factories from which Swedish retail giant H&M sources has progressed significantly, the company said in a statement. H&M, which is the largest apparel buyer from Bangladesh, purchases about USD 5 billion of products annually from 255 factories. Remediation was initially delayed, partly due to import delays of upgraded safety equipment as well as a shortage of technical expertise needed to conduct detailed engineering assessments, planning and submissions of drawings and installation of technical equipment. “However, now the remediation is showing progress,” H&M said, adding that it is now working closely with Industrial, a global union federation, to further speed up the process. As of March 31, all locking features as well as collapsible, rolling shutter and sliding doors have been removed from the factories. Some 46 factories have installed new upgraded fire doors at every exit, enabling a safe evacuation.

Source: http://www.thedailystar.net/business/suppliers-reforms-progressing-hm-1214173

World Stock and Commodities

Index NameClose ValueValue ChangePercentage Change
Crude Oil (WTI)*$43.11(0.62)(1.42%)
Crude Oil (Brent)*$44.61(0.5)(1.11%)
Gold Spot*$1,233.90+0.87+0.07%
Dow Jones Industrial Average18,003.75+21.23+0.12%
Nikkei 22517,439.62(132.87)(0.76%)
FTSE 1006,310.44(71)(1.11%)

Exchange Rates

USD 1BDT 78.41*
GBP 1BDT 113.15*
EUR 1BDT 88.14*
INR 1BDT 1.18*

*Currencies and Commodities are taken from Bloomberg.




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.

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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