BSEC decides to review some provisions
The securities regulator decided on Monday to take several steps for the betterment of the stock market. The steps included reviewing the existing provision for requirement of holding of minimum shares (2.0 per cent) for becoming sponsors directors of any listed companies. The Bangladesh Securities and Exchange Commission (BSEC) also decided that no prior permission would be required from the BSEC for issuing shares under private placement. Besides, a minimum of Tk 500 million needs to be raised through initial public offering (IPO) under the fixed price method while the minimum size of IPO under book-building method will be Tk 1.0 billion. The decisions were taken at a meeting of the BSEC with the stakeholders, including the Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE) and merchant bankers, at the BSEC office in the city. The meeting also decided that the IPO quota for institutional investors would be scrapped unless they discharge their responsibilities accordingly.
Permanent market for SME products on cards: Industries Minister
According to the Industries Minister Nurul Majid Mahmud Humayun, a permanent market will be established to facilitate marketing of products to be produced by small and medium enterprises (SMEs). The permanent market will create employment opportunities. It will also help achieve the target of the government’s election manifesto, told the Minister at the fifth buyers and sellers’ conference at Micro Industries Development Assistance and Services (MIDAS) centre in the city. SME Foundation organised a daylong conference with the participation of 45 new women entrepreneurs across the country.
Govt to incentivise migrant workers sending remittances
According to the director general of the Bureau of Manpower Employment and Training (BMET), the government has taken a decision to provide incentive to Bangladeshi migrant workers in sending remittances. Addressing a consultation programme, BMET DG Salim Reza stated that the ministry of finance has decided in principle to provide incentive to the workers in sending remittance. The move will help protect the interests of the migrant workers as well as increase the flow of inward remittances. The consultation on “Migrants’ Budget” was held in the capital on Monday with Deputy Speaker of the Parliament Fazle Rabbi Miah as the chief guest.
Coppertech’s IPO lottery draw today
As per the officials, Coppertech Industries will hold initial public offering (IPO) lottery draw today (Tuesday) to allocate 20 million ordinary shares among the successful applicants. The lottery draw will be held at 10:30am at The AGB Colony Community Center, Motijheel in Dhaka. The results will be published on the websites of Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE) and the company after the programme. The securities regulator-Bangladesh Securities and Exchange Commission (BSEC) approved the IPO proposal of Coppertech on December 26, 2018. As per the BSEC approval, the company raised a capital worth Tk 200 million by offloading 20 million ordinary shares under the fixed price method.
Microsoft sets sights on cloud Business in Bangladesh
MICROSOFT is targeting to get huge business through its cloud solution segment in Bangladesh, especially from the private sector, as the country has been advancing digitally for the last few years. According to the Sonia Bashir Kabir, managing director for Microsoft Bangladesh, Myanmar, Nepal, Bhutan and Laos, the global software giant has been doing business in the cloud segment in the country since 2016 and has attached more importance to it recently. The MD of Microsoft Bangladesh speaking to The Daily Star on the sidelines of the Microsoft Cloud Innovation Summit at the Bangabandhu International Conference Center in Dhaka and they are seeing huge business prospects in Bangladesh as there are 16 crore people in the country and they are generating huge data.
Fazle Fahim new FBCCIPresident
Apex trade body FBCCI has named Sheikh Fazle Fahim as president for the 2019-2021 term, reports bdnews24.com. Md Ali Ashraf, MP, Chairman of the FBCCI Election Board, officially announced the names of the new office bearers on Monday after the candidates were elected unopposed. Fazle Fahim representing the Gopalganj Chamber of Commerce and Industry has been elected the 22nd president of the umbrella trade body of Bangladesh. Md Muntakim Ashraf representing Bangladesh Cold Storage Association has been elected senior vice president.
DBBL holds AGM, EGM
The 4th Extra-ordinary General Meeting (EGM) and 23rd Annual General Meeting (AGM) of Dutch-Bangla Bank Limited were held on Monday at Pan Pacific Sonargaon Hotel, Dhaka. In presence of the shareholders, among others, it was resolved that as per Bangladesh Bank guideline, the Authorized Capital of the Bank would be increased to Tk.15,000 million from Tk.4,000 million. In this connection, amendments of the Memorandum and Articles of Association of the Bank were also approved by the shareholders in the 4th EGM of the Bank.
BASIS President becomes FBCCI Director
Bangladesh Association of Software and Information Services (BASIS) President Syed Almas Kabir has become a director of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI). Syed Almas Kabir joined the FBCCI board of directors for the period of 2019-21.
Apex trade body to seek cut in Corporate tax rates
The country’s apex trade body is set to propose upward adjustment of tax-free threshold for individual taxpayers, reduction in the corporate tax rates and withdrawal of advance tax for import of raw materials for the upcoming budget. In its budget proposal for financial year (FY) 2019-20, the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) will also suggest carrying out an impact assessment on the new VAT law. It will also seek clarification on the proposed changes in VAT rates in the new VAT law that may replace the existing measures, including tariff value, value declaration process and the protection of local industry through Supplementary Duty (SD).
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|Nikkei 225|| 22,258.73||↓48.85||↓0.22%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 63.40||↓0.10||↓0.16%|
|Crude Oil (Brent)||$ 71.85||↓0.19||↓0.26%|
|Gold Spot||$1,282.37|| ↑2.47||↑0.19%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.0016|
|GBP 1||BDT 107.3020|
|EUR 1||BDT 92.6685|
|INR 1||BDT 1.1855|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<