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

Click to Close

Rate last updated: 02/01/2014 11:15:04 AM

Important Business News Extracts Aug 06, 2019

10 new products to get export subsidy

The government is going to extend subsidies on the export of 10 new products with a view to boost export earnings to $50 billion by 2021 to achieve higher growth and generate employment. Moreover, garment export to the US, Europe and Canada will for the first time get 1 percent of the earnings as subsidy, for which the government has allocated Tk 2,825 crore. Garment export already gets subsidies in four categories ranging from 2 to 4 percent. The fruits of this subsidy would come through the achievement of the GDP growth target. At present, cash incentives ranging from 2-20 percent is provided on export of 26 categories of products. The new products will be eligible for cash incentives of 4 to 10 percent.

Source: https://www.thedailystar.net/business/news/10-new-products-get-export-subsidy-1782325

Foreign investors retreating from DSE

Net overseas investment in the Dhaka bourse has been in the negative for the last five months as foreign investors are put off by lack of coordination among regulators.The amount hit Tk 164.67 crore in the negative in July, when foreign investors purchased shares worth Tk 309.36 crore and sold Tk 474.03 crore, according to data from the Dhaka Stock Exchange (DSE). For instance, in February the telecom regulator declared Grameenphone a Significant Market Power (SMP), which will squeeze the mobile operator’s business prospects. This has dampened the confidence of foreign investors, who own around 40 percent of Grameenphone’s shares. But the Bangladesh Telecommunication Regulatory Commission (BTRC) did not consult with the stock market regulator about the consequence of the decision. In 2015, the energy regulator slashed the distribution charges of Titas Gas. As a result, the state-run gas utility lost more than Tk 3,000 crore in market value in the five months to February 2016. The inter-bank exchange rate stood at Tk 84.50 per dollar on Thursday, up from Tk 82.97 a year earlier, according to data from the Bangladesh Bank.

Source: https://www.thedailystar.net/business/news/foreign-investors-retreating-dse-1782319

BB brings some relief to NBFIs’ cash crunch

The central bank yesterday raised the borrowing ceiling for non-bank financial institutions (NBFIs) from the inter-bank call money market as it looks to ease the liquidity crisis in the sector. From now on, NBFIs can borrow up to 40 percent of their equites instead of 30 percent from the call money market, according to a Bangladesh Bank letter dispatched to managing directors of the 34 NBFIs operating in Bangladesh. This comes after the BB earlier on January 29 made the NBFIs’ call money borrowing limit based on equity instead of net asset. Despite maturity of the funds some of the NBFIs have failed to pay back their depositors due to cash shortage. But in the long run, the move will not be of much benefit as NBFIs provide long-term loans ranging from 10 to 20 years in general. There has been a cash mismatch in the NBFI sector as they are allowed to take deposit for a maximum period of two years but have to give out loans for a longer time horizon. An investor has to pay 30 percent tax on the income derived from bond.

Source: https://www.thedailystar.net/business/news/bb-brings-some-relief-nbfis-cash-crunch-1782310

EBL First MF tenure extended up to 2029

The tenure of EBL First Mutual Fund, a closed-end mutual fund, has been extended for another 10 years until August 18, 2029. Closed-end mutual funds are investment funds that gather a fixed pool of money for 10 years from a number of investors and re-invest them into stocks, bonds and other assets. Bangladesh RACE Management PCL, the asset manager of the fund, has informed that by order of the government, the BSEC through the exercise of its power accorded by the Securities and Exchange Ordinance, 1969 (XVII of 1969) Section 20A has given consent to extend the tenure of the existing EBL First Mutual Fund for another 10 years in relaxation of all applicable rules & regulations and procedures. In continuation, the EBL First Mutual Fund is declared extended up to August 18, 2029, said the disclosure. Earlier in September 2018, the stock market regulator has given a go-ahead to the extension of the tenure of closed-end mutual funds and handed over the right to the asset managers. Each unit price of EBL First Mutual Fund, which was listed on the Dhaka Stock Exchange (DSE) in 2009, closed at Tk 5.40 on Monday, gaining 1.88 per cent. On the close of operation on August 01, 2019, the Fund has reported net asset value (NAV) of Tk 10.54 per unit on the basis of current market price and Tk 10.93 per unit on the basis of cost price against face value of Tk 10 whereas total net assets of the fund stood at Tk 1,526,001,853 on the basis of market price and Tk 1,581,679,190 on the basis of cost price after considering all assets and liabilities of the Fund. The Trustee Committee of the fund has declared 3.0 per cent cash dividend for the year ended on June 30, 2019.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/ebl-first-mf-tenure-extended-up-to-2029-1565023633

Coppertech’s share jumps 348pc on debut trading

The Coppertech Industries made a flying trading debut on the bourses on Monday as its share price soared 348 per cent riding on the investors’ ‘irrational hype’ over the new issue. The engineering sector company’s share was traded between Tk 30 and Tk 45.50, before closing at 44.80 each on the Dhaka Stock Exchange (DSE). Its issue price was Tk 10 each. The company also topped the turnover chart on the prime bourse, with 7.62 million shares worth Tk 311 million changing hands, capturing 6.52 per cent of the day’s total turnover. On the Chittagong Stock Exchange (CSE), the company’s share price soared 331 per cent to close at Tk 43.10 each. The debutant was also the most traded stock on the port city’s bourse with about 2.41 million shares of Tk 96.06 million changing hands on the day. The Coppertceh, which received regulatory approval from the Bangladesh Securities and Exchange Commission (BSEC) on December 26, 2018, raised a fund worth Tk 200 million, offloading 20 million shares under the fixed price method.The company’s IPO subscription was held between March 31 and April 9 this year for resident and non-resident Bangladeshis. On July 28, the DSE gave listing approval to the Coppertech following the regulatory instruction.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/coppertechs-share-jumps-348pc-on-debut-trading-1565023674

City Bank launches dedicated credit card for women

City Bank and American Express has launched The City Alo American Express Credit Card designed especially for female business executives. The contactless credit card offers customers a one-tap payment facility of up to Tk 3,000. Hossain Khaled, vice chairman of City Bank, unveiled the product at a press meet at The City Alo Flagship Branch on Gulshan Avenue in Dhaka on Sunday. City Alo is City Bank’s dedicated banking division for women. The card also comes with a chance to save Tk 1,000 at on-demand household service provider www.sheba.xyz or beauty parlour Persona and one night’s stay at Green View Golf Resort. Cardholders will get a range of medical and health benefits including annual health insurance coverage of Tk 20,000 per year on in-patient services, Tk 5,000 on outpatient services and up to 35 percent in savings at United Hospital, Labaid Cardiac Hospital and Labaid Specialised Hospital. The credit card also offers 33 percent savings on dining, lodging and shopping with various merchants across Bangladesh and on “American Express Selects” across the world.

Source: https://www.thedailystar.net/business/news/city-bank-launches-dedicated-credit-card-women-1782274

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
Nikkei 22520,582.28↓138.01↓0.67%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 55.29 ↑0.60↑1.10%
Crude Oil (Brent) $ 60.40↑0.59↑0.99%
Gold Spot$ 1,459.65↓4.05↓0.28%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 82.8521
GBP 1BDT 100.643
EUR 1BDT 92.5184
INR 1BDT 1.17107





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.

Our state of the art Mobile App, Dhaka Bank GO (Click https://bit.ly/2WVfieu) and Internet Banking - Dhaka Bank Direct gives you the freedom of banking online anytime from anywhere. You can check the balance and transfer money to any designated Banks including any Dhaka Bank or bKash Account, make utility bill payments and mobile top-up through our Mobile App and Internet Banking Services. Our ATMs are also running efficiently with availability of sufficient cash for your convenience where you can make cash withdrawals whenever the need arises. Mentionable, the withdrawal of cash from any ATMs within Bangladesh with Dhaka Bank Debit Cards are absolutely free of charges up till April 30, 2020 (Dhaka Bank will bear the cost). Our corporate customers can also use our completely safe and secured online platform Dhaka Bank C-Solution for Payments, Inter Bank Fund Transfers, etc.

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