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 August 16, 2018

Ten cos raise Tk 4.67b through IPOs in eight months this year

Ten companies raised an aggregate amount of Tk 4.67 billion through initial public offerings (IPOs) in the first eight months of this calendar year. Market operators said the fund raising through the IPOs is going to surge this year, after hitting a ten-year low in 2017, as some 21 companies already applied for raising Tk 13.07 billion through the IPOs. In 2017, six companies and a mutual fund raised only Tk 2.19 billion through IPOs, according to statistics from the Dhaka Stock Exchange (DSE). Of the firms, 11 companies submitted their applications to collect more than Tk 10.66 billion under the book building method. STS Holding sought to raise Tk 750 million, Shamsual Alamin Real Estate Tk 800 million, Esquire Knit Composite Tk 1.50 billion, Runner Automobiles Tk 1.0 billion, ADN Telecom Tk 570 million, Popular Pharmaceuticals Tk 700 million. Delta Hospital Tk 500 million, Index Agro Tk 500 million, Energypac Power Generation Tk 1.50 billion, Star Ceramics Tk 600 million and Baraka Patenga Power Tk 2.25 billion. Of the companies, BSEC allowed Esquire Knit Composite, Runner Automobile and ADN Telecom to explore IPO cut-off price – a requirement for going public under the book building method. And rest 10 companies would raise Tk 2.40 billion under the fixed price method. New Line Clothing applied for raising Tk 300 million, Silco Pharmaceuticals Tk 300 million, Electro Battery Company Tk 225 million, Mohammed Elias Brothers Tk 250 million and SS Steel Tk 250 million under the fixed price method. Express Insurance has also applied for raising Tk 267 million, Desh General Insurance Tk 160 million, Infinity Technology Tk 300 million, Crystal Insurance Tk 160 million and Genex Infosys Tk 200 million under the fixed price method.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/ten-cos-raise-tk-467b-through-ipos-in-eight-months-this-year-1534350677

Banks can now open clearing accounts in yuan

The central bank yesterday allowed banks to open foreign currency clearing accounts in yuan in keeping with the soaring trade with China. China has been the largest source of import for Bangladesh since fiscal 2006-07. Imports from China account for $15 billion of the $16 billion annual trade between the two countries, according to a Reuters report in April. The yuan became the fifth currency of the IMF’s special drawing rights (SDR) basket, which determines currencies that countries can receive as part of IMF loans. The yuan became the fifth currency of the IMF’s special drawing rights (SDR) basket, which determines currencies that countries can receive as part of IMF loans. The other four currencies are the US dollar, the euro, the Japanese yen and the British pound. The BB has also taken into consideration the IMF’s recognition while allowing banks to open clearing accounts in the Chinese currency

Source: https://www.thedailystar.net/news/business/banking/banks-can-now-open-clearing-accounts-yuan-1620853

Dollar hits 13-month high

The dollar rose on Wednesday to its highest levels in over a year as a crisis in the Turkish lira that has spread to emerging markets fed demand for the greenback as a safe-haven asset. Signs the US economy remains robust ahead of an expected interest rate hike by the Federal Reserve next month have seen the dollar dominate other currencies in recent weeks. Against a basket of major currencies on Wednesday, the dollar rose to 96.862, its highest level since late June 2017. The lira recovered some ground to trade briefly at 5.7503 to the US dollar, firming from a close of 6.3577 a day earlier. The rebound to below 6.0 against the dollar was driven by a banking watchdog step to limit swap transactions and by hopes of improved EU relations. The single currency drifted down toward $1.13 for the first time since July 2017 and sterling dipped below $1.27 for the first time since June last year. The euro is under pressure because of the impact of the Turkish lira collapse on euro zone banks with exposure to Turkey and due to concerns about a fiscal spending spree by the Italian government which is involved in a standoff with Brussels.

Source: http://today.thefinancialexpress.com.bd/trade-market/dollar-hits-13-month-high-1534355221

EBL looks to expand regional footprint

Eastern Bank Limited (EBL) has decided to open a full-fledged branch in Kolkata as a strategy to spread its wings to neighbouring India, before establishing regional footprint. For strategic reasons, the bank has decided initially to open a branch in Kolkata and subsequently expand to other cities. In 2017, its net asset growth was 94 per cent and the growth in profit after tax was 64 per cent. India is Bangladesh’s key trading partner and the bilateral trade between the two countries is worth more than US$ 7.5 billion EBL is also the most awarded bank in the country. The Asian Banker International Excellence in Retail Financial Services award adjudged EBL as the Best in Retail Bank in Bangladesh for the last six consecutive years since 2013. The International Finance magazine in 2018 awarded EBL for the Best Credit Card Offering in Bangladesh. EBL has also been awarded at the prestigious Asian Banker Business Achievement Awards 2018 held in Beijing on May 24.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/ebl-looks-to-expand-regional-footprint-1534350570

City Bank inks deal with Runner Automobiles

City Bank has recently signed an agreement with Runner Automobiles Limited, according to a statement. Under this agreement, City Bank American Express credit card members will be able to avail ‘Flexibuy’ installment plan at zero per cent interest rate on motorcycle purchase at Runner outlets across the country. Majharul Islam, head of cards of City Bank and Shanat Datta, assistant general manager of Runner Automobiles, signed the agreement on behalf of their respective organisations. Arifur Rahman, head of merchant business of City Bank, Amir Hossen Khan, manager of account & finance, Hasnat Bin Moin, manager of account & finance of Runner Automobiles, and other senior officials of both the organisations were present during the signing ceremony.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/city-bank-inks-deal-with-runner-automobiles-1534350810

StanChart launches new home loan product

Standard Chartered Bangladesh yesterday launched MortgageOne, a home financing solution enabling clients to enjoy a reduced interest rate and loan tenure through maintaining deposits with current accounts. The variable rate product was introduced at a press conference at Sonargaon hotel in the capital. The products will help the bank manage non-performing loans as the bank can monitor the money flow of the client due to the link with the current account, he added. The product understands that the middle class segment is expanding fast and they are looking for a house, said Aditya Mandloi, the bank’s head for retail banking. The main targeted areas for the product are Dhaka, Chittagong and Sylhet, he said. A maximum of Tk 1.20 crore can be taken on loan under the offer. The bank can finance up to 70 percent of the apartment price for a maximum 25 years.

Source: https://www.thedailystar.net/news/business/banking/stanchart-launches-new-home-loan-product-1620841

UK inflation rises for first time in 2018, London house prices fall

Britain’s inflation rate picked up in July for the first time this year, leaving many British households feeling squeezed by prices that are rising at about the same pace as their salaries. Official data also underscored the weakness in the property market since the 2016 Brexit vote, with prices in London falling at their fastest pace since 2009. Consumer price inflation rose at an annual rate of 2.5 per cent in July after holding at 2.4 per cent in the previous three months, the Office for National Statistics said, in line with economists’ forecasts in a Reuters poll. Homebase, which sells DIY goods, became the latest casualty among retailers struggling to cope with a tougher market – as well as the rise of online shopping – saying it would close 42 stores. When the Bank of England raised interest rates this month, it said inflation would rise to 2.6 per cent in July before weakening. It expects inflation will be just above its 2 per cent target in two years’ time as it slowly raises borrowing costs. Sterling, which has fallen in recent weeks on concerns about the lack of an agreement on Britain’s leaving the European Union and the signals about how gradually rates will rise, briefly fell after Wednesday’s data. The CPI hit a five-year high of 3.1 per cent in November, when the inflationary effect of the pound’s tumble after the Brexit vote reached its peak.

Source: http://today.thefinancialexpress.com.bd/trade-market/uk-inflation-rises-for-first-time-in-2018-london-house-prices-fall-1534355206

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
Nikkei 22522,114.21↓90.01↓0.41%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$65.02↑0.01↑0.02%
Crude Oil (Brent)$70.98↑0.22↑0.31%
Gold Spot$1,172.30↑2.55↑0.22%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 83.8050
GBP 1BDT 106.6502
EUR 1BDT 95.4204
INR 1BDT 1.1942





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