Firms awarded for Best Corporate Governance, Financial Reports
The Institute of Chartered Accountants of Bangladesh [ICAB] yesterday awarded 22 listed and non-listed companies for their extraordinary performance in corporate governance, integrated reporting and best presented annual reports for 2018. Commerce Minister Tipu Munshi handed over the 19th ICAB National Award for Best Presented Annual Reports 2018 to the winners at an event at the Pan Pacific Sonargaon Hotel in Dhaka, where businessmen, exporters, importers, chartered accountants, and government high-ups were present. The awards were given in 10 categories. Bank Asia took home the top award in the private banks category and IDLC Finance and LankaBangla Finance were joint winners in the financial services sector. Green Delta Insurance emerged as the top winner in the insurance category, British American Tobacco Bangladesh Company in the manufacturing category, Grameenphone in the communication and IT category, and Ghashful in the NGOs category. Bangladesh Infrastructure Finance Fund Ltd won the top award in the public sector entities category and Golden Harvest Agro Industries Ltd in the agriculture category. The ICAB also hosted the Safa Best Presented Annual Report Awards and the Saarc Anniversary Award for Corporate Governance Disclosures 2018. The ICAB-nominated 24 Bangladeshi entities received awards and certificates of merit in different categories at the South Asian Federation of Accountants [Safa] Best Presented Annual Report Awards. Brac Bank emerged as the overall winner in the private sector banks, including co-operative banks category at the Saarc Anniversary Award for Corporate Governance Disclosures.
SirriS, Environment-Friendly, Cost-Efficient Irrigation System
A team of local researchers have successfully devised and introduced a smart irrigation system that can considerably reduce the cost of irrigation and cultivation for farmers in Bangladesh and also cut pollution. Director of Centre for Energy Research [CER] of United International University [UIU] Shahriar Ahmed Chowdhury led the team in research and developing the system, named ‘Smart Solar Irrigation System’ or SirriS. The SirriS has been introduced first on pilot basis at Keraniganj and is operating well at a location of this upazila in the outskirts of the capital. Shahriar Ahmed told the FE that currently a staggering number of irrigation pumps are in operation across the country [around 1.58 million], of which nearly 1.22 million run on diesel. Once the SirriS is implemented nationwide, it will save nearly six billion litres of diesel and 1500-megawatt of electricity annually. Controlling and reducing water use in agricultural fields make the production process more efficient and less expensive, he affirmed. In the prototype smart solar irrigation system, the cost, including all components, is approximately Tk 102,500. The concept earlier won Innovation Awards from the Ministry of Power, Energy and Mineral Resources of Bangladesh, given during the National Power and Energy Week-2016.
Mongla Port’s Founding Anniv today
The Port of Mongla, the second busiest sea port of the country, is set to celebrate its 69th founding anniversary on Sunday with a commitment to boosting its capacity and service tremendously. To mark the day, an elaborate programme was chalked out including colourful rally, discussion, cake cutting, doa mahfil and cultural function. Mayor of Khulna City Corporation [KCC] Talukder Abdul Khaleque and Deputy Minister for Environment, Forest and Climate Change Begum Habibun Nahar is expected to lead the programme. Established in 1950, Mongla port has gone through many struggles and setbacks. He went on saying that the authority has implemented over 50 development programmes from June 2009 to 2019 to enhance its capacity at a cost of over Tk 8.39 billion [Tk 839.47 crore]. They are implementing seven ongoing projects at a cost of Tk 1,676.43 crore,” adding that six more development projects at a cost of Tk 369.62 crore awaits government’s approval. Now, the port is capable to handle 1,000 ships per year which was zero before 2009, he said, adding that the number of ships coming to this port has tremendously increased in a decade. In last fiscal year [2018-19], 912 ships arrived.
Mutual Trust Bank gets new MD
Syed Mahbubur Rahman has recently been appointed Managing Director [MD] and Chief Executive Officer [CEO] of Mutual Trust Bank. He was previously Dhaka Bank’s MD and CEO, says a statement. He also served Brac Bank as MD, CEO and deputy managing director. Rahman is the chairman of the Association of Bankers, Bangladesh. He started his career as a monitoring officer at the Saudi-Bangladesh Industrial & Agricultural Investment Company in 1988 after attaining an MBA degree from the Institute of Business Administration of the University of Dhaka. Rahman also served the Industrial Leasing and Development Company, ANZ Grindlays Bank Bangladesh, Standard Chartered Bank and Citibank NA in various capacities.
BCMEA seeks policy support to sustain export growth
Government’s policy support with cash incentive and minimising time to discharge raw materials at Chattogram seaport are crucial for sustaining the export growth of the country’s ceramic sector, industry leaders said on Saturday. The leaders of Bangladesh Ceramic Manufacturers and Exporters Association [BCMEA] also said tapping the full potential of the sector could generate huge employment opportunities and fetch more foreign currencies. They made the remarks at a press conference at the city’s Dhaka Club, announcing a three-day ‘Ceramic Expo Bangladesh 2019’ which will begin on December 5 at the capital’s International Convention City Bashundhara [ICCB]. Currently 56 ceramic manufacturing businesses are operating in the country while 12 others are preparing to start operations within one to two years. Commerce minister Tipu Munshi is scheduled to inaugurate the event that will remain open for the visitors from 10.00 am to 7.00 pm every day without any entry fee. Around 150 brands related to ceramic manufacturing will show wide range of products, services and new technology at the fair. A number of seminars on skills development, branding, and leadership will take place on the sidelines of the fair.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↓ 112.5||↓ 0.40%|
|FTSE100||7,346.53||↓ 69.90||↓ 0.94%|
|Nikkei 225||23,293.91||↓115.23||↓ 0.49%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 55.17||↓ 2.94||↓ 5.06%|
|Crude Oil (Brent)||$ 60.49||↓ 2.78||↓ 4.39%|
|Gold Spot||$ 1,463.97||↑ 7.70||↑ 0.53%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.2266|
|GBP 1||BDT 107.611|
|EUR 1||BDT 91.6816|
|INR 1||BDT 1.15981|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<