China-Ethiopia Dialogue highlights Sustainable Investment under BRI
Ethiopia is hoping to attract more sustainable investment from Chinese enterprises as fruitful cooperations have been carried out under the Belt and Road Initiative (BRI). At the China-Ethiopia High-Level Dialogue on Sustainable Investment held in Beijing on Friday, both Chinese and Ethiopian officials expressed their hope to consolidate collaborations to boost the achievements of sustainable development goals (SDGs). Aiming to facilitate knowledge exchanges and build networks to promote sustainable investment in Ethiopia, the event attracted over 200 participants from governments, industries, development agencies and think tanks. Guo Xuejun with the Ministry of Foreign Affairs took the Addis Ababa-Djibouti Railway as an example of the fruitful cooperations between the two countries under the BRI. China looks forward to working with Ethiopia to initiate more connectivity projects that are high-quality, sustainable, resilient, affordable, inclusive, accessible and broadly beneficial.
Bangladesh a Promising Destination for FDI
Bangladesh is one of the promising economies with a large domestic market, labour at competitive prices, low utility charges, seaports, long-term tax holiday and easy access to largest regional market like India and China. The certified management accountant and the leader of the South Asian Federation of Accountants (SAFA) made the comment at a press conference on foreign direct investment (FDI) and corporate governance. President of the Institute of Chartered Accountants of Bangladesh (ICAB) AF Nesaruddin, Council Member Humayun Kabir and Delegates from India, Pakistan, Sri Lanka and Nepal also spoke in the event organised by ICAB in Dhaka. The apparel sector accounts for around 80 percent of the country’s total exports. However, Bangladesh needs to go for export diversification now, the SAFA president suggested. The ICAB president Nesaruddin said fiscal and other incentives, including repatriation of capital and profit, are available for foreign investors. Bangladesh is also in a suitable position to supply skilled manpower and ready to undertake high-tech industries. This is high time to invest in Bangladesh, he added. In the Ease of Doing Business index 2020, Bangladesh progressed 8 notches up. ICAB organised the press meet after hosting various events of SAFA International Conference 2019, the 19th ICAB National Award for Best Presented Annual Reports 2018 ceremony and hosted the SAFA Best Presented Annual Report Awards and Saarc Anniversary Award for Corporate Governance Disclosures 2018 ceremony and a number of meetings.
Cement Manufacturers for Waiver of 8.0pc AIT
The cement manufacturers have demanded the waiver of 8.0 per cent non-adjustable AIT (Advance Income Tax) imposed on imported raw materials and supply of products to ensure the sustainable development of the industry. The leaders of the Bangladesh Cement Manufacturers Association (BCMA) made the demand on Sunday while talking to a group of journalists in a city hotel. The gross profit of the cement manufacturing industry declined compared to previous years. It will be a question of survival if the 8.0 per cent AIT is not waived. The total investment in cement sector stood at around Tk 300 billion, of which Tk 190 billion came through bank loans. 5.0 per cent AIT was imposed on imported raw materials in the previous fiscal years. The listed cement companies are Aramit Cement, Confidence Cement, Heidelberg Cement Bangladesh, LafargeHolcim Bangladesh, Meghna Cement Mills, M. I. Cement Factory and Premier Cement Mills. The overall production capacity of the sector has crossed 62 million metric tonnes per year against the demand of 34 million metric tonnes with 43 per cent overcapacity.
Southeast Bank wins 3 Awards
Southeast Bank Limited has been awarded ‘First Position’ under the category of ‘Corporate Governance Disclosures’ and ‘Joint Second Position’ under the category of ‘Private Sector Banks’ in Bangladesh by The Institute of Chartered Accountants of Bangladesh (ICAB) in the ’19th ICAB National Award for Best presented Annual Reports 2018′. Southeast Bank Limited has also achieved ‘1st Runner Up’ SAARC Anniversary Award for Corporate Governance Disclosures and ‘Joint 2nd Runner Up’ Award under the category of Private Sector Banks on the basis of its Annual Report 2018 by South Asian Federation of Accountants (SAFA). The Institute of Chartered Accountants of Bangladesh (ICAB) and the South Asian Federation of Accountants (SAFA) exhaustively analyzed the Bank’s Annual Report-2018 and bestowed the prestigious awards on the Bank for its outstanding performance, encouraging financial results and indicators, sufficient disclosures for all stakeholders and its commitment to achieving further excellence in corporate governance and compliance with regulatory requirements.
21st AGM of BCBL
Bangladesh Commerce Bank Limited (BCBL) held its AGM Saturday. Chairman Dr Engr Rashid Ahmed Chowdhury presided over the 21st Annual General Meeting (AGM) of the Bank at Kurmitola Golf Club, Dhaka in presence of BCBL directors Md Farhad Uddin, Md Wahiduzzaman Khandaker, Md Anisur Rahman, Mohammed Arshed, Mohammad Hanif Chowdhury, Md Shafiqul Islam, AAM Zakaria and Humayun Bokhteyar, Managing Director and CEO Md Abdul Khaleque Khan, and Kamun Nahar Siddika as representative of Ministry of Finance.
Nissan, Renault, Mitsubishi agree to form new Venture
The Nissan Motor Co, Renault SA and Mitsubishi Motors Corp alliance has agreed to form a new company focused on research and development of advanced automotive technologies. The three companies will announce a concrete plan in January, Kyodo reported on Sunday, citing people familiar with the matter. The new venture also aims to strengthen the alliance, in which relationships have frayed since the arrest and ouster of former supremo Carlos Ghosn.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↓ 112.59||↓ 0.40%|
|FTSE100||7,346.53||↓ 69.90||↓ 0.94%|
|Nikkei 225||23,550.85||↑256.94||↑ 1.10%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 56.08||↑ 0.91||↑ 1.65%|
|Crude Oil (Brent)||$ 61.28||↑ 0.79||↑ 1.31%|
|Gold Spot||$ 1,459.20||↓ 4.78||↓ 0.33%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.2266|
|GBP 1||BDT 107.599|
|EUR 1||BDT 91.6839|
|INR 1||BDT 1.15981|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<