RMG exports to India grow 165pc in first five months
The country’s readymade garment exports to India grew by more than 165 per cent to US$ 232.39 million during the first five months of the current fiscal year (FY 2018-19) over the corresponding period of the last FY. The figure stood at $ 87.43 million during the July-November period of FY 2017-18, according to the official data of Export Promotion Bureau (EPB). Of the total export earnings in the current five months, $ 66.16 million came from knitwear and $ 166.22 million from shipments of woven items. The overall exports to India stood at $ 567.82 million in July-November of the current FY against $ 288.20 million in the same period of the last FY. Bangladesh’s readymade garment (RMG) export to China also grew by 66.43 per cent to $ 221.66 million during the July-November period of FY’19 while Japanese RMG imports from the country witnessed a 53.33 per cent growth to $ 221.66 million. Bangladesh fetched $ 302.91 million from apparel shipments to Australia, marking a 22.67 per cent growth during the first five months. The country’s exports grew by 21.34 per cent to $ 2.54 billion in the US market. The RMG exports grew by 15.50 per cent to $ 2.50 billion in Germany, 12.81 per cent to $ 1.05 billion in Spain, 13.42 per cent to $ 802.03 million in France and 13.14 per cent to $ 417.39 million in the Netherlands during the period.
ICB approves 35 per cent dividend
The 42nd annual general meeting (AGM) of Investment Corporation of Bangladesh (ICB) was held at a city hotel on Saturday, according to a statement. The AGM approved 35 per cent (30 per cent cash and 5.0 per cent stock) dividend for the year 2017-2018. Earlier the corporation had declared dividend for its unit fund at of Tk 40 per unit certificate. The shareholders discussed various aspects of the annual report and audited accounts of ICB and its subsidiary companies for the year 2017-2018. They expressed their extreme satisfaction for its performance and the pivotal role it played during the critical period of capital market. During FY 2017-2018, ICB earned solo and consolidated (with subsidiaries) net profit of Tk 3.77 billion and Tk. 4.16 billion respectively. The Corporation also acts as Trustee to the issue of 5 bonds of Tk. 10.25 billion during 2017-2018. The Corporation recovered an amount of Tk. 8.41 billion on account of dividend, margin loans, project loans and other loans/advances. During the period, the total trading of ICB and its subsidiary companies in both the bourses was Tk. 154.78 billion.
Opec cuts oil output
Opec members and 10 other oil producing nations, including Russia, agreed Friday to cut output by 1.2 million barrels a day in a bid to reverse falls in prices in recent months. Energy ministers reached the deal — which takes effect from January 1 but has already sent prices surging on oil markets — after two days of talks at Opec headquarters in Vienna. Opec group countries are contributing 800,000 barrels per day as a cut, and the non-Opec (countries) will be contributing 400,000 barrels per day. Opec and its partners, which together account for around half of global output, met against the backdrop of a glut in the market which had led to oil prices falling by more than 30 percent in two months.
32 cos get ICMAB corporate awards
The Institute of Cost and Management Accountants of Bangladesh (ICMAB) has honoured 32 companies in 13 categories for excellence in corporate governance. The ‘ICMAB Best Corporate Award-2017’ was handed on the sidelines of SAFA International CFO Conference held at a city hotel on Saturday. BRAC Bank was adjudged the country’s top private commercial bank while Eastern Bank and City Bank were placed in second and third spots respectively. In Shariah-based private bank category, Al-Arafah Islami Bank won the first place, followed by Islami Bank Bangladesh and Export Import Bank of Bangladesh. Meanwhile, Janata Bank bagged the award in state-run commercial bank category. However, there was no other bank in this category. In non-banking financial institutions (NBFIs), IDLC Finance was placed on the top while LankaBangla Finance second and Delta Brac Housing Finance Corporation secured third positions. The first prize in textile manufacturing category went to Envoy Textiles while second and third prizes to Matin Spinning Mills and Rahim Textile Mills. Square Pharmaceuticals bagged the first position in pharmaceuticals manufacturing category while Beximco Pharmaceuticals second and Renata third positions. In multinational company category, British American Tobacco Bangladesh secured first position and Berger Paints Bangladesh second. Summit Power topped the power generation category for sixth consecutive years while Ashuganj Power Station Company and United Power Generation and Distribution Company secured second and third positions. Padma Oil Company won a prize under miscellaneous trading category while miscellaneous service award went to Dockyard and Engineering Works.
Dhaka Bank Limited and Partex Star Group inks deal
Head of Corporate Banking Division of Dhaka Bank Limited Md. Ziaur Rahman and Chief Financial Officer of Partex Star Group Peyar Ahamed (FCA) exchanging documents of an agreement signed between the two companies in the city recently in presence of Managing Director & CEO of the bank Syed Mahbubur Rahman and senior executives of both the companies. Under the agreement, Dhaka Bank Ltd will provide automated cash management solution to the client for its all kind of payments and collections.
Green Delta, IFC bring insurance for farmers
Insured farmers invest more while their income increases by 20 to 30 per cent, a global research has found. In last 40 years, the country lost US$ 12 billion or 0.5 per cent to 1.0 per cent of GDP due to uncertainty in weather. These were revealed during a workshop on agri insurance, arranged by Green Delta Insurance Company Ltd and International Finance Corporation (IFC) of the World Bank Group. The event was organised by Green Delta Insurance Company and IFC at a city hotel. Green Delta Insurance Company with support of IFC has implemented a pilot agri insurance project in eight districts for the past three years. The pilot project began in 2015 and got implemented in 2016 in eight districts. Now there are 10,000 farmers under risk mitigation coverage. Green Delta hopes to reach over two million farmers by 2030. It is a global practice that agri insurance is largely promoted through public private partnership. But Bangladesh is an exception as the private sector is taking the lead to bring the farmers under risk coverage. Green Delta should consider how agri insurance can be made affordable and easily understandable to the farmers. The government will consider some strategies after seeing the results of the pilot project.
In biggest Indian IT deal, HCL Tech to buy $1.8b of IBM software
HCL Technologies will buy some software assets from US-based IBM Corp for $1.8 billion, the companies said on Friday, marking the largest purchase ever by an Indian IT services firm. HCL Tech will buy seven software platforms from IBM, giving it a larger clientele and allowing it to step up its presence in areas such as commerce, security, and marketing — an over $50 billion market opportunity that the Indian firm said would help boost profits. HCL recorded revenue of 505.69 billion rupees ($7.16 billion) in the last fiscal year. TCS, the largest listed company in India, made 1.23 trillion rupees in revenue, while Infosys raked in 705.22 billion rupees. The company plans to fund the deal — which is expected to close by mid-2019 — through internal accruals and debt of $300 million at close and pay most of the acquisition price after the first year. The products it is selling include its secure-device management product BigFix, marketing automation software Unica and workstream collaboration product Connections.
DAE eyes 10,395 tonnes of pulses, 86,000 tonnes of mustard production in Rangpur region
The Department of Agriculture Extension (DAE) has fixed a target of producing 10,395 tonnes of pulses on 8,540 hectares of land in the five districts of Rangpur agriculture region during the current Rabi season. Under the programme, 52,210 tonnes of mustard will be produced from 40,473 hectares of land in five districts of Rangpur agriculture region and 33,869 tones mustard from 26,255 hectares of land in Dinajpur agriculture region of Rangpur division. In Rangpur agriculture region, the farmers have sowed mustard seed on 23,900 hectares of land while the farmers have sowed mustard seed on 16,136 hectares of land in three districts of Dinajpur agriculture region till Thursday last. The farmers have already sowed mustard seed on 3,500 hectares of land in Rangpur, 5,800 hectares in Gaibandha, 9,030 hectares in Kurigram, 1,420 hectares in Lalmonirhat and 4,150 hectares of land in Lalmonirhat districts.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 52.61||↑1.12||↑2.18%|
|Crude Oil (Brent)||$ 61.67||↑1.61||↑2.68%|
|Gold Spot||$ 1,249.31||↑11.53||↑0.93%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.6076|
|GBP 1||BDT 106.3990|
|EUR 1||BDT 95.1371|
|INR 1||BDT 1.1808|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.