Bank financial closing Dec 27
Bangladesh Bank announced on Tuesday the 27th December as the financial closing day for all scheduled commercial banks instead of December 30, according to a press release. The Bangladesh Bank issued the order on ‘bank closing” day considering the day banks usually report the last transactions of the customers and apply profits and other accounting practices. This year the last transactions will be made on December 26. The automated teller machine (ATM) operations will remain as usual. However people involving with accounting practices told the FE that such time of closing may cause some sort of problems for auditing. These are: income-expenditure related problem may surface when it will be compared to the previous year as the current year will consist of four days less than its previous year. Another problem is what day will be the signing day for auditors to put signature on financial statements. Usually the auditors sign on the 31st day of December.
Cut cost of business to boost exports
The government should give more focus to improve the business environment and reduce the cost of doing business to achieve further export growth. Many foreigners say that it is a matter of great regret that Bangladesh ranks 176th among 190 nations in the ease of doing business index. The higher profit in Bangladesh compared to any country in the world is helping the local businesses to survive, although they are burdened with a lot of problems.
178 businessmen get CIP cards
Businesses demanded on Tuesday uninterrupted supply of energy and timely availability of all other essential services for the sake of achieving the country’s desired trade and economic development. They also urged the government to ensure accountability, enhance port facilities and work for improving the ease of doing business index ranking in this regard. The government awarded CIP (commercially important person) cards to a total of 178 businesspersons for the year of 2016 in export and trade categories for their extraordinary performance and contribution to the country. The Ministry of Commerce and Export Promotion Bureau jointly organised the ceremony at the auditorium of Trading Corporation of Bangladesh in the city. Of the total, 137 businessmen received the cards in the export category from 18 sectors while 41 directors of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) in the trade category. Despite ranking 176th in the ease of doing business and having other problems, Bangladesh’s entrepreneurs are doing good as corporate profitability is good in the country. The government doesn’t do business but facilitate trade and business activities and provide the required services.
Aramit approves 50pc cash dividend
Aramit Limited, a unit of Aramit Group, a Chittagong-based leading industrial conglomerate of the country has approved 50 per cent final cash dividend for the year ended on 30th June, 2018. The approval was made by the shareholders in the 47th Annual General Meeting of the Company held at Chittagong Club Limited. It was disclosed in the meeting that the Company earned net profit before income tax of Tk. 85.312 million and net profit after income tax of Tk. 61.175 million for the year ended on 30th June, 2018. The company made considerable progress during the year. The Company contributed Tk. 187.79 million to the national exchequer in the form of customs duty, income tax and VAT during the year. The Chairman of the Company replied to various queries of the shareholders. The shareholders expressed their satisfaction on the continuous progress of the Company.
Maggi, a food brand of Nestlé, winning the ‘Best Brand Award’
Executives displaying the trophy after Maggi, a food brand of Nestlé, winning the ‘Best Brand Award’ for the ninth time in a row in snack category at the Best Brand Award 2018 ceremony in the capital recently.
Huawei to spend $2b over five years in cyber security push
Huawei Technologies on Tuesday said it would spend $2 billion over the next 5 years to focus on cybersecurity by adding more people and upgrading lab facilities, as it battles global concerns about risks associated with its network gear. The typically secretive Chinese technology giant made the comments at one of its most indepth press conferences at its Dongguan offices, after welcoming about two dozen international journalists into its new campus in the southern Chinese city. At the tour of Huawei’s Shenzhen headquarters on Tuesday, journalists glimpsed some of Huawei’s most advanced R&D labs housed in a three-storey building with a white facade and four columns, referred to by insiders as the “White House”. Huawei had secured more than 25 commercial contracts for 5G, slightly above the 22 the Chinese technology giant had announced in November. The company has shipped more than 10,000 base stations for the fifth generation of mobile communications, he said, adding that Huawei expects revenue to exceed $100 billion this year – up 8.7 percent from last year. Huawei is the world’s largest supplier of telecommunications network equipment and second-biggest maker of smartphones and unlike other big Chinese technology firms, derives half its revenue from overseas.
Accounting professionals need to adopt new technologies
Accounting professionals in Bangladesh and across the world need to adopt new technologies to cope with the ever changing business environment, said a top official of a global body for professional accountants. Simultaneously, the accountants in today’s dynamic business world need to focus even more on ‘interpersonal relationships’ in order to drive value. The environment accountants work is changing rapidly and technology is the biggest driver of that change. New business models are emerging at a faster pace as a variety of new technologies are being utilized in different ways. And, I think, capitalising on those technologies is really important. In recent years, Bangladesh has made several legislative moves to further streamline and regulate its financial reporting procedures. Notable among them is the Financial Reporting Act which was passed in the parliament in 2015. Founded in 1904, ACCA is the global body for professional accountants. It has 208,000 members and 503,000 students in 179 countries. ACCA started its operation in Bangladesh in 2008 and now it has more than 500 members and affiliates as well as 5,000 students staying in Bangladesh.
Sonia Bashir Kabir governing board member of Unesco MGIEP
Sonia Bashir Kabir, managing director of Microsoft for Bangladesh, Myanmar, Nepal, Bhutan and Laos, has recently been nominated member of the Unesco Mahatma Gandhi Institute of Education for Peace and Sustainable Development’s (MGIEP) governing board. She will take on the role for the next four years, determining the institute’s general policy and nature, adopting its work programme and annual budget and ensuring that its activities respond to member states’ needs. The board consists of 12 members, including seven from the Unesco member states, all chosen for their competence. The research institute is situated in New Delhi and was established in 2012. It contributes to attaining Sustainable Development Goal 4.7, which is education for peace and sustainable development.
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)||$ 46.38||↑0.14||↑0.30%|
|Crude Oil (Brent)||$ 56.46||↑0.20||↑0.36%|
|Gold Spot||$ 1,250.85||↑1.43||↑0.41%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.7416|
|GBP 1||BDT 106.1174|
|EUR 1||BDT 95.3482|
|INR 1||BDT 1.1937|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.