RAKUB recovers Tk 1.79 billion outstanding loans
Rajshahi Krishi Unnayan Bank (RAKUB) has recovered outstanding loans worth Tk 1.79 billion (Tk 179 crore), including classified loan of Tk 290 million (Tk 29 crore), through its Victory Fair (Bijoy Mala). The bank arranged the two-day fair in all its 378 branches from Dec 17 to Dec 18, marking the 47th Victory Day. Apart from recovering loans, the bank distributed loan of Tk 1.29 billion (Tk 129 crore) in various potential sectors, including crops, farmers’ credit, crop-sharing, green banking and dairy and spice farming, RAKUB Public Relations Officer Mohammed Jamil said on Wednesday.
IPDC’s ‘iridescence to widen financial inclusion’
IPDC Finance Ltd has achieved resounding successes in all segments of its businesses in the outgoing calendar year and vows to perform better in the coming months with a re-branded image of the company, country’s first private sector DFI. In December 2016, the company changed its name to ‘IPDC Finance Ltd’ and re-launched its brand to remain vibrant in corporate, SME and retail segments. “Our performance in 2017 was excellent in all business parameters due to the robust presence of our newly re-branded image and our latest products feature iridescent values to our core clients,” Mominul Islam, managing director & CEO of the company told The FE recently. “Under our strategic roadmap, we like to craft stories in the areas of home loan, automated supply chain finance, creating entrepreneurs, providing factoring finance and breaking glass ceiling,” Mr Mominul Islam said. Under the roadmap, the company will enable 50,000 families to get a dream home and cover 25,000 MSEs to be under the automated supply chain finance.
Banking experts highlight 5 challenges to PPP implementation
Banking experts on Wednesday pointed out five major challenges, including time and cost overruns, to implementing public private partnership projects. Separately, they also called for development of homegrown core banking software for more convenience, during a seminar held at the Bangladesh Institute of Bank Management. While two research papers titled ‘Financial and non-financial issues in implementing PPP in Bangladesh’ and ‘An evaluation of core banking software in banks of Bangladesh’ were presented, banking and economic experts of the country also discussed about ways to overcome the challenges. The study found five major challenges of PPP implementation including cost and time overruns, project appraisal, project monitoring by government, transparency and capacity building.
Bring good companies to enhance depth of capital market
Discussants have stressed the need for proper utilisation of the country’s capital market in country’s industrialisation and infrastructure development. They also laid emphasis on listing of multinational companies and local large companies to enhance the depth of the stock market at a seminar titled ‘Importance of Capital Market as Source of Long Term Finance: Bangladesh Perspective’. Bangladesh Merchant Bankers Association (BMBA) organised the seminar held at a city hotel on Wednesday.
Nihad Kabir MCCI president again
Nihad Kabir has been reelected president and Golam Mainuddin vice-president of the Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI) for the term of 2018, says the chamber in a statement. Members of the chamber’s new committee re-elected Senior Partner of Syed Ishtiaq Ahmed & Associates Nihad Kabir, Barrister-at-Law, president of the chamber unanimously at its first meeting held recently. The reelection was confirmed at the 113th Annual General Meeting (AGM) of the MCCI held on Wednesday.
Md Fakrul Alam new DMD of Janata Bank
Mohammad Fakrul Alam was appointed as Deputy Managing Director (DMD) of Janata Bank Limited on Tuesday, says a statement. Before his promotion, he served as general manager at the same bank.
Manual VAT numbers to remain valid for two more months
Firms may be able to use their manually issued 11-digit VAT registration numbers for a further two months as the revenue authority is yet to complete the revision of the VAT Act 1991 to make it compatible with the online system. The 11-digit numbers were supposed to become invalid on January 2018, so firms were asked to register for 9-digit e-BINs by December 31 this year to continue their activities such as export, import, participation in tenders, application for loans and so on. “As the amendment of rules is yet to be done, we are considering extending the validity of the manually issued BINs and the deadline for re-registration for e-BINs,” said a senior official of the National Board of Revenue.
MoRTB seeks Tk 5.0b from MoF to make metro-rail co functional
The Ministry of Road Transport and Bridges (MoRTB) has finally sought Tk 5.0 billion from the Ministry of Finance (MoF) to make the state-owned metro-rail company functional amid pressure from the project’s financier. Sources said MoRTB informed the mission of Japan International Cooperation Agency (JICA) during a wrap-up meeting on Sunday that a letter was recently sent to MoF to get Tk 5.00 billion budget for the Dhaka Mass Transit Company Limited (DMTCL). “The fund for the company is sought for the first time although the Japanese financier has been demanding it for long to make the company functional,” said an official. MoRTB was supposed to recruit DMTCL staff, according to the minutes of the discussion signed with JICA. Decisions were taken to recruit around 70 professionals for the company, but no effort was taken earlier to seek fund from MoF. But by January, recruitment for DMTCL will start, he added.
Internet users soar
The ICT industry has added one crore active internet connections in the last seven months and crossed the eight crore-mark on the back of the growing use of digital platforms in the country. The country has 8.02 crore active internet connections as of November, Bangladesh Telecommunication Regulatory Commission (BTRC) said in a report yesterday. Of them, 7.47 crore use internet on mobile phones, 53.42 lakh through broadband lines and 88,000 through Wimax, according to the report. As of November, there are 14.31 crore active SIMs in the country. “The growth is very natural and it will be much higher in the near future,” said TIM Nurul Kabir, secretary general of the Association of Mobile Telecom Operators of Bangladesh. “A lot of digital services are available now. The increasing number of such services will boost internet use.”.
Biman earns Tk 1.51b profit
Biman Bangladesh Airlines earned Tk 1.51 billion in profit for the third consecutive year during the fiscal year 2016-17 although its net profit and cargo handling dropped for paying deferred tax and cargo restriction by the United Kingdom. According to a press release of Biman issued on Wednesday, the profit earned during the last fiscal year was Tk 240 million more than that earned in the fiscal year 2015-16 (FY16). But net profit of the national flag carrier was only Tk 470 million during the last fiscal year against Tk 2.35 billion in FY16 and Tk 2.34 billion in FY 2014-15.
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)||$ 58.06||↓0.03||↓0.05%|
|Crude Oil (Brent)||$ 64.48||↓0.08||↓0.12%|
|Gold Spot||$ 1,267.67||↑2.10||↑0.17%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.82|
|GBP 1||BDT 110.70|
|EUR 1||BDT 98.34|
|INR 1||BDT 1.29|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.