Beximco approves 10 per cent dividend
Bangladesh Export Import Company Limited (Beximco) approved 5.0 per cent cash and 5.0 per cent stock dividend (bonus share) for the year ended on June 30, 2018 in its 45th annual general meeting (AGM) held at Beximco Industrial Park, Sarabo, Kashimpur, Gazipur recently. The company achieved sales of Tk 25,287.57 million and earned a gross profit and net profit of Tk 7,962.05 million and Tk 1,320.90 million respectively for the year ended on June 30, 2018. A large number of shareholders attended in the meeting. The shareholders were highly satisfied with the company’s performance during the year and also approved the Directors’ Report, Audited Financial Statements for the year ended on June 30, 2018, appointment of directors and appointment of auditors for the year 2018-19.
Tripura plans tea export to Bangladesh
Indian northeast state of Tripura is planning to export tea to Bangladesh through participating in the auction at Sreemangal in Sylhet. The Indian Chamber of Commerce (ICC) has also taken up the matter with Bangladesh government. Green tea production has already begun in some tea estates of the state. We want to expand it in more tea gardens, but it is a time consuming process. But, it will be done in phases. The TTDC chairman admitted that absence of a logo of Tripura tea is a serious problem for the tea growers to market their produce at a reasonable price. It is very tough to transport finished tea to Siliguri or Kolkata tea auction markets. Once a logo is allotted, this problem will be solved. The TTDC plans to open a tea corner in the capital town next month for display and sale of tea produced in the state.
Sonali Bank to offer services in economic zones
Sonali Bank has teamed up with Bangladesh Economic Zones Authority (Beza) to provide banking services to foreign and local investors of the economic zones across the country. The bank will meet the financing needs of the foreign and local entrepreneurs along with providing services related to foreign currency exchange and offshore banking and establishing ATM booths in the zone areas. An authorised dealer of the bank will also be there inside the economic zones providing treasury transaction services. It is not possible to attract new foreign direct investment without ensuring updated banking services and state-of-the-art technologies.
AGM held of International Chamber of Commerce-Bangladesh
Mahbubur Rahman, President of International Chamber of Commerce-Bangladesh, along with Eng. Akber Hakim, newly-elected President of Bangladesh Philippines Chamber of Commerce and Industry (BPCCI) and Shams Mahmud, Vice President of the chamber seen in the 2nd Annual General Meeting (AGM) held recently at Baridhara Cosmopolitan Club, Dhaka.
Mustard growers eye bumper yield
Mustard growers have been eyeing a bumper production this season with a hope to recoup losses they suffered previously due to severe crop failures. Farmers and agriculturists expressed optimism that favourable weather condition would bring bonanza for the growers. Mustard seed yield dropped to 0.62 million tonnes in the last season from 0.82 million tonnes the previous season, according to the provisional data of the Bangladesh Bureau of Statistics (BBS). The overall oilseed production saw a sharp decline in the outgoing calendar year 2018 after registering continuous rise during the period from 2014 to 2017. Two spells of flooding in the later part of 2017 led to severe waterlogging which continued until January 2018, badly affecting the cultivation of mustard. As a result, major mustard-growing districts, including Sirajganj, Bogra, Pabna, Rajshahi, Thakurgaon, Kushtia, Jhinaidah, Jamalpur, Madaripur, Tangail and Manikganj, witnessed 20 to 35 per cent crop losses in 2018. A farmer expects to harvest 19 maunds of mustard in February, which could earn him around Tk 37,000 (Tk 1900-Tk 1950 per maund). He counted a loss of Tk 9,000 in the last season as I got only 5.0 maunds of mustard from 2.0 bighas of land. The country produces nearly 10,000 tonnes of honey a year, of which 4,500 tonnes is collected from mustard and other oil seeds and spice fields.
Oil prices to stabilise in first-half of 2019
Russian Energy Minister Alexander Novak said on Tuesday that oil prices, which fell by more than a third this quarter, would become more stable in the first half of 2019. The Organization of the Petroleum Exporting Countries (Opec) and other large oil producers led by Russia agreed earlier this month to cut their combined crude output by 1.2 million barrels per day from January in order to stem the fall in oil prices. Novak said there were no proposals for an extraordinary meeting with Opec, and he attributed the fall in oil prices to macroeconomic factors.
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)||$ 42.74||↑0.21||↑0.49%|
|Crude Oil (Brent)||$ 50.29||↓0.18||↓0.36%|
|Gold Spot||$ 1,272.74||↑4.20||↑0.33%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.7467|
|GBP 1||BDT 106.4169|
|EUR 1||BDT 95.5886|
|INR 1||BDT 1.1978|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.