12 International companies to invest $5.78b in SEZs
Twelve international companies would make around US$ 5.78 billion in foreign direct investment (FDI) in Bangladesh’s special economic zones (SEZs), generating 13,000 new jobs for the local people. As per the officials, the FDI is coming from Japan, Malaysia, China, United Kingdom (UK), Singapore, UAE, India, Australia and South Korea to the sectors like building materials, steel, power, processed food, paint, petro chemical and garment accessories. Meanwhile, the companies have signed agreements with Bangladesh Economic Zones Authority (BEZA) for land acquisition and a few of them have already started land development works. Talking to BSS, BEZA Executive Chairman Paban Chowdhury said different world renowned big companies are coming to Bangladesh with huge investment proposals. According to him, Govt. have signed land allocation agreements with 12 multinational companies which would make $ 5.78 billion FDI in the SEZs,” he said, adding, “BEZA has approved the investment proposals. Another $ 5 billion FDI proposals are in the pipeline.
United Power sees moderate growth in earning per share
United Power Generation & Distribution Company Limited (UPGDCL) has posted a moderate growth in EPS for July-December, 2018 compared to same period of the previous year. The company’s EPS (separate) rose 15.18 per cent to close at Tk 5.31 for July-December. The EPS (separate) was Tk 4.61 for July-December, 2017. The company reported its consolidated EPS of Tk 7.69 for July-December, 2018. The financial performance of the UPGDCL for July-December and October-December, 2018 were disclosed on the website of the Dhaka Stock Exchange (DSE) on Sunday. On the day, the company also held a live session on Half Yearly 2018-19 financial performance through its website. As per the Chief Financial Officer (CFO) of the UPGDCL, their company witnessed a sharp growth in consolidated EPS for July-December, 2018 following increased investments.
Economic zones’ factories to get uninterrupted power
As per The Power Minister, new and relocated industrial units in the economic zones will be given uninterrupted power supply and industrialists should not worry about the availability of power as the generation capacity is increasing. There are about 4,000 megawatts of unused electricity at this moment and the government is paying for it. The Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) organised the institutional dialogue styled “Success in power generation: best use of power in achieving dynamic growth”. Bangladesh’s installed power generation capacity is 20,854MW. Actual generation was 8,744MW yesterday, according to the power division.
Jan foreign investment at DSE turns positive after 3 months
The net foreign investment at Dhaka Stock Exchange turned positive in January after remaining negative three months on the trot amid political calm after the December 30 general election. The foreign investors bought shares worth Tk 495.19 crore in January against their sales of shares worth Tk 319.90 crore with the net investment standing at Tk 175.29 crore. In December last year, the net foreign portfolio investment was Tk 101.53 crore negative as the foreigners bought shares worth Tk 246.09 crore against their sales of shares worth Tk 347.62 crore. The net position of the overseas investment was Tk 22.50 crore negative in November and Tk 201.27 crore negative in October. The polls-centric political uncertainties that weighed on the capital market last year eased after the national elections
Remittances rise on weak taka
Remittance inflow edged up 15.23 percent last month thanks to the continuous depreciation of local currency against the greenback, which allowed the local beneficiaries to get more. The inter-bank exchange rate throughout January stood at Tk 83.95, up from Tk 83.90 the previous month. According to data from the Bangladesh Bank, Subsequently in January, expatriate Bangladeshis sent home $1.59 billion, up 32 percent from the previous month,
Jamuna Oil approves 130pc cash dividend
Jamuna Oil Company Limited (JOCL) has approved a cash dividend of 130 per cent or Tk 13 per share for the financial year (FY) 2017-18. As per one statement, the approval was given at the 43rd annual general meeting (AGM) of the company in Chattogram on Saturday. The meeting was informed that the company earned over Tk 2.81 billion post-tax profit, contributed to the national exchequer Tk 866 million as VAT, income tax and other statutory charges in the FY 2017-2018.
Shipping ministry spends 35.5pc of allocation on 45 dev projects in H1
The Ministry of Shipping is implementing a total of 45 projects, of which 35 are being implemented under Annual Development Programme (ADP) and 10 from its own resources. Over Tk 28.5 billion has been allocated for the projects under the ADP while over Tk 13.17 billion was allocated for projects being implemented by the ministry’s own fund. The ministry spent 35.5 per cent of the total allocation in the first half (H1) of the current fiscal year. The information was shared at the ADP review meeting by the ministry on Sunday.
Govt. launches savings tools online database
The Ministry of Finance (MoF) launched on Sunday a pilot scheme aiming to create an online database of savings certificate holders. Finance Division Secretary, inaugurated the scheme named ‘national savings certificates online management system’ at a ceremony at the Bangladesh Secretariat. The programme has been taken up to check whether savings schemes are abused by exceeding investment limit or making ‘benami’ (fictitious) investments. Initially, the online database will be launched at the headquarters (HQs) of Bangladesh Bank, Bangladesh Post Office, Sonali Bank and Department of National Savings (DNS).
BD set to get DFQF access to China Dhaka, Beijing to sign deal soon
As per the trade officials, China is set to grant duty-free and quota-free (DFQF) market access for all Bangladeshi products shortly. Except tobacco and maize, all the major Bangladeshi products like apparel, leather, jute and jute goods, medicine and frozen fish will be on the list. Bangladesh is going to get the facility under a Chinese zero-tariff treatment scheme for least developed countries (LDCs).
To this end, Chinese ambassador in Dhaka Zhang Zuo and commerce secretary Mofizul Islam will sign a ‘letter of exchange’ soon
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)||$ 55.21||↓0.05|| ↓0.09%|
|Crude Oil (Brent)||$ 62.64||↓0.11||↓0.18%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.6352|
|GBP 1||BDT 109.3781|
|EUR 1||BDT 95.7372|
|INR 1||BDT 1.1670|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<