Export earnings grow 13.39pc in July-Jan period of FY ’19
Earnings from the country’s merchandise exports in the first seven months of the current fiscal year (FY) stood at US$ 24.17 billion, marking a 13.39 per cent growth over the corresponding period of last fiscal. The exports fetched $21.32 billion during the July-January period of FY 2017-18. The export performance was 7.91 per cent higher than the target set for the seven-month period of this FY, data showed. According to the Export Promotion Bureau (EPB), the single month earnings in January last grew by 7.95 per cent to $3.67 billion from $3.40 billion in the same month last year. The January performance also surpassed the target set for the month by 1.59 per cent. The earnings from export of readymade garments (RMG) during the July-January period of the current FY grew by 14.51 per cent to $20.21 billion from $17.65 billion in the corresponding period of last fiscal.
Genex Infosys jumps 465pc in debut trading
Genex Infosys made a red-hot trading debut on Wednesday, as its shares jumped 465 per cent on the prime bourse despite a decline in its earnings per share (EPS). The IT company’s profit after tax stood at Tk 59.53 million and the basic EPS at Tk 0.97 for the July-December period of 2018 as against Tk 60.08 million (profit after tax) and Tk 0.98 (EPS) in the same period of the previous year. The post-IPO EPS, however, will be Tk 0.73 for the six-month period ending December 2018. The company made its share trading debut on both the stock exchanges in the country under “N” category. On the Dhaka Stock Exchange (DSE), the company’s shares traded between Tk 44 and Tk 59 before closing at Tk 56.50. The issue price of the shares was Tk 10 each. Genex Infosys also grabbed the second spot on the DSE top ten turnover chart, with 8.15 million shares worth Tk 417 million changing hands, accounting for 5.432 per cent of the day’s total turnover.
15-hr banking at all ports
Bank branches at land and seaports will remain open 15 hours a day to facilitate faster delivery of goods and simplify commercial activities. The decision was made at a meeting on Wednesday as part of the government’s move for ease of doing business. As per the Minister, land and seaports are now open 24 hours a day. Since bank branches stay open during office hours from 10:00 am to 6:00 pm, businesses cannot carry out banking transactions after office hours. After discussion, the meeting decided that the bank branches there will remain open from 7:00 am to 10:00 pm to facilitate the business activities. The meeting also decided to install adequate scanners at entries into Chittagong, Mongla and Benapole ports to scan containers quickly.
ADB gives $50m for development of microenterprise
The government and the Asian Development Bank (ADB) yesterday signed an agreement for a $50 million loan to promote microenterprise development for inclusive economic growth and poverty reduction. The assistance will help improve microenterprises’ access to finance through Palli Karma Sahayak Foundation (PKSF)—an apex development finance and capacity building organisation—and its partners. Secretary of the Economic Relations Division, and country director of ADB, signed the agreement at a ceremony in the city. The total cost of the project, which is due for completion at the end of 2020, is $62.5 million, of which the microenterprises will contribute $12.5 million. The greatest constraint in developing microenterprises in Bangladesh is the limited access to finance. This project will provide financing to ease this constraint,
Summit Corporation joins WEF Forum Member community
Summit Corporation, as the first Bangladeshi firm since 2008, has joined the Forum Member community of the World Economic Forum (WEF). The Forum Member community represents an outstanding group of firms that count among the world’s top innovators, market shapers, disrupters, niche market leaders and regional champions. They are businesses of growing influence that continue to help growing economies thrive, contribute to societal prosperity and are transforming into global leaders in their industries and regions.
BD gets $28b in foreign investment in five years
As per the report of UNB, Bangladesh received more than US$ 28 billion in investment from 45 countries in the last five years with China investing the highest amount of US$ 8.11 billion. According to the BIDA’s statistics, the top ten countries in terms of investment size are: China (US$ 8107 million), the UAE (US$ 7836 million), Saudi Arabia (US$ 2461 million), Singapore (US$ 2261 million), the UK (US$ 1962 million), The Netherlands (US$ 1744 million), the USA (US$ 1219 million), India (US$ 976 million), Thailand (US$ 637 million) and Japan (US$ 384 million).
Special audit in banks on bad loans soon: Finance Minister
According to Finance Minister AHM Mustafa Kamal, a special audit would be launched in banks to probe information about the borrowers and their loans. Three audit firms would be appointed for the purpose. As per the Minister, the audit firms would be selected after consulting with the Bangladesh Bank and Financial Institutions Division and loan defaulters should be considered offenders for their failure in utilising the loans and paying back debts in time.
Local cement producers’ show mixed performance
The listed local cement companies showed mixed performance for the October-December period of 2018, compared to the same period of the previous year. Of the five companies, Premier Cement Mills has posted the highest growth in EPS (earnings per share). The company’s EPS jumped 233 per cent to Tk 0.70 during the three-month period of 2018. The figure was Tk 0.21 for the October-December period of 2017. The company has reported its consolidated EPS of Tk 1.74 for July-December of 2018 as against Tk 0.62 for July-December of 2017. The consolidated NAV per share was Tk 43.85 as on December 31, 2018 and Tk 43.13 as on June 30, 2018. The Meghna Cement Mills also saw its EPS rise 93.33 per cent to Tk 0.29 for October-December of 2018 from Tk 0.15 for October-December of 2017.
Move to reduce NPLs thru implementation of laws
Senior bankers and law minister are likely to meet the High Court judges and Attorney General’s Office to discuss the ways of reducing troubled loans through effective implementation of existing laws. The decision came at a special meeting on Wednesday with Bangladesh Bank (BB) Governor Fazle Kabir in the chair. Law Commission Chairman ABM Khairul Haque and Bangladesh International Arbitration Centre CEO Muhammad A (Rumee) Ali also attended the meeting.
BB issues new loan write-off policy
All banks in the country have to create a separate debt cancellation unit to recover loans that were written off to cleanse balance sheets while reducing tax burden. The order came on Wednesday in a Bangladesh Bank notification on loan or investment write-off policy. The latest instruction also bars banks to reschedule or restructure loans already written-off by the banks. While loans are written off as an accounting practice, the claim on these loans is not scrapped and banks have to keep adequate provisions against the same amount. Bangladesh Bank first issued loan write-off policy in 2003. Two revised instructions were also issued in 2004 and 2013 through official circulars.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|DJIA||25,390.30|| ↓ 21.22||↓0.08%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$53.88||↓0.13||↓0.24%|
|Crude Oil (Brent)||$ 62.51||↓ 0.18||↓0.29%|
|Gold Spot||$1,304.02||↓2.58||↓ 0.20%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.7724|
|GBP 1||BDT 108.3093|
|EUR 1||BDT 95.1654|
|INR 1||BDT 1.1689|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<