Proposed KEZ set to get licence
The proposed Kishoreganj Economic Zone (KEZ), a venture of Nitol Niloy Group, is set to obtain licence from the authorities concerned. As per the officials, the zone would be established on 91.63 acres of land in Pakundia Upazilla, next to Bhairab-Kishoreganj highway. It received the pre-qualification licence from the BEZA in July 2017. According to the Executive Chairman of Bangladesh Economic Zones Authority (BEZA), the KEZ is now getting prepared to receive the final nod and the zone will host heavy industries like car and steel manufacturing plants by Indian multinational conglomerate TATA. This is another testimony of congenial investment atmosphere in the country which continues to attract more and more foreign businesses. As per one Govt. official, when the KEZ would start operations in full swing, it would supply different types of products manufactured at the KEZ at more reasonable prices in the local market. According to an Excecutive of Nitol Niloy Group, India-based TATA through a joint venture with us will manufacture vehicles, including double cabin pick up. The zone will have all the required facilities such as water treatment plant, effluent treatment plant and fire extinguishing system.
IPDC Finance cuts offer price for rights issues
IPDC Finance has revised down the offer price for the rights shares to be issued to the existing shareholders. As per the revised decision, the offer price for the rights issues will now be Tk 12 each, including a premium of Tk 2.0, instead of Tk 13 previously declared by the company. The company’s rights shares will be issued at a ratio of 1R:2 (one rights share against two shares). As per the disclosure of the company on the website of the Dhaka Stock Exchange (DSE), the company has revised the rights offer after considering 8.0 per cent stock dividend for the year 2018, subject to approval from the shareholders, the securities regulator and other authorities concerned. The board of directors of the IPDC Finance has recommended 7.0 per cent cash and 8.0 per cent stock dividends for the year ended on December 31, 2018.
Duty benefits for import of 17 more items for computer production
National Board of Revenue has extended its duty benefits for import of 17 types of raw materials and equipment for local production of computer accessories and spare parts, printed circuit board and related digital products. NBR in the budget for the fiscal year 2016-17 provided the benefits for import of 62 types of raw materials and required accessories for production and assembling of computer in the country. Under the scheme, investors pay only one per cent customs duty on import of the items as NBR waived all other duties and taxes including regulatory duty, supplementary duty and value-added tax on import of the products. Customs wing of NBR on January 31 issued a statutory regulatory order amending the previous SRO and extending the benefits to 17 other products for production of computer spare parts, accessories, printed circuit board (PCB), printed circuit board assembly (PCBA) and related digital products. Newly included items are pumice power, masterbatch, unexposed photosensitive plate and film, photographic chemical, PMMA resin, pet optical film, bottom case aluminium foil, tin alloy, sulphuric acid, sodium chlorate, copper sulfate, sodium permanganate and tools for drilling.
VALENTINE’S DAY: Special offers galore for plastic money
Most banks have come up with a bundle of packages to make a good business on the occasion of Valentine’s Day when people go for a spending spree to celebrate the most romantic day of the year. The special packages on the use of plastic money or credit cards include “Buy one get one free” offer, cashback, discounts on fashion and lifestyle brands and foods at restaurants. Prime Bank, one of the country’s largest private banks, along with Mastercard is offering up to 30 percent discounts at 40 restaurants and fashion outlets. The offer started in January and will end on February 28. As per the Head of the bank’s card division, people love to spend a lot during Valentine’s Day and banks will leave no stone unturned to persuade clients to use their cards for shopping.
JMI Group to execute LPG projects
The JMI Group has forayed into the booming LPG business and now looks to grab a significant portion of the market share by utilising investments from foreign and local sources. The conglomerate, having businesses especially in healthcare sector, has initiated an integrated LPG (liquefied petroleum gas) business and the JMI Industrial Gas Ltd. and its allied concerns will implement LPG projects in the country as part of it. To this end, the financial closure of a syndication term loan facility worth Tk 3.80 billion for the JMI Industrial Gas Ltd. and its allied concerns was held at a city hotel on Sunday night. Privately-owned Mutual Trust Bank Ltd. (MTB) is the lead arranger and security agent of the loan facility while Agrani Bank is the co-arranger. Saudi Bangladesh Industrial and Agricultural Investment Company Ltd. (SABINCO), Bangladesh Infrastructure Finance Fund Ltd. (BIFFL), NRB Bank and Uttara Finance are the other lenders.
BSC plans to buy few more vessels
The state-owned Bangladesh Shipping Corporation (BSC) has a plan to procure four large oil-tankers and two bulk carriers each having capacity between 80,000 and 125,000 dead-weight tonnes (DWT). As per Managing Director of BSC, the BSC will buy the vessels in order to carry oil and coal. The demand for these two fossil fuel is growing in the country. The national-flag carrier has requested the Economic Relations Division (ERD) to manage necessary funds for purchasing the ocean-going vessels. As per the officials of The Ministry of Shipping (MoS), the corporation has proposed to take up a project at a cost of Tk 21.86 billion (US$ 260.64 million) to procure the vessels. According to the project plan, the BSC will buy two crude oil mother-tankers each having 100,000-125,000 DWT capacity and two oil-tankers and two coal bulk-carriers each having 80,000 DWT capacity.
GP, Robi to partner with Bank Asia on agent banking
Top two mobile phone operators Grameenphone and Robi are set to enter into a partnership with Bank Asia on agent banking – a move that is expected to give huge boost to the new service and deepen financial inclusion. Both operators, which together control more than 75 percent of the market share of mobile phone subscribers, received permission from Bangladesh Telecom-munication Regulatory Commission (BTRC) to this effect in a meeting last week. The operators are expected to roll out the service next week. As per the Managing Director of Bank Asia, mobile phone operators have extraordinary capacity and we can use it to explore untapped market.
Boring work of Karnaphuli tunnel starts on Feb 24
Boring work of the Karnaphuli tunnel, first of its kind in the country, will start on February 24. Prime Minister Sheikh Hasina will inaugurate the boring work of the 3.4-kilometre tunnel during her visit to Chattogram. Road Transport and Bridges Minister Obaidul Quader disclosed this while addressing a contract-signing ceremony on the security of the Karnaphuli tunnel on Monday. Bangladesh Bridge Authority (BBA) and Bangladesh Navy signed a Tk 650-million contract at the BBA conference room to ensure the security and safety of the tunnel during its construction period for four years.
BDT deflates notably against USD
The exchange rate of the Bangladesh Taka (BDT) depreciated significantly against the US dollar on Monday, mainly due to higher demand for the greenback in the market for settling the import bills. As per the officials, the local currency deflated by 10 poisha in the country’s inter-bank foreign exchange (forex) market on the day after more than a month. The US dollar was quoted at Tk 84.05 each in the inter-bank forex market on Monday against Tk 83.95 of the previous working day. BDT faced the depreciation, although the Bangladesh Bank (BB) sold US$ 85 million to the commercial banks on the day for keeping the forex market stable.
Bashundhara Paper installs new tissue machine As per
The board of directors’ announcement, The Bashundhara Paper Mills has set up a new European brand automated tissue machine using the IPO fund. Bashundhara Paper Mills, a concern of the country’s leading business conglomerate Bashundhara Group, raised a capital of Tk 2.0 billion by floating more than 26 million ordinary shares under the book-building method last year. The company earlier said the initial public offering (IPO) fund was being used for purchasing machinery worth about Tk 1.35 billion, repay bank loans of about Tk 600 million and bear the IPO expenses of about Tk 50 million.
Drug dealer shot dead in gunfight
A drug peddler was killed in a “gunfight” between two feuding gangs of illegal traders in Charghat upazila’s Raotha village early yesterday. The dead was identified as Fazlul Haq, 48, a leader of one of the gangs, said Abdur Razzak, additional superintendent of Rajshahi police. The police official in an email said on information, law enforcers reached the spot at a mango orchard at 1:40am and fired 10 shots to tackle the situation.
BGB member arrested with 480 yaba pills
A Border Guard Bangladesh (BGB) member was arrested from Sadarghat area in the capital with 480 pieces of yaba pills on Sunday night. The arrestee, Mafizul Islam, is a Nayek of BGB who works at BGB Regional Headquarters in Cox’s Bazar. Following information gleaned from the BGB member, police also arrested two of his accomplices from Hatirjheel area that night with 35 yaba pills.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|Nikkei 225||20,745.28|| ↑412.11||↑2.03%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 52.78||↑ 0.37||↑0.71%|
|Crude Oil (Brent)||$ 61.96||↑ 0.45||↑0.73%|
|Gold Spot||$1,308.85||↑ 0.73||↑0.06%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.7175|
|GBP 1||BDT 107.7277|
|EUR 1||BDT 94.4585|
|INR 1||BDT 1.1763|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<