Dhaka may turn to WTO for redressal
As India declined to lift the anti-dumping duty on Bangladeshi goods, the commerce ministry high-ups have asked one of its wings to start dispute settlement procedure in the World Trade Organisation. Back in January 2017, India slapped the anti-dumping duty on Bangladesh’s jute yarn, hessian and bags ranging between $19 and $352 per tonne. A similar duty ranging between $27.81 and $91.47 per tonne was also imposed on export of hydrogen peroxide to India from Bangladesh in April 2017. Bangladesh produces hydrogen peroxide, a chemical used in textile processing. After one year, India also put anti-dumping duty, $2.69 per kilogram, on fishing net exported from Bangladesh to its domestic market. Indian businesses alleged that Bangladesh was exporting those goods there at much lower prices than their production costs. The imposition of the anti-dumping duty dealt a heavy blow to exports of Bangladeshi goods to India. Exports of these items declined significantly since India slapped the anti-dumping duty and the downtrend was continuing. In the fiscal year 2018-19, exports of jute and jute goods dropped to $816.27 million from $1.085 billion in the previous fiscal.
Investors cheer BB moves
Stocks rebounded strongly on Tuesday, snapping a five-day losing streak, as investors gained confidence thanks to the central bank’s latest market supportive measures. The market started on a flying note and remained vibrant throughout the session amid strong buying pressure from the investors, including institutional investors. DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 85.96 points or 1.96 per cent to settle at 4,471, after losing 121 points in the past five straight sessions. The Bangladesh Bank has allowed all scheduled banks to create a special fund worth Tk 2.0 billion each of five-year tenure for investment in the capital market.
‘Govt provides Tk 28.2m to create awareness about jobs abroad’
The government has taken a massive awareness programme for creating awareness among the people to ensure legal and safe migration for overseas employment, reports BSS. Initiative has been taken for creating awareness among the people as the people can ensure their safe passage to and from abroad in proper way. Under the initiative, the government released over Tk 28.22 million (Tk 2,82,29,600) for holding awareness seminars in the division and upazila levels in fiscal year 2019-20, he told the House. In fiscal year 2018-19, the government provided over Tk 9.46 million (Tk 94.64 lakh) for arrangement of such seminars across the country, he mentioned. In the last year, the seminars were held in 63 districts and 480 upazilas. To ensure legal and safe migration, the minister added, the government is carrying out awareness seminars and press briefings to ensure proper overseas employment in legal way after infusing expertise development training, verifying the work permit and safe migration through the registered recruiting agencies.
Rupali Bank disbursing Tk 500m interest-free agricultural credit
Rupali Bank Limited has been disbursing interest-free credit among the poor farmers marking the birth centenary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman. The bank has already disbursed Tk 50,000 as credit to each of some 500 tomato farmers of Natore district as part of a pilot project while such credit will be extended among the turmeric farmers in Khagrachhari, pineapple farmers in Bandarban and among onion farmers in Rajshahi ditricts. under the ‘Zero Coupon lending’ programme, the period of each loan will be six months while the bank would extend such credit twice a year for the summer tomato and winter tomato cultivation. As per the guidelines of the Bangladesh Bank for 2019-20 fiscal year, any farmer can avail this maximum Tk 50,000 interest-free credit for cultivating tomatoes on some 1.29 acres of land. This credit is collateral-free but, the husband or wife of the loan recipient or any other acceptable person would have to be a guarantor. The farmers can take and thus repay this loan amount through their existing Tk 10 bank account. The loan recipient farmers can be able to repay their amount through selling their produces on daily or weekly basis.
LankaBangla, SaRa ink MoU
LankaBangla Finance Ltd (LBFL) recently signed a MoU with SaRa Lifestyle Ltd for its customer privileges. Khurshed Alam, Head of Retail Business of LankaBangla Finance and Mr. Ashim Saha, Head of e-Commerce of SaRa Lifestyle signed the MoU for their respective organisations. Under this MoU, LBF Cardmember will enjoy 10pc discount on purchasing any product from SaRa Lifestyle.
UCB completes PCI-DSS certification
United Commercial Bank Limited (UCB) successfully passed the Payment Card Industry Data Security Standard (PCI-DSS) certification requirements course for the second consecutive year. In the year 2019 UCB was first certified by PCI Council. PCI-DSS is the globally accredited data security standard adopted by the worlds renowned payment card brands like VISA, MasterCard, AMEX, JCB, Discovery for all entities that process, store or transmit cardholder data and/or sensitive authentication data in a fool-proof environment.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|DSEX||4,385.54932||↓ 3.21||↓ 0.07 %|
|↓ 0.48||0.00 %|
|FTSE100||7,499.44||↑ 52.56||↑ 0.71 %|
|Nikkei 225||23,828.35||↑ 142.37||↑ 0.60 %|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 50.64||↑ 0.70||↑ 1.40 %|
|Crude Oil (Brent)||$ 54.97||↑ 0.96||↑ 1.78 %|
|Gold Spot||$ 1,568.07||↑ 0.18||↑ 0.01 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.3861|
|GBP 1||BDT 107.839|
|EUR 1||BDT 91.0059|
|INR 1||BDT 1.16948|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<