Move to raise Tk 8.78t from bond mkt to propel
Economic growth As per the officials, coordinated efforts are on to raise Tk 8.78 trillion from the bond market for achieving 8.0 per cent plus economic growth by 2021 and to this end, a tripartite committee has already been formed to boost the country’s nascent bond market, particularly the corporate one. According to the officials, the fund will be required to bridge the resource gap for achieving the 8.0 per cent plus growth within the timeframe to become a middle-income country, The size of nominal gross domestic product (GDP) is estimated to reach Tk 32.78 trillion by the end of fiscal year (FY) 2020-21 while the resource gap will hit Tk 8.78 trillion, according to the central bank. The Bangladesh Bank (BB) has calculated the resource gap taking into consideration the credit flow by banks, investment and fund flow from the capital market. The banks are still a dominant financial system asset in Bangladesh, contributing more than 62 per cent of asset in 2018, while the capital market has contributed 16.50 per cent, the BB said in a study that was placed at a strategic planning meeting on February 09.
Two major UAE Firms want to invest in BD
Two major UAE companies – Lulu Group International and NMC Group – today expressed their keenness to invest in Bangladesh, particularly in the areas of healthcare, hotel, shopping mall and tourism. Chairman and Managing Director of Lulu Group and Founder and Chairman of NMC Group expressed their keenness during a courtesy call on Prime Minister Sheikh Hasina at her hotel suite here. As per Lulu Group Chairman, Bangladesh has emerged as a very potential area for investment in the tourism and hyper shopping mall and sought land in Dhaka or adjacent areas. The group has a plan to construct a shopping mall which would create opportunities for about 5,000 people and have a convention centre and car parking facilities for 3,000 vehicles.
Blue Economy worth $6.2bn
As per the analysts, the ocean contributes more than $6 billion annually to the Bangladesh economy and has the potential to generate more income. As per the Fishcode manager of the Food and Agriculture Organization (FAO), there are a lot of opportunities in the area of blue economy, especially in post-harvest processing. Alder’s comments came at the inaugural session of a two-day dialogue on Bangladesh’s blue economy, jointly organised by the Ministry of Fisheries and Livestock and the FAO at Pan Pacific Sonargaon Dhaka to identify areas for development. The gross value addition (GVA) of Bangladesh’s ocean economy was $6.2 billion in fiscal 2014-15, accounting for 3.3 percent of the country’s total GVA. Tourism accounted for one-fourth of the total, followed by marine fisheries and aquaculture at 22 percent, transport at 22 and energy at 19 percent.
BIDA’s 15 services go online from Feb 24
Bangladesh Investment Development Authority (BIDA) will make 15 services available online from February 24 to ease the process of getting permissions for opening business in the country. BIDA asked the related branches to provide the services through online as the preparations in this regard have already been completed. The services are visa recommendation (new), visa recommendation (amendment), visa on arrival, visa on arrival (amendment), work permit (new), work permit (amendment), work permit (cancellation), work permit (extension), office permission (new), office permission (extension), office permission (cancellation), office permission (amendment), project registration (new), remittance services (new) and payment gateway.
Top ten Companies grab 37pc turnover
The United Power dominated the Dhaka bourse’s turnover chart on Tuesday while ten most traded companies captured nearly 37 per cent of transactions. As per the market analysts, the investors continued to show their buying appetite for United Power Generation & Distribution Company’s shares as it posted modest earnings growth for July-December period. The company’s earnings per share (EPS) (separate) rose 15.18 per cent to Tk 5.31 for July-December 2018. 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.
UCB, Orogenic Resources (BD) ink deal United Commercial Bank Limited
(UCB) and Orogenic Resources (BD) signed an agreement to purchase world renowned software, DocuWare to execute Document Management System both physically and digitally recently at the Corporate Office of the Bank. Deputy Managing Director of UCB and Managing Director of Orogenic Resources (BD) Ltd signed the agreement on behalf of their respective organizations in presence of Mr. Mohammed Shawkat Jamil, Managing Director of UCB.
Beximco Pharma to acquire eight ANDAs from Sandoz Inc
Beximco Pharmaceuticals Limited on Tuesday announced the signing of a definitive agreement with Sandoz Inc., a division of Novartis, to acquire a portfolio of eight Abbreviated New Drug Applications (ANDAs) in the US for an undisclosed amount in cash. Beximco Pharma’s current US portfolio comprises six US Food and Drug Administration (FDA) approved products. Four of these products are currently being exported to the US and two products are awaiting regulatory approval. Following this transaction, Beximco Pharma’s US portfolio will consist of 14 approved ANDAs.
Post office goes big on E-Commerce
Bangladesh Post Office has started delivering parcels for online marketplaces on a wider scale across the country — a giant stride towards boosting e-commerce. As per the Director General of Bangladesh Post Office, after two and a half years of preparations, the postal department has now started delivering about 500 orders a day for the country’s renowned online platforms and the number of deliveries will hit 5,000 within the next couple of months.
Govt, Businesses seek Austrian FDI
Government high-ups and business leaders yesterday urged the Austrians to come up with foreign direct investment in Bangladesh to benefit from the business opportunity offered by the country. The potential sectors where investment could be made include readymade garment, leather and footwear, shipbuilding, agro-processing, pharmaceuticals, medical equipment, automotive, electronics and technology-driven innovative businesses. The investment proposal came at a “Bangladesh-Austria Business Dialogue” jointly organised by the Business Initiative Leading Development (BUILD) and the ADVANTAGE Austria at the Metropolitan Chamber of Commerce & Industry, Dhaka. In response, 11 visiting Austrian companies showed willingness to increase their trade volume with Bangladeshi businesses.
RHD to build 60-km circular road to ease city’s gridlock
As per the Officials, the Roads and Highways Department (RHD) will build a 60.1-km inner circular road in the south-western part of Dhaka city, investing around US$ 1.61 billion. The proposed four-lane dedicated road will be constructed on Dhour-Birulia-Gabtoli (Shinnirtek)-Swarighat-Chunkutia-Postogola-Chashara-Shimrail-Demra route. According to the officials, RHD has planned to complete building the circular road by 2022 for diverting vehicles from inside the capital through it and RHD has already started searching foreign assistance to construct the road.
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)||$ 56.06||↓0.03||↓0.05%|
|Crude Oil (Brent)|| $ 66.39|| ↓0.06||↓0.09%|
|Gold Spot|| $1,345.99||↑5.05||↑0.38%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 84.0100|
|GBP 1||BDT 109.8095|
|EUR 1||BDT 95.3598|
|INR 1||BDT 1.1773|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<