Govt to review yield rate of postal savings scheme
Finance Minister AHM Mustafa Kamal said on Wednesday he will reconsider the yield rates of postal savings scheme. The government put a curb on buying savings instruments by individuals up to Tk 2.5 million, which was later raised to Tk 5.0 million. For a joint account holder, the limit is Tk 10 million. Some people even bought savings instruments worth Tk 200 million, which is unacceptable. There was no control over it, he said, adding for this reason, the government imposed a limit on it. When cap was put on the procurement of savings tools, many people switched over to postal savings scheme with a yield rate of nearly 12 per cent. Steps will be taken so that none opts to buy savings instruments instead of depositing money in the banks.
Tk17.3b project for quality education
A project titled ‘High Education Quality Enhancement Project’ was undertaken in 2009 and its implementation at a cost of Tk 17.3 billion was completed in December 2018. Meanwhile, Dhaka University’s ranking, according to a UK-based organisation, was 601 in 2012 and fell to 801 in 2020. In a US ranking, the position of Bangladesh University of Engineering and Technology was 725 in 2012 but declined to 756 in 2019. A survey by Bangladesh Institute of Development Studies has found that most of the students are not happy with the process of teaching at the Bangladeshi universities. The survey said that major portion of the graduates remained unemployed after securing degrees.
Summit Power generates highest turnover
Summit Power Ltd dominated the Dhaka bourse’s transaction chart on Wednesday while ten most-traded stocks accounted for 22 per cent turnover. Market analysts said investors showed their appetite on Summit Power shares ahead of record date for entitlement of interim cash dividend. Recently, the company has declared 15 per cent interim cash dividend for the year ending on June 30, 2020 based on financial statements for the half year that ended on December 31, 2019. The record date is on February 24. Trading of the shares of the Summit Power will be allowed only in the spot market and block transactions from February 20 to February 23. Trading of the shares of the company will remain suspended on February 24 due to record date for entitlement of interim dividend. According to data available with the Dhaka Stock Exchange, about 6.79 million shares of Summit Power were traded, generating a turnover of nearly Tk 301 million, which was 3.60 per cent of the day’s total turnover of Tk 8.37 billion. The consolidated net asset value (NAV) per share was Tk 31.12 as on December 31, 2019 and Tk 32.40 as on June 30, 2019. The Summit Power, which was listed on the DSE in 2005, disbursed 35 per cent cash dividend for the year ended on June 30, 2019. The company’s paid-up capital is Tk 10.67 billion and authorised capital is Tk 15 billion while the total number of securities is 1.06 billion. The sponsor-directors own 63.18 per cent stake in the company, while institutional investors own 22.44 per cent, foreign investors 3.65 per cent and the general public 10.73 per cent as of January 31, 2020
Tk 22.46b develop schemes progressing fast
Roads and Highways Division is implementing eight development projects worth over Tk 22.46 billion to expand road communication networks in Jamalpur district. Executive Engineer of Jamalpur Roads and Highways Md Mostafizur Rahman said the work for widening and fortifying of 29.12 kilometres Jamalpur -Madarganj road is being constructed at a cost of over Tk 1.28 billion. The project will be completed by June this year. Besides, more than Tk 2,91 billion is being spent for construction of 738-metre railway overpass in the heart of the district town. The construction work of Jamalpur-Dhanuakamalpur-Roumary (Kurigram district) road is also progressing well. The 58 km road is being constructed at a cost of over Tk 3.35 billion. A total of 16-km Jamalpur-Kalibari-Sarishabari road is being constructed at a cost of over Tk 2.19 billion . The project will be completed by June 2021. Apart from that, the construction work of Jamalpur-Chechua-Muktagachha (Mymensingh) road is also progressing at a cost of over Tk 4.60 billion. The 38 km road will be completed by June 2021.
MTB launches Grameen Griho Reen
Mutual Trust Bank Ltd. (MTB) has recently launched MTB Grameen Griho Reen, a new retail loan product for working people who intend to construct, expand or renovate any housing facility for residential purpose located in Union Parishad area. Syed Mahbubur Rahman, MTB MD & CEO, launched the new MTB product at a simple ceremony at MTB Centre, Gulshan in Dhaka. MTB Grameen Griho Reen is Equal Monthly Instalment (EMI) based loan facility designed for applicants who are willing to take up to BDT 8 million from MTB branches located across the country for construction, expansion or renovation of pucca houses.
Develop special tourist site for foreigners at Sabrang
Prime Minister Sheikh Hasina on Wednesday directed the authorities concerned to develop the Sabrang Tourism Park as a dedicated tourist site for foreigners, report agencies. Her directive came when she witnessed the presentation on the master plans of three tourism parks to be developed in Cox’s Bazar district. The master plans of the parks – Sonadia Eco-Tourism Park, Naf Tourism Park and Sabrang Tourism Park — were presented before the Prime Minister at her office. She asked for completing the development work of the Naf Tourism Park and Sabrang Tourism Park within three years. Describing the Cox’s Bazar sea beach as the world’s longest sandy sea beach, she said the 80-mile sea beach is one of the beautiful tourist spots of the world. She also instructed the authorities concerned to ensure all necessary facilities maintaining international standards so that foreign tourists could be attracted to visit the region to witness natural beauties. She also gave necessary guidelines to the concerned authorities to ensure various facilities in the three tourism parks Bangladesh Economic Zones Authority (BEZA) is implementing the master plans to attract local and foreign tourists. The Sabrang Tourism Park is being developed on 1,047 acres of land at Sabrang union in Teknaf upazila. The Naf Tourism Park will be developed on 271 acres of land on an island in the Naf River under Teknaf Sadar union.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|DSEX||4,758.00772||↑ 17.60||↑ 0.37 %|
|↑ 115.84||↑0.40 %|
|FTSE100||7,457.02||↑ 75.01||↑ 1.02 %|
|Nikkei 225||23,478.17||↑ 77.47||↑ 0.33 %|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 53.50||↑ 0.21||↑ 0.39 %|
|Crude Oil (Brent)||$ 59.19||↑ 0.07||↑ 0.12 %|
|Gold Spot||$ 1,609.67||↓ 2.03||↓ 0.13 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.3530|
|GBP 1||BDT 108.086|
|EUR 1||BDT 90.0033|
|INR 1||BDT 1.16455|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<