Govt starts working on Bank Commission

The government has finally started working on forming a bank reform commission to review the sector’s health and take necessary remedial measures. Finance Minister AHM Mustafa Kamal has already talked to some former bankers, bureaucrats and economists, whom a ministry official believes are probable chairman and member candidates of the commission. According to the official, the commission is likely to be formed by this month if the members are finalized. While unveiling the budget for fiscal 2019-2020 in June last year, Kamal said a banking commission would be formed at the earliest. The sour loans average 10.69 percent of the total outstanding loans while, in case of state-run banks, over 25 percent. The actual size of bad loans is, however, more than double the officially recognised figure, according to a recent report of International Monetary Fund. The finance minister recently gave defaulters a chance to have their loans rescheduled by making a 2 percent down payment. The central bank recently decided to cap the interest rate on industrial loans in a move that would be a boon for manufacturers as their cost of funds would go down to single digit at the expense of banks’ profitability. But experts and economists say the bad loan situation would not improve without good governance in the banking sector.

Source: https://www.thedailystar.net/business/news/govt-starts-working-bank-commission-1850611

LafargeHolcim grabs top position

LafargeHolcim Bangladesh on Monday topped the charts of most traded stocks and top gainers as well on the Dhaka Stock Exchange (DSE). The company featured a turnover of above Tk 262 million and hoovered up 7.0 per cent of the market turnover. The company was also the number one gainer as its share price rose 7.06 per cent to close at Tk 39.40 each. Of other turnover leaders, Khulna Power Company posted a turnover of above Tk 207 million and captured 5.5 per cent of the total market transaction. On Monday, the company’s share price declined 0.94 per cent or Tk 0.5 to close at Tk 52.60 each. BRAC Bank posted a turnover of above Tk 175 million and grabbed 4.7 per cent of the market turnover. The company’s share price declined 6.71 per cent or Tk 3.40 to close at Tk 47.30 each. ADN Telecom made its debut trading on Monday and posted a turnover of above Tk 168.4 million which was 4.5 per cent of the market transaction. At the end of the day’s session, the company’s share price closed at Tk 40.50 each with a rise of 13.5 per cent or Tk 50. Rupali Bank featured a turnover of above Tk 117.3 million and grabbed 3.1 per cent of the market value. Mutual Trust Bank posted a turnover of above Tk 113 million and grabbed 3.0 per cent of the market value. Of other companies, Square Pharmaceuticals posted a turnover of above Tk 90.8 million followed by Beacon Pharmaceuticals Tk 89.1 million, Pioneer Insurance Company Tk 72 million and Genex Infosys Tk 65.5 million.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/lafargeholcim-grabs-top-position-1578331533

Tea production rises to 95m kg in 2019

Though tea production has increased significantly in Bangladesh in the just-ended decade, the country’s annual tea production has not yet surpassed its domestic demands. According to the officials of the BTB, the tea gardens of the country produced around 89.65 million kilogram (KG) of tea from January to November in the last calendar year. The country’s total tea production is estimated to be around 95 million KG from January to December in 2019. Whereas, the country produced 82.13 million KG tea from January to December in 2018. The annual production has increased by 13.77 million KG till November in the just-ended year. Bangladesh Tea Board (BTB) officials said tea production in the country increased in the past year than the previous year. In last year, the tea gardens produced around 95 million KG of tea, they mentioned. According to the BTB, tea January-November (2019) tea production was around 89.65 million KG while production in the last 12 months (Jan-Dec, 2029) will be more than 95 million KG. Jan-Nov, 2019, tea production was 13.77 million KG more than that in the 12 months of the previous year. BTB sources said, Bangladesh produced a total of 59.99 million KG tea in 2009, a total of 60.04 million KG tea in 2010, 59.13 million KG tea in 2011, 62.52 million KG in 2012, 66.26 million KG in 2013, 63.88 million KG in 2014, 67.38 million KG in 2015, 85.05 million KG in 2016, 78.95 million KG in 2017 and 82.13 million KG in 2018.

Source: https://today.thefinancialexpress.com.bd/trade-market/tea-production-rises-to-95m-kg-in-2019-1578332294