Rice prices rise by Tk 2.0-3.0 per kg

Prices of some medium and finer varieties of rice rose by Tk 2.0-3.0 per kilogram (kg) at the city retails in last one and half weeks, battering the consumers. Brridhan-28, Miniket and Jeerashail witnessed the hike which the traders attributed mainly to the current off-season for the three varieties. Brri-28 was selling at Tk 45-47 per kg at the retail markets during the period while Jeerashail and Miniket at Tk 55-68 a kg based on their quality. Belal Hossain, a grocer at Sankar of West Dhanmondi, said the prices of the three varieties increased by Tk 2.5-3.0 a kg at the wholesale. He said he bought Brri-28 at Tk 43 a kg from Mohammadpur Krishi Market wholesale on Saturday which was Tk 40 a kg one and half weeks ago. Haji Md Asadullah, joint secretary of Babubazar and Badamtoli Rice Wholesalers’ Association, said the prices of Boro varieties increased by Tk 90-100 per 50 kg sack. The Swarna variety of Aman season was selling at Tk 25.60-28 a kg in Kushtia, Pabna, Rajshahi, Rangpur and Dinajpur regions based on quality. The government was expecting 14.7 million tonnes of rice production in the just-ended Aman harvesting season, according to the Department of Agriculture Extension (DAE). Bangladesh produced an all-time high 37.2 million tonnes of rice in the last financial year (FY ’19).

Source: https://today.thefinancialexpress.com.bd/trade-market/rice-prices-rise-by-tk-20-30-per-kg-1579963820

Stingy listed companies sap investor spirit

Most of the listed companies are keeping the majority of their profits instead of sharing the spoils with their shareholders in the form of cash dividends — in yet another reason for the currently low confidence in the stock market. Of the 359 listed companies, 309 logged in profits in their last financial year. The 309 companies’ total profits stood at Tk 23,015.41 crore, but 53.85 per cent was retained by them. This, arguably, does not look too bad — and Grameenphone is to thank for it. The country’s leading mobile operator is a generous sharer of profits with its general shareholders. If Grameenphone’s dividend amount is taken out, the percentage that the companies hold on to for themselves rises to about 68 per cent. RN Spinning Mills never provided cash dividend since its listing in 2009, when it raised Tk 30 crore. It booked profits on most of the years and yet provided stock dividends. Now, it has become a loss-making company. So, the company provided nothing to its investors in the last ten years but a depreciation of their portfolio: its share price has now come crashing down to just Tk 3. Companies in which the directors have small stakes tend to not provide dividends, said another stock investor citing the example of RN Spinning Mills. RN Spinning Mills’s five directors altogether have a 30 per cent stake in the textile manufacturer. Some 80 companies did not pay anything to the shareholders despite recording profits, according to data from the Dhaka Stock Exchange. And most of the companies’ directors hold less than 40 per cent shares. However, 34 companies provided higher dividends than their profits. Of them, 17 are mutual funds and three are multinationals. The chief financial officer of a listed company said upon condition of anonymity that his firm was able to provide at least 80 per cent cash dividend last year but the allowed only 20 per cent. The company’s directors either want to give stock dividends or keep the profits although it already has a reserve of more than Tk 700 crore.

Source: https://www.thedailystar.net/business/news/stingy-listed-companies-sap-investor-spirit-1858999

Travel tax goes online in three land ports

The National Board of Revenue (NBR) has launched the procedure for online submission of travel tax in Benapole, Darshana and Bhomra land ports. Benapole port is in Jashore district, Darshana in Chuadanga and Bhomra in Satkhira. Outbound tourists to India, Bhutan, Nepal and Myanmar by road now can pay tax through debit or credit card, mobile financial services or Sonali Bank accounts. The NBR earned Tk 11.04 billion in travel tax in fiscal year (FY) 2018-19. Collection slipped by almost 8.0 per cent last fiscal despite a surge in the number of outbound passengers. The receipt missed the target of Tk 14.11 billion for FY 2018-19. Of the total tax, Tk 1.2 billion was earned from outbound tourists against 2.4 million tourists by land.

Source: https://today.thefinancialexpress.com.bd/trade-market/travel-tax-goes-online-in-three-land-ports-1579964346