S Korea to consider duty-free access of BD products
South Korean Prime Minister Lee Nak-yon on Sunday assured Bangladesh of considering duty-free quota-free market access for all Bangladeshi products to their market as the bilateral trade is heavily tilted towards Korea. The assurance came during the official summit talks between Prime Minister Sheikh Hasina and her South Korean counterpart Lee Nak-yon at the Prime Minister’s Office. During the talks, Sheikh Hasina requested South Korea to consider allowing duty-free quota-free market access for all of Bangladeshi products without any exception to narrow down the trade imbalance as the trade between the two countries is heavily tilted towards Korea. PM’s Press Secretary Ihsanul Karim briefed reporters after the official talks. Both the Prime Ministers led their respective sides at the 40-minute summit talks. “The Korean side informed that they have earmarked US$ 1 billion ODA (Overseas Development Assistances) for Bangladesh for 2020,” Ihsanul Karim said.
China-BD JV Company to invest $1.46m in Ishwardi EPZ
A China-Bangladesh joint venture Company, M/S Golden Ocean Limited, will invest $1.46 million to establish a garment accessories industry in Ishwardi Export Processing Zone. In this regard, Bangladesh Export Processing Zones Authority (BEPZA) and M/s Golden Ocean Limited signed an agreement at BEPZA complex in the city. Member (Investment Promotion) of BEPZA Zillur Rahman and Director of M/s Golden Ocean Limited Amin Nargis signed the agreement on behalf of their respective organisations. The Company will produce annually 65 million yards of elastic, ribbon, shoelaces, folder elastic and jacquard elastic. M/s Golden Ocean will create employment opportunity for 92 Bangladeshi nationals.
Sharp rise in Public Bank bad loans
Bad loan in half a dozen State-owned Banks including scam hit Sonali, Janata and BASIC increased by 5,182 crore in January-March period as the recovery efforts were slowed down due to an impending new loan restructuring policy adopted in May, experts said. Five State-owned Commercial Banks Sonali, Janata, Agrani, Rupali, BASIC and the specialised Bangladesh Development Bank Ltd, however, showed unwillingness by the borrowers to clear debts and stay order from the High Court as the reasons for the recent sharp rise in bad loans in their portfolios. They highlighted the reasons last week while responding to queries by the financial institutions division, said the division officials. On June 23, the FID directed the Banks to reason out why the bad loans increased in January-March 2019 in their portfolios from its previous quarter of October-December 2018.
DSEX slumps to 30-month low amid panic sell-offs
The prime index of the Dhaka Stock Exchange (DSE) tumbled to more than 30 months low on Monday as worried investors continued their selling binge fearing further fall. DSEX, the prime index of the DSE, plunged 88 points or 1.70 per cent to settle at 5,091 on Monday. DSEX eroded 289 points in the past seven consecutive sessions. It was the lowest level of DSEX in more than 30 months since January 01, 2017 when DSEX was 5,083. A good number of retail investors, under the banner of ‘Bangladesh Pujibazar Biniogkari Oikya Parishad,’ staged demonstration in front of the DSE building protesting the contitious fall. The investors demanded immediate resignation of M Khairul Hossain, the Chief of the capital market watchdog, for his failure to bring back normalcy in the market. Market analysts said investors who have already been grappling with several issues such as penalty tax on listed Companies and gas price hike got panicked by the news of liquidation and trading suspension of People’s Leasing and Financial Services (PLFS).
Govt extends bid submission deadline for wind power plants
The government has extended the bid submission date for three wind power projects (each 50 MW capacity) by one month at the request of the bidders. The plants will be set up in Chandpur’s Kachua, Khulna’s Mongla, and Cox’s Bazar’s Inani beach. Official sources say state-owned Power Development Board (PDB), which invited the tender to implement the projects by private sector, rescheduled the closing date to July 30 from June 30. A top official of the Power Division, under which the PDB is working as a government entity, said “a good number” of aspirant bidders, mainly from China and India, have shown interest in the projects. They sought a deadline extension at a pre-bid meeting, he said, adding that the time was increased at their request.
Prospects of paint Industry
The Asia Pacific region occupies a substantial share in the global paints market thanks to the presence of numerous developing countries, including China, India, Vietnam and Bangladesh, which have been witnessing a surge in investment in the development sector in the recent years. Manufacturing in the binuclear paint industry of Bangladesh mainly takes place in megacities like Dhaka and Chattogram. This industry has virtually doubled in size over the last 10 years, creating direct employment opportunities for thousands of people while indirectly providing livelihoods to many. In Bangladesh, the annual consumption of paints currently stands at about 180,000 tonnes. The sector recorded an over 6 percent year-on-year growth in recent times thanks to the rapid urbanisation in a country of around 167.8 million people.
PPPA seeks tax holiday for projects under 9 more categories
The Public Private Partnership Authority has requested the National Board of Revenue to give tax holiday to PPP projects under eight more categories, including utilities and logistics. The new categories include urban development like planned housing, utilities like electricity transmission, water supply and drainage, multimodal transport hub, logistics like container and cargo depot, health sector, light rapid transit or light rail transit or metro rail, education infrastructure and manufacturing sector.
Sea Pearl Beach makes trading debut today
Sea Pearl Beach Resort & Spa Ltd. makes its share trading debut under ‘N’ category on both the bourses today (Tuesday), officials said. The Sea Pearl Beach, the owner of “Royal Tulip Sea Pearl Beach Resort & Spa in Cox’s Bazar”, is a luxury hotel in Bangladesh, which started commercial operation on September 17, 2015. The Sea Pearl Beach Resort raised a fund worth Tk 150 million from the capital market by floating 15 million ordinary shares at a face value of Tk 10 each using the fixed-price method.
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)||$ 59.43||↓0.15||↓0.25%|
|Crude Oil (Brent)||$ 66.33||↓0.15||↓0.23%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.8381|
|GBP 1||BDT 103.8870|
|EUR 1||BDT 93.3287|
|INR 1||BDT 1.2091|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<