TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK


TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

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Rate last updated: 02/01/2014 11:15:04 AM

Important Business News Extracts Jul 17, 2019

Export target to be 15pc higher: Commerce Minister

The government is likely to set a 15 percent higher export target for this fiscal year as it looks to hit $60 billion in receipts by 2021, said Commerce Minister Tipu Munshi yesterday. If the target is achieved Bangladesh’s export will be $46.60 billion, up from $40.53 billion in the immediate past fiscal year that ended on June 30, according to data from the Export Promotion Bureau (EPB). To boost receipts, the government will allow rice export of two lakh tonnes by eligible Businesses, Minister said in a press conference at his secretariat office. “Around 30 lakh tonnes of potatoes have been surplus this year in Bangladesh. We are also in talks with Malaysia and the Philippines to export potatoes,” he added. He is expecting good receipts from shipment of jute and jute goods as the demand for products made from natural fibres are on the rise around the world for growing environmental consciousness.

Source: https://www.thedailystar.net/business/news/export-target-be-15pc-higher-munshi-1772656

BSEC approves public issue rules

The stock market regulator BSEC approved on Tuesday public issue rules, raising the lock-in period for placement shares to two years from one year earlier. The approval came at a meeting held at the Bangladesh Securities and Exchange Commission office in Dhaka. A lock-in period is a predetermined amount of time after an initial public offering (IPO), during which large stakeholders are restricted from selling their shares. On the other hand, placement shares denote pre-IPO capital raising. The securities regulator brought a number of changes to the public issue rules 2015. According to the new public issue rules, the lock-in period will be counted from the date of commencement of trading, instead of the prospectus issue date. For sponsor-directors and those holding 10 per cent or more shares, the lock-in period will three years as before, but the period will be counted from the date of commencement of trading, instead of the prospectus issue date. The lock-in period for placement shareholders and alternative investment funds will be two years.

Source: http://today.thefinancialexpress.com.bd/first-page/bsec-approves-public-issue-rules-1563298437

Record loan rescheduling at Social Islami Bank

Social Islami Bank rescheduled a record amount of loans in the first quarter of 2019 and yet failed to arrest its default loans from spiralling, in a worrying development for the Bank that saw a hostile takeover from a controversial Business group last year. Between the months of January and March, SIBL rescheduled Tk 2,950 crore, which is exponentially more than what it had been rescheduling in a year. For instance, it rescheduled Tk 390.31 crore in 2018, Tk 375 crore in 2017 and Tk 188.28 crore in 2016, according to data from the Central Bank. And yet, SIBL’s default loans are racing ahead: in the first three months of the year its default loans soared 11.70 percent to Tk 1,559 crore. The Bank also failed to keep the required provisioning against its loans — an indication that its financial health is wobbly. At the end of March, SIBL’s provisioning shortfall was Tk 275 crore.

Source: https://www.thedailystar.net/business/news/record-loan-rescheduling-social-islami-bank-1772653

DSE, CSE break seven-day losing streak

Stocks returned to the green on Tuesday, spanning a seven-day losing streak, as investors rushed to take positions in low-priced securities. DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 32.96 points or 0.64 per cent to finish at 5,124, after losing 289 points in the past seven consecutive sessions. Market analysts said lucratively priced fundamentally sound stocks attracted bargain hunters as their price came down to significant low. However, they said most of the investors remained cautious reflecting low trading activities. Two other indices also ended higher. The DS30 index, comprising blue chips, advanced 10.96 points to close at 1,829. The DSE Shariah Index gained 8.92 points to settle at 1,175.

Source: https://thefinancialexpress.com.bd/stock/dse-cse-break-seven-day-losing-streak-1563272417

New tests find lead in milk

Amid concerns about the quality of the packaged and non-packaged milk available in the market, Bangladesh Food Safety Authority (BFSA) has now detected lead, a harmful heavy metal, in pasteurised milk of 11 brands. The Companies are Milk Vita (state-run), Aarong Milk, Pran Milk, Dairy Fresh, Igloo Milk, Farm Fresh, Aftab Milk, Ultra Milk, Ayran Milk, Pura Milk and Safe Milk — all registered with Bangladesh Standard and Testing Institution (BSTI). The BFSA carried out a series of tests last month at the laboratories of six government and nongovernment organisations — Bangladesh Atomic Energy Commission, Bangladesh Agricultural Research Institute, Bangladesh Council of Scientific and Industrial Research, Plasma Plus, WAFFEN Research and International Centre for Diarrhoeal Disease Research, Bangladesh.

Source: https://www.thedailystar.net/frontpage/bangladesh-food-safety-authority-new-tests-find-lead-milk-1772533

VAT returns submission online begins in Aug

Businesses will be able to avail the facility of online payment of value-added tax and submission of VAT returns from next month. VAT Online Project (VOP) of the National Board of Revenue has already completed all preparations and made the system open for Businesses across the country to file their VAT returns online. Testing and trial of VAT e-payment system have also been completed and the VOP found that the system was working smoothly, VOP officials said. They said that traders would be able to submit VAT returns online from anywhere without visiting VAT offices from mid-August when they would file their first returns of the new fiscal year of 2019-2020.

Source: http://www.newagebd.net/article/78696/vat-returns-submission-online-begins-in-aug

New Vice Chairman for UCB

Bazal Ahmed has recently been elected as Vice Chairman of United Commercial Bank. The election took place at the bank’s 439th board meeting. He is also a member of the Bank’s Executive Committee. Mr. Ahmed is the Managing Director of Taj Accessories (Pvt.) Ltd and Saikat Textile and the proprietor of Taj Trading.

Source: https://www.thedailystar.net/business/news/new-vice-chairman-ucb-1772638

EBL, PRAN-RFL sign supply chain financing deal

Eastern Bank Limited (EBL) has recently signed a supply chain financing deal with PRAN-RFL Group. Under the agreement, EBL will provide loan facilities to the suppliers and dealers of PRAN-RFL. Ahmed Shaheen, Deputy Managing Director and Head of Corporate Banking of Eastern Bank Ltd and Uzma Chowdhury, Director of PRAN-RFL Group signed the agreement on behalf of their respective sides, according to a media release received today (Saturday).

Source: https://thefinancialexpress.com.bd/trade/ebl-pran-rfl-sign-supply-chain-financing-deal-1563002535

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
FTSE100 7,577.20↑45.48↑0.60%
Nikkei 22521,431.86↓103.39↓0.48%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI) $ 57.64↑0.02↑0.03%
Crude Oil (Brent)$ 64.56↑0.21↑0.33%
Gold Spot$1,405.99↓0.24↓0.02%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 82.9039
GBP 1BDT 103.2150
EUR 1BDT 93.1080
INR 1BDT 1.2083





Dear Valued Patrons,

At the very onset, let me express my heartiest gratitude for allowing us to serve you and I also wanted to reach out to you directly with an assurance that Dhaka Bank is fully equipped to support you during this difficult time.

Last couple of weeks ago we all were living in a peaceful condition, performing our daily tasks freely and perfectly. Entire economy and business environment was also in a good shape, until COVID-19 put a forceful stoppage to the overall life style and economy of the world. We all know that social distancing and cleanliness are the keys to prevent this pandemic. Hence, we urge your conscious effort to limiting public interaction and suspending wherever possible.

In this current situation, Dhaka Bank and its employees are beside you where we are fully online, either working from home or at our offices under a robust Business Continuity Plan (BCP) to serve you with limited branch banking and a full-fledged alternate delivery channel services.

Our state of the art Mobile App, Dhaka Bank GO (Click https://bit.ly/2WVfieu) and Internet Banking - Dhaka Bank Direct gives you the freedom of banking online anytime from anywhere. You can check the balance and transfer money to any designated Banks including any Dhaka Bank or bKash Account, make utility bill payments and mobile top-up through our Mobile App and Internet Banking Services. Our ATMs are also running efficiently with availability of sufficient cash for your convenience where you can make cash withdrawals whenever the need arises. Mentionable, the withdrawal of cash from any ATMs within Bangladesh with Dhaka Bank Debit Cards are absolutely free of charges up till April 30, 2020 (Dhaka Bank will bear the cost). Our corporate customers can also use our completely safe and secured online platform Dhaka Bank C-Solution for Payments, Inter Bank Fund Transfers, etc.

Moreover, to fulfill your urgent requirement, we have a limited no. of branches up and running by ensuring all kinds of precautionary and safety measures for you.

In case of extreme emergency and facing difficulties in conducting banking transactions, please let us know through our 24/7 Contact Center number 16474 (or, dial +8809678016474 for ISD/Overseas Calls). We are always with you to combat your difficulties.

As you know we are going through a critical phase and the situation is novel to all of us. We are getting lot of new information from various sources everyday about COVID-19 which will be shared at www.dhakabankltd.com.

Thank you for your trust and continued support to us. I firmly believe that jointly we will be able to combat this situation and win against all the odds.

Please stay home, stay safe and take care of yourself and family.

Best regards,

Emranul Huq
Managing Director & CEO
Dhaka Bank Limited