Unique Meghnaghat to build 584MW plant
Bangladesh’s largest ever combined cycle power plant of 584 megawatts (MW) fuelled by natural gas is set to be established by Unique Meghnaghat Power at Meghnaghat, Sonargaon in Narayanganj district. Unique, a subsidiary of the Unique Hotel and Resorts, yesterday signed an array of agreements with Bangladesh Power Development Board (BPDB), the Power Grid Company of Bangladesh, and Titas Gas Transmission and Distribution Company Limited to set up the largest Independent Power Producer (IPP) project. With the BPDB, a 22-year power purchase agreement (PPA) was signed while implementation and gas supply agreements were inked with the government and Titas respectively. Saiful Islam Azad, secretary of the BPDB, Chowdhury Nafeez Sarafat, managing director of Unique, Sheikh Faezul Amin, joint secretary to the power division, and Mahmudur Rahman Rab, secretary of Titas, signed the agreements.
Private Sector credit growth hits 6-yr low
Private sector credit growth hit 6-year low in June this year amid rising liquidity crisis in the country’s Banking sector due to soaring non-performing loans and poor deposit growth. As per the latest Bangladesh Bank data, the private sector credit growth slumped to 11.29 per cent in June, well below the BB target to reach 16.5 per cent credit growth by the month. The growth rate in June was the lowest since June, 2013 when it was 11.04 per cent. Private sector credit growth was 12.42 per cent, 12.54 per cent and 12.16 per cent in March, April and May this year respectively. The public sector credit growth, however, soared to 19.15 per cent in June, against the BB monetary policy target of 10.9.
Crop Insurance under PPP likely from this fiscal year
Crop insurance in haor (wetland) area might begin this fiscal year (FY), 2019-20, under a public-private partnership (PPP) mechanism, said people familiar with this development. In June, the national budget speech in parliament touched on the matter considering crop losses by farmers due to floods and other natural disasters. “We’ve decided in principle to introduce it under PPP,” said Gokul Chand Das, a member at the Insurance Development and Regulatory Authority (IDRA). The State-owned Sadharan Bima Corporation (SBC) earlier conducted a pilot project, funded by the Manila-based Asian Development Bank (ADB), in three districts. Mr. Das said at least two non-life insurers-one from public and another from the private sector-might engage in the first phase of implementing crop insurance. “We’ve some problem relating to weather-based insurance that needs data on weather from the authentic organisation as compensations depend on it,” he cited.
Businesses to get EFD at purchase price
The government will provide electronic sales registers to Businesses at its purchase price of Tk 32,000, which it will recoup in instalments, said Finance Minister AHM Mustafa Kamal. “They would pay back the cost of the machines in instalments,” he told after the meeting of the cabinet committee on purchase, where the decision to place the order for 10,000 machines was taken. The order to acquire the machines, termed as Electronic Fiscal Device (EFD), would be placed without delay, he said. A joint venture between China-based SZZT and Synesis IT has become the lowest bidder to supply the EFDs. One lakh EFDs would be purchased in total. The Businesses would be responsible for the maintenance of the devices.
BB asks Banks to suspend loan recovery from flood affected farmers
The Bangladesh Bank on Wednesday asked all the scheduled Banks to suspend collection of farm loan installments from farmers in the flood affected northern and haor areas. A BB circular issued on the day outlined five-point instructions for the Banks asking them to regularise farm loans with flexible installment and rescheduling facilities with relaxed condition for down payment. Farmers have become extremely affected by the recent flashflood in several districts in the country’s northern and haor areas, the BB circular said. The Banks were also asked to issue new credit facility, taking the demand and reality into consideration, to the affected farmers so that they could resume production of crops, fisheries and livestock.
IDLC Asset Management Shariah Fund approved
The Bangladesh Securities and Exchange Commission approved a draft prospectus of IDLC Asset Management Shariah Fund, an open-end mutual fund. The initial size of the fund will be Tk 50 crore. The sponsor will contribute Tk 5 crore and the remaining Tk 45 crore will be collected by selling the mutual fund units. The offer price of the units will be Tk 10 each.
BSEC asks DSE to take steps for Coppertech listing
The securities regulator has asked the premier bourse to take steps for the listing of Coppertech Industries as per the section 5(4) of the listing regulations. The Bangladesh Securities and Exchange Commission (BSEC) also asked the Dhaka Stock Exchange (DSE) to inform them (regulator) within 10 working days about what steps have been taken for the listing of the Company. The BSEC gave the instruction in a letter sent to the DSE on Wednesday.
Exim Bank MD reappointed
The Export Import Bank of Bangladesh has reappointed Mohammed Haider Ali Miah as Managing Director, effective from today. Mr. Miah started his banking career in 1984 as a probationary officer. He joined EXIM Bank in 2000 as Vice President.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|Nikkei 225||21,784.69|| ↑75.12|| ↑0.35%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)|| $ 56.04||↑0.16||↑0.29%|
|Crude Oil (Brent)|| $ 63.25||↑0.07||↑0.11%|
|Gold Spot|| $1,423.80||↑0.20||↑0.01%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.0056|
|GBP 1||BDT 103.4960|
|EUR 1||BDT 92.4895|
|INR 1||BDT 1.2030|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<