BB to unveil MPS on Wednesday
The Bangladesh Bank will unveil its Monetary Policy Statement (MPS) for the first half of the current fiscal year (2019-20) on Wednesday. “BB Governor Fazle Kabir will unveil the MPS at 11.30am (on Wednesday) at a press conference at the Central Bank headquarters in Motijheel in Dhaka,” said a BB press release on Sunday. Earlier, a senior official of the Central Bank said the MPS would be announced on the basis of the national budget for the 2019-20 financial year and the fiscal policy directions. Like previous fiscal, the Central Bank will maintain its cautionary stance in the new MPS, he added.
BFIDC to set up Factory in Ctg to Export Furniture
A move is underway to set up a state-of-the-art export-oriented furniture factory in the country with Saudi investment, officials said. The factory will be set up at Kalurghat in Chattogram on a land of the Bangladesh Forest Industries Development Corporation (BFIDC) under the Ministry of Environment, Forest and Climate Change. “A memorandum of understanding (MoU) will be signed today (Monday) between the BFIDC and the ED Engineering of Saudi Arabia for setting up the furniture factory,” a high official said. The BFIDC will supply raw materials from its rubber gardens for manufacturing modern furniture in the plant. The BFIDC has 17 rubber gardens on 36,654 acres of land in Chattogram, Sylhet, Tangail and Sherpur districts. Usually a rubber tree maintains its usefulness for at least 25 years, and after that period it gradually losses capacity for rubber production, according to the official. Rubber trees of the BFIDC’s gardens that have already lost their economic life expectancy will be used for making different types of furniture in the factory.
Export of Plastic Products rises as new markets emerge
Shipments of plastic products rose 22 percent year-on-year to $120 million in fiscal 2018-19, something manufacturers and traders attribute to the emergence of new export destinations. In fiscal 2017-18, the export had seen a 16 percent year-on-year drop when China stopped importing PET (polyethylene terephthalate) bottle scrap, according to the Export Promotion Bureau. “New buyers are coming from Europe, particularly Germany-based supermarkets which source household plastic products from Bangladesh, aiding the export rise,” he said. German buyers used to place orders with Chinese manufacturers but now they are sourcing from Bangladesh to avail cheaper, quality products, said Md Jashim Uddin, president of the Bangladesh Plastic Goods Manufacturers and Exporters Association.
Teletalk to take LG’s billion-dollar loan
The government has decided to take a billion-dollar loan from Korean Company LG U+ for expanding Teletalk’s network coverage and making the State-run operator’s infrastructure 5G compatible. The Korean Company has offered $1.2 billion as loan last year and the proposal was placed before Prime Minister’s ICT Affairs Adviser Sajeeb Wazed Joy in a meeting recently, where he gave the green signal, according to officials working on the matter. Teletalk has only 48 percent network coverage while its competitors have covered more than double the geographical areas, said Telecom Minister Mustafa Jabbar. “We can’t compete with anyone with this coverage.” To bring Teletalk up to speed with the other operators a huge amount of investment is needed. “And LG’s offer for Teletalk is a good option. They have offered $1.2 billion but I don’t think we need that much as Teletalk does not build any tower.”
Stocks end flat after volatile trading
Stocks closed flat on Sunday after choppy trading as investors were active on both sides of the trading fence amid ongoing volatile market situation. Market analysts said some investors collected sector-specific stocks considering favourable price level while some others rebalanced their portfolios ahead of earnings declaration, taking the market into flat zone. The regulatory interventions such as confirming legal authorisation before placing of any sale order and the Central Bank’s move to support the flagging market have halted the recent sharp decline, said a leading broker. The market opened on a positive note on the day and the key index rose about 27 points within 10 minutes of trading. But selling pressure eroded the early gains as the session progressed. At the end of the session, DSEX, the prime index of the Dhaka Stock Exchange (DSE), settled at 5,134, registering a fractional gain of 0.68 point.
Server problem hits BIN opening before deadline
Businesses are struggling to get new electronic business identification numbers (BINs) by updating their information due to problems in the server of the VAT Online Project. They are doubtful about obtaining new BINs on time as the deadline for updating information and receiving new BINs, commonly known as VAT registration number, is set to expire on July 31. Many businesspeople through the social media are urging the National Board of Revenue to extend further the deadline so that they can get the e-BINs for filing their VAT returns in August. VOP in early July asked the businesses to update their information with the VAT online system database by July 31 to keep their e-BINs active and traders will not be able to run export and import activities without the updated BINs as all old BINs will be locked in the customs Asycuda World System on August 1.
UCB signs deal with Novoair
The United Commercial Bank Limited (UCB) has signed an agreement with Novoair on the Bank premises recently. Under the agreement, All UCB Credit & Debit Cardholders will enjoy 10 per cent discount on base fare of domestic and International tickets, says a statement. Nehal A Huda, Head of Cards of United Commercial Bank Limited, and Mesbah-ul-Islam, Head of Marketing & Sales of Novoair, have signed the agreement on behalf of their respective organisations.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|Nikkei 225||21,543.98|| ↓114.17|| ↓0.53%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)|| $ 56.07||↓0.13||↓0.23%|
|Crude Oil (Brent)|| $ 63.21||↓0.25||↓0.39%|
|Gold Spot|| $1,422.34||↑3.44||↑0.24%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.8359|
|GBP 1||BDT 102.5260|
|EUR 1||BDT 92.1445|
|INR 1||BDT 1.2019|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<