Dhaka Bank celebrates 22nd anniversary
Dhaka Bank Limited observed its 22 years of journey through a series of activities Wednesday. Reshadur Rahman, Chairman of Dhaka Bank Limited graced the occasion as Chief Guest. The Bank also handed over cheques to SEID (a specialised school for special children) and Assistance for Blind Children (ABC) as a part of Corporate Social Responsibility. Moreover, the Bank formally inaugurated ‘Dhaka Bank Electrical Engineering Lab’ of UCEP Institute of Science & Technology (UIST) – a concern of UCEP Bangladesh. It is mentionable that the Bank donated Tk. 3.0 million to UIST in August 2016 for establishing this high-end engineering laboratory. In addition to the above, the Bank also launched four new digital services namely, Dhaka Bank Go (mobile app), Dhaka Bank Trade Cloud (online LC processing portal), Dhaka Bank Direct (internet banking) and Dhaka Bank LiveChat (real-time chat-box for customer query).
Mercantile Bank honours 11 personalities, organisations
Mercantile Bank Limited, Bangladesh has honoured 11 eminent personalities and organisations of the country for their benevolent contribution to the nation with Mercantile Bank Awards 2017.The awards were given to Mofidul Hoque in Liberation War and Liberation War-based research, Poet Asad Chowdhury in Bengali language and literature, Chhayanot in culture, Dr Syed Anwar Husain in education, Dr Samanta Lal Sen in healthcare, Iqbal Sobhan Chowdhury in journalism, Dr Debapriya Bhattacharya in economics and economics-based research), Salahuddin Alamgir, CIP in commerce and industry, Bangladesh Atomic Energy Commission in science and technology, Shuchona Foundation in social development and Kolshindur village in sports (football).Commerce Minister Tofail Ahmed handed over crests, gold medals and cheques to the award recipients as the chief guest, said a press release.The awards were distributed on the eve of the Mercantile Bank’s 18th founding anniversary at a function at the “International Convention City Bashundhara” on Tuesday.Cultural Affairs Minister Asaduzzaman Noor and Bangladesh Bank Governor Fazle Kabir were also present as special guests. MBL Chairman Shahidul Ahsan presided over the function while Managing Director and CEO Kazi Masihur Rahman delivered the welcome speech.
Taskforce: Investigate IBBL borrowers’ possible terror links
The taskforce to strengthen action against militancy financing has asked officials of Bangladesh Bank, Islamic Foundation, and all intelligence agencies to look into the suspected links between pro-Jamaat borrowers of Islami Bank Bangladesh Limited (IBBL) and terrorism financing.The taskforce, in a directive sent to the government bodies last month, stated that 90% of loan receivers from IBBL were related to Jamaat’s politics.It also asked authorities of the leading Islamic bank to submit statements of dividends provided to its non-profit depositors since the inception of the bank.Industries Minister and Chairman of the taskforce Amir Hossain Amu chaired the meeting.At the meeting, Home Minister Asaduzzaman Khan Kamal said: “Bangladesh Bank must inform intelligence agencies as soon as they get any information about these illegal transactions. Based on the information, the intelligence agencies will carry out further investigation.”State Minister for Foreign Affairs Mohammed Shahriar Alam said that the director general of the Islamic Foundation, the charitable branch of IBBL, had failed to submit substantive reports on the expenditure of Islami Bank’s Corporate Social Responsibility (CSR) funds.
IDB approves $95.24m loan for rural housing project in Bangladesh
Islamic Development Bank has recently approved a loan of $95.24 million for rural and peri-urban housing finance project in Bangladesh. The approval came at the bank’s 320th meeting held in Jeddah on Sunday. In the meeting, IDB approved a total of $1096.4 million for development projects for its member countries in various sectors such as power generation, water supply and sanitation, industry, housing, communications, agriculture and health as well as a number of educational and health projects for Muslim communities in non-member countries. Earlier on January 1, Finance Minister AMA Muhith approved a proposal from the Finance Division to take the loan from the IDB with a view to constructing multi-storied residential buildings in district towns for protecting crop land, said the ministry officials. According to the proposal, the government has to pay the loan at 3.25% interest rate within 15 years with a grace period of five years.IDB will lend the money to Bangladesh House Building Finance Corporation (HBFC) through the Finance Ministry. Contacted, HBFC Managing Director Debasish Chakrabarty told the Dhaka Tribune on Wednesday, “HBFC would disburse the loan only to the borrowers living outside Dhaka and Chittagong metropolitan areas for construction of multi-storied residential buildings.”He said under the project, a total of 1,046 buildings will be erected to accommodate 47,856 people.
Shahjalal Islami Bank holds 16th AGM
The 16th Annual General Meeting (AGM) of Shahjalal Islami Bank Limited was held Wednesday at RAOWA Convention Centre in Dhaka, said a statement. The Chairman of the Board of Directors of the Bank Engineer Md. Towhidur Rahman presided over the meeting. The meeting approved 10 per cent cash dividend & 5 per cent stock dividend for the shareholders for the year of 2016 and the directors report and audited balance sheet and profit and loss account for the year ended on 31 December 2016. The AGM unanimously approved the agenda. Engineer Md. Towhidur Rahman, the Managing Director Mr. Farman R Chowdhury and the shareholders delivered their speech.
Standard Bank MD gets honorary doctorate degree
Commonwealth University awarded Managing Director and CEO of Standard Bank Ltd Mamun-Ur-Rashid Honorary Doctor of Business Administration degree in recognition of his contributions to the banking sector, especially foreign trade and international banking operations. Mamun-Ur-Rashid was among an illustrious list of people honoured by the Commonwealth University during its convocation and graduation ceremony held in Dubai recently, according to a statement. The Commonwealth University is a corporate distance learning institution registered in Belize. The university’s degree programmes are accredited by the International Association for Distance Learning (IADL). The London Graduate School (LGS), registered in United Kingdom, is the appointed tuition provider and administrator of Commonwealth University degree programmes.
Govt to allow import of 500,000 metric tons of crude salt
The government has decided on Wednesday to again temporarily suspend the prohibition set on the import of salt in the country’s import policy and authorise the import of 500,000 metric tonnes of crude (unrefined) salt in order to meet the domestic demand. Estimates made by the Ministry of Industries state that the demand for salt in the country this year stands at 1.576 million tonnes. With the current salt production rate at 1.364 million tonnes, the clear deficit of 212,000 tonnes has pushed up the market price of local salt to Tk40 per kilo. According to Commerce Ministry sources, the production of salt this year had been interrupted by the torrential rainfall and Cyclone Mora.A press release issued by the Ministry of Commerce on Wednesday, stated that the present discrepancy in the demand to production rates had again prompted the need to import salt through the private sector and that the import of salt from select importers would begin within a few days, after the formalities were completed and a Statutory Regulatory Order (SRO) was issued. It further stated that the government still encouraged farmers to produce salt according to the local demand and that the interests of the local producers would be protected, irrespective of the decision taken.
Pharma sector to grow at 15pc a year: study
Bangladesh’s pharmaceutical sector can grow at 15 percent for the next five years riding on the expanded domestic market as well as new export frontiers, according to a new research.“It would be unsurprising if it takes a similar route to Indian pharmaceutical industry,” said LR Global, an asset management firm, in its report on Bangladesh’s pharmaceutical sector.In 20 years, the neighbouring country’s pharmaceutical sector grew 30 times, according to the report. Presently, the pharma industry of Bangladesh meets 98 percent of the local demand and exports to more than 125 countries. Greater affluence among the poorest socio-economic group and a shift in disease profile are expected to drive the growth of healthcare expenditure in Bangladesh, it said. Bangladesh’s disease profile is expected to change in two major ways: the rise of non-communicable diseases and a gradual move from acute to chronic diseases.
Local and Global Stock Indices
|Index Name||Close Value||Value Change||Percentage Change|
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)*||$ 45.63||↑0.50||↑1.11%|
|Crude Oil (Brent)*||$48.37||↓1.24||↓2.50%|
Major Currencies Exchange Rates Movement in Last Seven Days
|USD 1||BDT 80.88*|
|GBP 1||BDT 104.63*|
|EUR 1||BDT 91.81*|
|INR 1||BDT 1.25*|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.