Little progress in tapping blue economy potentials
Bangladesh appears to have made little progress in exploiting its “huge” blue economy potentials. The contribution of the ocean economy to the total economy was 3.66 per cent in fiscal year 2009-10, which fell to 3.33 per cent in fiscal 2015. According to an economist and senior government official, in recent years, the contribution is hovering at around 3.0 per cent. Through the international court verdict in 2014, Bangladesh get sovereign rights over 118,000 square kilometres of maritime territory, 200 nautical miles (NM) of exclusive economic zone, and 354 nautical miles of continental shelf. International experts define blue economy as a “sustainable ocean economy, where economic activity is in balance with the long-term capacity of ocean ecosystems to support this activity and remain resilient and healthy.”
Stocks gain after Eid on budget optimism
Stocks maintained its gaining streak after the Eid vacation thanks to the optimism stemmed from the Finance Minister’s latest announcement of keeping ‘something’ for stock investors in the upcoming budget. DSEX, the prime index of the Dhaka bourse, increased 0.46 percent or 25.22 points yesterday before closing the day at 5,402.96. The index gained 127.18 points in six working days prior to the beginning of the Eid vacation on May 30. However, another important indicator, turnover, hit Tk 304.66 crore yesterday, falling by 28.31 percent compared to that of May 30. Among the major sectors, food and allied, fuel and power and non-bank financial institutions gained during the session. Some five textile companies featured on the top gainers’ list. National Life Insurance dominated the turnover chart followed by United Power Generation, Eastern Housing, Eastern Cables and New Line Clothing.
PRAN begins processing year’s mango stock
Pran has recently started collecting and pulping mangoes for this year to manufacture drinks and other food items. The agro-processor aims procuring 60,000 tonnes of mango for processing at its plants in Natore and Barind (Varendra) Industrial Park in Rajshahi. The mangoes are being collected from farmers of Rajshahi, Natore, Chapainawabganj, Naogaon, Dinajpur, Meherpur and Satkhira, said Kamruzzaman Kamal, Marketing Director of Pran-RFL Group. Sarowar Hossain, DGM of Barind Industrial Park said, in the first phase, they have been purchasing guti mango from May 28 and it will continue till the first week of July. He also added, Pulp is being produced in the plant using aseptic technology. The advantage of this technology is that it helps to preserve the pulp for two years while retaining its taste and freshness, all without freezing it.
Eight credit ratings Companies are in operation now
Currently, there are eight credit ratings companies providing credit rating services in Bangladesh. Statistics available with Bangladesh Bank, unveiled on Financial Stability Report 2018 last month, also showed that since 2012 no new rating Company entered into the market. In that year, three Companies get approval to provide the service. These are: WASO Credit Rating Company (BD) Limited, Alpha Credit Rating Limited (ACRL) and The Bangladesh Rating Agency Limited (BDRAL). Credit Rating Information and Services Ltd (CRISL) is the first credit rating Company in Bangladesh which comes into operation in 2002 and followed by Credit Rating Agency of Bangladesh Ltd (CRAB) in 2004. In 2010 two new entities joined them. These are: Emerging Credit Rating Ltd. (ECRL) and National Credit Rating Ltd (NCRL). In the next year, ARGUS Credit Rating Services Ltd (ACRSL) entered into the market.
BSEC seeks opinion on public issue rules
The securities regulator has sought public opinion on the draft amendment to the public issue rules. The Bangladesh Securities and Exchange Commission (BSEC) will receive public opinion till June 17. After getting the public opinion, the securities regulator will give its final approval to the amendment of the rules. On May 30 last, the BSEC approved the draft amendment which included some provisions, including a three-year lock-in period for all the shareholders mentioned in the IPO (initial public offering) prospectus of a company. As per the draft amendment, a three-year lock-in period will be imposed on the shares of a company, held by all the shareholders mentioned in its IPO prospectus.
Private external debt drops for first time in nine years
Private commercial external debt dropped slightly by 0.86 per cent in the past year to US$ 12.17 billion from $12.28 billion in 2017. Central Bank statistics also showed that this is first time in the last nine years private external borrowing declined. Thus the ratio of private external borrowing stood at 22 per cent in the last year which was 24.40 per cent in 2017. Public sector external borrowing, however, increased by $4.94 billion or 13.01 per cent to $42.98 billion in 2018 which was $ 38.03 billion in 2017. As a result, country’s total external debt increased by $4.84 billion or 9.62 per cent to $55.15 billion in 2018 which was $50.31 billion.
40 Companies to hold AGMs this month
Some 40 listed Companies will hold their annual general meetings (AGMs) within this month to approve their dividends, among others, recommended for the year ended on December 31, 2018. The Banks which will hold their AGMs are United Commercial Bank, Mutual Trust Bank, The City Bank, AB Bank, Trust Bank, Southeast Bank, Al-Arafah Islami Bank, Mercantile Bank, Standard Bank, Islami Bank Bangladesh, Rupali Bank, EXIM Bank, Jamuna Bank and Uttara Bank. Of these banks, AB has recommended no dividend for the year ended on December 31, 2018. The other Banks have recommended dividends ranged between 10 per cent and 22 per cent in the form of cash or stock or both.
Sheep rearing improves lives of many in Bogura
A good number of grassroots people in the district have improved their livelihood by rearing sheep on commercial basis. A matured sheep gives birth to four to five calves in a year. Farmers generally use Napier and Gumbo grasses as fodder. The district Youth Department provides short-term training on rearing sheep. Besides, the department provides easy loan facility among the rearers.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|Nikkei 225|| 21,090.80||↑206.09||↑0.99%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 54.25||↑0.26||↑0.48%|
|Crude Oil (Brent)|| $ 63.41||↑0.12||↑0.19%|
|Gold Spot|| $1,329.45||↓11.41||↓0.85%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.9260|
|GBP 1||BDT 105.5660|
|EUR 1||BDT 93.9363|
|INR 1||BDT 1.1937|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<