Apparel buying houses asked to get registered with DoT
The government has recently directed all the buying houses in the garment and textile sector in Bangladesh to get registered with the Department of Textiles to run business in the Country. In a gazette notification issued on May 28, the textiles and jute ministry said that as per the section 14 of Textile Act 2018, all the buying houses must have to be registered with the DoT within 60 days of the issuance of the notification. The ministry also said that if any buying house sought time extension with valid reasons, the registrar could allow 60 more days. If any buying house fails to obtain registration on time, the government will take legal action against the company as per law. According to the Textile Act 2018, the Department of Textiles is the sponsoring authority of all textile and clothing industries. The buying houses will have to get registered with the department for running their business in the country.
Agent Banking accounts increase to 2.9 million
The number agent banking accounts and deposit collection through the banking has increased at the end of January-March quarter compared to the previous quarter. According to the quarterly data of January-March, 2019 of Bangladesh Bank (BB), deposit collection through the agent banking was Taka 37.345 billion, which was 20 per cent higher from Taka 31.124 billion in the October to December 2018. Besides, the number of agent banking accounts across the country also increased by 18 per cent or around 450,000 compared to the previous quarter, reports BSS on Tuesday. The number of accounts with agents increased to 29,06,655 in the January-March period of 2019, which was 24,56,982 in previous quarter. The number of agents increased to 4,866 from 4,493 of the previous quarter and the number of bank agent outlets also increased to 7,838 from 6,933 in the same quarter.
BB asks SOBs to bring down defaulted loans
Bangladesh Bank on Tuesday asked the eight State-owned Banks to bring down defaulted loans. The Central Bank gave the instruction at a meeting held at the BB headquarters. BB governor Fazle Kabir presided over the meeting. Non-performing loans in six State-owned Banks — Sonali Bank, Janata Bank, Agrani Bank, Rupali Bank, Bangladesh Development Bank and BASIC Bank — constitute 48.6 per cent of the total defaulted loans in the country’s banking sector. The amount of defaulted loans in the State-owned Banks increased by Tk 5,183.58 crore to Tk 53,879.45 crore at the end of March, 2019 from Tk 48,695.87 crore three months ago. The amount of NPLs in two specialised State-owned Banks — Rajshahi Krishi Unnayan Bank and Bangladesh Krisi Bank — was Tk 4,787.64 crore at the end of March this year. The amount of overall defaulted loans in the country’s scam-hit banking system skyrocketed to Tk 1,10,873.54 crore at the end of March, 2019.
Tax on savings tools may go up
The government may increase the tax at source on interest income from investment in national savings instruments in the next fiscal year as it looks to curb people’s appetite for the tools. According to Finance Ministry officials, the rate of withholding tax on the interest earnings from the savings instruments may go up from 5 percent to 7.5 percent or 10 percent. The increased rate will be announced by Finance Minister AHM Mustafa Kamal tomorrow when he places his budget for 2019-20. He may also announce a set of incentives, including raising the tax-free dividend income for investors in the capital market to Tk 50,000 from existing Tk 25,000 with a view to reviving the market.
Stocks extend gaining streak to 8th day
Dhaka stocks soared for the eighth day on Tuesday with the turnover hitting a three-month high as investors continued buying shares amid hopes that the upcoming national budget would be capital market friendly. DSEX, the key index of Dhaka Stock Exchange, gained 0.81 per cent, or 44.38 points, to close at 5,475.98 points on Tuesday. The index gained 223 points in last eight sessions ahead of the national budget to be placed by finance minister AHM Mustafa Kamal before parliament tomorrow. According to the market operators, the market started rising from the very beginning on Tuesday and climbed more strongly as the session progressed as investors increased share buying amid budget-centric expectations.
Robi to raise Tk 400cr through local bonds
Robi is planning to raise Tk 400 crore from the local market by issuing a Shariah-based security bond with the face value of each certificate being Tk 1 lakh. The second largest mobile operator of the market said they were planning to use this money to expand and strengthen their countrywide network coverage. The certificate’s maturity period will be five years starting on the issue date, reads a letter Robi recently sent to Bangladesh Telecommunication Regulatory Commission (BTRC) seeking permission for it. The interest rate is expected to be more than 8 percent based on present market conditions, it read.
Energypac signs deal for Mirsarai Steel Plant
Energypac Power Generation yesterday signed an agreement with Bangladesh Economic Zones Authority (BEZA) to avail land at Bangabandhu Sheikh Mujib Industrial City in Chattogram’s Mirsarai for setting up a Tk 398.9 crore steel processing facility. Once completed, Energypac Steel will specialise in steel processing and manufacturing shipping containers.
Man killed in ‘shootout’ with police
An alleged drug dealer was killed in a “gunfight” with police in Cumilla Sadar South upazila early yesterday. The dead was Bappy alias Razib, 26, of Uttar Rampur village in the upazila.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|DSEX||5,475.98241|| ↑44.38679|| ↑0.82%|
|Nikkei 225|| 21,207.61|| ↑3.33||↑0.02%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 52.52||↓0.75||↓1.41%|
|Crude Oil (Brent)|| $ 61.46||↓0.83||↓1.33%|
|Gold Spot|| $1,329.43||↑2.59||↑0.20%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.8539|
|GBP 1||BDT 105.2690|
|EUR 1||BDT 93.7937|
|INR 1||BDT 1.1927|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<