TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK


TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

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Rate last updated: 02/01/2014 11:15:04 AM

Important Business News Extracts Jun 18, 2019

BD Auto Industries project near completion

Local and foreign shareholders of Bangladesh Auto Industries Ltd held a meeting with Kazi Mohd Aminul Islam, Executive Chairman of Bangladesh Investment Development Authority (BIDA) recently. The Company will manufacture environment-friendly two-wheeler, three-wheeler and four-wheeler cars within March-April of next year. Managing Director of the Company Mir Masud Kabir disclosed this in a meeting with Kazi Mohd Aminul Islam. The Company, a joint venture entity with the financial support of Mango Technology Ltd and foreign investors is now establishing the factory at Mirsharai in Chittagong. During the meeting, the BIDA Chief assured the Company management of all-out cooperation for the successful completion of the project and said Bangladesh offers a safe and secure foreign investment policy in the country.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/bd-auto-industries-project-near-completion-1560789836

BTRC allows telcos to charge more for Mobile Banking service

Bangladesh Telecommunication Regulatory Commission on Monday allowed the mobile network operators to charge the mobile financial service operators each time for accessing mobile operators’ network. Telcos were given the scope to charge more under a directive of the BTRC issued last week following long demand from the mobile operators. However, whether the customer or the MFS operators would bear the cost is yet to be settled, officials of BTRC and the MFS operators said. Under the directive of BTRC, mobile operators were allowed to charge revenue generating MFS Tk 0.85 and non-revenue generating mobile financial transaction Tk 0.4 for each session of unstructured supplementary services data (USSD) of 90 seconds.

Source: https://www.thedailystar.net/business/news/raising-private-investment-be-tricky-analysts-1758214

Bank cards to be costlier

The cost for issuing new credit and debit cards will balloon 3-6 times after the government imposed fresh duty on the imported items, which the Bankers say is conflicting with the Bangladesh Bank’s push towards a cashless society. In the budget for fiscal 2019-20 unveiled on June 13, there was a fresh tariff of $0.70 on each magnetic stripe card import, $2 for chip-and-pin card and $3 for contactless card. There was no declared tariff rate on the imported cards, but the Customs Department commonly imposed a maximum of $0.52 on each card, according to an official of the National Board of Revenue. “Given the government and the central bank’s push for making a cashless society the new rates are completely illogical,” said Syed Mahbubur Rahman, Chairman of the Association of Bankers, Bangladesh, a platform of Private Banks’ Managing Directors. The move will discourage clients from asking for credit and debit cards as banks will be compelled to impose charges for issuing them.

Source: https://www.thedailystar.net/business/news/bank-cards-be-costlier-1758637

Transport operators to face higher tax

Road and water transport operators are set to face 25 percent higher taxes on their earnings from next fiscal year as the revenue authority feels tax collection from the transport sector is not up to the mark. According to a senior official of NRB, “They get insignificant amount of taxes, especially from the land transport sector, although its share in GDP is quite high”. He also added, the spike in taxes, which comes five years after the NBR had increased the presumptive tax from road and water transport owners, is expected to fetch higher revenues. Land and water transport accounts for nearly 8 percent of the country’s GDP in fiscal 2018-19. Yet, tax collection from all vehicles, including personal cars, hover around Tk 1,000 crore, according to data from the Bangladesh Bureau of Statistics and the NBR.

Source: https://www.thedailystar.net/business/news/transport-operators-face-higher-tax-1758643

Loss making entities must also pay tax at regular rate

Tax burden of source tax deducting entities, including companies, banks, NGOs, government agencies and other employers, would increase significantly if they did not deduct source tax from applicable expenditures. The organisations would have to pay tax at regular corporate rates on the expenditures irrespective of profit or loss of the Companies as the National Board of Revenue would not accept the expenses as admissible costs for tax waiver in case of failure of tax deduction at source. Finance minister AHM Mustafa Kamal has proposed an amendment in the Income Tax Ordinance-1984 in the budget through the proposed Finance Act-2019. According to the existing income tax law, tax officials could disallow the expenditures on which TDS was not made, NBR officials said.

Source: http://www.newagebd.net/article/75694/loss-making-entities-must-also-pay-tax-at-regular-rate

Union Capital to issue Tk 2.0b unsecured bond

The Board of Directors of Union Capital has decided to issue unsecured subordinated redeemable non-convertible bond of Tk 2.0 billion in face value through private placement. Face value per unit (lot size) of the bond is Tk 10 million only with seven years tenure, grace period two years and coupon range is 9.0 per cent to 12 per cent per year. The issuing of bonds is subject to the approval of the regulatory authorities — Bangladesh Bank (BB) and Bangladesh Securities and Exchange Commission (BSEC), the disclosure said. Each share of the non-bank financial institution, which was listed on the Dhaka Stock Exchange (DSE) in 2007, closed at Tk 11.50 on Monday, losing 2.54 per cent.

Source: https://thefinancialexpress.com.bd/stock/union-capital-to-issue-tk-20b-unsecured-bond-1560780258

Stocks fall again; DSEX dips below 5,400-mark

Stocks slumped further on Monday, the second day after unveiling the budget, as some proposals of the budget made investors upsets. DSEX, the prime index of the Dhaka Stock Exchange (DSE), settle at 5,375, shedding 55.54 points or 1.02 per cent over the previous session. Finance Minister AHM Mustafa Kamal unveiled the national budget for the fiscal year (FY) 2019-20 on Thursday last. The finance minister proposed, among other measures, imposition of 15 per cent additional tax on retained earnings or reserves, if the amount exceeds 50 per cent of the paid-up capital of the company.

Source: https://thefinancialexpress.com.bd/stock/stocks-fall-again-dsex-dips-below-5400-mark-1560763991

Prime Bank gets new DMD

Faisal Rahman has recently been appointed Deputy Managing Director and Chief Business Officer of Prime Bank. He will lead the Bank’s corporate and institutional banking division. Prior to the appointment, he was the Senior Executive Vice President and head of relationships & structured finance unit of Eastern Bank’s corporate banking division.

Source: https://www.thedailystar.net/business/news/prime-bank-gets-new-dmd-1758616

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DSEX5,375.29135↓55.54445 ↓1.02%
Nikkei 225 21,053.32↓70.68↓0.33%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 51.82↓0.11↓0.21%
Crude Oil (Brent)$ 60.81↓0.13↓0.21%
Gold Spot$1,341.00 ↑1.34↑0.10%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 83.1752
GBP 1BDT 104.5720
EUR 1BDT 93.3309
INR 1BDT 1.1896





Dear Valued Patrons,

At the very onset, let me express my heartiest gratitude for allowing us to serve you and I also wanted to reach out to you directly with an assurance that Dhaka Bank is fully equipped to support you during this difficult time.

Last couple of weeks ago we all were living in a peaceful condition, performing our daily tasks freely and perfectly. Entire economy and business environment was also in a good shape, until COVID-19 put a forceful stoppage to the overall life style and economy of the world. We all know that social distancing and cleanliness are the keys to prevent this pandemic. Hence, we urge your conscious effort to limiting public interaction and suspending wherever possible.

In this current situation, Dhaka Bank and its employees are beside you where we are fully online, either working from home or at our offices under a robust Business Continuity Plan (BCP) to serve you with limited branch banking and a full-fledged alternate delivery channel services.

Our state of the art Mobile App, Dhaka Bank GO (Click https://bit.ly/2WVfieu) and Internet Banking - Dhaka Bank Direct gives you the freedom of banking online anytime from anywhere. You can check the balance and transfer money to any designated Banks including any Dhaka Bank or bKash Account, make utility bill payments and mobile top-up through our Mobile App and Internet Banking Services. Our ATMs are also running efficiently with availability of sufficient cash for your convenience where you can make cash withdrawals whenever the need arises. Mentionable, the withdrawal of cash from any ATMs within Bangladesh with Dhaka Bank Debit Cards are absolutely free of charges up till April 30, 2020 (Dhaka Bank will bear the cost). Our corporate customers can also use our completely safe and secured online platform Dhaka Bank C-Solution for Payments, Inter Bank Fund Transfers, etc.

Moreover, to fulfill your urgent requirement, we have a limited no. of branches up and running by ensuring all kinds of precautionary and safety measures for you.

In case of extreme emergency and facing difficulties in conducting banking transactions, please let us know through our 24/7 Contact Center number 16474 (or, dial +8809678016474 for ISD/Overseas Calls). We are always with you to combat your difficulties.

As you know we are going through a critical phase and the situation is novel to all of us. We are getting lot of new information from various sources everyday about COVID-19 which will be shared at www.dhakabankltd.com.

Thank you for your trust and continued support to us. I firmly believe that jointly we will be able to combat this situation and win against all the odds.

Please stay home, stay safe and take care of yourself and family.

Best regards,

Emranul Huq
Managing Director & CEO
Dhaka Bank Limited