No MFS cost hike for customers: BTRC
The Bangladesh Telecommunication Regulatory Commission on Tuesday assured that its directive on mobile financial services would not increase any MFS cost for customers. The telecom regulator made the clarification as there were no specifics in its directive on MFS whether the customers or the MFS operators would bear the charge of Unstructured Supplementary Service Data (USSD), a mobile phone operator-driven service. Under the BTRC directive issued on June 13 this year, the 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 USSD of 90 seconds. The BTRC directive mentioned that the mobile operators would get charge from the MFS operators based on the usage of USSD sessions by the MFS subscribers.
Country’s first iron ore mine discovered
For the first time in Bangladesh, a magnetite (iron ore) mine has been discovered at Isabpur village in Hakimpur upazila of the district, bringing new hopes for the country’s economy. The Geological Survey of Bangladesh (GSB) made the groundbreaking announcement on Tuesday morning following extensive examinations after drilling a well for two months. According to GSB Deputy Director, Mohammad Masum, a 400-foot thick iron layer was found 1,750 feet beneath the surface and it stretches over an area of 6-10 square kilometres. He said the percentage of iron in the mine is 65 while that in Canada, China, Brazil Sweden and Australia is below 50. The GSB official said apart from the presence of gold, there are copper, nickel and chromium in the layer. “Limestone was also found at a depth of 1150 feet.
BB moves to popularise Islamic bonds
The Central Bank has taken a move to make Islamic bonds popular by enhancing the volume of Islamic Bond Fund and creating scopes of the bonds’ multiple uses. As part of the move, a 10-member working committee has already been formed to submit recommendations in this connection, according to officials. Senior officials of five Islamic Banks have been included as members of the committee. It has also been told to examine the possibility of introducing repo facility from the Central Bank against the Islamic bonds to meet short-term liquidity requirement of the Shariah-based Islamic Banks and Non-Banking Financial Institutions (NBFIs). The committee will also analyse the possibility of launching inter-bank repo facility by using the Islamic bonds.
Tax on retained earnings to imperil FDI: FICCI
According to FICCI officials, multinational Companies will feel discouraged to reinvest from their incomes if the proposed 15 percent tax on their retained earnings and stock dividends gets go-ahead, leaving a negative impact on the inflow of Foreign Direct Investment (FDI). Shehzad Munim, President of FICCI, said, “I think many chambers raised this issue, to be relooked. We do not have this money because retained earning does not mean that we actually have this money in the banks. We need to review this.” He was addressing a section of FICCI members with Mosharraf Hossain Bhuiyan, Chairman of the National Board of Revenue (NBR), as the guest of honour.
Inflation hits 13-month high
Inflation hit a 13-month high in May thanks to a sharp increase in prices of non-food items on the occasion of Ramadan, which typically sees a spike in consumption. Last month, inflation stood at 5.63 percent after advancing five basis points from April, according to data from the Bangladesh Bureau of Statistics (BBS), which was unveiled yesterday by Planning Minister MA Mannan. It was six basis points higher than a year earlier. Non-food inflation stood at 5.84 percent, up 20 basis points from the previous month, while food inflation declined five basis points to 5.49 percent. Prices of clothes and furniture as well as the cost of health services and transport went up in May, said the BBS in a statement. This may be because the price of rice, the biggest item in the food consumption basket, has been declining of late.
Stocks rebound after two-day slump
Stocks rebounded on Tuesday, snapping a two-day sharp decline, as investor showed their buying appetite amid expectations. DSEX, the prime index of the Dhaka Stock Exchange (DSE), settle at 5,400, gaining 24.94 points, after losing nearly 100 points in the past two days. Market analysts said the market backed to green as National Board of Revenue (NBR) Chairman hinted at the possibility of reviewing some proposals of the budget for fiscal year (FY) 2019-20. The Finance Minister AHM Mustafa Kamal proposed, among other, imposition of 15 per cent additional tax on retained earnings and reserves, if the amount exceeds 50 per cent of the paid-up capital of the company which reacted negatively in the capital market.
CWT emerging mutual fund gets nod
The Bangladesh Securities and Exchange Commission (BSEC) has approved an open-ended mutual fund named CWT Emerging Bangladesh First Growth Fund. The primary target of the fund is Tk 10 crore of which asset manager CWT Asset Management Company will provide Tk 1 crore and the rest would be open for general investors. Trustee and custodian of the fund is Sandhani Life Insurance and BRAC Bank respectively.
Shafi Choudhury becomes Pubali Bank Adviser
Ahmed Shafi Choudhury has been appointed Adviser to Pubali Bank with the approval of Bangladesh Bank. He was a Director of Pubali Bank till May 10, 2018. Mr. Choudhury has an experience for 50 years in tea plantation, production business and commercial banking.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|Nikkei 225|| 21,323.45||↑350.74||↑1.67%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)|| $ 54.04||↑0.14||↑0.26%|
|Crude Oil (Brent)||$ 62.13||↓0.01||↓0.02%|
|Gold Spot||$1,343.71|| ↓2.90||↓0.22%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.9042|
|GBP 1||BDT 103.9420|
|EUR 1||BDT 92.9052|
|INR 1||BDT 1.1888|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<