12 Companies show interest to build LNG terminal
A total of 12 Companies have shown interest in building the country’s first onshore liquefied natural gas (LNG) import terminal, according to Reuters. Bangladesh is turning to land-based LNG terminals as its first imports of the super-chilled fuel via a floating platform were delayed due to inclement weather and technical issues. Rupantarita Prakritik Gas Company Limited (RPGCL), a part of state-owned oil and gas Company Petrobangla, earlier this year had requested expressions of interest (EOI) from potential terminal developers for a land-based LNG regasification terminal at Matarbari in Cox’s Bazar. Twelve Companies have submitted documents showing interest to build the terminal, two officials from RPGCL told Reuters. The Companies include Japan’s Mitsui, South Korean utility KOGAS, and a consortium led by Summit Corp, a unit of Bangladesh’s Summit Group.
Default loan in Bangladesh now over Tk 1.02 trillion: FM
The number of total loan defaulters in the country is now 170,390 and total amount of defaulted loans is over Tk 1.02 trillion (Tk 102,315.19 crore). Finance Minister AHM Mustafa Kamal gave the information on Saturday in the parliament. “Total number of loan defaulters in the country has been increased to 170,390 in 2018 from 111,954 in 2015. And total amount of defaulted loans has stood at Tk 102,315.19 crore (over Tk 1.02 trillion) in 2018 from Tk 59,105 crore (Tk 591.05 billion) in 2015,” The Minister said. The Finance Minister informed the House that the number of loan defaulters was increased by 58,436 and amount of defaulted loans was increased by Tk 432.10 billion during the period.
Names of top 300 loan defaulters disclosed
Finance Minister AHM Mustafa Kamal recently revealed the names of the top 300 loan defaulters in the parliament. The Minister disclosed the list of the loan defaulters in the House responding to a query of ruling Awami League MP M Israfil Alam. The top ten defaulters are Samannaz Super Oil Ltd with defaulted loan of Tk 1,049 crore while Galaxy Sweater and Yarn Dyeing Ltd with Tk 984 crore, Rimex Footwear Ltd with Tk 976 crore, Quantum Power Systems Ltd with Tk 828 crore, Maheen Enterprise Ltd Tk 825 crore, Rupali Composite Leather Wear Ltd with Tk 798 crore, Crescent Leather Products Ltd with Tk 776 crore, S. A Oil Refinery Ltd with Tk 707 crore, Suprov Composite Knit Ltd with Tk 610 crore and Grameen Shakti with Tk 601 crore.
Shareholders may consider sale of Robi, says CEO
The government’s move to raise the mobile operators’ turnover tax to 2 percent from 0.75 percent from the new fiscal year will drive the smaller operators out of the industry, said Mahtab Uddin Ahmed, Chief Executive Officer and Managing Director of Robi. Mr. Ahmed said the increased tax on turnover will turn them into a lossmaking venture even though they had projected to make about Tk 50 core in net profit in 2019 at the beginning of the year. “Robi logged in profit in the first quarter but thanks to the proposed tax measures — which will be the highest in the world — the trend will not continue for the rest of the year.” In 2018, Robi had declared Tk 214.7 crore in net profits. The operator’s shareholders are very frustrated about the new tax measures and Ahmed will not be surprised if they decide to put Robi up for sale.
FE Weekly Analysis: Stocks fall on budget disappointment
Stocks took a downward turn in the outgoing week, snapping a three-week gaining streak, as some proposed budgetary measures for the capital market have rattled the investors. According to media reports, some 209 listed companies would have to pay an additional Tk 107.92 billion tax if the proposed 15 per cent tax on ‘reserves and retained earnings’ is implemented. However, in the wake of strong criticism from market stakeholders, the National Board of Revenue (NBR) Chairman hinted at the possibility of reviewing the proposals. Week on week, the DSEX, the prime index of the Dhaka Stock Exchange (DSE), settled 78.68 points or 1.44 per cent lower at 5,395. Two other indices also closed lower. The DS30 index, comprising blue chips, plunged 10.70 points to finish at 1,894 and the DSE Shariah Index wiped out 10.78 points to close at 1,233. The total weekly turnover stood at Tk 25.98 billion as against Tk 24.63 billion in the previous week.
Database of 27,000 factories now complete
According to the officias, the Department of Inspection for Factories and Establishments (DIFE) has managed to prepare a database of some 27,000 industrial units across the country. The database is part of the government’s move to prepare a comprehensive database of factories and other establishments aimed at ensuring safer workplaces. The database contains basic information including the name and address of factory, its owner’s name, the number of workers by gender, the description of products it produces, and the status registration and renewal, he added. According to the DIFE, some 4,930 factories are located in Dhaka, followed by 2,800 in Gazipur, 2,635 in Narayanganj, 2,178 in Chattogram, 1,138 in Cumilla, 733 in Mymensingh, 715 in Khulna, 592 in Dinajpur, 584 in Tangail, 520 in Jessore and 479 in Noakhali. The rest of the factories are located in other districts.
Slash import duty on paper: Traders
Paper merchants, importers and press owners have urged the government to slash import duty on papers and paperboard in the proposed budget to 5.0 per cent from the existing 25 per cent to ensure smooth supply of papers to help keeping the business afloat. They called upon the government to check misuse of bonded warehouse facility to encourage legal imports and help keep the market stable in the country.
Number of TIN holders exceeds four million
The number of total Tax Identification Number (TIN) holders in the country is now 40,37,429 (over 4.037 million). Finance Minister AHM Mustafa Kamal gave the information on Saturday in the parliament. The Minister informed the House that the government has taken various steps, including holding income tax fair, observing income tax day, setting up tax offices at 86 upazilas, giving awards to the best taxpayers, distributing ‘Tax Card’ and holding view exchange meetings with different stakeholders, to increase the number of TIN holders.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|Nikkei 225|| 21,258.64||↓204.22||↓0.95%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)|| $ 57.43||↑0.36||↑0.63%|
|Crude Oil (Brent)||$ 65.20||↑0.75||↑1.16%|
|Gold Spot|| $1,399.63|| ↑11.19||↑0.81%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.6770|
|GBP 1||BDT 105.3060|
|EUR 1||BDT 93.9847|
|INR 1||BDT 1.1864|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<