Government picks 17 ‘priority’ projects
The government has selected a total of 17 development projects worth US$11.5 billion as priority ones for Chinese investment. The list of priority projects has been prepared in line with the decision taken at the first meeting of the Bangladesh-China Investment Cooperation Working Group.The list includes three projects belonging to the power division — Power grid strengthening project worth US$970 million, replacement of overloaded transformers for providing reliable electricity at a cost of US$230.59 million and system loss reduction project worth US$467.95 million. Bangladesh Railway (BR) has four projects on the list which are: Joydevpur-Ishwardi double line project at a cost of US$1045.59 million, conversion of Akhaura-Sylhetmetre gauge line to double gauge line at a cost of US$1272.9 million, construction of Joydevpur-Mymensingh-Jamalpur double gauge line worth US$581.26 million and construction of new inland container depot near Dhirasram Railway Station at a cost ofUS$200 million.The list contains two projects from the road transport division. They are: Construction of Dhaka-Ashulia expressway at a cost of US$1155.18 million and Sitakunda-Cox’s Bazar marine drive expressway project worth US$ 2856.56 million. Two projects of the ICT ministry have also been put there on the priority list. These are: Establishing digital connectivity at a cost of US$837 million and modernisation of rural and urban lives through ICT worth US$500 million. The local government ministry has two projects on the list that includes Rajshahi WASA water treatment plant project worth US$276 million and water supply, sanitation and waste management project in municipalities at a cost of US$150 million. The information ministry has a project on the priority list — establishment of six full-fledged TV stations at a cost of US$125 million.The other projects on the priority list include $280 million jute mills modernisation project under the jute ministry, and $221 million Chinese Economic Zone project in Chattogram. It includes one project of the shipping ministry — expansion and modernization of Mongla port facilities involving US$353.52 million.
Pharma sector snares 53pc turnover on main bourse
Pharmaceuticals sector topped the weekly turnover chart on the Dhaka bourse, the first week after 66 day-long closure, as investors are anticipating brisk business amid rising Covid-19 cases in the country. Market operators said despite bearish market, some investors showed their appetite on selective pharmaceuticals & chemical stocks as they are expecting positive financial impact of Covid-19 on pharmaceutical issues in the coming quarters. The pharma sector accounted for 53 per cent of the week’s total turnover with six firms – Square Pharma, BeximcoPharma, Indo-Bangla Pharma, Orion Pharma, Central Pharma and Silva Pharma– came from the sector out of top 10 turnover chart. Square Pharma topped the week’s turnover chart with shares worth Tk 671 million changing hands during the week, which was 9.70 per cent of the week’s total turnover, according to statistics from the DSE. Each share of the Square Pharma closed at Tk 172.50 on Thursday, the last trading day of the week, shedding 9.0 per cent over the last week. The company’s share was traded between Tk 156.50 and Tk 266.20 in the last one year. The Square Pharma, which was listed on the DSE in 1995, disbursed 42 per cent.The sponsor-directors own 34.57 per cent stake in the company, while institutional investors own 10.30 per cent, foreign investors 19.48 per cent and the general public 35.65 per cent as of February 29, 2020.
Scheduled banks asked to submit info on daily basis
Bangladesh Bank (BB) has asked the scheduled banks to submit information on daily basis regarding the formation of the special fund earlier announced to support the country’s ailing capital market. The BB delivered its instruction on Thursday after a decision taken in last week by the central bank and the securities regulator to accelerate the formation of the bank’s special fund worth Tk 2.0 billion each.He said a total of 12 private and state-owned commercial banks so far have taken their boards’ approval to form the special fund. The progress of forming the fund was hampered by the outbreak of COVID-19. We have accelerated our move after reopening offices. The central bank issued a circular on February 10 last, allowing all the scheduled banks to create a Tk 2.0 billion special fund each for a period of five years for investment in the capital market.Sonali Bank, the largest state-owned commercial bank formed a Tk 2.0 billion fund with its own resources.After a 66-day break, different offices and the capital market reopened on May 31 and the central bank and the securities regulator held a meeting on Monday to strengthen their coordination for further development of the money market and capital market. At that meeting, the BB governor assured the securities regulator of their support in accelerating the formation of special fund for the capital market.
LankaBangla Finance donates Tk 2cr to PM’s relief fund
Non-bank financial institution LankaBangla Finance has donated Tk 2 crore to the Prime Minister’s Relief and Welfare Fund as part of its ongoing support to help the country fight the coronavirus pandemic. Khurshed Alam, senior executive vice-president and head of retail finance at LankaBangla Finance, and Shamim Al Mamun, chief financial officer, handed over the cheque at an event at the Prime Minister’s Office in Dhaka on June 4.
Yabang Group plans $1.0b investment in BD
Chairman of Yabang Group XiaochuXu has met Bangladesh Ambassador to China MahbubUzZaman at his office in Beijing and discussed investment plans in Bangladesh.If things go according to plan, the initial investment may be around US$1.0 billion, said the Ambassador on Friday. The investment is likely to generate employment for around 10,000 persons.The Yabang Investment holding group is one of the three leading companies in the chemical sector and among the 500 top listed companies in China . It has more than 15000 employees. Its business covers dyeing, coating, pigment, medicine, veterinary, pharma, pesticides, photovoltaics, logistics, finance and real estate Industries. It has more than 60 subsidiaries (branch) companies. The group’s annual sales volumes exceeds USD 10 billion with the profit of 500 million.
Tanjil Chowdhury elected new chairman of Prime Bank
Tanjil Chowdhury has been elected the new Chairman of Prime Bank Limited. The Board of Directors of the Bank at its 500th Board Meeting held recently unanimously elected him the Chairman. He is succeeding Azam J Chowdhury.At the age of 36, Tanjil Chowdhury has become the youngest serving Chairman of a private commercial bank in Bangladesh. He had previously served both as a Board Member and the Chairman of the Executive Committee of the Bank. Tanjil Chowdhury is the Managing Director of East Coast Group, a diversified conglomerate with more than 42 years of experience in the downstream hydrocarbons and energy sector.He completed his BA (Hons) in Accounting and Finance with distinction and went to complete MSc. in International Management (Finance) from prestigious King’s College London, University of London.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$39.55 ||↑2.14||↑5.72%|
|Crude Oil (Brent)||$ 42.30 ||↑2.31||↑5.78%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.3160|
|GBP 1||BDT 105.527|
|EUR 1||BDT 94.0654|
|INR 1||BDT 1.10462|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<