Three Banks to open KSA Branches soon
Three commercial banks are set to open branches in Saudi Arabia this year as they got the Bangladesh Bank’s go-ahead to this end. As per the Officials, Sonali Bank, Social Islami Bank and Exim Bank will open branches in compliance with the customary policies of the Muslim country. As per the high Officials of the banks, the branches will run in the oil-rich Gulf state as per the Shariah-based banking formula. All the arrangements are in place to open the branches soon. According to a Central Banker with full knowledge of the issue, they have recently given permission to three commercial banks to open branches in Saudi Arabia. Earlier, the Saudi government allowed Bangladeshi banks to open branches there to facilitate remittance by Bangladeshi expatriates back home.
Bank loans generate 20,000 successful Entrepreneurs
Rezaul Haque, 45, has installed commercial fish farming on 95 bighas of water bodies in Sundarpur area under Paba upazila in the district. After getting training from Department of Fisheries and Department of Youth Development Rezaul had initiated the fish farming business around twenty years back. Now, he is a successful fish farmer. According to Mr. Rezaul, in the initial stage, he got loan worth Tk 50,000 from Rajshahi branch of Karmasangsthan Bank. He also received financial support from the Department of Fisheries and the Department of Youth Development at that time. At present, his investment has been cumulated to over Tk 10 million. Lastly, he borrowed loan of Tk 0.8 million from the Karmasangsthan Bank that brings furthermore dynamism into his business.
Banks demand scrapping of Double Taxation on balance
Bankers on Sunday demanded elimination of double taxation on bank balance claiming that clients were being forced to pay excise duty twice on the same bank balance. At a participatory dialogue with NBR, representatives from different banks also demanded withdrawal of income tax on provision amount kept against classified loans. Income Tax Zone-1 in Dhaka organised the dialogue programme to exchange views with private sector companies, including bank and financial institution and aviation, which deduct tax at source on behalf of NBR. As per the Managing Director of a reputed Bank, depositors had to pay excise duty twice on the same money if he or she transferred the money from one account to another account. For example, a bank deducts excise duty on balance in a savings account of a client and then it deducts the duty again when the client transfers the money to deposit account. According to the MD. NBR should exempt the clients from the double taxation on bank balance, including deposits and loans. NBR imposes excise duty ranging from Tk 150 to Tk 25,000 per year on balance above Tk 1 lakh and above.
Govt taking Tk 2,582cr project for Japanese Economic Zone
The government is going to take up a Tk 2,582 crore project to set up an economic zone at Araihazar in Narayanganj for Japanese investors. Of the cost, 82 percent will come from Japan International Cooperation Agency (Jica) and the rest from Bangladesh. The project will be placed at the meeting of the Executive Committee of the National Economic Council tomorrow. The decision to set up a special economic zone for Japanese investors was taken during the visits of the prime ministers of both Bangladesh and Japan to each other’s country in 2014. A mission of the Jica committed Tk 2,127 crore during its visit to Bangladesh in December last year. The loan agreement may be signed in June. Bangladesh Economic Zones Authority (Beza), the implementing agency, will develop land, construct access roads and set up a power plant, transmission lines and gas pipelines under the project.
Marico to invest Tk 29.4cr to raise production capacity
According to a posting on the Dhaka Stock Exchange’s website, Marico Bangladesh, one of the listed multinational companies, is going to invest Tk 29.40 crore to increase the production capacity of its factories in Mouchak and Shirirchala,. The investment will come from Marico’s own funds.
Square Textiles posts 27pc revenue growth
Square Textiles has posted a 27 per cent growth in revenue year-on-year in 2017-18 due to increase of production capacity. At standalone level, the company’s revenue stood at Tk 6,367.12 million in the fiscal year 2017-18 compared with Tk 5,020.43 million in the previous fiscal. According to its latest annual report, the company installed 4,500 tonnes per year production capacity yarns machinery and commenced its commercial production from July 2018. The annual report noted that this will generate additional turnover around Tk 1.0 billion for the current financial reports of 2018-19 with additional profit. The company’s operating profit stood at Tk 444.19 million in the FY 2017-18 as against Tk 344.37 million in the previous fiscal, an increase by 28.99 per cent. The net profit increased by 15.22 per cent to Tk 290.91 million in the FY 2017-18 which was Tk 252.49 million in the previous fiscal.
Remittances rise by 10pc in eight months
The flow of remittances rose by nearly 10 per cent in the first eight months of the current fiscal year, despite significant falloff in February year-on-year. Bangladeshi nationals working abroad sent $10.40 billion home during the July-February period of the FY 2018-19 from $9.46 billion in the same period of the previous fiscal. According to the central bank’s latest statistics, in February, remittances amounted to US$1.32 billion home in February, down by $273.12 million in January. The inflow was $1.59 billion in January. As per BB data, while remittances slumped by over 17 per cent in February, compared with a month earlier, it expanded by nearly 15 per cent to $1.15 billion in February 2018.
World Bank okays $100m in loan
As per the Report of UNB, The World Bank has approved a $100 million credit for improving fiscal forecasting, and public budget preparation and execution. The Strengthening Public Financial Management (PFM) Program to Enable Service Delivery program will support the government’s PFM Action Plan 2016-2021. According to the World Bank, it will help improve fiscal discipline, financial reporting and greater transparency and accountability in selected government agencies. As per World Bank Acting Country Director for Bangladesh and Bhutan, Bangladesh has improved its PFM systems over the past two decades with effective fiscal measures and by maintaining public debts at sustainable levels.
LafargeHolcim Bangladesh declares 10pc cash dividend
LafargeHolcim Bangladesh yesterday announced 10 percent cash dividend for the year ending on December 31, 2018. The listed multinational cement manufacturer reported consolidated earnings per share of Tk 0.96 and consolidated net asset value per share of Tk 13.41.
Bangladesh Businesses want to set up Spinning Mills in US
Apparel Exporters on Sunday expressed interest in setting up spinning mills in the US if it gave duty benefits in taking garments made in Bangladesh by using yarns produced in the US mills. Leaders of Bangladesh Garment Manufacturers and Exporters Association at a meeting with the newly appointed US ambassador to Bangladesh made the proposal for setting up spinning mills in his country for producing yarns with US cotton. As per BGMEA President, some of the Entrepreneurs are interested to set up spinning mills in the US and they want to know whether they would get any duty benefit from the US in exporting RMG made by yarns produced in the mills.
IPO subscription of Coppertech to open March 31
As per the Officials, the public subscription of Coppertech Industries is set to begin on March 31. The company will raise a fund worth Tk 200 million through initial public offering (IPO) using the fixed price method. The company’s IPO subscription will be opened until April 09 for resident and non-resident Bangladeshis. The securities regulator – Bangladesh Securities and Exchange Commission (BSEC) approved the IPO proposal of Coppertech Industries on December 26, 2018. As per the BSEC approval, the company will raise a capital worth Tk 200 million by offloading 20 million ordinary shares under the fixed price method.
One Bank signs deal with BLPA
ONE Bank Ltd and Bangladesh Land Port Authority (BLPA) recently signed an agreement to set up a banking booth beside the premises of International Passenger Terminal at Benapole. ONE Bank Managing Director M Fakhrul Alam and BLPA Member (Development) Md Habibur Rahman signed the agreement on behalf of the respective organisations in the city.
Suspected drug trader killed in gunfight
A suspected drug dealer was killed yesterday allegedly in a “gunfight” with police in Kalibari area of Mymensingh city. The dead, Lalu Mia, 45, was a resident of city’s Krishtapur Baganbari area.
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)||$ 56.11||↑0.31||↑0.56%|
|Crude Oil (Brent)||$ 65.40||↑0.33||↑0.51%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.8787|
|GBP 1||BDT 111.0386|
|EUR 1||BDT 95.3701|
|INR 1||BDT 1.1829|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<