BB finalises Gold Dealer Guideline
The central bank has finalised a guideline for appointing authorised gold dealers (AGDs), who will be eligible to import gold bars directly. Under the guideline, authorised dealer (AD) banks or individually-owned firms, or joint ventures or limited companies will be eligible to apply to the Bangladesh Bank (BB) for becoming ADGs. According to a BB Senior Official, the interested business entities may collect application form from the central bank, paying Tk 0.5 million as fee. The required capital for ADG has been fixed at Tk 10 million each, and the interested parties are allowed to submit their applications to the central bank by September 30. As per another BB Official, the Central Bank may issue the guideline shortly. On the other hand, as per a gazette notification, issued by the government earlier, the manufacturers of ornaments will not be able to buy gold from others, apart from the ADGs. The ADGs will be allowed to import gold through bonds, but for that they will have to get bond licences from the authority concerned. But the ADGs will also have to inform the central bank about their requirement of foreign currency and have to obtain no-objection certificate (NOC) from the BB.
Banks must display NPSB logo on ATMs, POS terminals
Bangladesh Bank has issued guidelines on National Payment Switch Bangladesh (NPSB) logo, making its display mandatory on all automated teller machines, point of sales terminals and digital screens. As per a Bangladesh Bank circular issued on Monday, the NPSB Logo was introduced with a view to distinguishing the service amid growing volume of inter-bank services through the use of NPSB system. NPSB, which started its operation on December 27, 2012, is an electronic platform introduced to attain interoperability among schedule banks for card-based and online retail transactions. At present, NPSB is processing interbank ATM, POS and internet banking fund transfer transactions. According the BB data, out of the 58 scheduled banks, 51 banks are interoperable for ATM transactions through NPSB, 50 banks for POS transactions and 19 banks for IBFT transactions. Apart from ATM, POS and IBFT, the logo could also be used on QR display along with the advertising and promotional pieces. However, in case of using the logo next to other company logos, NPSB logo must not be smaller than the other logos. The NPSB member banks will have to display the logo in ATMs, POS terminals and digital display by July 31 this year. The banks will also have to use the logo in new proprietary card from August 1 as well as to take necessary actions to use the logo in old ones.
Set aside fund for Young Entrepreneurs
As per the Analysts, the Government should put in a place a special fund to promote young entrepreneurs with a view to enabling them to create businesses and jobs. As per them, generating millions of jobs is a gigantic task but a special fund for young entrepreneurs can address unemployment. The Daily Star organised the event jointly with the Entrepreneurs’ Organization (EO). As per the President of EO’s Bangladesh chapter, mindset is important to develop entrepreneurship. The EO is working to empower women by creating platform. Founded in 1987, the EO is a global business network of more than 13,000 leading entrepreneurs in 186 chapters and 58 countries.
Meghna Cement to issue Preference Shares
The board of directors of Meghna Cement Mills has decided to issue fully redeemable non-convertible preference shares to its existing sponsor directors/directors. Earlier on August 13, 2018, the company decided for issuance of fully redeemable preference shares of Tk 1.0 billion (100 million shares) only to raise its capital through private placement, subject to the approval of the shareholders and by the regulatory authorities. As per the company, the board has further decided to issue 25,097,542 shares (out of earlier decided 100 million shares) fully redeemable non-convertible and non-listed preference shares of Tk 10 each to its existing sponsor directors/directors (excluding independent directors). The company said the preference shares will be issued in compliance with regulatory directive as to maintain 30 per cent of the equity of this company held by its board of directors/sponsors.
Mastercard to bKash fund transfer now possible
The country’s largest mobile financial service provider bKash yesterday launched a new service enabling customers to transfer funds instantly from Mastercard-branded debit, credit and prepaid cards issued by banks to bKash wallets round-the-clock. Mastercard, bKash and Southeast Bank jointly introduced the service at a Dhaka hotel. The bank’s Mastercard payment gateway solution is connected to the bKash app to enable the transfer. The transfer limit is Tk 15,000 per day, the same as bKash cash-in limits. To move funds, customers need to click an “add money” option on the bKash app, select “card to bKash” option and incorporate the bKash account number and the card details.
European markets now open for ACME Lab
ACME Laboratories has received the certificate of GMP compliance from UK MHRA (Medicines and Healthcare Products Regulatory Agency of UK). According to a disclosure posted on the Dhaka Stock Exchange (DSE) website on Monday, ACME Laboratories, the country’s oldest pharmaceuticals company, received the certificate following successful inspection of its solid dosage unit (SDU) at Dhulivita, Dhamrai in Dhaka. As per the disclosure, this success will open the doors for the company to enter UK and other European markets. Each share of the company closed at Tk 90.90 on Monday on the prime bourse. In the last one year, its share traded between Tk 78.30 and Tk 109.50. ACME, which was listed on the DSE in 2016, disbursed 35 per cent cash dividend for the year ended on June 30, 2018. In 2016 and 2017, the company also disbursed 35 per cent cash dividend each. The company’s earnings per share (EPS) in six months for July-December, 2018, stood at Tk 3.69 for as against Tk 3.81 for July-December, 2017. The net operating cash flow per share (NOCFPS) was Tk 4.61 for July-December, 2018 as against Tk 6.09 for July-December, 2017.
Huge market for BD Leather Goods in Australia: ABCCI
As per Australia Bangladesh Chamber of Commerce and Industry (ABCCI), there is a huge scope for export of Bangladeshi leather goods in the Australian market if the exporters of the country can follow their fixed compliance. According to a press release, Leaders of ABCCI on Monday came up with the observation while holding a meeting with Industries Minister Nurul Majid Mahmud Humayun at his office. Additional Secretary of the Industries Ministry Begum Parag and ABCCI President Obaidur Rahman, Vice President Nessar M Khan, General Secretary Shakil Ahmed Khan and Member of the Board of Directors Mohiuddin Ahmed Mahin, among others, were present.
Chemical market thrives on Apparel
Riding on rising garment export, Bangladesh’s textile chemicals market is forecast to grow to $1.38 billion by 2024 from $864 million last year registering an 8 percent compounded annual growth rate. The Research and Markets, a global market research company based in Ireland, unveiled the info in a recent report titled “Bangladesh textile chemicals market by product type, by cluster, by application, competition, forecast & opportunities, 2013-2024”. The company has 450 of the Fortune 500 companies in the list of its clients and the market insights and analysis it presents comes from 1,700 research teams based across 81 countries. According to the report, Bangladesh, the second largest apparel exporter, is witnessing high growth in the sector. Moreover, export duty exemptions, favourable policies and availability of labour at lower wages are attracting foreign investors towards Bangladesh’s textile sector, which in turn is catalysing the demand for textile chemicals.
Major Gen. Salahuddin becomes BEPZA Executive Chairman
Major General SM Salahuddin Islam took over the charge of the executive chairman of Bangladesh Export Processing Zones Authority (BEPZA) on Sunday. He replaced Lt General Mohd Habibur Rahman Khan who retired from Bangladesh Army recently. Mr. Salahuddin was commissioned in the Corps of Infantry with 17th BMA Long Course in 1987 and posted to 21st Battalion of the East Bengal Regiment. Before joining BEPZA, he was commanding 105 Infantry Brigade at Jashore Cantonment. Prior to that, he served at Bangladesh Infantry Regiment Centre as deputy commandant and also commanded 88 Infantry Brigade as brigade commander.
Suspected Drug trader dies in Cox’s Bazar gunfight with Police in Teknaf
A suspected drug trader was killed in a ‘gunfight’ with police at Satghoria Para in Teknaf Upazila early Monday.
Man arrested with 2,000 yaba pills at Dhaka airport
The Airport Armed Police Battalion (AAPBn) yesterday arrested a passenger with 2,000 yaba pills at Hazrat Shahjalal International Airport in Dhaka.
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