Total tenure of existing closed-end MFs won’t be more than 20 yrs
The stockmarket regulator has issued a directive scrapping its previous directive regarding conversion or liquidation of closed-end mutual funds on completion of tenure of ten years. According to BSEC directive, total tenure, including another term of ten years, of the existing closed-end MFs will not be more than 20 years. According to the BSEC directive, the asset managers may extend or go for redemption or conversion of the closed-end mutual funds to the open-ended ones. Meanwhile, ICB Asset Management Company has decided to extend the tenure of Prime Finance First Mutual Fund, a closed-end mutual fund, for another 10 years up to March 14, 2029. As per a disclosure posted on the Dhaka Stock Exchange (DSE) website, the ICB Asset Management Company extended the tenure as per BSEC order dated October 02, 2018 (gazette published on October 23, 2018).
BD poised to emerge as 30th largest Economy: MIGA
As per a top Official of Multilateral Investment Guarantee Agency (MIGA), Bangladesh is poised to emerge as the world’s 30th largest economy over the next few years with a trillion-dollar GDP. According to the Vice President of MIGA, in order to ensure sustained economic development, it is essential that the country is seen as a safe harbour for foreign investment, particularly in sectors that are critical towards this growth: energy, infrastructure, manufacturing and agriculture. MIGA, the political risk insurance arm of the World Bank Group, was created in 1988 to promote foreign direct investment in emerging economies. As per him, MIGA’s comparative value add rests in its ability to attract and secure foreign investment while at the same time ensuring that these investments serve a catalytic purpose which contribute towards the overall development of the country. MIGA is currently exploring the possibility of building an energy efficient fertiliser plant in Narsingdi, which will produce urea from natural gas. This will help boost domestic urea production and improve agricultural production, enhance food security, and reduce environmental pollution.
China to invest more than $50b in next 10 yrs in Bangladesh
China is expected to invest more than $50 billion in the next 10 to 15 years in Bangladesh’s thrust sectors like energy and power, transport and communications etc. Commerce Minister Tipu Munshi MP disclosed this in a Bangladesh-China Business Connections event, arranged by HSBC recently in the city. As per the Minister, China has been a trusted partner of Bangladesh for a long time now. Under the leadership of the Honorable Prime Minister, Bangladesh has on boarded into the highway of development and China has been a key partner in this journey. The Minister thanks HSBC for facilitating Chinese entrepreneurs and enhancing trade relations between China and Bangladesh. HSBC organised the event this week, bringing successful Bangladeshi and Chinese businesses and institutions, together with economic, government, industry and financial services experts to share insights to help businesses advance their China-Bangladesh commercial strategy.
Asian Carmakers eye bigger share of Bangladesh market
Bangladesh’s growing automobile market, fuelled by consistent economic growth and rising purchasing power, is drawing in automakers from around the globe, especially the Asian ones who seek to dominate the passenger car segment. Around 63 automobiles, including sport utility vehicles (SUVs), are now sold every day in Bangladesh while it was 29 in 2012 when the market started thriving, as per the Bangladesh Reconditioned Vehicles Importers and Dealers Association (Barvida). According to Bangladesh Road Transport Authority (BRTA), around 9,224 vehicles were sold in 2012 whereas it was 18,227 units in 2018, meaning there has been 98 percent growth in the past six years. In 2017, car sales amounted to around Tk 5,000 crore and the industry achieved 8 percent growth a year on an average since 2012, according to industry insiders. The figures seem tempting enough to awaken Subaru Bangladesh into launching four models of the Japanese brand — Forester, BRZ, Impreza, XV — today after a five-year gap. Another indication of automakers’ attention being focused on the country is four concurrent three-day automobile-centric shows being opened by CEMS Global at the International Convention City Bashundhara from today.
Special Audit in Banks, FIs to start soon: Finance Minister
Finance Minister AHM Mustafa Kamal Wednesday projected the country’s economy to grow at a rate over 8.0 per cent this fiscal year (FY 2018-19). As per the Minister, they have still some components to add. The growth is already 8.1 per cent at this moment. After adding the rest of the components, it will reach 8.15-8.25 per cent. According to the Minister, this year the gross domestic product (GDP) would have an unbelievable growth. He was speaking at the annual conference of scam-hit state-owned Janata Bank in the capital on Wednesday. The minister spoke of running a special audit in every bank and financial institution very soon. As per the Minister, Govt have already started work in this regard. He, however, asked the bankers not to be worried. Audits are not meant to send anybody to jail. This is an attempt to assess the situation. Mr Kamal also referred to some much-needed reforms in the banking sector, saying internal control system in banks is missing in the absence of internal audit. According to his observation, there should be a system of internal audit so that every transaction is verified automatically. The minister urged the good bankers to report against bad ones to stop corruption in banks.
Businesses seek predictability of tax measures for 5yrs
Businesses on Wednesday requested National Board of Revenue for ensuring predictability of any tax measure for at least five years so that they could prepare their business and investment plan well. At a quarterly luncheon meeting, they also demanded that the advance income tax businesses paid at various stages should be treated as advance tax with a scope of refund. Metropolitan Chamber of Commerce and Industry organised the meeting at its office in Dhaka. At the programme, NBR Chairman sought cooperation from businesses to prevent sales in local markets products, including fabrics, paper, chemical and accessories, which are imported under bond licence. As per MCCI President, changing tax measures in every year should not be the way to attract investment, both local and foreign.
Number of women in boards of DSE-listed Companies rising slowly
The percentage of woman directors in boards of the companies listed with Dhaka Stock Exchange inched up to 18 in 2018 from that of 17 a year ago, according to a research conducted by International Finance Corporation. IFC unveiled the data at a programme titled ‘Ring the Bell for Gender Equality’ at the Pan Pacific Sonargaon Hotel in Dhaka on Tuesday. IFC and DSE jointly organised the programme as a global initiative linked with International Women’s Day to promote women’s participation in the global economy to catalyse sustainable and inclusive private sector growth. The recent IFC research found that out of the total of 2,871 directors in the companies listed with DSE, 507 were women.
Bamboo products fetch good prices
A good number of indigenous families at Adivasi Palli of Mahelipara village at Chatra union under Pirganj upazila in the district are earning their living by making different bamboo products. Around one hundred families belonging to aboriginal Santal community of the adivasi palli are engaged in making household appliances from bamboo and thus earning their livelihood. Nowadays, the cottage industries based on bamboo, cane and some other fibrous plants are losing attraction in the region as well the country with the flourishing of plastic goods in the market. But these people are still pursuing their ancestral business, as some of the bamboo products are still in demand in both rural and town areas.
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)||$ 58.34||↑0.08||↑0.14%|
|Crude Oil (Brent)|| $ 67.69|| ↑0.14|| ↑0.21%|
|Gold Spot|| $1,306.51||↓2.61||↓0.20%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 84.0373|
|GBP 1||BDT 111.4923|
|EUR 1||BDT 95.2143|
|INR 1||BDT 1.2085|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<