TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK
TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK
TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK
Rate last updated: 02/01/2014 11:15:04 AM
Dhaka Bank has recently signed $55 million facilities agreements with International Finance Corporation. IFC will be providing $20 million working capital solutions facility to Dhaka Bank’s offshore banking unit for expanding its foothold in SME-based export sector, Dhaka Bank said in a statement yesterday. The rest $35 million guarantee facility will be provided under the Global Trade Finance Programme (GTFP). The $5 billion GTFP of IFC extends and complements the capacity of banks to deliver trade financing by providing risk mitigation in new or challenging markets where trade lines may be constrained. Syed Mahbubur Rahman, CEO of Dhaka Bank, and Ariane Di Iorio, regional industry manager for the financial institutions group at IFC South Asia, inked the deals at a programme at the corporate office of the bank in Dhaka.
Source:
http://www.thedailystar.net/business/dhaka-bank-get-55m-ifc-expansion-1382995
http://epaper.thefinancialexpress-bd.com/2017/03/29/images/16_101.jpg
An inquiry team formed after the recent fire in the Bangladesh Bank headquarters submitted its report to Governor Fazle Kabir yesterday, saying there was no major damage in the incident. The central bank formed the three-member committee led by Executive Director Ahmed Jamal to assess the damage caused by the fire, said Subhankar Saha, spokesperson for the bank. The report said only some chairs and tables, three computers, a scanner, two printers and a photocopy machine were damaged, said BB sources. The team, in its report, also recommended not using electronic items like water heater in the office to avoid similar accidents in future, added the sources. Around 9:30pm on March 23, a fire broke out on the 13th floor of the BB headquarters in the city’s Motijheel, but was doused after an hour’s efforts. The floor housed the foreign exchange policy department, which is responsible for formulating and implementing policies related to foreign exchange. No one was hurt in the flame.
Source: http://www.thedailystar.net/frontpage/no-major-damage-bb-fire-1382881
Bangladesh Bank may be allowed to use the computers and IT systems which were seized by the Criminal Investigation Department after the reserve heist of the central bank last year. The consensus came at a high-level meeting at the finance ministry yesterday. Finance Minister AMA Muhith, Home Minister Asaduzzaman Khan and Law Minister Anisul Huq were present. Meeting sources said officials of the central bank and the CID would now sit to decide how the BB staff can resume using the computers and IT systems. Muhith called the meeting in response to a BB request to increase coordination among the stakeholders, as a lack of coordination was causing difficulties for the central bank in strengthening its IT security. BB Governor Fazle Kabir, Finance Secretary Hedayet Ullah Al Mamun, Banking Secretary Md Eunusur Rahman and Inspector General of Police AKM Shahidul Hoque were present. The CID seized some computers of the BB soon after the incident of heist came to light in February last year.
Source: http://www.thedailystar.net/business/bb-might-be-allowed-use-seized-computers-1383004
Finance Minister AMA Muhith expressed the hope Tuesday that the stolen money would be retrieved from the Philippines, without specifying any timeframe, as a high-level meeting reviewed the latest developments with the central bank. “Of course, the money will return. No one can hold the stolen money,” he told newsmen after the meeting, held at Bangladesh secretariat. Law Minister Anisul Huq, Home Minister Asaduzzaman Khan, chairman of the parliamentary standing committee on finance ministry Dr Abdur Razzaque, Bangladesh Bank governor Fazle Kabir and attorney-general Mahbubey Alam, among others, attended the meeting. The meeting was held against the backdrop of a fire incident in the central bank, virtually no progress in recovery of the stolen reserves, and the theft of 34,000 euros from Bangladesh Deputy High Commission in Karachi by hacking e-mail account.
Source:
http://www.thefinancialexpress-bd.com/2017/03/29/65500/Muhith-firm-on-heist-money-recovery,-sees-BB-fire-trivial
http://www.dhakatribune.com/business/banks/2017/03/28/muhith-stolen-heist-money-must-recovered/
The amount of defaulted industrial loans soared by 24.39 per cent or Tk 4,816.65 crore in July-December of the current fiscal year 2016-2017 compared with the same period of FY 2015-16 due to a dull business environment and a lack of effective loan recovery measures by the banks and the non-bank financial institutions. According to the latest Bangladesh Bank data, the defaulted industrial loans stood at Tk 24,563.49 crore in the first half of FY2016-17 against Tk 19,746.84 crore in the same period of FY16. An economist and some BB officials said the industrial sector faced a major setback in recent months due to uncertainty and dull business. The BB data, however, showed that industrial loan disbursement by banks and non-bank financial institutions increased in the first half of the FY17. Banks and NBFIs gave out Tk 1,44,606.63 crore in industrial loans in July-December of FY17 compared to Tk 1,24,026.28 crore disbursed in the same half of FY16. A BB official said there was no reason for the amount of industrial loans to rise in the period as entrepreneurs were reluctant to expand their business due to the dull economic environment.
Source: http://www.newagebd.net/article/12219/defaulted-industrial-loans-rise-24pc-in-h1-
Bangladesh Bank has approved a plea of the City Bank Ltd to revise its article of association allowing it to sell 5 per cent of its new shares worth Tk 130.45 crore to the International Finance Corporation, a member of the World Bank group. The BB issued a letter to the managing director and chief executive officer of The City Bank saying that it (central bank) allowed the bank to revise 40 articles facilitating the IFC to invest in the bank. City Bank and IFC signed an agreement on IFC’s investment in City Bank’s equity shares on February 24, 2016. The Board of Directors of the bank earlier approved entering into shareholders agreement and subscription agreement among The City Bank Ltd and the IFC under which IFC will buy 4.61 crore fresh shares of City Bank with an issue price of Tk. 28.30 a share. But the IFC later failed to invest in the bank as the central bank initially did not allow it to change the article of association, a BB official told New Age on Tuesday. The City Bank managing director Sohail RK Hussain told New Age on Tuesday that majority number of the articles, which were placed for revising before the central bank, were corporate governance related. The bank will be allowed to attach one director of IFC with its board with the central bank’s permission, he said.
Source:
http://www.newagebd.net/article/12224/bb-allows-city-bank-to-sell-5pc-shares-to-ifc
http://www.thedailystar.net/business/city-bank-gets-nod-sell-shares-ifc-1383019
All Rupali Bank branches automated
among the public banks, aimed at providing better customer services. “The bank has reached the milestone by bringing the last branch under ‘Core Banking Solution (CBS)’ on March 27,” said a statement issued by Rupali Bank in Dhaka on Tuesday, reports BSS. From now on, real time banking services will be available for the clients in all Rupali Bank branches across the country, the statement added.
Source:
http://www.daily-sun.com/printversion/details/215530/All-Rupali-Bank-branches-automated
http://www.thedailystar.net/business/rupali-bank-automates-its-branches-1383013
The country’s premier bourse Tuesday closed higher as the initial optimism continued till closure and investors took position on large-cap sectors. The market bounced back after one session of moderate fall and the broad index also closed above 5700 points. According to International Leasing Securities, the Dhaka Stock Exchange (DSE) opened positively and ended without any major fluctuation. At the end of the session, the DSE broad index DSEX rose 0.69 per cent or 39.48 points to close at 5737.41. “The Dhaka bourse witnessed a sharp rise in its benchmark index amidst increased participation of the investors breaking a two-day losing streak,” said the International Leasing Securities.
Source: http://www.thefinancialexpress-bd.com/2017/03/28/65479/Investors-take-position-on-large-cap-sectors
The Executive Committee of National Economic Council (ECNEC) on Tuesday approved 12 projects worth of Tk 10,147.57 crore (101.47 billion). The projects include the 3rd Urban Governance and Infrastructure Improvement (Sector) Project (UGIIP-3) involving Tk 4,046.17 crore to improve the physical infrastructure and urban services of 36 municipalities under the country’s seven divisions. The projects were approved at a meeting held at NEC conference room at Sher-e-Bangla Nagar area in Dhaka with Prime Minister Sheikh Hasina in the chair. Of the total project cost, Tk 6,280.64 crore will come from the state exchequer while Tk 235.59 crore from the organisations’ own fund and the rest of Tk 3,631.34 crore will come as project assistance, Planning Minister AHM Mustafa kamal told the reporters after the meeting. Among the projects, the most expensive is ‘Third Metropolitan Production and Sector Structural Developmental Project’. The estimated cost of the project is Tk 4,046 crore.
Source: http://www.observerbd.com/details.php?id=65945
The government is mulling over an idea to make changes to some provisions of the Bangladesh Labour Act and to adjust the provision related to Workers Welfare Association for the EPZ workers to the International Labour Organisation convention on freedom of association. Two ministers of the Bangladesh government on Tuesday assured the visiting team of European Parliament members that Bangladesh would take all necessary steps to address the concerns raised by the EU regarding labour situation in Bangladesh. The four-member EP delegation that includes Arne Lietz, co-rapporteur on the garments report committee, Linda McAvan, EP chair of the development committee, Nobert Neuser, development coordinator of S&D, and Agnes Jongerius, member of international trade committee of S&D, on Tuesday held separate meetings with commerce minister Tofail Ahmed and state minister for labour Mujibul Haque at the Bangladesh secretariat in the capital Dhaka.
Source: http://www.newagebd.net/article/12217/govt-mulls-law-changes-for-epz-workers-freedom-of-association
The Asian Infrastructure Investment Bank is set to provide $60 million for a project to address Bangladesh’s gas supply deficit — the second loan for the country after the multilateral lender was formed last year. The lack of gas supply would eventually impact Bangladesh’s energy security and constrain the nation’s economic growth, the China-led bank said in a statement yesterday. The $60 million loan is for the Bangladesh Natural Gas Infrastructure and Efficiency Improvement Project, which is being co-financed by the Asian Develop-ment Bank. The ADB has approved a $167 million loan in November for the project, which aims to diversify Bangladesh’s gas supply through imports either by cross-border gas transmission pipeline or as liquefied natural gas. The AIIB loan would have an interest rate of LIBOR plus 1.15 percent and a repayment period of 25 years with five years of grace period, said an Economic Relations Division official.
Source: http://www.thedailystar.net/business/aiib-provide-60m-boost-gas-supply-1383010
India is likely to give Bangladesh a credit line of at least $3.5 billion for infrastructure projects during Prime Minister Sheikh Hasina’s state visit in April, according to a report of India-based www.financialexpress.com. The credit line, which would be India’s third to its neighbour, would go toward a variety of projects ranging from nuclear and liquefied natural gas power plants to ports, railways and the establishment of special economic zones, according to a Bangladesh government document seen by a news agency. The credit line would include $940 million for the development of a component of the Rooppur nuclear power plant, $350 million for a multipurpose terminal at Bangladesh’s Payra port and $177 million for a power transmission line between India’s Jharkhand and Bangladesh’s Bogra.
Source: http://www.thefinancialexpress-bd.com/2017/03/29/65496/$3.5b-Indian-credit-line-on-the-cards
Investors of Pensioners Savings Certificate (PSC) have to pay 5.0 per cent tax at source on their yield, if their accumulated balance exceeds Tk 5,00,000, said a clarification of the National Board of Revenue (NBR). Commercial banks, post offices and savings offices will have to deduct the tax at source at the time of payment of profit/interest of PSC investors as per Section 52D of the Income Tax Ordinance. However, pensioners will enjoy tax exemption up to the above-mentioned limit. The deducting authority will have to examine whether value of the savings certificates exceeds the said limit, date of interest withdrawal, and corresponding year’s balance in the certificates, the clarification said.
Bangladesh cut customs duty (CD) on 4,609 products in a bundle under the South Asian Free Trade Area (SAFTA) rules to facilitate trade among the bloc’s member-countries. The customs wing of the National Board of Revenue (NBR) issued Tuesday a Statutory Regulatory Order (SRO) on the duty cutbacks with retrospective effect from January 01, 2017. Under the latest SRO, importers having SAFTA Rules of Origin Certificate will enjoy a reduced-duty facility on imports under this product line from the SAARC-member countries. In 2015, Bangladesh reduced the CD ranging between 0.675 per cent and 7.1875 per cent for the year. The CD was cut between zero per cent and the highest 5.0 per cent for 2016 on 4,609 products for trade under the agreement. In the latest SRO, the CD has been fixed from zero per cent to 5.0 per cent.
Pharmaceutical companies have the potential to earn $1 billion a year through exports in the next five years, but the sector needs fiscal benefits and policy support to do so, analysts said at a seminar. Export earnings from the sector still remain below $100 million a year, but drug makers are optimistic about reaching the $1-billion mark as the industry is growing at 16 percent a year. A couple of local companies have also gained access to the highly regulated markets of the US and the UK. Giving incentives on pharmaceutical exports and setting up a world class drug laboratory can lead the way, the analysts said at the event at Sonargaon Hotel in Dhaka on Monday.
Source: http://www.thedailystar.net/business/pharma-sector-can-earn-1b-exports-within-five-years-1383007
A three-day international tourism fair—US- Bangla Airlines Dhaka Travel Mart 2017—will begin at Pan Pacific Sonargaon Hotel in Dhaka tomorrow. Rashed Khan Menon, civil aviation and tourism minister, is scheduled to open the show, the Bangladesh Monitor, a fortnightly publication on tourism, said in a statement yesterday. The publication is organising the fair for the 14th time, said Kazi Wahidul Alam, editor of the Bangladesh Monitor and chairman of the US- Bangla Airlines DTM 2017 organising committee. US- Bangla Airlines is supporting the event as the title sponsor and national carrier Biman Bangladesh Airlines is the airline partner, Alam said at a press meet at Sonargaon Hotel yesterday.
Source: http://www.thedailystar.net/business/international-tourism-fair-kicks-tomorrow-1383001
Tower management company Edotco yesterday installed the first telecom tower made of bamboo on the rooftop of a house in Uttara, Dhaka. The tower was developed with home grown technology in collaboration with Bangladesh University of Engineering and Technology (Buet). It was unveiled at a ceremony in Westin Dhaka. Through this initiative, the company is focusing on the use of alternative material instead of the traditional steel structures in telecommunications. Syed Ishtiaq Ahmad, a professor of civil engineering at Buet, has designed this tower after conducting research, said Suresh Sidhu, chief executive of Edotco Group. The company intends to roll out more such bamboo structures in several other places in Dhaka in 2017.
Source:
http://www.thedailystar.net/business/first-telecom-tower-made-bamboo-installed-dhaka-1383022
http://www.theindependentbd.com/post/87540
| Index Name | Close Value | Value Change | Percentage Change |
|---|---|---|---|
| DSEX | 5771.15 | ↑33.73 | ↑0.59% |
| DJIA | 20,701.50 | ↑150.52 | ↑0.73% |
| FTSE100 | 7,343.42 | ↑49.92 | ↑0.68% |
| Nikkei 225 | 19,192.69 | ↓10.18 | ↓0.0% |
| Commodity | Close Value | Value Change | Percentage Change |
|---|---|---|---|
| Crude Oil (WTI)* | $48.56 | ↑0.19 | ↑0.39% |
| Crude Oil (Brent)* | $51.48 | ↑0.15 | ↑0.29% |
| Gold Spot* | $1,249.52 | ↓2.33 | ↓0.19% |
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