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

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Rate last updated: 02/01/2014 11:15:04 AM

Important Business News Extracts March 31, 2019

PMO asks for incentives for women Entrepreneurs

Prime Minister’s Office has identified a set of fiscal, regulatory and administrative incentives, including tax benefits, for women entrepreneurs to increase their share in investment as well as contribution to national economy. PMO has asked the relevant ministries and divisions, including finance ministry and National Board of Revenue, to implement the decision of giving incentives to women entrepreneurs. According to PMO, NBR should lower the rate of value-added tax for women entrepreneurs from existing 15 per cent. NBR received the PMO directives on March 21. It also recommended bank loans in easy conditions, duty free-benefit on import of raw materials and special scheme of income tax, VAT and customs duty for women investors. Financial Institution Division should ensure collateral free loan up to Tk 50 lakh for small and medium entrepreneurs, provide loan at 5 per cent interest with grace period of 18 months and prepare separate loan disbursement policy for women entrepreneurs. The government should also create separate economic zones, ensure access to the government’s ‘khas’ land for women entrepreneurs, PMO said in its directives sent to 13 ministries and divisions. The recommendations came at a meeting at the Bangladesh Investment Development Authority with women entrepreneurs. PMO also instructed to increase duties and taxes on import of goods that women entrepreneurs are now producing locally. Training on skills development, technology and business management has also got importance in the PMO’s directives.

Source: http://www.newagebd.net/article/68789/pmo-asks-for-incentives-for-women-entrepreneurs

Insurers’ premium income goes up

The insurance sector’s income growth from premium hit an eight-year high last year thanks to heightened efforts by insurers to revive lapsed insurance policies. The insurance premium is the upfront cost of obtaining insurance coverage over a defined period. It represents both an income and liability for the insurer in that it must provide coverage for claims being made against the policy. According to data from the Insurance Development and Regulatory Authority (IDRA), in 2018, the insurance industry’s gross premium income stood at Tk 12,438 crore, up 11.25 percent year-on-year. The last time a higher premium income growth was seen was back in 2010: of 18.59 percent. After that, it stayed within single digits. As per a member of IDRA, Gross premium growth increased as insurers put in effort in reviving lapsed insurance policies. The jump in premium income growth, however, is not indicative of the sector’s performance last year: they could not rope in new clients at the same rate. In 2018, new business growth of life insurance was 9.16 percent, down from 16 percent registered a year earlier. For non-life insurance, it was 11.70 percent, up from 11.11 percent logged in for 2017. New business growth for both life and non-life insurance was lacklustre because of the lack of trust on the sector among the general public.

Source: https://www.thedailystar.net/business/news/insurers-premium-income-goes-1722646

Nepal sees huge market in BD for Hydropower

As per a Nepalese Minister, Bangladesh is going to be a “huge market” for their hydropower. Inaugurating the third Nepal-Bangladesh Business Forum in Kathmandu on Thursday, Nepal energy minister Barshaman Pun Ananta said both countries signed an energy exchange-related memorandum of understanding (MoU) recently to this end. Bangladesh Ambassador Mashfee Binte Shams highlighted the social, economical, and cultural transformation of the countries and said working together would be “fruitful” for both nations. As per the Ambassador, Bangladesh is ready to work closely with Nepal on hydropower development and energy trade. It is a joint initiative of Nepal-based think tank, the Asian Institute of Diplomacy and International Affairs (AIDIA), and the Bangladesh Embassy in Kathmandu. Based on the successes of the previous two gatherings, AIDIA says they hosted the ‘3rd Nepal-Bangladesh Business Forum’ with the theme ‘Navigating the Next Phase of Socioeconomic Cooperation’.

Source: http://today.thefinancialexpress.com.bd/trade-market/nepal-sees-huge-market-in-bd-for-hydropower-1553960361

IDLC approves 35pc cash dividend

The 34th Annual General Meeting (AGM) of the shareholders of IDLC Finance Limited was held on Thursday at the Radisson Blu Water Garden Hotel, Dhaka. In line with the proposal by the Board of Directors, the AGM approved 35 per cent cash dividend (Taka 3.50 per share) for the company`s shareholders for the year 2018. The AGM was told that IDLC continued to be the frontrunner in the financial market, and displayed resilient performance in 2018, despite the challenging market conditions. At the end of 2018, the IDLC Group’s total loan book increased by 17.39% reaching BDT 83.93bn, while NPLs reduced to 2.20% (2018) from 2.77% (2017), reflecting an improvement in portfolio quality. This succeeded in strengthening the Total Asset size by 14.09% to BDT 109.17 bn, which contributed to a 5 year Cumulative Average Growth Rate (CAGR) of 16.70%. Even the 5 year CAGR of the Group’s Net Profit after Tax stood tall at 26.53% at the yearend, despite the decline in profitability experienced by the subsidiaries (IDLC SL, IDLCL IL and IDLC AML) during 2018.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/idlc-approves-35pc-cash-dividend-1553961086

Coppertech subscription opens today

The initial public offering (IPO) subscription of Coppertech Industries opens today (Sunday). The company will raise a fund worth Tk 200 million from the capital market under the fixed price method. The subscription for shares of the Coppertech by the eligible investors through electronic subscription system will be continued until April 09. The securities regulator — Bangladesh Securities and Exchange Commission (BSEC) — approved the IPO proposal of the company 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 at an issue price of Tk 10 each. A market lot consists of 500 shares and an investor needs Tk 5,000 to apply for each lot of the company’s IPO shares. According to the Dhaka Stock Exchange (DSE), for non-resident Bangladeshi (NRB) and foreign applicants, the required amount (per lot) for subscription is US$ 59.92 or GBP 45.40 or EUR 53:00. The company will utilise the IPO proceeds for plant & machinery with installation (32.50 per cent), bank loan repayment (32.50 per cent), building and other civil works (27.50 per cent) and IPO expenses (7.50 per cent).

Source: http://today.thefinancialexpress.com.bd/stock-corporate/coppertech-subscription-opens-today-1553960986

Esquire Knit makes debut in first week of April

Esquire Knit Composite Limited is set to make its share trading debut in the first week of April on the bourses under ‘N’ category. According to Central Depository Bangladesh Limited (CDBL), the company’s initial public offering (IPO) shares has been credited into respective beneficiary owner (BO) accounts on March 07. Despite the company’s IPO shares were credited into respective BO accounts in the first week of this month, the trading debut was delayed due to sluggish market trend, said a DSE official, seeking anonymity. DSEX, the prime index of the Dhaka Stock Exchange (DSE), eroded 218 points or 3.80 per cent during March amid thin participation of investors. Esquire Knit Composite, which received IPO approval from the securities regulator on September 26, 2018, raised a total capital worth Tk 1.50 billion through issuing 34.89 million ordinary shares under the book-building method. The IPO subscription period for the company, a business unit of the Esquire Group, was held between January 06 and January 20, 2019.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/esquire-knit-makes-debut-in-first-week-of-april-1553961206

MTB opens Agent Banking Centre at Gaibandha’s Saghata

The Mutual Trust Bank Limited (MTB) recently opened its Agent Banking Centre at Ullabazar of Varotkhali under Saghata in Gaibandha. Jatiya Sangsad Deputy Speaker Advocate Md. Fazle Rabbi Miah inaugurated the centre at a formal ceremony. Group Chief Communications Officer Azam Khan of MTB along with the officials of nearby MTB branches, local elite, leaders of local business associations, people from different strata of life and other senior officials of the bank also attended the programme.

Source: http://today.thefinancialexpress.com.bd/trade-market/mtb-opens-agent-banking-centre-at-gaibandhas-saghata-1553960401

1st National Industrial Fair kicks off today

The 1st National Industrial Fair-2019 begins in the city today (Sunday) aiming to showcase local products and expand its market globally. Some 300 entrepreneurs including small, medium, large, cottage and handicraft will take part in the seven-day exposition. Industries Minister Nurul Majid Mahmud Humayun disclosed it while speaking at a press conference held at the ministry’s conference room in the city on Saturday. Prime Minister Sheikh Hasina is scheduled to inaugurate the fair as the chief guest at Bangabandhu International Conference Centre (BICC). Jute products, agricultural processed food, leather goods, electrical and electronics, light engineering, IT and plastic and synthetic goods, handicraft, design and fashion wear will be put on display in the fair.

Source: http://today.thefinancialexpress.com.bd/trade-market/1st-natl-industrial-fair-kicks-off-today-1553960094

ONE Bank organized scholarship distribution ceremony

ONE Bank Limited arranged a scholarship distribution ceremony for the financially insecured but meritorious students of various educational institutions of Dhaka and sub-urbs of Dhaka recently at Officers’ Club, Dhaka. Sayeed H. Chowdhury, Chairman of the Board of Directors of ONE Bank Limited distributed the scholarships among the recipients. M Fakhrul Alam, Managing Director was present.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/one-bank-scholarship-distribution-ceremony-1553961181

StanChart honours 12 Business Icons

Standard Chartered yesterday honoured 12 companies for their performance in external trade and felicitated three winners of the most recent national export trophy for their contribution to the country’s export growth. Introduced last year, the Standard Chartered Bangladesh Trade Awards celebrates the bank’s relationship with clients who have been key enablers in its commitment to support growth of trade and commerce in the country. Ha-Meem Group, Youngone Corporation, Epic Group, Square Group and Pacific Jeans took home awards in the textile and garment segment. The other winners are: City Group, Meghna Group of Industries, TK Group, PHP Family, United Group, Unilever Bangladesh and Uttara Group of Industries. Noman Group, Akij Group and Pran Group, all of whom won gold in the national export trophy, were felicitated.

Source: https://www.thedailystar.net/business/news/stanchart-honours-12-business-icons-1722664

Suspected drug dealer killed in gunfight

An alleged drug dealer was killed in a gunfight between a drug gang and law enforcers near Habirchara union of Teknaf upazila in the early hours yesterday.

Source: https://www.thedailystar.net/backpage/news/drug-dealer-killed-gunfight-1722676

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
Nikkei 22521,205.81↑172.05↑0.82%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 60.14↑0.84↑1.42%
Crude Oil (Brent) $ 67.58↑0.48↑0.72%
Gold Spot$1,292.38↑1.96↑0.15%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 83.2910
GBP 1BDT 100.4720
EUR 1BDT 93.4200
INR 1BDT 1.1972





Dear Valued Patrons,

At the very onset, let me express my heartiest gratitude for allowing us to serve you and I also wanted to reach out to you directly with an assurance that Dhaka Bank is fully equipped to support you during this difficult time.

Last couple of weeks ago we all were living in a peaceful condition, performing our daily tasks freely and perfectly. Entire economy and business environment was also in a good shape, until COVID-19 put a forceful stoppage to the overall life style and economy of the world. We all know that social distancing and cleanliness are the keys to prevent this pandemic. Hence, we urge your conscious effort to limiting public interaction and suspending wherever possible.

In this current situation, Dhaka Bank and its employees are beside you where we are fully online, either working from home or at our offices under a robust Business Continuity Plan (BCP) to serve you with limited branch banking and a full-fledged alternate delivery channel services.

Our state of the art Mobile App, Dhaka Bank GO (Click https://bit.ly/2WVfieu) and Internet Banking - Dhaka Bank Direct gives you the freedom of banking online anytime from anywhere. You can check the balance and transfer money to any designated Banks including any Dhaka Bank or bKash Account, make utility bill payments and mobile top-up through our Mobile App and Internet Banking Services. Our ATMs are also running efficiently with availability of sufficient cash for your convenience where you can make cash withdrawals whenever the need arises. Mentionable, the withdrawal of cash from any ATMs within Bangladesh with Dhaka Bank Debit Cards are absolutely free of charges up till April 30, 2020 (Dhaka Bank will bear the cost). Our corporate customers can also use our completely safe and secured online platform Dhaka Bank C-Solution for Payments, Inter Bank Fund Transfers, etc.

Moreover, to fulfill your urgent requirement, we have a limited no. of branches up and running by ensuring all kinds of precautionary and safety measures for you.

In case of extreme emergency and facing difficulties in conducting banking transactions, please let us know through our 24/7 Contact Center number 16474 (or, dial +8809678016474 for ISD/Overseas Calls). We are always with you to combat your difficulties.

As you know we are going through a critical phase and the situation is novel to all of us. We are getting lot of new information from various sources everyday about COVID-19 which will be shared at www.dhakabankltd.com.

Thank you for your trust and continued support to us. I firmly believe that jointly we will be able to combat this situation and win against all the odds.

Please stay home, stay safe and take care of yourself and family.

Best regards,

Emranul Huq
Managing Director & CEO
Dhaka Bank Limited