BSEC approves Tk 3.0b DBH Bond
The securities regulator has given consent for issuance non-convertible zero coupon bond Tk 3.0 billion of the Delta Brac Housing Finance Corporation (DBH). The approval came at a meeting of the Bangladesh Securities and Exchange Commission (BSEC) held recently presided over by its Chairman Prof. M Khairul Hossain. As per the BSEC approval, denomination of the fully redeemable, unsecured and unlisted non-convertible bond is Tk 1.0 million per unit with tenure up to five years. The bond will be issued to the institutional investors, insurance companies, corporate entities and other eligible investor thorough private placement within the range of interest from 7.0 per cent to 8.0 per cent per annum. The consent has been accorded subject to issuance of no objection certificate (NOC) from Bangladesh Bank and compliance with the relevant laws and regulatory requirements and also shall adherence to the conditions imposed by BSEC under section-2CC of the Securities and Exchange Ordinance, 1969.
Counter-guarantee against $300m ITFC loan soon
According to the official, the government is set to issue a counter-guarantee against an ITFC loan worth US$ 300 million to finance fuel oil import by Bangladesh Petroleum Corporation (BPC). As per BPC official, the loan will be taken from the International Islamic Trade Finance Corporation (ITFC) which requires a guarantee from the central bank and a counter-guarantee from the government. According to a finance ministry, they are going to issue a counter-guarantee soon in favour of Bangladesh Bank (BB) to facilitate BPC’s oil import and operations. In the third week of the last month, the state-run BPC in a letter requested the Energy and Mineral Resources Division (EMRD) to take necessary steps in this regard.
UCB to install 300 CRMs by year-end
In a trailblazing move, United Commercial Bank (UCB), a leading first generation private commercial bank has progressed fast to replace the traditional automated teller machines (ATMs) with cash recycler machines (CRM) that also allow cash to be credited in real time. A CRM accepts cash, counts the notes, authenticates them and credits the amount to the bank account in real time. Unlike an ATM that just allows cash withdrawal, a CRM accepts cash, counts the notes, authenticates them and credits the amount to the bank account in real time, reducing the manual labour for the service for banks. So far, UCB has installed 115 CRMs.
JCI Bangladesh, City Alo sign MoU
A memorandum of understanding was signed between JCI Bangladesh and City Alo at the City Alo Centre to work on women’s empowerment. JCI Bangladesh and City Alo will work together for different causes relating to women’s empowerment through organising advocacy workshops, trainings, seminars and other impactful activities. Mr. Irfan Islam, 2019 National President of JCI Bangladesh, on behalf of JCI Bangladesh and Mr. Arup Haider, Head of Retail Banking of the City bank Limited, signed the MOU. JCI Bangladesh has around 1000 members, 40 per cent of them are females.
BSEC drafts share short-selling rules
Bangladesh Securities and Exchange Commission has drafted rules for short sales of shares to legalise the issue at the country’s capital market with the aim of launching new products including derivatives and sukuk at the market. Short sales are a transaction in which the seller does not actually own the stock that is being sold but borrows it from the broker-dealer through which he or she is placing the sell order. The seller then has the obligation to buy back the stock at some point in the future. Short sales are not permitted in the country’s capital market as per the existing rules. BSEC has recently posted the rules on its web site seeking public opinions. According to the drafted rules, stockbrokers may only enter into the short sales of any eligible securities on behalf of clients, if the transaction is confirmed by the client in a format approved by the exchange and the stockbroker takes the responsibility for ensuring the timely delivery of the securities.
MNCs show mixed EPS trends in January-March
The listed multinational companies (MNCs) showed mixed performance in earnings for the January-March, 2019 compared to the same period in the previous year. Eight multinational companies, out of eleven listed with the country’s capital market, disclosed un-audited financial statements for January-March, 2019 period so far. Of them, earnings per share (EPS) of four companies rose between 4.64 per cent and 110 per cent while four companies EPS declined up to 61 per cent, according to statistics available with the Dhaka Stock Exchange. EPS is the portion of a company’s profit allocated to each outstanding share of common stock. In short, it serves as an indicator of a company’s profitability.
One Bank holds Regional Branch Conference
Chairman of the Board of Directors of ONE Bank Limited Sayeed H Chowdhury inaugurating the Regional Branches Conference-2019 of the bank at the Spectra Convention Centre in the city on Saturday in presence of the bank’s Executive Committee Chairman Zahur Ullah, Director Shawket Jaman and Managing Director M Fakhrul Alam
Apex relaunches e-commerce site
Apex has announced the relaunch of their brand new, refreshed e-commerce which boasts enhanced performance and features to provide the people of Bangladesh with access of Apex’s footwear, accessories and apparel collection from wherever they want at their own convenience.
BEA accords reception to Kholiquzzaman
Bangladesh Economic Association on Saturday accorded reception to Independence Award winning economist Qazi Kholiquzzaman Ahmad at the Engineers Institution Auditorium in the city. Chaired by BEA president Abul Barkat, Bangladesh Bank governor Fazle Kabir spoke on the occasion as chief guest while Kholiquzzaman and his wife Zaheda Ahmad and BEA general secretary Jamal Uddin Ahmed also spoke.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|Nikkei 225|| 22,258.73||↓48.85||↓0.22%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 61.94||↑0.13||↑0.21%|
|Crude Oil (Brent)||$ 70.85||↑0.10||↑0.14%|
|Gold Spot||$1,279.11|| ↑8.42||↑0.66%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.7699|
|GBP 1||BDT 108.9980|
|EUR 1||BDT 92.6742|
|INR 1||BDT 1.1939|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<