BB to issue new guideline soon: Mustafa Kamal
According to the Finance Minister Mustafa Kamal, the new guideline on restructuring of bad loans would be issued by the Bangladesh Bank soon. It will be issued before the placement of budget for the next financial year on June 13. The government has prepared the new guideline amid criticisms that it would offer restructuring of bad loan on further relaxed conditions and would be misused by wilful and large loan defaulters. Mustafa Kamal had earlier said that the new loan restructuring guideline with the provision of 9 per cent interest against the current 11-12 per cent would come into effect from May 1.
New ADP to be 21pc bigger
The government is set to fix the size of the development budget at Tk 202,721 crore for 2019-20, up 21.39 percent from the current fiscal year, as it looks to mobilise a higher amount of foreign aid piled up in the pipeline. As of November last year, the amount of foreign aid in the pipeline stood at $48.75 billion. The draft proposal was adopted at an inter-ministerial meeting chaired by Planning Minister MA Mannan at the Planning Ministry. As per Mr. Mannan, they will place the draft of the annual development programme at the National Economic Council (NEC) meeting next week for its final approval.
Saudi Investment Group keen to invest in Bangladesh ports
Saudi port operator and investment group – Red Sea Gateway Terminal (RSGT) – has expressed willingness to invest in Chattogram, Mongla and Payra ports and terminal sector in Bangladesh. According to the investment interest came when RSGT associate director Hassan Al Tahat met State Minister for Shipping Khalid Mahmud Chowdhury. Minister added, the Saudi investment in Bangladesh’s port and terminal sector would become a milestone.
Pathao targets up to $50 million in fresh funds
As per the Senior Executive, Pathao, a Bangladeshi ride-hailing firm, is seeking to raise up to $50 million in its latest funding round to add more services such as payments and expand its food delivery business. The Indonesia’s Go-Jek-backed Bangladeshi start-up, which was established in 2015 as an e-commerce logistics provider, has since expanded into food delivery and ride-hailing for motorbikes and cars. According to the Pathao’s Chief Operating Officer, Pradeep Grewal, they are looking to raise around $40-$50 million.
BRAC Bank, Energypac Fashions sign deal
BRAC Bank Limited and Energypac Fashions Ltd have signed an Employee Banking Agreement. Energypac Fashions Ltd, a leading technologically advanced RMG Company in Bangladesh, is one of our largest corporate clients of the bank. Under this agreement, employees of Energypac Fashions Ltd. will enjoy exclusive Employee Banking Service of BRAC Bank.
Next budget to be more people-friendly
According to the Finance Minister AHM Mustafa Kamal, the next budget for fiscal 2019-20 would be more people-friendly and ensure smooth implementation of development projects. The Minister also added, the budget will be for all people. We will give the budget for development of all people.
BSRM – Uttaran Water Project in Shatkhira
BSRM and its NGO partner Uttaran have agreed to set up a submersible pipeline water supply project in Khanpur, Tala, Shatkhira. The capacity of the water reservoir will be 50,000 litre, 500 HHs and 3,700 family members will be benefitted. The project is expected to be completed by December 2019. Mr. Shahidul Islam of Uttaran, Mr. Kazi Anwar Ahmed and Ruhi M. Ahmed of BSRM group signed the JV agreement in Dhaka recently.
IOM to implement PACE programme for migrants
The Gap Inc, a global apparel retailer, and the International Organisation for Migration (IOM) have recently signed an agreement that will enable the UN agency to implement the company’s innovative Personal Advancement and Career Enhancement (PACE) curriculum modules in Bangladesh. The PACE curriculum will provide foundational life skills, technical training and education, including courses on communication, problem-solving, decision-making, time and stress management and financial literacy.
GP launches healthcare services in eight centres
Grameenphone has recently launched healthcare services in eight Grameenphone Centres in Dhaka and Chattogram. The service outlets, named Tonic Booth, are available in six GPCs at Gulshan, Mirpur, Dhanmondi, Motijheel, Farmgate and the head office in Dhaka.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|Nikkei 225|| 21,376.02||↓226.57||↓1.05%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)|| $ 61.63||↓0.49||↓0.79%|
|Crude Oil (Brent)||$ 69.82||↓0.55||↓0.78%|
|Gold Spot|| $1,279.83|| ↓1.05||↓0.08%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.9175|
|GBP 1||BDT 108.0430|
|EUR 1||BDT 92.8492|
|INR 1||BDT 1.1885|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<