Motorcycle manufacturers seek financial support worth Tk 20.6b

Two associations of motorcycle assemblers and manufacturers have sought a financial support worth Tk 20.6 billion from the government to help protect the motorcycle industry. They have sought the support from the fund worth Tk 777.50 billion recently announced by the government under a stimulus package as the automobile companies are reeling from the shock of Covid-19. The manufacturers said the onslaught began at the end of March and is prevailing still now following the prolonged lock down. The manufacturers and assemblers have predicted a loss of Tk 6.0 billion from the sales of motorcycles during one month closure amid public holiday. The allocations of the proposed package includes: an amount of Tk 600 million with 2.0 per cent service charge to pay salary and wages and an amount of Tk 20 billion to support the working capital at a subsidized interest rate of 4.0 per cent. Of the listed companies, Aftab Automobile reported its revenue of above Tk 537.77 million for October-December, 2019 against above Tk 708.14 million reported for same period of the previous year. The company’s net operating cash flow was also negative (Tk 0.47) for July-December, 2019 against Tk 0.15 for July-December, 2018. The consolidated EPS of IFAD Autos declined to Tk 0.96 for October-December, 2019 from Tk 1.61 for same period of the previous year.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/motorcycle-manufacturers-seek-financial-support-worth-tk-206b-1589037759

Bangladesh-India freight train service resumes

Bangladesh Railway (BR) has started freight train service to bring in essential goods from India amid a slowdown in road-based transportation due to the coronavirus pandemic. Railway officials said the first train carrying 1,000 tonnes of onion left Gede at 04:25pm and crossed the Darshana-Gedeborder at 5:20 pm on Saturday. Though freight service from Chattogram Port is operated well, the rest of goods carrying services are not getting good response from traders and businessmen.

Source: https://today.thefinancialexpress.com.bd/trade-market/bangladesh-india-freight-train-service-resumes-1589038552

Turkey bans three int’l banks

Turkey has banned three major international banks – BNP Paribas, Citibank and UBS – from performing foreign exchange transactions with Turkish Lira. During the closed-door online meeting, Albayrak attempted to convince international investors that Turkey’s reserves are sufficient and said the country has been holding swap line talks with its G20 peers.

Source: https://today.thefinancialexpress.com.bd/trade-market/turkey-bans-three-intl-banks-1589038640