Merchandise exports witness 11.61pc growth
The country’s merchandise exports during the July-April of current fiscal (FY19) marked 11.61 per cent growth, according to official data released on Thursday. As per data by Export Promotion Bureau (EPB), merchandise export in FY19 stood at $33.93 billion which was $30.40 billion during the same period of the previous fiscal (FY18). The data also showed that export performance was 6.36 per cent higher than the target set for the ten-month period of this fiscal. The single month earnings in this year’s April grew by 2.69 per cent to $3.03 billion, which was $ 2.95 billion in the same month of 2018.
IPDC on a roll
When a majority of financial institutions are struggling with default loans and a lack of Corporate governance, IPDC Finance Ltd has achieved stellar success by rolling out a raft of successful Business models. According to the Mominul Islam, Managing Director of IPDC, the success story of IPDC is an example for the entire financial sector. IPDC’s journey was not smooth. When Mr. Islam joined IPDC as the head of operations in 2006, its classified loan stood at 37 percent. It did not have proper Corporate governance related model, risk management framework, technological module and dedicated loan recovery unit. Since then, the country’s first private sector financial institution has grown from strength to strength by improving the whole system.
VAT waiver for API producers
The list concerning tax exemptions granted by the National Board of Revenue (NBR) has grown a bit longer in the first week of the current month. The Board has issued an order allowing the import of raw materials and reagents for the production of active pharmaceutical ingredients (API) or the basic drug by the country’s Pharmaceutical Industries without paying the value added tax (VAT). The NBR’s move has fulfilled a long-standing demand of the drug companies wanting to be involved in API production. However, the Board has decided to be watchful. It has attached a few conditions to the facility of VAT waiver that, according to the order, would remain effective until December 2025.
BRAC Bank celebrates 2nd anniversary of ‘TARA’
BRAC Bank Limited has recently celebrated the second anniversary of the launch of its comprehensive Women’s Banking solutions ‘TARA’. Mr. Selim R. F. Hussain, Managing Director & CEO, BRAC Bank, and senior officials were present at the program to mark the occasion.
DSE to launch one-stop data exchange services
The Dhaka Stock Exchange has planned to launch a one-stop data exchange solution agency styled as Financial Data Exchange Platform for the regulators, stock exchanges and other core market institutions including brokerage houses, Commercial Banks, Asset Management Companies and market intermediaries. As per the official, the decision came following a proposal by a Chinese consortium comprising the Shenzhen Stock Exchange and the Shanghai Stock Exchange, DSE’s strategic partners. DSE official added, a software system that would provide a secure, reliable and fast channel for trading, flow of funds and information about various types of financial institution in Bangladesh.
Bank Asia holds workshop on Islamic Banking
Bank Asia recently organised a day-long workshop on Islamic Banking in its Corporate Office for Dhaka based 50 Heads of Branches.
Yamaha bikes to be built in BD from next year
Yamaha motorcycles will be manufactured in Bangladesh starting next year, a move which the initiators say will offer competitive prices to bikers. According to the FH Ansarey, Managing Director of ACI Motors, It will take up the rest of this year to set up the manufacturing operations and it is a joint initiative of ACI Limited and Yamaha Motor Corporation bringing the Japanese brand’s two-wheelers.
BIDA to set up lounge for Investors at Dhaka airport
Bangladesh Investment Development Authority (BIDA) is going to set up a lounge at Hazrat Shahjalal International Airport to facilitate Foreign Investors’ use of the airport and fast deliver related services. According to the Executive Chairman of BIDA, Kazi M Aminul Islam, they are going to float a tender on setting up the lounge and will be able to open its doors for the investors within three to four months.
BYLC honours six young leaders
Bangladesh Youth Leadership Center (BYLC), a leadership institute, has honoured six young leaders at a ceremony for their contributions to society. The BYLC handed over awards to the six leaders at its second alumni awards ceremony held on Friday at the Bangabandhu International Conference Center in the capital.
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