EBL, IDCOL arrange syndication loan for Midland East Power
Eastern Bank Ltd. (EBL) and Infrastructure Development Company (IDCOL) as Joint Lead Arrangers have arranged USD 67.25 million, BDT 920 million and Working Capital Facility of BDT 4,165 million for the Midland East Power Limited at Ashuganj, Brahmanbaria. A joint venture of Viyellatex Group and Youth Group, the 150 MW HFO Power Plant has been in commercial operation since November, 2018.
US tariff on all China goods brightens Bangladesh RMG export prospect
The latest salvo of trade war between the United States and China with US preparing to slap tariffs on import of almost all products of the Asian country, has further brighten Bangladesh garment sector’s prospect to increase the market share in the US, said garment leaders and experts. In its year-long trade battles with China, the US has so far hiked tariffs on Chinese goods worth $200 billion but spared the consumer goods including garment which is also the major export item of Bangladesh to the US market. According to Ahsan H Mansur, Executive Director of Policy Research Institute, although this trade war [between the US and China] is not desirable, US orders for garment products will be diverted from China to Bangladesh and other countries.
Bangladesh seeks to forge strong economic ties with EEU
Bangladesh and the Eurasian Economic Commission (EEC) are set to sign an agreement on cooperation in 21 sectors to facilitate bilateral trade and economic development. According to the officials, Commerce Minister Tipu Munshi and a member of the EEC board will sign the deal in Moscow on May 31. The EEC is the executive body of the Eurasian Economic Union (EEU) comprising five member-countries — Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. The signing of the memorandum of understanding (MoU) will help build a bridge with these countries, enabling Bangladesh to get greater trade benefits. Formed in 2015, the EEU is a market of 183 million people and has a land area of 20 million square kilometres.
MTB signs agreement with Marie Stopes
Mutual Trust Bank Limited (MTB) has recently signed an agreement with Marie Stopes Bangladesh at MTB Centre, the bank’s Corporate Head Office in the capital, for Nationwide Bill Collection Services. Masrurul Islam, FCA, Country Director, Marie Stopes Bangladesh and Syed Rafiqul Haq, Deputy Managing Director & Chief Business Officer, Mutual Trust Bank Ltd (MTB) signed the agreement on behalf of their respective sides.
IDLC’s profit rises 1.4pc
IDLC Finance’s net profit after tax rose 1.42 percent year-on-year to Tk 55.8 crore in the first quarter of 2019. Its earnings per share hit Tk 1.48, up from Tk 1.46 in the same period the previous year. Arif Khan, CEO and managing director of IDLC Finance, shared the company’s earnings data for the first quarter of 2019. Mr. Khan also added, while being cautious given the current liquidity and interest rate scenario, we have maintained both our loan and deposit portfolios, with a 10 percent growth in non-bank deposits.
Safwan Choudhury, re-elected Bank Asia Vice-Chairman
Mohd Safwan Choudhury has been re-elected as vice-chairman of Bank Asia at the bank’s board of directors’ meeting recently. Mr. Safwan Choudhury is a former president of Sylhet Chamber of Commerce and Industry and former chairman of Bangladesh Tea Association,
10-day Jamdani fair to begin on Thursday
A 10-day ‘Jamdani Fair’ will begin on the premise Shilpakala Academy in the city on Thursday, aiming to promote the century-old tradition of weaving the fabric. Bangladesh Small and Cottage Industries Corporation (BSCIC) and Shilpakala Academy are jointly organising the fair. According to the official, there will be some 25 stalls in the fair which will remain open for visitors from 10am to 10pm everyday till May 25.
Marcel registers 203pc growth in AC sales
The local electronics manufacturer Marcel has registered about 203 per cent growth in the sales of its air conditioner in January-April period of 2019 against the sales of the corresponding period of the previous year. Marcel officials disclosed the growth at an ‘Achievement Celebration’ held at the company’s Corporate Office. According to Dr Md Shakhawat Hossen, head of Sales of Marcel, the release of latest technologies AC as well as the announcement of user-friendly offers are resulted in registering a sharp rise in their AC sales during the first four months of the current year. Marcel announced some user-friendly facilities for the customers of Marcel ACs including six months replacement guaranty, free installation and 10 years guaranty on the compressor of Inverter AC.
BRAC Bank, Bangladesh Honda Private Limited ink MoU
BRAC Bank Limited and Bangladesh Honda Private Limited (Honda), Manufacturer and Seller of Honda Motorcycle in Bangladesh, have recently entered into a partnership agreement for Motorcycle Financing. Yuichiro Ishii, Managing Director & CEO, Bangladesh Honda Private Limited, and Nazmur Rahim, Head of Retail Banking, BRAC Bank, signed the Memorandum of Understanding on behalf of their respective organisations at BRAC Bank head office.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|DJIA||25,532.05|| ↑207.06|| ↑0.82%|
|Nikkei 225|| 21,103.38||↑36.15||↑0.17%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)|| $ 61.45||↓0.33||↓0.53%|
|Crude Oil (Brent)||$ 71.11||↓0.13||↓0.18%|
|Gold Spot|| $1,296.22||↓0.70||↓0.05%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.8787|
|GBP 1||BDT 107.1880|
|EUR 1||BDT 93.0093|
|INR 1||BDT 1.1746|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<