Demand for digital devices increases
The demand for digital needs among people has risen significantly in recent months as the coronavirus pandemic is fast turning society towards technologies to respond to this crisis. A vast majority of people under lockdown have willingly discarded many of their liberties. In the unusual circumstances, reliance on the internet for information and basic services rises. From shopping to financial services, entertainment or even healthcare advice, people are largely opting for digital technologies staying at home. And the result is obvious: companies depending or serving digital technologies are enjoying heyday even in this trying corona time. Banks are working on this issue. Alongside crisis, the pandemic is also creating innovations and making them innovative to serve.
PPE, face mask completely tax-free
The revenue authority has exempted all forms of tariffs and taxes on import of raw materials of personal protective equipment (PPE) and face masks to facilitate domestic manufacture the gears to fight the pandemic. The import benefit came a week after the National Board of Revenue exempted value-added tax on local manufacturing of PPE and surgical face mask in production, trading and supply stages until June 30. In its notification on May 14, the NBR also offered the zero-duty import benefit for raw materials of PPE, face masks until June 30. The benefit is effective already. The Directorate General of Drug Administration (DGDA) also recommended for the removal of import duty for ingredients of PPE and face masks to encourage domestic making. The ingredients of PPE and face masks had attracted up to 89 per cent total tax incidence. On March 22, the NBR withdrew import tariff on raw materials used in hand sanitisers, coronavirus testing kits and re-agents and on PPE in its bid to increase the supply of the materials to strengthen the capacity of the country to tackle the deadly disease.
BSCIC industrial estates producing 1,900 tonnes of rice per day
The mills at BSCIC industrial estates have been producing rice to ensure its smooth supply in the market during the coronavirus pandemic.There are a total of 76 industrial estates under BSCIC. Of them, 13 estates have been producing around 1,900 tonnes of rice daily to keep the supply chain of the staple unhindered and keep its prices stable in the market during Covid-19. Bangladesh Small and Cottage Industries Corporation (BSCIC) industrial estate in Pabna produces 600 tonnes of rice daily while Rajshahi 550 tonnes, Dinajpur 400 tonnes, Naogaon 120 tonnes, Khulna 103 tonnes, Kurigram 27 tonnes, Cox’s Bazar 25 tonnes, Jamalpur 23 tonnes, Gaibandha 20 tonnes, Sherpur 18 tonnes, Rajbari 9 tonnes, Gopalganj 3 tonnes and Bagerhat 2 tonnes. A high official of Khulna BSCIC told the FE that they have also been producing different varieties of rice that are being supplied to Satkhira, Bagerhat, Jashore, Khulna and other 30 districts in the south and south west zone of the country.
BRAC Bank donates 1,000 face shields for DMP
BRAC Bank has donated 1,000 pieces of imported face shields to Dhaka Metropolitan Police (DMP). The contribution came on to help DMP ensure the safety of police personnel, who are working at field level to prevent COVID-19 outbreak in the country. BRAC Bank’s Head of General Services and Procurement Brigadier General Tushar Kanti Chakma (Retd.) and Head of Safety and Security Arif Chowdhury handed over the CE certified face shields at DMP headquarters recently.
Deposit mobilisation now our top priority: NCC Bank MD
NCC Bank has planned to expedite deposit mobilisation particularly core or retail one aiming to improve financial health further through reducing its cost of fund, the bank’s top executive has said. The cost of fund rose to 8.78 per cent in 2019 from 8.66 per cent a year before. It was 7.83 per cent in the year of 2017. The deposit of the NCC Bank grew by more than 77 per cent to Tk 200.02 billion in 2019 from Tk 112.72 billion in 2015. It was Tk 191.34 billion in 2018. As part of the automation plan, the bank will set up initially 100 modern ATM (automated teller machine) in different locations across the country with recycler i.e. money depositing facility. Currently, the NCC Bank is providing services to the clients through 125 ATM booths across the country. The NCC Bank takes the privilege of serving the nation as a progressive and socially responsible financial institution by bringing credit and commerce together for increased shareholders value with ensuring sustainable growth since its inspection on, according to the CEO.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↑ 60.08||↑ 0.25 %|
|FTSE100||5799.77||↑ 58.23||↑ 1.01 %|
|Nikkei 225||20037.47||↑ 122.69||↑ 0.62 %|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 29.43||↑ 1.87||↑ 6.79 %|
|Crude Oil (Brent)||$ 32.50||↑ 1.37||↑ 4.40 %|
|Gold Spot||$ 1743.67||↑ 13.37||↑ 0.77 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.3343|
|GBP 1||BDT 100.809|
|EUR 1||BDT 90.1235|
|INR 1||BDT 1.10573|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<