Export to India soars 53pc to $1.07b
The country’s overall export to India reached US$1.07 billion during July-April period of the current fiscal (FY), 2018-19, marking a robust 53 per cent growth. According to the state-owned Export Promotion Bureau (EPB) data, Bangladesh earned $701.56 million during the corresponding period of last FY. The other non-traditional destinations where local export during the period under review witnessed double-digit growth included Japan $1.17 billion with 22.57 per cent growth, and China $709.06 million with 26.14 per cent growth. The EPB data showed, export to Australia rose 13.63 per cent and reached $688.89 million, Russia 12.83 per cent to $446.94 million, and Korea 48.05 per cent to $317.72 million.
Apparel export to US thrives on trade war
Apparel exports to the US, Bangladesh’s single largest export destination, jumped 15.57 percent to $1.63 billion in the first three months of the year, which the exporters and experts attributed to the ongoing trade war between the US and China. Apparel was not in the list of the items subjected to US President Donald Trump’s retaliatory 25 percent duty last year, but in the updated list that came out recently garment was included. According to MA Jabbar, MD of DBL Group, garment shipment from Bangladesh to the US has been increasing over the last few months because of shifting of work orders from China to Bangladesh and other garment manufacturing countries.
BSEC moves to enforce minimum shareholding provision soon
The securities regulator has taken an initiative to strictly enforce a provision that requires the sponsor-directors of the listed companies to hold a certain amount of shares. The Bangladesh Securities and Exchange Commission (BSEC) will also incorporate some new conditions into its notification regarding the minimum amount of shares to be held by the sponsor-directors. The BSEC will also amend the public issue rules soon to incorporate new provisions on capital raising issues
City Bank to issue Tk 3.0b zero coupon bonds
According to the officials, the Board of Directors of The City Bank Ltd has decided to raise Tk 3.0 billion through issuance of zero coupon bonds. The Bank will issue bonds to support its continuous Business growth subject to approval from the regulatory authorities— Bangladesh Bank (BB) and Bangladesh Securities and Exchange Commission (BSEC). Each share of the bank, which was listed on the Dhaka Stock Exchange (DSE) in 1986, closed at Tk 24.20 on Wednesday
IFIC Bank to issue rights shares, raise Paid-up Capital
According to the officials, the Board of Directors of IFIC Bank has decided to issue rights shares to raise paid-up capital and to meet future capital requirement. The rights issue is an offer of new shares by a company to its existing shareholders in proportion to the shares they already own and usually at a discount to market price. The board has decided to offer one rights share for existing one share with an issue price of Tk 10 per share.
Beximco launches DTH service Akash
Beximco’s direct-to-home (DTH) satellite service venture Akash is set to go on air on Sunday, with the company offering one-month free subscription to lure people in to the new way of watching TV. In DTH, TV channels are transmitted from the satellite to a small dish antenna mounted on the window or rooftop of the subscriber’s home. So, the broadcaster directly connects to the user, doing away with middlemen like local cable operators, who tend to offer channels of their preference. Not only is there a greater selection, the picture and sound quality is better for the DTH viewer since the signal is not split through a cable.
FBCCI President assumes office on May 19
Sheikh Fazle Fahim, the 24th President of FBCCI will assume the office on May 19. The newly-elected Board of Directors of Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), led by Sheikh Fazle Fahim will take charge at 12.00 noon on May 19. Apart from Sheikh Fazle Fahim, Senior Vice President Md. Muntakim Ashraf and six other Vice Presidents along with the Directors will assume the office at the ceremony. According to the FBCCI election rules, President of the apex trade body, this year has been elected from the Chamber Group.
Mercantile Bank inks deal with Provita Group
Mercantile Bank Limited recently signed an agreement with Provita Group regarding collection of funds from countrywide distributors of Provita Group through ‘MYCash’ Mobile financial services platform of Mercantile Bank Limited. The agreement was signed by Md. Rafiqul Hoque Bhuiyan, SEVP & Head of Mobile Banking Division of the Bank and Md. Nurun Nabi Bhuiyan, Chairman of Provita, on behalf of their respective organizations at Bank’s premises.
‘Drug peddler’ killed in ‘gunfight’
A suspected drug peddler was killed in a “gunfight” with police at Teknaf upazila in Cox’s Bazar on Friday night, hours after the law enforcers detained him from his home. The dead — Md Ibrahim, of Mistri Para area in the upazila — was a listed yaba dealer and had several cases filed against him, said Pradip Kumar Das, officer-in-charge of Teknaf Model Police Station.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|DJIA||25,764.00|| ↓98.68|| ↓0.38%|
|FTSE100|| 7,348.62|| ↓4.89||↓0.07%|
|Nikkei 225|| 21,250.09||↑187.11||↑0.89%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)|| $ 62.76||↓0.11||↓0.17%|
|Crude Oil (Brent)||$ 72.21||↓0.41||↓0.56%|
|Gold Spot|| $1,277.53||↓9.19||↓0.71%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.6429|
|GBP 1||BDT 105.0440|
|EUR 1||BDT 92.1866|
|INR 1||BDT 1.1714|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<