BCIC to get Tk 48b counter-guarantee
According to official, the government is set to extend counter-guarantees worth Tk 48 billion for the Bangladesh Chemical Industries Corporation (BCIC).The measure will facilitate uninterrupted imports of fertiliser for the country’s agriculture sector.The BCIC recently wrote to industries ministry seeking extension of the tenure of counter-guarantees, issued in favour of five state-owned banks (SoBs), by one year to June 30, 2020. According to the BCIC, the tenure of counter-guarantees expired on June 30 this year. Industries ministry later forwarded the letter to finance ministry to continue fertiliser imports smoothly. A senior BCIC official said it is not possible for banks to open letters of credit (LCs) to import urea for fiscal year (FY) 2018-19. Fertiliser imports would get hampered if the government does not issue counter-guarantees to the SoBs.
Core index exceeds 5,300-mark again
Dhaka stocks surged more than 2.0 per cent on Sunday as investors reacted positively to the Bangladesh Bank’s market supportive measures. DSEX, the prime index of the Dhaka Stock Exchange (DSE), soared nearly 105 points or 2.01 per cent to settle at 5,335. According to the market analysts, the Central Bank’s market supportive measures which widened the Banks’ scope to invest in the stock market, created hype among investors. The Bangladesh Bank (BB) issued a circular on Thursday for exempting banks’ investments in non-listed companies from capital market exposure, a move that can give banks plenty of room for fresh investments in the stock market.
MFS limits jacked up
The Bangladesh Bank yesterday raised the transaction ceiling for mobile financial service following requests from industry players with a view to promoting the alternate payment platform. The move comes two and a half years after it had lowered the ceiling on the ground that the facility was being abused by vested quarters. From now on, a maximum of Tk 30,000 can be deposited into an MFS account in a day, up from existing Tk 15,000. The monthly transaction ceiling has been doubled to Tk 2 lakh.
BGMEA to set up RSC for better monitoring
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has planned to establish a ‘RMG Sustainability Council (RSC) to ensure the full and independent national compliance monitoring system in Bangladesh. The RSC will be governed by BGMEA, Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), brands, and workers’ representatives. The RSC will take over the structure, operation and resources of Accord as it phases out from Bangladesh in the 281 days of signing of the current memorandum of understanding (MoU).
BASIS seeks Tk 5.0b allocation in next budget for TA projects
ICT Businesses urged the government to allocate Tk 5.0 billion for Technical Assistance (TA) projects and Tk 2.0 billion as ICT development fund in the national budget for the fiscal year 2019-20. A delegation of Bangladesh Association of Software and Information Services (BASIS) and other Business leaders placed the pre-budget proposal to Finance Minister A H M Mustafa Kamal at a meeting at the Economic Relations Division. BASIS urged the minister to allocate the fund for the TA projects in the next budget to enhance the capacity of the local industry.
New FBCCI Board of Director takes charge
New board of directors of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) took charge officially on Sunday. Board of the country’s apex trade body, elected for 2019-2021 tenure, took over the charge at a function held at the FBCCI Bhaban.
Runner Automobiles makes debut tomorrow
Runner Automobiles Ltd will make its share trading debut tomorrow (Tuesday) on the bourses under ‘N’ category. According to a DSE official, despite the company’s IPO shares were credited into respective BO accounts on March 25, trading was delayed due to sluggish market trend. Runner Automobiles, a flagship company of Runner Group, raised a fund worth Tk 1.0 billion by floating 13.93 million shares from the capital market under the book-building method.
Oikko: New SME outlet opens
Oikko, the first sales and digital experience outlet for SME products has opened recently. Country’s 90 million SME entrepreneurs will be benefitted by this outlet. Oikko is working on the development of SME entrepreneurs and various development activities of this sector. Oikko has developed the biggest online market of SME entrepreneurs as OIkko.com.bd.
Standard Bank, Eurotex Knitwear sign deal
Standard Bank Ltd. and Eurotex Knitwear Limited have signed an agreement for specialised services of Retail Banking named “Employee Savings Account Services” recently at SBL Head Office, Dhaka. Under this agreement, around four thousand employees of Eurotex Knitwear Limited will get their salaries through the benefit-rich savings account of SBL.
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