Footwear retailers eye Tk 3,000cr sales this Eid
Footwear manufacturers and retailers are looking to rake in Tk 3,000 crore in sales this Eid-ul-Fitr as sandals and shoes are high on the shopping lists of customers from all walks of life. According to Nasir Khan, MD of Jennys Shoes Ltd., all brands are witnessing a happy Ramadan as sales have increased. Renowned brands such as Apex, Jennys, Bata, Bay, Zeils and Leatherex as well as imported footwear, especially non-branded Chinese products have been found to be high in demand for their lower prices and pretty look. As per Mr. Khan, a third of the total annual sales of all branded and non-branded footwear is sold ahead of Eid-ul-Fitr. Local sales fetched Tk 10,000 crore to Tk 12,000 crore in 2018.
Govt to allocate Tk 10,000cr as subsidy for LNG imports
The government is likely to allocate Tk 10,000 crore in the budget for the next fiscal year (2019-20) for subsidising the imports of liquefied natural gas. According to the official, LNG became the new item of the subsidy basket under the budget. Against the shortage of local gas output, state-owned Petrobangla and local private group Summit are importing LNG, which is being supplied as gas to the end customers at the government-set price. Finance ministry officials said that the government had released Tk 2,500 crore as subsidy against the LNG imports in the outgoing fiscal year (2018-19). As the government-set price of LNG is lower than the import prices, the importers need subsidy to recoup the import costs, said a general manager of Rupantarita Prakritik Gas Company Limited.
BB moves to regulate banks’ non-listed investment
The Bangladesh Bank recently issued a guideline to regulate banks’ investment in non-listed securities with a view to keeping their risks at a tolerable level. Non-listed securities include non-listed equity share, non-convertible bond, debenture, open-ended mutual fund, and non-convertible cumulative preference share. The move from the Central Bank came after it separated banks’ investment in the non-listed securities from their exposure to the stock market. In case of non-listed equity share, banks’ investment must be less than 5 percent of their paid-up capital, share premium, statutory reserve, and retained earnings. The investment of a bank must be lower than 10 percent of the non-listed company’s paid-up capital too. The price of shares of non-listed companies, including premium should not be higher than 110 percent of its net asset value. In case of investment in preference shares, it should be non-convertible cumulative and would be included in the banks’ single borrower exposure limit.
Mercantile Bank puts thrust on SME, agent banking
Mercantile Bank Limited has taken a number of steps to broaden its activities in the areas of SME, IT-based banking and agent banking. According to Md. Quamrul Islam Chowdhury, MD & CEO of Mercantile Bank Limited (MBL), developing the small and medium enterprises (SME), flourishing the modern IT-based banking and opening agent banking services are our new targets, which in turn will broaden the financial inclusion. MBL will complete 20 years of operation on June 2 next. He also added, they have disbursed Tk 30.25 billion among 9,400 SME clients till December 31, 2018 and it will be enhanced in near future to help propel the SME businesses across the country.
MoI to train farmers on mechanisation
The Ministry of Industries (MoI) decided on Sunday to provide training to the farmers on agriculture mechanisation for increasing productivity. Under the move, the National Productivity Organisation (NPO) of the MOI will provide training to the farmers. The decision to train the farmers was taken at the 13th meeting of the National Productivity Council (NPC) at the conference room of the MoI in the city, with Industries Minister Nurul Majid Mahmud Humayun in the chair. Industries secretary Md Abdul Halim was present. The training would help tackle the shortage of labour in the sector while the people’s/ farmers inclination to the technological excellence will increase. It would also help ensure products’ diversification in a planned way following the commercialisaiton of traditional agriculutre system.
Habibur Rahman joins as UCBL DMD
Habibur Rahman has joined United Commercial Bank (UCB) as deputy managing director recently. Prior to his joining UCB, he was senior executive vice president at the Corporate Banking division of Eastern Bank. Mr. Habibur worked in different financial institutions like Bank Indosuez, ANZ Grindlays, Standard Chartered, Toronto Dominion (TD), HSBC, City and EBL.
CMCCI elects new leaders
Alhaj Khalilur Rahman has been re-elected President of the Chattogram Metropolitan Chamber of Commerce and Industry (CMCCI) for the next two years. Swakat Ali Chowdhury has been re-elected the first Vice-President while Saiful Alam Masud, A M Mahabub Chowdhury, Mohammed Abdus Salam, M A Malek and Jashim Uddin Chowdhury have been re-elected Vice Presidents for 2019-2021.
Uttara Bank gets new DMDs
Md Ashraf-uz-Zaman and Md Abul Hashem have been appointed as deputy managing director of Uttara Bank. Previously, Ashraf was executive general manager of the Bank. Ashraf started his Banking career with Uttara Bank in 1988 as a probationary officer. Mr. Ashraf obtained his master’s degree with honours in political science from the Rajshahi University in 1982. Mr. Hashem was executive general manager of the bank before the new appointment.
ICB, Popular Life ink trust deed
Investment Corporation of Bangladesh (ICB) and Popular Life Insurance Company Limited has signed a trust deed of new open-end fund named ‘Capitec Popular Life Unit Fund’. The companies have taken this initiative with the aim of accelerating the mutual fund industry and capital market of Bangladesh.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|DJIA||25,585.69|| ↑95.22|| ↑0.37%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 58.59||↓0.04||↓0.07%|
|Crude Oil (Brent)|| $ 68.88||↑0.19||↑0.28%|
|Gold Spot|| $1,286.99||↑2.06||↑0.16%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.6253|
|GBP 1||BDT 105.0260|
|EUR 1||BDT 92.5539|
|INR 1||BDT 1.1895|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<