Govt injects State own Banks another Tk 1,500cr
State banks can keep on expecting to be coddled despite their continued financial irregularities and irresponsible lending practices, with the government looking to inject Tk 1,500 crore in the upcoming fiscal year to help the lenders meet their capital shortfall. In the last 17 years, the government has injected a total Tk 20,584 crore of the taxpayers’ money into the state-run banks — without any tangible improvement in their governance and lending practices to show for. According to the Khandker Ibrahim Khaled, A former Deputy Governor of the Central Bank, this should be stopped and the aim of the state-run commercial Banks is to provide funds to the government from their profits and the government will spend the money for welfare activities but these Banks are being given money to meet their capital shortfall, which defeats the purpose of their existence.
66pc workers are women in eight EPZs
Female workers are playing a vital role to accelerate the economic activities in the Industries in country’s eight Export Processing Zones (EPZs) with around 66 per cent participation in production. According to BEPZA General Manager Nazma Binte Alamgir, Bangladesh Export Processing Zones Authority (BEPZA) has set a milestone in women empowerment. A large number of female workers are working in the EPZs. Among the total 516,588 workers in EPZs, around 66 per cent are women. Every year an increasing number of women are joining the productive workforce of EPZs. Women from the backward areas are gradually progressing their positions in the EPZs as team leaders. Before being employed in EPZ, they were considered burden of their families and they had no participation in decision-making.
Brac Bank to train women entrepreneurs
Brac Bank has recently announced organising a Women Business Owners’ Training Programme developing and enriching women entrepreneurs’ skills. Babson College, a US entrepreneurship college, and FMO, a Dutch financial investment firm, will aid the training. The training will be held at Brac Bank’s corporate head office in the capital’s Anik Tower on July 3, 4, 8 and 9 from 9:00am to 5:00pm. Women entrepreneurs having two years’ business experience with entrepreneurial spirit, enthusiasm and persistence are eligible to apply. The application has to be submitted by July 10 at www.bracbank.com/TARA. The participants will receive a formal recognition and achievement certificate from Brac Bank Chairman Fazle Hasan Abed, CEO Selim RF Hussain and senior representatives from FMO and Babson College on the last day.
DSEX exceeds 5,300-mark
Stocks ended higher Tuesday, after remaining flat in the past four sessions, as investors showed their buying spree amid post-Eid expectation. According to Market Analyst, investors showed buying appetite on Banking, telecommunication, food and pharmaceuticals sectors’ shares as pre-Eid sale pressure eased. Only two trading sessions are left before nine-day Eid vacation. Trading and official activities will remain closed from May 31 to June 8, including weekly and special holidays. The market opened on optimistic note and the upward trend continued until end of the session with no sign of reversal. DSEX, the prime index of the Dhaka Stock Exchange (DSE), crossed the 5,300-mark after six sessions and settled at 5,328, gaining 75.21 points or 1.43 per cent.
Robi logs Tk 11.5cr profit in Q1
Robi started the year with a positive note and logged Tk 11.5 crore profit in the first quarter driven by data revenue growth. However, according to the new accounting practice of its parent Axiata Group, Robi made a loss of Tk 24.6 crore in the quarter. Axiata implemented the IFRS 16, an International Financial Reporting Standard promulgated by the International Accounting Standards Board in January. After recovering from the losses since its merger with Airtel and intense competition in the last couple of years, Robi has now turned into a profitable venture. Robi credited its cost optimisation initiatives and strong data and value-added service revenue growth for the turnaround.
New Independent Director of Berger
Parveen Mahmud has been appointed independent director and the audit committee member of Berger Paints Bangladesh. She has worked as the first woman president of the Institute of Chartered Accountant and council member for three years.
IPDC, BSRM jointly offer discounts
BSRM and IPDC Finance have entered into an agreement, the former to offer discounts on products and the latter on interest on its Bhalo Basha home loan, all marking Eid-ul-Fitr. Aameir Alihussain, Managing Director of the steel manufacturer, and Mominul Islam, Managing Director and CEO of the non-bank financial institution, signed the memorandum of understanding.
BRAC Bank organises training in city
BRAC Bank Limited, a leading Private Commercial Bank of Bangladesh, organised a training on “Excel your career with BRAC Bank” for its best performing relationship officers of SME Banking Division in the city recently. The objective of the training, held at the BRAC Bank Head Office, was to enhance the knowledge about product and credit among the officials.
ONE Bank signs agreement with GD Assist
ONE Bank Limited has recently signed an agreement with GD Assist, a subsidiary of Green Delta Insurance, for launching an International Co-branded Prepaid Medical Card aiming at the health tourism market of Bangladesh. Under the agreement, an international prepaid medical card will be launched in collaboration of two organisations, which would let the card holders to load money into the card and use it for their treatment in abroad.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|DJIA||25,347.77|| ↓237.92|| ↓0.93%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 58.78||↓0.36||↓0.61%|
|Crude Oil (Brent)|| $ 69.89||↓0.22||↓0.31%|
|Gold Spot|| $1,279.40||↑0.07||↑0.01%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.6888|
|GBP 1||BDT 104.7420|
|EUR 1||BDT 92.4376|
|INR 1||BDT 1.1868|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<