BD may get ‘competitive’ edge: BB assessment
The ongoing US-China trade tension may create a short-term “competitive advantage” for Bangladesh in both import and export sectors, according to an assessment of the Bangladesh Bank. But the central bank, in the quarterly assessment report published last week, made it clear the potential gain will depend on addressing infrastructural and financial issues. Bangladesh is likely to gain competitive advantage for this segment of export products. But it will depend on how Bangladesh addresses the issues such as infrastructural changes, competition from other countries, financing readiness, skilled labor shortage, and depreciation of the Chinese currency. About 7.0 per cent of the country’s total current exports are found identical to those of China that faced US tariff. China’s 6,831 export products worth US$ 250 billion are now under US tariff. Of these, 75 Bangladesh products are of the same HS code, which is valued at $ 2.27 billion. Some 33 per cent of the country’s total import items are identical to Chinese exports under US Tariff, which is 37 per cent in the case of similar products. The Trump administration has so far imposed tariff up to 10 per cent on the Chinese products, which may be increased to as high as 25 per cent by January 2019. The BB report said China’s strategy to maintain the market share through productivity gain cannot be ignored. For Bangladesh, productive capacity change may be somewhat difficult for the time being. But different alternative management may be possible, for example, increasing production shift, coordinating with small-manufacturers, etc.
NBR will honour 656 taxpayers
The National Board of Revenue (NBR) will honour some 656 taxpayers across the country as recognition of their payment of income tax for Fiscal Year (FY) 2017-18. Of them, some 141 taxpayers will receive tax cards under three categories at the national level while 370 taxpayers will get tax cards as top taxpayers and 145 as long-term taxpayers at the district level. The NBR has published a gazette, dated November 1, 2018, containing the names of the top taxpayers. Of the 141 national level tax-card holders, the NBR has selected about 76 individuals and 55 companies. Top taxpaying businessmen, lawyers, journalists, physicians, artists, singers, banks and non-banking financial institutions, leather and footwear industries, engineers, architects, accountants, players, telecommunications companies, food and beverage companies, energy, jute, spinning and textile, pharmaceuticals and chemical industries, real estate companies, readymade garments, firms, local authority will receive tax cards at the national level. Among the district-level highest taxpayers, Rupali Chowdhury of Berger Paints, Salahuddin Kasem Khan of AK Khan and Company Limited, Latifur Rahman of Transcom Group and Abdul Muktadir of Incepta Pharmaceuticals will receive the honour. Young taxpayers below 40 years and women taxpayers will also receive tax cards as highest taxpayers. This honour was given in different categories.
BMW brings plug-in hybrids
BMW yesterday launched three plug-in hybrid vehicles in Bangladesh. The BMW 530e, BMW 740Le xDrive and BMW X5 xDrive40e are characterised by a combination of an electric motor and a “highly efficient and sporty” engine. BMW has reached a milestone today in Bangladesh by offering customers a range of BMW iPerformance models with electrified drivetrains. BMW looks forward to providing our customers with the opportunity to better the environment while experiencing an entirely new dimension of pure driving pleasure with the power of electro-mobility. These iPerformance models can achieve “excellent fuel efficiency yet provide dynamic performance” and “high operating range” while combining an electric driving experience with functional excellence and everyday practicality. All iPerformance models come with five years of free service, parts, maintenance and repair.
Modhumoti Bank holds half-yearly agent banking biz conference
The Half Yearly Agent Banking Business Conference- 2018 of Modhumoti Bank Limited was held on Saturday at DCCI Auditorium & Business Lounge, said a statement. During the conference, all KPI’s up to June 2018 of Modhumoti Agent Banking were thoroughly discussed and the bank set a Strategic Business Plan for the rest time of the year 2018 to achieve the target. Modhumoti Bank took the initiative of Agent Banking through signing an agreement with the programme Access to Information (a2i) of Prime Minister’s Office, where the entrepreneurs of Union Digital Center (UDC) shall be the Agent of the Bank. Now Modhumoti Bank is providing banking services like Account Opening, Cash Deposit, Cash Withdrawal, Money Transfer, Balance Inquiry, Withdrawal of Foreign Remittance etc. under “Modhumoti Digital Banking” through 281 UDC Agent Points.
BRAC Bank, Pathao sign deal
BRAC Bank Limited and Pathao Limited have signed an agreement to finance motorbikes for rider. This is the first collaborative rider financing in the country involving a bank and a ride sharing company. Under the agreement, BRAC Bank will provide loans to Pathao riders. The easy access to financing will help Pathao increase its pool of bikers and provide more convenience to the commuters. The collaborative financing will also help generate employment especially among Bangladesh’s youth. Mr. Nazmur Rahim, Head of Retail Banking, and Mr. Hussain M. Elias, Chief Executive Officer, Pathao Limited, signed the agreement at a program at BRAC Bank Head Office recently.
IDLC awards first Finance Olympiad Champions
The final gala round of the first ever Finance Olympiad organised by non-banking financial institute IDLC Finance Limited was held at Krishibid Institution Bangladesh in the city recently. More than twenty thousand students registered and participated in the online finance Olympiad from 10 October to 25 October, 2018 at the end of which 50 deserving contestants were shortlisted for the offline round. Later 24 contestants competed for the champion’s title in two groups, in front of a live audience. Being part of the financial sector for over 33 years, we believe IDLC has a responsibility to impart knowledge and help enhance skills of the youth on financial literacy all across the nation. Against this backdrop we have organized this Olympiad for the students of school, college and university. The winners received laptops, mobile phone handsets, trophy, medals and certificates from IDLC Finance Limited.
Flower cultivation brings solvency to Bogura growers
Commercial cultivation of flower has helped grassroots farmers in the district attain financial solvency. A good number of growers across the district have been growing varieties of flowers around the year and making handsome profit. Shajahanpur, Sadar, Dupchanchia, Shibganj and Sherpur upazilas are well-known for growing varieties of flower. Farmers in the area produce over 10 varieties of flowers every season. Flower cultivation has brought a change in their life. The average earning in a season is around Tk 0.4 million.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 63.14||↓0.55||↓0.86%|
|Crude Oil (Brent)||$ 72.83||↓0.06||↓0.08%|
|Gold Spot||$ 1,232.89||↓0.54||↓0.04%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.8500|
|GBP 1||BDT 108.7536|
|EUR 1||BDT 95.4884|
|INR 1||BDT 1.1575|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.