FRC to establish good governance in corporate sector
Financial Reporting Council (FRC) will help establish good governance in the corporate sector to sustain the economic progress of the country. FRC as a national regulatory body entrusted with the responsibilities of ensuring good governance in the corporate entities through proper financial reporting will be always with you in your endeavors towards our common objectives. The 7th convocation ceremony of Institute of Chartered Secretaries of Bangladesh (ICSB) held at a city hotel. Speakers at the function called upon the newly-qualified chartered secretaries to maintain the dignity, integrity and honesty in their professional life. They also advised them to become model for their successors, the best ambassadors of the institute in their respective professional careers in the country and abroad. They also suggested that the new chartered secretaries should remain confident in meeting uncertainties and challenges and face those with a positive attitude. Some 99 newly-qualified chartered secretaries have received certificates at the convocation as they completed the graduation successfully. This day is an opportunity for you to reflect both on the past and future. This event may well signal a very significant change of direction in your life.
Coastal belt holds wind power prospects
Bangladesh’s southern coastal belt offers potential for generating power through wind, according to a recently published study by the US Department of Energy’s National Renewable Energy Laboratory, raising hopes of meeting the government’s renewable energy goals. The government has targeted to generate 2,470 megawatts of electricity by 2021 through renewable sources, 1,153MW of which was supposed to have been achieved by this year. In reality, the government is nowhere near hitting that target. A study, carried out on behalf of the power division, found that coastal areas of Khulna, Barishal and Chattogram divisions have more than 6 metres per second (m/s) wind speed at 120-metre height, sufficient for generating electricity from wind turbines. For wind speeds of 5.75-7.75 m/s, there are more than 20,000 square kilometres of land with a gross wind potential of more than 30,000MW, said the report styled “Assessing the Wind Energy Potential in Bangladesh”. Although this estimate is not realistic when proper filters are applied to screen out undesirable land for wind development, it suggests that Bangladesh’s 10 percent renewable target by 2021 is achievable. only three wind turbines with 3MW of capacity have been in operation for the last couple of years in Feni and coastal Kutubdia. The wind turbine in Feni, with the blades’ centrepoint 50 metres above the ground, has so far generated 588,334 kilowatt hours of electricity since resuming operations in April 2014 after repairs. It cannot always supply the generated electricity to the national grid for various reasons. Since June 2016, 149,582kW of electricity was supplied by the wind turbines, according to Bangladesh Power Development Board (BPDB), which installed the turbines. Although this work is an important first step, other data inputs are needed to answer this question, including turbine selection and knowledge of the unsubsidised cost of wholesale power.
Dollar climbs toward 16-month high
The U.S. dollar rose toward a 16-month high against the euro on Friday after the U.S. Federal Reserve kept interest rates steady and reaffirmed its monetary tightening stance, setting up for a fourth interest rate hike this year in December. The greenback had fallen broadly following U.S. midterm elections on Tuesday on expectations that the outcome would make further fiscal stimulus measures unlikely. But the currency bounced back, and on Friday returned to outperforming most major currencies, underpinned by the robust U.S. economy and rising interest rates. The Fed is widely anticipated to raise interest rates in December, with traders’ expectations at 75.8 percent, compared to 71.1 percent a day earlier, according to CME Group’s FedWatch tool. Renewed strength in the dollar – which tends to be boosted by trade war tensions as it is considered a safe haven asset – is pushing the offshore Chinese yuan towards 7 per dollar and has seen the euro slip towards $1.13. In Japan, where interest rates are expected to stay extremely low, the yen is near a five-week low against the dollar, last at 113.84 yen, and has fallen 1.7 percent over the last 10 trading sessions. The dollar index, which tracks the currency against six major peers, traded as high as 96.916 on Friday, not far from a 16-month peak of 97.2 touched on Oct. 31. The euro last traded at $1.135, down 0.12 percent.
ICAB observes Int’l Accounting Day
The Institute of Chartered Accountants of Bangladesh (ICAB) on Saturday observed International Accounting Day 2018 in a festive mood. On the occasion, a rally was brought out from Hatirjheel that ended at CA Bhaban at Karwan Bazar in the city.
Dhaka Bank re-appoints MD
Mr. Syed Mahbubur Rahman has been re-appointed as the Managing Director & CEO of Dhaka Bank Limited. He has 30 years of experience in Banking Services and Credit related arena. Prior to joining DBL, he was the Managing Director & CEO of BRAC Bank Limited, said a statement. Mr. Rahman worked in various roles with some of the biggest names in the financial sector of Bangladesh such as IDLC Finance Limited, ANZ Grindlays Bank, Standard Chartered Bank, Citibank NA, Prime Bank Limited, etc. before moving to BRAC Bank Limited in 2008. He started his career in Saudi Bangladesh Agricultural & Industrial Investment Co. (SABINCO). In adding to this he also served as the Director for BRAC EPL Investments Ltd, BRAC EPL Stock Brokerage Ltd, BRAC Saajan Exchange Ltd, bKash Ltd, BRAC IT Services Ltd and IIDFC Securities Ltd. It is worth mentioning that Mr. Rahman is the Chairman of Association of Bankers, Bangladesh Limited (ABB). He is also the Trustee Member of Prothom Alo Foundation and Executive Board Member of International Chamber of Commerce (ICC) Bangladesh. Under his dynamic leadership as the CEO, Dhaka Bank received accolade from International Finance Corporation (IFC) as ‘Best Issuing Bank Partner for Climate Smart Trade 2017’. Mr. Rahman was also accorded with the prestigious ‘The Asian Banker Leadership Achievement Award’ for Bangladesh for the period 2011-2013.
Bank Asia opens first ever ‘RMG Digital Banking Booth’
Bank Asia installed the first ever ‘RMG Digital Banking Booth’, at Echotex Ltd, Gazipur on Saturday to serve the key craftswomen of country’s readymade garments workers. All the workers of Echotex factory will receive effortless banking facilities. There is no more need of taking leave to do banking or carry vulnerable cash money for the workers, ultimately saving time and expenses. Mr. A Rumee A Hossain, Chairman of the Executive committee of the board of Bank Asia Ltd inaugurated the ‘Echotex RMG Digital Banking Booth’ as the chief guest. Mr. Mohammad Bin Kashem, director of Echotex Ltd chaired the event.
Experts for popularising flood-tolerant paddy farming
Experts at a function in the district laid emphasis on the need for cultivating flood-tolerant paddy varieties in flood-prone areas aiming to increase paddy production in the country. The event was arranged for harvesting a short-duration variety, flood-tolerant BINA Dhan 11, on demonstration plot of farmer Mofizul Islam at village Chondimari in Aditmari upazila on Thursday afternoon. The Department of Agriculture Extension (DAE) and RDRS Bangladesh jointly organised the field day with support from the International Rice Research Institute (BRRI) under its Stress-Tolerant Rice for South Asia and Africa (IRRI-STRASA) project. The main objective of the event was to exhibit farming technology of BINA Dhan11 rice to popularise its cultivation among farmers. With IRRI-STRASA project assistance, five kg seed of flood-tolerant BRRI Dhan51, BRRI Dhan52, BINA Dhan7 and BINA Dhan11 rice were distributed among each of the 50 farmers of the upazila for expanding paddy cultivation during this Aman season.
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)||$ 60.19||↓0.48||↓0.79%|
|Crude Oil (Brent)||$ 70.18||↓0.47||↓0.67%|
|Gold Spot||$ 1,209.65||↓14.35||↓1.17%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.5726|
|GBP 1||BDT 108.4104|
|EUR 1||BDT 94.7379|
|INR 1||BDT 1.1528|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.