TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK


TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

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Rate last updated: 02/01/2014 11:15:04 AM

Important Business News Extracts November 13, 2019

FDI hits all time high

Foreign direct investment to Bangladesh surged 51 percent last fiscal year to its highest on record, riding largely on Japan Tobacco Inc’s acquisition of Akij Group’s tobacco business for $1.47 billion. In 2018-19, net FDI stood at $3.88 billion in contrast to $2.58 billion a year earlier, according to data from the central bank. Japan Tobacco, one of the largest tobacco companies in the world, completed the acquisition of Dhaka Tobacco, a concern of Akij Group, in November last year, in what was the biggest ever single FDI in Bangladesh. Mr. Mansur also said there is no ray of hope to widen the periphery of FDI in the next few years as Bangladesh is yet to become an investment destination for foreigners because of poor governance and low ranking in the World Bank’s Ease of Doing Business index. Bangladesh advanced eight notches to 168th out of 190 counties in this year’s ranking. The FDI posted a significant jump in equity capital, or new investment, climbing 94 percent year-on-year to $1.19 billion. Intra-company loans rose 87 percent to $1.33 billion and reinvestment of earnings by existing foreign companies grew 8.77 percent to $1.36 billion.

Source: https://www.thedailystar.net/business/news/fdi-hits-all-time-high-1826473

RMG exporters to go all out for fair prices

In a desperate move for better prices, Bangladeshi garment exporters are planning to hold rallies and human chains in major European cities to create awareness among the end consumers. The activist move comes after brands opposed the idea of fixing a base price for garment items. At present, as many as 39 percent of the garment manufacturers are selling garment items to buyers at prices lower than the production costs, according to a survey of the Fair Wear Foundation, an Amsterdam-based organisation that works to improve labour conditions in garment factories. The cost of production of apparel items increased 30 percent between 2014 and 2018, she said. Furthermore, the minimum wage of the garment workers has increased 51 percent since December last year. Between fiscal years 2015-16 and 2018-19, the industry’s value addition has gone down 1.61 percent though apparel exports have increased from $28.10 billion to $34.13 billion during the period. Almost 85 percent of the garment products from Bangladesh are headed to the EU and North America.

Source: https://www.thedailystar.net/business/news/rmg-exporters-go-all-out-fair-prices-1826470

NBR expects Tk 3,000cr from tax fair

The annual tax fair begins in all divisional headquarters tomorrow to help taxpayers submit returns and complete related formalities without any hassle. In the capital, the weeklong fair will take place at the Officers’ Club. The NBR will simultaneously organise the show for four days in all district towns and for two days in 48 upazilas and one day in eight upazilas between November 14 and November 20. This year will mark the 10th year for the tax fair, which is being organised to raise awareness on the necessity of paying tax for national development and encourage more people to start the practice in a country where the tax-to-GDP ratio is one of the lowest globally. Since its inception in 2010, the tax fair has gained popularity as it gives an opportunity to people to submit income tax returns within a short time and without visiting any tax offices. Last year, the fair fetched a record Tk 2,468 crore for the NBR, up 11 percent year-on-year. The collection grew 21 folds from Tk 113 crore in 2010. The number of tax returns submitted at the event rose nine times to 4.87 lakh in 2018 from 52,544 in 2010, according to the NBR. Bhuiyan expects that the gathering of taxpayers would continue to swell and enable the tax collector to generate Tk 3,000 crore from the show this year. The number of tax return submission will increase to nearly 30 lakh at the end of the current fiscal year, from nearly 22 lakh the previous year. The government has a target to raise the number of tax returns submission to one crore by 2021.

Source: https://www.thedailystar.net/business/news/nbr-expects-tk-3000cr-tax-fair-1826461

Alibaba’s Singles’ Day sales hit record $38b

Chinese shoppers set new records for spending during the annual “Singles’ Day” buying spree despite an economic slowdown and worries over the US trade war, with state media calling it a sign of China’s rising economic strength. E-commerce giant Alibaba said consumers spent $38.3 billion on its platforms on Monday during the world’s biggest 24-hour shopping event, up 26 percent from the previous all-time high mark set last year. The growth rate slowed slightly, however, from the 27 percent increase last year and 39 percent in 2017. Alibaba’s main domestic competitor JD.com, which holds an 11-day promotion ending at midnight on November 11, said early Tuesday it had handled sales over that stretch totalling $29.2 billion, which was up 30 percent. From the ‘world’s factory’ to the ‘world’s market’, a China that is continually moving towards high-quality development will unleash greater consumption potential in the future, allowing China’s dividends to benefit the whole world.” Singles’ Day, also called “11.11” for the November 11 date, was originally set as an unofficial day for unmarried Chinese. Consumers gave little indication of worry, charging out of the gate with $1 billion spent via Alibaba platforms in the first 68 seconds. US-listed Alibaba earlier this month said revenue growth in its most recent financial quarter slowed to 40 percent, from 54 percent in the same quarter last year.

Source: https://www.thedailystar.net/business/news/alibabas-singles-day-sales-hit-record-38b-1826524

E-Carnival begins at BRAC University

A two-day e-commerce fair began in the city’s BRAC University auditorium on Tuesday, aiming to promote budding entrepreneurs and create a matchmaking platform for the sellers and prospective buyers. The event titled ‘E-Carnival 4.0’ is the fourth edition of its kind organised by the BRAC University Business Club (BIZ BEE). 16 e-commerce businesses are taking part in the E-Carnival, showing and selling wide range of products including attires, beauty care, cosmetics, food items, gifts, ornaments and accessories. A good number of the entrepreneurs are either students or alumnus of the BRAC University (BU).

Source: https://today.thefinancialexpress.com.bd/trade-market/e-carnival-begins-at-brac-university-1573580371

Islami Bank opens Western Union services

Islami Bank Bangladesh Limited (IBBL) inaugurated Western Union’s remittance services through its branches at a city hotel recently, said a statement. Customers can remit money to IBBL from 0.55 million agent points of Western Union in more than 200 countries and regions of the world.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/islami-bank-opens-western-union-services-1573575878

FSIBL opens Non Fiction Book Fair at DU

First Security Islami Bank Ltd (FSIBL) sponsored the ‘5th Non Fiction Book Fair 2019’ inaugurated at the University of Dhaka on Tuesday. The 5th Non Fiction Book Fair 2019 was jointly organised by Banik Barta and Faculty of Business Studies, University of Dhaka. Prof. Dr. Akhtaruzzaman, Vice-Chancellor, Dhaka University inaugurated the fair.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/fsibl-opens-non-fiction-book-fair-at-du-1573575844

ERA-InfoTech celebrates 17th anniversary

ERA-InfoTech Limited, an IT concern of Bank Asia, celebrated its 17th anniversary recently, said a statement. Chairman A Rouf Chowdhury expressed his satisfaction over the rapid improvement of ERA and hope that it would go further in the days ahead. Mr. Mihir Kanti Majumder, Chairman of Palli Sanchay Bank, in his speech thanked ERA for the outstanding contribution on innovation, development and implementation of software automation of Amar Bari Amar Khamar project. He wished for the subsequent prosperity of ERA-InfoTech Ltd and pledged to go a long way together.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/era-infotech-celebrates-17th-anniv-1573575679

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DSEX4,781.47581↑ 9.55919↑ 0.20
FTSE1007,365.44↑ 36.90↑0.50%
Nikkei 22523,322.99↓197.02↓0.84%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 56.69↓ 0.11 ↓ 0.19%
Crude Oil (Brent) $ 61.92↓ 0.14 ↓ 0.23%
Gold Spot$ 1,459.26↑2.94↑ 0.20%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 83.1077
GBP 1BDT 106.778
EUR 1BDT 91.5899
INR 1BDT 1.16141





Dear Valued Patrons,

At the very onset, let me express my heartiest gratitude for allowing us to serve you and I also wanted to reach out to you directly with an assurance that Dhaka Bank is fully equipped to support you during this difficult time.

Last couple of weeks ago we all were living in a peaceful condition, performing our daily tasks freely and perfectly. Entire economy and business environment was also in a good shape, until COVID-19 put a forceful stoppage to the overall life style and economy of the world. We all know that social distancing and cleanliness are the keys to prevent this pandemic. Hence, we urge your conscious effort to limiting public interaction and suspending wherever possible.

In this current situation, Dhaka Bank and its employees are beside you where we are fully online, either working from home or at our offices under a robust Business Continuity Plan (BCP) to serve you with limited branch banking and a full-fledged alternate delivery channel services.

Our state of the art Mobile App, Dhaka Bank GO (Click https://bit.ly/2WVfieu) and Internet Banking - Dhaka Bank Direct gives you the freedom of banking online anytime from anywhere. You can check the balance and transfer money to any designated Banks including any Dhaka Bank or bKash Account, make utility bill payments and mobile top-up through our Mobile App and Internet Banking Services. Our ATMs are also running efficiently with availability of sufficient cash for your convenience where you can make cash withdrawals whenever the need arises. Mentionable, the withdrawal of cash from any ATMs within Bangladesh with Dhaka Bank Debit Cards are absolutely free of charges up till April 30, 2020 (Dhaka Bank will bear the cost). Our corporate customers can also use our completely safe and secured online platform Dhaka Bank C-Solution for Payments, Inter Bank Fund Transfers, etc.

Moreover, to fulfill your urgent requirement, we have a limited no. of branches up and running by ensuring all kinds of precautionary and safety measures for you.

In case of extreme emergency and facing difficulties in conducting banking transactions, please let us know through our 24/7 Contact Center number 16474 (or, dial +8809678016474 for ISD/Overseas Calls). We are always with you to combat your difficulties.

As you know we are going through a critical phase and the situation is novel to all of us. We are getting lot of new information from various sources everyday about COVID-19 which will be shared at www.dhakabankltd.com.

Thank you for your trust and continued support to us. I firmly believe that jointly we will be able to combat this situation and win against all the odds.

Please stay home, stay safe and take care of yourself and family.

Best regards,

Emranul Huq
Managing Director & CEO
Dhaka Bank Limited