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 15, 2018

Improve doing business index to attract investment: ICCB

Bangladesh is likely to be the biggest mover in the global gross domestic product (GDP) in 2030 through becoming the 26th largest economy in the world as predicted by HSBC Global Report “the World in 2030”. The country is going to become the 26th largest economy in the world from the current 42nd position followed by the Philippines, Pakistan, Vietnam and Malaysia. The brand value of Bangladesh is also rising as the country has ranked 39th in the global brand value index 2018, reflecting its socioeconomic vivacity, reports BSS. Bangladesh has a brand value of $ 257 billion, up 24 per cent from last year, according to the Nation Brands 2018 report of the London-based Brand Finance. In FY18, the bulletin said, Bangladesh’s GDP growth rate was 7.86 per cent. It is believed that the country could have easily achieved 8 per cent plus growth by controlling the project implementation time, which would automatically minimise the project cost.The public sector investment has increased over the last couple of years because of mega projects. A number of ASEAN countries have achieved higher GDP as their investment to GDP ratio has been in the range of 35-45 per cent. It is estimated that Bangladesh needs investment of more than US$ 600 billion for its infrastructure, against which the country can manage around US$ 400 billion. In order to meet the shortfall, the country has to explore alternative sources of funding. In order to meet the criteria applied by the UN for graduation to developing country status, attain Sustainable Development Goals (SDGs) and achieve higher GDP, Bangladesh needs huge investment in different sectors like in infrastructure especially in the power and energy sector, modern and effective air and seaports, highways.

Source: http://today.thefinancialexpress.com.bd/trade-market/improve-doing-business-index-to-attract-investment-iccb-1542206389

BB sells $95m to banks in two days

The central bank has strengthened its foreign currency support to the commercial banks to settle their import payment obligations particularly for fuel-oils. As part of the move, Bangladesh Bank (BB) sold US$ 95 million directly to the commercial banks in last two days to meet the growing demand for the greenback in the market. On Wednesday, $45 million was sold to three banks, while the remaining $50 million was provided to four state-owned commercial banks, according to the officials. Import of petroleum products rose by 78.62 per cent to $1.07 billion in the first three months of the present fiscal year (FY), 2018-19, from $597.77 million in the same period of the previous fiscal. The US dollar was quoted at Tk 83.88 each in the inter-bank foreign exchange market on Tuesday against Tk 83.85 of the previous working day. It remained unchanged at Tk 83.88 on Wednesday. Meanwhile, the country’s foreign exchange reserve (forex) reserve came down to $30.99 billion on Wednesday from $31.04 billion of the previous working day after selling the US dollar to the banks.

Source: http://today.thefinancialexpress.com.bd/first-page/bb-sells-95m-to-banks-in-two-days-1542218187

Bangladesh Fund to attract investors

The fund manager of the country’s largest ever open-end fund– Bangladesh Fund– has continued its efforts to make the fund lucrative to ensure attractive dividend. ICB Asset Management Company Limited (AMCL), the fund manager of the Bangladesh Fund, has sought the support of finance ministry to increase the size of the fund. After the 2010-11 stock market debacle, the state-run Investment Corporation of Bangladesh (ICB) floated the Bangladesh Fund with an objective of stabilising the capital market along with declaring attractive dividend to the unit holders. The initial size of Bangladesh Fund was fixed Tk 50 billion and the size of the fund stood at only Tk 17.80 billion as of June 30, 2018. According to prospectus, the Bangladesh Fund was floated targeting prospective investors such as NRBs, local investors, state-owned banks and financial institutions, autonomous bodies, private commercial banks, insurance companies, non-banking financial institutions, merchant banks, and individuals. ICB AMCL is conducting marketing to enhance the size of Bangladesh Fund. Of Tk 17.80 billion of Bangladesh Fund, Tk 15 billion came from sponsors and remaining Tk 2.80 billion came through sales of units.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/bangladesh-fund-to-attract-investors-1542212617

BIFFL, Blue Mount Capital sign MoU for int’l green financing

Bangladesh Infrastructure Finance Fund Ltd (BIFFL) and Blue Mount Capital has recently signed a memorandum of understanding to collaborate on securing international financing for infrastructure and green technology projects in Bangladesh. The BIFFL is a government-owned non-bank financial institution and BlueMount is an Australian-headquartered corporate finance house. Under the agreement, BlueMount Capital will work with BIFFL on corporate and commercial investment and financing channels. Bangladesh’s location makes it a strategic bridge between South Asia and South East Asia.

Source: https://www.thedailystar.net/business/news/biffl-blue-mount-capital-sign-mou-intl-green-financing-1660777

United Power to acquire 99pc stake of United Energy

The board of directors of United Power Generation & Distribution Company has decided to acquire 99 per cent stake of United Energy, a sister concern of the United Group. United Power will acquire the said amount of stake at face value, according to a disclosure posted on the Dhaka Stock Exchange (DSE) website Wednesday. United Energy is also a power generation company established under the private sector power generation policy of Bangladesh. United Energy is operating two power plants — 53 MW at Ashuganj and 28 MW at Sylhet respectively, said the disclosure. United Energy also has equity (92.41 per cent) investment in the United Ashuganj Energy (UAEL), a company having generation capacity of 195 MW power (Gas Based) located at Ashuganj in Brahmanbaria. United Ashuganj Energy is a PPP (Public Private Partnership) project having a fixed term of 15 years from the date of commercial operation on May 08, 2015. United Power also topped the day’s turnover chart with 1.51 million shares worth Tk 477 million changing hands. In the last one year, the company’s share traded between Tk 149.70 and Tk 375 on the prime bourse. United Power, which was listed on the Dhaka bourse in 2015 under book building method, disbursed 90 per cent cash and 20 per cent stock dividend for the year ended on June 30, 2018. The company has also reported earnings per share (EPS) of Tk 11.51, net asset value (NAV) per share of Tk 40.80 and net operating cash flow per share (NOCFPS) of Tk 10.81 for the year ended on June 30, 2018 as against Tk 10.46, Tk 37.47 and Tk 10 respectively for the same period of the previous year.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/united-power-to-acquire-99pc-stake-of-united-energy-1542212568

FinExcel organises training on ‘Corporate Account Management’

Financial Excellence Limited (FinExcel) organised a training on ‘Corporate Account Management’ in the capital recently. Chairman of Financial Excellence Limited Syed Abu Naser Bukhtear Ahmed inaugurated the two-day training programme at a ceremony. Mid-level executives from BRAC Bank Limited participated in the training programme.

Source: http://today.thefinancialexpress.com.bd/trade-market/finexcel-organises-training-1542213837

BSEC works out four-pt formula

Securities regulator has prepared a four-point formula for boosting institutional investments in bourses. The formula includes addition of certain provisions to the Bank Companies Act to help increase contribution of major institutional investors like banks to the capital market, creation of scope for investment of pension, life and other funds in securities and fiscal incentives for investment of provident funds in the capital market. The commission suggested offering tax and other kinds of incentives to encourage investment of private sector provident funds in the bourses. The state-run Investment Corporation of Bangladesh (ICB) has recently been allowed to draw Tk 20 billion by floating bonds in the capital market. But it was asked to reinvest at least Tk 15 billion in the market ahead of the upcoming national election.

Source: http://today.thefinancialexpress.com.bd/first-page/bsec-works-out-four-pt-formula-1542217970

Tangail Pomelo growers making good profit

Hundreds of pomelo growers in the district are making good profit as they are getting fair prices of their produce. he Department of Agriculture Extension (DAE) office sources said commercial pomelo cultivation is popular in the district. The farming area is expanding every year for high profit. The citrus fruit can be grown both in homesteads and orchards. High production and low cultivation cost are main reasons of its popularity. Each kg of pomelo is being sold at Tk 30 to Tk 40 in the local market. One farmer got two maunds of pomelo from my orchard. He sold all of my produce at Tk 16,000 in the local market.

Source: http://today.thefinancialexpress.com.bd/country/tangail-pomelo-growers-making-good-profit-1542209428

Sheltech launches ‘winter festival’

A “Sheltech Winter Festival” is scheduled to open at Sheltech Lounge in Panthapath of Dhaka today. The real estate company, in a statement yesterday, said it would be offering a discount of up to Tk 5 lakh on flat bookings. The festival will run till November 25.

Source: https://www.thedailystar.net/business/news/sheltech-launches-winter-festival-1660780

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DSEX5,245.58718↑ 13.0019↑0.25%
Nikkei 22521,733.19↓113.29↓0.52%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 55.96↓0.29↓0.52%
Crude Oil (Brent)$ 65.85↓0.27↓0.41%
Gold Spot$ 1,210.59↓0.29↓0.02%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 83.7724
GBP 1BDT 108.9376
EUR 1BDT 94.9225
INR 1BDT 1.1613





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