BD, WB Group to collaborate in Business Reforms
Bangladesh and the World Bank Group have agreed to extend collaboration in a number of areas, including on doing business reforms, development of investment policies, enhancement of promotional activities and skills development to face the 4th industrial revolution. Both the sides also agreed to develop institutional capacity of Bangladesh Investment Development Authority [BIDA], introduction of risk-based management and implementation of one-stop service. The decisions came during the visit of Prime Minister’s Private Industry and Investment Adviser Salman F Rahman to Washington from November 12 to 16. During the meetings, he explained in details different aspects of the progress made so far by Bangladesh under the dynamic leadership of Prime Minister Sheikh Hasina. He also urged the WB to support Bangladesh in this journey.
Tax Fair logs Tk 1,064cr in first three days
The National Board of Revenue [NBR] logged Tk 1,064 crore in collections in the first three days of its weeklong tax fair as an increasing number of taxpayers turned up to complete tax related formalities. The amount was around 5 percent higher than the Tk 1,014 crore of the same period a year ago, according to an NBR statement. Similarly, income tax return submissions surged 20 percent to 2.21 lakh. Attendee figures were also higher this year. The fair is in its 10th edition in providing assistance to individual taxpayers for completing tax-related formalities and creating a tax culture in the country where evasion and avoidance are said to be very high. Apart from all the divisional cities, 56 district towns and 56 upazilas are witnessing the fair. In Dhaka and Chattogram, the event is ongoing at Officer’s Club and at GEC Convention Centre respectively from 9:00am to 5:00pm. .
Alibaba confirms huge Hong Kong Public Listing
Chinese technology giant Alibaba on Friday confirmed plans to list in Hong Kong in what it called a $13 billion vote of confidence in the turbulent city’s markets and a step forward in its plans to go global. The enormous IPO, which Hong Kong had lobbied for, will come as a boost for authorities wrestling with pro-democracy protests that have tarnished the financial hub’s image for order and security and hammered its stock market. Alibaba will offer 500 million shares at a maximum of HK$188 apiece to retail investors, the company said. The number eight is considered auspicious in China. Over-allocation options could take the total value to more than $13 billion, making it one of the biggest IPOs in Hong Kong for a decade after insurance giant AIA raised $20.5 billion in 2010. The listing comes after the city’s exchange tweaked the rules to allow double listings, while Chief Executive Carrie Lam had also been pushing Alibaba’s billionaire founder Jack Ma to sell shares in the city. Hong Kong’s key Hang Seng Index rose 0.48 percent in morning trading following the announcement Chinese shoppers set new records for spending on Monday’s annual 24-hour “Singles’ Day” buying spree, despite an economic slowdown in the country and the worries over the US trade war.
ACS Textiles MD gets Tax Card
Masood Dawood Akbani, Managing Director [MD] of ACS Textiles [BD] Ltd, has been awarded Tax Card and crest by the National Board of Revenue [NBR] for paying the highest amount of income tax in textile category in last fiscal year [2018-2019]. Finance Minister A H M Mustafa Kamal handed over the Tax Cards and crests to the taxpayers for paying the highest amount of income tax in different categories in last fiscal year at a program at a city hotel on Thursday. Of the national-level highest taxpayers, 76 were under individual categories and 67 under company categories. The highest Tax Card holders are entitled to enjoy for one year a number of privileges including priority while reserving seats in public transports, public hospitals, and access to VIP lounges at the airports and invitation to various national functions.
CSE holds 24th
AGM The 24th Annual General Meeting [AGM] of Chittagong Stock Exchange Limited was held recently at CSE Conference Hall, Agrabad, Chattogram. Major General [Retd.] Mohammad Shamim Chowdhury, Chairman of CSE presided over the AGM. CSE directors Prof. Mamtaz Uddin Ahmed FCMA, Dr. Mohammad Ayub Islam, Dr. Moinul Islam Mahmud, Prof. S. M. Salamat Ullah Bhuiyan, S.M. Abu Tayyab, Mirza Salman Ispahani, Major [Retd.] Emdadul Islam, Shahjada Mahmud Chaudhuri, Md. Sayadur Rahman and Acting Managing Director Md. Gulam Faruque, and Company Secretary Rajib Saha FCS, were present in the AGM. The shareholders of the bourse approved 5.0 per cent dividend for the year 2018-2019. The shareholders also re-elected Mr. Major [Retd.] Emdadul Islam, Director of B K Capital Management Limited as Director of the Board of CSE.
New MD joins RAKUB
A.K.M Sajedur Rahman Khan on promotion joined as the Managing Director of Rajshahi Krishi Unnayan Bank [RAKUB] recently. Prior to this appointment, he was DMD of Sonali Bank Limited. A.K.M Sajedur Rahman Khan completed his B.Sc. [Hons.] and M.Sc. in Economics from Jahangirnagar University.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|DSEX||4,710.36618||↓ 26.8039||↓ 0.57 |
|↑ 222.93||↑ 0.80%|
|FTSE100||7,302.94||↑ 10.18||↑ 0.14%|
|Nikkei 225||23,303.32||↑161.77 ||↑ 0.70%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 57.72 ||↑ 0.95||↑ 1.67%|
|Crude Oil (Brent)|| $ 63.30||↑ 1.02 ||↑ 1.64%|
|Gold Spot||$ 1,468.20||↓ 3.20||↓ 0.22%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.1568|
|GBP 1||BDT 107.259|
|EUR 1||BDT 91.8707|
|INR 1||BDT 1.16094|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<