NBR collects Tk 1,899.39cr in six days
The National Board of Revenue has collected Tk 1,899.39 crore as taxes in the first six days of its weeklong countrywide tax fairs, which is 6 percent higher year-on-year. In addition, the number of income tax return submission surged 53 percent year-on-year to 4.12 lakh during the period. Higher presence of taxpayers helped NBR achieve the growth. This is the ninth year that the tax authority is holding the event to provide assistance to individual taxpayers to complete their tax-related formalities and create a tax culture in the country. Apart from holding the event in all divisional cities, the NBR organises the show at 21 district towns and 38 upazilas.
Japanese investment in BD increasing steadily: JBCCI
Investment by Japanese companies in Bangladesh has been increasing steadily at a rate of 16-17 per cent for last few years with the majority of investors showing growing interest for expansion of business. Citing a survey conducted by Japan External Trade Organisation (JETRO) in 2017, the JBCCI president said 70 per cent of Japanese companies showed interest for expansion of business in next one year and around 60 per cent in next two to three years. According to the survey, the number of Japanese companies was 183 in 2014 which increased to 223 in 2015, 245 in 2016, 260 in 2017 and 269 in 2018. The JBCCI chief said 76 per cent of Japanese companies face difficulty in procurement of raw materials and parts, 72 per cent for inadequate logistics infrastructure, 69.1 per cent for quality of employees, 68 per cent each for quality control and power shortage or blackout. Japanese investment in Bangladesh is around US$ 326 million till June 2018 which did not count the investment of Honda and Japan Tobacco. The Japanese government’s aid and grant also increased to $ 12 billion including $ 7.0 billion loan disbursement.
WDB to spend Tk 360m for reconstruction of crop protection dam
The Water Development Board (WDB) would spend Tk 360 million for reconstruction and repair work on the 600 km crop protection embankments in Sunamganj district this year. A number of officials said proposed amount was Tk 760 million. However, the allocation may be increased later. Of the 1600-km crop protection embankments in the district, repair and reconstruction work on 1,490 km was done last year. It includes 800 km-long new embankment through 965 project implementation committees (PIC). The total cost stood at Tk 156 billion, the ever highest amount spent for the purpose, sources said. As per government policy, the works are to be done from November 16 to February 28. But, due to delay in water recession from haors, things can never be done in time. Meanwhile, the DAE has set a target of Boro cultivation on 217,000 hectares of land in the district where most of the croplands are inside 154 haors now.
Services export sees 55.52pc growth in Q1
The export earnings from the country’s service sector stood at US$ 1.40 billion, marking a robust 55.52 per cent growth during the first quarter (Q1) of the current fiscal year (FY) over the corresponding period of the last FY. The sector fetched $ 906.3 million in July-September period of FY 2017-18, according to Export Promotion Bureau (EPB) data released on Sunday. Out of the total $1.40 billion earnings, $1.38 billion came from export of services like manufacturing services on physical inputs, maintenance and repair services, transportation, travel, telecommunication and information services, and government goods and services. The rest of the amount earned from goods procured in ports by carriers and merchandising that stood at $ 23 million and $ 2.60 million respectively during the period under review. The export earnings from the government goods and services stood at $ 561.71 million during the first quarter of this FY, marking a 194.71 per cent growth.
Dhaka Bank, Bay ink deal
Dhaka Bank Ltd. and Bay Developments Ltd. have signed an agreement on Cash Management Services at the Head office of Bay Developments Ltd. at Bay’s Edgewater Dhaka recently, said a statement. Under this agreement, Dhaka Bank Ltd will provide automated payment solution to the client for its all kind of payments. Among others, Emranul Huq, Additional Managing Director of Dhaka Bank Ltd. along with other high officials of both the organiations were present.
Higher return fuels sales of savings tools
Sales of savings instruments continued its uptrend in the first quarter of the fiscal year thanks to their higher yield in comparison to banks’ deposit products. Between the months of July and September, net sales of the government savings tools stood at Tk 13,412 crore, up 5.65 percent from a year earlier, according to data from the Directorate of National Savings. As a result, many of the lenders’ deposit bases are eroding, said Syed Mahbubur Rahman, chairman of the Association of Bankers, Bangladesh, a platform of private banks’ managing directors. Some banks are now offering interest rates as high as 7 to 9 percent on their several fixed deposit products — going against the decision taken by the sponsors of private banks to keep the interest rate on deposits at 6 percent. The interest rate of the national savings instrument ranges from 11.04 percent to 11.76 percent. In fiscal 2017-18, the government borrowed only Tk 5,666 crore from the banking sector by way of treasury bills and bonds against the annual target of Tk 28,203 crore. The rate of interest on bank borrowings is between 3.10 percent and 7.97 percent. Net sales of savings certificates stood at Tk 46,758 crore last fiscal year against the target of Tk 44,000 crore.
Grameenphone signs deal with Berger Paints
Grameenphone launched an exclusive offer for GP STAR customers in partnership with Berger Paints Bangladesh Limited, according to a statement. This offer is available for 1 year effective from November 15, 2018. GP STAR Customers can enjoy 25 per cent discount on Supervision Charges of EPS (Express Painting Service) and 10 per cent discount on illusions (design paintings) in all Berger Home Décor offices across the country. A signing ceremony was held between Grameenphone and Berger Paints Bangladesh Limited to officiate the campaign for GP STAR customers.
Sigma offers ‘energy saving lifts’
Sigma Elevator (BD) Ltd has recently launched new energy saving and environment-friendly products and services in Bangladesh. Of the products, Lowait, a next generation elevator inverter system, will reduce energy consumption by up to 60 percent while a gearless traction machine will offer a smoother ride and reduce installation space, the company said in a statement.
Dragon fruit farming proves profitable in Natore district
Dragon fruit farming is expanding fast across the district for lucrative profit. Each kg of dragon fruit is being sold at Tk 350 to Tk 400 in the market. A good number of farmers have already attained financial solvency by growing the fruit on a large scale. Some 10 kg to 12 kg fresh fruits can be harvested from a mature healthy plant. Dragon plants need extra care. Some 500 saplings can be planted in a bigha of land. One farmer have cultivated dragon on 45 decimals of land spending Tk 34, 000. He started harvesting the fruit from October and earn over Tk 70,000 net profit. It can be harvested within 20 to 25 months after the plantation. It is possible to make net profit of Tk 0.4 million to Tk 0.5 million from a hectares of land.
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)||$ 57.15||↑0.69||↑1.22%|
|Crude Oil (Brent)||$ 67.28||↑0.52||↑0.78%|
|Gold Spot||$ 1,220.70||↓2.66||↓0.22%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.8010|
|GBP 1||BDT 107.5418|
|EUR 1||BDT 95.5667|
|INR 1||BDT 1.1634|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.