Turnover crosses Tk 4.0 billion-mark on DSE
The Dhaka bourse witnessed turnover above Tk 4.0 billion on Monday after ten sessions as investors’ participation increased in some sectors including the general insurance. On the day, the broad index experienced see-saw movement throughout the whole session as investors were active from both side of the trading fence. The small cap companies witnessed moderate price appreciation while the performance of large cap companies was mixed on the Dhaka Stock Exchange (DSE). The prime bourse opened the Monday’s session with a positive note and the DSE broad index DSEX gained 19 points within first 15 minutes. Later, the DSEX displayed ups and downs till closure and finally settled at 4722.01 with a marginal rise of 0.09 per cent or 4.62 points. The shariah based index DSES advanced 0.09 per cent or 1.02 points to close at 1084.71. The DS30 index comprising the blue chip securities went up by 0.59 per cent or 9.78 points to close at 1652.15. Of total issues traded, 156 advanced, 135 declined and 50 remained unchanged on the premier bourse DSE. Of the large cap companies, the share price of Grameenphone remained unchanged at Tk 310.50 each. On the other hand, the share price of British American Tobacco Bangladesh Company declined 0.22 per cent to close at Tk 1092.60 each.
HSBC BD wins Euromoney Cash Management Accolade
The Hongkong and Shanghai Banking Corporation Limited (HSBC) in Bangladesh has been voted the top bank for Domestic Cash Management for Corporates for nine consecutive years, as well as for Overall Services for Corporates for the second consecutive year, said a statement. Globally, HSBC has also been named Best Global Cash Manager by Corporates topping the survey for the eighth year running, following responses from more than 25,000 cash managers, treasury professionals and financial officers. The bank has also been named Best Regional Cash Manager for Corporates in both Asia-Pacific and the Middle East. In addition to the Bangladesh win, the bank was also named the #1 for Domestic Cash Management for Corporates in 18 other countries and territories, including Armenia, Australia, Bahrain, Canada, India, Indonesia, Kuwait, Macau, Malaysia, Mauritius, New Zealand, Oman, Philippines, Qatar, South Korea, United Kingdom, USA, and Vietnam.
ONE Bank signs MoU with BRAC University
ONE Bank Limited and BRAC University signed a Memorandum of Understanding (MoU) for tuition fees collection services at BRAC University Campus recently, said a statement. Under the MoU, ONE Bank will provide automated collection services to BRAC University. M Fakhrul Alam, Managing Director, ONE Bank Limited and Monojit Kumar Ojha, Director, Finance of BRAC University, signed the MoU on behalf of their respective organisations. The MoU papers were exchanged by M. Fakhrul Alam, Managing Director of the bank and Shib Narayan Kairy, Treasurer of BRAC University on behalf of their respective organisations. Rozina Aliya Ahmed, Additional Deputy Managing Director, ONE Bank Limited and other high officials of both the organisations were also present at the ceremony.
Size of Ceramic Industry may double by 2023
The country’s ceramic industry is estimated to be doubled in size by 2023, aided by the growing domestic real estate industry, rising demand for products in the EU markets and the trade tension between US and China, industry people said. A recent USAID report also made a similar forecast, saying the ceramic industry of Bangladesh would attain a value worth US$ 1.56 billion by 2023. The industry that started journey in 1960s currently caters to 87 per cent of the domestic demand worth $ 668.5 million. According to the Export Promotion Bureau (EPB), the country fetched $ 68.97 million through exporting ceramic products in the last fiscal year (FY 2018-19), marking a 32.79 per cent growth against $ 51.94 million in the last FY.
SoftBank to create $30b tech giant with Yahoo Japan
Japan’s SoftBank Corp plans to merge internet unit Yahoo Japan with messaging app operator Line Corp to create a $30 billion tech giant, as it strives better compete to with local rival Rakuten and US tech powerhouses. The deal, which would combine the providers of two of Japan’s top QR code payment services, offers SoftBank access to 164 million Line users and their data in Japan and Southeast Asia as it expands into services outside its core wireless business. Telecoms firm SoftBank Corp said in a statement that Yahoo Japan, which last month changed its name to Z Holdings Corp, would aim to complete its merger with Line, owned by South Korea’s Naver Corp, in October 2020. Line’s shares closed up 2.2 per cent at 5,150 yen after the announcement. Shares in Z Holdings rose 1.2 per cent, with Naver’s shares up 2.9 per cent and SoftBank Corp’s down 0.3 per cent.
BIAC, CIArb hold Int’l Arbitration Training Course in S’pore
A four-day training programme on “Introduction to International Arbitration” was organised jointly by Bangladesh International Arbitration Centre (BIAC) and Chartered Institute of Arbitrators (CIArb) in Singapore recently. This course led to become associate member of CIArb, UK which is recognised worldwide. A total of 16 participants from different sectors including government organisations, central bank, commercial and public banks, accompanied by BIAC Counsel Ms. Rubaiya Ehsan Karishma participated in the programme. Founded in 1915, it promotes the use of ADR internationally through 15,000 professionally qualified members in over 133 countries. CIArb is a UK registered organisation which works in the public interest through an international network of 40 branches. BIAC has received recognition by signing cooperation agreement with 17 international ADR centres. BIAC has also signed MoUs with 25 local business and financial institutions/ University to work together in adhering to ADR practices at home and abroad.
ADP Projects with Token Allocation soar
The number of projects in this year’s annual development programme (ADP) getting token allocations has increased significantly, a trick that can keep these projects alive for years. According to planning commission data, 62 projects have got just Tk 1 lakh allocation this fiscal year, up from 26 two years ago. Of the 62 projects, 12 are 90 percent complete, while there is even one scheme that is almost 99 percent implemented. Take the case of the Tk 122.57 crore project for widening a highway from Langalbandh to Minarbari in Narayanganj. As of last February, Tk 5 lakh of its allocation has been spent and it got just Tk 1 lakh this fiscal year. Infrastructure development in 19 important municipal areas also got the same allocation. The associated project was taken up in January 2011 and scheduled to be completed by June 2019. Another striking case is a Tk 149.11 crore project for the establishment of Sheikh Rehana Textiles Engineering College. As of February, Tk 72.27 crore was utilised before the government gave it only Tk 1 lakh this fiscal year.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|DSEX||4,722.01977||↑ 7.02634||↑ 0.09|
|↑ 31.33||↑ 0.11%|
|FTSE100||7,307.70||↑ 4.76||↑ 0.07%|
|Nikkei 225||23,333.04||↓83.72 ||↓ 0.36%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 56.89 ||↓ 0.16||↓ 0.28%|
|Crude Oil (Brent)|| $ 62.30||↓ 0.14 ||↓ 0.22%|
|Gold Spot||$ 1,470.38||↓ 1.13||↓ 0.08%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.0833|
|GBP 1||BDT 107.569|
|EUR 1||BDT 91.9389|
|INR 1||BDT 1.15777|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<