Total collection at tax fair hits Tk 24.68b
The week-long income tax-fairs concluded on Monday with collection of Tk 24.68 billion tax, which is up by 11.35 per cent compared to that of the previous year’s fairs. Submission of income tax returns in tax-fairs also jumped by 45 per cent this year. On the last day, tax-fairs took place at a total of 45 spots, including eight divisional headquarters. A total of 1.6 million people obtained different types of services from the tax-fairs in the last seven days, which is up by 40 per cent compared to that of the previous year. Some 39,743 taxpayers obtained Taxpayer’s Identification Number (TIN) from the tax-fairs. Of the total tax-returns, some 3,770 taxpayers submitted their tax returns online. Also, some 1,160 taxpayers paid tax worth Tk 14 million using e-payment portal. The last date for submission of tax returns by individual taxpayers is November 30.
DSE turnover rises 44pc
Turnover at the Dhaka Stock Exchange jumped 44 percent yesterday riding on stocks of a group of 10 companies that solely contributed around 31 percent of the total turnover. Industry experts also attributed the rise to the stocks of Saiham Textile and Saiham Cotton, which attracted a total of Tk 74.34 crore, almost 10 times higher than their regular turnover. Some Tk 250.19 crore of the day’s total turnover of Tk 803.05 crore—up from Tk 556.54 crore on Sunday—came from Saiham Textile, Intech Limited, United Power, Kattali Textile, Saiham Cotton, Khulna Power, Monno Ceramic, Indo-Bangla Pharmaceuticals, BBS Cables and SK Trims. It may hamper their investment, but the good thing is turnover is rising, which means investors have liquid money and confidence,” he said. The key index of the Dhaka stocks remained almost the same as the benchmark index of the DSE, DSEX, rose 1.04 points or 0.01 percent to close the day at 5,257.10 yesterday. Saiham Textile was the top traded stock with 93.16 lakh shares worth Tk 53.67 crore changing hands. Among the major sectors, food increased 0.5 percent, pharmaceuticals 0.4 percent and energy 0.2 percent while engineering fell 0.1 percent, bank 0.2 percent, NBFI 0.9 percent and telecom 1.4 percent. The key index of the port city bourse also rose by 7.03 points, finishing the day at 9,781.64. The Chittagong Stock Exchange traded 1.01 crore shares and mutual fund units worth Tk 31.98 crore.
Uber, e-commerce and Bangladesh’s onward march
ADVANCING VIRTUAL MARKET: In the world of e-commerce, Amazon and Alibaba are the two giants. Alibaba is still somewhat confined within China, while Amazon has already emerged as an unparallel global leader. Alibaba has recently moved to capture a slice of the world market, especially in Asia, while Amazon has not only penetrated in many emerging markets but also consolidated its position in the market. In fact, Amazon’s online shopping popularity has become a big threat for the world’s largest retailer Walmart.
WORLD’S GIANT ONLINE MARKET: After maximising their sales volume in the developed world, the two giant companies have now embarked on the emerging markets. Initially, they both targeted India where they’ve already made enormous investment for developing virtual market.
EXISTING SHOPS CAN WORK FOR AMAZON: Mere invitation to Amazon for commencement of their online marketing operation in Bangladesh may not initially produce fruitful result. Because, they will not be interested to start from a rudimentary level. Instead, they may consider establishing their presence through any existing platform to foresee future prospect and success. In Bangladesh, there are many retail and wholesale shops which have attained consumers’ trust and confidence and enjoy goodwill. Such types of shops/stores are found all over the country. Amazon will make its online ordering facility available in Bangladesh and people will place their order through this online Amazon shopping App. If this initial process works well and is found satisfactory, then Amazon may come forward in streamlining the country’s courier/postal system and also organise the payment method. Applying such procedure, Amazon has achieved spectacular success in rapidly spreading its online marketing in the emerging markets including India.
‘Funding Mechanism for Entrepreneurs’ Workshop on Nov 24
Ra’dia Inc. in association with Bizz Solutions Ltd. (BSL) will organise a workshop on ‘Funding Mechanism for Entrepreneurs’ on November 24, says a press release. The workshop will begin at 2:30 pm at BSL office at City Centre in the city’s Motijheel area and will continue until 6:30 pm. The mechanism will be a platform to increase the understanding of financing strategies and give an insight on diverse sources of funding for the start-up founders and young entrepreneurs. Some 60 participants will be selected through a scrutiny process.
UCB to form subsidiary to provide MFS
The board of directors of United Commercial Bank (UCB) has decided to form a subsidiary company, aiming to provide mobile financial services (MFS). The formation of subsidiary company is subject to completion of all regulatory formalities from Bangladesh Bank (BB) and the Bangladesh Securities and Exchange Commission (BSEC). Initial authorised and paid-up capital of the subsidiary company will be Tk 5.0 billion and Tk 500 million respectively which shall be increased from time to time as per investment requirement of the regulatory authority. UCB will hold at least 51 per cent shares of the subsidiary company and the rest 49 per cent shares may be offered to national/international reputed MFS/DFS providers as per MFS guidelines of Bangladesh Bank. The bank’s paid-up capital is Tk 10.54 billion and authorised capital is Tk 15 billion, while the total number of securities is 1.05 billion. The sponsor-directors own 34.67 per cent stake in the bank while the government owns 0.81 per cent, institutional investors 18.87 per cent, foreign investors 1.84 per cent and the general public 43.81 per cent as on October 30, 2018, the DSE data shows. Recently, the securities regulator has given consent for raising Tk 8.0 billion through issuance of unsecured, non-convertible, non-listed and redeemable UCB fourth subordinated bond for seven years tenure.
DAE eyes 1.71m tonnes of maize production in Rangpur division
The Department of Agriculture Extension (DAE) has fixed a production target of 1.71 million tonnes of maize from 0.18 million hectares of land during this Rabi season in Rangpur division. Under the programme, 0.75 million tonnes of maize will be produced from 83,192 hectares of land in five districts of Rangpur agriculture region and 0.95 million tonnes of maize from 0.1 million hectares of land in three districts of Dinajpur agriculture region this season. The government is distributing special agriculture incentives among the small and marginal farmers to increase maize production this season. The farmers can get maximum output of maize adopting conservation agriculture technologies and using less farm-labourers and farming time to reduce farming costs in the northern region.
Leather tech expo begins in city Thursday
A three-day leather technology fair begins in the city on Thursday, aiming to bring global technology to the doorsteps of the local industry for its modernization and growth. The sixth edition of the fair titled ‘Leathertech Bangladesh -2018’ will be held at the International Convention City, Bashundhara (ICCB). Over 300 exhibitors from nearly 20 countries with CLE and IFCOMA pavilion from India, Wenzhou and Jinjiang Association pavilion from China and an exclusive finished leather pavilion from Pakistan Tanners Association (PTA) will take part in the expo. Apart from the main event, there will be a handful of mini-events like ‘buyer-seller meet’ to facilitate interaction with the sourcing team from factories on November 22 and 23. A number of seminars will be held on November24. With continuous growth and owing to the support from the government, he said, the sector is progressing towards achieving an ambitious export target of US$ 5.0 billion by 2021.
MTB launches UnionPay payment services
Mutual Trust Bank (MTB) yesterday joined hands with UnionPay International to jointly launch debit and credit cards alongside QR code payment, e-wallet and digital card services for the first time in Bangladesh. The virtual services allow payments through mobile phones, taking away the need for physically carrying cards. MTB signed the relevant agreements with UnionPay International in Shanghai, China in March. MTB says it initially plans to run a pilot programme, issuing only UnionPay debit cards on a limited scale, and will go for full-fledged promotions from December.
Tax waiver for AMCs extended by 5yrs
The National Board of Revenue has extended the tenure of the tax waiver benefit by five years on the fees that the asset management companies earn by managing mutual funds.
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)||$ 56.76||↑0.30||↑0.53%|
|Crude Oil (Brent)||$ 66.54||↓0.25||↓0.37%|
|Gold Spot||$ 1,221.73||↓2.44||↓0.20%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.7735|
|GBP 1||BDT 107.6825|
|EUR 1||BDT 95.9123|
|INR 1||BDT 1.1742|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.