Black Friday: US shoppers choose online shopping over mall
The Thanksgiving Day and Black Friday kickoff of the US holiday shopping season showed the increasing preference for online purchases, as more Americans opted to stay home and use their smartphones while sales and traffic at brick-and-mortar stores declined. The ongoing shift to online shopping has forced retailers across the country to invest heavily in boosting their e-commerce businesses, and also highlights the impact of early holiday promotions and year-round deals on consumer spending. Online sales rose more than 23 percent, crossing $6 billion on Black Friday, according to data from Adobe Analytics, which tracks transactions at 80 of the top 100 US retailers. On Thanksgiving, it estimated sales grew 28 percent to $3.7 billion. In 2017, brick-and-mortar sales were down 8.9 percent for the weekend year-over-year, and shopper traffic fell 4.4 percent. In 2016, store sales were down 4.2 percent and traffic was down 4.4 percent, according to RetailNext. The National Retail Federation forecast US holiday retail sales in November and December will increase between 4.3 and 4.8 percent over 2017, for a total of $717.45 billion to $720.89 billion. That compares with an average annual increase of 3.9 percent over the past five years.
ICAB elects new council
A 20-member council of the Institute of Chartered Accountants of Bangladesh (ICAB) was elected on Saturday. The council is the highest policy-making body of ICAB. The 18 councillors from Dhaka constituency and two councillors from Chittagong constituency were elected to form the Council for the tenure 2019-2021. The elected council members are Mohammed Humayun Kabir FCA, Adeeb Hossain Khan FCA, Kamrul Abedin FCA, Sabbir Ahmed FCA, Akhtar Sohel Kasem FCA, Mohammed Forkan Uddin FCA, Muhammad Farooq FCA, Md Shahadat Hossain FCA, A F Nesaruddin FCA, Nasir Uddin Ahmed FCA, Maria Howlader FCA, Md. Abdul Kader Joadder ACA, Mahmudul Hasan Khusru FCA, Gopal Chandra Ghosh FCA, Noor-E-Khoda Abdul Mobin FCA, Md. Moniruzzaman FCA, Dr. Md. Abu Sayed Khan FCA, Mahamud Hosain FCA from Dhaka constituency and Sidhartha Barua FCA and Md Salim Uddin FCA from Chittagong constituency.
78 digital campaigns recognized
Seventy-eight digital commercial campaigns won this year’s Digital Marketing Award for creative communication in marketing and branding. Bangladesh Brand Forum honoured the winners across 16 categories at the second edition of the awards at the Le Méridien Dhaka on Saturday. The winning campaigns were recognised in three categories: Grand Prix, Gold and Silver. Sixteen campaigns won Grand Prix, 39 Gold and 23 Silver awards. This year, a total of 456 nominations were received from different production houses and creative departments of various organisations and four jury panels shortlisted 202 works and another four jury panels selected the ultimate winners. The highest number of awards—4 gold—for a single campaign were won by X for their campaign Robi Bijoy Itihash. Asiatic Mindshare Ltd, a concern of Asiatic 360, won Grand Prix, Magnito Digital won two while Content Matters Ltd, O&Z Solutions, Robi 10 Minute School, Roebuck Communications and Starcom Bangladesh won a Grand Prix award each. Analyzen won the highest number of awards by a single agency – 15 individual awards and 3 joint awards with Mindshare.
NRB Bank to set up 300 agent banking outlets by next year
NRB Bank Limited has planned to set up more than 300 agent banking outlets across the country by 2019, aiming to bring the unbanked people in the banking network. The private commercial bank (PCB) has already included its name in the list of agent-banking banks of Bangladesh through launching ‘Bandhu’, an agent banking initiative. The banks with their agent banking units may collect core deposit from the general people particularly of rural areas by offering comparatively lower interest rates. The bank’s CEO expects that the number of live credit cards will reach 35,000 by the end of 2019 from the existing level of 20,000 which was only 7,600 a year ago. The amount of classified loans in the country’s banking sector jumped by more than 20 per cent to Tk 893.40 billion as on June 30, 2018 from Tk 743.03 billion as on December 31 last year. The amount of default loans was Tk 741.48 billion a year before. The credit growth to the private sector came down to 14.67 per cent in September 2018 on a year-on-year basis from 14.95 per cent a month ago. It was 15.87 per cent in July 2018. The ADR has been re-fixed at 83.50 per cent for all the conventional banks and at 89 per cent for the Shariah-based Islami banks. The existing ratios are 85 per cent and 90 per cent respectively.
NCC bank to raise capital to Tk. 20b
National Credit and Commerce Bank Ltd. has decided to enhance its authorised capital from Tk. 10 billion to Tk 20 billion. The approval was given in the Bank’s 8th Extra-ordinary General Meeting (EGM) held at Police Convention Hall, Dhaka on Sunday. NCC Bank is continuously maintaining positive growth by assuring transparency and accountability as well as using advanced technology and better customer services.
BSRM takes unique CSR project
BSRM has taken an initiative to reach kids of meager income families who come to school without having breakfast. Under a joint venture partnership, the CSR desk of BSRM will supply fresh milk produced in-house through Gana Unnayan Kendra (GUK) to the students. A cow farm will be set up in the nearby school areas in Gaibandha, a remote village in the north of Bangladesh, to start as a sustainable project having long-term benefits. A total of 368 kids of two schools will be benefitted through generation of employment opportunities and revenue. The project will be expanded gradually after the success of the first phase.
Bank Asia to launch new online money transfer service, inks deal with Inpay
Bank Asia Limited is set to launch a new online money transfer service aiming to facilitate bringing remittance from European countries in Bangladesh. Through the service, clients will be able to send their money directly from their respective online bank accounts through internet without visiting bank branches or other facilities. To this effect, an agreement was signed between BA Exchange (UK), a venture of Bank Asia Limited and Inpay, a cross-border payment service solution provider headquartered in Denmark.
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)||$ 50.72||↑0.30||↑0.60%|
|Crude Oil (Brent)||$ 59.44||↑0.64||↑1.09%|
|Gold Spot||$ 1,224.04||↑0.99||↑0.08%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.8750|
|GBP 1||BDT 107.4690|
|EUR 1||BDT 95.1142|
|INR 1||BDT 1.1907|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.