TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK


TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

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Rate last updated: 02/01/2014 11:15:04 AM

Important Business News Extracts November 29 2016

BDT depreciates against USD

The taka lost maximum seven cent in single-day depreciation against the US dollar on Bangladesh’s interbank foreign-exchange (forex) market Monday. Bankers said the local currency took such a tumble after more than nine months on the country’s money market. The USD was quoted at BDT 78.68-BDT 78.72 Monday against BDT 78.65 of the previous working day, according to treasury officials of the commercial banks. They also said the US currency was quoted at BDT 78.57-BDT78.60 on February 02, 2016 against BDT 78.50-BDT78.55 of the previous level.

Source: http://print.thefinancialexpress-bd.com/2016/11/29/158042

State Bank of India (SBI) notifies United Airways to put assets on auction

The State Bank of India has published a notice to put some assets of United Airways (BD), a listed company, on auction as the company has failed to repay the bank’s loans. In its notice, the State Bank of India said the amount of loans disbursed against United Airways has stood at above BDT 336.46 million, including interests, as of November 27, 2016. According to auction notice, two directors and the managing director of the United Airways were ‘personal’ guarantors of the loans.

Source: http://print.thefinancialexpress-bd.com/2016/11/29/157989

State banks still dogged by malpractices

State banks continue to be afflicted by large-scale financial felonies despite the government efforts in recent years to stop picking up board members on political consideration. “Not that we are always successful, as bad hats also make their way to the board,” Finance Minister AMA Muhith told reporters at the secretariat when he was asked about the loan scandal at state-owned Rupali Bank. Rupali has lent Tk 151 crore to a gold trader in Feni without much scrutiny. Of the amount, Tk 60 crore was approved by the board and the remaining Tk 73 crore was lent without any approval, the Prothom Alo reported yesterday. Documents related to the loans have disappeared. A number of branch managers admitted that the loans were given to gold trader Anwar Hossain because of instructions from ‘the top’, indicating the management and the board.

Source: http://www.thedailystar.net/business/state-banks-still-dogged-malpractices-1322011

Bank Asia celebrates 17th anniversary

Bank Asia celebrated its 17th anniversary at International Convention City Bashundhara in Dhaka on Sunday with a commitment to serve the people and contribute to national development, the bank said in a statement. Commerce Minister Tofail Ahmed and Chairman of Bank Asia A Rouf Chowdhury cut a cake as part of the celebration with clients, dignitaries, well-wishers and bank employees. Ahmed reminisced about the approval of Bank Asia in 1999 while addressing the function as the chief guest and said he was happy to see the success of the bank. Chowdhury, chairman of the bank, said they will take banking services to the grassroots in two or three years. With the change in individuals’ economic condition, Chowdhury hoped the economy will witness a significant transformation.

Source: http://www.thedailystar.net/business/bank-asia-celebrates-17th-anniversary-1321954

Bangladesh needs more competition in digital financial services

Bangladesh should allow the growth of a range of service providers in digital financial services to ensure more competition and investment in the sector, experts have said. At the same time, greater partnership is required within the government, financial sector, private sector and mobile service providers to ensure more innovation and product diversification, they said. Her organization recently carried out a study on Bangladesh’s digital financial services titled ‘Building Digital Bangladesh: The Way Forward for Digitizing Payments’. The study showed that although Bangladesh has experienced phenomenal growth in mobile financial services in recent years, there is a lack of competition which is likely to contribute to high prices that can deter the pace of financial inclusion.

Source: http://print.thefinancialexpress-bd.com/2016/11/29/158050

Market lost $27b to price debacle in 2010: ADB

Bangladesh’s capital market had lost about $27.1 billion or 22 percent of the country’s gross domestic product (GDP) to the price debacle in 2010-11, according to a report of the Asian Development Bank. “Banks and retail investors were significantly affected,” said the validation report — Bangladesh: Second Capital Market Development Programme — that was released last week. Regulatory oversight in the banking sector and fragmented supervision by the stockmarket regulators were the major reasons behind the crash

Source: http://www.thedailystar.net/business/market-lost-27b-price-debacle-2010-adb-1321993

Summit Power skips merger obligations, breaches rules, BSEC finds

The Bangladesh Securities and Exchange Commission has found that Summit Power Limited breached a number of securities rules including not fulfilling some obligations before its merger with three of its associate companies in August this year. Not taking BSEC’s permission prior to the issuance of its shares to transferor companies’ shareholders before setting effective date was one of the infringements, BSEC officials said. The enforcement department of the commission recently issued a show-cause letter to the managing directors, directors and company secretaries of transferee company Summit Power Limited (SPL) and transferor companies Summit Purbanchol Power Company Limited (SPPCL), Summit Uttaranchol Power Company Limited (SUPCL) and Summit Narayanganj Power Limited (SNPL), asking them to appear before the commission for hearing on December 15 along with their explanations on the violations.

Source: http://www.newagebd.net/article/3723/summit-power-skips-merger-obligations-breaches-rules-bsec-finds

Bangladesh Railways to seek BDT 37 billion ADB loan for rolling stocks, workshops

Bangladesh Railway (BR) has taken a move to seek around BDT 37 billion in assistance from the Asian Development Bank (ADB) for developing its rolling stocks and improving maintenance capacity of workshops, aimed at ensuring smooth operation of train services. The move was taken as the development bank hinted they would like to invest, from its next loan package, more in rolling stocks and maintenance facility improvement than purchase of locomotives and coaches. Officials said some seven potential projects have been selected for the loan after holding consultations with an ADB mission during their visit to Bangladesh on November 15-16.

Source: http://print.thefinancialexpress-bd.com/2016/11/29/158002

China to provide USD 100 million for ICT sector development

The Chinese government will provide USD 100 million to help the country develop information and communication technology (ICT) sector as Bangladesh aspires to become a middle-income country by 2021, officials said. The Exim Bank of China will finance implementing the government’s project titled “Establishing Digital Connectivity”. The ICT division has sent a draft proposal to the cabinet committee on public purchase for its approval of the project. The purchase committee’s meeting is likely to be held on Wednesday. It will be a government to government (G2G) arrangement between Bangladesh and China for implementing the project, a high official of the ICT division told the FE.

Source: http://print.thefinancialexpress-bd.com/2016/11/29/158004

BTRC warns Robi for bypassing ICXs

The telecom regulator has sent a warning letter to the newly merged mobile operator Robi as it has already started bypassing interconnection exchanges to make calls between Robi and Airtel. Without fulfilling all conditions and paying all fees and charges, the merged entity cannot be treated as a single operator, said senior officials of Bangladesh Telecommunication Regulatory Commission. About 1.5 crore minute calls are generated a day between the two operators, yielding about Tk 6 lakh to ICX operators. The government gets 65.67 percent of the sum. On November 16, Robi received the green light from the Office of the Registrar of Joint Stock Companies and Firms for the merger and right away started bypassing ICX exchanges to send calls from 018 to 016 or vice versa, according to a top ICX exchange company. Mobile operators are legally bound to route calls through interconnection exchanges or ICXs to connect with each other.

Source: http://www.thedailystar.net/business/btrc-warns-robi-bypassing-icxs-1322002

Uber: A customer oriented service

Bangladesh Road Transport Authority’s (BRTA) hostility towards Uber is hardly surprising. The same battle has been raging in many capitals of the world where the traditional taxi companies have lobbied hard to deprive customers from the tech-centric service Uber provides. The resistance that comes from our BRTA is unhelpful simply because our traditional modes of public transportation have been woefully lacking in providing cheap and safe travel to the vast majority of city dwellers. It has been a week that Uber launched its services and user feedback has been overwhelmingly positive. With fares roughly 20 – 25 percent higher than CNG auto-rickshaws and fast response times coupled with comfortable vehicles and well-mannered drivers, it is set to revolutionise the way people travel in this city.

Source: http://www.thedailystar.net/op-ed/uber-customer-oriented-service-1322143

Local and Global Stock Indices

Index NameClose ValueValue ChangePercentage Change
Dow Jones Industrial Average19,0.97.90↓54.24↓0.28%
Nikkei 2256,799.47↓41.28↓0.60%
FTSE 10018,322.58↓34.31↓0.19%

World Commodities

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)*$46.72↓0.36↓0.76%
Crude Oil (Brent)*$47.84↓0.4↓0.83%
Gold Spot*1,189.17↓4.83↓0.40%

Major Currencies Exchange Rates Movement in Last Seven Days






Dear Valued Patrons,

At the very onset, let me express my heartiest gratitude for allowing us to serve you and I also wanted to reach out to you directly with an assurance that Dhaka Bank is fully equipped to support you during this difficult time.

Last couple of weeks ago we all were living in a peaceful condition, performing our daily tasks freely and perfectly. Entire economy and business environment was also in a good shape, until COVID-19 put a forceful stoppage to the overall life style and economy of the world. We all know that social distancing and cleanliness are the keys to prevent this pandemic. Hence, we urge your conscious effort to limiting public interaction and suspending wherever possible.

In this current situation, Dhaka Bank and its employees are beside you where we are fully online, either working from home or at our offices under a robust Business Continuity Plan (BCP) to serve you with limited branch banking and a full-fledged alternate delivery channel services.

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Moreover, to fulfill your urgent requirement, we have a limited no. of branches up and running by ensuring all kinds of precautionary and safety measures for you.

In case of extreme emergency and facing difficulties in conducting banking transactions, please let us know through our 24/7 Contact Center number 16474 (or, dial +8809678016474 for ISD/Overseas Calls). We are always with you to combat your difficulties.

As you know we are going through a critical phase and the situation is novel to all of us. We are getting lot of new information from various sources everyday about COVID-19 which will be shared at www.dhakabankltd.com.

Thank you for your trust and continued support to us. I firmly believe that jointly we will be able to combat this situation and win against all the odds.

Please stay home, stay safe and take care of yourself and family.

Best regards,

Emranul Huq
Managing Director & CEO
Dhaka Bank Limited