Startups, SMEs to get easy Funds
Bangladeshi hi-tech start-ups and SME entrepreneurs can now receive funding from local and foreign investors by pitching their ideas and enterprises on a platform of the Shenzhen Stock Exchange [SZSE]. The Bangladesh window of the V-Next platform of the SZSE was launched in Bangladesh on May 6 under a strategic investment agreement between the Dhaka Stock Exchange [DSE] and its strategic partner, formed by the SZSE and the Shanghai Stock Exchanges. Today, the platform will be presented to investors and entrepreneurs at a programme at the InterContinental Dhaka hotel. The DSE is the Chief Strategic Partner of the V-Next platform in the country. There are more than 16,000 institutional investors from 39 countries registered on the V-Next. The match-making is algorithm-based and carried out automatically on the basis of pre-defined parameters. More than 1,100 companies have already raised about $5 billion using the platform. The window will facilitate the country’s listed and non-listed companies to explore equity and strategic partnership, seek business collaboration, and diversify business and technology channels in China, according to Officials. The DSE has another platform for SME entrepreneurs, named DSE SME, where entrepreneurs need to be listed to raise funds, but V-Next will allow them to mobilize funds without being listed. A company needs to have a minimum paid-up capital of Tk 5 crore.
E-commerce giant ‘Ek-Shop’ reshaping Rural Economy
Bangladesh’s unique E-Commerce ecosystem ‘Ek-Shop’ has been changing the rural economic landscape through linking people with such local and foreign platforms. Income generation aside, according to Officials and beneficiaries, it gives a direct market opportunity to sell or buy products in rural areas where fair marketing is still a far cry. Ek-Shop is an automated one-stop marketplace where major local e-commerce sites, delivery providers and digital transaction companies are connected. From beauty products to air-conditioner and clothing items to medicines, ruralites are now buying stuff online. It saves time, money and energy. Placing an order on Ek-Shop to buy things is plain and simple. Visit a Union Digital Centre [UDC], go to your desired site and you take delivery of the goods within four days by a logistic company in your area. Under the facility, an entrepreneur in a remote village can upload his/her products for sale and e-commerce firms showcase those at home and abroad. Through this platform, rural entrepreneurs trade traditional products like handicraft, betel nut, shitalpati [locally made mat], nakshikantha [patchwork quilt] and sundry other perishable items. This Ek-Shop automated system is fast changing rural economy as local people sell items like shitalpati, coconut, betel nut and nakshikatha. It served almost 0.3 million people until August 2019 and made transactions to the tune of Tk 40 million, according to the Official.
Dhaka to seek Duty-free access of 300 Nepalese Products
Bangladesh will request Nepal to allow duty-free market access of its 300 products during the upcoming bilateral technical committee meeting in Kathmandu, Nepal this month. Besides, issues of offering long term business visa for Bangladeshis as well as ensuring roads and railways connectivity [mainly for cargo services] will also come up for discussion. The Ministry of Commerce [MoC] has prepared the agenda to be discussed during the “4th Nepal- Bangladesh additional/ joint secretary level technical committee meeting” on October 22-23. The Nepal side is expected to submit their list of products to Bangladesh, seeking zero-tariff market access. There is a possibility of signing a memorandum of understanding between the Trading Corporation of Bangladesh [TCB] and the Salt Trading Corporation of Nepal for greater cooperation. Investment in Nepal’s power sector, bilateral investment promotion and protection agreement [BIPPA] between the two countries, enhancing truck/ transport and railway connectivity, and improving infrastructures along the agreed transit routes and land customs stations will also come up for discussion. The bilateral trade between Bangladesh and Nepal is increasing day by day. The two way trade is tilting in favor of Bangladesh. Bangladesh mainly exports woven garments, knitwear, home textile, agro-products, footwear and raw jute. The country mainly imports vegetable products, prepared foodstuffs, mineral products, products of the chemical or allied industries, wood and articles of wood and wood charcoal etc.
BIDA Chief invites Nordic Investment
Executive Chairman of Bangladesh Investment Development Authority [BIDA] Md Sirazul Islam has invited more investment from Norway, Sweden and Denmark. He made the call during a meeting with the Ambassadors of three Nordic countries in Dhaka at his office in the capital on Sunday. In response, Norwegian Ambassador in Dhaka Sidsel Bleken, Sweden’s Charlotta Schlyter and Denmark’s Winnie Estrup Petersen expressed their interest in the activities of BIDA. The Ambassadors also offered working closely with the BIDA to promote more investment in Bangladesh, according to a statement. Bangladesh registered a GDP growth of 8.13 per cent in the last fiscal year which is likely to increase further in the coming days. Bangladesh has made a noteworthy progress in the World Bank’s ‘ease of doing business’ index as the country has been ranked among the top 20 improvers this year. BIDA’s online One-Stop Service [OSS] now provides the investors with 20 services, which will increase to 50 by this year
Modhumoti Bank inaugurated 40th Branch at Rangpur
Modhumoti Bank Limited inaugurated its 40th branch at Rangpur recently. Humayun Kabir, Chairman of the Board of Directors of Modhumoti Bank Limited, inaugurated the branch as Chief Guest. Barrister Sheikh Fazle Noor Taposh, MP, Chairman, Executive Committee of the Board of Directors, was present as Special Guest. Md. Shafiul Azam, Managing Director & CEO of the Bank.
NRB Bank US-Bangla Airlines Sign Agreement
High officials of NRB Bank Limited and US-Bangla Airlines, exchanging documents after signing an agreement on behalf of their respective organizations at the Bank’s corporate head office on Sunday, for customer benefit on behalf of both the organizations. Under the agreement, NRB Bank debit and credit cardholders will get 10 per cent discount on base fare of all domestic sectors of US-Bangla Airlines.
ICAB takes actions against Members
Institute of Chartered Accountants of Bangladesh [ICAB] has taken disciplinary actions against some of its members for professional ‘misconducts’. The ICAB’s actions include the suspension of membership and imposition of penalty as their professional misconducts in connection with audit and proper investigation of the disclosure regarding number of audit clients. The council of the ICAB has suspended the membership of AKM Mizanur Rahman FCA, partner of Shafiq Mizan Rahman & Augustine, Chartered Accountants, because of his professional deviation in connection with the audit of a securities firm. The remaining actions have been taken against some members as they were guilty in connection with the disclosure of number of audit clients, according to the website of the ICAB. The council has imposed a penalty worth Tk 0.2 million on AK Abdul Matin FCA, a partner of A Matin & Co, Chartered Accountants.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|DSEX||4916.68557||↓ 21.13||↓ 0.42|
|DJIA||26,573.72 ||↑372.68 ||↑1.42%|
|FTSE100||7,155.38||↑ 77.74||↑1.10% |
|Nikkei 225||21,346.63 ||↑63.57||↑0.30% |
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 52.67||↓0.14||↓ 0.27% |
|Crude Oil (Brent)||$ 58.11 ||↓ 0.26||↓ 0.45% |
|Gold Spot||$ 1,507.03||↑ 2.37 ||↑ 0.16% |
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.9344|
|GBP 1||BDT 102.231|
|EUR 1||BDT 91.0205|
|INR 1||BDT 1.17189|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<