BRAC Bank earns JPMorgan Chase Recognition
Renowned American Bank, JPMorgan Chase, has recognized BRAC Bank Limited for consistency and reliability in automated payment processing. The international recognition came for achieving the best-in-class Straight Through Processing [STP] payments in both MT202 and MT103 categories for the second consecutive years. STP is the automated process of payments without manual intervention that increases processing speed, minimizes routing errors, lowers operation and transaction costs while resulting in efficient, rapid payment execution and credit to the Bank and the customers it serves. Chowdhury Akhtar Asif, Deputy Managing Director and CRO, BRAC Bank, received the award from Christine Tan, Managing Director, Head of Asia Pacific- Financial Institutions Group of JP Morgan Chase at BRAC Bank Head Office in Dhaka. This award is the recognition of BRAC Bank’s inter-bank and clients’ transactions being carried with speed and accurately, saving time and cost while minimizing risks, according to Chowdhury Akhtar Asif.
10 Small Cap Cos to be listed on DSE’s SME Platform
The country’s Small and Medium Enterprises [SMEs] will be able to attract foreign investments through V-Next online platform introduced by the Dhaka Stock Exchange [DSE], according to Discussants. The DSE introduced the V-Next platform in May last for the SMEs who are looking for foreign investors. The SMEs will be able to seek foreign investments through the V-Next online platform by uploading details of their firms. According to the BSEC Chairman, they are ‘lucky’ as the Chinese consortium has become strategic partner of the prime bourse. The market intermediaries will be able to increase their operating profits by taking the advantage of V-Next platform. The V-Next platform will play a vital role to intensify the foreign portfolio investments in SMEs and listed companies as well. The corporate culture and governance of their companies will also be enriched, according to BSEC Chairman Khairul. The premier bourse has also taken the initiative of connecting the local sponsors to the SME platform of the Chinese consortium comprising Shenzhen Stock Exchange and Shanghai Stock Exchange.
Premier Bank signs Deal with Ryans IT
The Premier Bank Limited signed an agreement with Ryans IT Ltd at the Bank’s head office in the capital. Under the agreement, all Premier Bank Credit Cardholders will enjoy up to 12 months zero per cent interest free Equal Monthly Installment [EMI] from Ryans IT Ltd. Additional Managing Director Md. Abdul Jabber Chowdhury of the Premier Bank Limited and Mr. Ahmed Hasan, Managing Director of Ryans IT Ltd signed the agreement on behalf of their respective organizations.
SIBL signs Deal with Karnaphuli Gas Distribution Company
Social Islami Bank Limited [SIBL] signed an agreement with Karnaphuli Gas Distribution Company Limited, to collect gas bill through online, according to a statement. Engineer Khayez Ahmed Mojumdar, MD of Karnaphuli Gas and Md. Sirajul Hoque, Deputy Managing Director of SIBL, signed the agreement on behalf of their respective organizations. Under this agreement the clients of Karnaphuli Gas will be able to pay their gas bill in any branch of SIBL through online.
LWG to be invited for Savar Tannery Estate Audit
Bangladesh plans to invite Leather Working Group [LWG], a global rights body, early next year to examine the Savar Tannery Industrial Estate [STIE] to attain the standard certificate, as the remaining development works are expected to be finished by the end of this year, reports BSS. To attain the LWG certificate, a decision of conducting a ‘mock audit’ was taken at a review meeting on the implementation of the Central Effluent Treatment Plant [CETP] and overall works of STIE at the conference room of STIE on Tuesday, according to a Ministry release. LWG is made up of member brands, retailers, product manufacturers, leather manufacturers, chemical suppliers and technical experts that have worked together to develop an environmental stewardship protocol specifically for the leather manufacturing industry. The LWG certification is awarded to the companies based on the points presented on factors such as solid waste management, treatment and less usage of water, chemical use and labor welfare etc. Out of 100 points, 85 bring gold certification, 75 silver and 65 bronze. The meeting was apprised that 98 per cent work of the CETP has been completed and currently four modules of the CETP are working to treat wastages. Besides, installation work of the three units of the nine dewatering units has been completed while the remaining is expected to be finished within October 25.
Jute Goods Makers get a shot in the arm
Jute goods makers have got a shot in the arm from the National Board of Revenue, which has extended reduced tax benefit to them until fiscal 2022-23. At present, jute goods manufacturers pay 10 percent tax on their export income instead of 35 percent. But that privilege was due to expire in June next year. Now, the revenue authority has extended the benefit not only by three years but has also expanded it to those who do not export. In other words, jute goods makers would now pay 10 percent tax on their income. Backed by the availability of raw jute for domestic cultivation, the industry depends largely on exports as the domestic market for jute goods such as sacks and bags is not big enough. In recent years, export of jute and jute goods has been oscillating thanks to the crisis in the Middle East and the anti-dumping duty slapped by India in January 2017. In fiscal 2018-19, jute and jute goods exports dropped 20 percent. In the first quarter of the fiscal year, it edged up 2 percent, according to data from the Export Promotion Bureau [EPB]. The reduced tax benefit has been provided so that the sector recovers from its present situation, according to Taxmen. Jute goods is one of the half a dozen of industrial sectors that enjoy reduced tax rate, much below the normal corporate tax rate for companies. Garment, the main export earner, and textile are the other two. Besides, tax break is available for the power sector and factories to be established in economic zones, hi-tech parks and export processing zones.
Bangladesh ‘Foremost Partner’ in ITEC Programme: Riva Das
Bangladesh is the ‘Foremost and Valued Partner’ under the Indian Technical and Economic Cooperation Programme or ITEC, Indian high commissioner in Dhaka, according to Riva Ganguly Das. A tailor-made course for teachers on IT, web designing, English communication skills and pedagogy was designed on the specific request of the government of Bangladesh. Five batches of the tailor-made course have so far been conducted at the National Institute of Technical Teachers Training and Research [NITTTR], Chennai, in which 200 teachers from schools, colleges, polytechnics, vocational education institutes, universities and madrasas have been trained. Every year more than 10,000 training slots are offered to 161 partner countries for training courses in various areas like accounts, audit, management, SME, rural development and parliamentary affairs. Over 4,000 young Bangladeshi professionals have undergone such specialized short and medium term courses in India under the ITEC programme since 2007.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|DSEX||4894.31301||↓ 22.37||↓ 0.45|
|DJIA||26,164.04 ||↓313.98 ||↓1.19%|
|Nikkei 225||21,442.98||↓144.80||↓0.67% |
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 52.47 ||↓0.16 ||↓0.30% |
|Crude Oil (Brent)||$ 58.07 ||↓ 0.17 ||↓0.29% |
|Gold Spot||$ 1,505.75 ||↑ 0.24 ||↑ 0.02%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.9615|
|GBP 1||BDT 101.581|
|EUR 1||BDT 91.0018|
|INR 1||BDT 1.16777|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<