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 October 13, 2019

Appoint Ombudsman for Banking Sector

With defaulters securing important positions in the government and corporate governance remaining extremely weak, it is not possible for the Banks to recover the huge volume of non-performing loans from defaulters, observed Economists, Bankers and Civil Society Members at a function in Dhaka Saturday. The government was not sincere in its efforts to recover classified loans. It is just playing an “arranged game” in the name of loan recovery. The classified loans in the Banking sector will never be realized with this kind of game being in place or played out, according to Prof. Dr Mainul Islam. According to the Former Director General of Bangladesh Institute of Bank Management, the actual volume of classified loans would be around Tk 3.0 trillion or 30 per cent of the total outstanding loans. Most Banks were given permission on political considerations. The directors are either politicians or they have links with politics. These people are making profits on depositors’ money. Most or all the loan defaulters are wilful defaulters and they have decided not to pay back to Banks due to their political connections. According to the economist, all political parties have an agreement on allowing misappropriation of Banks’ money. So, they have never used the Bankruptcy act.

Source: http://today.thefinancialexpress.com.bd/first-page/appoint-ombudsman-for-banking-sector-1570897673

ADB offers help to establish Dhaka-Cox’s Bazar Rail Link

Asian Development Bank [ADB] will help Bangladesh Railway [BR] in establishing direct rail link from Dhaka to Cox’s Bazar by converting the metre gauge track into a broad gauge line from Dhaka to Dohazari of Chattogram. At present, BR has a metre gauge railway line from Dhaka to Dohazari of Chattogram. With the financial assistance of ADB, a project is underway to set up single-line dual-gauge [both broad and metre gauge] rail link from Dohazari to Cox’s Bazar. Official sources said ADB has assured the BR authority of providing necessary support to conduct feasibility studies and investment fund to build the dual gauge railway line. Feasibility studies on 320-kilometre corridor are now being conducted in three phases–Tongi-Akhaura, Laksam- Chattogram and Chattogram-Dohazari. ADB has assured the BR authority of investing in the corridor phase by phase starting from 2020. At present, BR can operate maximum 50 trains on the existing double line metre gauge track. A single line broad gauge has been proposed from Chattogram to Dohazari due to having less rail traffic in the Chattogram hill tracts. BR has undertaken a project to construct 3rd and 4th dual gauge lines on Dhaka-Tongi section which is used to run trains both in eastern and western zones of the country. Dhaka-Chattogram is part of eastern zone.

Source: http://today.thefinancialexpress.com.bd/last-page/adb-offers-help-to-establish-dhaka-coxs-bazar-rail-link-1570897507

Digital Tech can help narrow Trade Finance gap

Digital, or financial technology – including mobile internet access, blockchain, artificial intelligence, and big data – can make international trade more efficient and support financing options. Trade finance provides exporters and importers with effective tools to manage working capital and reduce risks related to trading across borders. Around 40 percent of global international trade is financed by Banks through trade finance transactions such as letters of credit, loans, and guarantees. There are around $1.5 trillion of rejected trade finance applications globally in 2018, which is as much as 8 percent of global goods trade, according to the recent report, Trade Finance Gaps, Jobs, and Growth Survey. The Asia-Pacific region accounts for 40 percent of the total rejection. The lack of financing acts as a significant barrier to trade, particularly for small and medium-sized enterprises in developing economies. These businesses are most affected as they tend to have higher rejection rates relative to larger firms. Around half of the rejections originate from small and medium sized enterprises. The survey shows that around 44% of the firms with rejected trade finance applications were unable to find appropriate alternative financing.

Source: https://www.thedailystar.net/business/news/digital-tech-can-help-narrow-trade-finance-gap-1813042

96pc Samsung sets assembled locally

No Samsung mobile handsets will be imported to Bangladesh after March next year as its local plant is capable of meeting the domestic demand entirely. The plant in Narsingdi is currently assembling products that account for 96 percent of Samsung’s smartphone sales in the country. Samsung Bangladesh and its assembly partner Fair Electronics Ltd announced that the globally reputed mobile brand will start assembling its Galaxy-branded flagship products within next few months. They shared the info at a press conference at the Pan Pacific Sonargaon in Dhaka yesterday. In the last one year, the plant has assembled about 15 lakh units of smartphones, with prices ranging from Tk 7,500 to Tk 40,000. The garment sector, the tech industry has the potential to become the main driver of Bangladesh’s economy by way of assembling technologically sophisticated products. Fair Electronics is adding about 35 percent value to its products and within the next few years, the value addition will go up to 45 percent as it is planning to set up a PCBA motherboard manufacturing system. PCBA or printed circuit board assembly motherboard is the main component of products such as mobile phones, tablets, laptops, and computers.

Source: https://www.thedailystar.net/business/news/96pc-samsung-sets-assembled-locally-1813057

50 Bangladesh Entrepreneurs to join PAMEX

More than 50 entrepreneurs from Bangladesh are going to join the PAMEX 2020, an international exhibition on printing and allied machinery industry in India. All India Federation of Master Printers in association with Print-Packaging Pvt Ltd is hosting the 13th edition of the biennial show from January 06-09 at Bombay Exhibition Centre in Mumbai. The exhibition is expected to witness more than 400 exhibitors and 40,000 visitors from all over India and the neighboring countries. This was announced at a press conference held at Bashundhara International Convention City in Dhaka on Saturday, according to a press release. Around 50 entrepreneurs from Bangladesh would join the expo. The size of the domestic printing industry is worth Tk 17,000 crore and it is growing steadily. Apart from traditional offset and post press technologies, PAMEX 2020 will showcase emerging technologies in various fields. The fields include 3D, robotics, RFID printing, multi-wave LED technology, which can cure conventional and LED UV inks, making UV printing more green and convenient to adopt.

Source: http://today.thefinancialexpress.com.bd/trade-market/50-bangladesh-entrepreneurs-to-join-pamex-1570890941

MNCs not spared from bearish onslaught

Most of the listed Multinational Companies [MNCs] lost share prices ranging between 1.0 percent and 5.4 percent in last week amid the price correction witnessed by most of the local companies. The Dhaka Stock Exchange [DSE] continued declining trend in all sessions executed in last week following investors’ panic sales. As a result, the DSE broad index DSEX witnessed moderate correction and hit 35-month low. The impact of the declining market trend was also reflected in the prices of the shares of listed MNCs. Of the listed MNCs, Heidelberg Cement Bangladesh witnessed the highest price correction on the premier bourse DSE. The company’s share price declined 5.4 per cent in four sessions to close at Tk 196.40 each. The share price of RAK Ceramics [Bangladesh] declined 3.9 per cent to close at Tk 29.60 each. Grameenphone declined 3.5 per cent to close at Tk 333 each. The share price of British American Tobacco Bangladesh Company [BATBC] declined 2.9 per cent to close at Tk 1108.3 each.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/mncs-not-spared-from-bearish-onslaught-1570893389

Apple’s stock sets new Record

Apple shares are currently trading above the $234 mark on the intraday market, setting a new all-time high for the company. As noted by CNBC, the stock’s previous all-time high was $233.47 in October 2018. AAPL has surged nearly 10 per cent over the past month, fueled in part by multiple reports indicating that iPhone 11 and iPhone 11 Pro sales have been better than expected so far in several countries, including the United States, China, and India, something that Apple CEO Tim Cook alluded to in a recent interview. Apple is set to report its fourth quarter earnings results on Wednesday, October 30 after the stock market closes.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/apples-stock-sets-new-record-1570893541

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DSEX4810.21941↓ 52.03↓ 1.07
↑ 319.92 ↑ 1.21%
FTSE100 7,247.08 ↑ 60.72↑ 0.84%
Nikkei 22521,798.87 ↑ 246.89 ↑ 1.15%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 54.70 ↑ 1.15 ↑ 2.15%
Crude Oil (Brent)$ 60.51↑ 1.41 ↑ 2.39%
Gold Spot$ 1,489.01 ↓ 4.98 ↓ 0.33%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 83.0559
GBP 1BDT 104.993
EUR 1BDT 91.6464
INR 1BDT 1.17264





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.

Our state of the art Mobile App, Dhaka Bank GO (Click https://bit.ly/2WVfieu) and Internet Banking - Dhaka Bank Direct gives you the freedom of banking online anytime from anywhere. You can check the balance and transfer money to any designated Banks including any Dhaka Bank or bKash Account, make utility bill payments and mobile top-up through our Mobile App and Internet Banking Services. Our ATMs are also running efficiently with availability of sufficient cash for your convenience where you can make cash withdrawals whenever the need arises. Mentionable, the withdrawal of cash from any ATMs within Bangladesh with Dhaka Bank Debit Cards are absolutely free of charges up till April 30, 2020 (Dhaka Bank will bear the cost). Our corporate customers can also use our completely safe and secured online platform Dhaka Bank C-Solution for Payments, Inter Bank Fund Transfers, etc.

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