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
Rate last updated: 02/01/2014 11:15:04 AM
International Finance Corporation [IFC], a member of the World Bank Group, in partnership with Bangladesh Bank, identified steps to promote the domestic green bond market in Bangladesh as a way to mobilize capital for climate-related initiatives. A joint study, funded by the Swedish government, assessed the potential for a domestic green bond market in Bangladesh. IFC is one of the first movers in the green bond market and as of today, IFC’s green bonds issuance in Asia-Pacific has reached $1.0 billion. IFC is ready to work with both regulators and financial institutions in Bangladesh to move the green bond market forward. Bangladesh’s fixed income market remains small and underdeveloped. In 2018, the bond market totaled $16 billion, or about 6.0 per cent of the GDP. Investors and issuers alike face a wide range of barriers when investing in and issuing bonds. Green bonds are an asset class that can help develop the bond market in Bangladesh and attract a new pool of international and institutional environmentally-aware investors. IFC has been supporting the Central Bank efforts to develop and implement green finance related policies and guidelines that encourage Banks and financial institutions to incorporate environmental and social risk management into their credit activities and promote green lending to achieve the Sustainable Development Goals.
The National Board of Revenue [NBR] on Sunday identified a number of products and services that cannot be shown as inputs [raw materials] for claiming VAT rebate. The Value Added Tax [VAT] wing under the NBR has issued an order which stipulates that these products and services won’t be considered as inputs for the businesses. As per the VAT law, businesses are entitled to get VAT refund or allowed to adjust VAT they pay at the time of purchasing or procuring inputs. The wing issued the order after it found a significant shortfall in its revenue collection in the current fiscal year 2019-20. Among three wings of NBR, the VAT wing faced the biggest shortfall of Tk 53.54 billion in the first two months [July-August] of the current FY. As per NBR order, six categories of services and products will not be considered as inputs for production. Renovation, modernization, construction, replacement, expansion or repairing of land, building, office, equipment and fixture, machinery, establishment or infrastructure will not be considered as inputs for any production. Businesses will not be able to claim input rebate on purchase and repair of all types of furniture, office supply, stationary products, refrigerator and freezer, air conditioner, fan, lighting equipment. The VAT officials will also not consider interior design, architectural planning and design, transport rent and lease, travel, entertainment, workers’ welfare, development activities or relevant products and services as inputs. Rent of business premises, offices and showrooms will not be considered as inputs.
Bangladesh looks to sign a Free Trade Area [FTA] deal with the United States as it failed to get restored the Generalized System of Preferences [GSP] facility. The Bangladesh Tariff Commission [BTC] has recently studied the pros and cons and found that the country could reap financial benefits of such a deal, according to Officials. The study shows that an FTA with the United States to trade in goods will be beneficial to us. Bangladesh’s main exportable, apparel, enters the US market by paying a 15-per cent duty on average which makes it less competitive. Bangladesh mainly imports capital machinery from the United States whose duty is comparatively low. The multiple labor and human rights issues have emerged as major barriers between the Bangladesh-USA bilateral relations. Bangladesh take steps to sign an FTA deal with the USA to lessen the duty burden. Bangladesh exported goods to the USA to the tune of $6.87 billion in fiscal year 2018-19. Bangladesh’s major exportable to the USA include apparel, footwear, pharmaceuticals, plastic, leather, ceramic, tobacco and textile fiber.
Source: https://today.thefinancialexpress.com.bd/first-page/fta-with-us-to-benefit-bd-1572197381
Experts at a seminar have suggested establishing a halal certification body in the country to help manufacturers grab a slice of the trillion-dollar global halal food market. Bangladesh can gain a share of the global halal food market with its agro-processed food products, beverages, cosmetics and pharmaceutical items. They also urged the government to provide credit facility and tax incentives for the private sector to facilitate the production and export of halal foods. The government should also develop infrastructure and develop a globally acclaimed halal food certification system for the growth in export of halal foods. The global consumption value of halal food has been increasing with 8.14 per cent average growth rate annually. The halal food market will register a 6.1 per cent compound annual growth rate in terms of revenue over the next five years. The global halal market is around US$2.1 trillion, which makes up 11.9 per cent of the world expenditure. Brazil, Australia, New Zealand and Thailand are leading exporters of halal products.
The apex apparel trade-body – BGMEA – has urged the government for exemption of loan amounting to Tk 2.38 billion of some 133 sick Ready-Made Garment [RMG] factories to help them survive, according to sources. The Bangladesh Garment Manufacturers and Exporters Association [BGMEA] has also slashed down the number of sick industries to 133 through its investigation from the previously identified 279. The Ministry of Commerce has also endorsed these 133 units. The trade-body came up with the plea in a letter to Finance Minister A H M Mustafa Kamal last month to exempt all Bank liabilities, including loan, interest and other cost of fund charges, of these 133 sick RMG industries. Out of the 133 sick industries, some 90 factories have total outstanding loan and interest amounting to Tk 4.58 billion with Public Banks against their principal loan amount of Tk 1.57 billion. The BGMEA earlier made a list of 279 such sick factories, which were inspected by the Ministry of Commerce.
The writ petition that challenged the Central Bank’s circular allowing defaulters to reschedule their loans with a repayment period of 10 years and get further loans is not maintainable, according to Bangladesh Bank’s lawyer Ajmalul Hossain. A writ petition cannot be filed challenging a content of a circular issued by any authority, rather it can challenge only a policy matter or methodology matter. The writ petition over the Bangladesh Bank [BB] circular didn’t challenge any policy matter. A commission is needed to fully find out the main challenges, problems and weakness of the Banking sector [public and private], to identify the main factors behind the loan default culture, and to recommend ways to stop such default culture in the Banking sector.
Source: https://today.thefinancialexpress.com.bd/last-page/writ-over-bb-circular-not-maintainable-1572197933
The turnover on the Dhaka Stock Exchange came down to Tk 2.56 billion on Sunday, hitting five and a half months low. Most of the investors were reluctant to make fresh investment in stocks amid dismal market outlook, taking the turnover to five and a half months low, according to Market Analysts. Turnover stood at Tk 2.56 billion on the country’s premier bourse, slumping further by 20 per cent over previous day’s mark of Tk 3.22 billion. It was the lowest single-day transaction since May 15, this year, when the turnover was Tk 2.56 billion. The port city’s bourse, the Chittagong Stock Exchange, also ended lower with its All Shares Price Index CASPI-losing 70 points to close at 14,461 while the Selective Categories Index – CSCX -shedding 42 points to finish at 8,789.
Saidpur airport in the district set to become the fifth international airport of the country after Dhaka, Chattogram, Sylhet and Cox’s Bazar. The existing airport is being upgraded and expanded into the international standard at a cost of Tk 15,000 million. For the implementation of the project, a views exchange meeting was held in the conference room of the Deputy Commissioner [DC], Nilphamari on Thursday last. The airport would enhance the development of Rangpur division. The opening of the airport a new dimension would be created in air connectivity of the sub regional economic cooperation zone comprising the countries of Bangladesh, Bhutan, India and Nepal [BBIN], according to State minister.
Source: https://today.thefinancialexpress.com.bd/country/saidpur-set-to-become-fifth-intl-airport-1572192839
Confidence Cement has recommended stock dividend, though a listed company cannot raise capital through bonus shares without holding minimum 30 per cent shares jointly by the sponsor-directors. The company’s board of directors has recommended 15 per cent cash and 15 per cent stock dividend for the year ended on June 30, 2019. According to information of Dhaka Stock Exchange [DSE], the sponsor-directors of the Confidence Cement hold 29.88 per cent shares as on September 30 last. Confidence Steel, one of the corporate directors of the Confidence Cement, expressed intension on Sunday to purchase 0.1 million shares from public market at prevailing market price. On completion of purchasing the said amount of shares within 30 working days, the holding of the company’s sponsor-directors will be 30 per cent.
Additional Managing Director of Shahjalal Islami Bank Limited Abdul Aziz inaugurating the Bank’s 129th branch at Karimganj in Kishoreganj district on Sunday while senior executives of the Bank and local elite were present.
| Index Name | Close Value | Value Change | Percentage Change |
|---|---|---|---|
| DSEX | 4752.64837 | 0.00 | 0.00 |
| DJIA | 26,958.06 | ↑ 152.53 | ↑ 0.57% |
| FTSE100 | 7,324.47 | ↓ 3.78 | ↓ 0.05% |
| Nikkei 225 | 22,861.59 | ↑ 61.78 | ↑ 0.27% |
| Commodity | Close Value | Value Change | Percentage Change |
|---|---|---|---|
| Crude Oil (WTI) | $ 56.51 | ↓ 0.15 | ↓ 0.26% |
| Crude Oil (Brent) | $ 61.92 | ↓ 0.10 | ↓ 0.16% |
| Gold Spot | $ 1,504.47 | ↓ 0.16 | ↓ 0.01% |
| Exchange Rates | |
|---|---|
| USD 1 | BDT 83.0893 |
| GBP 1 | BDT 106.534 |
| EUR 1 | BDT 92.0355 |
| INR 1 | BDT 1.17490 |
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