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 31, 2017

Social Islami Bank faces ‘hostile’ takeover

After the top-level management of Islami Bank Bangladesh Ltd (IBBL) was removed, forcibly according to critics, on January 5 this year, Social Islami Bank Ltd (SIBL) on Monday faced a similar series of drastic changes to its upper echelon. SIBL Chairman Major (Retd) Dr Md Rezaul Haque and Executive Committee Chairman Md Anisul Hoque were replaced by former Chittagong University vice-chancellor Prof Anwarul Azim Arif and Belal Ahmed, vice chairman of NRB Global Bank, respectively, inside sources told the Dhaka Tribune. The Managing Director of SIBL, Shahid Hossain, has also stepped down and been replaced by Quazi Osman Ali, additional managing director of First Security Islami Bank Ltd, sources confirmed. The names of the replacements will be sent to the Bangladesh Security Exchange Commission (BSEC) and Bangladesh Bank (BB) for approval.


Three banks, one NBFI to issue BDT 22.0 billion bond

Three listed banks and a financial institution will issue bond of BDT 22.0 billion to strengthen their capital base subject to approval of the regulatory authorities, according to separate disclosures on Monday. Three banks and a non-bank financial institution (NBFI) which will issue bonds are: Southeast Bank, Trust Bank, Prime Bank and Uttara Finance. Southeast Bank: The board of directors of Southeast Bank has adopted the resolution for the issuance of Southeast Bank 7 years Non-Convertible Subordinated Bond of BDT 5.0 billion to raise Tier-II Capital of the Bank. Trust Bank: The board of directors of Trust Bank has approved issuance of fully redeemable non-convertible unsecured subordinated bond IV worth BDT 5.0 billion to strengthen its capital base subject to approval of the regulatory authorities. Prime Bank: The board of directors of Prime Bank has decided to issue “Prime Bank Subordinated Bond-3” up to BDT 7.0 billion for raising Tier-II capital subject to approval of the regulatory authorities. Uttara Finance: The board of directors of Uttara Finance has accorded approval to issue non-convertible zero coupon bonds through private placement at a discounted issue price of BDT 5.0 billion, subject to the approval of the regulatory bodies.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/three-banks-one-nbfi-to-issue-tk-22b-bond-1509377052

Bangladesh Bank (BB) urges banks to act cagily, lower borrowing from DBUs

The Bangladesh Bank (BB) has advised the commercial banks to act cautiously, particularly in operating their offshore banking units (OBUs), to avert possible exchange rate risk in future. The banks, which are running OBUs, have also been directed to bring down borrowing from onshore sources, officially known as domestic banking units (DBUs), at a reasonable level from the existing one. Currently, total exposure of the OBUs stands at USD 6.40 billion, of which USD 2.25 billion has been financed from the DBUs, according to the BB’s latest statistics. The instructions were given at a meeting of 29 banks, held at the central bank headquarters in the capital on Monday, with BB Deputy Governor S K Sur Chowdhury in the chair. Higher financing from the DBUs has already created a liquidity pressure on the country’s foreign exchange market, they added. Operations of the OBUs are normally maintained by the banks concerned through collection of funds from their own sources, overseas sources and taking clean deposit from other banks.


Govt warns FIs of cyber espionage

The country’s all financial institutions (FIs) have been asked to take preventive measures in a bid to secure their online activities including financial transaction. The government instruction came as infamous cyber espionage groups called Lazarus and Cobaltgoblin have successfully breached the FIs of Bangladesh, Malaysia, South Korea, Indonesia, the Philippines, China (Hong Kong) and Vietnam. In a letter issued by Director of the Data Center and Cyber Security of Bangladesh Computer Council (BCC) Tarique M Barkatullah dated October 24 requested all the FIs to install new generation firewall with anti-Advanced Persistent Threat (APT), Threat Intelligence Service and genuine software to secure online activities. The United States Computer Incidence Response Team (US CISCO) report says it has been able to monitor active APT actors in the region namely the infamous Lazarus group and Cobaltgoblin group that use Carbanak-style attacks.


Accelerating digital inclusion

At the start of the twenty-first century, technology began levelling the playing field for entrepreneurs worldwide. Over the next decade, this flattening of the world’s economy continued with further advancements in technology. Today, there are more than 150 discrete technologies that are changing the world around us faster than ever. As technology rapidly eliminates geographic barriers, it has begun enabling a group of entrepreneurs in Bangladesh to compete globally. At the same time, the challenge of the widening digital divide in the local population remains. The successful adoption of modern technologies can help address this challenge in an effective manner.

Source: http://www.thedailystar.net/business/accelerating-digital-inclusion-1484068

Graft deters foreign investment

Corruption, cumbersome customs procedures and poor sanitary and phytosanitary standards are major barriers to attracting foreign direct investment to the country, said the US ambassador to Bangladesh yesterday. “Fewer problems, no corruption and quicker electricity and gas connections are Bangladesh’s selling points to foreign investors,” said Marcia Bernicat. She said other factors acting as hurdles to bring FDI include inefficient bureaucracy, unfair trade, unnecessary or arbitrary regulations, biased tendering process and poor performance of ports.

Source: http://www.thedailystar.net/business/graft-deters-foreign-investment-1484086

Exports to UK beat Brexit fears

Buoyed by higher shipments of apparel items, Bangladesh’s exports to the UK are on the rise although British consumers have been hit hard by rising inflation amid Brexit pressure. The UK’s key inflation rate hit its highest for more than five years in September, driven up by increases in transport and food prices. The Consumer Prices Index climbed to 3%, a level it last reached in April 2012, and up from 2.9% in August, according to BBC. But exports from Bangladesh increased 22.29% year-on-year to USD 1.03 billion in the July-September period of the fiscal year. During the quarter, garment shipment to the UK grew 10.47% to USD 862.28 million.

Source: http://www.thedailystar.net/business/exports-uk-beat-brexit-fears-1484101

Bangladesh Power Development Board (BPDB) floats tender to build 150MW plant at Syedpur

Bangladesh Power Development Board (BPDB) has floated tender, inviting bids by November 29, to build a 150-megawatt (MW) power plant at Syedpur in northern region of the country. The plant will run on diesel to be imported from India, said officials. It would annually consume around 150,000 tonnes of diesel to be imported through the proposed 130km cross-country pipeline. It would be the first tender in last seven years to set up a diesel-fired power plant, said a senior official. The BPDB sought the bid winner to be responsible for engineering, design, manufacturing, inspection, supply, installation, erection, testing and commissioning of the Syedpur plant. The BPDB in August last selected five private firms without tender for implementing five diesel-fired power plants having a total generation capacity of 800 MW electricity.Officials said the plants were awarded to the firms through unsolicited offers under the Speedy Supply of Power and Energy (Special Provision) Act – 2010, having a provision of immunity to the people involved in implementing the projects.

Source: http://today.thefinancialexpress.com.bd/last-page/bpdb-floats-tender-to-build-150mw-plant-at-syedpur-1509388796

Government sits with traders today as onion prices keep spiraling

The ministry of commerce (MoC) sits with onion importers and traders today (Tuesday) aiming to contain its soaring prices, officials said. Officials from Bangladesh Tariff Commission (BTC), Directorate of National Consumer Rights Protection (DNCRP), food and agriculture ministries, Bangladesh Bank and National Board of Revenue (NBR) are expected to attend the meeting, among other agencies. The prices of onion surged by 73.33% in the last one month while by 170.83% in the last one year, according to Trading Corporation of Bangladesh (TCB). Depending on its quality, onion was selling between BDT 75 and BDT 85 per kilogram on Monday at the retail level in the city’s kitchen markets. Onion was sold between BDT 35 and BDT 40 per kg one month ago, compared with BDT 20-Tk 28 a kg a year ago.


PHP’s recycling yard gets international certification

The recycling yard of Chittagong-based PHP Family has received a Statement of Compliance with the Hong Kong Convention, for safe and environmentally sound ship recycling. This is the first Bangladeshi yard to gain the certification given by international classification society RINA, according to a press release. PHP Family yard has worked hard to improve their safety and environmental standards,” said Anil Sharma, president and CEO of GMS, a cash buyer of ships for recycling.

Source: http://www.thedailystar.net/business/phps-recycling-yard-gets-international-certification-1484074

Local and Global Stock Indices

Index NameClose ValueValue ChangePercentage Change
DSEX5,996.25↑ 0.83↑ 0.01%
DJIA23,348.74↓ 85.45↓ 0.36%
FTSE1007,487.81↓ 17.22↓ 0.23%
Nikkei 22521,918.24↓ 93.43↓ 0.42%

World Commodities

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)*$54.04↓0.11↓0.20%
Crude Oil (Brent)*$60.83↓0.07↓0.11%
Gold Spot*$1,276.04↓0.25↓0.02%

Major Currencies Exchange Rates Movement in Last Seven Days

Exchange Rates
USD 1BDT 81.91
GBP 1BDT 109.43
EUR 1BDT 96.50
INR 1BDT 1.28





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