School Banking receives big response with Tk 14.94 billion Deposits
School Banking is gradually getting huge responses from the students across the country as deposits with the Banking Accounts was nearly Tk 15 billion [Tk 1,494 crore] at the end of June 2019, reports BSS. The Central Bank’s latest quarterly report on financial inclusion shows that a total of over Tk 14.94 billion [Tk 1,494.40 crore] was deposited with 19, 96,030 school Banking accounts at 55 scheduled Banks as of June 30 this year. According to the report, the school banking service is gaining popular fast in the cities than in the rural areas. A total of 7, 71,026 School Banking accounts were opened in the cities against 12, 25,004 accounts in the rural areas. School Banking is also more popular among the male students than the female students as 11, 38,080 school Banking accounts were opened by male students against 8, 57,950 by the female ones. Bangladesh Bank launched the programme in November 2010 for school students to help them save up for the future, learn financial literacy at an early age and build the habit of saving. Dutch-Bangla Bank, Eastern Bank Limited, Dhaka Bank, United Commercial Bank and Islami Bank Bangladesh are the five Banks that pulled most of the deposits from the students.
Bangladeshi Jamdani fair pulls big crowd in Delhi
A daylong fair on Jamdani, Muslin and other saris has delighted a large number of sari lovers in New Delhi, creating soothing effects on them to make them ponder over the revival of these rare wears. These handloom saris are embodiment of the pride of Bangladesh, reports BSS. The creations of Mantasha Ahmed and Nasreen Jahan, the owners of two popular fashion houses in Dhaka, have attracted a big number of visitors. The spectacular display was organized by the Association Fashion Designers of Bangladesh [ATDB] and the Bangladesh High Commission [BDHC] Spouses Club in New Delhi. For the Delhi lovers of Bangladeshi Jamdani – bright, colorful and full of motifs – the exhibits had in its display some of the master piece of weavers.
Industry Ministry seeks German support to make BSFIC mills Profitable
The government is set to modernize the state-run sugar mills with the cooperation of a German company, aiming to make them profitable. Under the move, the Ministry of Industries [MoI] has requested the company, Heinkel Drying and Separation Group, to come up with specific proposals for automation and modernization of the mills. In last week, the Company Experts had a meeting with Industries Minister Nurul Majid Mahmud Humayun in this regard at the industries ministry and presented their activities. They informed that apart from producing sugar, others products like bio-fertilizer and alcohol etc. could be produced in a significant volume by using the German technology. The Bank interests against the loans taken by the mills have been affecting the financial condition of the mills. The BSFIC has taken loans of around Tk 70 billion from different Banks. The BSFIC has to pay around Tk 10 billion in interests annually against the loans. Each of the mills, excepting Carew & Co. [Bangladesh] Ltd, incurs financial losses of around Tk 600 million annually
Marico BD sees 23pc Profit growth in 2019
Marico Bangladesh, a fast-moving consumer goods multinational company, witnessed a steady growth in revenue earnings and dividend payout, among others, in last five years through quality products. The Marico Bangladesh, the first subsidiary of Marico Ltd, has also maintained its position as the most profitable unit of Marico’s international business, according to its latest annual report. The company posted a 23.18 per cent profit growth for the year ended on March 31, 2019 and declared a healthy dividend payout of 650 per cent cash during the period under review. The company witnessed a strong business performance last year driven by growth of the core categories, launch of new products, augmenting distribution fundamentals and accelerated capability development.
Japan Tobacco implements System ‘Sylvia’
United Dhaka Tobacco Company Limited, a subsidiary of Japan Tobacco Industries [JTI] and Millennium Information Solution Limited [MISL] have recently signed an agreement for the implementation of one of their flagship products, “SYLVIA”, a Human Resource Information System [HRIS]. Sylvia is a full 360° HR & Payroll System which will enable JTI to record information of all its employees, process their respective payroll and monitor their performance. Moreover, this system will facilitate JTI employees to keep track of their attendance and apply for leave.
EBL SKYPAY service for 9GO 9GO
Limited, an Online Travel Agency [OTA] opts for Eastern Bank’s advanced online payment gateway ‘EBL SKYPAY’, which is powered by Mastercard Payment Gateway Services [MPGS]. As a result 9GO customers will be able to make payments for their air tickets more securely using VISA and Mastercard, said a statement. M. Khorshed Anowar, Head of Retail and SME Banking of Eastern Bank Ltd and Mohammed Jalaluddin Tipu, Managing Director of 9GO Limited signed an agreement to this effect at EBL Head Office in the city recently.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
| ↑ 37.07 ||↑0.14% |
|FTSE100||7,367.46 || ↑ 22.79 || ↑0.31%|
|Nikkei 225|| 21,988.29 || ↑228.68 ||↑1.05%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 54.85 || ↓ 0.24 ||↓ 0.44%|
|Crude Oil (Brent)|| $ 60.22 ||↓ 0.16 ||↓ 0.26%|
|Gold Spot||$1,488.53 ||↓ 10.73|| ↓ 0.72%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.8649|
|GBP 1||BDT 103.565|
|EUR 1||BDT 91.7257|
|INR 1||BDT 1.16460|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<