UAE Investors want to develop five Economic Zones
UAE-based Investors expressed their interest to take up a number of new projects, including five economic zones in Bangladesh, as the two nations look to take their bilateral relations to a new height. As many as 25 fresh investment projects were tabled at the second edition of the Bangladesh Economic Forum. They discussed the projects with Salman F Rahman, prime minister’s adviser for private industry and investment, and a visiting Bangladesh delegation, according to a press release. Earlier, the Emirati businesses also shared their plan to invest $10 billion in Bangladesh, according to data compiled by the Forum. Rahman met with a number of large UAE-based business groups, who have expressed their interest in developing economic zones and hi-tech parks in Bangladesh. Bangladesh is developing 100 economic zones and 28 hi-tech parks to accelerate the flow of foreign direct investment that jumped 68 percent year-on-year to $3.61 billion last year. Rahman led the 20-member delegation comprising officials of the Bangladesh Investment Development Authority, Bangladesh Economic Zones Authority and Bangladesh Hi-Tech Park Authority at the event. Rahman is pleased to see strong and genuine interest among UAE-based Investors, including UAE citizens and foreign business groups, for Bangladesh. We have seen large investments coming from China, Japan and the United States. We believe Investors from the GCC countries, especially Saudi Arabia and the UAE, should take advantage of the lower cost of investment, operations and higher return on investment in Bangladesh. These investments will strengthen the bilateral relationship between Bangladesh and the UAE and will deepen our economic relations to a strategic partnership level.
Unfair competition makes goods 70pc costlier: Analysts
People in Bangladesh spend 70 percent more than the actual price of the basic commodities because of the absence of a fair competition in the market, an Economist said yesterday. They have to spend nearly $14 billion a year due to the higher prices, said Abdur Razzaque, an economist on international trade, labour and development. He spoke at a seminar on “Growth in competition: the role of competition commission” at the office of the Economic Reporters’ Forum (ERF) in Dhaka. In his keynote presentation, Razzaque said lower income groups are the victims of anti-competition behaviour. According to the economist, competition boosts overall growth in the long run, benefiting the lower income households further. In Bangladesh it is possible to boost the economic growth by at least 2 percent every year if the competition policy is applied properly and the social benefits for the marginalised groups are increased. In Bangladesh, the competition commission was formed in 2012 and it started functioning in 2016.
Two Banks to issue Tk 21b Bonds
Islami Bank Bangladesh and Mutual Trust Bank have decided to issue bonds worth of total Tk 21 billion subject to approval of the regulatory authorities, according to official disclosures on Sunday. Mutual Trust Bank: Mutual Trust Bank has decided to issuance of non-convertible perpetual bond of Tk 4.0 billion and issuance of seven years non-convertible subordinated bond of Tk 5.0 billion. The Mutual Trust Bank, which was listed on the Dhaka Stock Exchange in 2003, disbursed 11 per cent stock dividend for the year ended on December 31, 2018. Each share of the Bank traded between Tk 31.60 and Tk 33.20, before closing at Tk 33.10, gaining 2.79 per cent over the previous day. The Bank’s paid-up capital is 6.69 billion, authorised capital is Tk 10 billion and the total number of securities is 669.92 million. Sponsor-directors own 41.11 per cent stake in the Bank while Institutional Investors own 22.14 per cent and the general public 36.75 per cent as on August 31, 2019, the DSE data shows.
BCSCL, ADN Telecom sign Agreement
An Agreement was signed between ADN Telecom Limited and Bangladesh Communication Satellite Company Limited (BCSCL) at BCSCL office in the city recently, said a statement. Under the Agreement, ADN Telecom will provide Digital Connectivity to remote Islands by using VSAT technology through Bangabandhu Satellite-1.They will also provide multimedia enabled desktop PC, WIFI internet connectivity supported by eco-friendly renewable solar power systems. In the presence of Dr. Shahjahan Mahmood, Chairman of BCSCL, Project Director of BCSCL Hamed Mohiuddin and Managing Director of ADN Telecom Limited, Henry Hilton exchanged their signed Agreement. In addition, Chief Operating Officer of ADN Telecom Limited, Mohammad Fazlun Naim, Head of Broadband Business, Arifur Rahman was also present with other high officials with both of the companies.
AGM of Midland Bank held
The sixth annual general meeting (AGM) of the shareholders of Midland Bank Limited (MDB) was held at the boardroom of the Bank’s Head Office in the city Saturday. Nilufer Zafarullah, Chairman of the board of directors of the Bank, presided over the meeting attended by sponsors and directors of the Bank. Md Ahsan-uz Zaman, Managing Director & CEO, and Mohammad Masoom, AMD of the Bank, were also present. The meeting approved 8.0 per cent stock dividend for the year 2018 for the shareholders of the Bank. The Directors’ Report and Audited Financial Statements of the Bank for the year ended December 31, 2018 were also placed and adopted in the meeting.
Australia-BD Trade Conf’ce in November
The ‘Australia-Bangladesh Trade Conference, 2019’ is going to be held in Sydney from November 13 to 15 with a view to expanding trade and business between the two friendly nations, reports BSS. The Bangladesh High Commission in Australia in association with the Australia Bangladesh Business Council (ABBC) will organise the conference. The NSW Business Chamber, Export Promotion Bureau (EPB), Bangladesh Investment Development Authority (BIDA) and Australia Bangladesh Chamber of Commerce and Industry (ABCCI) are the associates of the conference, ABBC Chairperson Asif Kawnine told the news agency. Various industry bodies, researchers, industry and policy analysts, government officials and policymakers would take part in the event to discuss trade and investment opportunities.
Govt promoting young Entrepreneurs: Palak
State Minister for ICT Division Zunaid Ahmed Palak said on Sunday that the government is promoting innovations and entrepreneurship among the young generation to help them become self-reliant. The Young Bangla, a leading youth platform, and the Innovation Design and Entrepreneurship Academy (IDEA) Project under the ICT Division arranged the event, according to a press release. The state minister said that at present, the country is enjoying demographic dividend, as 70 per cent of the country’s total population of around 165 million are now under 35 years. Around 45 million students are studying at different educational institutions and every year around 2.0 million youths enter the work field. Only government and private enterprises will not be enough to ensure employments for them. The government is promoting entrepreneurship to help the youths become self-reliant and enable them to create employment opportunities for others
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)||$ 59.72 || ↑ 4.87 ||↑ 8.88%|
|Crude Oil (Brent)|| $ 66.22 ||↑ 6.00 ||↑ 9.96%|
|Gold Spot||$1,503.57 ||↑ 15.04|| ↑ 1.01%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.8649|
|GBP 1||BDT 103.562|
|EUR 1||BDT 91.7332|
|INR 1||BDT 1.16460|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<