ICB seeks Tk 1,000cr from BB
The Investment Corporation of Bangladesh has sought Tk 1,000 crore in financial support from Bangladesh Bank on an “Emergency basis” to inject liquidity into the ailing capital market as part of its concerted efforts to bring back investor confidence. The largest financial investor in the capital market sent a letter to Governor Fazle Kabir on September 19 seeking his cooperation in the form of either credit or financial support. Between June 27 and September 26, the DSEX, the Dhaka Stock Exchange’s benchmark index, shed 461 points or 9.29 percent to reach 4,968, which is below the psychological mark of 5,000, while investors lost Tk 23,925 crore. The government has recently instructed the ICB to provide required support to the market amid the ongoing volatility which has dampened investor confidence, according to the letter signed by ICB Managing Director Md Abul Hossain. The ICB has also expressed gratitude for the Central Bank’s strong efforts to perk up the capital market, especially the two instances it provided credit support which were invested on time. The first instance was in 2011 when short-term loans worth Tk 600 crore were provided in three phases in line with Bangladesh Bank Order 1972. The ICB successfully arrested the heavy price fall during the period, protecting marginal investors from further losses. The credit, including interest, was paid back within 90 days. The second was in 2017 when Tk 300 crore was provided and which was now being returned.
Lodge stock complaints Online
Investors will be able to file stock market-related complaints online on the Bangladesh Securities and Exchange Commission’s [BSEC] website from tomorrow, a move aimed at expediting its redress mechanism. To open on a separate window, the system — Customer Complaint Address Module — promises delivering remedies in three weeks. This is a massive shift considering the fact that it takes anywhere between three to four months, even more in some cases, to get solutions through the current practice of physically registering grievances via letters and applications. Investors will need a beneficiary owner’s account number, email address and mobile number to file objections and be able to attach any supporting document. The stock market regulator will send the complaints to the related office through emails setting specific timeframes for responses and solutions. Investors will be provided a complaint ID and be able to check the status of complaints anytime. Those unsatisfied with responses will be able to make further appeals with the regulator.
EBL expands its Footprint in China
Eastern Bank Ltd [EBL] will open its representative office in Guangzhou in the People’s Republic of China today [Sunday] to tap the business opportunities and contribute to the growing China-Bangladeshi trade business. This is the first footprint of any Bangladeshi financial institution in China. Guangzhou office is EBL’s third overseas office after Hong Kong and Myanmar. EBL first went abroad to Hong Kong with its finance company- EBL Finance [HK] Ltd in 2013. With a professional management and skilled team EBL Finance [HK] Ltd. has been a successful venture earning profits regularly. With an initial capital of BDT 14.78 million only it made accumulative profit of approx. BDT 425 million till January 31,2018 and out of that approx. BDT 235 million has been repatriated to Bangladesh. Today EBL Finance [HK] Limited is the largest Bangladeshi financial institution operating in Hong Kong in terms of asset and revenue generation. EBL maintains excellent Banking relations with Chinese Banks and corporate operating in Bangladesh. EBL is working with the major Chinese Banks including Bank of China [BOC], China Construction Bank [CCB], Industrial and Commercial Bank of China [ICBC], Agricultural Bank of China [ABC]. EBL recently partnered with China Union Pay and have opened China Desk to cater to business originating in China. Chinese Embassy in Dhaka also Banks with EBL. The Bank collects Chinese visa fees for the embassy
Jute Ministry seeks Initial Amount of Tk 5.0bn
The jute ministry has requested the finance ministry to create an initial low-cost fund of Tk 5.0 billion out of the proposed Jute Sector Development Fund [JSDF] of Tk 100 billion.It also recommended increasing the cash incentive for jute yarn from existing 7.0 per cent to 12 per cent while for jute finished products [hessian, sacking, CBC] from 12 per cent to 17 per cent and for diversified jute goods from 20 per cent to 25 per cent. The jute ministry has requested the finance ministry to create an initial low-cost fund of Tk 5.0 billion out of the proposed Jute Sector Development Fund [JSDF] of Tk 100 billion. It also recommended increasing the cash incentive for jute yarn from existing 7.0 per cent to 12 per cent while for jute finished products [hessian, sacking, CBC] from 12 per cent to 17 per cent and for diversified jute goods from 20 per cent to 25 per cent. There are a total of 285 jute mills in the country. Of those, 42 private jute mills, 12 spinning mills and one state-run jute mills were closed despite different steps taken by the government. Bangladesh earns about Tk 4.45 billion annually from export of jute goods. But the earnings from the sector declined by about 21 per cent in the fiscal year 2018-19 compared to that of the previous fiscal. Bangladesh exports jute goods to 135 countries including China, Turkey, India, Sudan and Zimbabwe.
2,038 Students receive DBBL Scholarship
Dutch-Bangla Bank distributed scholarship awards to 2,038 students who passed SSC/equivalent examination in 2019 and are studying at H.S.C. level in different colleges of the country in the city. The Bank arranged a ceremony at Bangabandhu International Conference Center [BICC] in the city on the occasion on Saturday. Minister for Law, Justice and Parliamentary Affairs Anisul Huq was present as the chief guest while Governor of Bangladesh Bank Fazle Kabir was present as special guest and handed over the scholarships among the recipients. Dutch-Bangla Bank, under its social cause program, has been awarding scholarship to the meritorious students in need of financial aid studying at Higher Secondary and Graduation levels.
Bikroy launches ‘Moner Janala’
Bikroy.com, the largest marketplace in Bangladesh has created a forum named ‘Moner Janala’ in association with the ‘He For She’ campaign of UN women to increase the number of female employees and to ensure women empowerment. They have been arranging it every three months for the last three years, in order to excel in the leadership qualities among the young female executives.As part of this forum’s regular activity, Bikroy recently organized a special event on 25th September 2019, Wednesday at The Platinum Grand Hotel located in Dhaka.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
| ↓ 70.87||↓0.26%|
|FTSE100||7,426.21 ||↑ 75.13||↑1.02% |
|Nikkei 225|| 21,878.90 ||↓169.34 ||↓0.77%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 55.91 ||↓ 0.50 ||↓↑ 0.89%|
|Crude Oil (Brent)||$ 61.91 ||↓ 0.83 ||↓ 1.32%|
|Gold Spot||$ 1,497.01 ||↓ 7.77 ||↓0.52% |
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.9120|
|GBP 1||BDT 101.842|
|EUR 1||BDT 90.6733|
|INR 1||BDT 1.17447|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<