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Marico Bangladesh bags 300C profit in Q4'22
The profit stood at Tk86.15 crore in the same period of the previous year
2 days ago
Mahmud Hossain Opu/Dhaka Tribune
BSEC bans audit firm behind scam-ridden mutual funds
They launched an inquiry after a top fled with Tk158 crore embezzled from the funds
January 19, 2023
BSEC panels to probe assets of 3 mutual funds
The panels will submit reports within 30 trading days
January 18, 2023
BSEC establishes Shariah advisory council
The scope for issuing Shariah-based securities in the capital market will now widen
January 17, 2023
STOCKS | PSI
BBS Cables' Q2 profit plunges as order drops amid high production costs
Coppertech's net profit declines 89% in Q2
Walton's profit declines by 63.41% in second quarter
Economy
3 companies to invest over USD 35.14 million in two economic zones
January 25, 2023
· Three companies will invest more than USD 35.1 million in two economic zones in the country by leasing around 24 acres of land.
· According to Bangladesh Economic Zones Authority (Beza), Swan International (Pvt) Ltd and Pinnacle Bicycle will set up tire and bicycle factories with an investment of USD 35.1 million.
· On the other hand, Bangladesh Industrial Technical Assistance Centre (Bitac) will set up a technical training institute. However, their investment amount is yet to be disclosed.
Bangladesh-S Korea trade hits USD 3 billion mark
January 25, 2023
· The volume of bilateral trade between Bangladesh and South Korea crossed the USD 3 billion mark for the first time in the year 2022, which was 38.7%, up from the previous year's USD 2.2 billion.
· Bangladesh's export to Korea reached a record high of USD 678 million in 2022, with 22.9% year-on-year growth. In 2021, the country saw a sharp growth of 40.4% in this regard to USD 552 million.
· According to the Export Promotion Bureau, Bangladesh's apparel export to South Korea saw a 35.7% growth to USD 255.5 million in July-December of 2023 FY, while it was USD 188.3 million in the same period of 2022 FY.
FMCG sales drop as inflation eats into consumption
January 25, 2023
· In the face of a soaring cost of living, many low and middle-income people in Bangladesh have either ditched branded products or switched to smaller packs, causing consumer goods producers and marketers to record a slowdown in sales in 2022.
· The sales volume of FMCG companies dropped by around 10% on average in the last year. Most of the sales drop has taken place in rural areas.
· Inflation hit a 10-year high of 9.5% in August 2022, according to data from the Bangladesh Bureau of Statistics. It fell to 8.7% in December.
Banking
54% of annual agri loan target achieved in H1
January 25, 2023
· The country's banks distributed BDT 166,700 million in agricultural loans in the first half of FY23, which is 54% of the BDT 309,110 million annual targets, according to the latest data of the central bank.
· Meanwhile, banks received almost the same amount, BDT 164,290 million to be exact, in repayment of previously distributed agricultural loans. The debt collection from this sector was BDT 135,930 million in the same period of the previous fiscal.
· The high growth in agriculture loan disbursement came as the government has been campaigning for higher local production of agricultural items, instead of imports.
From: https://www.tbsnews.net/economy/banking/54-annual-agri-loan-target-achieved-h1-574034
Call money rate hits 7% for the first time in over 6 years
January 25, 2023
· Banks hiked interest rates on overnight loans by 25 basis points to a maximum of 7%.
· Before Tuesday, banks could lend money to other banks at a maximum rate of 6.8% as set by the central bank.
· With the latest hike, the Bangladesh Bank has increased the overnight lending rate by 125 basis points in two steps this month alone.
· Last Tuesday, the central bank directed the banks to take the overnight interest rate up to 7%.
From: https://www.tbsnews.net/economy/banking/call-money-rate-hits-7-first-time-over-6-years-574082
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