Siddiqur Rahman new DMD & COO of Standard Bank
Md Siddiqur Rahman has recently joined the Shari`ah-based Standard Bank Limited as Deputy Managing Director & Chief Operating Officer (COO), says a press release. Prior to this, he served as deputy managing director, CRO and CAMLCO of Islami Bank Bangladesh PLC. Mr. Rahman has been accredited
6% of stocks make up half of Dhaka bourse turnover as majority stuck at floor
None, but LafargeHolcim belongs to the largest 20 market cap list
Top gainers and losers of the bearish week
RAK Ceramics to repair its tile plant
Net RMG export ratio at all-time high of 71.5%
Aug 13, 2023
· Net exports – total exports minus raw material imports – surged to an all-time high of 71.5%, reaching USD 8.4bn in that quarter, meaning that apparel makers added more local value to their export products. As a result, the country's trade deficit narrowed by 48% in FY23 compared to a year ago.
· Syed Nazrul Islam, first vice president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), told The Business Standard that due to the increasing dollar stress, garment exporters are now opening letters of credit (LCs) in the taka and collecting some raw materials from the local market.
From: https://www.tbsnews.net/economy/rmg/net-rmg-export-ratio-all-time-high-715-680734
Describe
Eastland Insurance holds half-yearly business conference
The half-yearly business conference-2023 of Eastland Insurance Company Limited was held on Saturday at DCCI Auditorium, Motijheel, Dhaka. Mahbubur Rahman, chairman of the company, inaugurated the conference. Abdul Haque FCA, chief executive officer, attended and presented an analytical report on
ICB Capital looks to overcome problems in listing of 13 state-run cos
ICB Capital Management is likely to organise a workshop this month to gauge possible solutions to problems that hinder the listing of state-owned companies on the bourses. The issue manager is currently prioritising 13 companies, including national flag bearer Biman Bangladesh Airlines, for list
Unique Hotel to invest Tk 125m in digital bank
Another publicly traded company, Unique Hotel & Resorts PLC, has decided to become a sponsor shareholder of a proposed digital bank named 'AMAR Digi Bank PLC'. In a board meeting held on Thursday, the owner of The Westin Dhaka, has decided to invest Tk 125 million in the proposed digital bank, alo
Weekly market review: Stocks bleed amid confidence crisis
The stock market plummeted for the third week in a row to Thursday, with turnover value shrinking as investors
750k find jobs abroad in seven months
Aug 13, 2023
· Bangladesh sent about 0.75mn (7.5 lakh) workers abroad in the seven months of the current calendar year.
· The outflow of workers rose by more than 10 per cent in July compared to the manpower export in June, official statistics showed.
· The country sent 743k workers to different job destination countries in the January-July period, showed the data of the Bureau of Manpower, Employment and Training (BMET).
· About 126k Bangladeshis found jobs abroad in July and 114k in June, the data also revealed.
· Of the total outflow of workers in the last seven months, the highest 36% went to Saudi Arabia. Malaysia came second as it hired over 29% followed by Oman with 12%. Bangladesh sends workers to mainly 20 countries.
From: https://today.thefinancialexpress.com.bd/first-page/075m-find-jobs-abroad-in-seven-months-1691863542
Duty waiver, import fall behind slow growth in customs revenue
Aug 13, 2023
· Wholesale duty exemption and decline in import volume amid global supply chain crisis due to the Russian-Ukraine war have had a negative impact on customs revenue growth of the country.
· According to the National Board of Revenue, its customs wing has collected 82.62% of the total target of BDT 1.11 trillion (USD 10.28bn) in the financial year 2023. Customs revenue shortfall in FY23 stood at 17.37%.
Energy
6 diesel-fired plants to shut by year-end
Aug 13, 2023
· According to official sources, the six plants, belonging to four private companies, are Bangla Track's 300 MW (Jashore 100 MW and Daudkandi 200 MW), Aggreko's 200 MW (Awarahati 100 MW and Brahmangaon 100 MW), APR Energy's Pangaon 300 MW, and Paramount's Baghabari 200 MW.
· "Of these, 800 MW has already gone into retirement in between February and June this year while the remaining 200 MW will be retiring in August," said a highly-placed source at the state-owned Bangladesh Power Development Board (BPDB).
· Once all the plants are retired, it will save the government around BDT 22.5bn (USD 208.3mn) per year, the source added.
Banking
Deposits in banks rise in June
Aug 13, 2023
· Deposits in the country’s commercial banks increased significantly in June due mainly to the government’s substantial borrowing from the central bank that involved the creation of new money.
· According to Bangladesh Bank data, bank deposits in the country rose to BDT 15.9 trillion (USD 147.2bn) in June 2023, up from BDT 15.6 trillion (USD 144.4bn) in May 2023, while the volume of deposits was BDT 14.7 trillion in June 2022.
· There was a decline in deposits earlier, as in February 2023, bank deposits dropped to BDT 14.08 trillion (USD 130.37bn) from BDT 14.90 trillion (USD 137.9bn) in October 2022 and BDT 14.86 trillion (USD 137.6bn) in November 2022.
From: https://www.newagebd.net/article/209237/deposits-in-banks-rise-in-june
BB partners with Fime to introduce Mastercard-like local payment card scheme
Aug 13, 2023
· The central bank has inked an agreement with Fime in regards to facilitating the launching of a card in the country, central bank officials said today.
· "The card will be launched under the name 'Taka Pay'. We have signed a six-year agreement with Fime," an official of the Payment Systems Department (PSD) of the Bangladesh Bank said in condition of anonymity on Thursday (10 August).
· "The carb will be similar to Master and Visa cards. But it will facilitate transactions with local currency," added the official.
Cash outside banks soars to BDT 2.92 trillion
Aug 13, 2023
· The amount of cash outside the country’s banks soared to BDT 2.91 trillion (USD 26.9bn) in June, marking a significant increase from BDT 2.56 trillion (USD 23.7bn) in the previous month.
· Bankers said that high inflation, Eid-related expenses and people’s concerns over the health of the country’s banking sector prompted them to withdraw their funds from banks.
From: https://www.newagebd.net/article/209064/cash-outside-banks-soars-to-tk-292-lakh-crore
note: this post is for reseach and analysis purposes only.