DAILY NEWS FLASH...4 Stocks fall sharply on political worries Dhaka Stock Exchange yesterday saw its biggest single-day fall in over two and a half months fearing political uncertainty

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DAILY NEWS FLASH Bangladesh: Economy

Savings tools once again trump bank prod-

ucts

Savers have started to flock back to savings instruments with net sales

hitting a six-month high in July as bank deposit products continue to

yield underwhelming returns.

Net sales of savings instruments stood at Tk 5,036 crore in July, the

highest since February, according to the latest data of the Directorate of

National Savings Certificates.

In January, net investment in the tools stood at Tk 5,140 crore, after

which it ranged between Tk 3,100 crore and Tk 4,200 crore.

Source: https://www.thedailystar.net/business/banking/news/

savings-tools-once-again-trump-bank-products-1637815

Date: Sept 24, 2018

Waning grant flow creating pressure on

budget financing

The availability of foreign grant has been declining over the past few

years, putting the government's budget financing under pressure.

Development partners now view that Bangladesh's gross national

income (GNI) has increased, and that's why the country can get less

grant or the aid which need not be repaid.

The government had received Tk 58.71 billion in fiscal year (FY),

2013-14 as grant. It dropped by nearly 58 per cent in FY 2014-15.

In FY 2015-16, the foreign grant fell by Tk 3.15 billion to Tk 21.69

billion, according to official statistics.

Source: http://thefinancialexpress.com.bd/economy/waning-

grant-flow-creating-pressure-on-budget-financing-1537762204

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Engage pvt sector in achieving SDGs, say experts There is still a major lacuna in the institutional framework for engaging the private sector in achieving the sustainable develop-ment goals (SDGs), experts said. The private sector has a major role to play in attaining the SDGs, they said. The experts said the contribution of the private sector remained stagnant at 23 per cent for the past four years which is not intend-ed in a resource-constraint country like Bangladesh where the tax-GDP ratio is the lowest. On the other hand, the government is trying to cover up the short-fall of private investment by increasing public investment, they added. Source: http://today.thefinancialexpress.com.bd/trade -market/engage-pvt-sector-in-achieving-sdgs-say-experts-1537723828

Bangladesh: Economy

Bangladesh economy performing well,

claims Muhith

Expecting another decade of vibrant economic activities, Finance Min-

ister AMA Muhith today (Sunday) said Bangladesh’s economy has

been performing well for the last 10 years.

“We have managed our economy well in the last 10 years… I think, we

should have another decade of regional cooperation and growth of

trade,” he said, speaking as the chief guest at an international confer-

ence on the Sustainable Development Goals (SDGs) at Sonargaon Ho-

tel in Dhaka.

The Institute of Cost and Management Accountants of Bangladesh

(ICMAB) organised the conference titled “Role of Professional Ac-

countants towards achieving SDGs”.

Source: http://thefinancialexpress.com.bd/economy/bangladesh

-economy-performing-well-claims-muhith-1537698697

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DAILY NEWS FLASH Bangladesh: Sector & Company

JV to invest Tk 500cr in steel plant

Japan's Nippon Steel has formed a joint venture company with Bang-

ladesh's McDonald Steel Building Products Ltd to set up an import

substitute plant in the Mirsarai Economic Zone in Chattogram.

Initially, the two companies have agreed to invest $59.19 million, or

nearly Tk 500 crore, to establish the plant.

“We will manufacture basic steel products like galvanised steel, steel

sheets and pre-fabricated steel,” said Mohammad Sarwar Kamal,

managing director of McDonald Steel.

Bangladesh Economic Zones Authority (Beza) yesterday signed an

agreement with the joint venture to lease out 100 acres of land in the

economic zone for the plant.

Source: https://www.thedailystar.net/business/economy/

news/jv-invest-tk-500cr-steel-plant-1637794

Apex Footwear to buy land, building in

Tongi

Apex Footwear, an 'A' category company, will purchase one bigha (20

kathas) of land with a six-story building at a cost of Tk 290 million,

excluding registration and other costs.

The company on Sunday made the disclosure through the website of

Dhaka Stock Exchange (DSE).

According to the disclosure, the board of directors has decided to pur-

chase the land with a built up area of 72,000 sft. (12,000 sft. each

floor) situated at Block-C, Plot No. 29 of Tongi Industrial Area of

RAJUK at Tongi in Gazipur district.

Source: http://today.thefinancialexpress.com.bd/stock -

corporate/apex-footwear-to-buy-land-building-in-tongi-1537719747

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Stocks fall sharply on political worries

Dhaka Stock Exchange yesterday saw its biggest single-day fall in

over two and a half months fearing political uncertainty in the

run-up to the national election, market insiders said.

BNP leaders on Saturday joined a rally of Jatiya Oikya Prokriya, a

platform of some political parties led by Dr Kamal Hossain, and

extended support to their three-point demand including for-

mation of a polls-time neutral government.

DSEX, the benchmark general index of the DSE, dropped 51.80

points or 0.94 percent to close the day at 5,415.24.

Earlier on July 2 the index had shed 83 points.

Source: https://www.thedailystar.net/business/news/stocks-

fall-sharply-political-worries-1637788

DSE & CSE News

Evince Textiles goes to 'Z' category today

Evince Textiles Limited (ETL), an 'A' category company, will be placed

in 'Z' category today (Monday) as the company has not recommended

any dividend for the year ended on June 30, 2018.

The company on Sunday became the worst loser following its 'no divi-

dend' declaration.

On the day, the company's share price declined 30.0 per cent or Tk

4.50 to close at Tk 10.40 each.

The stock brokers and merchant bankers have also been requested to

abstain from providing loan facilities to purchase security of the ETL.

As per rules, investors are not allowed to avail of the loan facilities

against 'Z' category securities.

Source: http://today.thefinancialexpress.com.bd/stock -

corporate/evince-textiles-goes-to-z-category-today-1537719804

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