Daily News Flash, 8th October, 2017 - EBL Securities€¦ · class tourist destination, ... BEXIMCO MAY BUY MAJORITY STAKE IN …

Daily News Flash 8th October 2017

1

DSEX 4235 Gold (Ounce) $127890 Dollar 8080 (Buy) 8080 (Sell) CSCX 8068 Oil (Barrel) $4925 Euro 9501(Buy) 9502(Sell)

BB JACKS UP DOLLAR SALES TO KEEP EXCHANGE RATE STABLE 2

ORION TO BUILD TOURISM VILLAGE IN COXS BAZAR 3

BEXIMCO MAY BUY MAJORITY STAKE IN NUVISTA PHARMA 4

MONEY TRANSFER CHARGE TOO HIGH MOBILE OPERATORS 4

STOCKS ATTRACTING MORE FOREIGN INVESTORS BSEC 5

HIGHER ECONOMIC GROWTH HINGES ON STRONG STOCKMARKET ANALYSTS 6

PRIVATE CREDIT GROWTH HITS 58-MONTH HIGH IN AUGUST 7

GOVT LIFTS LAND REGISTRATION FEE FOR PRIVATE ECONOMIC ZONES 8

SALES OF SAVINGS INSTRUMENTS STILL SOARING 8

BASHUNDHARA TO SUPPLY CEMENT TO METRO RAIL PROJECT 9

PROPOSED POLICY ON FOREIGN AID STUCK IN UNCERTAINTY 9

BANGLADESH 6TH LARGEST UNCONNECTED MARKET 10

FUND RAISING THROUGH IPOS DECLINES IN JAN-SEPT 11

WALTON LAUNCHES MOBILE HANDSET ASSEMBLING FACTORY 12

DEFAULTED LOANS AMOUNT TO 12 OF THE GDP 12

STUDY FINDS 46 OF BANKS DO NOT CALCULATE DISASTER RISK WHEN LENDING 16

GOVT BORROWS $10 BILLION LOAN FOR SIX ENTITIES 17

STOCKS BREAK TWO-WEEK LOSING STREAK 17

INVESTORS LOSING OUT ON BILLIONS AS TECH EQUITIES DONT PAY DIVIDENDS 19

GOVT TAKES UP PROJECTS TO BOOST MILK PRODUCTION 19

RICE PRICES REMAIN STABLE IN CITY MKTS 20

INDUSTRIAL IMPORTS SURGE 26PC 21

STOCK MARKET NEEDS LISTING OF SOUND COS 22

STOCKS RALLY FOR FIFTH SESSION 23

OIMEX ELECTRODE HOLDS IPO LOTTERY DRAW 24

UTTARA BANK TOPS DSE TRANSACTION CHART 25

BD SEES HIGHER FOREIGN AID FLOW IN JUL-AUG 26

INAGURATION OF PRIORITY CENTER OF EASTERN BANK LIMITED 27

১২৪ ১৯ 27

27


2

28

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lsquo rsquo 29

29

- 30

31

৬৫৮ 31

১৩৪ 32

১১ 32

৫৮ 32

33

34

ঋ 34

35

ঋ 35

36

৫০ 36

১ ৫৬ 37

BB JACKS UP DOLLAR SALES TO KEEP EXCHANGE RATE STABLE Bangladesh Bank has already surpassed its fiscal 2016-17s sales figure of US dollar in the first three months of the current fiscal year as it scrambles to prevent the slide of the taka against the greenback ldquoThe local currency would have depreciated to Tk 85 against a dollar if the central bank had not intervenedrdquo said a BB official Falling remittance and a surge in imports have created a scarcity of the US dollar which is mostly used in international transactions and as a result the worlds primary reserve currency From July 1 to October 5 the central bank has sold $199 million to banks Last fiscal year it sold $175 million and purchased $193 billion On October 4 the inter-bank exchange rate of the US dollar stood at Tk 8080 up from Tk 8060 on July 2 An importer has


3

to pay at least Tk 1 more than the inter-bank rate for making their payments ldquoSome banks had no option to purchase dollar from the central bankrdquo said Syed Mahbubur Rahman managing director of Dhaka Bank The reason is that the import growth has outstripped the export growth by a wide margin he said In the first two months of the fiscal year letters of credit settlement which gives a measure of the import growth soared 31 percent year-on-year to $941 billion The downward trend in remittance inflow has also created a greenback shortage Rahman added In September migrant workers sent home $85373 million down 1920 percent from a year earlier Kazi Masihur Rahman managing director of Mercantile Bank echoed the same The central bank purchased dollars from the banking sector almost every day to stop a slide in the exchange rate in the last few years From February the BB jumpstarted its dollar sales on a regular basis Source httpwwwthedailystarnetbusinessbb-jacks-dollar-sales-keep-exchange-rate-stable-1473145

ORION TO BUILD TOURISM VILLAGE IN COXS BAZAR Orion Development Consortium is set to develop a tourism resort and entertainment village in Coxs Bazar -- billed as the largest in the country -- with an estimated investment of about $119 million (around Tk 960 crore) under the public-private partnership framework The development comes after the government in 2013 decided to set up a tourism village at the site of Parjatan Holiday Complex in Coxs Bazar with a view to transforming the beach town into a world-class tourist destination said an official of the Civil Aviation and Tourism ministry Subsequently a consulting firm was given the task of conducting a feasibility study which has already been completed Coxs Bazar saw 158 million visitors in 2013 and the number is expected to grow to 7 million in 2024 according to the feasibility study ldquoThe project may account for 20-30 percent of the tourism market of Coxs Bazar meaning footfalls of 1-15 million per annumrdquo A cultural centre an amusement park a convention centre a golf club and a luxury hotel can be built on the 98 acres of land the study found The study recommended a luxury seaside resort with 400-500 guestrooms spread over an area of 17 acres The guestrooms would be situated in a multi-storied building as well as water villas garden villas long-stay villas The project cost has been estimated at $80 million The amusement park consisting of 22 rides can be set up on 15 acres of land About $12 million will have to be put in to the park over a period of three years A cultural centre which is an untested product in Bangladesh can be developed at the tourism village It would have an amphitheatre for cultural shows a wax museum an ethnic resort and a cultural village spanning an area of 15 acres The project cost has been estimated to be about $10 million ldquoWith few resorts offering golf services golf can be a differentiator for commanding premiumrdquo Opportunity exists for an indoor marine park and aquarium which can be clubbed with any medium to high density tourism driver and any luxury hospitality concept However the concept is highly capital-intensive and the decision on integration of the product with the project is left to the private developer the study said Last month the cabinet committee on economic affairs approved the draft contract agreement with Orion which will be signed soon said an official of the civil aviation and tourism ministry Bangladesh Parjatan Corporation invited proposals and got response from a total of six firms Of them four have been identified as eligible firms


4

They are Orion Development Consortium with operating partners Pan Pacific Hotels Group Premier Group of Companies with operating partner Hilton Hotels and Marriot Hotels Siam Siam International Group with operating partner Pattaya Park Beach Hotel Co and Inter Asia-CGGC JV with operating partner Centara Grand and Movenpick Hotel Source httpwwwthedailystarnetbusinessorion-build-tourism-village-coxs-bazar-1473139

BEXIMCO MAY BUY MAJORITY STAKE IN NUVISTA PHARMA Beximco Pharmaceuticals has announced it may buy 8522 percent share in Nuvista Pharma to strengthen its position in hormones and steroids segments Beximco Pharmaceuticals entered into a non-binding memorandum of understanding with the hormones and steroid drugs-maker at a programme in Dhaka on Thursday Nazmul Hassan managing director of Beximco Pharma and Akhter Matin Chaudhury chairman of Nuvista Pharma signed the primary deal The proposed acquisition remains subject to due diligence and negotiation and completion of a definitive sale and purchase agreement It is expected that the proposed acquisition will be completed by the end of December said Beximco Pharma in a statement ldquoThe directors believe that the proposed acquisition will if completed accelerate revenue growth and improve the earning potential for Beximco Pharmardquo according to the statement Hassan said We believe that the proposed acquisition would be the first in our companys history and will serve as a strong foundation for sustainable growth in the futurerdquo ldquoIn our view Nuvista Pharma is a good strategic fit for Beximco Pharma as their strong position in hormones and steroids with a unique portfolio of 50 generics complements our existing product rangerdquo Nuvista Pharma formerly Organon (Bangladesh) Ltd was a subsidiary of the Netherlands-based Organon International It was sold out to the current Bangladeshi management in 2006 The company has been operating in Bangladesh since 1964 with a local manufacturing plant in Tongi It has a long-term manufacturing and marketing collaboration with Merck Sharp amp Dohme Currently Nuvista Pharma is the 21st largest supplier to the market by volume according to the QuintilesIMS second quarter data of the retail pharma market in Bangladesh this year Founded in 1976 Beximco Pharma manufactures and sells generic pharmaceutical formulation products and active pharmaceutical ingredients Beximco Pharma is listed on Dhaka Stock Exchange The companys share price rose nearly 3 percent to Tk 1089 on Thursday Source httpwwwthedailystarnetbusinessbeximco-may-buy-majority-stake-nuvista-pharma-1473133

MONEY TRANSFER CHARGE TOO HIGH MOBILE OPERATORS Mobile phone operators yesterday alleged that charge per transaction for mobile money transfer service in Bangladesh was much higher than that in neighbouring countries and that the operators were not getting due revenue In India the transfer charge is 065 percent of the amount being moved while the market leader in Bangladesh was exacting 185 percent they said Holding 90 percent of the market share bKash shares 7 percent of this 185 percent transfer charge with mobile operators under the contract for availing SMS and unstructured supplementary service data (USSD) services On an average 10 crore SMS and 13 crore USSD sessions (one transfer meaning one session) are generated every day for the money transfer service providers said the operators


5

The transfer service providers give out some of these to customers for free and mobile operators say they are in the dark about the volume Since this does not generate revenue the operators say they lose out under the contracts ldquorevenue sharing clauserdquo ldquoWe found no transparency here and we want transparency in placerdquo said Mahmud Hossain chief corporate affairs officer of Grameenphone Addressing a discussion organised by the Association of Mobile Telecom Operators of Bangladesh (AMTOB) at its office he said ldquorevenue sharingrdquo called for taking part in running the business something they were not doing So mobile operators should be paid on use of every SMS and USSD session not a percentage of only those that generate revenue he said The mobile operators recently sent a proposal to the telecom regulator to fix a moderate rate Earlier they had proposed Tk 150 for use of every USSD session The contract was a temporary arrangement of using USSD when the money transfer service was launched but this arrangement cannot last for an indefinite period unlimited time said senior executives of different mobile operators Besides the SMS and USSD session creates congestion in the network during peak hours and causes call drops and a decline in service quality they said TIM Nurul Kabir secretary general of AMTOB said they wanted a fair share of the revenue coming from the use of their networks ldquoWe asked the telecom regulator to fix a rate taking into consideration what was happening in neighbouring countiesrdquo he said Contacted by The Daily Star bKash Chief Executive Officer Kamal Quadir said they maintained full transparency when it came to what they charged per transfer and the revenue sharing Anyone with questions can contact the banking regulator he said He also disapproved of the comparison with those in India ldquoThe Indian model and our model is not the same So that should not be comparablerdquo he said After paying the mobile operators bKash provides 77 percent of the revenue generated per transaction to its agents and keeps the remaining 16 percent Five years back following its launching the figures were 85 percent and 8 percent respectively The number of active mobile money transfer accounts were 57 crore in August when Tk 3218296 crore was moved says a monthly report of Bangladesh Bank Referring to another report mobile operators said of bKash transfers 6287 percent occurred through agents 3431 percent from person to person 21 percent for mobile top-ups and 072 percent for merchant transactions Source httpwwwthedailystarnetbusinessmoney-transfer-charge-too-high-mobile-operators-1473130

STOCKS ATTRACTING MORE FOREIGN INVESTORS BSEC Many foreign individuals and institutions are now showing interest to invest in Bangladeshs stockmarket said M Khairul Hossain chairman of Bangladesh Securities and Exchange Commission He spoke while addressing a seminar on ldquoPromoting investor protection in Bangladesh through good governance and regulatory measuresrdquo Bangladesh Institute of Capital Market organised the event at its auditorium in Dhaka yesterday The capital market should be a big source of fund if Bangladesh wants to achieve the middle income country status by 2021 he said The governments continuous efforts to strengthen the stockmarket have made the country a popular destination for foreign investors he said He said the stockmarket is a good source of funds for medium and long-term investments


6

ldquoWe can mobilise the funds collected from the stockmarket for mega power projects of the countryrdquo Net foreign investments in the capital market trebled year-on-year in the first eight months of the year as overseas investors were anticipating a positive market scenario according to Dhaka Stock Exchange data Foreign investors bought shares worth Tk 305114 crore and sold shares worth Tk 260544 crore to take their net investment for the January-August period to Tk 4457 crore The investors will have to gather more knowledge about the financial profile of the listed companies in which they want to invest Hossain said He emphasised improving institutional participation in stocks and said around 70-80 percent investment in India is institutional while it is only 10-20 percent in Bangladesh The market lacks companies with strong fundamentals said Arif Khan CEO of IDLC Finance adding that efforts should be put to encourage good companies to offload shares It is difficult for retail investors to understand the financial statements of listed companies he said ldquoTo avoid risks they can invest through mutual fundsrdquo Bangladeshs stockmarket performed better than those in Vietnam and India in recent times said Khan who is also a former member of the stockmarket regulator He claimed no insider trading is now taking place thanks to strong rules and regulations Source httpwwwthedailystarnetbusinessstocks-attracting-more-foreign-investors-bsec-1473124

HIGHER ECONOMIC GROWTH HINGES ON STRONG STOCKMARKET ANALYSTS The stockmarket should be turned into a regular source of funds to ensure sustainable economic development of the country analysts said ldquoTo achieve the goal it is necessary to ensure smooth operation of primary and secondary market increase financial literacy among investors and minimise volatility of the marketrdquo The comments came at a conference ldquoCapital market and economy role of investorsrdquo as part of an event held on Friday to observe World Investor Week The Institute of Chartered Accountants of Bangladesh (ICAB) organised the seminar at the ICAB auditorium in the capital Bangladeshs equity market was extremely depressed due to the mass exodus of investors from the stock exchanges after the share market disasters of 1996 and 2011 However the market regained some of its momentum in the last couple of years speakers said Prashanta Kumar Banerjee professor and director of Bangladesh Institute of Bank Management presented a keynote paper on the subject at the seminar The ratio of GDP growth and market capitalisation of the stockmarket is very low in Bangladesh compared to other countries like USA Hong Kong Singapore and India said M Khairul Hossain chairman of Bangladesh Securities and Exchange Commission (BSEC) Bangladeshs stockmarket is yet to be developed properly to contribute to the economys growth he said The economy would develop if the proportion of GDP growth and capital market capitalisation is increased Hossain said Three BSEC commissionersmdashHelal Uddin Nizami Amzad Hossain and Swapan Kumar Balamdashalso spoke at the seminar where KAM Majedur Rahman managing director of Dhaka Stock Exchange was also present Mostafa Kamal acting president of ICAB delivered the welcome speech at the seminar which was chaired by Md Shaifur Rahman Mazumdar a council member Source httpwwwthedailystarnetbusinesshigher-economic-growth-hinges-strong-stockmarket-analysts-1473118


7

PRIVATE CREDIT GROWTH HITS 58-MONTH HIGH IN AUGUST Private sector credit growth hit a 58-month high in August -- 1784 percent -- as banks are earnestly focusing on disbursement of consumer SME and farm loans to sustain their profitability The last time the private sector credit growth was as high was back in November 2012 when 1740 percent was registered This was the third month in a row that the private sector credit growth registered an increase In the monetary policy for the first half of the fiscal year the Bangladesh Bank set the private sector credit growth target at 1620 percent The large import bills in the first two months of the fiscal year had also played a role in increasing the credit growth according to bankers Some businesspeople have started to import industrial raw materials and capital machineries to set up large infrastructures that ultimately had a positive impact on the private sector credit growth they said Letters of settlement shot up 3155 percent to $941 billion in the first two months of fiscal 2017-18 from a year earlier according to data from the BB Some banks have recently started to finance to set up the large infrastructural projects particularly in the energy sector which made the credit growth vibrant said Ahmed Kamal Khan managing director of Prime Bank ldquoMy banks foreign exchange business has been maintaining a positive trend in recent months which is ultimately boosting the private sectorrdquo The majority of the banks have been focusing on their retail banking to sustain their profitability said Kazi Masihur Rahman managing director of Mercantile Bank The corporate groups are now reluctant to take large loans from banks which have prompted the diversion to consumer SME and farm loans he said An increased import financing is another cause of the higher credit growth in recent months according to him The banks set the interest rate between 8 percent and 11 percent for their consumer credit loans like personal loans which tempted customers At the end of August total outstanding loans in the private sector stood at Tk 792 lakh crore in contrast to Tk 672 lakh crore a year earlier Dhaka Bank Managing Director Syed Mahbubur Rahman however underscored the need for proper monitoring on the disbursed loans in the recent months ldquoI cannot make any comment right now about the quality of the private sector credit growth We need more time to ascertain whether the disbursed loans will bring any good for the countrys financial sectorrdquo He too said the banks have been disbursing excessive amount of consumer loans which bumped up the private sector credit growth Though the private sector saw a remarkable credit growth public sector credit growth registered a negative growth of 808 percent in August Source httpwwwthedailystarnetbusinessprivate-credit-growth-hits-58-month-high-august-1472293


8

GOVT LIFTS LAND REGISTRATION FEE FOR PRIVATE ECONOMIC ZONES The government has withdrawn the registration fee and stamp duty on the transfer of land on which private economic zones would be established ldquoThis will give a boost to the establishment of private economic zones in the countryrdquo Paban Chowdhury executive chairman of Bangladesh Economic Zones Authority (Beza) said yesterday On September 26 the finance ministrys internal resources division waived the duty through an order while the law ministry withdrew the fee Beza officials said According to Beza a private economic zone must have the land in its own name instead of any individual Registration fee stamp duty advance income tax and value added tax (VAT) usually account for up to 10-12 percent of the deed value during land transfers If the value of the land is Tk 500 crore nearly Tk 75 crore had to be spent for the transfer Chowdhury said The withdrawal has removed a majority of hurdles to establishing private economic zones he said adding ldquoIt is time for industrialists and entrepreneurs to utilise the benefitsrdquo Beza had been trying to waive this cost for the last six months officials said A senior Beza official also expected the National Board of Revenue to withdraw the advance income tax and VAT for the land transfer ldquoThis is just a formality and there is no scope of making profits from such transfersrdquo he said The waiver came at a time when Beza was registering a rush by private investors to set up economic zones to avail a galore of tax incentives and various other benefits offered by the government to promote industrialisation Beza has already issued prequalification licences for setting up 19 private economic zones of which five have got final licence said Chowdhury Formed in 2010 to promote local and foreign investment Beza has so far selected 79 sites including 60 for government-owned economic zones around the country Till date none of the state-owned sites have started operations Source httpwwwthedailystarnetbusinessgovt-lifts-land-registration-fee-private-economic-zones-1472254

SALES OF SAVINGS INSTRUMENTS STILL SOARING Sales of national savings certificates soared 1581 percent in the first two months of the fiscal year as people continue to park their funds in the instrument given the low interest rates at banks Sales of savings tools hit a record Tk 52327 crore in fiscal 2016-17 -- overshooting the government target of Tk 19610 crore The trend would continue this year if the government does not slash the rates on savings certificates said a senior Bangladesh Bank official Banks are offering hardly 7 percent as interest rate on deposits whereas the rates offered by the national savings certificates are between 1104 percent and 1176 percent In the months of July and August Tk 902857 crore worth of savings instruments were sold according to the Directorate of National Savings However the high returns on the investment tool are pushing up the governments interest liability And the flood of money thanks to the investment tool is keeping the government away from borrowing from the banking system Last fiscal year the government did not borrow from banks at all rather it paid back Tk 18029 crore to banks against its borrowing of Tk 4807 crore in fiscal 2015-16 according to data from the BB Source httpwwwthedailystarnetbusinesssales-savings-instruments-still-soaring-1472227


9

BASHUNDHARA TO SUPPLY CEMENT TO METRO RAIL PROJECT Bashundhara Cement a sister concern of Bashundhara Group will supply 200000 tonnes of cement to the countryrsquos first-ever Metro Rail project Thailand-based construction firm Italian-Thai Development Public Company Limited (ITD) a contractor of the project signed a deal in this regard with Bashundhara Cement on Saturday Bashundhara Group Managing Director Sayem Sobhan Anvir and ITD Project Director Wichien Roongrujirat signed the deal on behalf of their respective sides at a function at Le Meridian Hotel in the city ITD Project Manager Thawit Yuenyong Bashundhara Group Senior Deputy Managing Director Belayet Hossain Deputy Managing Director Md Mustafizur Rahman Chief Financial Officer Tofail Hossain Cement Sector General Manager Khandaker Kingshuk Hossain and Bashundhara Group Media Advisor Mohammad Abu Tayeb were present on the occasion among others Bashundhara Cement was chosen for the Metro Rail project owing to its superior quality and speciality in production through VRM (Vertical Roller Mill) technology VRM is the most advanced technology in cement manufacturing Bashundhara Cement has adopted VRM from Loesche Germany in both its factories to ensure the best quality The metro rail which is known as Mass Rapid Transit system will run from Uttara to Motijheel and carry some 60000 passengers per hour The project is financed by the Bangladesh government and Japan International Cooperation Agency Partial trial operation of the MRT is scheduled to start by the end of 2019 while the commercial operation of the full system is expected by the end of 2020 Source httpwwwdaily-suncompost259976Bashundhara-to-supply-cement-to-Metro-Rail-project

PROPOSED POLICY ON FOREIGN AID STUCK IN UNCERTAINTY The governmentrsquos move to formulate a policy on foreign aid is stuck in uncertainty in the face of opposition from international lenders and development partners on some provisions of the proposed policy including limiting the ceiling of expenditure for foreign consultants in technical projects Economic Relations Division of the finance ministry proposed to restrict the expenditure within 25 per cent of total project aid along with the governmentrsquos right to cancel the contract of foreign consultants or experts on the ground of performance and violation of the ethics and conduct code of the government In the draft policy the government also discouraged resource mobilisation worth less than $10 million for a single project which also drew resistance particularly from bilateral and small development partners The government prefers programme support through joint financing or pooled funding instead of small stand-alone projects as it contributes high transaction cost but brings low development results according to the policy Officials said that the ERD took the move to formulate the National Policy on Development Cooperation to discipline mobilising and managing foreign loans and grants and ensure effective use of foreign funds In March the division published the final draft of the policy which discouraged foreign loans and grants with excessive conditions higher transaction cost and less aligned with national priorities they said But many development partners excluding large ones like World Bank and Asian Development Bank are opposing some of the provisions of the policy they added


10

The draft says that technical assistance shall be based on national demand and integrated into a comprehensive national capacity development strategy to meet the gaps in the countryrsquos technical and knowledge capabilities Local experts shall be appointed in TA project implementation as far as possible In case of appointing foreign consultants or experts they must have experiences of working at least in three countries and the cost should not exceed 25 per cent of total project aid it says lsquoNo consultant and expert or project staff shall be recruited without informing and approval of the governmentrsquo the draft policy says The government shall have the right to cancel or recommend cancellation of contract of any consultant or expert who is deemed not to be beneficial to the implementation of the project or achieving its goals or who breaches the ethics and conduct code it adds Officials of the ERD said that the development partners sought complete withdrawal of the provision particularly the ceiling of foreign consultant cost and the governmentrsquos right to cancel their appointment as currently for many projects they can bring back even up to 80 per cent of the aid under technical assistance project through foreign consultants International donors argue that Bangladesh still lack international standard consultants and experts ERD found that on an average 70-80 per cent of foreign aids under TA projects go back to the donor countries they said It also found that many foreign consultants and experts did not possess the necessary qualification for the job and they work with the support of local experts they added A high official of the ERD last week told New Age that they had already held several meetings with the development partners which brought no results The ERD may bring some flexibility regarding the cap of expenditure and resource mobilization for small projects he said The ERD will hold an inter-ministerial meeting to decide on the issue as there is pressure from the implementing ministries for fixing the ceiling of the cost of foreign consultants Then a summery will be sent to finance minister AMA Muhith for his decision he said Source httpwwwnewagebdnetarticle25665proposed-policy-on-foreign-aid-stuck-in-uncertainty

BANGLADESH 6TH LARGEST UNCONNECTED MARKET Broadband Commission for Sustainable Development has ranked Bangladesh as the worldrsquos sixth largest unconnected market in terms of mobile telephone users with its 462 per cent population being deprived of getting connected through mobile phone Besides Bangladesh has been ranked 114th in 2017 from 119 in 2016 in terms of using broadband or fixed internet connections use as only 38 per cent of its people using the service leaving 962 per cent out of the coverage showed a BCSD report The State of Broadband 2017 published recently The BCSD was established by ITU and UNESCO in 2010 with a view to boosting the importance of broadband on the international policy agenda and expanding broadband access in every country as key to accelerating progress towards national and international development targets As per the report of BCSD of the total 1638 crore people of the country 757 crore are yet to get connected through mobile handset The Bangladesh Telecommunication Regulatory Commissionrsquos data however showed that the number of active mobile phone subscribers was 1263 crore at the end of December 2016 and that increased to 1359 crore in June this year Existing BTRC rules allow an individual to own highest 20 SIM cards India with 11346 crore population has been ranked as the worldrsquos largest unconnected market with its 495 per cent or 6601 crore population remaining unconnected


11

China and Nigeria became second and third largest unconnected market respectively with the countriesrsquo 3622 crore and 1016 crore people not enjoying mobile phone services Pakistan and Brazil were fourth and fifth while Ethiopia Indonesia United States and Congo followed the chart lsquoThe top 10 largest unconnected markets in mobile are shown accounting for just over six-tenths or 613 per cent of the total number of people without access to mobile telephonyrsquo the BCSD report said lsquoThe top five largest unconnected markets in mobile in terms of absolute subscriber numbers in fact account for nearly half of the total number of people without access to mobile telephonyrsquo it said Mentioning the importance of mobile phone as a major tool to get internet access the report said mobile industry contributed some $31 trillion to global GDP and some $431 billion in public funding and employed 32 million people either directly or indirectly Media agency Zenithrsquos forecasts estimated that 71 per cent of all internet consumption took place via mobile in 2016 and three-quarters of all internet use were via mobile by 2017 with a growing number of consumers around the world accessing the web on smartphones and tablets the broadband commission report mentioned Despite Bangladeshrsquos five notches improvement in using broadband internet the country is yet to ensure basic fixed-broadband services at less than 5 per cent of monthly gross national income per capita Although the report was released in September mobile phone and broadband internet usersrsquo data was prepared based on data for the period ended on December 2016 Source httpwwwnewagebdnetarticle25582bangladesh-6th-largest-unconnected-market

FUND RAISING THROUGH IPOS DECLINES IN JAN-SEPT Fund raising through initial public offering by companies declined by 23 per cent or Tk 135 crore in nine months of this year compared with that in the same period in the previous year despite a bullish trend at the countryrsquos stock market The Bangladesh Securities and Exchange Commission approved IPOs of eight companies to raise Tk 44925 crore in January- September of 2017 while it had approved IPOs of seven entities to pool Tk 58430 crore in the same period of the previous year Analysts said a strict stance taken by the regulatory body regarding approval of any IPO was the main reason for the decline in fund raising through IPOs Moreover the BSEC amended the public issue rules on July 6 2017 that delayed IPO seeking companies to get the advantage of the market improvement The companies required more time to fulfil the requirements under the amended public issue rules and started fresh procedure to get the BSECrsquos approval BESEC officials said The regulator didnrsquot rush to give approval to an entityrsquos IPO without checking the requirements the company supposed to meet they said Dhaka Stock Exchange director Shakil Rizbi said that the BSEC now scanned many issues in giving IPO approval including compliance financial health and management as many poor companies already got listed with the bourse He said that the large companies were reluctant to get listed with the capital market as the market lacked incentives and benefits On October 4 prime ministerrsquos economic adviser Mashiur Rahman at the World Investor Week 2017 being held in Dhaka said that there were not enough instruments for investing in the market and the deficit of good instruments should be addressed soon to attract more investments to the stock market Although 18 companies were in the pipeline from January this year to raise Tk 813 crore from the capital market


12

BESEC so far could allow IPOs of eight of them The slow pace of IPO approval by the regulator seemed to have a negative impact on fund raising from the capital market Although the number of IPOs increased the amount of fund was remained low as most of them were small-capitalised companies and applied for IPOs under the fixed price method Floating shares in the capital market through the fixed price method is comparatively easier and time saving than the book building method officials said Of the companies in the IPO pipeline Dhaka Regency Hotel amp Resort applied to raise Tk 60 crore under book-building method STS Holding Tk 75 crore Runner Auto Tk 100 crore Bengal Poly amp Paper Sacks Tk 55 crore Popular Pharmaceuticals Tk 70 crore Index Agro Tk 100 crore and Delta Hospital Tk 50 crore VFS Thread Dyeing applied to raise Tk 22 crore under the fixed price method Intraco Refuelling Tk 20 crore Amulet Pharmaceuticals Tk 15 crore GENEX Infosis Tk 20 crore and Kattoli Textile Tk 34 crore Fund raising from the capital market hit a six-year low in 2016 as only eight companies raised Tk 65930 crore from the capital market during the period In 2015 nine companies raised Tk 67572 crore from the market while 16 companies raised Tk 115810 crore in 2011 Source httpwwwnewagebdnetarticle25583fund-raising-through-ipos-declines-in-jan-sept

WALTON LAUNCHES MOBILE HANDSET ASSEMBLING FACTORY A local manufacturer Walton on Thursday launched a mobile handset assembling factory first of its kind in the country in Gazipur amid governmentrsquos budgetary incentive for the local manufacturing of the product from the fiscal 2017-18 State minister for posts and telecommunications ministry Tarana Halim inaugurated the plant in presence of Bangladesh Telecommunication Regulatory Commission chairman Shahjahan Mahmood and top officials of Walton lsquoWe have planned to assemble six types of smartphones initiallyrsquo said Uday Hakim senior operative director of Walton Group The company has target of exporting handsets from this plant but it wants to first meet local demands said Hakim Officials of Walton said that Walton was assembling smartphones in a trial basis at its own plant and customers will get the first locally assembled handsets by the end of this year Walton has planned to assemble around 50 lakh handsets in a year but initially they would go a bit slow and assemble two to three lakh devices per month the officials said Government in the budget for the fiscal 2017-18 reduced customs duty for mobile components meant for local assembling by 36 percentage points to 1 per cent and doubled the tax on handset imports to 10 per cent prompting local entrepreneurs go for local assembling Source httpwwwnewagebdnetarticle25515walton-launches-mobile-handset-assembling-factory

DEFAULTED LOANS AMOUNT TO 12 OF THE GDP The persistent increase in bad loans has crippled Bangladeshrsquos banking sector mostly affecting the state-owned banks As of June this year the amount of accumulated default loans stood at around Tk119000 crore which is 12 of Bangladeshrsquos GDP To give a more vivid parallel the sum is enough to construct four Padma bridges


13

Economists and bank officials said the rising trend of bad debts might paralyse the banking sector and the economy Analysts have suggested taking effective measures to rein in default loans Experts say loan default is an indispensable part of the banking sector as there are ups and downs in debtorsrsquo businesses and sometimes there are other problems in the loan recovery process They expressed concerns about defaulters who intentionally refuse to make payment on loans in spite of their abilities This type of defaulters contributed to almost 85 of the total default loans until June 30 Bangladesh Bank (BB) data show Bangladeshrsquos loan default scenario The defaulted amount rose to Tk74148cr on June 30 from Tk62172cr in December last year BB data show The defaulted amount is 1014 of the Tk731000cr credit disbursed by 57 commercial banks The default loans of eight state-run and specialised commercial banks amounted to Tk40098cr while it was Tk31729cr for private banks and Tk2321cr for foreign commercial banks Experts said the figure would have been much higher if badloans had not been written off As of June 30 banks have written off loans of around Tk45000cr It means the accumulated default amount at the end of June stood around Tk119000cr The defaulted loan is 1256 of Bangladeshrsquos GDP which is Tk947542cr as per the constant price The constant price of Indian GDP is $27400cr while its defaulted loan is $15400cr 743 of the GDP The amount of unpaid loans has been increasing by leaps and bounds since 2011 when the total defaulted loan was Tk22644cr an amount equal to 612 of the total disbursed credit till that period State-owned banks have always had the largest amount of defaulted loans But in recent times bad debts of private banks are rising alarmingly In the first six months this year the defaulted loans of 40 private banks increased by Tk2002cr At the end of last year private banksrsquo defaulted loan was Tk29727cr More loan default this year Loan defaults in the small and medium enterprise (SME) sector have been low BB data showed But the amount of defaulted loans could rise this year as floods have affected the low-lying regions of the country experts said The central bank issued a circular on August 24 relaxing loan rescheduling rules and suspending loan recovery for six months from farmers and SMEs in the flood-hit areas According to the circular banks will relax conditions for down payments in case of rescheduling farm loans SME and cottage loans and micro credit Debtors will get six months to pay instalments after rescheduling their loans Moreover affected borrowers will be allowed to get fresh loans without repaying existing dues Banks will provide new loans to farmers and small entrepreneurs under the relaxed policy until June 30 next year Reasons behind the default Economists and bankers said the major reason behind default loan is the distribution of credit on political consideration which made it quite difficult to recover the credits AB Mirza Azizul Islam former finance adviser to the caretaker government told the Dhaka Tribune ldquoLack of good governance is behind the increase in default loans For this a large number of habituated defaulters affiliated with political parties take loans and the banks failed to recover themrdquo Besides political affiliation experts also blamed the culture of impunity abuse of power in loan disbursement weakness of existing laws and lack of technical expertise that help defaulters swindle money from banks


14

ldquoDefault loan is on the rise since bankers did not maintain rules and regulations while disbursing and recovering loansrdquo Islam said ldquoSome vested quarters are manipulating existing laws to take loans and turn into defaultersrdquo Managing Director and Chief Executive Officer of Rupali Bank Md Ataur Rahman Prodhan told the Dhaka Tribune ldquoIn recent times default loans have risen but the number of defaulters has decreased as we are more cautious in disbursing loansrdquo He further clarified that BB had asked banks to include previously excluded defaulters in the list making the list appear longer Speaking about the weaknesses of existing laws he said ldquoIf we sue any defaulter that person files a writ petition against us When the court rejects the appeal he can file the writ again This is a hindrance towards recovering default loansrdquo Bankers also blamed the bank management They noted that in most of the default loan-hit banks the chairmen MDs and directors were found abusing their power in distributing loans As the director of a private bank cannot take loan from his bank he sets up a syndicate with directors from another bank and they grant each other big amounts of loan through their banks Rules and regulations are flouted and they take the loans to be defaulters They also siphon off the money accrding to bankers ldquoIf you look at the default-hit state-owned banksrsquo previous chairmen or MDs you will see that they sanctioned the defaulted loans the mostrdquo said former BB deputy governor Khandakar Ibrahim Khaled He also blamed the government which offered rescheduling and restructuring facilities for default loans saying these steps encouraged debtors not to repay the loans About 10 of the total bank loans were rescheduled in 2016 according to BBrsquos Financial Stability Report Finance Minister AMA Muhith recently said bankers were responsible for loan defaults as they always tried to show their clients as defaulters to avoid being held accountable for loan defaults ldquoWhen a client approaches a bank for loan what comes first to the bankersrsquo minds is how to show him or her as a loan defaulter The bankers set terms and conditions in such a way that the client becomes a defaulter Every bank does it to avoid being held responsible for loan defaults This is a very bad culture in our banking sectorrdquo he said Chairman of the Association of Bankers Bangladesh (ABB) Anis A Khan also the managing director of Mutual Trust Bank rejected the allegation ldquoItrsquos not truerdquo he told the Dhaka Tribune ldquoWe have declared war against default loans What can we do if businesses do not pay back the debt We cannot arrest them Many of the businesses fled the country after taking big amount of credit from banksrdquo Bankers said the banks do not have enough technical expertise to properly analyse the loan files ldquoBanks lack technical expertise in analysing eligibilities of individuals or companies seeking loans Many banks do not even go through the Credit Information Bureau report to check eligibility of a client Corruption in approving loans is another factor The borrowers evade some of the conditions in exchange for moneyrdquo Research Director of the Centre for Policy Dialogue (CPD) Khondaker Golam Moazzem said Bankers said the defaulters were not being punished as the bankruptcy court was out of commission and this encouraged people to become debt dodgers Impact of default loans Experts say default loans hit the banksrsquo profit shrink the scope of business expansion and thwart plans for job creation Banks cannot turn savings into loanable funds as they have to set aside the amount equivalent to bad loans as provision As a result banksrsquo costs of funds rise while lending rates go higher and the deposit interest rates go down


15

According to BB data the average lending rate at the end of June this year stood at 946 while the average interest rate on bank deposit stood at 484 Mirza Azizul said ldquoDefault loans create trouble in money and share markets Banksrsquo shareholders are deprived of profit as banks have to fund provision to make up losses incurred by defaulted loansrdquo Banks also have to face capital shortfall due to defaulted loans The situation is awful in state-owned banks that require injection of capital from public money to remain functional BB data showed that in June this year the total capital in the banking system was Tk89959cr up from Tk 84424 crore in March this year Of the amount eight public banks had a capital shortfall of Tk12683cr The government injected Tk13705cr as recapitalisation fund into the state-owned banks from FY2009-10 to FY2016-17 all of it was the taxpayersrsquo money according to a Centre for Policy Dialogue report The Finance Minister proposed to allocate Tk2000cr for recapitalisation during 2017-18 fiscal Due to defaulted loans banks are now afraid to issue big and long term loans leading to exceeding liquidity in the banking sector Banks currently have an excess liquidity of Tk126000cr according BB How to get rid of the curse Stakeholders have long been demanding reform in the financial sector to bring accuracy accountability and good governance as well as to rein in the loan default culture Bad loan keeps rising despite government steps like loan rescheduling and restructuring facilities Experts observed that these measures are insufficient and stressed good governance in the banking sector amending existing laws improving expertise and ensuring punishment of the defaulters Bangladesh can follow Indiarsquos example they suggested India is planning to make loan default a criminal offence and has set an example by getting back a defaulter from abroad through diplomatic channel Director General of Bangladesh Institute of Bank Management (BIBM) Dr Toufic Ahmad Choudhury told the Dhaka Tribune ldquoGood governance will not be fully established in the banking sector unless people like former BASIC Bank chairman Sheikh Abdul Hye Bacchu are punished for corruptionrdquo ldquoBangladeshrsquos Artha Rin Adalat Ain (Financial Loan Court Act) needs to be upgraded so that no one can take advantage of procrastination and escape unharmed Bangladesh can declare defaulters bankrupt but it must have transparent and proper law in this regardrdquo CPDrsquos Dr Khondaker Golam Moazzem said Rupali Bank MD Prodhan said ldquoWe need to modernise the laws related to realising default loans ldquoPolitical consideration in loan disbursement has to be stopped as 85 of the defaulted loans were distributed based on political considerationrdquo Mirza Azizul told the Dhaka Tribune ldquoIt is very difficult to come out of the bad culture of default loans in the absence of political will from the political partiesrdquo Latest BB data showed that most of the defaulted loans are big BB Governor Fazle Kabir said ldquoBanking sector has to come out of the default loan culture for the sake of maintaining stability in the financial sectorrdquo He directed bankers to give priority to SME loans to reduce the ratio of large loans in the total credit disbursement BB Deputy Governor SK Sur Chowdhury asked banks to appoint good lawyers to take legal actions against big loan defaulters Is there any hope Though most of the loan defaulters are always affiliated with the party in power it is very hard for the government to stem default loan culture said experts Former BB governor Khaled said ldquoPolitical will is important to end this practice The incumbent government apparently has no intention of stopping this like its predecessorsrdquo


16

Economists too stressed the need for political decision to come out of the loan default culture There is a very little scope to end the culture in near future as big businesses are involved in such anomalies they added ldquoIn India the Modi government has taken steps to stabilise the financial sector soon after coming to power It was impossible before the election yearrdquo an economist from one of the countryrsquos leading independent think-tanks told the Dhaka Tribune ldquoIn Bangladeshrsquos context the time to bell the cat is gone One has to understand the political economy in this regardrdquo he added Source httpwwwdhakatribunecombusinessbanks20171006defaulted-loans-amount-12-gdp

STUDY FINDS 46 OF BANKS DO NOT CALCULATE DISASTER RISK WHEN LENDING Almost half of the banks in Bangladesh do not assess disaster risk when discharging loans a study by the Bangladesh Institute of Bank Management (BIBM) has found The research paper presented at BIBM auditorium in Dhaka on Thursday said 46 of banks were negligent on the issue and claimed bankers and other stakeholders are unaware of the potential risks consequences and losses from a disaster The ldquoAddressing Disaster Risk by Banks Bangladesh Perspectiverdquo report said that banks in Bangladesh would face seven types of risks during any big disaster affecting credit security liquidity interest rate inefficiency reputation and macroeconomics In order to deal with these seven risks better the study suggested preparing and implementing effective business continuity plans and disaster recovery management plans It also advocated building awareness and training developing products addressing disaster risk creating an early alert system in the lending mechanism and restricting lending to disaster compliant clients Addressing the seminar as the chief guest Bangladesh Bank (BB) Deputy Governor Abu Hena Mohd Razee Hassan said the banksrsquo core functions (deposit and lending) are directly exposed to disaster risks ldquoBanks are supposed to provide loans in different locations including disaster prone areas and for different sectors including agriculture which is a risk prone sectorrdquo he said The deputy governor said the countryrsquos banks are working to comply with the new Basel-III international capital accord by 2019 Basel-III is a comprehensive set of reform measures developed by the Basel Committee on Banking Supervision to strengthen the regulation supervision and risk management of the banking sector ldquoBasel-III has not only micro-prudential elements but also has macroprudential focus to produce a banking system that is far more resilient It is important for Bangladeshi banks to implement this global framework to withstand shocks from external systemsrdquo he said At the seminar another research paper titled lsquoImpact of Adopting Basel Accord in the Banking Sector in Bangladeshrsquo was presented by BIBM Professor Md Nehal Ahmed Other speakers included Supernumerary Professors of BIBM Helal Ahmed Chowdhury and Yasin Ali Managing Director (MD) of Bangladesh Development Bank Limited (BDBL) Manjur Ahmed MD of Meghna Bank Mohammed Nurul Amin and Dhaka University Finance Department Professor Dr Mahmood Osman Imam The programme was chaired by BIBM Director General Dr Toufic Ahmad Choudhury Source httpwwwdhakatribunecombusinessbanks20171005study-finds-46-banks-not-calculate-disaster-risk-lending


17

GOVT BORROWS $10 BILLION LOAN FOR SIX ENTITIES The government has borrowed nearly US$ 10 billion (100 crore) from international lenders in favour of its different entities officials said In late September the standing committee on non-concessional loan (SCNCL) of the government approved six loan deals in this regard Some US$ 55040 million has been approved to install the floating terminal -single point mooring (SPM) - with double pipeline Of the loan US$ 46784 million would come from the Chinese government while US$ 8256 million would be provided by the government according to the approval given at the standing committee meeting The tenure of the loan is 15 years with a five-year grace period The rate of interest is 2 per cent and commitment and management fees are 025 per cent The project will be implemented by Bangladesh Petroleum Corporation (BPC) China would bankroll US$ 15656 million to the development of National ICT Infra-Network for Bangladesh government phase-3 (info-sarker phase-3) project The project has been undertaken by the ICT division Under the project some 2600 union parishads will get high-speed internet connection through fibre optic cables according to an official data The tenure of the loan is 15 years with a five-year grace period The rate of interest is 02 per cent and management and commitment fees are 025 per cent Besides US$ 14712 million loan would be taken from Islamic Development Bank (IDB) for a prepayment metering system project to be implemented by the power division The loan bears an interest rate of six-month LIBOR plus 155 bps to be paid in 15 years with four years of gestation period according to the approval given at the standing committee meeting Some US$ 6650 million loan has been approved to re-finance delivery payment to the Boeing for procurement of four 787-800 aircraft The loan bears an interest rate of three-month LIBOR rate The loan has been taken from Sonali Bank UK Kuwait Fund for Arab Economic Development would provide US$ 51 million loan to Bangladesh for urban infrastructure development in 51 municipalities in the northern region The loan money will be used among other things for construction of 404-kilometre long urban roads in 51 small and medium suburbs in Rajshahi and Rangpur divisions It is under the local government division official sources said On the other hand Saudi Development Fund (SDF) would give a loan worth US$ 30 million for establishment of burn and plastic surgery units The project will be implemented by the health directorate Source httptodaythefinancialexpresscombdpubliclast-pagegovt-borrows-10-billion-loan-for-six-entities-1507312075

STOCKS BREAK TWO-WEEK LOSING STREAK Stocks rebounded this week snapping a two-week losing streak as investors retained appetite for banking issues amid optimism Market insiders said stocks broke the losing spell riding on the wave of investors buying mood who focused on banks financial institutions and cement companies pushing the core index above 6200-mark


18

Buoyed by the news of soaring net foreign investment in the capital market investors have exhibited bullish mentality amidst increased fund inflow in the market said an analyst at a leading brokerage firm The net foreign investments in stocks jumped 202 per cent year on year in the first nine months of 2017 as overseas investors bought shares worth Tk 5101 billion and sold shares worth Tk 3326 billion resulting in their net investment amounting to Tk 1775 billion for the January-September period This week witnessed four trading sessions as the market remained closed Sunday on the occasion of Holy Ashura Thursday was the last trading session and all the four sessions finished higher Week on week the DSEX the prime index of Dhaka Stock Exchange (DSE) which replaced the DGEN four and a half years ago settled 109 points or 180 per cent higher at 6202 Two other indices -- the DS30 index and the DSE Shariah Index (DSES) -- also followed the similar trend and closed at 2201 and 1350 points gaining 2382 points and 405 points respectively The port city bourse Chittagong Stock Exchange (CSE) also bounced back with its Selective Categories Index CSCX advancing 257 points or 224 per cent to settle at 11669 points The bullish sentiment among the investors was also reflected in the turnover with the total transactions in this week reaching Tk 3670 billion on the DSE up from Tk 3443 billion in the previous week -- a rise of 658 per cent The daily turnover averaged out at Tk 917 billion which was 33 per cent higher than the previous weeks average of Tk 688 billion Block trade contributed 160 per cent to the total weekly turnover with stocks like Social Islami Bank Brac Bank Premier Bank Square Pharmaceuticals and Islami Insurance dominating the block trade board The banking sector kept its dominance on the turnover chart grabbing 52 per cent of the weeks total transactions followed by financial institutions (90 per cent) and engineering (60 per cent) City Bank Capital Resources a merchant bank said Such recovery in market indices was triggered by considerable gain in banking sectors stocks and also the large-cap stocks like GrameenPhone ICB Lafarge Surma Cement and United Power which helped keep the market in green The merchant bank also noted that the news of increasing net foreign investment in DSE created positive sentiment among the investors Net foreign investment in the first nine months of 2017 stood at Tk 1775 billion which was Tk 587 billion in the same period of 2016 International Leasing Securities a stockbroker said Enthusiastic participation of the investors backed by optimism brought buoyancy to the market which helped the benchmark index to cross 6200-point mark The total market capitalisation of the DSE also rose to Tk 4127 billion registering an increase of 134 per cent over the previous weeks Tk 4072 billion The gainers took a modest lead over the losers as out of 335 issues traded 173 closed higher 137 lower and 25 remained flat on the DSE trading floor Exim Bank topped the weeks turnover chart with 9256 million shares of Tk 172 billion changing hands closely followed by Aarma Networks (Tk 146 billion) Islami Bank (Tk 131 billion) Premier Bank (Tk 128 million) and LankaBangla Finance (Tk 105 billion) Sonar Bangla Insurance was the weeks highest gainer posting a 2120 per cent gain while Northern Jute Manufacturing was the biggest loser shedding 3050 per cent Aamra Networks which made its share trading debut this week gained 255 per cent from its offer price of Tk 39 in the first trading day Source httptodaythefinancialexpresscombdpublicstock-corporatestocks-break-two-week-losing-streak-1507312552


19

INVESTORS LOSING OUT ON BILLIONS AS TECH EQUITIES DONT PAY DIVIDENDS Investors are missing out on billions of dollars thanks in part to some large-cap tech stocks reports CNBC If Alphabet Amazon and Facebook (along with Berkshire Hathaway) paid shareholder dividends at the 237 per cent average yield of other SampP 500 companies that do so it would shake out another $322 billion for investors according to Howard Silverblatt senior index analyst at SampP Dow Jones Indices Those hypothetical payments would increase the SampP indexs overall yield by 76 per cent he said Investors pick dividend-yielding stocks because they typically have safer returns unlike more glamorous high-flying tech stocks Tech stocks have had a long history of either paying small dividends or none at all During the 1990s tech didnt typically pay dividends and they drove the stock market back then said Kim Forrest senior equity analyst at Fort Pitt Capital Back then companies were telling people they were going to take their earnings and reinvest them because they needed to grow This still holds true Tech has been far and away the best-performing sector in the SampP 500 this year rising 27 per cent The sectors gains have also been a key catalyst for the overall market which continues to notch record highs The SampP tech sector had a dividend yield of 136 percent during the third quarter the lowest of the 11 sectors and well below the overall SampP 500 of 197 per cent according to Silverblatt There has been a disdain for dividend in tech companies because it suggests that companies dont have anywhere else better to invest their money said Scott Kessler a tech analyst at CFRA It also raises concerns that the growth trajectory of a company could be in trouble Kessler also pointed out that Microsoft - once the stalwart of the tech world - saw its stock take a hit after declaring its first dividend payment in 2003 Between January 17 and March 11 that year Microsoft saw its shares fall 114 per cent Source httptodaythefinancialexpresscombdpublicstock-corporateinvestors-losing-out-on-billions-as-tech-equities-dont-pay-dividends-1507312650

GOVT TAKES UP PROJECTS TO BOOST MILK PRODUCTION The government is going to take nine projects aiming to develop the countrys dairy industry and increase the productivity of dairy cattle thus boosting milk production as demand grows officials said The Department of Livestock Services has formulated the project proposals and sent those to the Ministry of Fisheries and Livestock for approval reports UNB A process is underway to get these projects approved according to an official document The projects are -Strengthening veterinary services in selected upazilas through mobile veterinary clinics and mini diagnostics laboratories modernisation and capacity building of regional research centres of livestock diseases setting up of national livestock breeding centres and modernisation of dairy development farms coordinated livestock development in coastal islands reproductive disease control of hybrid livestock coordinated livestock development in greater Faridpur district identification of external parasite and blood protozoa disease of livestock coordinated livestock development for poverty alleviation and socio-economic development of poor people in haor areas and modernisation of state-run milk farms In fiscal year 2008-09 according to the document the per capita milk intake in the country was 4335 ml which rose to 15797 ml in 2016-17 The Food and Agriculture Organisation (FAO) recommends 250 ml milk consumption per person a day


20

A senior official at the Ministry of Fisheries and Livestock said the government was serious about the production and supply of protein-related food items Thats why the present government after assuming power in 2009 has taken a number of steps to increase milk production in the country he said He noted that the government in its Vision 2021 placed boosting of milk production on top and undertook a number of projects for that The Department of Livestock Services is running artificial breeding activities across the country through 3750 sub-centres and points As a result 42 per cent livestock of the country has now turned into hybrid species the document reveals The government has also begun artificial breeding programme expansion and implementation of embryo transfer technology project (3rd Phase) aiming to set up artificial breeding points in all unions across the country Under this project there will be two bull stations-cum-AI Lab five bull cuff rearing units-cum-mini AI Lab and 1000 artificial breeding points Through this project the production of semen in the country will be increased for all cows the document notes Besides the Department of Livestock Services is implementing the breed upgradation through progeny test (2nd Phase) to improve the species of livestock It has already produced progeny tested bull (proven bull) and artificial breeding is going on using the semen of this bull To improve the species of ox another project is going on in 39 upazilas where improved semen imported from abroad is being used for artificial breeding A mixed breed gives 65 litres of milk every day while for a local breed it is only 15 litre According to the available data every day around 18 million litres of milk are produced in the country Every year Bangladesh imports 65-70 thousand metric tonnes of powder milk equal to 17 million litres of liquid milk Source httptodaythefinancialexpresscombdpublictrade-marketgovt-takes-up-projects-to-boost-milk-production-1507308380

RICE PRICES REMAIN STABLE IN CITY MKTS The prices of different varieties of rice remained stable in the citys kitchen markets on Friday The government has taken various steps including import of rice crackdown on illegal hoarding and cut in import duty on rice aiming to keep rice prices stable in the local markets But there is no significant fall in prices of rice in the markets according to market insiders On the other hand most of early winter green vegetables were selling at high prices despite sufficient supply in the kitchen markets We purchased rice at higher prices from the wholesale market So we have no alternative but to sell the staple (rice) at high prices with nominal profits said Md Alam a rice trader at Segunbagicha Multipurpose Complex in the capital During visit to the wholesale rice market at Badamtali in the city the FE correspondent found that every shop has a sufficient stock of rice But the prices were high As the price is high so we have no alternative but to sell at a little bit high prices Jamil a trader at Badamtali told the FE He however expressed optimism that the prices of rice will come down to a tolerable level within next few months Customers especially limited income group of people expressed frustration over high prices of rice They urged the government and traders to take necessary steps for cooling down the rice market We expected that rice prices would come down to a tolerable level following import duty cuts and rice import through private and government channels But we are yet to see any positive impacts


21

(fall in rice prices) Tajmina Rahman a housewife told the FE at Shantinagar Kitchen market on Friday Najirshail was sold between Tk 70 and Tk 75 per kg while Miniket between Tk 55 and Tk 57 BR- 29 between Tk 56 and Tk 60 BR-28 at Tk 55 and coarse rice at Tk 48 on the day Tomato was sold between Tk 80 and Tk 100 per kg while potato between Tk 25 and Tk 30 papaya between Tk 15 and Tk 20 brinjal between Tk 55 and Tk 60 Beef was sold at Tk 500 per kg while mutton between Tk 750 and Tk 800 Source httptodaythefinancialexpresscombdpublictrade-marketrice-prices-remain-stable-in-city-mkts-1507308353

INDUSTRIAL IMPORTS SURGE 26PC Industrial imports increased by more than 26 per cent or US$154 billion in the first two months of the current fiscal year (FY) mainly due to a surge in capital machinery imports officials said The actual imports in terms of settlement of letters of credit (LCs) rose to $738 billion during the July-August period of FY 2017-18 from $584 in the same period of the previous fiscal according to the central banks latest report On the other hand opening of LCs generally known as import orders jumped 5745 per cent to $833 billion in the period from $529 billion in the same period of FY 2016-17 Imports of capital machinery or industrial equipment used for production went up by 3788 per cent to $189 billion in the first two months of the FY18 as against $137 billion in the July-August period of the previous fiscal year Higher imports registered in textile garment pharmaceutical telecom and energy and power sectors a senior official of Bangladesh Bank (BB) told the FE He said that the imports increased substantially with the setting up of power plants and implementation of different infrastructure projects including Padma Bridge The imports of industrial raw materials and machinery for industries also recorded a healthy growth during the period indicating that the economic growth would accelerate further due to increased productivity the central banker added Imports of intermediate goods like coal hard coke clinker and scrap vessels have increased by1588 per cent to $62518 million during the period from $53949 million in the same period of the previous fiscal On the other hand imports of industrial raw materials increased by 1926 per cent to $305 billion during the period from $256 billion in the same period previous fiscal year Talking to the FE another BB official said the machinery or equipment for building flyovers and for balancing modernisation rehabilitation and expansion (BMRE) of industrial units particularly apparel factories also helped increase the industrial imports Meanwhile the import of machinery for miscellaneous industries witnessed a 1495 per cent growth to $998 million as compared to $868 million in the same period of the previous fiscal Different government purchases including machinery for power plants through state-owned commercial banks have also been included in the imports for industrial sectors the BB official said replying to a query He said the overall industrial imports might increase further in the coming months due to implementation of different infrastructure development projects across the country Currently the government is implementing nine projects under a Fast-Track Project Monitoring Committee headed by Prime Minister Sheikh Hasina Echoing the BB official Abdus Salam Murshedy managing director of Envoy Group said the ongoing remediation relocation and expansion activities in the countrys apparel and clothing sector pushed up the overall industrial imports during the period under review


22

Some apparel industries are now going for automation for improving their productivity contributing to boost industrial imports said Mr Murshedy also the president of the Bangladesh Exporters Association A senior banker however said the entrepreneurs were taking advantage of lower borrowing rates and setting up new industrial units or expending the existing ones Most of the banks are now offering lower interest rates on loans to their best performing clients for reduction of their cost of funds with using the excess liquidity said the private banker The weighted average interest rates on lending came down to 946 per cent in August 2017 from 1024 per cent a year before the BB data showed The banker also expected that the existing upward trend of the countrys overall imports might continue in the coming months if the rising trend in food grains along with capital machinery imports persists The countrys overall imports grew by more than 31 per cent during the July-August period of the FY 18 mainly due to higher import of food grains and capital machinery The actual import in terms of settlement of LC rose to $942 billion in the first two months of this FY The figure was $716 billion in the same period of the previous fiscal On the other hand the opening of LCs increased by 5416 per cent to $1125 billion during the July-August period of the FY 18 from $730 billion in the same period previous fiscal year Source httptodaythefinancialexpresscombdlast-pageindustrial-imports-surge-26pc-1507394578

STOCK MARKET NEEDS LISTING OF SOUND COS Discussants have said the countrys capital market needs listing of more good companies to fetch more foreign investments They stressed on importance of companies having good fundamentals on Saturday at an inaugural session of a seminar held at Bangladesh Institute of Capital Market (BICM) in the city The BICM organised the seminar on Promoting Investor Protection in Bangladesh through good governance and regulatory measures as part of observance of World Investor Week 2017 The chairman of the Bangladesh Securities and Exchange Commission (BSEC) Professor M Khairul Hossain was the chief guest of the inaugural session attended by top officials of different brokerage firms and merchant banks The foreign investors are not able to invest in more than 20-25 companies as the number of quality scrips is not up to the mark said Arif Khan managing director of IDLC Finance Limited Khan also a former BSEC commissioner said unfortunately the countrys mutual fund (MF) industry has failed to grow amid lack of professionalism among the fund managers The countrys capital market needs more surveillance to contain rumour based investments made by general investors Khan said He however said the capital market observed enough reforms after the 2010-11 stock market debacle Previously the investors used to look at the regulatory decisions regarding margin loans in every week In absence of rules regarding placement shares investors suffered a lot Arif Khan said He also said the regulator stopped the scope of realising money by the sponsor-directors through sales of bonus issued just after listing of companies The regulator has imposed lock-in period on the bonus shares owned by the sponsors Khan added The BSEC chairman Professor M Khairul Hossain said without financial literacy investors will not be able to know what they are doing Investors will have to make investment based on informed decisions They are also required to know in which companies they are making investments Khairul said


23

Dr Swapan Kumar Bala a BSEC commissioner has also stressed on financial literacy required to reduce investment risks Ahmad Rashid president of DSE Brokers Association of Bangladesh said someone will not be able to ensure safety of investments without financial literacy despite having expertise in other sector Investors should know the way of ensuring safety for investments without blaming others Rashid said Mohammad Abdul Hannan Zoarder executive president of BICM spoke for introduction of new products to create scope of diversifying portfolios After the inaugural session Nitai Chandra Debnath an associate professor at BICM presented his keynote speech on investor protection In his speech Nitai said the provision of margin facility should be based on individual companys performance to reduce risk of lender and borrower He suggested for publishing net asset value (NAV) of mutual funds on daily basis instead of weekly basis While speaking on voting at annual general meeting (AGM) Nitai said digital voting system might be introduced at the companys AGM as the existing culture is not conducive to minority shareholders for voting Source httptodaythefinancialexpresscombdstock-corporatestock-market-needs-listing-of-sound-cos-1507388984

STOCKS RALLY FOR FIFTH SESSION With the prime index of the countrys premiere bourse crossing the 6200-mark once again stocks extended the winning streak for the fifth straight session on Thursday as investors appetite for banking issues remained high Dealers said the market finished higher as investors continued their buying spree of large-cap issues especially banks telecommunications and pharmaceuticals pushing the core index above 6200-mark for the second time in two weeks The market started on a positive note and the upward trend sustained until the end of the session with no sign of reversal Finally the key index of the major bourse settled more than 42 points higher DSEX the prime index of the Dhaka Stock Exchange (DSE) which replaced DGEN four and a half years ago maintained its soaring momentum gaining 4235 points to close at 6202 points The DSEX added more than 123 points in the past five consecutive sessions Two other indices -- the DS30 index and the DSE Shariah Index (DSES) - also followed suit to close at 2201 and 1350 points gaining 1097 points and 577 points respectively The turnover a crucial indicator of the market crossed Tk 10 billion-mark once again The total turnover reached Tk 1058 billion on Thursday climbing 20 per cent over the previous days value of Tk 884 billion The banking sector kept its dominance on the turnover chart grabbing nearly 53 per cent of the days total transactions as seven banks made their way to the top 10 turnover list followed by financial institutions (90 per cent) and engineering (60 per cent) The International Leasing Securities said The market started the session positively and ended in the same direction which helped the benchmark index to cross 6200-point mark after two weeks The stockbroker noted that enthusiastic investors sustained their buying interest in the banking sector since the beginning of the session Sheltech Brokerage said Index continued its upward movement led by banking telecommunication pharmaceuticals and insurance sectors


24

Index moved in the positive direction throughout the day with mild flat movement in the middle of the session At the end of the day index closed green at 6202 points commented LankaBangla Securities a stockbroker in an analysis A total number of 0145 million trades were executed in the days trading session with trading volume reaching 34852 million securities The total market capitalisation of the DSE stood at Tk 4127 billion up from Tk 4105 billion in the previous session Among the large-cap sectors banks posted the highest gain of 210 per cent followed by telecommunications (060 per cent) pharmaceuticals (050 per cent) and financial institutions (020 per cent) On the other hand cement witnessed the highest correction of 090 per cent followed by engineering (020 per cent) and food amp allied (010 per cent) However losers took a marginal lead over the gainers Out of 332 issues traded 149 closed lower 144 higher and 39 remained unchanged on the DSE trading floor Uttara Bank topped the days turnover chart with 1222 million shares of Tk 480 million changing hands closely followed by Exim Bank UCB LankaBangla Finance and Islami Bank Trust Bank was the days best performer posting a gain of 818 per cent while Modern Dyeing was the days biggest loser shedding 543 per cent The port city bourse Chittagong Stock Exchange (CSE) also closed higher with its Selective Categories Index -- CSCX -- settling 8068 points higher at 11669 Losers beat gainers as 120 issues closed lower 113 closed higher and 23 remained unchanged on the CSE The port city bourse traded 1961 million shares and mutual fund units generating a turnover of Tk 615 million Source httptodaythefinancialexpresscombdpublicstock-corporatestocks-rally-for-fifth-session-1507221073

OIMEX ELECTRODE HOLDS IPO LOTTERY DRAW The Oimex Electrode held its IPO (initial public offering) lottery draw on Thursday to allocate 15 million ordinary shares among successful applicants The lottery draw was held at the Institution of Engineers Bangladesh (IEB) in the city and the results were published on the websites of Dhaka Stock Exchange (DSE) Chittagong Stock Exchange (CSE) and the electrode manufacturing company MA Maleque managing director of Oimex Electrode inaugurated the lottery programme Issue manager and chief executive officer of MTB Capital Khairul Bashar Abu Taher Mohammed and representatives of DSE CSE and Central Depository Bangladesh attended the event Oimex Electrode which received regulatory approval for IPO from the Bangladesh Securities and Exchange Commission (BSEC) on May 9 raised Tk 150 million from the public under fixed-price method It offered 15 million ordinary shares at an issue price of Tk 10 each to raise the amount The IPO subscription was open to resident and non-resident Bangladeshis during the period from September 5 to 13 The IPO was oversubscribed 4147 times as the company received about Tk 622 billion against the IPO of Tk 150 million Oimex Electrode will use the IPO fund for procurement of capital machinery equipment and raw materials As per the entitys audited financial statement for the year ending on June 30 2016 Oimex Electrodes net asset value (NAV) per share and weighted average earnings per share (EPS) were Tk 1487 and Tk 203 respectively


25

The MTB Capital is working as the issue manager of the IPO Established in 2005 Oimex Electrode is the fastest growing electrode nails and galvanised wire manufacturing company in Bangladesh It was subsequently converted into public limited company in 2014 according to the companys website Source httptodaythefinancialexpresscombdpublicstock-corporateoimex-electrode-holds-ipo-lottery-draw-1507221107

UTTARA BANK TOPS DSE TRANSACTION CHART The top 10 traded companies including seven banks grabbed more than 31 per cent of transactions on the countrys premier bourse on Thursday with Uttara Bank making its way to the top of the chart The total turnover on the Dhaka Stock Exchange (DSE) stood at Tk 1058 billion nearly 20 per cent higher than the previous days value of Tk 884 billion The top 10 active shares in terms of value included Uttara Bank Exim Bank UCB LankaBangla Finance Islami Bank Aamra Networks Premier Bank Mercantile Bank Trust Bank and BBS Cables Of them share prices of six companies gained up to 818 per cent two faced marginal corrections while two remained unchanged According to statistics available with the DSE about 1222 million shares of Uttara Bank were traded generating a turnover of Tk 480 million making up 434 per cent of the premier bourses total turnover The banks share price hovered between Tk 3740 and Tk 4090 before settling 588 per cent higher at Tk 3960 Listed in 1984 Uttara Bank disbursed 20 per cent cash dividend for the year ending on December 31 2016 In 2015 the bank also gave 20 per cent cash dividend The banks paid-up capital is Tk 40 billion and authorised capital is Tk 60 billion while total number of securities is 40008 million The sponsor-directors own 1258 per cent stake in the bank while institutional investors own 2486 per cent foreign investors 222 per cent and the general public own 6034 per cent as on August 31 2017 according to the DSE data Exim Bank secured the second spot on the chart with shares of Tk 385 million changing hands It was 364 per cent of the days total transactions The banks share price remained flat at Tk 19 each UCB notched the third spot with shares of Tk 336 million changing hands accounting for 317 per cent of the total turnover The banks share price closed at Tk 2550 each advancing 450 per cent LankaBangla became the fourth with shares of Tk 335 million changing hands grabbing 316 per cent of the days total turnover The companys share price fell 172 per cent to close at Tk 6290 each The turnover of Islami Bank was Tk 321 million capturing 303 per cent of the days total transactions The banks share price closed at Tk 3740 gaining 360 per cent The newly listed Aamra Networks featured a turnover of Tk 311 million which was 294 per cent of the days total turnover The companys share advanced 147 per cent to settle at Tk 14450 each The turnover of Premier Bank was Tk 286 million grabbing 270 per cent of the days total turnover The banks share price closed at Tk 1830 remaining unchanged over the previous day Mercantile Bank featured a turnover of Tk 273 million which was 258 per cent of the days total transaction The banks share price closed at Tk 29 advancing 247 per cent The turnover of Trust Bank was Tk 269 million capturing 254 per cent of the days total turnover The banks share price closed at Tk 4230 soaring 818 per cent BBS Cables was also included in the top ten turnover chart with shares of Tk 252 million changing hands The companys share price closed at Tk 13540 shedding 007 per cent


26

Source httptodaythefinancialexpresscombdpublicstock-corporateuttara-bank-tops-dse-transaction-chart-1507221150

BD SEES HIGHER FOREIGN AID FLOW IN JUL-AUG The foreign aid flow to the country over the period of first two months (July-August) of the current fiscal year (FY18) continued its encouraging trend as the aid disbursement during the period was $2088 million higher than the corresponding period of the last fiscal year (FY17) reports UNB According to the latest data of the Economic Relations Division (ERD) the overall foreign aid disbursement in July-August this year totalled $49210 million against $28330 million in the corresponding period of the last fiscal year Out of the total disbursed amount during the period the portion of loan was $490 million while the portion of grant was $21 million The ERD data shows that of the total disbursed amount of $2833 million aid in July-August in the last fiscal year the portion of loan was $25730 million while that of grant was $26 million Against the disbursement the overall foreign aid commitment for the month of July-August this year was $7252 million of which $6627 million came as commitment for loans while the rest of $625 million as grants However the foreign aid commitment for July-August period of the last FY was much higher as it totalled $11921 million including $219 million in grants and $1170 million in loans During this July-August Bangladesh made a repayment of $1931 million including $1507 million in principal amount and $424 million in interests On the other hand the country made a repayment of $1635 million in July-August period of the last year including $1231 million in principal amount and $403 million in interests Talking to the news agency an official at the ERD said the target of getting foreign aid commitment this fiscal year is $6 billion whereas the target of realising foreign aid disbursement is $5555 billion According to the ERD the commitments of foreign aid increased to a record high of $1786 billion in FY17 15333 per cent higher than that of the corresponding period of the previous fiscal year ($705 billion) The increase was mainly due to the single largest $1136 billion state credit commitment by the Russian government for the Rooppur nuclear power plant project During the FY16 a total of US$ 705 billion of external assistance was committed In the FY16 a total amount of $ 356 billion was disbursed of which $53056 million was grant and $303303 million was loan Of the total amount food aid and project aid are $3187 million and $353172 million respectively Multilateral donors disbursed lion share of the total disbursement amounting to $232228 million and bilateral donor disbursed $124131 million Up to June 30 2016 a total of about $9920 billion of external assistance was committed to Bangladesh According to the classification by purposes the share of food aid is $688 billion commodity aid is $1107 billion project aid is $7767 billion and budget support is $358 billion of the total commitments For the period since independence up to June 30 2016 a total amount of about $6915 billion of foreign aid was disbursed of which $2650 billion is grant and $4265 billion is loan Of the total amount $687 billion was disbursed as food $1091 billion as commodity $4781 billion as project aid and $357 billion as budget support Source httptodaythefinancialexpresscombdpublictrade-marketbd-sees-higher-foreign-aid-flow-in-jul-aug-1507221929


27

INAGURATION OF PRIORITY CENTER OF EASTERN BANK LIMITED Ali Reza Iftekhar Managing Director and CEO of Eastern Bank Limited (EBL) inaugurated the 14th Priority Center of the bank at its Gulshan Avenue Branch (Z N Tower Gulshan 1) recently The ceremony was attended by senior officials and priority customers of the bank Source httptodaythefinancialexpresscombdstock-corporateali-reza-iftekhar-managing-director-1507389093

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BB JACKS UP DOLLAR SALES TO KEEP EXCHANGE RATE STABLE Bangladesh Bank has already surpassed its fiscal 2016-17s sales figure of US dollar in the first three months of the current fiscal year as it scrambles to prevent the slide of the taka against the greenback ldquoThe local currency would have depreciated to Tk 85 against a dollar if the central bank had not intervenedrdquo said a BB official Falling remittance and a surge in imports have created a scarcity of the US dollar which is mostly used in international transactions and as a result the worlds primary reserve currency From July 1 to October 5 the central bank has sold $199 million to banks Last fiscal year it sold $175 million and purchased $193 billion On October 4 the inter-bank exchange rate of the US dollar stood at Tk 8080 up from Tk 8060 on July 2 An importer has


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Daily News Flash, 8th October, 2017 - EBL Securities€¦ · class tourist destination, ... BEXIMCO MAY BUY MAJORITY STAKE IN …

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