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Daily News Flash, 16th April, 2017
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PHARMA SECTOR RECORDS PHENOMENAL GROWTH
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BANKS, NBIS LEND TK 580B IN GREEN FINANCING
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STOCKS FACE MAJOR CORRECTION WITH LOW TURNOVER
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LANKABANGLA DOMINATES WEEK'S TURNOVER CHART
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SMES CONTRIBUTE 11PC TO GDP, BUT SHARE LOW IN SOUTH ASIA
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DSE TURNOVER DIPS BELOW TK 6.0 BILLION-MARK
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DSE ENDS FLAT AMID CHOPPY TRADING
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BSEC SETS NEW CLAUSES FOR COS' USE OF RAISED
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DUTCH-BANGLA JV FIRM GETS LPG LICENCE
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BSEC INITIATES FRESH MOVE TO FINALISE MF RULE CHANGE
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GARMENT MAKERS LINE UP TO HIT $500M IN EXPORTS
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MUHITH PLANS AN AMBITIOUS BUDGET
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HSBC: POWERING BANGLADESH
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BTRC TO RUN COST MODEL ANALYSIS FOR DATA PRICES
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LOSS-MAKING EXCHANGE HOUSES BEING TURNED INTO AGENT BANKS
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US BANKS REPORT SOLID EARNINGS
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PHARMA SECTOR RECORDS PHENOMENAL GROWTH Bangladesh's
pharmaceutical market marked a phenomenal growth with its annual
turnover reaching US$ 2.25 billion at the end of December last.
Some analysts attributed the advances partly to hike in prices of
most medicines. Drug-manufacturers, however, equate the
pharmaceutical sector's growth with the country's economic
performance. US-based health-intelligence IMS Health has diagnosed
the health of Bangladesh's medicine industry on the basis of its
retail sales figures. The size of the market, in terms of value,
has nearly doubled over the past five years since 2011 from
approximately $1.3 billion.
DSEX -0.52 Gold (Ounce) $1290.10 Dollar 79.78 (Buy) 79.78 (Sell)
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Daily News Flash, 16th April, 2017
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The increase in the prices of drugs is seen by many as a prime
reason for such rapid expansion. The US pharma intelligence audit
found Square Pharma having maintained its lead position on the
domestic market with its share at 18.19 per cent, followed by
Incepta at 10.38 per cent. Beximco stands third with a share of
8.35 per cent, as of 2016. Opsonin's share stands at 5.6 per cent
and Renata Limited booked 4.96 per cent. Industry-insiders told the
FE that the top 20 pharmaceutical companies expanded tremendously
over the time under review. Syed Kaiser Kabir, managing director
and CEO at Renata Limited, presented a proportional arithmetic of
the growth in pharmaceutical industry and the country's economy.
"The economy is expanding, the market is also expanding," he told
the FE. He said there is a rule of thumb applied to the
least-developed countries that if GDP rises 1.0 per cent, then
pharma market will rise at least 2.0 per cent. It in some instances
expands even 3.0 per cent against 1.0 per cent GDP growth. Syed
Kabir sees increase in people's purchasing power also as an
important factor behind the phenomenal growth in the domestic
pharmaceutical market. And such growth, he says, will continue over
few more years. Dr Sayeed Ahmed, head of sales and marketing at
Zisca, told the FE that the launch of new products also plays a key
role in expanding the country's drug market. "In my view, new
products are important to the market along with aggressive
marketing by the drug-manufacturers," Dr Ahmed said. He said
Bangladesh's drug producers now use the latest molecules to
manufacture their products -- and this is one of the reasons for
high prices of some of the drugs. If agricultural production
expands, then the sales of the pharmaceutical products also
increase. "During good harvests our sales rise sharply and
Bangladesh's major crops and fruit products have been rising in
last good number of years," said the company sales boss. Some top
pharma executives said production of import-substituting drugs by
the local companies is resulting in a surge of their sales. AM
Faruque, managing director and CEO at the newly-established Sunman-
BIRDEM Pharma, told the FE that the import-dependence dropped
drastically as the local firms produce quality drugs at 'low'
costs. "We're now producing various import-substituting drugs at
low costs, which are also boosting the sales." He mentioned
lifesaving drugs like insulin, new-generation antibiotics and
anti-cancer products being produced by local companies. He further
said health-awareness has increased in the country and "the health-
awareness is one of the key factors". On the other hand, some top
executives said approach of the local companies to the drugstores
has changed and sales to them have increased manifold in recent
times, helping the local companies to expand their reach to the
retail market. The companies are now offering different incentives
to their sales teams and other stakeholders to boost their retail
sales. There are nearly 250 pharmaceutical companies in Bangladesh,
and about 30 of them are dominant on the market. Source:
http://print.thefinancialexpress-bd.com/2017/04/16/170064
BANKS, NBIS LEND TK 580B IN GREEN FINANCING Country's banks and
non-bank financial institutions have so far lent out around Tk 580
billion in green financing, as project funding assumes a fresh
focus.
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Daily News Flash, 16th April, 2017
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Bangladesh Bank Governor Fazle Kabir made the disclosure
Saturday while speaking at the Green Award ceremony organised by
Southeast Bank Limited in the capital. "This has been possible due
to increased emphasis given on green financing by both the
regulator and financial institutions of the country," the central
bank governor told his audience. Southeast Bank-The Financial
Express-Policy Research Institute Green Award Trust has honoured
various entrepreneurs and organisations for their contribution
towards environment-friendly business operations, sustainable
community development and poverty reduction through this
award-giving initiative since 2013. Highlighting recent regulatory
initiatives taken by the Bangladesh Bank to promote green banking,
the central bank governor mentioned that BB had instructed all the
banks and financial institutions to disburse a specific portion of
their loan portfolios for green projects. "Recently, Bangladesh
Bank has also introduced 'Green Transformation Fund' in foreign
currency to support green transformation of manufacturing processes
in the export- orientated sectors like textiles and leather," Mr.
Kabir said. Chairman of the SEBL-FE-PRI Green Award Trust
Initiative Dr Mohammed Farashuddin in his speech said apart from
providing loans in green financing initiatives, the banks should
also provide a specific portion of their green financing as grants
as part of corporate social responsibility. Speaking on the
occasion, Chairman of Southeast Bank Alamgir Kabir expressed his
hope that the SEBL-FE-PRI Green Award Trust would get an
institutional shape in the near future. "I hope that the Trust
would not be only limited to award-giving in the near future, but
also would make some real impact in various environment-friendly
initiatives," he told the function. Editor of The Financial Express
A H M Moazzem Hossain said the SEBL-FE-PRI Green Award Trust
initiative is in line with the Sustainable Development Goals
adopted by the United Nations back in 2015. "The Goal numbers 14
and 15 of SDGs have clearly underlined the need for involvement of
media and civil-society organisations for sustainable development,"
he said. Managing Director (Current Charge) of Southeast Bank M
Kamal Hossain also spoke on the occasion. Later, a total of eight
entities were bestowed with Green Awards in two categories for
their environment-friendly initiatives. In the category of
Leadership in Sustainable Green Business and Operations, the
awardees are Yunusco (BD) Limited, AKH Eco Apparels Limited, SQ
Birichina Limited, Snowtex Outerwear Limited. In the category of
Leadership in Sustainable Community Development and Poverty
Reduction, the winners of the award are Shaymol Bangla Krishi
Khamar, Nature Conservation Management (NACOM), Wave Foundation and
SKS Foundation. Source:
http://print.thefinancialexpress-bd.com/2017/04/16/170065
STOCKS FACE MAJOR CORRECTION WITH LOW TURNOVER Stocks faced
major correction last week that ended Thursday, after single-week
break, as risk-averse investors released their holdings throughout
the week to avoid further loss. Analysts said the market fell as
selling pressure intensified on continuous fall of almost all the
large-cap stocks like Grameenphone, Square Pharma, BRAC Bank,
Islami Bank, Beximco Pharma, City Bank and BSRM Steel. The week
featured five trading sessions as usual and all the sessions closed
lower amid thin participation from the investors. Week-on-week,
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down
by 90.54 points or 1.58 per cent to settle the week at 5,646.
http://print.thefinancialexpress-bd.com/2017/04/16/170065
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Daily News Flash, 16th April, 2017
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International Leasing Securities, a stockbroker, said, "The
shaky investors opted to liquidate their holding of shares to
escape from further losses while some adopted "wait-and-see"
approach amid ongoing market movement". The stockbroker noted that
several issues from textile, IT and food sector enjoyed buoyancy.
However, selling of shares was observed mostly from bank,
engineering and financial institution sectors. LankaBangla
Securities, a stockbroker, noted that price fall of large-cap
stocks is responsible for this huge fall in index. Among the top 20
large cap stocks, all except two experienced major price fall last
week. The two other indices also closed lower. The DS30 index,
comprising blue chips, saw a sharp loss of 46.86 points or 2.20 per
cent to finish at 2,087. The DSE Shariah Index fell 17.83 points or
1.36 per cent to close at 1,295. The port city bourse, Chittagong
Stock Exchange (CSE), also closed lower with its Selective
Categories Index, CSCX, losing 194 points or 1.79 per cent to close
at 10,593. Sheltech Brokerage said, "Sell-off in large-cap tumbled
the DSEX from the beginning of the week and ended red in every
session due to lack of confidence among investors". The total
turnover for the week stood at Tk 36 billion against Tk 48 billion
the week before. The daily turnover averaged at Tk 7.18 billion,
which was 25 per cent lower than the previous week's average of Tk
9.58 billion. The bank sector kept its dominance in turnover chart
for the third straight week, capturing 21 per cent of the day's
total turnover value, followed by textile 17 per cent and financial
institutions 13 per cent. City Bank Capital Resources, a merchant
bank, said, The bearish sentiment was reflected on turnover
activity. The losers took a strong lead over the gainers as out of
332 issues traded, 201 closed lower, 100 closed higher and 31
remained unchanged on the DSE trading floor. The total market
capitalisation of the DSE also fell 1.05 per cent last week as it
was Tk 3,823 billion on the opening day of the week, while it came
down to Tk 3,783 billion on closing day of the week. LankaBangla
Finance dominated the week's turnover chart with about 26.60
million shares of Tk 1.68 billion changing hands, followed by IDLC
Finance, Ratanpur Steel, City Bank and Brac Bank. Regent Textile
Mills was the week's biggest gainer, posting a 33.73 per cent gain,
while Brac Bank was the worst loser, slumping by 18.83 per cent
following its price adjustment after record date. Source:
http://print.thefinancialexpress-bd.com/2017/04/16/170031
LANKABANGLA DOMINATES WEEK'S TURNOVER CHART LankaBangla Finance
dominated the transaction chart of Dhaka Stock Exchange (DSE) last
week that ended on Thursday as investors were active on its shares
throughout the week. According to the statistics available with the
DSE, about 26.60 million shares of LankaBangla were traded,
generating a turnover of Tk 1.68 billion during the week. It was
4.69 per cent of the week's total turnover value. The non-bank
financial institution's daily average turnover stood at Tk 336
million on the premier bourse last week. The company's share price
closed at Tk 62.40 each on Thursday, the last trading session of
the week, losing 2.95 per cent over the over previous week.
Shareholders of the company recently approved 15 per cent cash and
15 per cent stock dividend for the year ended on December 31, 2016
at its 20th annual general meeting (AGM).
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Daily News Flash, 16th April, 2017
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The company also reported consolidated earnings per share (EPS)
of Tk 2.87, consolidated net asset value (NAV) per share of Tk
24.16 for the year ended on December 31, 2016 as against Tk 1.53
(restated) and Tk 22.63 (restated) for the same period of the
previous year. LankaBangla Finance, which was listed on the Dhaka
bourse in 2006, also disbursed 15 per cent cash and 15 per cent
stocks dividend for the year ended on December 31, 2015. The
company's paid-up capital is Tk 3.18 billion and authorised capital
is Tk 10 billion, while the total number of securities is 318.25
million. The company's total market cap stood at Tk 19.89 billion
as on Thursday. Sponsor-directors own 34.63 per cent stake in
LankaBangla, while institutional investors own 26.69 per cent,
foreign investors 5.08 per cent and the general public 33.60 per
cent as on March 31, 2017, the DSE data shows. LankaBangla was,
closely followed IDLC Finance with about 14.66 million shares of Tk
1.12 billion changing hands. The company's share price closed at Tk
75 each, falling 3.23 per cent. Ratanpur Steel Re-rolling Mills
emerged as the third, with about 11.16 million shares of Tk 1.04
billion changing hands. The steel maker's share price closed at Tk
92.70, remaining unchanged over the previous week. City Bank
notched the fourth spot, with 23.98 million shares worth Tk 981
million changing hands. The bank's share price fell 8.53 per cent
to close at Tk 38.60 each. Brac Bank was the fifth on the DSE's
turnover list, with 12 million shares of Tk 977 million changing
hands. The bank's share price closed at Tk 75, plunging by 18.73
per cent over the previous week. It was also the week's top loser
following its price adjustment after record date last week.
Beximco was the sixth with 26.41 million shares worth Tk 943
million changing hands. The company's share price closed at Tk
35.30 each, losing 3.29 per cent. Beximco Pharma was the seventh
with 7.66 million shares of Tk 878 million changing hands. The
company's share price fell 4.14 per cent to close at Tk 113.60
each. Evince Textile was the eighth with 35.78 million shares of Tk
841 million changing hands. The textile company's share price
closed at Tk 24.80 each, advancing 10.71 per cent. Regent Textile
was the ninth with about 34.10 million shares of Tk 834 million
changing hands. The company's share price soared 33.73 per cent to
close at Tk 34.10 each. Saif Powertec was also included in the top
ten turnover chart with 18.93 million shares of Tk 798 million
changing hands. The company's share closed at Tk 40.90 each, losing
6.41 per cent over the week before. Source:
http://print.thefinancialexpress-bd.com/2017/04/16/170036
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Daily News Flash, 16th April, 2017
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SMES CONTRIBUTE 11PC TO GDP, BUT SHARE LOW IN SOUTH ASIA SMEs'
contribution to GDP is 11 per cent, which is "very low" compared to
other countries including neighbouring nations, said planning
minister AHM Mustafa Kamal. "We need to increase the participation
of this large segment in the economy", he said. He made the remarks
while addressing an award ceremony Saturday as the chief guest.
Citi Foundation, the philanthropic arm of Citigroup, awarded 12
individual micro-entrepreneurs and two microfinance institution to
recognise their contribution to the economy. State minister for
planning and finance Abdul Mannan, deputy governor of Bangladesh
Bank SK Sur Chowdhury distributed crests, certificates and cheques
of the 12th Citi Microentrepreneurship Awards to the awardees in a
city hotel. The planning minister said the central bank, SME
Foundation and NGOs should work together to promote the sector. He
also emphasised developing an independent research wing for SMEs.
The selected micro entrepreneurs were picked from remote areas
across the country through a long selection procedure to recognise
their contribution to the GDP, said Professor Wahiduddin Mahmud,
chairperson of the award's advisory council. "The awardees were
selected for their innovative product and branding activities that
are really adding value to growth," said Prof Mahmud. He said the
winning micro-entrepreneurs started innovative business and branded
their products in their respective areas, which were sustainable as
well. "Such micro-entrepreneurs are growing fast in terms of size
and contributing to the country's growth," he said. The awards were
given in four categories including best micro-entrepreneurs, best
women micro-entrepreneurs, best youth micro-entrepreneurs and best
micro-entrepreneurs in agriculture. Four were awarded in every
category with prize money from Tk 100,000 to Tk 450,000. The best
micro-entrepreneur received Tk 450,000, while the best woman
micro-entrepreneur, agriculture micro-entrepreneur, and youth
micro-entrepreneur were awarded with Tk 350,000 each. The runner-up
in each category received Tk 150,000 as prize money, while the
second runner-up got Tk 100,000. The two microfinance
institutions-Peoples Oriented Program Implementation (POPI) was
awarded in the best microfinance institutions category and Village
Education Resource Center (VERC) received award in most innovative
category with no prize money. SK Sur Chowdhury said Bangladesh Bank
was working to make cheaper finance available for the country's
micro-entrepreneurs. "Banks are also showing interest to
micro-entrepreneurs as investing involves very low risk," he said.
The Citi Microentrepreneurship Awards was supported by Citi
Foundation and implemented by Citibank, N.A. Bangladesh with
support from Sajida Foundation as the local partner and with the
strategic partnership of Credit Development Forum (CDF). James
Morrow, sub-cluster head of Citi Bangladesh and Sri Lanka, Rashed
Maqsood, managing director and country officer of Citi Bangladesh,
Zahida Fizza Kabir, executive director of Sajida Foundation, and
Abdul Awal, executive director of Credit and Development Forum,
were, among others, present in the function. Source:
http://print.thefinancialexpress-bd.com/2017/04/16/170027
DSE TURNOVER DIPS BELOW TK 6.0 BILLION-MARK Turnover on the
Dhaka Stock Exchange (DSE) dipped below Tk 6.0 billion-mark on
Thursday after more than two months as investors were reluctant to
take fresh exposure in the market.
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Daily News Flash, 16th April, 2017
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Turnover, the most important indicator of the market, fell 16.67
per cent to Tk 5.95 billion as compared to the previous day. It was
also the lowest single-day transaction since February 06 this year
when the turnover totalled Tk 5.76 billion. "The ongoing pessimism
has made investors mostly inactive, bringing the turnover to a
five-month low," said an analyst of a leading brokerage firm. The
market started with a positive note and the key index of the
premier bourse rose about 22 points within first 30 minutes of
trading, but could not sustain the momentum as the session
progressed, finally closed almost flat. DSEX, the prime index of
the DSE, finished at 5,645.86, losing 0.51 point over the previous
session. DSEX lost about 132 points in the past seven consecutive
sessions after reaching a record high of 5,777 points on April 04
since its introduction in January 2013. LankaBangla Securities, a
stockbroker, said, "The key index remained flat with a loss of 0.52
points, with turnover falling below Tk 6.0 billion once again." The
stockbroker noted that index moved upward at the beginning of the
trading session reaching 5,668-level until around 11:00 am. But
from 11:00 am, index sharply moved downwards and fell as low as
5,639-level. The two other indices also closed lower. The DS30
comprising blue chips fell 6.26 points or 0.29 per cent to finish
at 2,087.34. The DSE Shariah Index (DSES) lost 3.66 points or 0.28
per cent to settle at 1294.88. International Leasing Securities, a
stockbroker said, "The market observed yet another bearish trading
session, extending the losing spell for the seventh consecutive
sessions, as risk-averse investors continued their selling spree."
The stockbroker noted that the market started with an upward trend,
but it failed to continue till the closure due to sales pressure of
the cautious investors. "Investors' selling spree was observed in
different sectors, especially in telecom and financial institution
sectors while the bargain hunters were active with the bank,
textile and food sector stocks," said the stockbroker. IDLC
Investments, a merchant bank, said, "The market underwent
reshuffling by investors, with small-cap classes emerging as
gainers and large-cap classes declining." A total number of 0.104
million trades were executed in the day's trading session with a
trading volume of 182.43 million securities. The total market
capitalisation of DSE came down to Tk 3,783 billion which was Tk
3,787 billion in the previous day. Large-cap sectors showed mixed
performance. Telecommunication witnessed the highest loss of 1.10
per cent, followed by financial institutions 0.99 per cent and
pharmaceuticals 0.27 per cent. Food and allied sectors posted the
highest gain of 0.89 per cent, followed by engineering 0.21 per
cent, fuel and power 0.05 per cent, bank 0.01 per cent. Losers took
a strong lead over the gainers, as prices of 157 securities
declined, 121 advanced and 46 remained unchanged out of the 324
issues that were traded on the DSE floor. LankaBangla Finance
topped the DSE turnover chart for the fourth day in a row with
about 3.41 million shares worth Tk 214 million changing hands,
closely followed by Paramount Textile, Tung Hai Knitting and
Dyeing, IDLC Finance and Doreen Power. Regent Textile was the day's
highest gainer, posting 8.60 per cent gain, while Phoenix Insurance
Company was the worst loser, shedding 6.98 per cent. The port city
bourse, the Chittagong Stock Exchange (CSE), also closed lower with
its Selective Categories Index - CSCX - losing 14.75 points to
settle at 10,594 points.
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Daily News Flash, 16th April, 2017
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Gainers beat losers as 106 issues closed higher, 94 closed lower
and 36 remained unchanged on the CSE. The port city bourse traded
19.52 million shares and mutual fund units' worth over Tk 478
million in turnover. Source:
http://print.thefinancialexpress-bd.com/2017/04/14/169946
DSE ENDS FLAT AMID CHOPPY TRADING The Dhaka bourse on Thursday
closed almost flat amid see-saw movements, observed throughout the
session. On the day, the indices declined marginally while the
turnover witnessed a moderate loss due to the investors' low
participation. At the end of the session, the DSE broad index -
DSEX - lost 0.51 point to close at 5,645.86 points. According to AT
Capital Partners, after gaining 22 points in first 30 minutes, DSEX
declined steadily in next two hours, shedding 40 points. The
shariah-based index - DSES - declined 0.28 per cent or 3.66 points
to close at 1,294.87 points, while blue chip index - DS30 - went
down by 0.29 per cent or 6.26 points to close at 2,087.33 points.
According to EBL Securities, the premier bourse of the country
ended in red amid see-saw movements. Thursday's session started
with an optimistic tune that remained for a short period, while the
opportunistic investors showed their optimism in sector-specific
stocks, majority from food & allied and textile sectors, said
EBL Securities. It also said the wining spell reversed within a
short jump, as selling pressure was observed in different sectors,
especially in telecommunication and financial institutions (FI). Of
the total issues traded, 157 advanced, 121 declined and 46 remained
unchanged on the premier bourse. According to LankaBangla
Securities, a total of above 0.10 million trades were executed in
Thursday's trading session, generating a turnover of above Tk 5.95
billion with trading volume of 182.43 million securities. The day's
turnover was 16.66 per cent lower than the turnover of the previous
session. Of the total turnover, Tk 121 million came from
transactions executed in spot market. Among the declining sectors,
financial institutions lost 0.8 per cent, pharmaceuticals &
chemicals 0.2 per cent, and telecommunication 1.1 per cent.
Investors' activities were concentrated mostly on textile, which
contributed to 21.90 per cent in market turnover, followed by bank
18 per cent, FI 11.1 per cent, and engineering 10.20 per cent.
LankaBangla Finance topped the turnover chart with a value of Tk
214 million, followed by Paramount Textile Tk 210 million, Tung Hai
Knitting & Dyeing Tk 205 million, IDLC Tk 182 million, and
Doreen Power Tk 156 million. Regent Textile Mills witnessed the
highest price hike of 8.59 per cent to close at Tk 34.10 per share,
whereas Phoenix Insurance topped the losers chart after declining
6.67 per cent to close at Tk 29.30 per share. Source:
http://print.thefinancialexpress-bd.com/2017/04/14/169951
BSEC SETS NEW CLAUSES FOR COS' USE OF RAISED FUNDS The listed
companies will have to take prior approval of at least 51 per cent
public shareholders, if they want to bring any 'deviation' in the
conditions, set for use of funds raised through public issue and
rights issue. Bangladesh Securities and Exchange Commission (BSEC)
at a meeting on Thursday set this new condition along with the
existing ones for use of funds raised from the shareholders.
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Daily News Flash, 16th April, 2017
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The regulatory decision came, as a number of companies were
found changing use of fund proceeds, leaving their shareholders in
darkness. Under Section 2CC of the Securities and Exchange
Ordinance 1969, the securities regulator sets some conditions in
prospectus for use of funds, raised through public issue and rights
issue. On Thursday, BSEC set the condition of taking prior approval
of shareholders in case of any deviation in use of public fund.
"Any deviation in this regard must have prior approval of at least
51 per cent of public shareholders, other than sponsors and
directors, in a general meeting," said the securities regulator.
BSEC also mentioned that before the said general meeting, such
deviation as recommended by the board of directors will have to be
published as price sensitive information with detailed description
and reasons for the deviation. "If approved by the shareholders,
the meeting resolution will be submitted to the commission along
with reasonable explanations for approval." After such approval,
such decision will be published as price sensitive information,
added the securities regulator. Mohammad Saifur Rahman, BSEC
executive director, said the condition of taking the shareholders'
approval has been imposed, so that the companies cannot change use
of fund proceeds without their shareholders' approval. "From now on
no company will be able to bring any deviation in use of fund
proceeds without taking approval from the shareholders," Mr Rahman
further said. Meanwhile, at the meeting on Thursday, BSEC approved
the IPO (initial public offering) proposal of BBS Cables, which
will raise Tk 200 million fund under fixed price method. BBS Cables
will offload 20 million shares at an offer price of Tk 10 each to
raise Tk 200 million fund. The fund will be used for acquisition of
plant and machineries, building and other civil works, partial loan
repayment and bearing IPO expenses. As per the financial statement
for the year ending on June 30, 2016, the company's earnings per
share (EPS) and net asset value (NAV) are Tk 2.46 and Tk 16.87
respectively without revaluation. Banco Finance and Investment and
ICB Capital Management are working as managers of BBS Cables. BSEC
also approved Tk 5.0 billion subordinate bond, to be issued by
Dutch-Bangla Bank Limited (DBBL). The tenure of the non-convertible
subordinate bond will be seven years. The bank will raise the fund
through issuing bond to strengthen its capital base. Source:
http://print.thefinancialexpress-bd.com/2017/04/14/169952
DUTCH-BANGLA JV FIRM GETS LPG LICENCE BM Energy (BD) Ltd, a
private joint-venture (JV) firm of the Netherlands and Bangladesh,
has secured licence to install around 400 LPG (liquefied petroleum
gas) filling stations across the country, said officials. The
company has got the first licence from the government under the
newly -adopted policy 'LP Gas Operational Licensing Policy, 2017,
said Md Akramuzzaman, a deputy secretary of the Energy and Mineral
Resources Division (EMRD) of the Ministry of Power, Energy and
Mineral Resources (MPEMR). The firm would also have the authority
to import, produce, store, transport and supply of LPG to
households, commercial and industrial clients by appointing dealers
or franchises. The JV firm would also be able to set up LPG
terminals, auto-gas conversion plants and LPG bottling plants. It
would also be able to export bottled LPG or LPG in bulk quantity
after attaining no objection certificate (NOC) from the energy
ministry and necessary approval from the commerce ministry. "We
have awarded BM Energy the licence following its application to
help meet the country's rising LPG demand in vehicles," said Mr
Akramuzzaman.
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Daily News Flash, 16th April, 2017
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"We got the licence from the government and will start soon
building new LPG filling stations across the country," Mohammed
Nurul Alam, chief executive officer of BM Energy (BD) Ltd, told the
FE Thursday. He said the company would build the auto-gas filling
stations across the country in phases. "Currently, we don't have
any LPG filling stations. But we provide LPG to households and
industries," he said. "Actually, we shall appoint franchisees who
will build the LPG-filling stations. We shall provide them with
LPG," he said. "Currently, we are the largest importer of LPG in
Bangladesh and import around 10,000 tonnes of LPG a month," he
said. BM Energy imports LPG from spot markets of different
countries including Singapore, Vietnam and the Maldives, he said.
The firm has a 6,500-tonne LPG storage capacity, which is 1,500
tonnes more than the government requirement for doing the LPG
business, said Mr Alam. Officials said in 2016, Bangladesh's LPG
demand was around 400,000tonnes, up 33 per cent from 300,000 tonne
a year earlier, and the government forecasts consumption would
increase another 25 per cent to 500,000 tonne in 2017. Interest in
the use of LPG as an auto fuel is also increasing due to the
growing competitiveness of the fuel compared to CNG and gasoline.
LPG, also known as auto-gas, is not cheaper than CNG despite last
month's hike, but people are increasingly interested in running
their vehicles on LPG to keep their engines protected, said Saidul
Islam, director and CEO of LPG distributor Laugfs Gas Bangladesh.
LPG now sells at Tk 54 a liter on Bangladesh's domestic retail
market. The domestic diesel price in Bangladesh is Tk 65 a litre,
while petrol and octane prices are at Tk 86 per litre and Tk 89 per
litre respectively. Demand for LPG in Bangladesh has seen strong
growth since 2016 owing to the increasing suspension of natural gas
connections and growth in the use of LPG as an auto fuel. The
energy ministry estimates that the actual demand could surpass
500,000 tonnes a year, with consumers using kerosene and wood as
alternatives to LPG due to the lack of availability. Currently, LPG
is available only in cities and their adjacent areas in the
country, but with the operations of new licencees, LPG will reach
rural areas and will be available in most areas across the country,
which in turn will raise consumption substantially, market insiders
said. Source:
http://print.thefinancialexpress-bd.com/2017/04/14/169958
BSEC INITIATES FRESH MOVE TO FINALISE MF RULE CHANGE Bangladesh
Securities and Exchange Commission has initiated a fresh move to
publish the draft rules on mutual fund that were stuck up for
almost one-and-a-half-year after finalising the draft. A BSEC
official told New Age that the commission recently took the
initiative as part of its move to clear a number issues which were
remaining pending for long. After disclosing the draft rules in
national dailies, those would be finalised for publishing in
government gazette notification based on public opinion, the
official said. Once the gazette notification is published, asset
management companies will have to follow the rules to operate
mutual funds, he said. The stock market regulator at a meeting on
December 7, 2015 finalised the draft Securities and Exchange
Commission (Mutual Fund) Rules, 2001. The BSEC in an amendment to
the mutual fund rules in 2013 allowed mutual funds to issue
re-investment units besides cash dividend. In 2015, the commission
initiated a move to amend the rules mainly to close the scope for
issuing re-investment units or stock dividend as issuance of such
dividend caused heavy losses for investors.
http://print.thefinancialexpress-bd.com/2017/04/14/169958
-
Daily News Flash, 16th April, 2017
11
Besides the losses, prices of the units of 13 mutual funds which
had declared RIUs in 2015 depreciated after the announcement of the
dividend and before their respective record dates. Under the
proposed amendment, the BSEC will specify the circumstances when
RIUs can be issued to investors so that no loss is caused for the
unit holders. The BSECs delay in finalising the amended rules gave
a number of mutual funds opportunity to issue RIUs or stock
dividend again in 2016. According to the finalised draft rules, the
BSEC will set the time when a mutual fund will be allowed to invest
its dividend as re-investment. A mutual fund will be allowed to
declare interim dividend only when there is no provisioning
required, while keeping more than 20 per cent of a mutual fund in
fixed deposit will be barred. The finalised draft rules also said
that asset manage ment companies would get their fee as per their
performance. If the AMCs fail to pay dividend, their fees will be
reduced, but for better performance the AMCs will get bonuses. The
BSEC said the highest tenure of close-ended mutual funds would be
10 years and in order to extend that the mutual funds would have to
go for unit-wise voting system. It also said the mutual funds would
have to disclose their NAV on daily basis instead of weekly basis.
The AMCs have to publish their stock market and other investment
details on monthly basis on their web sites. After the market crash
in 2010-2011, most of the mutual funds failed to offer dividend to
their unit holders that put a negative impact on the overall mutual
fund sector. Source:
http://www.newagebd.net/article/13565/bsec-initiates-fresh-move-to-finalise-mf-rule-change
GARMENT MAKERS LINE UP TO HIT $500M IN EXPORTS
Only one Bangladeshi garment manufacturer could hit $500 million
in exports in a year -- a puzzling statistic for a country that is
the second largest apparel supplier in the world.
http://www.newagebd.net/article/13565/bsec-initiates-fresh-move-to-finalise-mf-rule-changehttp://www.newagebd.net/article/13565/bsec-initiates-fresh-move-to-finalise-mf-rule-change
-
Daily News Flash, 16th April, 2017
12
There are a bunch of companies whose export receipts amount to
more than $400 million but less than $500 million, said Mohammed
Nasir, vice-president of the Bangladesh Garment Manufacturers and
Exporters Association. Ha-Meem Group, which counts retail giants
like Gap, H&M, Mango and Zara as its major buyers, is the only
company to have managed to break out from that bracket, according
to data from the BGMEA. Established in 1984 on a small scale, the
company's annual export receipt stood at $535 million in 2015-16. I
have a target to reach $1 billion in annual exports in the next six
to seven years, said AK Azad, managing director of Ha-Meem Group.
It is not an impracticable target as the future export trend is
positive, he said. All we need is political stability in the
country. To achieve that goal, Azad has been strengthening
Ha-Meem's capacity, especially to manufacture the denim and woven
products. Currently, Ha-Meem Group has 23 units and employs around
50,000 workers. Export receipts of less than $500 million do not
mean that the other companies are performing poorly, Nasir said.
Many companies are performing very well and their turnover will
even cross the $1-billion mark soon, he added. One such company
that is on the cusp of hitting the milestone of $500 million in
export receipts is Nassa Group. The export growth trend is good. I
am very much hopeful that we will reach $500 million in exports
very soon, said Nazrul Islam Mazumder, chairman of Nassa Group. DBL
Group is on the same boat as Nassa. I hope my group can cross the
$500-million mark next year, said MA Jabbar, managing director of
DBL Group. He went on to state that it will not be long before the
other big garment companies hit the milestone like Ha-Meem, as they
have the production capacity and the support from international
retailers.Bangladesh exported garment items worth $28.06 billion
last fiscal year and is chasing a target of $30.37 billion this
year. China has a 37.50 percent share of the $450 billion global
apparel trade, followed by Bangladesh that has a 6 percent share.
Source:
http://www.thedailystar.net/business/garment-makers-line-hit-500m-exports-1391746
MUHITH PLANS AN AMBITIOUS BUDGET Budget deficit may exceed 5
percent of GDP in fiscal 2017-18, breaking out from years-long
practice with the view to wooing the electorate ahead of the next
national election. It will most definitely be about 6 percent of
GDP, said a finance ministry official. The finance division is due
to present the preliminary budget projection for the next year at a
meeting today of the fiscal coordination council and resource
committee. There is no clause in the budget management act
specifying an upper bound on the deficit. But in the last several
years the budget was diligently prepared such that the deficit
stayed within 5 percent; but, in the course of the fiscal year the
deficit would come to below 4 percent. One of the reasons for the
budget deficit to settle on the 5 percent of GDP mark was that the
International Monetary Fund put it as a condition for the Extended
Credit Facility programme. The tenure of the IMF's ECF programme
tenure ended at the beginning of last year, meaning there is no
condition that the deficit be kept within 5 percent. But Finance
Minister AMA Muhith wants the next budget to cross the Tk 400,000
crore-mark. In that scenario, it would not be possible to contain
the deficit within 5 percent. If the deficit has to be kept within
5 percent, an abnormal revenue growth target has to be set, which
would be unworkable.
http://www.thedailystar.net/business/garment-makers-line-hit-500m-exports-1391746
-
Daily News Flash, 16th April, 2017
13
We tried to keep the revenue growth somewhat realistic and also
to keep the deficit close to the earlier practice, said the finance
ministry official. Muhith is giving more emphasis on the upcoming
budget as he wants to accommodate all his plans. The budget will be
completed before the next national election. After a pre-budget
meeting recently, the finance minister said: At first I decided to
keep the size within Tk 400,000 crore, but later I increased the
size to implement my plans properly. The size of next fiscal year's
budget may be Tk 400,200 crore -- the highest in the country's
history and yet another milestone for the current Awami League
government. When the government assumed power in 2009, it set a
record by setting a budget of Tk 110,524 crore in fiscal 2009-10 --
the highest then. As per the medium-term budgetary framework, the
size of the next budget should be about Tk 390,000 crore, so the Tk
400,200 crore-figure is not overly ambitious. The size of the
current year's budget is Tk 340,605 crore, but it is going to be
downsized to less than Tk 310,000 crore in the revised budget, the
official added. The revenue collection target for next fiscal year
may be more than Tk 282,000 crore, of which the National Board of
Revenue will have to contribute Tk 236,000 crore. The NBR's target
this fiscal year is Tk 180,000 crore, which means the revenue
authority would be working with a 24 percent higher clout. In the
first eight months of the fiscal year, the NBR's collection grew
around 20 percent, which is still satisfactory when viewed in the
historical context. But as per the target set at the beginning of
fiscal 2016-17, the growth should be 43.89 percent from the
previous year's actual collection. Chasing a revenue growth target
of more than 40 percent is absurd, said a former NBR official. When
the budget was placed in June last year, many economists had said
the revenue growth target would not be met as it was overly
ambitious. The finance ministry official said they have been trying
to keep the growth target for next fiscal year at a realistic
level. The GDP growth target for fiscal 2017-18 may be set at 7.4
percent, up from current fiscal year's 7.2 percent. Muhith on
various occasions said the GDP growth this fiscal year will be
higher than the target. However, the World Bank, Asian Development
Bank and the IMF have projected that the growth this year would be
below 7 percent. Source:
http://www.thedailystar.net/business/muhith-plans-ambitious-budget-1391743
HSBC: POWERING BANGLADESH
The government of Bangladesh has set a target to bring the whole
country under electricity coverage by 2021. To achieve this target,
the country requires multibillion dollar investments in the power
sector. As a result, the government is increasingly diversifying
the sources of investment.
http://www.thedailystar.net/business/muhith-plans-ambitious-budget-1391743
-
Daily News Flash, 16th April, 2017
14
We are attracting innovative funds. One of the big innovative
ways is Export Credit Agency (ECA) financing, Nasrul Hamid, state
minister for power, energy and mineral resources, told reporters at
the Dhaka Reporters Unity on January 21. Under the ECA arrangement,
the agencies involved in the project implementation will mobilise
finances, said the minister. Small power projects are attracting
private sector investment while the government is seeking
innovative financing through joint venture and the ECA backed
financing for large power projects. The Hongkong and Shanghai
Banking Corporation (HSBC) had pioneered the ECA financing in the
country's power sector in 2012 arranging $420 million credit
facility for Ashuganj Power Station Company Ltd. Since then, HSBC
has arranged about $1.14 billion of financing to implement five
major power projects in the country. Other international banks
followed the suit. About $4.5 billion has been invested in the
power sector of the country under the ECA arrangement in the last
five years, establishing ECA as an alternative financing mode.
Under the arrangement, power plants get a grace period in the first
two to three years while the unit is under construction. The loans
are repaid in instalments in the next 10 years. ECAs are government
departments or government-sponsored institutions with sovereign
status in developed countries, established to support the export of
capital goods and services from its country to the developing
nations. Some ECAs have direct lending programmes which can
increase the competitiveness of the funding to the project. It
follows a common set of guidelines and characteristics known as the
OECD Consensus. ECA funding is not only a matter of credit risk
mitigation, it also enables projects to access a much larger pool
of liquidity. What is popularly known as suppliers' credit in
Bangladesh is basically a form of export credit in the
international financial market. A total of $6.9 billion ($3.1
billion in the public sector and $3.8 billion in the private
sector) of investment has been made for setting up power plants in
the country for generating 7,200 megawatts (MW), according to
Bangladesh Power Development Board (BPDB). To implement the
proposed ongoing power projects which will generate about 10,700MW
electricity, the country will require a total investment of $15.5
billion, out of which the public sector is investing $8.2 billion
and the private sector investment will be $7.3 billion. The
government also has a plan to generate 60,000MW of electricity by
2041 - a move that will require further investment worth $20
billion. The investment opportunities are not restricted to
generation of power: the country will require another $20 billion
of investment in transmission and distribution, said Tawfiq-e-Elahi
Chowdhury, the prime minister's adviser on power, energy and
mineral resources, last year. The government, which has trebled the
installed power generation capacity as well as the actual
generation in the last six years, has also enabled and created the
environment for international financiers and arrangements to become
part of the effort. In 2013, Bangladesh Institute of Development
Studies carried out a study to find out the average cost of
unserved energy, which was calculated using the share of energy
consumed by different sectors. It showed a weighted average of Tk
26.73 per kWh. The average bulk tariff on electricity in the
country at present is less than Tk 5 per kWh which indicates that
the cost of unserved energy was more than five times the country's
average electricity tariff. According to the World Economic Forum's
Global Competitiveness Report 2014-2015, inadequate and unreliable
energy and power supply appears to be the most binding constraint
on the country's competitiveness. The cost of power outages has
been estimated to equal 0.5 percent of gross domestic product.
-
Daily News Flash, 16th April, 2017
15
Bangladesh has one of the lowest per capita power consumptions
in the region which stands at roughly 350kWh compared to 1,075 kWh
in India, 527 kWh in Sri Lanka, and 495 kWh in Pakistan. Bangladesh
needs more credible power supply to bring the remaining one-third
population under its electricity coverage. Electricity demand in
Bangladesh is growing due to underlying economic growth which
averaged more than 6 percent over the last decade and climbed above
7 percent in the last fiscal year. Being the leading trade finance
bank in the globe, HSBC has been facilitating international trade
in Bangladesh. To note, HSBC has worked as the trade bank for the
first cross-border electricity trade of the country. In 2013, the
prime minister of Bangladesh inaugurated the first electricity
import of 250MW from India. HSBC has also arranged low cost foreign
financing for the state-owned electricity transmission authority to
implement a 61-kilometer inter-district electricity transmission
line and substation project. The bank sees infrastructure as the
backbone of development for a country. HSBC's expertise and
international network give the bank the capability to help support
the Bangladesh government's infrastructure development plans,
Tawfiq-e-Elahi Chowdhury added. HSBC has one of the largest global
export and specialised finance teams and has arranged ECA supported
facilities across diverse business sectors worldwide, with almost
all the ECAs globally. Today, HSBC is in a leading position in
arranging ECA financing around the world, raising $5.23 trillion in
ECA-backed financing with more than fifty deals in 2015. HSBC
Bangladesh believes that the investment gives a very positive
message to international investors about Bangladesh, which is very
important. Experts, however, said, when projects such as public
infrastructure are funded with external finance concessional or
non-concessional, such as export credits, suppliers' credits and
buyer credits, it is absolutely essential to focus on cost
recovery-related issues. This article is reprinted to bring some
changes in graphical representation. The second part appears
Tuesday. Source:
http://www.thedailystar.net/business/hsbc-powering-bangladesh-1391728
http://www.thedailystar.net/business/hsbc-powering-bangladesh-1391728
-
Daily News Flash, 16th April, 2017
16
BTRC TO RUN COST MODEL ANALYSIS FOR DATA PRICES The executive
committee of the government's Digital Bangladesh Taskforce has
asked the telecom regulator to run a separate cost model analysis
to formulate the data pricing guideline within a month. The
committee took the decision in a recent meeting presided over by
Kamal Abdul Naser Chowdhury, principal secretary to the Prime
Minister's Office. The Digital Bangladesh Taskforce, which consists
of senior ministers and different top experts from the sector, is
the highest policymaking body on digitisation headed by the prime
minister. Its executive committee assists the taskforce and
supervises implementation of the taskforce's decisions. We have
been working on it for the last few months and we hope to complete
it soon, said Shahjahan Mahmood, chairman of Bangladesh
Telecommunication Regulatory Commission, who attended the meeting.
The regulator plans to fix the upper and lower price limit for
mobile operators' data packages, added Mahmood, who is also a
member of the committee. For regular voice calls, there is a Tk 2
ceiling and a floor price of Tk 0.25 for each minute, which the
regulator fixed in 2008 after a cost modelling analysis supported
by International Telecommunication Union. The ITU gave the service
for free for Bangladesh's least developed country status. After a
few years, the BTRC set the ceiling for short message services
(SMS) at Tk 0.50 for each local SMS and Tk 2 for international SMS.
There is no lower price limit in this segment, said an official of
the regulator. However, value added services in SMS and voice could
be priced differently, with prior approval from the regulator. A
senior consultant of the ITU will soon join the BTRC to do the cost
modelling analysis, he added. At present, data service prices are
set by the operators, with the regulator having no benchmark to
check the rationality of the pricing. That's why different
operators are charging as they wish. The government reduced the
internet bandwidth price to as low as Tk 625 a megabyte last year,
which was Tk 72,000 eight years back. However, there are
allegations that data prices did not fall in line with the
deduction in bandwidth prices. We understand that bandwidth is one
of the components of the total cost, but it is a pricey one and
there should be some impact at the end user level when we reduce
it. But the telecom companies seem to disagree. So we decided to do
a cost modelling for that, said Mahmood. In the meantime, the
regulator also organised its first public hearing in November last
year on mobile operators' service quality, where users also raised
the issue of both data and voice costs. The regulator also plans to
reset the ceiling and floor price for voice services. Since the
BTRC has a cost modelling method for the voice segment, they can
change some of the benchmarks and revise the charges from time to
time as per demand, said Mahmood. The meeting also discussed
reducing or withdrawing the VAT from internet use, which the
regulator will finalise after a meeting with the National Board of
Revenue, said a committee member. Currently, there are 6.67 crore
internet users in the country, and of the number, 57 percent are
using internet through their mobile phones, according to the BTRC.
Source:
http://www.thedailystar.net/business/btrc-run-cost-model-analysis-data-prices-1391740
LOSS-MAKING EXCHANGE HOUSES BEING TURNED INTO AGENT BANKS Banks
are working to turn their exchange houses into agent banks as their
overseas operations have largely flopped.
http://www.thedailystar.net/business/btrc-run-cost-model-analysis-data-prices-1391740
-
Daily News Flash, 16th April, 2017
17
The central bank has so far allowed banks to open 67 exchange
houses overseas to facilitate remittance sent to Bangladesh. Of
them, 35 are now in operation while 10 closed and 22 did not start
the operation at all, according to data from Bangladesh Bank. As
the most exchange houses have flopped, banks are now concentrating
their focus on a business model similar to agent banking, bankers
said. BB is allowing banks to go for agency agreement for opening
exchange houses to serve non-resident Bangladeshis, moving away
from its earlier stance which barred banks to appoint agents for
running such branches. Under the agency agreement model, a bank
starts an exchange house in partnership with a local agency in the
host country. The model is similar to the agent banking now
flourishing in Bangladesh. A local resident who runs businesses and
has infrastructure in place will be appointed as agent to collect
remittance. Currently, 36 banks have exchange houses in 13
countries and most of which are unprofitable, according to the
central bank data. Higher operational cost is blamed for the loss
incurred by banks, which prompted them to adopt alternative
business model like appointment of agents, said Selim RF Hussain,
managing director of Brac Bank. Banks are mostly facing setback in
London for higher operational cost and strict regulation, said a
senior executive of BB. Of the 10 closed exchange houses, three
were in the UK, two in Australia, two in Canada, two in the US and
one in Singapore. The UK is the most competitive market where most
Bangladeshi banks are doing business. Alone in London, 10 banks
have exchange houses to serve remitters. The banks are: Bank Asia,
Brac, Exim, IFIC, Mercantile, Prime, Pubali, Southeast, Mutual
Trust and Standard bank. State-run Sonali Bank also has a company
in the UK which runs as a full-fledged bank. Among the exchange
houses, only that of Brac Bank is making profits thanks to its
agency arrangement business model. The exchange company logged a
profit of Tk 30 lakh in 2016. The bank formed a company named Brac
Saajan Exchange Ltd jointly with local partners. The exchange
company provides remittance service to Bangladeshi communities
across the country through agents. The operational expenditure of
Brac Bank is low because of the agency agreement, said Hussain. The
UK-based partners have equity participation in Brac Saajan and get
share of the profit. Brac Bank holds 85 percent share into the
exchange company while the rest is owned by local agents. This is a
cost-effective model, which has made the exchange company
profitable, said Hussain. Hussain said although the agent model
poses some challenges including reputational risk but they are
manageable. Banks are incurring losses in the UK as they spent huge
amount of money to rent offices from the very beginning of their
operation, according to Hussain. A senior executive of BB said Brac
had started the agency agreement model without prior approval from
the central bank and later took the post-facto approval. The
post-facto approval is taken after a project has already begun.
Prime Bank's exchange house in the UK only made profit for the
first time in 2016. Until last year, it had been incurring losses
since its opening in 2010. The bank has received approval from BB
to remodel its business in line with that of Brac Saajan. Hasanul
Zahed, head of the international division for Prime Bank, said Brac
Bank's business model has become successful as it has been able to
reach the remitters with minimum cost through the agents. So, we
have started to follow the similar model.
-
Daily News Flash, 16th April, 2017
18
Banks however are making good business in Singapore and Malaysia
as the countries are relatively small in size, allowing the
licencees to cover the markets through only one or two branches.
Among all banks, National Bank has the highest number of exchange
houses abroad. It has offices in Greece, Oman, South Africa,
Singapore, Malaysia, the Maldives and the US. The bank had sought
permission from the central bank to shift to the agency agreement
model in the UK, but the attempt was unsuccessful. ASM Bulbul,
deputy managing director of National Bank, said the bank wants to
roll out the agency agreement model as it is cost-effective. The
bank will apply again to the central bank seeking the permission,
he said. Source:
http://www.thedailystar.net/business/loss-making-exchange-houses-being-turned-agent-banks-1391737
US BANKS REPORT SOLID EARNINGS Strong trading results, rather
than lending, was the driving force behind solid earnings reported
by large US banks, as executives expressed measured optimism about
the prospects for President Donald Trump's pro-growth agenda.
JPMorgan Chase and Citigroup reported big jumps in first-quarter
net income compared with the same period of last year, while Wells
Fargo continued to feel the effects of a fake accounts scandal and
reported flat profits, missing analyst estimates for revenues.
Source:
http://www.thedailystar.net/business/us-banks-report-solid-earnings-1391734
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