Business
Islami Bank holds 38th AGM; approves 10% cash dividend
The 38th annual general meeting (AGM) of Islami Bank Bangladesh Limited was held Sunday (June 27, 2021) on a virtual platform.
The meeting approved a 10% cash dividend for shareholders and the financial statements of the bank for the year ended on December 31 last year.
Also read: IBBL Dhaka North Zone holds seminar on Shariah compliance
Professor Md Nazmul Hassan, chairman of the bank, presided over the meeting.
Mohammed Monirul Moula, managing director and CEO of the bank, Professor Mohammad Gias Uddin Talukdar, chairman of Shariah Supervisory Committee, JQM Habibullah, deputy managing director and company secretary, also joined the meeting along with the shareholders.
Also read: IBBL Mymensingh, Rangpur zones host agent banking conference
Renowned online payment gateways in Bangladesh for domestic, international transactions
In Bangladesh, the digital payment methods are getting enhanced popularity day by day. As the country is moving towards a high internet penetration rate, now-a-days a good number of people prefer the internet banking to traditional offline banking system. This process has been accelerated by the rapid adoption of digital transfer and payment gateways in most of the leading stores and businesses in Bangladesh. The popularity of digital payment can be attributed to its user-friendly application, fast transaction, security, etc. In this article, we have discussed some of the best online payment gateways in Bangladesh.
Top 10 online payment gateways in Bangladesh
SSLCOMMERZ
Founded in 2010, SSLCOMMERZ is the oldest and also the largest digital payment gateway of Bangladesh. The initial plan of the company was drafted back in 2008 and it officially started its journey with DBBL in 2010 and BRAC Bank in 2011. Since then, the company has provided payment solutions for a range of businesses including banks and corporates.
The initial setup cost of SSLCOMMERZ is 15000 BDT. The internet banking commission rate stands at 2.5% for Visa and Mastercard and ranges from 2%-4% for various types of internet and mobile banking transactions. The platform is fully compliant with PCI and DSS and doesn’t collect any information that the customer doesn't give explicit access to.
Read Digital Currency: Benefits and Risks of the Cashless Economy in Bangladesh
PortWallet
The PortWallet gateway is one of the fastest and smoothest payment gateways in Bangladesh. The platform is one of the only to have an inbuilt API system and different internal process channels.
They have 2 different services, Starter and Business which costs an initial fee of 5000 BDT and 20,000 BDT. Other than that, the annual fee for a business solution is 24,000 BDT. However, the commission rate is on the high side with 3.5 % t0 3.8% on credit and debit cards and 2.5% to 3% for net banking. But the upside here is that there is no charge if you need to issue a refund. Due to its secure API integration, the platform offers the most secured system that is compliant with the PCI and DSS system.
READ: Mango Mania: The Fastest on Demand Mango Delivery Network by Chaldal.com
Aamarpay
Another local company in the payment gateway of Bangladesh, Aamarpay has been leading the platform due to its low commission rates and high-performance service.
The company has four different plans – aamar SME, aamar B2b, aamar Enterprise and aamar Corporate. Depending on the plan you choose, the initial setup fee ranges from 4000 BDT to 15,000 BDT. In addition to that, Aamarpay has a host of API that makes your transactions secure with proper safety measures.
Read Fintech MFS: Best Mobile Financial Services in Bangladesh
Shurjapay
Shurjapay is one of the first PSO license recipients by Bangladesh Bank. The company operates with both customers and merchants to provide a secure transaction gateway.
Shurjapay has a sign-up fee and integration fee which totals to 20,000 BDT for corporate and 15,000 BDT for the education platforms. The charge is a bit high compared to the other players in the market but, there is no annual maintenance fee involved. They charge a flat 2.5% for corporate cards and 1.5% for education. The net banking charge for corporate is 3.5% and 2% for education. They also have a multi-level verification process which makes the transaction more secure than ever.
Read Visa’s Fintech Initiative for Bangladesh: New Opportunities for Start-ups?
Paddle
Another prominent payment gateway that operates globally is Paddle. They work with both B2B and B2C. They work exclusively on SaaS making them a comprehensive player in the global transaction market.
The best thing about Paddle is that there is no sign-up fee and neither are there any monthly charges. A certain percentage of the transaction is deducted as commission and other than that, there are no additional fees. You will however need a VAT and sales tax document to sign up with the platform.
Read The SWAP story of Bangladesh's first reCommerce startup
Easy Pay Way
Easy Pay Way is the most flexible plan when it comes to pricing for different businesses. To start, they have 4 different plans for Basic, Starter, Professional, and Corporate. The setup charge ranges from 5,000 BDT to 20,000 BDT. For the corporate package, the commission is on quote meaning you will be able to get a flexible rate depending on your transaction.
Easy Pay Way also incorporates several features that are otherwise not seen in other ventures. They have dedicated risk validation, auto verification, payment validation as well as courier API to make your transaction more secure driving away any kind of fraudulent activity.
Read bKash customers can now add money from 29 banks, Visa, Mastercard
2Checkout
2Checkout offers multiple solutions for businesses. Not only are they one of the leading payment gateway, but they also offer a seamless global transaction with high revenue generation. You do not need any sign-up or annual fee to use this platform.
The commission rate on the platform is also moderate with a 3.9% charge and a cross-country fee of 1.5%. You will need to have a valid trade license along with VAT certification to sign up with the platform. They use all the established shield framework and refund requests are honored for up to 30 days.
Read FinTech gets BB nod to provide e-wallet service
Fast Spring
Fast Spring is one of the most reliable payment gateways when it comes to international transactions. If your business receives money from a foreign country, you can easily set up this gateway.
The best thing about Fast Spring is that there is no long-term contract involved with it. There is no signup fee as well as no commitment involved. The commission rate is determined based on the transaction limit with an 8.9% commission plus 0.75$ as a minimum and 5.9% and 0.95$ as max. The refund fee is stated at 5$.
You will need a host of verification documents like GST, Driving License, and VAT registration number to sign up with them.
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Stripe
Though you can operate on this platform for Bangladesh, you will need to have a foreign company registration to qualify to use this platform. They offer both, a payment gateway and payment processing.
Unlike other foreign transaction and remit platforms, they do not have a singular commission rate. You can expect a 2.9% on credit and debit cards. 1% on currency conve4rsiona and instant payments with 3.9% for international sales.
You will need to have documents complying with the country of origin of the business to be compliant with the platform.
Read bKash offers 1 pc cash bonus on receiving remittance
Paypal
One of the most notable platforms for B2C transactions across the globe is Paypal. Unfortunately, the service is not available in Bangladesh unless you have a foreign company registration. The unique aspect of Paypal is that they offer peer-to-peer transactions that are not available on other platforms.
There are several commission-structure based on the type of transaction. You can expect around 2.9% plus 30 cents on the online transaction, 2% on border cross, and 5.0% (domestic) to 5.50% (Cross-border) on micro pricing. To sign up with Paypal, all you will need is a valid address identification. The company is fully PCI compliant so you don’t have to worry about your data.
Read Regional financial intuitions' leaders praise Nagad's PPP model
Bottom Line
The payment gateway platform in Bangladesh is diverse with many key players across the board. Some of them are fully focused on domestic transactions, while others focus on foreign transactions as well. Regardless of the field of operations, the companies we mentioned here are some of most popular online payment gateways in Bangladesh. The stated commission rates are subjected to change depending upon respective company policies.
Read Shammi Quddus: A Talented Bangladeshi Woman in Google, Global Fintech Industry
Truck Lagbe: Story of a Successful Digital Trucking Startup in Bangladesh
In business, relocation, or many other cases, we often need trucks or pickup vans for transporting or carrying goods. But just like any other thing, trucks or pickup vans become very difficult to find when needed. Apart from this, the issue of renting a truck also becomes painful due to the hassle of getting to and from the truck stand, not getting the known truck drivers, etc. In today's article, we will talk about a service that can provide easy solutions to all such problems. This brand innovative startup to hire or rent a truck is called 'Truck Lagbe.'
What is Truck Lagbe?
'Truck Lagbe' is a smartphone application (App) -based product transport service. The 'Truck Lagbe' App will link the client with the truck owner or truck agency. Through which you can rent a truck from anywhere in the country to move your necessary goods sitting at home.
Its initiators are two outstanding, talented personalities Enayet Rashid and Mir Hossain Ikram. The goal was to improve the quality of life of truck drivers. In addition, to build a bridge between the truck owner or the driver and the service recipient. So that both parties get benefits and time is saved.
Read Top 7 Truck Rental Apps in Bangladesh
They have created the 'Truck Lagbe' App with the aim of bringing the necessary trucks, pickups, and covered vans for transporting goods from anywhere in the country at any time to the reach of the people and to end all the hassles related to it.
Truck owners and service users are also registered through the App. Both parties can know in advance when, where to go or which car needs to transport goods. The App will let you know if the truck driver is delivering the product on time. Besides, the customer will be able to stay worry-free if he takes the service through the App.
Read Uber Adds Auto-Rickshaws in Dhaka: Transportation Aggregation and Competition
How does the Truck Lagbe Start?
Enayet Rashid and Mir Hossain Ikram were two professional friends. The CEO of the company is Enayet Rashid, and Mir Hossain Ikram is the Chief Operating Officer. Although they were interested in doing something completely new and different, they could not easily come up with an idea.
Enayet Rashid, meanwhile, occasionally needed trucks to transport commercial goods. For that reason, some issues came to his notice. Especially the issue of rent. The two friends sat down to discuss the matter again. That's where the 'Truck Lagbe' plan comes from.
Read 8 Mistakes to Avoid in a New Ecommerce Startup in Bangladesh in 2021
The planning and start of 'Truck Lagbe' started in December 2016. Moreover, 'Truck Lagbe' won the 'Startup Challenge 2017' competition organized by the Department of Information and Communication Technology (ICT) of the Government of the People's Republic of Bangladesh. They achieved first place among the total of 20 innovative projects. In July of that year, a trial (beta) version was released for Android users. Then in August 2018, a new version of the App came to the Google Play Store.
In September of the same year, the commercial launch of the App was officially announced at the ICT Tower in Dhaka. Within a year or so of that journey, 'Truck Lagbe' began to gain a reputation as a reliable service provider. Following this, 'Truck Lagbe' won the 'Best Technology Innovation' award out of 16 companies of the country organized by the Bangladesh Brand Forum in October 2018.
Read Visa’s Fintech Initiative for Bangladesh: New Opportunities for Start-ups?
How Truck Lagbe Works?
'Truck Lagbe' works like ride-sharing or parcel apps. But in some cases, it is a little different than others. Unlike other ride-sharing services, it does not take any percentage from the truck drivers. The entire income here belongs to that truck driver or owner. This usually means that when a sender needs a truck, he or she will communicate his or her needs through the App. Then the details of that demand will reach the truck owners in the neighborhood. Interested truck owners or drivers will then offer their desired fare. If all goes well, the sender of the product will be able to rent the truck with that App.
Benefits of using Truck Lagbe
The App focuses on two things to ensure the highest quality of service users. One is reliability, and the other is transparency. 'Truck Lagbe' ensures reliability by finding the right truck for any shipment through 24-hour transport facilities, scheduled service, and in-app special load-matching technology.
Read Arogga: The Bangladeshi Medicine Delivery Startup Which Raised $200k
On the other hand, for the sake of transparency, all the trucks found in 'Truck Lagbe' are verified and registered. Besides, they have arranged the verification of all the customers. At the same time, the entrepreneurs of 'Truck Lagbe' are always on the lookout for the lowest possible price for the service recipients.
Current Situation of the Company
Since the beginning, more than 1 million trips have been completed through this App. Initially, the journey started with only 36 trucks and four people. Now there are more than 50,000 trucks and over a dozen workers in the Truck Lagbe's network. Last year, a three-story office was also rented in Mohakhali.
Read The SWAP story of Bangladesh's first reCommerce startup
Who Can Use the App?
Anyone can be a customer of the 'Truck Lagbe.' In this case, you need to download the App. Then you can get this service at home anytime by logging in to the App and providing the required information. Customers can even bargain about the offered price by the drivers.
However, if you are the owner or driver of a truck, you have to register. Moreover, the authorities provide necessary training to the truck drivers in this regard. This service is available even if there is no internet connection. In that case, one needs to call the Truck Lagbe's official number.
Read Entrepreneur Vs Wantrepreneur: 8 Ways to Tell Them Apart
Not only are the customers benefiting from this service, but also the truck owners or drivers can easily find their customers. Further, trucks have to travel long distances, even to remote areas of the country, to transport goods. But since there are no new customers, or there is not much acquaintance with the locals, they have to bring empty trucks on the way back. As a result, labor and money are wasted.
But now that the Truck Lagbe service is available online from any part of the country through the App, drivers can get a new customer in new places. Just as they are getting the opportunity to earn some extra income, the truck owners are also gaining instead of losing. Overall, the Truck Lagbe is making life easier for the truck owners, drivers, workers, and service recipients.
Read 20 Most Promising Education Start-Ups in Bangladesh
bKash customers can now add money from 29 banks, Visa, Mastercard
bKash customers can now add money to their accounts from 29 banks, Visa and Mastercard, evading the risk of withdrawing money from bank counters or ATM booths amid the surge in Covid-19 infections.
At the same time, customers can enjoy contactless bKash services like send money, merchant payment, mobile recharge, utility bill payment and many more conveniently from any place 24/7.
Also read: bKash app locates nearby agents, merchants, ATMs, customer cares
At present, customers of 29 commercial banks can add money to their own or loved one's bKash accounts through internet banking and app.
The banks are Sonali Bank, Agrani Bank, Brac Bank, City Bank, Standard Chartered Bank, Eastern Bank, Dhaka Bank, Mutual Trust Bank, Bank Asia, Prime Bank, EXIM Bank, Jamuna Bank, Community Bank, First Security Islami Bank, Midland Bank, Modhumoti Bank, NCC Bank, NRB Bank, National Bank, Padma Bank, SBAC Bank, Social Islami Bank, Southeast Bank, NRBC Bank, Shimanto Bank, Standard Bank, Trust Bank, IFIC Bank, and Union Bank.
Read Fintech MFS: Best Mobile Financial Services in Bangladesh
Users can also enjoy the Add Money service from Visa and Mastercard issued in Bangladesh to their own and loved ones' bKash account in the same way. A customer can avail of this service from several cards.
How to ace a Job Interview?
The final hurdle for securing any job is always the interview. Depending on the organization, the interview can be one of those make-or-break things that might decide whether you're getting the appointment or not. Needless to say, you need to prepare yourself before you sit for an interview. But knowing about yourself and the job alone isn’t going to cut it. Here are our thoughts on how you can ace any job interview.
How to Prepare for Your Next Interview and Ace it?
Do proper research.
To stand out from the rest candidates and appear with your best presentable self, it is essential to do proper research on several aspects regarding the company and some of its key people.
It needs to be understood that interviews mostly relate to situational awareness and confidence. The depth of your knowledge in your field may not solely enable you to get the job. In simple words, an interview is the combination of knowledge and other additional factors that makes you qualified for a position.
Read Earning with Mobile Phones: Know the Best and Worst Ways
The things you need to research before appearing for an interview include:
- Skills and experience the company is looking for?
- Key people within the organization.
- Up to date information about the company.
- Some details about the company, including the core values, mission, vision, and future goals.
- Detailed information about the client base and the services offered by the company.
- Finding out some professional details about the interviewers.
Read How to Earn Money from Mobile Photography?
Be ready for questions about skillset.
What makes you qualified for this position? This is probably the most common question asked in a job interview. And, many people fail to answer this question in a proper way. An interviewer always looks for the situational and self-awareness of a candidate to determine whether he or she is the right pick for the position.
Questions about skillsets give them a great hand to assess your knowledge about yourself as well as the technical aspects of your skills. To ace questions about your skillset, we suggest you maintain the following ways.
- Be candid about your skillset.
- Assess whether they strategically align with the job description.
- Prepare to speak about how they can add value to the company.
- Review the basic technical aspects of your mentioned skill.
- Be eloquent. Practice speaking clearly and fluently.
- Have the demonstrative ability of your skills.
Read Quarantine Income Opportunities: How to Earn Money during Lockdown Period?
Follow proper dress code.
There is a saying that the first impression is the last impression. This thought is highly relevant when it comes to interviews. An interview is essentially the company’s way of judging you and your outlook on the job. Needless to say, it's important to dress crisp and appropriately. A lot depends on the situation as well as the nature of the job you are applying for.
Traditionally, a job interview attire should be professional and business level. This might include a tucked-in formal shirt with trousers and formal shoes topped with a suit jacket. For women, it ranges from suit pants to statement dresses as appropriate.
However, from the context of Bangladesh, the dress code doesn't necessarily have to be that. Considering the humidity of our country, a simple tucked-in formal attire without a suit jacket can be worn. For females, it typically ranges from Saree to Salwar Kameez, but if you are comfortable with suit pants, you can opt for that as well.
Read Top Job Searching apps in Bangladesh
Follow etiquettes.
An interview isn’t necessarily the assessment of your intellect and skills only, rather it's an assessment of your overall demeanor and how you present yourself. Your body language, presentation, oration, and confidence make an overall impact on the assessment procedure.
There are etiquettes you should follow during an interview.
- Always be on time
- Dress crisply
- Know about your interviewers
- Ask before you enter the interview room
- Practice a firm handshake
- Take the drink if offered
- Be confident. Even if you don’t know the answer to a question, decline in a graceful manner.
- Show your gratitude after the interview ends. Typically, with a thank you for their time, or wish them a good day.
Read Best Job Searching Websites in Bangladesh
Stay prepared to attend online interviews.
The pandemic has reshaped everything in our daily life. As most offices moved to work from home, the recruitment and interviews are also being held online. While most of the etiquettes and technicalities that we mentioned above apply for online interviews as well, there are some additional things you should keep in mind.
- Have a stable internet connection.
- Make sure you are properly visible or are in a sufficiently lighted environment.
- Have a clean background. If that is not possible, use virtual backgrounds.
- Join at least 5 to 10 minutes before your interview time.
- Use a headphone with a proper mic.
Read Passive Income Ideas in Bangladesh in 2021
Know some basic questions of job interviews.
With all of that said, you should now have a decent idea about what to expect and how to approach a job interview. However, there are still some basic questions that you should familiarize yourself with. Let's look at some of them –
- Tell us about yourself
- What makes you qualified for this position?
- Why should we hire you?
- What motivates you?
- Tell us about a negative aspect of you
- If you were given this position, what changes would you make?
- What aspect of our company interests you?
Bottom Line
An interview is all about being confident enough regardless of the situation. The key here is to maintain calm and give it your best shot so that you can leave a lasting impression. We hope this article helps you better understand how to nail your next job interview and win lke a pro.
Read What Is Passive Income? Pros and Cons of Passive Earning
India cuts Middle East oil imports as it seeks to diversify energy sources
India, the world’s third-biggest oil importer, has significantly reduced its imports from the Middle East as part of a drive to diversify crude sources.
The share of Middle Eastern crude in India’s oil imports fell to a 25-month low in May, tanker data provided by trade sources showed, as refiners tapped alternatives in response to the government’s call to diversify supplies.
Read: India looking for more foreign investments in Oil sector: minister
The Middle East’s share dropped to 52.7 per cent, the lowest since April 2019 and down from 67.9 per cent in April, the data showed
Lower purchases of oil from the Middle East dragged Opec’s share of Indian oil imports to a record low.
Imports from Saudi Arabia, India’s second-largest supplier after Iraq, dropped by about a quarter from a year earlier, while supplies from the UAE, which dropped to No.7 position from No.3 in April, fell by 39 per cent, the data showed. Indian refiners hiked imports from Latin America, the US and the Mediterranean to replace Middle Eastern oil.
Read: The 'Future' of Reliance: A mega deal destined to shape future of India;s retain space post covid
“Indian refiners bought higher volumes of gasoline-rich US oil in March, expecting a recovery in local gasoline demand to continue in the months ahead,” said Ehsan Ul Haq, lead analyst for oil research and forecasts at Refinitiv.
According to analysts, India had directed refiners to diversify crude sources after the Opec and its allies ignored New Delhi’s call to ease supply curbs.
Asia’s third-largest economy imported about 4.2 million barrels per day of oil in May, just below the previous month but about 31.5 per cent higher than a year earlier, the data showed.
US and Canadian oil accounted for about seven per cent and 1.3 per cent, respectively, of India’s imports compared to 4.5 per cent and 0.60 per cent a year earlier. The US emerged as the fifth biggest supplier to India, up two places from 2019-20.
Iraq remained India’s top oil supplier in the Middle East followed by Saudi Arabia and the UAE. Nigeria replaced Venezuela as the nation’s fourth-biggest supplier.
(This article was first published in Khaleej Times)
After 11 years of losses, Maddhapara mining company turns profitable
After clocking losses for more than a decade, the state-owned Maddhapara mining company finally looks for better days ahead.
Maddhapara Granite Mining Company Ltd (MGMCL) has, in fact, recorded a profit in the past two financial years for the first time since it began commercial operations in 2007, and is likely to end the current fiscal with flying colours too.
The company made a profit of Tk 7 crore in 2018-19 and Tk 22 crore in 2019-20 after reporting losses for 11 years, according to its latest annual report.
Read Energy Secretary says US wants responsible lithium mining
In the previous fiscal, the company produced a whopping 1.67 million metric tonnes (MT) hard rock and sold 721,000 MT at Tk 163.14 crore. Similarly, it produced 823,000 MT and sold 863,000 MT at Tk 207.81 in 2018-19.
Officials at MGMCL claimed the mine is expected to cross a benchmark of Tk 50 crore in its profit margins at the end of the current financial year.
"Our target was a profit of Tk 100 crore in this fiscal, but the pandemic forced us to suspend operations at the mine for about five months, from March 26 to August 12 in 2020, and cut down on our expectations," a senior official told UNB.
Also read: State-owned National Tubes Limited returning to profit
IBBL Chondipool sub-branch inaugurated in Sylhet
Islami Bank Bangladesh Limited (IBBL) inaugurated its Chondipool sub-branch under the Dakshin Surma branch in Sylhet Monday.
Also read: IBBL Dhaka North Zone holds seminar on Shariah compliance
Sylhet City Corporation Mayor Ariful Haque Chowdhury inaugurated the sub-branch as chief guest.
Also read: IBBL Mymensingh, Rangpur zones host agent banking conference
Sikder Md Shehabuddin, executive vice-president and head of Sylhet Zone of the bank, presided over the program while Mohd Mostafizur Rahman, head of Dakshin Surma Branch delivered the welcome speech, read a press release.
Asian shares track rebound on Wall Street
Asian shares have rebounded from their retreat a day earlier, tracking Wall Street’s recovery from the Federal Reserve’s reminder it will eventually provide less support to markets.
Japan’s benchmark Nikkei 225 jumped 2.8% in morning trading to 28,785.24. Australia’s S&P/ASX 200 added 1.4% to 7,336.30. South Korea’s Kospi rose 0.6% to 3,260.11. Hong Kong’s Hang Seng edged up 0.1% to 28,522.78, while the Shanghai Composite gained 0.9% to 3,559.32.
Read:WTO talks on Trips waiver from June 30
Although the latest bout of jitters over a possible easing of help from the Federal Reserve and other central banks appears to have passed, analysts said rising coronavirus cases in the region remained a concern.
“Much of the region is dealing with renewed waves of COVID-19 infections. These waves, especially in the case of India, Indonesia and some other countries in Southeast Asia, are the most severe yet,” said Venkateswaran Lavanya at Mizuho Bank in Singapore.
On Monday, the S&P 500 snapped 1.4% higher, to 4,224.79, recovering nearly three-quarters of its worst weekly loss since February. Oil producers, banks and other companies that were hit particularly hard last week led the way.
The Dow Jones Industrial Average gained 1.8% to 33,876.97 and the Nasdaq composite rose 0.8%, to 14,141.48.
Investors are still figuring all the ramifications of the Fed’s forecast that may start raising short-term interest rates by late 2023. That’s earlier than previously thought. The Fed also began talks about slowing programs meant to keep longer-term rates low, an acknowledgment of the strengthening economy and threat of higher inflation.
Read:Australia says it’s reached a free trade deal with Britain
The market’s immediate reaction to last week’s Fed news was to send stocks lower and interest rates higher. Higher rates would make stock prices, which have been climbing faster than corporate profits, look even more expensive than they do already.
But it’s not like the Fed said it will hike rates from their record low of nearly zero anytime soon.
“If markets are worried about a march back to more normal monetary and fiscal policy as the economy recovers, it will be a very long march,” Barings chief global strategist Christopher Smart said in a note. In the meantime, support from both the Federal Reserve and the U.S. government should continue to help stock prices, even if they do look expensive compared with history, he said.
Companies whose profits are the most closely tied to the economy’s strength and inflation were among the market’s strongest on Monday.
Hess, Marathon Oil and Devon Energy all rose at least 6.9% as energy stocks rallied with the price of oil. Banks were also strong, with Bank of America up 2.5% and Wells Fargo climbing 3.7%.
High-growth companies able to flourish almost regardless of the economy lagged behind in a reversal from last week’s trend, when investors rattled by the Fed piled back into the biggest winners of the pandemic.
Amazon slipped 0.9%, and the lagging performance for tech meant the Nasdaq trailed other indexes.
Read:Odds of settling US-EU trade rifts? Hope may outrun progress
More bumps may be ahead for markets, which had been mostly quiet for weeks before the Fed’s announcement. Fed Chair Jerome Powell will speak before a House subcommittee on Tuesday about the Fed’s response to the pandemic.
In energy trading, benchmark U.S. crude picked up 13 cents to $73.25 a barrel in electronic trading on the New York Mercantile Exchange. It jumped $1.83 to $73.12 on Monday. Brent crude, the international standard, gained 23 cents to $75.13 a barrel.
In currency trading, the U.S. dollar rose to 110.39 Japanese yen from 110.31 yen. The euro rose to $1.1918 from $1.1914.
Father's Day: Daraz launches campaign to honour fatherhood
E-commerce platform Daraz Bangladesh has started a campaign to celebrate Father's Day 2021.
Father's Day honours fatherhood, paternal bonds, and the influence of fathers in society. Most countries, including Bangladesh, celebrate the day on the third Sunday of June.
Also read: Daraz inks deal with Monster
Daraz campaign "Amar Baba Super Hero" will continue up to June 24 where a participant can post their favourite memory with their father and post it to Facebook in the form of an image or a story.
Also, the participant will have to use a specific hashtag for their entry to get counted – #SuperDad and #Daraz. The winners will be selected based on the highest likes and reactions.
Also read: Daraz hires 3 differently-abled people