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NRBC gets nod to raise Tk500 crore through bonds
The Bangladesh Securities and Exchange Commission (BSEC) Wednesday approved bonds of NRBC Bank worth Tk500 crore.
The decision came at 840th meeting of the commission held in Dhaka, BSEC Executive Director and spokesperson Mohammad Rezaul Karim told UNB.
NRBC would raise Tk500 crore by issuing non-convertible, unsecured, fully redeemable, floating rate subordinated bonds. The bonds would be issued through private placement.
Read: NRBC Bank conferred with Krishi Padak
The face value of each bond is Tk1 crore, and the coupon rate is 7 to 9 percent.
With the bond proceeds, the lender would strengthen its Tier-2 capital base.
The trustee of the bonds is City Bank Capital Resources, and UCB Investment is the lead arranger, Rezaul said.
Bangladesh has one of the lowest debt-to-GDP ratios: Finance Minister tells ADB
Finance Minister AHM Mustafa Kamal has said that Bangladesh has one of the lowest debt-to-GDP ratios in the world.
He said Bangladesh has never failed to pay domestic and foreign debt.
Kamal said this while attending the annual meeting at the Asian Development Bank (ADB) headquarters in Manila on Tuesday, according to a press release of the finance ministry.
Read: Market-based foreign exchange rate may be introduced soon: Finance Minister
The finance minister also attended a bilateral meeting with president of ADB, Masatsugu Asakawa.
The finance minister said that currently, the cumulative financing of ADB in Bangladesh stands at $27.6 billion. Out of this, total outstanding amount is $11.69 billion.
Kamal thanked ADB's assistance in developing member countries, including Bangladesh, in recovering from economic and health crises in Asia and the Pacific region by providing quick support for procuring Covid-19 vaccine.
Read: No IMF proposal received to raise power, petroleum prices: Finance Minister
It is very important that the Bangladesh-ADB Country Partnership Strategy (2021-2025) is aligned with Bangladesh's national development goals.
The finance minister expected $12-15 billion in loan support from ADB over the next five years, which is crucial for Bangladesh’s achieving development milestones.
Humayun Rashid re-elected IBFB President
Humayun Rashid, Managing Director and CEO of Energypac Power Generation Ltd, has been re-elected President of the International Business Forum of Bangladesh (IBFB).
The 16th Annual General Meeting (AGM) of the IBFB was held at a city hotel on Tuesday.
MS Siddiqui, CEO of Bangla Chemical and Lutfunnisa Saudia Khan, Director of Banglaphone have been re-elected as the Vice President and Vice President (Finance) of IBFB respectively.
In addition, Kbd. Md. Aminul Islam, Managing Director, Nabil Group, Mohammed Raisul Uddin Saikat, Chairman, Albion Group, SK Md. Waliul Islam, Managing Director, Roots Sourcing International Ltd., Iqbalur Rahman, Proprietor, Multi Trade International, Mohammad Ali Deen, Chairman, M/S Deen Impex, Syed Mustafizur Rahman, Managing Director, Novo Cargo Services Ltd have been elected as Directors for the first time in the Board of Directors of IBFB.
Read: Special economic zone not enough to attract best investors: US Envoy
Vice President (Finance) Lutfunnisa Saudia Khan and President, IBFB Chittagong Chapter SM Abu Tayyab were present in the inaugural session of the AGM.
IBFB Vice President MS Siddiqui and IBFB founding President Mahmudul Islam Chowdhury also spoke in the session.
Ambassador of the United States of America (USA) Peter D Haas and Ambassador and Head of Delegation, European Union to Bangladesh Charles Whiteley were present as the chief guest and special guest respectively in the inaugural session of the AGM.
Bangladesh Bank cuts interest rate of loans under garment industries dev funds
Bangladesh Bank has cut the interest rate for loans from the special fund for development of garment factories from 7 to 5 percent.
Bangladesh Bank is implementing the project titled 'Support for safety reform, remediation and environmental improvement in the garment sector made in Bangladesh' with the support of development agencies and the government. The central bank issued a notification in this regard on Monday.
According to the notification, interest rate of loans under this scheme will be 5 percent, as opposed to 7 percent earlier. The 5 percent interest rate will be applicable on all new and old loans. For this, the banks will get funds from Bangladesh Bank at 2.5 percent interest, which was 3.5 percent earlier. Investment grants will be awarded on a first-come, first-served basis.
This project has been launched with the participation of development partners for the purpose of expanding garment industries, which is the main source of Bangladesh's export income – in the sectors of ensuring firefighting, work environment improvement, workers safety, and above all environment friendly or security strengthening issues.
Read: BB asks banks to cut tax on service value of non-resident nationals
The 6.42 crore euro project has a 5 crore euro loan from development agency AFD, the rest of the money will come from grants from the European Union, KFW, GIZ, and funds from Bangladesh Bank.
So far 17 factories have received Tk 170 crore loans from this fund while distributed as grants of Tk 2.63 Crore.
Bangladesh Bank officials say that the loan interest rate has been reduced to boost the garment sector so that more factories come forward to develop their operations by taking loans from this fund.
Durga Puja: Nagad offers up to 20% discount on shopping
On the occasion of Durga Puja in 2022, mobile financial services provider Nagad has come up with a cashback or discount of up 20 percent in three categories at over 50 brand outlets.
They will enjoy cashback or discount on Nagad payments in the lifestyle, e-commerce, and restaurant categories, according to a media statement.
Customers may receive up to 20 percent instant cashback in the lifestyle category while shopping from brands such as Baby Shop, Top Ten, Rise, K Kraft, Anjans, Raw Nation, Rang Bangladesh, Bishwa Rang, Sailor, Cat's Eye Limited, and Sara Lifestyle.
Read Mastercard credit card bill payment: Nagad offers up to Tk 400 cashback
They will receive the cashback if they make the payment at selected merchant outlets using Nagad Merchant QR or Nagad Merchant Pay options.
Also, they can enjoy up to 50 percent discount on online shopping while making payment through SSL Gateway. The offer is available at online brands in various categories, including apparel, furniture, and electronics. It will be valid till October 5.
Nagad is also offering up to 20 percent instant cashback on payments at selected sweets and food stores.
Read Durga Puja fervour grips Bangladesh
Besides Durga Puja shopping, customers can enjoy this offer at many restaurants, including Well Food, Classic Sweets, Banglar Sweets, Cake Story, and Banker's Cafe and Restaurant. The cashback or discount offer on Nagad payments will be available till October 30.
MoU signed between BCCCI, CEAB
A Memorandum of Understanding (MoU) has been signed between Bangladesh China Chamber of Commerce & Industry (BCCCI) and the Chinese Enterprises Association in Bangladesh (CEAB) for forging closer working cooperation for enhancing trade and economic relations between the two countries.
The MoU was signed at Bangabandhu Bangladesh-China Friendship Exhibition Center, Purbachal, Dhaka on Saturday, said a media release on Sunday.
The MoU stipulated to remain valid initially for one year, was initialed by Al Mamun Mridha, acting General of BCCCI and Han Jingchao, Vice President of CEAB on behalf of their respective organizations.
State Minister for Planning Dr. Shamsul Alam, Chinese Ambassador to Bangladesh Li Jiming and Mahbub Uz Zaman, former Bangladesh Ambassador to China, BCCCI President Gazi Golum Murtoza CEAB President Ke Changlian were present in the MoU signing ceremony.
The areas of cooperation would include enhancing communication and cooperation between the two organizations, devote themselves to build the much expected Sonar Bangla (Golden Bangladesh) at the earliest time, and promote the Belt and Road Initiative (BRI) of China, development, to build a trade relationship that extends businesses and facilitating business in addition to promoting cultural exchange, friendship and commerce between each member enterprises, to form a Joint Task Force (JTF) and incorporate a joint forum to be able to exchange views and ideas, to address the existing and potential trade disputes occurred among enterprises, to carry out regular dialogue at committee member levels.
Read: BCCCI-ERF Award launched
Besides, exchanging views on Visa Processing, Bank Risk Management, Establishment of Chinese Bank in Bangladesh, Free Trade Zone, Legal Consulting, Dispute Settlement, Investor Promotion, Publicity, Member Management and other affairs etc.
The other key areas of cooperation include enhancing communication with the related Departments of Bangladesh Government, Chinese Embassy to Bangladesh, and other Government bodies, enhancing the interaction with other domestic and foreign Chambers of commerce/Associations/Organizations and Trade bodies, ensure the management and supervision of the members of the two organizations to understand, abide and be bound by the related laws and regulations, inviting each other to attend related forums, events and activities etc.
Islami Bank scoops up 'Best Bank in Bangladesh' award
Islami Bank Bangladesh has won the "Best Bank in Bangladesh" honour at the South Asian Business Excellence Awards 2022 presented by the South Asian Partnership Summit.
Planning Minister MA Mannan handed over the award to Mohammed Monirul Moula, managing director and chief executive officer of the bank, Thursday at a Dhaka hotel, according to a media statement.
Read: Mastercard credit card bill payment: Nagad offers up to Tk 400 cashback
Morshed Alam MP and Asha Jayamanne, founder and chair of the South Asian Partnership Summit and Business Excellence Awards, were also present.
Islami Bank is a joint venture public limited company engaged in commercial banking business based on Islamic shariah.
Established in 1983 as the first Islamic bank in southeast Asia, it is listed on the Dhaka Stock Exchange and Chittagong Stock Exchange.
Mastercard credit card bill payment: Nagad offers up to Tk 400 cashback
Mobile financial services provider Nagad has brought a cashback offer of up to Tk 400 on Mastercard credit card bill payment.
To avail themselves of the offer, the consumers will have to save their Bangladesh Bank-approved Mastercard credit cards in the Nagad app, according to a media statement.
Cardholders can pay their bills through the "Bill Pay" option of Nagad by clicking on the "Credit Card Bill" payment option. They will get 1.5 percent cashback on two cycles or up to a maximum of Tk 400.
Read 4 Mastercard, Visa cards fraud ring members held
The cashback will be disbursed in two cycles. The first cycle, which started on September 21, will continue till October 20.
A 1.5 percent or a maximum of Tk 200 cashback can be availed if one saves or pays the bill from a newly saved Mastercard credit card.
Later, the second cycle will run from October 21 to November 30, 2022. During this time, if a customer pays his bill from a Mastercard credit card, he will get 1.5 percent cashback or a maximum of Tk 200.
Read Nagad launches service for paying Mastercard Credit Card Bill
A consumer can get cashback only once from one bank card in a cycle. But they will get this benefit again in the new cycle.
Customers can avail of this facility from multiple banks' Mastercard cards in the same cycle. And in that case, the consumer will get a maximum cashback of Tk 200.
Nagad Chief Business Officer Sheikh Aminur Rahman said: "Paying Mastercard credit card bills through Nagad will be a hassle-free process for the consumers. We hope consumers will no longer have to wait in queues at the banks to pay their bills."
Read Cellfin launches Mastercard dual currency prepaid card
NOVOAIR wins ‘Best On Time Performance’ award
Leading private airline NOVOAIR has received the “Best On time performance of the Year- 2022” Gold award in domestic flight operation.
The airline has also won a Silver award in the “Best Domestic Airline” category.
The award-giving ceremony was held at a hotel in the capital on Friday. Mes-Bah-Ul Islam, Head of Marketing and Sales of NOVOAIR, received the awards from Mahbub Ali MP, State Minister of Civil Aviation and Tourism during the event.
The awards were given based on the online survey of regular passengers organized by Travel and Tourism publication “The Bangladesh Monitor”.
Speaking at the program, Mes-Bah-Ul said that this recognition will encourage NOVOAIR to provide quality service in the future.
“NOVOAIR is committed to provide the highest level of service since its beginning. NOVOAIR has earned passengers’ trust for safe air travel and on time flight operation. Our commitment to provide passenger satisfaction and superior service will continue at all levels of our operations,” the marketing head said.
NOVOAIR is currently operating daily flights from Dhaka to Chattogram, Cox's Bazar,Saidpur, Jashore, Sylhet, Rajshahi and Kolkata.
20% year-on-year growth: NBR collected record Tk 8,733cr VAT in Aug
National Board of Revenue (NBR) collected Tk 8,733 crore of revenue from value added tax (VAT) in August – showing a 20 percent year-on-year growth.
NBR’s collected VAT revenue in August is Tk 519 crore more than the target.
In this regard, NBR member (VAT) Moinul Khan said that government expenditure has decreased due to cost-cutting measures. Still, due to various initiatives and efforts, more VAT has been collected.
Read: Tax return document not needed for loans up to Tk 20 lakh: NBR
Generally, more VAT is collected from government purchases than from the private sector. This time there is an exception, he said.
In the first two months of the current financial year, collection of income tax, VAT, and customs amounts to Tk 40,270 crore, which is Tk 3,319 crore less than the target. In the current financial year, the total revenue target is Tk 3.70 lakh crore.
Read: Black money whitening got little response in FY 22: NBR data
According to NBR sources, in the first two months, Tk 10,373 crore have been collected in the income tax sector and Tk 14,863 crore in the customs sector.
In July-August, VAT from 30 small sectors amounted to Tk 4,869 crore. On the other hand, Tk 10,165 crore VAT has been collected from the private sector – retail and wholesale, rod-cement, hotels, and restaurants.