Islami Bank Bangladesh Limited has been awarded as the highest taxpayer in the banking sector in 2018-2019 tax year.
Finance Minister A H M Mustafa Kamal handed over the Crest and Tax Card to Muhammad Qaisar Ali, Additional Managing Director of the Bank, at the Tax Card and Award Giving Ceremony at Hotel Radisson Blue Dhaka Water Garden on Thursday (November 14), said a press release.
Dr. Mashiur Rahman, Economic Affairs Adviser to the Prime Minister, Md. Mosharraf Hossain Bhuiyan, Senior Secretary of Internal Resources Division & Chairman of National Board of Revenue and JQM Habibullah, Deputy Managing Director & Company Secretary of the Bank along with top officials of Finance Ministry, NBR and different organisations were present on the occasion.
The 23rd annual general meeting of Islami Bank employees cooperative society ltd was held recently at Islami Bank Tower in the capital.
Mohammed Monirul Moula, Additional Managing Director of the Bank addressed the programme as the chief guest.
Muhammad Qaisar Ali, Additional Managing Director, Abu Reza Md Yeahia, Abdul Jabbar and Md Saleh Iqbal, Deputy Managing Directors of the Bank addressed the programme as the special guests.
AAM Habibur Rahman and Md Siddiqur Rahman, Senior Executive Vice Presidents and ASM Rezaul Karim, Executive Vice President also addressed the function among others.
Presided over by ATM Shahidul Haque, the meeting discussed the income and expenditure of last year.
Wall Street closed out the week with more milestones Friday as the Dow Jones Industrial Average crossed 28,000 for the first time and the S&P 500 and Nasdaq hit record highs.
Health care and technology stocks powered most of the broad rally, which helped drive the S&P 500 to its sixth straight weekly gain. The Dow extended its streak of weekly gains to four.
Investors have been encouraged by surprisingly good corporate earnings, three interest rate cuts by the Federal Reserve and data showing the economy is still growing solidly. Hopes that the U.S. and China can make progress in their latest push for a trade deal have also helped keep investors in a buying mood.
“Over the past week the market absorbed a number of challenging trade headlines, and it didn’t go down,” said Willie Delwiche, investment strategist at Baird. “It might just be the case that with positive momentum, after not having had a chance to pull the market down, the bulls stepped in again and said: ‘Let’s keep this thing going.’”
The S&P 500 index rose 23.83 points, or 0.8%, to 3,120.46.
The Dow Jones Industrial Average gained 222.93 points, or 0.8%, to 28,004.89. The Nasdaq composite climbed 61.81, or 0.7%, to 8,540.83. The Russell 2000 index of smaller companies picked up 7.66 points, or 0.5%, to 1,596.45.
The S&P, Dow and Nasdaq are now all up by more than 20% for the year.
Bond prices fell Friday, pushing yields higher, a signal that investors were shifting away from safe-play holdings. The yield on the 10-year Treasury rose to 1.84% from 1.81% late Thursday.
Traders hope the world’s two biggest economies can make a deal before new and more damaging tariffs take effect next month. Beijing is pressing Washington to roll back tariffs as part of a potential deal that the nations are trying to hammer out.
Investors mostly shrugged off published reports this week suggesting that trade talks have hit a snag. On Friday, Commerce Secretary Wilbur Ross told Fox Business that it is likely a trade deal will get done, though he noted that it’s still possible a pact could unravel at the last minute as it did in when both sides got close to a deal in May.
A report showing U.S. retail sales rebounded a modest 0.3% in October after falling the previous month also encouraged traders. J.C. Penney surged after it raised its profit forecast.
Health care stocks led the way higher Friday, with insurers getting a boost after the Trump administration officially announced a rule that would require hospitals and other providers to make public the rates for drugs, doctor visits and other services. Humana climbed 5.5%, UnitedHealth Group rose 5.3% and Anthem gained 5.6%.
Technology stocks also notched solid gains. Solid quarterly earnings drove Applied Materials 9% higher, making it the biggest gainer in the S&P 500.
Communication services companies also helped lift the market. Google parent Alphabet rose 1.9%, hitting an all-time high.
The materials sector ended lower, the only one to finish with a tiny loss. Utilities and makers of household goods posted the smallest gains as investors turned away from less risky, defensive stocks.
Traders bid up shares in several big retailers. J.C. Penney climbed 6.4% after the struggling department store chain reported a smaller quarterly loss and raised its annual profit forecast. Under Armour rose 3.9% and Macy’s gained 3.4%.
RH climbed 7.6% and energy company Occidental Petroleum gained 2.9% after Warren Buffett’s company disclosed that it had picked up shares of both companies.
Amarin vaulted 11.8% after a government advisory panel recommended broader use of its fish oil-based heart disease drug Vascepa.
Benchmark crude oil rose 95 cents to settle at $57.72 a barrel. Brent crude, the international standard, gained $1.02 to close at $63.30 a barrel. Wholesale gasoline rose 2 cents to $1.64 per gallon. Heating oil climbed 3 cents to $1.95 per gallon. Natural gas rose 4 cents to $2.69 per 1,000 cubic feet.
Gold fell $4.50 to $1,467.30 per ounce, silver fell 8 cents to $16.93 per ounce and copper rose 2 cents to $2.64 per pound.
The dollar rose to 108.84 Japanese yen from 108.37 yen on Thursday. The euro strengthened to $1.1053 from $1.1022.
Asian and European markets finished higher.
Detroit,Nov 16 (AP/UNB) — Members of the United Auto Workers union at Ford Motor Co. voted Friday to approve a new contract with the company.
The union said in a statement that 56.3% of workers who voted were in favor of the deal.
The four-year agreement reached Oct. 31 gives workers a mix of pay raises and lump-sum payments as well as a $9,000 ratification bonus. The company also promises $6 billion in U.S. factory investments. Ford gets to close an engine factory near Detroit but its 600 workers there will get jobs at a nearby plant.
Acting Union President Rory Gamble called the agreement “life changing” for workers and said it eliminates perpetual temporary employees and different wage tiers for workers doing the same jobs. Ford said the deal increases its competitiveness, keeping its cost structure similar to its U.S.-based competitors. It also secures 8,500 U.S. hourly jobs.
The contract will cost Ford $700 million in the fourth quarter, mainly to pay ratification bonuses to its 55,000 hourly workers.
Union spokesman Brian Rothenberg said Friday night he did not have vote totals.
The deal is similar to one ratified by General Motors workers after a bitter 40-day strike.
On Monday, the union will focus bargaining on Fiat Chrysler, the last of the Detroit Three automakers to settle.
The head of a giant private prison company says his firm is prepared for the “worst case scenario” should a Democratic presidential candidate win the 2020 election and attempt to abolish private involvement in the prison sector.
CoreCivic CEO Damon Hininger addressed such a potential scenario in the company’s latest earnings conference call last week when asked about the number of top Democratic presidential candidates who favor ending federal private prisons. He said Tennessee-based CoreCivic remains upbeat that the company would continue to earn money in such a scenario and noted the federal government currently does not have the infrastructure to house inmates without relying on private facilities.
“In worst case scenario, knowing half our business is with the states, nothing is going to change,” Hininger later said in a Friday phone interview with The Associated Press, echoing comments he made on the earnings call.
On the call, he said CoreCivic had reported $509 million in earnings for the third quarter.
He said that CoreCivic would still earn money should the federal government ever end its contract, saying his company would be able to sell or lease its real estate if that were to occur — stressing that such an effort would likely take years to phase-out and approval from Congress on appropriating enough funding to build new facilities and resources.
CoreCivic currently owns an estimated 59% of all private-owned prison beds in the U.S. and manages nearly 39% of the country’s privately managed prison beds. The company operates 51 correctional and detention facilities, 44 of which they own, with a total capacity of roughly 73,000 beds. This has resulted in the company becoming the largest private owner of real estate used by U.S. government agencies.
“We think that an option could be if there is a big push not only at federal but at state level to eliminate use of the private sector to provide real estate and services,” Hininger said. “That maybe the option that they ask us to consider is to either buy our existing assets or capacity or lease our facilities.”
Top private prison firms across the country have been closely watching the growing backlash from the top Democratic presidential contenders — ranging from former Vice President Joe Biden, Massachusetts Sen. Elizabeth Warren and Vermont Sen. Bernie Sanders — who strongly favor ending federal private prisons.
These companies recently formed an advocacy group known as the Day 1 Alliance to rebut the criticism. Meanwhile, unease in the industry continues to linger about negative public opinion on private prisons.
For example, in a recent SEC filing, Florida-based GEO Group noted that resistance to private prisons “could result in our inability to obtain new contracts or the loss of existing contracts, impact our ability to obtain or refinance debt financing or enter into commercial arrangements.”
Hininger also added on the call that the U.S. Immigration and Customs Enforcement and the U.S. Marshals do not own or operate any detention centers, making them reliant on private companies like CoreCivic to house detainees. But even if the federal government became opposed to privatization, Hininerg said state governments are increasingly showing more interest in the area.
“In the last two years, we’ve had contracts with Ohio, Vermont, Wyoming, South Carolina, Kansas and Kentucky. These are states with both Democratic and Republican governors, both ends of the spectrum,” Hininerg told AP on Friday. “They’ve engaged us with solutions and I don’t see that changing.”
CoreCivic’s involvement with ICE, however, has come under fire from the left as one of two private companies that operate migrant detention centers for ICE. According to CoreCivic's financial statements, ICE detention accounted for 25 percent of the company's $1.8 billion in total revenue in 2018.
CoreCivic has defended contracting with ICE by countering that it doesn’t run facilities for immigrant children separated from parents, but it does have ones that detain adult immigrants, as well as one center that houses migrant mothers and their children together.
In 2016, then President Barack Obama’s administration announced the Federal Bureau of Prisons would no longer use private prisons and unveiled a plan to phase-out of the contracts. That decision was quickly overturned after President Donald Trump took office.