United News of Bangladesh

Global electronics brand Walton is participating in the 7th edition of the China International Import Expo (CIIE) in Shanghai. The six-day event, running from November 5 to 10, 2024, at the National Exhibition and Convention Center, features Walton's showcase of cutting-edge electronics and electrical products, all equipped with advanced and unique features. Walton gets huge responses from global buyers in Canton Fair The CIIE attracts approximately 150,000 domestic and international buyers, with Walton making its debut at the expo as an exhibitor of consumer electronics under the supervision of the Bangladesh Export Promotion Bureau. Abdur Rouf, Vice President of Walton's Global Business Department, stated that the CIIE provides a valuable opportunity to establish business relationships with global buyers, thanks to the large number of professional attendees. Walton boosts employment and foreign exchange reserves: Labour Secretary He also highlighted Walton's regular participation in major international trade fairs, including those in China, Europe, and the U.S. Last month, Walton received positive feedback from global buyers at the Canton Fair, the world’s largest trade show in China. Rouf expressed confidence that Walton’s high-tech appliances will attract significant attention from global buyers at the CIIE.

Speakers at a dialogue said that a strengthened IPR (Intellectual Property Rights) regime is essential for Bangladesh's economic growth and enhancing foreign investment. This will position Bangladesh as an attractive destination for global business, promoting sustainable economic integration and growth, they said. The speakers made the observations at the dialogue organized by the American Chamber of Commerce in Bangladesh (AmCham) on “Strengthening IPR Frameworks: Challenges and Way Forward” at the Westin Dhaka hotel on Tuesday. Previously the AmCham hosted a seminar on “IPR Protection & Practices: Driving Economic Growth in Bangladesh” on November 30, 2023. They submitted a recommendation to the senior secretary of the Ministry of Industries. As Bangladesh's graduation from Least Developed Country (LDC) status approaches, AmCham organized the seminar to review the progress of the submitted recommendations and the chamber’s ongoing commitment to promoting intellectual property rights. The chamber organized the dialogue with the involvement of all the relevant government stakeholders, regulatory bodies, and AmCham members whose businesses have relevance to IPR. Shilpi Jha, Senior Commercial Specialist and IP Policy Advisor-South Asia at United States Patent and Trademark Office (USPTO) and Barrister Hamidul Mishbah, IP lawyer and founder, Bangladesh IP Forum, attended the dialogue. AmCham President Syed Ershad Ahmed joined as the Session Chair, Treasurer Al-Mamun M Rashel and Executive Committee members Mirza Shajib Raihan and Rubaba Dowla and a few AmCham members including Kabir Ahmed, Chairman, Conveyor Logistics Limited; President, BAFFA, Syed Mohammad Kamal, Country Manager, MasterCard, John Fay, Commercial Counselor, U.S. Embassy Dhaka, Zaved Akhtar, President of FICCI, Ashraf Ahmed, President of DCCI, Abdul Muktadir, Chairman and Managing Director at Incepta Pharmaceuticals Ltd. and President of BAPI Md. Munim Hassan, Director General, Department of Patent, Design and Trademarks, Hossain Ahmed, Member (Customs: Policy and ICT), NBR and members or representative from Ministry of Commerce, Ministry of Foreign Affairs, Ministry of Cultural Affairs, Ministry of Law, Justice and Parliamentary Affairs, Bangladesh Trade and Tariff Commission, ICT Ministry, Law Enforcement Agency, academicians, researchers, business lawyers and legal experts, trade and business editors from different media outlets also attended the event. Some key issues highlighted for further improvements are: reviewing Customs IPR rules, centralized filing system to NBR, business software and cloud protection, trade mark registration issue resolution, protecting the intellectual property rights of consumers and buyers in the RMG sector, awareness and capacity building on IPR, enforcing IPR compliance in procurement, IPR friendly ecosystem development, introducing a new law for IP creators, enhancing enforcement coordination, international patent law enforcement, and reforming the existing IPR law. The discussion, along with the new recommendations, if implemented effectively, could attract more foreign direct investment (FDI) and contribute to achieving sustainable economic growth in Bangladesh. The dialogue was supported by Conveyor Logistics Ltd., one of the industry leaders committed to promoting sustainable economic integration and growth in the logistic sector in Bangladesh. The Chairman of Conveyor Logistics Ltd., Kabir Ahmed, also had a brief recommendation on the issue.  

The Dhaka Stock Exchange (DSE), the country's main capital market, saw an upward trend in the first 2 hours amid rising selling pressure for the 4th consecutive days on Wednesday. The trading record in the DSE shows, shares and units of 12.48 crore exchanged through 103154 transactions. In this time Tk 332 crore shares and mutual funds were traded within first 2  hours. During this time, a total of 394 companies participated in trading. Among these, prices of 189 companies increased, 142 companies decreased and 63 companies remained unchanged at the DSE. The main index DSEX increased by 44.79 points to 5409.8 points, the DSES Shariah index rose by 15.76 points to 1207.34 points and the DS30 special blue chip index up by 14.29 points to 1982.06 points during this time.

Dhaka Stock Exchange Brokers Association of Bangladesh (DBA) has thanked the government and finance adviser Dr Salehuddin Ahmed for tax exemption on capital gains in the stock market. The president of the organization Saiful Islam on Monday expressed gratitude to the finance adviser for such a time-befitting decision on the stock market. In a statement, DBA President Saiful Islam said, “Tax exemption on capital gains was very necessary to overcome the long downturn of the market and increase the liquidity flow to invest the market.” Earlier, the DBA already recommended to the finance adviser to withdraw the existing tax on capital gains. On behalf of the DBA, “We extend our deepest thanks and gratitude to the finance adviser for considering our recommendation and reducing the rate of tax on capital gains to 15 percent. Through this tax exemption, his goodwill and sincerity towards the capital market has been reflected.” As a result of this, the arrival of domestic and foreign investors in the capital market will be prosperous, he said.

Janata Bank has announced an auction of the collateral property of ‘Global Trading Corporation Limited’, a subsidiary of S Alam Group, to recover defaulted loans of Tk 1,850 crore. Janata Bank hopes to recover a fifth of the dues by selling off the group’s collateral land in Chattogram, Gazipur This marks the first time a bank has moved to auction the mortgaged assets of an S Alam Group, a business conglomerate, amid allegations that the group siphoned off billions of taka from various banks through loans during former Prime Minister Sheikh Hasina's 15-year tenure. High Court orders S Alam Group to submit asset list The bank announced the auction, set for November 20, in newspapers on November 1 and invited interested parties to submit their bids. According to bank insiders, the value of the mortgaged assets, consisting of 1,860 decimals of land across Chattogram and Gazipur, have a maximum market value of Tk358 crore, which is less than a fifth of the total amount due. This valuation is almost five times less than the amount owed. It is not possible to fully recover the defaulted debt by selling this property. Further legal action may be required to recover the outstanding balance. According to section 12(3) of the Debt Court Act, the money can be recovered by selling the collateral property before the bank files a case. S Alam Group alone took more than half of loans of Islami Bank: new chairman Al Masud In an audit report of the Comptroller and Auditor General (CAG) of Bangladesh in 2021, the Global Trading Corporation has taken additional loans beyond the credit limit without complying with the guidelines of Bangladesh Bank. According to S Alam Group's website, the global trading corporation established in 2012 was engaged in the trading of industrial raw materials, commercial products, and construction materials. According to the report, in 2012, Global Trading Corporation initially took a loan of Tk 650 crore from Janata Bank's Chittagong corporate branch located in the General Insurance Building. Singapore seeks asset information on S Alam Group This loan has reached a total of Tk1070.65 crore until the year 2021. Of this, Tk 617.47 crore is PAD (Payment Against Document), Tk 223.18 crore is LTR (Trust Receipt) loan and Tk 229.99 crore is CC hypo loan. The amount of loan with interest increased to Tk 1850 crores in September 2024.

Commerce Adviser Dr. Salehuddin Ahmed highlighted the importance of technological innovation to boost shrimp production in Bangladesh. “Shrimp production is declining due to our reliance on traditional methods. We need to adopt technology to enhance shrimp production,” he said. The adviser made this call during an exchange of views with the leaders of the Bangladesh Frozen Foods Exporters Association in the conference room of the Ministry of Finance at the Bangladesh Secretariat on Monday afternoon. He noted that while there is strong international demand for Bangladeshi shrimp, production is declining due to reliance on traditional methods. "If production is not increased, exports will not increase," he stated. Dr. Salehuddin highlighted recent government efforts to enhance the investment climate by revamping the Bangladesh Investment Development Authority (BIDA) and the Bangladesh Economic Zones Authority (BEZA). He urged business leaders to invest more in the private sector to capitalise on these improvements. Kazi Belayet Hossain, president of the Bangladesh Frozen Foods Exporters Association (BFFEA), raised concerns about the processing factories' inability to fully utilise their capacity due to a lack of raw materials over the past decade. He noted a continuous decline in export volumes, exacerbated by the impacts of COVID-19 and the Russia-Ukraine war, which have reduced both demand and prices for shrimp and fish in Bangladesh. In light of these challenges, association leaders called for shrimp to be declared an agricultural product, similar to jute. They also urged the establishment of dedicated economic zones for the shrimp industry in Khulna and Chattogram, the implementation of a separate interest rate for shrimp exports, and the disbursement of outstanding cash assistance. The meeting was attended by Additional Secretary of the Ministry of Commerce Abdur Rahim Khan, along with other association leaders, including Senior Vice President Ashraf Hossain Masud and member Shyamal Das.

The government has appointed Helal Ahmed Chowdhury as chairman of BASIC Bank Limited for the next three years. A notification, signed by Afsana Bilkis, deputy secretary of the Financial Institutions Division (FID), a wing of the Ministry of Finance, issued an office order in this regard on October 31, which the ministry disclosed today. According to the notification, Helal Ahmed Chowdhury has been asked to take necessary actions including obtaining the approval of Bangladesh Bank as per the provisions of the Bank Companies Act 1991. His appointment as a director and chairman of the board of directors of BASIC Bank will be effective from the date of his joining. Earlier on October 9, through the notification of the FID, BASIC Bank Chairman Professor Dr. Abul Hashem was removed by the government. Helal, an independent director of Bank Asia Limited, is a veteran banker with more than four and a half decades of banking experience.

The Dhaka Stock Exchange (DSE) saw Tk 565 crore in transactions on Monday, marking a significant increase from the previous day’s Tk 431 crore. According to DSE records, a total of 22.18 crore shares and units were exchanged through 186,940 transactions, totaling Tk 565 crore in value. This rise reflects growing investor activity, with 396 companies participating in the day’s trading. Among them, 257 companies saw their stock prices increase, while 107 declined and 32 remained unchanged. NBR lowers capital gains tax on share sales to boost stock market investment The DSE’s main index, DSEX, climbed by 61.63 points to reach 5,252.49 points. The DSES Shariah index rose by 15.25 points to 1,162.39 points, and the DS30 blue-chip index gained 22.25 points, ending at 11,937.59 points. Meanwhile, the Chittagong Stock Exchange (CSE) also experienced a positive day, with its CASPI index increasing by 0.84 points to 14,584.93 points. A total of 214 companies were traded at the CSE, with share prices for 142 companies rising, 56 declining, and 16 remaining steady. The volume of transactions at the CSE totaled Tk 6.55 crore, down from over Tk 12 crore the previous day. Dhaka Stock Exchange sees upward trend in early trading today

The Dhaka Stock Exchange (DSE) observed a positive trend in the first hour of trading on Monday morning, despite heightened selling pressure. Trading data shows that in the opening hour, shares and units totaling 6.06 crore were exchanged through 60,154 transactions, amounting to Tk 174 crore in trades. During this period, a total of 380 companies participated, with the prices of 228 companies rising, 99 declining, and 53 remaining unchanged. The DSE’s key index, DSEX, rose by 37.48 points, reaching 5,218 points. The DSES Shariah index increased by 7.22 points to 1,154.37 points, and the DS30 blue-chip index climbed by 6.24 points to 1,921.68 points within the first hour of trading.

In a clarification regarding its deadline on payment of outstanding bills by Bangladesh, Adani Group has said it has not demanded full payment in 7 days. Rather it has said that it has been cooperating fully and collaborating with the Bangladesh Power Development Board (BPDB) to resolve any issue, the group said in a press release issued by its PR firm on Sunday following an Indian newspaper report on the deadline to Bangladesh over clearing dues. “Adani has not demanded full payment $800-$850 million in 7-day time. Cooperating fully and collaborating with BPDB to resolve any issue," it said. Earlier, the Indian newspapers Times of India reported that Adani Power of India has said it will suspend electricity supply to Bangladesh if the government does not resolve its payment issues by November 7. We’re dismayed, very shocked if it’s true, says CA’s press secretary on Adani’s deadline   Following a reduction in power supply due to outstanding dues, Adani Power has set the deadline for the Bangladesh government to clarify the situation regarding the dues, which total nearly $850 million. Earlier, Adani Power had set an October 31 deadline for the Bangladesh Power Development Board (BPDB) to settle the outstanding amount and provide a letter of credit (LC) of $170 million to ensure secure payment. Although the BPDB attempted to issue an LC for the overdue amount through Krishi Bank, the effort did not align with the terms of the power purchase agreement, as reported by a TOI source. A shortage of dollars was mentioned as one of the reasons. Adani Power Jharkhand reduced its supply from October 31, worsening the existing power shortages in Bangladesh. Adani sets November 7 deadline for Bangladesh to settle dues As per the latest update on the Power Grid Bangladesh (PGB) website, on November 1, Adani’s plant in Godda (Jharkhand) supplied 724 megawatts against an installed capacity of 1,496 MW. Preferring anonymity, a top official of BPDB told UNB that Adani Power requested Bangladesh to pay dues through a letter few days back.