United News of Bangladesh

The Dhaka Stock Exchange (DSE), the country's main capital market, indexes saw a mix trend in the first hour amid rising selling pressure. The market shows flactuating trend on Sunday. In the beginning boad index saw downtrend, which returned to upward trend around 10:30am on the day. After 20 minutes, again the indexes went downtrend. After 11 am the DSEX and DSES again got upward. In the last week, the share market indexes rose with rising the prices of stocks. Till 11 am on Sunday, the trading record in the DSE shows, shares and units of 5.06 crore exchange through 46569 transactions. In this time shares and mutual funds worth Tk 154 crore were traded. In this time, a total of 378 companies participated in trading. Among these, prices of 169 companies increased, 132 companies decreased and 77 companies remained unchanged at the DSE. The main index DSEX increased by 0.45 points to 5315.47 points, the DSES Shariah index rise by 0.76 points to 1147.14 points and the DS30 special blue chip index up by 3.83 points to 1961.70 points during first 1:0 hour on Sunday.

Bangladesh Bank Governor Dr. Ahsan H. Mansur on Thursday said that implementing the government’s monetary policy aimed at curbing inflation will require 12 to 18 months. “After tightening the monetary policy, it takes 12 to 18 months to bring down the inflation rate. So, we have to be patient,” Dr. Mansur said during a press briefing following a meeting on inflation at the Finance Ministry, chaired by Finance Adviser Dr. Salehuddin Ahmed. The governor clarified that the central bank’s approach is focused on controlling inflation rather than reducing the overall price level. “We manage inflation; we don’t aim to lower the price level itself. No country seeks to reduce prices to avoid the risk of deflation,” he explained. Inflation in Bangladesh went up in Oct Deflation, a sustained drop in the price level of goods and services, can initially seem beneficial as money gains purchasing power. However, prolonged deflation can hamper economic growth and often arises during periods of economic instability. Its impact, Dr. Mansur noted, can have both positive and negative effects on the economy. Addressing public expectations, Dr. Mansur urged citizens to remain patient as the policy gradually takes effect. “This isn't something that can be achieved in two to three months. At best, we might see results in 12 months, but 18 months is a more realistic timeframe,” the Bangladesh Bank governor said. BB will ask banks not to impose LC margin on essentials import until Ramadan

Bangladesh Bank is likely to issue a circular on Sunday asking all banks not to impose LC margin on import of essential goods until at least Ramadan. “We will issue a circular on Sunday next from Bangladesh Bank not to impose LC margin on essential goods,” Bangladesh Bank governor Dr. Ahsan H. Mansur said. Bangladesh Bank raises interest rate again to tamp inflation He said this while briefing reporters after holding a meeting to discuss inflation at finance ministry with Finance Adviser Dr Salehuddin Ahmed in the chair. The meeting also decided to relax the single borrower limit for the next two to three months to ensure supply of essential food items during Ramadan. “We have some big importers in our country for whom single borrower limit is a constraint. I think that is a very important criteria not to violate this limit which will become a risk for the banks,” he said. The central bank governor said that for this the capital of the banks should be increased. “We will try to bring that reform in our banking sector. For the time being, ahead of the Holy Ramadan the single borrower limit should not be the constraints for the big importers.” He said that the central bank will withdraw this temporarily for the next two-three months. Bangladesh Bank Governor and Chief Adviser hold meeting: Decide on Banking Commission, inflation control, and forex stabilization “This is a temporary decision for the time being for some handful of items,” he said adding that the items included are chick peas, edible oil and dates. Mansur said that the ultimate aim of the government is that the single borrower limit must remain. “We will strongly enforce that. And we will not violate that,” he said.

The National Board of Revenue (NBR) has nominated six of its officials to continue the process of attachment of C&F agents of importers. The officials are Farhad Khan Pathan, Rajeev Das, Md Mutarrif, Md Habibul Islam, Md Ruhul Amin and Shamsun Nahar. In order to ensure transparency, accountability and prevent fraud in the customs clearance process, the process of linking the designated C&F agents of the importer to the Asycuda World System is ongoing through the Bangladesh Customs Agent Management System website, the NBR says. Presently, importing companies under IM-4 can take up the C & F agent nomination process through the mentioned website. According to the instructions of the National Board of Revenue, the applications filed in various offices, customs houses and land customs stations, related VAT commissionerates and IT officers are taking the process of entry into the Asycuda World system after the approval of the operations manager or the responsible officer. Due to the transfer of IT officers posted at Customs House, Chittagong, Customs House, Dhaka, Customs House, Benapole and Customs, Excise and VAT Commissionerate, Khulna and Sylhet to other offices, the process of connecting importer's designated C&F agent is being hampered. The responsible officers will take the necessary access to the Bangladesh Customs Agent Management System and the Asycuda World System and will undertake the process of managing the system subject to the approval of the Operations Manager or the responsible officer of the application offices of the importing establishments under IM-4.  

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.