daily news flash, 15th november, 2017 news flash, 15th november, 2017 2 ৪০০23 number of mobile...

Daily News Flash, 15th November, 2017

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DSEX 35.53 Gold (Ounce) $1273.60 Dollar 81.10 (Buy) 81.10 (Sell) CSCX 69.26 Oil (Barrel) $56.51 Euro 94.60 (Buy) 94.64 (Sell)

NUMBER OF MOBILE USERS CROSSES 14CR ..................................................................................................... 2

SHAHJAHAN KHANS SCHEDULED VISIT TO BB RAISES QUESTIONS .................................................................. 2

7 SIBL DIRECTORS RESIGN IN ANOTHER MAJOR RESHUFFLE ............................................................................ 3

INFLATION DROPS IN OCT ................................................................................................................................ 4

ACC URGES CABINET SECY FOR ENSURING ECR INSTALLATION AT ALL SHOPS ................................................. 5

GOVT GOES FOR INCREMENTAL INCREASE OF VAT .......................................................................................... 5

GOVT FOR STRICTER PERFORMANCE CRITERIA FOR STATE-RUN BANKS .......................................................... 7

7 SOCIAL ISLAMI BANK DIRECTORS RESIGN, 9 NEW APPOINTMENTS MADE .................................................... 8

APPAREL EXPORTERS FALL PREY TO TK 600CR FRAUD ..................................................................................... 8

TELCOS CLAW BACK MOMENTUM ................................................................................................................. 10

ACI PROFIT SLUMP MAKES INVESTORS JITTERY ............................................................................................. 11

TOURISM FAIR BEGINS IN CTG TOMORROW .................................................................................................. 11

DSEX HITS RECORD HIGH RIDING ON GP ........................................................................................................ 12

EPS OF 25 COS RISE, 11 FALL IN Q1 ................................................................................................................ 12

ECNEC OKAYS BD-INDIA 3RD POWER LINE PROJECT ...................................................................................... 13

POTATO EXPORTS FALL SHARPLY ................................................................................................................... 14

REMITTANCE OF FIRST 4 MONTHS SURGES BY 6.9 PC .................................................................................... 14

BB ALLOWS $5,000 SANS DECLARATION ........................................................................................................ 14

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NUMBER OF MOBILE USERS CROSSES 14CR Number of active mobile phone subscribers surpassed 14 crore in September this year amid a marginal decline in market share of two mobile phone operators Banglalink and state-owned Teletalk. A Bangladesh Telecommunication Regulatory Commission data released on Tuesday showed that the number of active mobile phone subscribers increased to 14.07 crore at the end of September this year from 13.93 crore a month ago. The actual number of mobile phone users would not be that much as there is scope to hold multiple SIM cards by an individual, an official of the BTRC said. Under the present rules, an individual can own up to 20 SIM cards against his or her national identification number, he said. Of the increased number of subscribers, Grameenphone availed the highest 7.55 lakh new subscribers during the period. GPs subscriber base increased to 6.39 crore at the end of September from 6.31 crore at the end of August. The leading mobile phone operators market share has increased a bit to 45.39 per cent in September from 45.31 per cent in August. Robi has already became second largest mobile phone operator after merger with Airtel and got 5.42 lakh new subscribers with its total subscribers base increasing to 4.12 crore at the end of September from 4.06 crore a month ago. Its market share has also increased a bit to 29.28 per cent in September from 29.19 per cent a month ago. Banglalink, by adding 1.07 lakh fresh subscribers, remained the third largest mobile operator, taking its subscribers base to 3.24 crore from 3.23 crore in August this year. Market share of the operator slided a bit to 23.01 per cent in September from 23.16 per cent in August. Apart from out of operation Citycell, Teletalk remained the smallest operator in terms of subscribers. The state-owned entity, however, managed to attract 7,000 fresh subscribers in September after losing customers for a number of months. Number of active subscribers of the operator increased to 32.41 lakh in September from 32.34 lakh a month ago, while market share of the operator declined a bit to 2.30 per cent from 2.32 per cent. On the other hand, total internet users already increased by 20.85 lakh to 7.92 crore at the end of September from 7.71 crore in August. Of the internet users, 93.17 per cent or 7.38 crore are mobile internet users. Source: http://www.newagebd.net/article/28375/number-of-mobile-users-crosses-14cr

SHAHJAHAN KHANS SCHEDULED VISIT TO BB RAISES QUESTIONS Shipping minister Shahjahan Khan is scheduled to visit Bangladesh Bank today to hold an opinion exchange meeting with the central bank collective bargain agents (CBA) leaders on the overall situation of the BB in an apparent bid to tighten his grip on the banking sector. The ministers visit, for which a number of CBA leaders will go to the central bank headquarters from different district offices and the cost of the travel would be borne by BB, has made many central bank officials and banking experts surprised. A banner featuring the ministers visit to the central bank has already been displayed.

http://www.newagebd.net/article/28375/number-of-mobile-users-crosses-14cr


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The visit of Shahjahan Khan, who already has a grip on the countrys transport CBAs and months back made an attempt to enter the garment sector, comes following his recent visit to Rupali Bank headquarters in the city. At the Rupali Bank meeting, the minister warned the bank management over the recent sacking of three top CBA leaders of the bank following manhandling of some senior officials by the CBA leaders. BB communication department officials said that BB governor Fazle Kabir was not informed about the ministers visit and he has not signed any permission. CBA leaders talking to New Age claimed that they had invited the minister, who is also the chief of Bangladesh Sarak Paribahan Sramik Federation, an apex body of all road transport workers unions, for lunch on the scheduled date. CBA general secretary Md Monjurul Haq said that he had invited the minister for talking to CBA leaders regarding their internal problems and stances. He said that the invitation did not include anybody from the management of the central bank. Former BB deputy governor Ibrahim Khaled told New Age that he was really surprised about the shipping ministers visit as there was minister concerned, like the finance minister, who could talk about their problems. Khaled said that he had talked to governor and the governor said that he was not even aware of the matter and that he would conduct a strict inquiry into the matter. He said that the governor also told him that he (governor) had not signed any permission letter and that the permission of a rally only might have come from the administration office. Former BB governor Salehuddin Ahmed expressed his surprise regarding the matter and said that he had never heard about any minister not related to the central bank visiting its headquarters to hold meeting with CBA leaders. The central bank is a very sensitive place which should run without any interference and the government should be strict in overseeing the possibility of any untoward situation, said Ahmed. Recently, there are some abrupt changes going on in the banking sector and Ahmed expressed his worries regarding the scheduled visit which might cause some unexpected situation. The banking sector, especially the state-run banks, has been grappling with scams and recent surge in defaulted loans are allegedly a result of interference by board directors who are mostly appointed on political considerations by the government. Source: http://www.newagebd.net/article/28376/shahjahan-khans-scheduled-visit-to-bb-raises-questions

7 SIBL DIRECTORS RESIGN IN ANOTHER MAJOR RESHUFFLE Seven directors of Social Islami Bank on Monday resigned while nine new directors were inducted in the board on the same day as the Chittagong-based S Alam Group further tightened grip in the bank. The latest changes came following the changes in chairman, vice-chairman and executive committee chairman and managing director posts amid the takeover of a significant number of shares of SIBL by companies linked with S Alam Group. SIBLs new chairman Anwarul Azim Arif, who represents a company of S Alam Group, in the banks board, told reporters seven directors resigned from the bank showing personal reasons. Bank sources, however, said that there was a pressure on them to resign following the recent changes in the bank board. Among the seven directors four were independent directors while the other three directors were shareholders. The independent directors are Md Abdur Rahman, Abdul Mohit, AFM Asaduzzaman and Muinul Hasan while the three shareholder directors are Hakim Md Yousuf Harun Bhuiyan, Lily Amin and Afia Begum.

http://www.newagebd.net/article/28376/shahjahan-khans-scheduled-visit-to-bb-raises-questionshttp://www.newagebd.net/article/28376/shahjahan-khans-scheduled-visit-to-bb-raises-questions


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Bank sources told New Age that Mondays board meeting also appointed nine new directors for the bank of whom seven are independent directors and other two are shareholders. The names of the new directors, however, could not be known on Tuesday. Earlier in last week of October, banks the then-chairman Rezaul Haque, executive committee chairman Anisul Haque and managing director Shahid Hossain resigned from their posts. They were replaced by former Chittagong University vice-chancellor Anwarul Azim Arif, the then NRB Global Bank vice-chairman Belal Ahmed and First Security Islami Bank additional managing director Quazi Osman Ali, respectively at a closed-door special meeting of the bank held at the Westin Hotel in Dhaka. The changes in the SIBL board followed major changes in the board of Islami Bank Bangladesh, control of which was also taken by the S Alam Group. The Group now controls at least nine banks including First Security Islami Bank and Union Bank. If any business group takes control of so many banks, it is not a pleasant matter for the overall banking sector and is also against the good governance in the sector, Mirza Azizul Islam, a former adviser to an interim government, earlier told New Age. The scenario may be the fallout of the recent amendment to the Bank Company Act which has expanded the scope of control in a bank by a family allowing four directors with three consecutive terms from a family in a bank, he said. There will be lack of good governance in the banking sector if such trend continues, he said, adding that the interest of depositors might also be hurt as there might be nepotism in loan disbursement and recovery process. Family members, relatives and friends of the family might get priority in getting loans, he apprehended. Source: http://www.newagebd.net/article/28383/7-sibl-directors-resign-in-another-major-reshuffle

INFLATION DROPS IN OCT The point-to-point inflation slightly eased to 6.04 per cent in October from that of 6.12 per cent in September mainly because of declining trend of food price, said planning minister AHM Mustafa Kamal on Tuesday. He revealed the inflation data partially at a press conference after the ECNEC meeting held at NEC conference at Agargaon in Dhaka. Bangladesh Bureau of Statistics prepared the inflation data based on information collected from few hundreds of markets across the country. The rate of inflation eased due to decline in prices of rice and winter vegetables following sufficient supply in the market, he said. Inflation rate will drop further in November as the supply of food items including vegetables will increase in the market, he said. Kamal, however, did not disclose the details of inflation including food and non-food inflation and comparative scenario of inflation in rural and urban areas for the month. The BBS also did not release the data in its website till Tuesday evening. The BBS has become irregular in releasing inflation data since March this year when the governments statistical body decided to release the inflation data on quarterly basis instead of historical practice of releasing the data every month. The body took the decision being instructed by the planning minister. Since March, the BBS has usually been releasing the data quarterly. In some months like July and October, planning minister also revealed the monthly data. The decision of quarterly publication of inflation data drew criticism from experts and economists. Earlier, they told New Age that the decision might have been taken to avoid unfavourable data.

http://www.newagebd.net/article/28383/7-sibl-directors-resign-in-another-major-reshuffle


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Policy makers and bureaucrats may exploit the decision by not releasing the data when the prices of essential will go up, they said. Source: http://www.newagebd.net/article/28385/inflation-drops-in-oct

ACC URGES CABINET SECY FOR ENSURING ECR INSTALLATION AT ALL SHOPS Anti-Corruption Commission has requested the cabinet secretary for taking measures to ensure installation of electronic cash registers (ECR) at all shops across the country for ensuring revenue collection and preventing corruption. In a letter sent to cabinet secretary Mohammad Shafiul Alam on November 8, ACC secretary Md Shamsul Arefin said that installation and use of ECR at 11 types of business houses was made mandatory in 2009. But, most of the shops have not installed the device yet, he said. Value-added tax is the major source of revenue of the country, but sales record along with information related to VAT are not be preserved by the shop owners as they are not using the ECRs, he added. There are many allegations that non-installation of ECRs keeps the option of VAT evasion open, the letter read. In this context, ACC thinks, it is necessary to ensure installation and use of ECR at all shops across the country for getting VAT-related information instantly and bringing transparency in business. The National Board of Revenue in 2009 made installation and use of ECR mandatory for shops under 11 categories, including hotels, restaurants, sweetmeat shops, departmental and general stores, all shops at shopping malls in metropolitan areas, and medium and large wholesale and retail shops across the country. Since 2009, field-level VAT officials have identified 11,005 shops eligible for using the technology, of which 8,559 shops have been selected for installation of the system. But, only 2,970 shops have installed the technology, according to NBR data. Facing the gloomy picture, the NBR has decided to allow duty-free import of around one lakh ECRs and fiscal printers by private importers to provide the devices at cheaper prices to shopkeepers. Source: http://www.newagebd.net/article/28372/acc-urges-cabinet-secy-for-ensuring-ecr-installation-at-all-shops

GOVT GOES FOR INCREMENTAL INCREASE OF VAT Unable to implement the Value Added Tax and Supplementary Duty Act 2012 for a number of years, the government is looking the gradually increase VAT revenue across the board to avoid adverse reactions when the Act is finally implemented. As part of the move, the government is likely to increase VAT in many of Bangladeshs service sectors from the next fiscal year. With this goal in mind, the National Board of Revenue (NBR) has taken initiatives to revise the Value Added Tax Act, 1991. The revised draft is set to be placed before the cabinet committee for evaluation, and the revised VAT law will be announced along with the budget for the next fiscal year, NBR sources told the Dhaka Tribune. Under the existing VAT law, some of the service sectors in the country enjoy special benefits, such as a reduced VAT rate, which is known as the Truncated Base Price. Apart from the tax benefits, the service sector and also some of the goods produced locally enjoy fixed tariff rates. According to insider sources from the NBR, some of the special facilities will be removed in the revised VAT law.

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Speaking on the issue, experts and businessmen warned that the cost of services and products will surely go up if the compressed base price and fixed tariff value facilities are withdrawn. Local consumers will be indirectly affected by the increased service costs. At present, a total of 15 services pay VAT on a truncated basis under this special facility. Besides, VAT has been levied at fixed tariff value on 70 local products and services, such as local suppliers, construction companies, power distribution companies, local brand clothing dealers, furniture dealers and land development agencies. If the Truncate Base Price facility is withdrawn from those sectors, the imposed VAT will jump to 15% from the current rate of 1.5 to 10%. Responding to query, a senior official of the NBR said the existing Truncated Base Price and tariff value facilities in the current VAT law will be gradually withdrawn. The goal of the NBR is to eliminate this inconsistency by implementing the same rate of VAT in all spheres. For this, initiatives have been taken to amend the VAT law 1991, he added. According to NBR sources, Finance Minister AMA Muhith has already given his consent to the new VAT policy. The NBR is planning to amend some sections of the existing VAT law to withdraw facility.

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Adviser Manzur Ahmed said the revenue board must thoroughly assess the existing Truncated Base Price before making any changes to the policy. If the service sectors do not have the ability to pay VAT to the NBR on actual transactions, these sectors will be affected severely, he added. The implementation of the amended VAT law has been postponed for the past two years due to strong objections from the local traders and businessmen. However, the NBR is now trying to bypass the objections by increasing the VAT rate by raising fixed tariff under the existing law.


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Vice President of Bangladesh Shop Owners Association, Rezaul Islam said the NBR must hold discussions with traders before making any changes to truncated value and fixed tariff rates in the VAT law. If a decision is made without consulting all stakeholders, it might not have a positive effect on the local business community, he pointed out. A businessman, on condition of anonymity said, as there is no effective rebate system in the existing VAT law, the government should refrain from changing the truncated base value and tariff value. He expressed concern over the fact that the government could gradually implement a new VAT law with 15% uniform rate in most, if not all sectors in Bangladesh. Source: http://www.dhakatribune.com/business/2017/11/15/govt-goes-incremental-increase-vat/

GOVT FOR STRICTER PERFORMANCE CRITERIA FOR STATE-RUN BANKS Defaults in loans issued by the countrys state-owned banks account for 27% of the total in the banking sector The government is considering punitive actions against officials of eight state-run banks for dispensing bad loans to little known clients, the Bank and Financial Institutions Division has said. The authorities concerned are also contemplating the idea of revealing the names of top loan defaulters in newspaper advertisements to check an upward trend in defaulting. The recommendations form part of a new set of conditions to be imposed on the state-run banks as fresh performance criteria. They will be discussed in a meeting at the Finance Division auditorium in Dhaka today of the Bank and Financial Institutions Division and the managing directors of eight state-owned banks. The state-run institutions are: Sonali Bank Ltd, Janata Bank Ltd, Rupali Bank Ltd, Bangladesh Development Bank Ltd, Bangladesh Krishi Bank, Rajshahi Krishi Unnayan Bank, Bangladesh House Building Finance Corporation, and Investment Corporation of Bangladesh. In September this year, participants at a conference organised by the Bank and Financial Institutions Division demanded to know why the managing directors of the state-run banks who draw monthly salaries of Tk4 lakh on average had not yet taken any stern action against loan defaulters. Defaults in loans issued by the countrys state-owned banks account for 27% of the total in the banking sector. A total of 24 recommendations to reduce this ratio were selected from suggestions proposed during a Bank and Financial Institutions Division workshop held two months ago at the CIRDAP auditorium in Dhaka, which was attended by Finance Minister AMA Muhith. Bank and Financial Institutions Secretary Md Eunusur Rahman told the Dhaka Tribune that the government had been trying to incorporate all of the major recommendations from the workshop, titled How to Meet the Challenges of State-Run Banks. We have selected some recommendations that may be put into effect in a bid to resolve the problems that plague the state-run banks, he said. Moreover, the technological capacity in remote branches of state-run banks will be enhanced to facilitate their smooth operation. Not all of the measures tabled are punitive, however: one would reward borrowers who pay off their debts regularly; while another would offer incentives to officials who approve good loans. Another recommendation suggests separate debt monitoring of large loan defaulters who have borrowed more than Tk100 crore from state-run banks by the Bangladesh Banks debt monitoring system. Another recommendation states that no case should be filed if at least 50% of a loan can be recovered through negotiation. Source: http://www.dhakatribune.com/business/banks/2017/11/15/govt-stricter-performance-criteria-state-run-banks/

http://www.dhakatribune.com/business/2017/11/15/govt-goes-incremental-increase-vat/http://www.dhakatribune.com/business/banks/2017/11/15/govt-stricter-performance-criteria-state-run-banks/http://www.dhakatribune.com/business/banks/2017/11/15/govt-stricter-performance-criteria-state-run-banks/


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7 SOCIAL ISLAMI BANK DIRECTORS RESIGN, 9 NEW APPOINTMENTS MADE Seven members of Social Islami Bank Limiteds board of directors have resigned from their posts on personal grounds. According to SIBL sources, nine new directors were also appointed at the same meeting of the private commercial banks board on Monday. Among the seven that have resigned, four were independent directors: Md Abdur Rahman, Abdul Muhith, AFM Asaduzzaman and Moinul Hasan. The remaining three, who are yet to be identified, were shareholders of the bank. The names of the nine new directors who were appointed at the meeting seven independent and two shareholders are also yet to be known. All of the changes are pending approval from Bangladesh Bank. Also Read- Social Islami Bank faces hostile takeover SIBL Chairman Anwarul Azim Arif told the Dhaka Tribune on Tuesday: Seven directors resigned from their posts on personal grounds, while nine new directors were also appointed yesterday (on Monday). Earlier on October 30, SIBL faced what insiders claimed was a hostile takeover, when former SIBL chairman Major (Retd) Dr Md Rezaul Haque and former executive committee chairman Md Anisul Hoque were replaced by former Chittagong University vice-chancellor Prof Anwarul Azim Arif and Belal Ahmed, vice chairman of NRB Global Bank, respectively. Former managing director of SIBL Shahid Hossain also stepped down and was replaced by Quazi Osman Ali, additional managing director of First Security Islami Bank Ltd. Arif qualified for the position of director as he is a representative of the little-known Hasan Abashan Company Ltd, a sister concern of S Alam Group. First Security Islami Bank Ltd, where Quazi Osman Ali was additional managing director, is also owned by S Alam group. According to sources, Belal is the son-in-law of S Alam Group Chairman and Managing Director Mohammed Saiful Alam. Source: http://www.dhakatribune.com/business/banks/2017/11/14/social-islami-bank-directors-resign/

APPAREL EXPORTERS FALL PREY TO TK 600CR FRAUD Bangladeshi garment exporters have fallen victim to fraudulence recently, with some 26 companies apparently manufacturing goods worth around Tk 600 crore for a non-existent British company. Two local garment buying houses, Vanguard and ASM Apparels Ltd, placed the work orders on behalf of the importer, Y&X, saying that the latter is owned by a Bangladeshi-born British citizen named Manjur Billah. The duo offered higher prices, on condition that the raw materials have to be bought from select textile factories in China. The deception came to light after the first batch of consignments were left unclaimed for over one month at a UK port. The Daily Star could not reach anyone from the two accused buying houses. It is a big accident for our company as we never faced such fraudulence in our 20 years' garment business, said a general manager of one of the victim export-oriented garment factory. We have shipped garment items worth Tk 50 crore, he told The Daily Star asking not to be named fearing that it would tarnish his company's reputation. A few consignments are in the factory and some are on the way to the UK port and some have already reached the UK, he said.

http://www.dhakatribune.com/business/banks/2017/11/14/social-islami-bank-directors-resign/http://www.dhakatribune.com/business/banks/2017/11/14/social-islami-bank-directors-resign/


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The official also said his company started shipping the goods, such as denim shirts and trousers, in the last week of September and continued to do so in the first week of October. The company is part of a conglomerate which annually exports $80 million worth garment items. The group has already filed a case with Badda Police Station 20 days ago. Arrests are yet to be made as the accused are allegedly absconding. The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has been trying to find a solution with 26 garment exporters having complained of being cheated by the two buying houses. Another 22 small Bangladeshi garment exporters suffered a similar fate in 2012 after Indian kidswear retailer Lilliput failed to pay $5 million with the excuse of becoming bankrupt. The goods had been sent without letters of credit (LCs). The number of victims might increase further as many of the affected factories are yet to lodge complaints with the BGMEA, said Mohammed Nasir, vice-president of the garment makers' platform. The BGMEA has already started the initiative to recover the money. We will send letters to the Bangladesh embassy in the UK seeking information about the company and for lobbying with the British government for recovering payments for the exporters, he said. If the goods are not received, the exporters will be asked to bring those back and go for stock lot sales in Bangladesh, he said, adding that if the exporters pay the freighters, they would bring the goods back. If the garment exporters do not get their money on time, the Chinese textile millers will also be affected as the garment makers would not be able to pay them, Nasir said. KI Hossain, president of Bangladesh Garment Buying House Association, said the accused two buying houses were not their members. A total of 8.5 million pieces of garment items were supposed to be shipped in favour of Y&X, he said. Some of the smaller factories affected have already started to feel the brunt of the fraudulence, he said. Mahmud Hasan Khan, another vice-president of BGMEA, said it was not exporters but importers who usually insured the goods. In the case of the 26, it is not clear whether the goods were insured. However, the goods were shipped following procedures of LCs. If the goods are insured, by any chance, the exporters will get the money from the insurance company. But we have to check further, said Khan. If, say, Y&X does exist but has gone into hiding on going bankrupt, the exporters will face further delays as the British court will have to declare the company bankrupt and sell its assets to repay the Bangladeshi exporters, he said. Talking to The Daily Star, an official of state-owned Bangladesh Export Promotion Bureau said none had gone to their office to lodge complaints. If any exporter comes and complains to us, we will go for finding a solution, the official said asking not to be named. The UK is the third largest export destinations for Bangladesh after the US and Germany. Bangladesh exported garment goods worth $3.30 billion to the UK in 2016-17, which was $3.52 billion in 2015-16 and $2.9 billion in the fiscal 2014-15, according to Bangladesh Export Promotion Bureau. Garments make up nearly 90 percent of Bangladeshi exports to the UK. Source: http://www.thedailystar.net/business/apparel-exporters-fall-prey-tk-600cr-fraud-1491313

http://www.thedailystar.net/business/apparel-exporters-fall-prey-tk-600cr-fraud-1491313


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TELCOS CLAW BACK MOMENTUM

The telecom industry has regained its growth momentum, as the number of new mobile connections has increased 18.16 percent year-on-year to 14.07 crore in September this year. The number of internet connections also grew 18.49 percent to 7.92 crore during the period. In the last 12 months, the country added 2.16 crore new SIMs and 1.24 crore internet connections, according to the monthly report of Bangladesh Telecommuni-cation Regulatory Commission published yesterday. The growth is a very positive sign for the sector and the mobile operators welcome it, said TIM Nurul Kabir, secretary general of the Association of Mobile Telecom Operators of Bangladesh. The growth indicates that Bangladeshi people are actually embracing more and more digital technologies and a huge scope is there to achieve more growth, he said. The sector's growth slowed down to a great extent when the mobile operators disconnected over one crore SIMs after conducting biometric verification in six months till July in 2016. From October 2016 to September this year, the newly merged Robi added 95.99 lakh SIMs, the highest among all operators, according to BTRC data. Market leader Grameenphone added 88.67 lakh SIMs, Banglalink 29.08 lakh and the state-owned Teletalk achieved 2.52 lakh, the lowest. Grameenphone now has 6.38 crore subscribers, Robi 4.12 crore, Banglalink 3.24 crore and Teletalk 32.41 lakh. A senior official of the telecom regulator said they have never seen this type of growth on mobile and internet connections in recent times. The hype about the launch of 4G services might have boosted the growth, he said. The mobile operators did a great job to connect more people, Kabir said. The growth also resembles the economic development of the country. He also urged the government to reduce VAT and other taxes on use of internet to help people use internet at cheaper rates. On use of telecom services, people now pay 15 percent VAT along with 5 percent supplementary duty and 1 percent surcharge. The spread of digital services is widening fast, and this is the time for the government to help the operators provide people with such services at cheaper rates, Kabir said. Of the country's total internet connections, 93.17 percent are using mobile numbers to get internet services. The country now has 53.21 lakh fixed internet connections and 90,000 Wimax connections, according to the BTRC report. Source: http://www.thedailystar.net/business/telcos-claw-back-momentum-1491358

http://www.thedailystar.net/business/telcos-claw-back-momentum-1491358


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ACI PROFIT SLUMP MAKES INVESTORS JITTERY ACI was the day's biggest loser yesterday after the local business giant reported a 36.67 percent slump in profits for the July-September quarter. On Monday, ACI Ltd reported net profit of Tk 11.35 crore for the first quarter of 2017-18. The company's trading on the Dhaka Stock Exchange remained suspended on the day. Upon resumption of trading yesterday the stock was subjected to huge selling pressure, with its value tumbling to as low as Tk 490.2 from its last closing price of Tk 582.9. It ended the day at Tk 499.6, down 14.29 percent from the previous session, making it the day's biggest loser. The frenetic trading sent the stock to the top 5 spot in the day's turnover chart: some 779,858 shares worth Tk 38.33 crore changed hands. Asked about the significant fall in net profits, M Anis Ud Dowla, chairman of ACI, blamed it on slow growth in the company's agriculture segment. There are lots of opportunities -- we will do good business in the coming days, he said, banking on the new investments it has undertaken in different fields. Earlier on October 24, ACI announced investment of Tk 24.7 crore in its subsidiary ACI Foods. It will also invest Tk 4 crore in its joint venture with British beverage manufacturer Tetley. ACI declared 40 percent cash and 10 percent stock dividends for the financial year that ended on June 30, 2017. Daily market Stocks ended in the green yesterday due to active participation of investors amid earnings declaration from companies whose financial year ended in June. Subsequently, turnover recorded was the highest in the last one month: Tk 1,176 crore. The DSEX, the benchmark index of the DSE, closed the day at 6,252, up 35.53 points from the previous day. Of the traded stocks, 128 advanced, 166 declined and 35 remained unchanged. Banking sector led the turnover table, accounting for 41.98 percent of the day's turnover. City Bank was the day's most traded stock, with its turnover of Tk 56 crore, followed by AB Bank, Grameenphone and Dhaka Bank. Among the major sectors, telecom and pharmaceuticals posted gain of 1.69 percent and 1.32 percent respectively. United Insurance was the day's biggest gainer, with its stock adding 9.64 percent in value during the course of the trading session to close at Tk 30.7. IPDC Finance, Prime Finance First Mutual Fund, Dhaka Insurance and Mutual Trust Bank rounded off the top five spots in the gainers' chart. Source: http://www.thedailystar.net/business/aci-profit-slump-makes-investors-jittery-1491298

TOURISM FAIR BEGINS IN CTG TOMORROW The ninth edition of an international tourism fairUS-Bangla Airlines Chittagong Travel Mart-2017begins at the Peninsula Chittagong in the port city tomorrow. Twenty-one organisations, including US-Bangla Airlines, Regent Airways, Be Fresh, Ocean Paradise Hotel, Saimon Holidays, Heaven Tours, Xinhua Bangla, Bangkok Hospital, Fortis Hospital and Heaven Tours, will showcase their products and services at the three-day event. The Bangladesh Monitor is organising the show, for which US-Bangla Airlines is the title sponsor. There is no entry fee for the show which will remain open for visitors from 10:30am to 8pm every day.

http://www.thedailystar.net/business/aci-profit-slump-makes-investors-jittery-1491298


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AJM Nasir Uddin, Chittagong City Corporation mayor, will inaugurate the fair as the chief guest while Mahbubul Alam, president of Chittagong Chamber of Commerce and Industry, will be present as the special guest. Md Nasir Uddin, CEO of Bangladesh Tourism Board, will preside over the inaugural ceremony. Source: http://www.thedailystar.net/business/tourism-fair-begins-ctg-tomorrow-1491286

DSEX HITS RECORD HIGH RIDING ON GP Stocks rebounded Tuesday, after a single-session break, with prime index of the Dhaka Stock Exchange (DSE) reached record high since its inception on January 27, 2013. Brokers said the market rebounded as investors showed their buying appetite on telecommunication, pharmaceuticals and food & allied sectors, anticipating positive momentum. It took the core index of the prime bourse to a record high. The telecom sector continued to surge as GP, the country's largest market-cap listed company's shares price continued to soar and closed at Tk 499.90, the highest closing price since listing with the bourses in 2009. The GP's share price surged to Tk 71.20 or 16.36 per cent within one month since October 15 last. "GP is the largest market cap listed company, which accounted for more than 17 per cent market cap of prime bourse to affect the index largely," said an analyst at a leading brokerage firm. The market started on a positive note and the upward trend sustained till end of the session amid modest volatility. Finally it ended more than 35 points higher. DSEX, the core index of the DSE, which replaced the DGEN in nearly five years back, went up by 35.52 points or 0.57 per cent to settle at 6,252. It was the highest level of DSEX since its inception on January 27, 2013. "Enthusiastic investors went on a buying spree on telecom, pharma and bank sector stocks whereas some investors booked profit on textile, fuel & power and ceramic sector stocks," commented International Leasing Securities, a stockbroker, in an analysis. The port city bourse Chittagong Stock Exchange (CSE) also closed higher with its Selective Categories Index - CSCX - gaining 69 points to close at 11,732. Losers beat gainers as 118 issues closed lower, 85 ticked higher and 33 remained unchanged on the CSE. The port city bourse traded 18.39 million shares and mutual fund units worth more than Tk 723 million in turnover. Source: http://today.thefinancialexpress.com.bd/stock-corporate/dsex-hits-record-high-riding-on-gp-1510674508

EPS OF 25 COS RISE, 11 FALL IN Q1 Some 36 more listed companies disclosed their first quarter (Q1) earnings for July-September period of 2017, according to separate disclosures posted on the Dhaka Stock Exchange (DSE) website on Tuesday. Of them, earnings per share (EPS) of 25 companies increased while 11 declined in July-September quarter of 2017 compared to the same period a year ago, according to companies' un-audited financial statements. EPS of BBS Cables, Square Pharmaceuticals, Fu-Wang Ceramic, Safko Spinning, Regent Textile, MJL BD, Oimex Electrode, Wata Chemicals, Simtex Industries, Sinobangla Industries, Fortune Shoes, Saiham Textile, Renata, Nurani Dyeing, BD Autocars, HR Textile, Unique Hotel & Resorts, Beximco, Shinepukur Ceramics, Kohinoor Chemicals, Paramount Textile, Zaheen Spinning, Prime Textile, Doreen Power and RD Food rose during the period.

http://www.thedailystar.net/business/tourism-fair-begins-ctg-tomorrow-1491286http://today.thefinancialexpress.com.bd/stock-corporate/dsex-hits-record-high-riding-on-gp-1510674508http://today.thefinancialexpress.com.bd/stock-corporate/dsex-hits-record-high-riding-on-gp-1510674508


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The earnings per share (EPS) of recently listed BBS Cables rose sharply by 138 per cent to Tk 1.57 for July-September, 2017 as against Tk 0.66 for July-September, 2016. Square Pharma's EPS rose more than 24 per cent to Tk 4.39 for July-September, 2017 as against Tk 3.53 for July-September, 2016. EPS of Fu-Wang Ceramic increased more than 44 per cent to Tk 0.13 for July-September, 2017 as against Tk 0.09 for the same period a year ago. Safko Spinning's EPS stood at Tk 0.12 for July-September, 2017 as against Tk 0.09 for July-September, 2016. EPS of Regent Textile was Tk 0.29 for July-September, 2017 as against Tk 0.27 for the same period of 2016. MJL BD's EPS stood at Tk 1.70 for July-September, 2017 as against Tk 1.67 for July-September, 2016. On the other hand, EPS of Dulamia Cotton, Bengal Windsor, Pacific Denims, Rahima Food Corporation, Gemini Sea Food, Khulna Papers & Printing, Beximco Synthetics, Saif Powertec, Delta Spinners, Square Textile and Tosrifa Industries declined in July-September quarter of 2017 compared to the same quarter a year ago. Source: http://today.thefinancialexpress.com.bd/stock-corporate/eps-of-25-cos-rise-11-fall-in-q1-1510674642

ECNEC OKAYS BD-INDIA 3RD POWER LINE PROJECT The government approved on Tuesday the installation of Bangladesh-India third cross-border power transmission line project along with nine other projects at a total cost of Tk 33.33 billion. Presided over by Prime Minister Sheikh Hasina, the Executive Committee of the National Economic Council (ECNEC) approved the electricity transmission line project at a cost of Tk 1.89 billion. Emerging from the meeting, Planning Minister A H M Mustafa Kamal said the Power Grid Company of Bangladesh (PGCB) will install the second cross-border gridline from Bheramara to Baharampur of India to transmit 500 megawatts (MW) of power daily. The project will be financed by the Indian government, as it has already confirmed US$ 2.0 billion line of credit (LoC). In 2013, PGCB constructed the first cross-border line between Bheramara and Baharampur to import power from India. The state-owned company has also installed another cross-border gridline between Comilla and Tripura. PGCB will install the Bheramara-Baharampur second 400 kilovolt (kv) high-voltage double-circuit transmission line for importing 500 MW more electricity from India, according to officials. Currently, Bangladesh imports 500 MW of power everyday from India through the first 400 kv transmission gridline. According to PGCB, it will set up the second 40-km double-circuit line between Bheramara and Baharampur by December 2018. ECNEC endorsed other projects - Setting up of Sheikh Hasina Cantonment in Barisal region at a cost of Tk 16.99 billion, Dredging at Mongla Port outer channel at Tk 7.12 billion, Widening and strengthening of Shalikha (Magura)-Arpara-Kaliganj (Jhenaidah) Road at Tk 1.09 billion, Building of Goma Bridge on Rangamati River on Barisal-Laxmipasha-Dumki Road at Tk 576.2 million, and Small-scale irrigation development at greater Khulna and Jessore districts at Tk 1.27 billion. Besides, it also approved Small-scale irrigation development at greater Bogra and Dinajpur districts at a cost of Tk 899.4 million, Remaining work of National Art Gallery expansion, National Anthem and Theatrical Art Centre project at Tk 1.38 billion, and Setting up of Jhenaidah Textile Engineering College (third revision) project at Tk 1.19 billion. Source: http://today.thefinancialexpress.com.bd/trade-market/ecnec-okays-bd-india-3rd-power-line-project-1510675230

http://today.thefinancialexpress.com.bd/stock-corporate/eps-of-25-cos-rise-11-fall-in-q1-1510674642http://today.thefinancialexpress.com.bd/stock-corporate/eps-of-25-cos-rise-11-fall-in-q1-1510674642http://today.thefinancialexpress.com.bd/trade-market/ecnec-okays-bd-india-3rd-power-line-project-1510675230http://today.thefinancialexpress.com.bd/trade-market/ecnec-okays-bd-india-3rd-power-line-project-1510675230


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POTATO EXPORTS FALL SHARPLY Country's potato exports have marked a significant fall in recent years despite a production surplus of the vegetable, sector insiders have said. They have attributed an inadequate supply of exportable potato for shipment to such a fall in its export. Exporters made shipment of potato worth US$ 33.82 million in the fiscal year (FY) 2013-14 while US$ 32.22 million in FY '15, US$ 10.07 million in FY '16 and US$ 12 million in FY '17, according to the Bangladesh Potato Exporters Association (BPEA). Potato export declined by around 69 per cent in FY '16 than that of FY '15, according to BPEA figure. "As there is no main variety of potato in the country, so we are lagging behind international competitiveness. It is very difficult for us to trade without such variety," BPEA president Dr Shaikh Abdul Quader told the FE. "We need market diversification to raise the export volume of potato. There is a huge potential market of the perishable item in Africa and Vietnam," he added. But no move has been taken to create any exportable variety of potato despite having a big demand for the country's potato, he said. Potato exports have declined in the recent years mainly due to an embargo imposed by Russian Federation and lack of new markets, a BPEA source said. Now the export market of the essential item has been squeezing for lack of suitable varieties of potato, he said. As the size of granola potato is round, the importers do not show interest for its shipment. Source: http://today.thefinancialexpress.com.bd/trade-market/potato-exports-fall-sharply-1510675199

REMITTANCE OF FIRST 4 MONTHS SURGES BY 6.9 PC The remittance of the first four months till October in the current fiscal 2017-2018 surged by 6.9 per cent more compared to the remittance in the corresponding period of the last fiscal 2016-2017, reports BSS. Finance Minister Abul Mal Abdul Muhith said this while replying to a query from treasury bench lawmaker M Mamunur Rashid Kiron of Noakhali-3 in the house yesterday. The remittance of the first four months from July to October in the current fiscal fetched at 4,550 million US dollars which is 6.9 per cent more compared to the remittance of the corresponding period in the last fiscal, he said. Source: http://www.theindependentbd.com/post/123727

BB ALLOWS $5,000 SANS DECLARATION Bangladeshi citizens can keep up to USD 5,000 or an equivalent amount of any other foreign currency without any declaration. This came into effect from last Monday, says a circular of Bangladesh Bank (BB). The circular was signed by BB deputy general manager Md Shahidul Islam. On October 15, 2017, BB allowed travellers to take up to Tk. 10,000 in the Bangladeshi currency while leaving the country. The same amount was fixed for travellers coming into the country. All banks that deal in foreign currency have received the circular. In the circular, BB said: Any amount of foreign currency may be brought in by an incoming passenger with declaration to the Customs authorities in Form FMJ. No declaration, however, is necessary for amounts brought in upto USD 5,000 or equivalent. For a foreigner, the entire amount brought in with declaration or upto USD 5,000 brought in without declaration may be taken out freely at the time of departure. Upto USD 5,000 brought in without declaration by a Bangladeshi may also be retained and taken out freely while proceeding abroad. Any amount in excess of USD 5,000 brought in by resident Bangladeshis should, however, be encashed or deposited in an appropriate foreign currency account within 30 days of arrival. Such amounts brought in by nonresident Bangladeshis can be encashed or deposited in a foreign currency account any time after returning to Bangladesh. An incoming/outgoing adult female passenger may bring in/take out any quantity of personal jewellery worn on her person or as part of her accompanying personal

http://today.thefinancialexpress.com.bd/trade-market/potato-exports-fall-sharply-1510675199http://today.thefinancialexpress.com.bd/trade-market/potato-exports-fall-sharply-1510675199http://www.theindependentbd.com/post/123727


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baggage, it added. According to the Customs rule, anyone can bring 10 grams of gold from abroad without tax.

Source: http://www.theindependentbd.com/post/123709

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http://www.theindependentbd.com/post/123709http://www.dailystockbangladesh.com/http://www.kalerkantho.com/print-edition/industry-business/2017/11/15/565636


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