daily news flash...4 stocks fall sharply on political worries dhaka stock exchange yesterday saw its...
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DAILY NEWS FLASH Bangladesh: Economy
Savings tools once again trump bank prod-
ucts
Savers have started to flock back to savings instruments with net sales
hitting a six-month high in July as bank deposit products continue to
yield underwhelming returns.
Net sales of savings instruments stood at Tk 5,036 crore in July, the
highest since February, according to the latest data of the Directorate of
National Savings Certificates.
In January, net investment in the tools stood at Tk 5,140 crore, after
which it ranged between Tk 3,100 crore and Tk 4,200 crore.
Source: https://www.thedailystar.net/business/banking/news/
savings-tools-once-again-trump-bank-products-1637815
Date: Sept 24, 2018
Waning grant flow creating pressure on
budget financing
The availability of foreign grant has been declining over the past few
years, putting the government's budget financing under pressure.
Development partners now view that Bangladesh's gross national
income (GNI) has increased, and that's why the country can get less
grant or the aid which need not be repaid.
The government had received Tk 58.71 billion in fiscal year (FY),
2013-14 as grant. It dropped by nearly 58 per cent in FY 2014-15.
In FY 2015-16, the foreign grant fell by Tk 3.15 billion to Tk 21.69
billion, according to official statistics.
Source: http://thefinancialexpress.com.bd/economy/waning-
grant-flow-creating-pressure-on-budget-financing-1537762204
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Engage pvt sector in achieving SDGs, say experts There is still a major lacuna in the institutional framework for engaging the private sector in achieving the sustainable develop-ment goals (SDGs), experts said. The private sector has a major role to play in attaining the SDGs, they said. The experts said the contribution of the private sector remained stagnant at 23 per cent for the past four years which is not intend-ed in a resource-constraint country like Bangladesh where the tax-GDP ratio is the lowest. On the other hand, the government is trying to cover up the short-fall of private investment by increasing public investment, they added. Source: http://today.thefinancialexpress.com.bd/trade -market/engage-pvt-sector-in-achieving-sdgs-say-experts-1537723828
Bangladesh: Economy
Bangladesh economy performing well,
claims Muhith
Expecting another decade of vibrant economic activities, Finance Min-
ister AMA Muhith today (Sunday) said Bangladesh’s economy has
been performing well for the last 10 years.
“We have managed our economy well in the last 10 years… I think, we
should have another decade of regional cooperation and growth of
trade,” he said, speaking as the chief guest at an international confer-
ence on the Sustainable Development Goals (SDGs) at Sonargaon Ho-
tel in Dhaka.
The Institute of Cost and Management Accountants of Bangladesh
(ICMAB) organised the conference titled “Role of Professional Ac-
countants towards achieving SDGs”.
Source: http://thefinancialexpress.com.bd/economy/bangladesh
-economy-performing-well-claims-muhith-1537698697
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DAILY NEWS FLASH Bangladesh: Sector & Company
JV to invest Tk 500cr in steel plant
Japan's Nippon Steel has formed a joint venture company with Bang-
ladesh's McDonald Steel Building Products Ltd to set up an import
substitute plant in the Mirsarai Economic Zone in Chattogram.
Initially, the two companies have agreed to invest $59.19 million, or
nearly Tk 500 crore, to establish the plant.
“We will manufacture basic steel products like galvanised steel, steel
sheets and pre-fabricated steel,” said Mohammad Sarwar Kamal,
managing director of McDonald Steel.
Bangladesh Economic Zones Authority (Beza) yesterday signed an
agreement with the joint venture to lease out 100 acres of land in the
economic zone for the plant.
Source: https://www.thedailystar.net/business/economy/
news/jv-invest-tk-500cr-steel-plant-1637794
Apex Footwear to buy land, building in
Tongi
Apex Footwear, an 'A' category company, will purchase one bigha (20
kathas) of land with a six-story building at a cost of Tk 290 million,
excluding registration and other costs.
The company on Sunday made the disclosure through the website of
Dhaka Stock Exchange (DSE).
According to the disclosure, the board of directors has decided to pur-
chase the land with a built up area of 72,000 sft. (12,000 sft. each
floor) situated at Block-C, Plot No. 29 of Tongi Industrial Area of
RAJUK at Tongi in Gazipur district.
Source: http://today.thefinancialexpress.com.bd/stock -
corporate/apex-footwear-to-buy-land-building-in-tongi-1537719747
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Stocks fall sharply on political worries
Dhaka Stock Exchange yesterday saw its biggest single-day fall in
over two and a half months fearing political uncertainty in the
run-up to the national election, market insiders said.
BNP leaders on Saturday joined a rally of Jatiya Oikya Prokriya, a
platform of some political parties led by Dr Kamal Hossain, and
extended support to their three-point demand including for-
mation of a polls-time neutral government.
DSEX, the benchmark general index of the DSE, dropped 51.80
points or 0.94 percent to close the day at 5,415.24.
Earlier on July 2 the index had shed 83 points.
Source: https://www.thedailystar.net/business/news/stocks-
fall-sharply-political-worries-1637788
DSE & CSE News
Evince Textiles goes to 'Z' category today
Evince Textiles Limited (ETL), an 'A' category company, will be placed
in 'Z' category today (Monday) as the company has not recommended
any dividend for the year ended on June 30, 2018.
The company on Sunday became the worst loser following its 'no divi-
dend' declaration.
On the day, the company's share price declined 30.0 per cent or Tk
4.50 to close at Tk 10.40 each.
The stock brokers and merchant bankers have also been requested to
abstain from providing loan facilities to purchase security of the ETL.
As per rules, investors are not allowed to avail of the loan facilities
against 'Z' category securities.
Source: http://today.thefinancialexpress.com.bd/stock -
corporate/evince-textiles-goes-to-z-category-today-1537719804
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