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Date: 06-01-2016
Source: Reasearch Department
Header Important News Snippets, 06 January 2016
News Description

Padma Bridge cost goes up by 40.0%

Thegovernment has again enhanced the Padma Multipurpose Bridge (PMB) constructioncost by 40.0% to BDT 287.3 billion through a revision of the project outlay.Officials said the approval came from the Executive Committee of the NationalEconomic Council (ECNEC) in its meeting Tuesday with Prime Minister SheikhHasina in the chair. This is a second revision of the project that jacked upthe cost from the existing amount of BDT 205.1 billion. The past FakhruddinAhmed-led non-party interim government in August 2007 for the first timeapproved the project for Padma Bridge construction involving BDT 101.6 billion.At the time, the World Bank (WB) and three other foreign lenders came forward tofinance project.

Excess liquidity haunts banks

Topexecutives of the scheduled banks have said excess liquidity is still a matterof concern in the banking sector as the country’s entrepreneurs are nowreluctant to expand their business by taking credit from the banks. The raisedthe issue at a quarterly bankers’ meeting with Bangladesh Bank at the centralbank headquarters in the capital Dhaka on Tuesday. BB governor Atiur Rahmanpresided over the meeting while senior officials of the central bank andmanaging directors of the banks were present. Anis A Khan, president of theAssociation of Bankers, Bangladesh, an organization of top executives of thebank, told reporters after the meeting that the entrepreneurs would have tocome forward to mitigate the crisis of excess liquidity in the banking sector.The crisis will be resolved if the businesspeople take loan from the banks toexpand their business, he said.

Source Link http://old.thefinancialexpress-bd.com/2016/01/06/129899#sthash.HlDWSvre.dpuf
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Date: 25-08-2015
Source:
Header Oil plunges to a 6-year low. Is $30 a barrel next? [Extremely cheap oil is back, and it may get even cheaper]
News Description

Implication for Bangladesh: Oil subsidy cut, push GOB to lower domestic oil price (in factGOB is thinking it to do it soon), further ease in inflation [good news forBangladesh, better news for Capital Market !!!)

Crude oilprice plunged 4% to as low as $42.85 a barrel on Monday (24th August2015). That's the lowest price since March 2009  (6-year low) and marksthe fifth consecutive day of losses. This should bring smiles to the faces ofthe millions of American drivers who have watched gasoline prices creephigher in recent weeks.  A month ago, people were talking about an"oil comeback." Now that looks like just a mirage. More and moreanalysts predict prices of $40 or lower, at least in the near term. "Ithink the market almost has to have a $30-handle on it before it gets this outof its system," said Tom Kloza, chief oil analyst at the Oil PriceInformation Service. That could cause gas prices to take another tumble, Klozasays, bringing the average U.S. price back to around $2 a gallon. It'scurrently at $2.42.

·        What's fueling the latestplunge? The world still has too much oil. The supplyglut that sparked the dramatic crash in crude from $100 a barrel last summer tounder $50 in January remains. Oil settled at $43.88 on Monday. The key now isto see a pullback in production, but so far no one wants to budge. OPEC hasn'tscaled back production, and power player Saudi Arabia continues to say it has nointention to do so.  In the U.S., shale companies also continue topump more and more oil. While there are signs that the number of oil drillingrigs has fallensignificantly in recent weeks, there's a lag before that drop in rigsreally translates into less production.  "Shale production is notgetting dented," says Kloza.

·        Strong dollar, weak oil: Atthe same time, the U.S. dollar continues to skyrocket at an even faster pacethan anyone expected. One dollar is now nearly worth one euro, and GoldmanSachs thinks the euro could plunge to just 80 cents by the end of 2017. Astronger greenback is bad for oil prices because the black stuff trades indollars. So when the dollar strengthens, it makes oil more expensive forforeign buyers whose own currencies are weaker. One factor that could sparkanother round of selling is a nuclear deal with Iran that lifts sanctions onthe country. Allowing Iranian oil to flood the market would only exacerbate theongoing supply glut.

·        Key numbers to watch: Whilethe oil slide has been going on for months, there are key thresholds that actas trigger points for the market. Crude's collapse below $43.50 a barrel onMonday represents one of those points. Barclays said that breach makes the bankmore negative on oil and signals a further move below $40. In other words, theselling is probably not done. "It will overreact to the downside. Thereare an awful lot of smart people who think this market is on a rendezvouscourse with the December 2008 low of $32.40," says Kloza. That levelrepresents a modern day low, although it occurred under extremely differentcircumstances. Back then oil was slammed by lack of demand as the world'slargest economy was trying to rescue itself from a major financial crisis.Today oil is falling because there is too much supply. These prices probablywon't last, experts say. Oil is unlikely to average a low figure like today's$43 for all of this year or next. But it's part of the recovery process."It's a little bit like a professional athlete tearing his meniscus. Thereis a lot of rehab needed," says Kloza.

Source Link http://money.cnn.com/2015/03/16/investing/oil-prices-gas-6-year-low/
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Date: 13-07-2015
Source: The Daily newagebd
Header Group level merger: Bangladesh operations of Lafarge, Holcim to remain separated
News Description

The operations of cement makers Lafarge andHolcim will remain separated in Bangladesh despite the two cement giants’global merger which created LafargeHolcim. Lafarge Surma Cement Ltd, in whichFrance’s Lafarge is a sponsor, in a notice to the Dhaka Stock Exchange onSunday said Lafarge had merged with Swiss Holcim Ltd on Friday. ‘As a result ofthe merger in the Group level, one of the LSC’s sponsor groups is nowLafargeHolcim Ltd,’ said the notice. ‘However in Bangladesh, due to the currentcorporate structures of both LSC and Holcim Bangladesh Limited, both willremain as separate companies and are still competitors until communicateotherwise,’ said LSC. Following the corporate disclosure, the share price ofLSC dipped by more than 3.0% closing at BDT 110.7 on the DSE as investorsbecame disappointed. After the issue of global merger of Lafarge and Holcimemerged in 2014, the share price of LSC started to rise briskly as investors werehoping for the merger of the companies’ Bangladesh operations and betterreturns.

Source Link http://newagebd.net/137662/group-level-merger-bdesh-operations-of-lafarge-holcim-to-remain-separated/#sthash.N2wVJJNK.dpbs
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Date: 02-07-2015
Source: The Financial Express
Header New banks, insurers, NBFIs to pay tax at lower rate
News Description

Parliament (Jatiya Sangsad) passed Monday theFinance Bill 2015 with amendments that include cuts in the proposed higher taxat source on exports, corporate tax, VAT on private universities andsupplementary duty on internet uses. Finance Minister AMA Muhith came up withthe changes in the proposed fiscal measures for 2015-16 in compliance with the'requests' made by Prime Minister Sheikh Hasina in the House before the billwas put to voice vote. The finance minister in the Finance Bill had proposed tolevy 1.0% tax at source on all exports, including readymade apparels, which nowstands slashed down at 0.6%. The apparel exporters paid tax at source on theirexport proceeds at a rate of 0.3% in the outgoing financial year (FY) 2014-15.And the proposed hike had created outcry in the country's main exportsector.      

Source Link http://www.thefinancialexpress-bd.com/2015/06/30/98618 http://www.dhakatribune.com/business/2015/jun/30/new-banks-enjoy-reduced-tax http://newagebd.net/134069/politically-licensed-9-new-banks-to-enjoy-tax-cut-like-listed-ones/#sthash.LJvu33Ib.dpbs
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Date: 18-06-2015
Source: The Financial Express
Header Government clears big Chinese loan (USD 796.0 mn) to build Dhaka Elevated Expressway
News Description

The government has approved an USD 796.0million loan from China Development Bank (CDB) for building the Dhaka ElevatedExpressway (DEE) to help ease the traffic troubles on the city roads, officialssaid. Work on the long-delayed project may start in coming December. "Theloan has been approved," a senior official, familiar with foreign loansand supplier's credit-approval process, told the FE Wednesday. The loan wasokayed at a meeting of the scrutiny committee for approval of foreign loans orsupplier's credits, held in the central bank headquarters in Dhaka Monday.Committee chairman and Bangladesh Bank Governor Dr Atiur Rahman presided."The interest rate on the loan has been fixed at six-month LIBOR (LondonInter-bank Offered Rate) plus 4.5%," the official said. The effectiveinterest rate will be below 5.0% on the 15-year-term foreign-currency loan.

http://www.thefinancialexpress-bd.com/2015/06/18/97073 


Source Link http://www.thefinancialexpress-bd.com/2015/06/18/97073
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Date: 18-06-2015
Source: Daily News Age
Header High Court declares Shurwid’s AGM, EGM illegal
News Description

The High Court on Wednesday declared illegal the annual general meeting and extra-ordinary general meeting held by a group of directors of Shurwid Industries in December last year. A company bench ofJustice Syed Refaat Ahmed also directed the authorities of the company to holda fresh AGM and EGM by September 30. The bench pronounced the verdict disposingof a writ petition filed by Shurwid industries’ chairman Md. Anis Ahmedchallenging the legality of the AGM and EGM held on December 20, 2014. In the AGMand EGM, a faction of the board members appointed Md. Tuhin Reza as chairmanand Md. Mahmudul Hasan as managing director of the company although Anis Ahmedhad postponed the programmes. In the verdict, the High Court also declaredillegal the approval of 15.0% stock dividend declared by the faction of theboard of directors.

http://newagebd.net/130393/hc-declares-shurwids-agm-egm-illegal/#sthash.jPaV0j2N.dpuf

Source Link http://newagebd.net/130393/hc-declares-shurwids-agm-egm-illegal/#sthash.jPaV0j2N.dpuf
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Date: 26-06-2013
Source: USA Today
Header News Paper Clipping - Bangladesh Land of Opportunity by USA Today
News Description Click below for USA Today Bangladesh Supplement copy - Bangladesh Land of Opportunity by Editor in Chief: Alberto Leandro Llaryora.
Source Link
Attachment Our World - Bangladesh.pdf

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