1 DAILY NEWS FLASH Bangladesh: Economy November 13, 2019 People’s Leasing collapse adds to woes of NBFIs The collapse of two non-bank financial institutions (NBFIs) has had an adverse impact on the whole industry. It has predictably pushed profita- bility down to the bottom. In the first nine months of the current year, as much as 70 percent of listed NBFIs went through a severe decline in financial performance, leading to losses in earnings per share. Of the 23 companies listed with the Dhaka Stock Exchange (DSE), only eight saw an improvement in profits in the period January-September this y e a r . Source:https://tbsnews.net/economy/peoples-leasing-collapse-adds- woes-nbfis RMG exporters to go all out for fair prices In a desperate move for better prices, Bangladeshi garment exporters are planning to hold rallies and human chains in major European cities to create awareness among the end consumers. The activist move comes after brands opposed the idea of fixing a base price for garment items. At present, as many as 39 percent of the garment manufacturers are sell- ing garment items to buyers at prices lower than the production costs, according to a survey of the Fair Wear Foundation, an Amsterdam-based organisation that works to improve labour conditions in garment facto- ries. Source: https://www.thedailystar.net/business/news/rmg-exporters-go- all-out-fair-prices-1826470
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DAILY NEWS FLASH Bangladesh: Economy November 13, 2019
People’s Leasing collapse adds to woes of NBFIs
The collapse of two non-bank financial institutions (NBFIs) has had an adverse impact on the whole industry. It has predictably pushed profita-bility down to the bottom.
In the first nine months of the current year, as much as 70 percent of listed NBFIs went through a severe decline in financial performance, leading to losses in earnings per share.
Of the 23 companies listed with the Dhaka Stock Exchange (DSE), only eight saw an improvement in profits in the period January-September this y e a r . Source:https://tbsnews.net/economy/peoples-leasing-collapse-adds-woes-nbfis
RMG exporters to go all out for fair prices
In a desperate move for better prices, Bangladeshi garment exporters are planning to hold rallies and human chains in major European cities to create awareness among the end consumers.
The activist move comes after brands opposed the idea of fixing a base price for garment items.
At present, as many as 39 percent of the garment manufacturers are sell-ing garment items to buyers at prices lower than the production costs, according to a survey of the Fair Wear Foundation, an Amsterdam-based organisation that works to improve labour conditions in garment facto-ries.
Foreign direct investment to Bangladesh surged 51 percent last fiscal year to its highest on record, riding largely on Japan Tobacco Inc’s acquisition of Akij Group’s tobacco business for $1.47 billion.
In 2018-19, net FDI stood at $3.88 billion in contrast to $2.58 billion a year earlier, according to data from the central bank.
“The rise in the FDI last fiscal year will not bring any positive impact for the country. This will not create any fresh investment or give a boost to exports,” said Ahsan H Mansur, executive director of the Policy Research Institute of Bangladesh.
Tax fair begins tomorrow with mobile banking payment feature
The week-long income tax and motivation fair will begin across the country tomorrow. The National Board of Revenue (NBR) is organising the event at the Officers Club Dhaka.
The revenue board is going to introduce mobile payment this year, promot-ing the e-payment method. It will enable the taxpayers to pay through popu-lar payment platforms – Rocket, Upay, bKash, Nagad and SureCash.
Besides, NBR officials will provide one-stop tax-related services to ensure a hassle-free atmosphere for the taxpayers submitting their tax returns.
Stocks faced a mild correction on Tuesday, snapping a four-day rally, as risk-averse investors opted for quick-profit on sector specific shares.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 2.28 points or 0.04 per cent to settle at 4,779 after adding 103 points in the past four cosncicutive sessions.
Market analysts said the market faced natural correction as investor booked short-term profit on stocks that saw significant gains in the past four trading days.
The board of directors of Bashundhara Paper Mills has recommended 15 per cent cash dividend for general shareholders (other than the sponsors-directors) for the year ended on June 30, 2019, said an official disclosure on Tuesday.
The sponsors/directors hold 147,749,775 shares out of total 173,791,441 shares of the company and the cash dividend to be payable to the general shareholders is Tk 3,90,62,499.
The final approval of dividend will come during the Annual General Meeting (AGM) scheduled to be held on December 24 at International Convention City Bashundhara in Dhaka.
Hillary Clinton yesterday said it was “shameful” that the British government had not published a delayed parliamentary report into possible Russian inter-ference in British politics ahead of December elections.
British Prime Minister Boris Johnson’s government has previously rejected claims it was suppressing the report to avoid a scandal ahead of next month’s snap poll.
“Every person who votes in this country deserves to see that report before your election happens,” the defeated US presidential candidate told BBC Radio 4 during a book tour.
French President Emmanuel Macron yesterday said that the global political system was in “unprecedented crisis”, urging new kinds of alliances and co-operation to solve the world’s problems.
Macron’s warning came days after the publication of an interview in which the president argued Nato was experiencing brain death and Europe risked becoming insignificant, in comments that sent shockwaves around EU capi-tals.
“We are experiencing an unprecedented crisis in our international system,” he told the Paris Peace Forum, a France-backed group promoting global peace. The president said that “new ways of cooperation, new alliances” are needed between states and organisations, complaining that the United Na-tions itself has become “blocked”.
Gold prices eased on Tuesday as expectations of positive trade talks be-tween the United States and China bolstered risk appetite, while investors booked profits.
Spot gold slipped 0.1 percent to $1,454.82 per ounce as of 1033 GMT, ex-tending declines into a fourth straight session. US gold futures dropped 0.1 percent to $1,455.60 per ounce.
World markets edged higher on Tuesday as investors awaited a speech by US President Donald Trump on trade policy, and amid news he will proba-bly delay a decision on whether to slap tariffs on European autos.
Hyundai Dev wins bid for Asiana stake, to inject over $1.7b
South Korean builder Hyundai Development Co said on Tuesday its consorti-um has been picked as the preferred bidder for a controlling stake in Asiana Airlines and would inject over $1.7 billion into the debt-ridden carrier.
The deal would draw a line under a tumultuous period for the country’s No.2 carrier which is saddled with 9.6 trillion won ($8.3 billion) debt, as it battles rising competition from budget airlines and falling tourism traffic to Japan.
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