Tuesday, September 29

Business

In US-China tech war, investors bet on China’s localisation push
Business

In US-China tech war, investors bet on China’s localisation push

As the US-China "tech war" widens, investors are betting on China's efforts to replace US technologies with indigenous applications to run networks in the state sector. In recent months, local governments and state firms such as China Telecom have announced plans and procurements aimed at fostering a home-grown tech ecosystem to displace gear from the likes of Intel, Microsoft, Oracle and IBM. An index tracking Chinese IT stocks has jumped nearly 30% this year, doubling blue-chip gains. "We're seeing more US actions against China, and the future tends to be 'one world, two systems'," said Wu Kan, portfolio manager at Soochow Securities Co, who has invested in local tech leaders including China National Software & Service Co Ltd, China Greatwall Technology Group and Beijing Kingsoft...
Fashion app sells off unwanted stock to aid Bangladeshi workers
Business

Fashion app sells off unwanted stock to aid Bangladeshi workers

A British shopping app is raising money to help hard-pressed garment workers in Bangladesh by selling off clothes ditched by global fashion brands as the coronavirus crisis decimated their sales. Under Mallzee's Lost Stock initiative, boxes of clothes - with brand labels removed - are sold for 35 pounds ($44), with 37 per cent of the retail price donated to a charity supplying food and other goods to clothing workers hit by layoffs and unpaid wages. "We had the industry contacts to be in the perfect position to connect consumers with the cancelled stock supporting garment workers and helping avoid the clothes ending up in landfill," Melanie Gray, a spokeswoman for Edinburgh-based Mallzee, said. Labour advocates in Bangladesh welcomed Mallzee's efforts but expressed concern that such in...
Credit growth plunges to 12-year low
Business

Credit growth plunges to 12-year low

As more and more economic data trickle in of the past few months, we are getting a more accurate barometer of the sweeping pall of pessimism that has enshrouded the economy. Source link
Could today be a new dawn for the bourse?
Business

Could today be a new dawn for the bourse?

The stock market is set to be unbolted today after a good two months and that too under the leadership of new faces at the Bangladesh Securities and Exchange Commission (BSEC). This unlocking can be viewed as a reset and reboot of the stock market of sorts, one that is breeding hopes of renewed confidence in the bourse. The last commission, led by M Khairul Hossain, ended its nine-year-long tenure leaving the stock market ill at ease. During his time, the Dhaka Stock Exchange's market capitalisation increased by just 16.71 per cent to Tk 312,235 crore. Turnover, one of the major indicators of the market, is now in the neighbourhood of Tk 221 crore. When the commission had begun its tenure, it was Tk 524 crore. Why has the confidence crisis cast a shadow over this commission? The answer...
Robi springs back in profit
Business

Robi springs back in profit

Robi returned to the black in 2020 on the back of higher data revenue and heavy data consumption in the first quarter of the year. The country's second-largest mobile phone operator posted a net profit of Tk 18.77 crore between January and March, compared with net losses of Tk 24.6 crore in the same quarter a year earlier and Tk 96.9 crore in the previous quarter. While it is a heartening development for the operator as it gears up for listing on the country's bourse, the profit streak is unlikely to continue into the following quarter, which coincides with possibly one of the gloomiest economic slumps in recent memory. Soon after the first confirmed cases of COVID-19 were announced on March 8, the country went into shutdown, a development that sent the operator's data usage spiralling...
Tk 2,000 for filing in returns online next fiscal year
Business

Tk 2,000 for filing in returns online next fiscal year

The government is likely to offer Tk 2,000 to individual taxpayers next fiscal year to lure them to file returns online, as it looks to accelerate the shift from the manual filing of annual income tax statement, according to finance ministry officials. Bangladesh aims to become a digital economy by 2021 and over the past decade, it has made strides in many areas. Yet, its advancement in digitisation in the financial sector and tax administration is lagging. In the case of revenue administration, the majority of customs documents can be processed online, while the businesses can submit VAT returns online. However, taxpayers are yet to deposit VAT to state coffer electronically. For income tax, one of the successful ventures of the tax department has been the issuance of Taxpayers Identi...
Postal savings cannot be more than Tk 20 lakh
Business

Postal savings cannot be more than Tk 20 lakh

The government has reduced the investment limit for postal savings scheme by two-thirds. From now on, one can invest up to Tk 10 lakh under a single name in Post Office Savings Bank, which was earlier up to Tk 30 lakh. The Internal Resources Department (IRD) of finance ministry issued a circular in this regard toady. As per the circular, the upper limit of investment under joint names has been reduced to Tk 20 lakh. It was Tk 60 lakh earlier. The investment limit in the Post Office Savings Bank has been reduced by two-thirds to reduce government's interest payments and send depositors to the banks, it said. !function(f,b,e,v,n,t,s) {if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)}; if(!f._fbq)f._fbq=n;n.push=n;n.loa...
Stock markets to restart from May 31
Business

Stock markets to restart from May 31

The two stock markets in the country will resume exchange of shares and equities from Sunday, May 31 -- more than two months following suspension on the operations due to Covid-19 outbreak. The operations will, however, continue till 1:30pm on every working day instead of the usual closing time of 2:30pm. The two stock markets -- Dhaka Stock Exchange and Chittagong Stock Exchange -- had last seen share transactions on March 25, before the government declared all offices and schools shut from March 26 in a bid to prevent the spread of coronavirus. Following the resumption of the stock markets, transactions will take placed based on the floor price of the shares. Bangladesh Securities and Exchange Commission, the stock market regulator, fixes the floor price of shares before transactions...
All branches of banks to remain open from May 31: BB
Business

All branches of banks to remain open from May 31: BB

The Bangladesh Bank has today asked banks to keep all their branches across the country open from May 31. Banks will have to carry out the regular banking functions that they performed before the nationwide shutdown declared by the government since March 26, according to a central bank notice sent out to all lenders. This means bank branches will carry out settlement of transactions from 10:00am to 4:00pm and keep their outlets open till 6:00pm every working day. However, branches located in areas where the disease has spread significantly will be allowed to close by 4:00pm.    !function(f,b,e,v,n,t,s) {if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)}; if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0'; n.q...
BEZA provides relief to 7000 workers’ families
Business

BEZA provides relief to 7000 workers’ families

Bangladesh Economic Zones Authority (BEZA) is providing food assistance to some 7,000 families who work at different ongoing economic zones and whose livelihoods were affected by the prolonged nationwide shutdown due to the coronavirus outbreak. The development activities at the sites of various economic zones has remained suspended following the announcement of general holidays since March 26, according to a statement issued by BEZA. As a result, the workers became jobless on a temporary basis. Under the circumstances, BEZA took the initiative to provide relief to the workers and to the needy in adjacent areas, the statement added. BEZA said, among the 28 economic zones, only Bangabandhu Shilpanagar is open during the virus outbreak in limited scale to complete emergency activities. B...