e_Paper, Wednesday, May 3, 2017
DT 10 Business WEDNESDAY, MAY 3, 2017 CAPITAL MARKET SNAPSHOT: TUESDAY DSE Broad Index 5,521.4 0.8% ▼ Index 1,274.6 0.8% ▼ 30 Index 2,032.4 0.8% ▼ Turnover in Mn Tk 7,742.8 25.9% ▼ Turnover in Mn Vol 241.2 24.4% ▼ CSE All Share Index 17,107.0 0.7% ▼ 30 Index 15,109.4 0.2% ▼ Selected Index 10,373.7 0.7% ▼ Turnover in Mn Tk 461.4 24.3% ▼ Turnover in Mn Vol 16.3 15.1% ▼ BB fears pressure on forex reserves to rise further • Asif Showkat Kallol Bangladesh Bank fears that pressure on the country’s foreign exchange reserves will increase if the government approves overseas equity investment by the local firms. Bank and Financial Institutions Division said it is not clear whether the local firms may return home their equity investment. The central bank feared the pressure on foreign exchange reserves as Akij Group, Nitol Niloy Group and Ha-Meem Group are now interested to invest overseas. Local firms’ investment proposals in aboard will go to the Cabinet Committee on Economic Affairs as the Bank and Financial Institutions Division did not take decision for its own in this matter. Bank and Financial Institutions Division has forwarded the Bangladesh Bank proposals to the cabinet committee. Bank Division’s proposal will be placed at a meeting of the Cabinet Committee on Economic Affairs next week as Finance Minister AMA Muhith is going to Japan this week to attend the annual meeting of the Asian Development Bank. Akij Group has proposed to invest $20m in Malaysia, Ha-Meem Group $10m in Haiti and Nitol Niloy $7m in Gambia. Ha-Meem intends to invest in the island nation’s garment sector to prop up its shipments to the US, while Akij Group wants to buy a Malaysian company that produce fire board and hardboard. Nitol Niloy plans to in Gambia’s banking sector. The proposal said the local investors are not interested to invest in the country and thus the additional liquidity stands at Tk2,77,956.29 crore in the banking sector. But the Bangladesh needs invest 32% of GDP locally to achieve targeted economic growth. In the proposal, Bangladesh Bank said Bangladeshis firms are capable and has capacity to invest on foreign lands. As funds are being spent to import fuel oil and capital machinery along with consumer products, the growth foreign exchange reserves becomes slow. Deficit in the balance of payment stood at $ 790m at the end of December 2016. Foreign exchange reserves now stood at around $33bn -- enough to honour at least 7-8 months’ import bills. Bangladesh Bank hopes that there will be new frontier of export earning if Bangladeshi businessmen invest overseas. There is a possibility that the three firms will return home some foreign earning. Usually, Bangladesh Bank has examined four matters including ensuring foreign exchange funds will be used in the specific foreign projects and get back foreign exchange funds. The country will financially benefit from the local firms’ foreign investment. Besides, the government will form a $10bn sovereign funds from the Bangladesh Bank foreign exchange reserves which also put a pressure on foreign exchange reserves. Dr AB Mirza Azizul Islam, former finance adviser to Caretaker Government, told Dhaka Tribune that Bangladesh Bank has shifted its responsibility to the cabinet committee for approval of the firms’ investment plans in aboard. He criticised Bangladesh Bank to forward the proposal to government and avoid making decision although there is a committee concerned to handle such types of matters. • Govt to update labour law • Tribune Business Desk State Minister for Labour Mujibul Haque Chunnu yesterday said the government will bring amendments to the labour law to make it updated and efficient, reports BSS. “We have to ensure quick justice for people through labour courts. We are increasing the number of courts and have already taken a decision to establish labour courts in Sylhet and Rangpur,” he told a seminar in the city. Former judge of the Appellate Division Justice Nizamul Haque presided over the seminar on the role of ADR (alternative dispute resolution) in quick disposal of cases in labour courts at National Press Club VIP Lounge. The seminar was, among others, addressed by the Department of Inspection for Factories and Establishments Director General Shamsuzzaman Bhuiyan and Department of Labour Director Abu Hena Mostafa Kamal. • During the third quarter, the highest number of investment proposals came to the service sector of the country DHAKA TRIBUNE BIDA receives 45% less investment proposals in Q3 • Shariful Islam Investment proposals by companies registered with Bangladesh Investment Development Authority (BIDA) has fallen by 45.88% during January to March month of the current fiscal year 2016-17. According to the latest BIDA data released yesterday, during the period, a total of 510 industrial units were registered with BIDA for investment. The highest number of proposals came for the service industrial sector which was 31.15% of the total proposed amount during the month of January to March In the three months, 510 industrial units submitted proposals for investing a total of Tk37,217 crore and 4.3m while 487 industrial units proposed for investing Tk68,767 crore and 6.1m during October to December period, said BIDA data. The data also showed local investment proposals rose by 28.80% during third quarter while BIDA received proposals for investing a total of Tk29,680.16 crore from local entrepreneurs for investing in 469 industrial units. The proposed amount by local investors was Tk23,044.13 crore for 444 industrial units during second quarter. During the third quarter, BIDA also received proposals of a total of Tk7537.27 crore from foreign investors for investing in 20 fully foreign owned industrial units and 21 joint venture units with local entrepreneurs. According to BIDA, the highest number of proposals came for the service industrial sector which was 31.15% of the total proposed amount during the month of January to March. The chemical industries came next with 17.58% followed by textile with 10.51%, food and allied 12.52%, Engineering 4.76% and others 23.48% during the Q3. In another development of the day, the first meeting for formulating a policy for Bangladeshi entrepreneurs’ investment abroad was held at BIDA Board Room, said a BIDA press release. BIDA Executive Member Ajit Kumar Paul presided over the meeting while Bangladesh Bank General Manager ANM Abul Kashem, first secretary (Tax) of National Board of Revenue (NBR) Iqbal Bahar and Foreign Ministry’s Economic Affairs Director Md Rashedujjaman were, among others, present at the programme. Paul said they are thinking positively about Bangladeshi investors’ investment in abroad. “If we find that making investment abroad will bring higher returns, we will suggest allowing overseas investment,” he said. Paul said they will soon start scrutiny of the policies followed by other countries in this case. •
Radisson to bring Dhaka’s traditional foods • Shadman Shoumik Anik Have you ever wanted to travel back in time to the era of Mughals and be invited to one of their lavish parties with exquisite dinner laid out before you on the table? That is exactly what Spice & Rice is bringing for its guests in Dhaka. The exotic restaurant is re-loading and it surely has many surprises in stock! As you enter the gates, which itself is an original antique door, you will be greeted by a huge copper plate engraved with ornaments dating back form over a hundred years. A beautiful display of lights playing with shadows appear in an intimately decorated room whose every wall showcases art and heritage. One would be mesmerized at the spectacles of the past that is evident everywhere. All these were not achieved very easily. As a matter of fact, the General Manager Christoph Voegeli along with Executive Chef Jed Archdeacon and Chef James Rozario (Chef de Cuisine of S&R) had traveled to various parts of the old city to source these beautiful remnants of the past. “We want to introduce Dhaka bona fide to our guests in terms of smells, sight and flavor which lead us on an adventure to various parts of the city, from Old Dhaka to DCC,” said Christoph Voegeli. • Business 11 WEDNESDAY, MAY 3, 2017 BB: ADs can repatriate inward remittances against small value service • Tribune Business Desk Authorized Dealers (ADs) can now repatriate inward remittances against small value service exports in non-physical form including Information and Communication Technology (ICT) related services through Online Payment Gateway Service Providers (OPGSPs). “To widen the scope for repatriation of ICT related payments, it has been decided that ADs may provide facilities to credit inward remittances received in international card number or account against the services provided by individual developers or freelancers,” according to a circular issued by Bangladesh Bank yesterday, reports BSS. In this context, ADs shall issue to individual developers or freelancers international cards (termed as ‘Freelancer Card’) having duel currency units with features of being prepaid from abroad, the circular added. • France firm Schlumberg to drill in Shahbazpur gas field • Asif Showkat Kallol The France-based world largest oilfield company, Schlumberg, is going to provide wireline logging service to the Shahbazpur gas field-2 in Bhola. According to the proposal, the total cost for wireline logging will be Tk74.35 lakh Energy and Mineral Resources proposal for awarding the task to the company to develop the Shahbazpur gas field will be placed at the cabinet committee on public purchase for approval. Schlumberg limited and local firm SEACO lnc will provide that service to find out gas at Shahbazpur. DT According to the proposal, the total cost for wireline logging will be Tk74.35 lakh. Schlumberg SEACO Inc will provide explosive and logging services within a short time as those materials are in the hands of the company. Schlumberger Limited is the world largest oilfield service provider company employing approximately 100,000 people in more than 85 countries. Schlumberger has four principal executive offices located in Paris, Houston, London, and the Hague. Earlier, Gazprom International completed the construction and testing of the Shahbazpur-3 well located at the field of the same name on Bhola Island in the Padma River delta in southern Bangladesh. Shahbazpur-3 is the penultimate well built by Gazprom International under two drilling contracts signed in 2012 with BAPEX, BGFCL and SGFL, subsidiaries of Bangladesh’s state oil and gas corporation Petrobangla. • Huawei signs deal with Magnito for digital assets management • Tribune Business Desk Huawei Technologies (Bangladesh) Ltd and Magnito Digital signed an agreement recently. Under the agreement, Magnito Digital has been appointed as the digital agency of Huawei Technologies (Bangladesh) Ltd and will manage the digital assets of Huawei Mobile Bangladesh, said a press release. Huawei is one of the leading Smartphone manufacturers in the world, with a good footprint in Bangladesh. Magnito Digital is one of the leading digital agencies of the country. Mashrur Hassan Mim, Head of Marketing, Huawei Device Business Department, Md Monjurul Kabir, Assistant Marketing Manager, Suman Saha, PR Manager were present from Huawei Bangladesh, whilst from Magnito Digital, Riyad Husain, CEO, Khawar Saud Ahmed, COO, Arif R ahman, Account Director and Kaushik De, Creative Director, were present, among others, at the signing ceremony held in Gulshan, Dhaka. •
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Radisson to bring Dhaka’s<br />
traditional foods<br />
• Shadman Shoumik Anik<br />
Have you ever wanted to travel<br />
back in time to the era of<br />
Mughals and be invited to one<br />
of their lavish parties with<br />
exquisite dinner laid out before<br />
you on the table? That<br />
is exactly what Spice & Rice<br />
is bringing for its guests in<br />
Dhaka. The exotic restaurant<br />
is re-loading and it surely has<br />
many surprises in stock!<br />
As you enter the gates, which<br />
itself is an original antique door,<br />
you will be greeted by a huge<br />
copper plate engraved with ornaments<br />
dating back form over<br />
a hundred years.<br />
A beautiful display of lights<br />
playing with shadows appear<br />
in an intimately decorated<br />
room whose every wall showcases<br />
art and heritage. One<br />
would be mesmerized at the<br />
spectacles of the past that is<br />
evident everywhere. All these<br />
were not achieved very easily.<br />
As a matter of fact, the<br />
General Manager Christoph<br />
Voegeli along with Executive<br />
Chef Jed Archdeacon and Chef<br />
James Rozario (Chef de Cuisine<br />
of S&R) had traveled to<br />
various parts of the old city<br />
to source these beautiful remnants<br />
of the past.<br />
“We want to introduce<br />
Dhaka bona fide to our guests<br />
in terms of smells, sight and<br />
flavor which lead us on an adventure<br />
to various parts of the<br />
city, from Old Dhaka to DCC,”<br />
said Christoph Voegeli. •<br />
Business 11<br />
WEDNESDAY, MAY 3, <strong>2017</strong><br />
BB: ADs can<br />
repatriate inward<br />
remittances against<br />
small value service<br />
• Tribune Business Desk<br />
Authorized Dealers (ADs) can now repatriate<br />
inward remittances against<br />
small value service exports in non-physical<br />
form including Information and<br />
Communication Technology (ICT) related<br />
services through Online Payment<br />
Gateway Service Providers (OPGSPs).<br />
“To widen the scope for repatriation<br />
of ICT related payments, it has been decided<br />
that ADs may provide facilities to<br />
credit inward remittances received in<br />
international card number or account<br />
against the services provided by individual<br />
developers or freelancers,” according<br />
to a circular issued by Bangladesh<br />
Bank yesterday, reports BSS.<br />
In this context, ADs shall issue to<br />
individual developers or freelancers international<br />
cards (termed as ‘Freelancer<br />
Card’) having duel currency units with<br />
features of being prepaid from abroad,<br />
the circular added. •<br />
France firm Schlumberg to<br />
drill in Shahbazpur gas field<br />
• Asif Showkat Kallol<br />
The France-based world largest oilfield<br />
company, Schlumberg, is going<br />
to provide wireline logging service to<br />
the Shahbazpur gas field-2 in Bhola.<br />
According to the<br />
proposal, the total cost<br />
for wireline logging<br />
will be Tk74.35 lakh<br />
Energy and Mineral Resources proposal<br />
for awarding the task to the<br />
company to develop the Shahbazpur<br />
gas field will be placed at the cabinet<br />
committee on public purchase for approval.<br />
Schlumberg limited and local firm<br />
SEACO lnc will provide that service to<br />
find out gas at Shahbazpur.<br />
DT<br />
According to the proposal, the total<br />
cost for wireline logging will be<br />
Tk74.35 lakh.<br />
Schlumberg SEACO Inc will provide<br />
explosive and logging services<br />
within a short time as those materials<br />
are in the hands of the company.<br />
Schlumberger Limited is the world<br />
largest oilfield service provider company<br />
employing approximately 100,000<br />
people in more than 85 countries.<br />
Schlumberger has four principal<br />
executive offices located in Paris,<br />
Houston, London, and the Hague.<br />
Earlier, Gazprom International completed<br />
the construction and testing<br />
of the Shahbazpur-3 well located at<br />
the field of the same name on Bhola<br />
Island in the Padma River delta in<br />
southern Bangladesh.<br />
Shahbazpur-3 is the penultimate<br />
well built by Gazprom International<br />
under two drilling contracts signed in<br />
2012 with BAPEX, BGFCL and SGFL,<br />
subsidiaries of Bangladesh’s state oil<br />
and gas corporation Petrobangla. •<br />
Huawei signs deal with<br />
Magnito for digital<br />
assets management<br />
• Tribune Business Desk<br />
Huawei Technologies (Bangladesh)<br />
Ltd and Magnito Digital<br />
signed an agreement recently.<br />
Under the agreement, Magnito<br />
Digital has been appointed as<br />
the digital agency of Huawei<br />
Technologies (Bangladesh)<br />
Ltd and will manage the digital<br />
assets of Huawei Mobile Bangladesh,<br />
said a press release.<br />
Huawei is one of the leading<br />
Smartphone manufacturers in<br />
the world, with a good footprint<br />
in Bangladesh. Magnito<br />
Digital is one of the leading<br />
digital agencies of the country.<br />
Mashrur Hassan Mim, Head<br />
of Marketing, Huawei Device<br />
Business Department, Md Monjurul<br />
Kabir, Assistant Marketing<br />
Manager, Suman Saha, PR Manager<br />
were present from Huawei<br />
Bangladesh, whilst from Magnito<br />
Digital, Riyad Husain, CEO,<br />
Khawar Saud Ahmed, COO, Arif<br />
R ahman, Account Director and<br />
Kaushik De, Creative Director,<br />
were present, among others, at<br />
the signing ceremony held in<br />
Gulshan, Dhaka. •
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