Daily Banking News Links 16.01.2019
‘Political commitment needed for improving capital market’
Dhaka Stock Exchange Brokers’ Association (DBA), a platform of trading right entitlement certificate (TREC) holders of the premier bourse, had recently elected Shakil Rizvi its president for the next two years.Working in the capital market since 1987, he is also the managing director of Shakil Rizvi Stock Ltd and former president-director of Dhaka Stock Exchange (DSE)……….
Dhaka stocks rise again as financial scrips leap
Dhaka stocks gained on Tuesday with the turnover hitting Tk 1,100 crore again as investors went on buying shares, especially from the financial sectors amid optimism. DSEX, the key index of DSE, gained 0.46 per cent, or 27.04 points, to close at 5,863.27 points on Tuesday after losing 23.98 points in the previous session. The core index gained 645 points in last 19 sessions………
IFIL launches 3 investment and deposit products
Islamic Finance and Investment Limited on Tuesday launched three new investment and deposit products to facilitate customers and provide better financial service.The company launched the products at a press conference held at National Press Club in Dhaka.The country’s first Shariah based non-bank financial institution, IFIL, brought one deposit product— Mudaraba Asan Deposit Scheme, and two investment products– Raha and Silaa Ul Istihlaq, in the financial market, said its managing director and chief executive officer Abu Zafore Md Saleh………………
UK Parliament votes down May’s Brexit deal by 230 votesUK Parliament votes down May’s Brexit deal by 230 votes
MP Tulip Siddiq sits in a wheelchair after the vote on British Prime Minister Theresa May’s Brexit deal, in London, Britain, on Tuesday in this screengrab taken from video. — Reuters photo
British lawmakers defeated prime minister Theresa May’s Brexit deal by a crushing margin on Tuesday, triggering political upheaval that could lead to a disorderly exit from the European Union or even to a reversal of the 2016 decision to leave.Parliament voted 432-202 against her deal, the worst parliamentary defeat for a government in recent British history. Scores of her own lawmakers — both Brexiteers and supporters of EU membership — joined forces to vote down the deal………….
Team to recommend ways to reduce classified loans
Financial Institutions Division (FID) under the Ministry of Finance has formed a three-member team to recommend how to reduce the volume of classified loans in the country’s banking system.The members of team met with the senior officials of Bangladesh Bank (BB) on Tuesday just a day after forming the high-powered body, officials said…………..
A gloomy outlook for the global economy
Lipton essentially summarises the global economic situation and prospects. Although in its most recent forecasts in October, the IMF projected 3.7 per cent growth in the global economy for 2019, Lipton’s comment is an indication that the IMF is most likely going to revise its 2019 growth forecast substantially downward when it releases updates………….
Reining in bank’s capital shortfall
Concluding his two-part article on bank’s capital shortfall
Although capital shortfall of any bank is a bad indication for the whole industry, it has different implications for two major stakeholders. Government is the owner of state-owned commercial banks, so profit generated by these banks goes to government exchequer, while deficit, if any, will be reimbursed from the government exchequer…………..
MFIs witness a steep rise in number of loan recipients
The number of microcredit beneficiaries has risen significantly across the country although the rate of interest on the loan is higher than other credits.The total number of loan recipients increased to 24.85 million in June 2017 from 23.11 million in June 2016, according to the latest data released by the microcredit regulator last week…………
Mandatory contract farming
Exporters suffer blow
The government has made ‘contract farming’ mandatory for shipment of agro produce aiming to ensure the quality, said officials.The decision came as a big blow to the exporters who found themselves in a difficult situation searching for contract growers during this peak winter harvesting season………….