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BSEC Chairman Encourages German Investment in Bangladesh’s Thriving Economy

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In the realm of Bangladesh’s economy, Professor Shibali Rubayat-Ul-Islam, the Chairman of the Bangladesh Securities and Exchange Commission (BSEC), has extended an invitation to German entrepreneurs to invest in the country. This call to action was made during the “The Rise of Bengal Tiger: Bangladesh-France Trade and Investment Summit,” held at a hotel in Berlin on Monday, October 30. The event, jointly organized by BSEC and the Bangladesh Investment Development Authority (BIDA), featured special guest Salman F. Rahman, the Prime Minister’s Advisor on Industry and Private Investment.

At the event, Bangladesh’s Ambassador to Germany, Md. Mosharraf Hossain Bhuiya, and Dr. Volker Treier, the Chief Executive of the Foreign Trade and Member of the Executive Board, also delivered speeches. Professor Shibali Rubayat-Ul-Islam highlighted the existing trade ties between Bangladesh and Germany, focusing on the import of various products from both countries. Notably, Bangladesh frequently imports various machinery and industrial products from Germany, further strengthening their economic collaboration.

Moreover, Professor Shibali Rubayat-Ul-Islam emphasized that both Bangladesh and Germany are actively working together in various sectors, including education and culture. Eight German NGOs currently operate in Bangladesh, overseeing their programs in the country. Additionally, numerous German businesses are already engaged in trade activities within Bangladesh.

The Chairman of BSEC also mentioned how Bangladesh, at one time, was a cement-importing nation but has now transitioned into a cement-exporting country. Currently, 37 companies are involved in the cement sector, producing 58 million metric tons of cement to meet the demand of 33 million metric tons, allowing for profitable exports.

Professor Shibali Rubayat-Ul-Islam concluded his appeal by emphasizing that German investors have an opportunity to invest in Bangladesh without facing the complexities of prior approvals, thanks to investment-friendly government policies and taxation regulations. This paves the way for profitable investments in Bangladesh, offering a win-win scenario for both nations.

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NRB Bank Set to Debut on DSE in ‘N’ Category from Tomorrow

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NRB Bank is gearing up for its trading debut on Tuesday, February 27, listed under the “N” category on the Dhaka Stock Exchange (DSE). The trading code assigned to the company is “NRBBANK,” as announced by the Dhaka bourse.

In the initial public offering (IPO) phase, general investors were allotted 255 shares each, while non-resident Bangladeshis (NRBs) received 209 shares against a Tk10,000 deposit. The DSE distributed the IPO shares on a pro-rata basis.

The IPO witnessed significant oversubscription, reaching 3.61 times, according to a DSE press release. Approval from the Bangladesh Securities and Exchange Commission (BSEC) for the bank’s plan to raise Tk100 crore through issuing new shares at Tk10 each was granted on November 9.

Allocating the funds raised, the bank plans to invest Tk92 crore in government securities, Tk4.17 crore in the secondary market, and Tk3.83 crore to cover IPO expenses.

As of the financial report spanning January to September 2023, NRB Bank reported a consolidated net profit after tax of Tk16 crore, with earnings per share at Tk0.27. This was a notable decrease from Tk55 crore and Tk0.94, respectively, in 2022. The net asset value per share stood at Tk12.72 as of September 30, 2023.

The bank’s non-performing loan (NPL) ratio was reported at 6.10% of the total outstanding as of September 2023, compared to 3.22% a year ago. Established in 2013, NRB Bank offers a diverse range of products and services in retail banking, SME banking, NRB banking, corporate banking, and e-banking.

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Asian Markets Dip Amid Profit-Taking Following US Records

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In Monday’s trading session, most Asian markets witnessed a downturn, despite Tokyo’s Nikkei index reaching new all-time highs following record closures of two of the three main US indices. The recent market surge, fueled by outstanding results from US tech giant Nvidia, prompted investors to engage in profit-taking, leading to a moderation in the impressive rally, analysts noted.

On Friday, Wall Street saw the Dow and the S&P closing at record highs, while the Nasdaq, dominated by tech stocks, experienced a slip, following a notable three-percent surge the day before.

Rodrigo Catril, National Australia Bank’s senior FX strategist, observed that the advance of Nvidia moderated, and other major tech stocks saw a decline after a robust run driven by artificial intelligence.

Tokyo’s Nikkei index managed to defy the trend, rising by 0.5 percent and surpassing the December 1989 record it had smashed on the previous Friday. However, Chinese shares struggled, with Hong Kong opening higher before losing 0.6 percent, and Shanghai down by 0.4 percent.

Despite the Chinese government expressing intentions to stimulate its economy through “piecemeal incentives” such as boosting sales of cars and home appliances, Asian markets experienced setbacks.

Singapore recorded a 0.9 percent drop, Seoul fell by 0.5 percent, while Bangkok, Jakarta, and Wellington reported declines. Sydney remained relatively flat, and Taipei gained a modest 0.1 percent.

Oil prices continued their descent, extending losses from Friday, as the G7 countries pledged new sanctions against Russia, marking two years since its invasion of Ukraine. Catril highlighted concerns about a lack of demand for crude oil, coupled with uncertainty arising from the new sanctions.

Stephen Innes of SPI Asset Management expressed expectations of a slowdown in the global oil supply throughout the year. He pointed to challenges facing the Chinese economy and the Federal Reserve’s efforts to mitigate inflationary pressures as factors likely to impact global growth and oil demand.

Looking ahead, the upcoming week holds significant indicators, including January Consumer Price Index (CPI) data for Australia and Japan. The week culminates in a “Super Friday” featuring key inflation and manufacturing data releases from both the United States and China, adding to the ongoing market uncertainties.

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Rollercoaster Ride for Index Values results Mixed Performance

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Dhaka Stock Exchange DSE, Bourse on the first working day of the week, February 25, ended with price Index mixed & turnover drops. This information is known from DSE sources.

804 crore 98 lakh taka shares were traded on this day. 57 crore 19 lakh less tradings were done in DSE today compared to the previous workday, 22 February, Shares worth Tk  862 crores 18 lakh shares were traded last time, Thursday.

The benchmark DSEX lost 14.32 points or 6,259 The Shariah-based index DSES gained 2.03 points or 1,362, and the blue-chip index DS30 decreased by 2.30 points or 2,137.

Of the issues traded, 96 advanced, 243 declined and 56 remained unchanged.

Bangladesh Monospool Paper Manufacturing Co. Limited ranked top gainer on DSE, the share price increased by Tk 18.30 paisa or 9.98 percent. On this day, the share was last traded at Tk 201.60 paisa.

EBL 1st Mutual Fund ranked top loser on the DSE, the share price dropped by Tk 0.50 paisa or 7.81 percent. On this day, the share was last traded at Tk 5.90 paisa.

DSE topped on trade is Best Holdings Limited 39 crore 8 lakh takas of shares of the company have been traded.

A total of 35 companies’ shares were traded in the Block on the Dhaka Stock Exchange, 62 lakh 58 thousand 465 shares of the companies were traded. The financial value of which is 38 crore 89 lakh taka

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