Stocks
Sonali Life CEO Urges BSEC Action Amid Allegations Against Board Members
![Sonali Life Insurance](https://en.orthosongbad.com/wp-content/uploads/2023/07/New-Project-51.webp)
Mir Rashed Bin Aman, CEO of Sonali Life Insurance, has urged the Bangladesh Securities and Exchange Commission (BSEC) to suspend the activities of the current board, citing allegations against its members.
Aman’s letter, dated January 8, raised concerns about the influence of Mostafa Golam Quddus and his family on the board, accusing them of irregularities and corruption, including embezzlement of life insurance funds. The insurance regulator has appointed a special auditor to investigate the allegations. Aman claims the current board has impeded his access to the company’s office and altered online operation passwords. The CEO believes his removal was linked to interference with the regulator-appointed auditor. Sonali Life Director Sheikh Mohammad Danial stated ongoing internal investigations against Aman, refuting claims of his termination.
Regulator Appoints Auditor to Investigate Sonali Life Insurance
The Insurance Development and Regulatory Authority (Idra) has directed Hoda Vasi Chowdhury and Co, a chartered accountant firm, to conduct a special audit at Sonali Life Insurance following allegations of fund embezzlement by the company’s owners. The Idra letter on December 31 instructs the CA firm to complete the audit within 30 working days. The audit will verify share acquisition, alleged family authority on the board, a payment of Tk3 crore to Janata Bank in 2023, the purchase of a building at Tk350 crore, and withdrawals of Tk61 crore between 2021 and 2023. It will also scrutinize dividends, expenses for medical and overseas education, and other financial transactions involving the company chairman and family member directors.
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Stocks
Weekly U.S. Stock Market Reports Diverse Performance
![U.S. Stock](https://en.orthosongbad.com/wp-content/uploads/2024/03/7xm.xyz120015.jpg)
Reviewing the U.S. Stock Markets, the Nasdaq Composite, recorded a decent loss of 1,023 points, reaching a closing value of 16,690 points by the end of the week. Similarly, the S&P 500 index showed a positive trend, losing 240 points to settle at 5,408 points. Meanwhile, DJIA Index experienced a notable hike, adding 1,218 points during the week and concluding at 40,345 points after a week of gaining.
In contrast, Russell 3000 Index saw a loss in week performance, with a slight drop of 141 point to reach 3,077 points by the end of the week.
Moving to Russell 2000 Index, demonstrated a notable lost of 126 points, ending the week at 2,091 points.
Stocks
European Stock Weekly Review Highlights Mixed Trend
![stock European](https://en.orthosongbad.com/wp-content/uploads/2023/04/fsdfsdf.webp)
In the Outgoing week, the European stock market displayed a mixed performance.
Here is the data on the weekly performance of the European Stock Market, The STOXX Europe 600 index, which is considered a leading benchmark for the European market and covers approximately 90 percent of the market capitalization across 17 countries, reported a loss of 18.49 points to close at 506.56.
The United Kingdom’s FTSE 100, one of the most widely followed indices in Europe, also showed a significant drop, losing 195 points or finishing the session at 8,181.
In Germany, the DAX 30 index, added by 605 points to reach 18,301, while France’s CAC 40 decreased by 278 points to stop at 7,352 at the end of the trading day.
Italy’s FTSE MIB, which covers the top 40 stocks traded on the Milan Stock Exchange, decreased by 1,081 points to 33,291. However, Spain’s IBEX 35, lost by 228 points, to close at 11,173.
Stocks
Weekly South Asian Stock reports Varied Performance
![south asian stock](https://en.orthosongbad.com/wp-content/uploads/2023/06/New-Project-4.jpg)
A review of South Asian stock markets shows that India’s Bombay Stock Exchange (BSE) index BSE Sensex has lost 1,182 points during the week. At the end of the week, the index stood at 82,365 points. On the other hand, the Nifty-50 index of the country’s National Stock Exchange dropped by 383 points last week. At the end of the week, the index stood at 24,852 points.
Pakistan Stock Exchange Index ‘KSE 100’, added 459 points last week. After a week of losing, the index settled at 79,002 points.
On the other hand, The Sri Lankan stock market index loss, and the Colombo Stock Exchange index ‘ASPI’ decreased by 94 points in a week. After a week the index settled at 10,775 points.
Bhutan’s stock market index ‘BSI’ dropped by 9 points hence the index stood at 1,500 points throughout the whole week. Nepal’s ‘NEPSE’ lost 22 points, therefore the index stands at 2,727 points.
Hence Dhaka Stock Exchange: The benchmark index ‘DSEX’ lost by 75.77 points or 1.31 percent, in the outgoing week. At the end of the week, the index stands at 5,728 points.