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Morning Briefings Overall Market BANK Morning Briefings Wednesday, March 16, 2016 Overall Market Stocks cheer Atiur’s resignation; Turnover crosses Tk 4 billion-mark Stocks posted marginal gain Tuesday, breaking two days losing streak with turnover crossing Tk 4.0 billion-mark on the premier bourse as optimistic investors put fresh fund on lucrative stocks. Market insiders said the resignation news of Bangladesh Bank (BB) governor might have ignited some hope and enthusiasm in the market. The BB Governor Atiur Rahman Tuesday submitted his resignation letter to Prime Minister over the heist of US$101 million from the central bank account with the New York Federal Reserve Bank by hackers last month. Meanwhile, a section of investors staged demonstration in front of the DSE building after the BB governor's resignation news. They also shouted slogans against Atiur Rahman and demanded his punishment for failure to protect the BB reserves. The market started amid rising enthusiasm, as key index of the prime bourse crossed the 4,500-mark in the mid-session. However, as the session progressed the upbeat tone slowed down amid surging volatility and DSEX finally closed marginally higher. http://print.thefinancialexpress-bd.com/2016/03/16/136628 Rakibur elected shareholder-director of DSE Rakibur Rahman, Midway Securities managing director, was on Tuesday elected shareholder-director of the Dhaka Stock Exchange for a three-year tenure defeating the lone contestant Minhaz Mannan Emon, BLI Securities managing director. According to DSE election commission declared result, of the 242 valid votes, 220 were cast. Of the cast votes, Rakibur got 131 and Emon bagged 86, while three were cancelled, the election commission for the bourse‟s director poll declared the result on Tuesday after the voting. The result of the election will be officially declared at the bourse‟s 54th annual general meeting to be held on March 24 for shareholders‟ approval. Rakibur, was chairman of the burse in 1998-1999 and president in 2009 and 2012 respectively. He has been facing stock market manipulation- related cases. The post of director of the burse fell vacant as Sharif Anowar Hossain, a shareholder-director of DSE, willingly decided to step down from his post as per the requirement of demutualisation scheme of the bourse. http://newagebd.net/211849/rakibur-elected-shareholder-director-dse/ BANK BB governor quits over cyber heist Setting a rare example, Atiur Rahman stepped down as Bangladesh Bank governor yesterday amid strong criticism over his handling of the $101 million cyber theft. Following huge pressure from the government, Atiur tendered his resignation to Prime Minister Sheikh Hasina in the morning. “It's a bold decision. It will remain a rare example of moral strength and courage,” the PM said in her reaction. And the events that followed Atiur's resignation shook the regulators in the financial sector. Within hours, six other central bank officials found their jobs on the line. Meanwhile at the finance ministry, Banking Secretary M Aslam Alam lost his portfolio and was made an officer on special duty. The government also decided to cancel the contracts with two BB deputy governors Md Abul Quasem and Nazneen Sultana for their failure to prevent the cyber theft from the BB account with the New York Federal Reserve Bank. http://www.thedailystar.net/frontpage/bb-governor-quits-over-cyber-heist-791818 Universal Financial Solutions Limited Paramount Heights, Level-11,65/2/1, Box Culvert Road, Purana Paltan, Dhaka-1000, Phone: 02-7122152,9587880, Fax:02-9513934, Web: www.ufslbd.com Morning Briefings Wednesday, March 16, 2016 Fazle Kabir next BB governor Fazle Kabir, chairman of state-owned Sonali Bank and former secretary of the finance division, will be appointed as governor of Bangladesh Bank, the finance minister said yesterday. The post fell vacant after Atiur Rahman resigned over the cyber heist of $101 million from the central bank's account with the Federal Reserve Bank of New York. Kabir, now in Washington, will return home on March 18 and join the central bank, Finance Minister AMA Muhith told reporters at the secretariat in the capital. He began his career in 1980 as assistant traffic superintendent of Bangladesh Railway under Bangladesh Civil Service. Three years later, he joined the Administration Service, according to Sonali Bank website. During his 34 years in civil bureaucracy, Kabir served in various key positions at different ministries as well as in the field administration. http://www.thedailystar.net/frontpage/fazle-kabir-next-bb-governor-791776 RCBC allows $81m BB fund withdrawal despite stop order The Rizal Commercial Banking Corporation of Philippines allowed the withdrawal of the bulk of the $81 million stolen from the Bangladesh Bank despite having received an order from its counterpart banks abroad to stop the payment, reports Philippines media. This was revealed during the Senate investigation on the $81-million money laundering activity, reports the daily Inquirer. During the hearing, Senator Teofisto Guingona revealed that after receiving the suspicious funds on February 5, the publicly listed bank controlled by the wealthy Yuchengco family received a „stop payment‟ order from the Federal Bank of New York at 5:00pm of February 8 — a banking holiday in the country because of the Chinese New Year celebrations. „The stop payment order was received by your bank, Feb 8, 2016,‟ he told RCBC president and CEO Lorenzo Tan. „On the morning of Feb 9, the first banking day, you should have seen the stop payment request. But apparently it was not honoured because the funds were withdrawn. All the funds were withdrawn.‟ http://newagebd.net/211867/rcbc-allows-81m-bb-fund-withdrawal-despite-stop-order/ RMG Global buyers cut ties with 11 more RMG units Number of readymade garment factories in which global buyers cut business relations due to noncompliance reached to 55 with the recent suspension of 11 factories in Dhaka, Chittagong and Gazipur by the North American buyers‟ group. The Alliance for Bangladesh Worker Safety has recently suspended 11 more factories from its supplier list on charge of failure to make adequate remediation progress. With the new 11 the total number of suspended factories by the Alliance reached to 42. On the other hand, the Accord on Fire and Building Safety in Bangladesh, the European retailers‟ group, terminated business relations with 13 factories. The recent 11 factories with which the Alliance has cut business relations are: Anzir Apparels Limited (Unit-1) and Samia Garments Ltd at Savar, Asif Apparels Ltd, Indigo Washing Ltd and Vintage Print & Arrow Labels at Gazipur, Elate Fashion Ltd, So Nice Garments (PVT) Ltd and Starlight Knitwear Ltd in the Dhaka city and Friends and Friends Apparels Ltd, Intex Link Garments (BD) Ltd and Valiant Garments at Chittagong. http://newagebd.net/211869/global-buyers-cut-ties-with-11-more-rmg-units/ Universal Financial Solutions Limited Paramount Heights, Level-11,65/2/1, Box Culvert Road, Purana Paltan, Dhaka-1000, Phone: 02-7122152,9587880, Fax:02-9513934, Web: www.ufslbd.com Morning Briefings Wednesday, March 16, 2016 TELECOMMUNICATION BTRC appoints firm to audit Robi The Bangladesh Telecommunication Regulatory Commission on Tuesday signed agreement with Masih Muhith Haque & Co to conduct the information system audit of mobile phone company Robi. The BTRC was scheduled to sign the agreement with Masih Muhith Haque but failed to do so as the auditor‟s first Indian partner TR Chadha & Co backtracked before signing the agreement. The new foreign partner of Masih Muhith Haque, also an Indian firm, is PKF Sridhar and Santhanam LLP who also signed the agreement on the day. BTRC officials said that the firm will start auditing the Robi within two weeks. Malaysia-based Robi is currently going through a process of merger with India-based operator Airtel. The BTRC in November also decided to conduct an audit on other mobile operator Banglalink but it is yet to float the tender for the job. The BTRC audit of Banglalink got stuck in a previous attempt in 2011 when the appointed auditor backtracked from the job. http://newagebd.net/211858/btrc-appoints-firm-to-audit-robi/ GP re-registers 2.32cr users Over 2.32 crore Grameenphone customers have completed their re-registrations through biometric verification. The figure constitutes 41 percent of Grameenphone's customer base, the market leader in the telecom sector said in a statement yesterday. The re-registration process verifies customer's national identification (NID) number and fingerprints against the Election Commission's database. “I would like to thank our customers for coming forward to participate in the re-registration process,” said Mahmud Hossain, Grameenphone's chief corporate affairs officer. The channel partners are also doing a wonderful job in supporting this huge task, he said. In the statement, Grameenphone also reiterated that the company does not store any fingerprints on its own system, as the information is sent directly to the EC through the automated system, and the operator only receives a “Yes/No” message from the EC. http://www.thedailystar.net/business/gp-re-registers-232cr-users-791878 FUEL & POWER PDB signs deal to import 100MW from Tripura Bangladesh Power Development Board on Tuesday signed a five-year contract with NTPC Vidyut Vyapar Nigam Limited to import 100MW power from India‟s north-eastern state of Tripura. The contract would be renewed after five years, said officials. Prime minister Sheikh Hasina and Indian prime minister are scheduled to inaugurate on March 23 commercial power transmissions from Tripura to Comilla, they said. PDB will pay Tk 6.43 to NVVN for each unit or kilowatt-hour electricity which would be supplied from a 726MW gas-fired power plant in southern Tripura which was constructed with assistance from Bangladesh. Bangladesh in 2011, allowed India transportation of the turbines, generators and other heavy equipment without any levy through its territory, from West Bengal‟s Haldia port to the site of the 726MW power plant at Palatana in southern Tripura.
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