Economy:

Proposed new customs law to facilitate international trade

The proposed new customs law has some provisions like assessment to be made based on globally-recognised transaction value to facilitate international trade, officials said. Customs now follow different methods for valuation of imported goods, much to the annoyance of the traders. Under the new law which is likely to come into force from the fiscal year (FY) 2019-2020, officials will only follow the globally-recognised transaction value of goods. They will determine the payable duties based on that value -- the method that was a long-cherished demand of the businesses, especially multinational companies. They had called for following the international transaction value for customs valuation to expedite release of goods and avoid unusual hassles. The proposed law has provisions for imposing 'delay interest' on traders who will not take delivery of imported goods from the port within the given timeframe, willingly. http://today.thefinancialexpress.com.bd/last-page/proposed-new-customs-law-to-facilitate- international-trade-1540144301

Forex dealers call for cautious LC opening

Bangladesh Foreign Exchange Dealers' Association (BAFEDA) will urge its member banks to be cautious about opening letters of credit (LCs) for import, considering the overall forex market situation.The decision came at a meeting of the technical committee of BAFEDA held at its office in Dhaka on Sunday with its Chairman Ali Hossain Prodhania in the chair. The members will be advised to be rational and compliant with the Bank's (BB) instructions while quoting foreign exchange rates, according to the meeting sources. The banks will also be asked to conduct forex transactions, considering their inflow, outflow and availability of foreign exchange in the inter-bank forex market, they added. http://today.thefinancialexpress.com.bd/first-page/forex-dealers-call-for-cautious-lc-opening- 1540143622

Company-Specific

Nagad to make MFS sector lopsided

The disproportionately higher transaction limits of Bangladesh Post Office's digital financial service platform Nagad have raised the eyebrows of private sector players, who voiced concerns of uneven competition and possibilities of money laundering and terrorist financing. Through Nagad, a customer will be able to make 10 transactions a day amounting to Tk 250,000 and send Tk 50,000 in one transaction and the numbers will remain the same in case of money withdrawal also. In contrast, by way of two transactions the cash-in limit is Tk 15,000 and for withdrawal it is Tk 10,000 a day for the existing mobile financial service providers -- bKash, Rocket and UCash. Through Nagad, a person can send Tk 250,000 a day while it stands at Tk 10,000 for the existing MFS providers. https://www.thedailystar.net/business/news/nagad-make-mfs-sector-lopsided-1650133

Western Marine building second vessel for UAE company Western Marine got into a contract earlier this month to build a second vessel for a -based company. The watercraft, an anchor handling tug supply vessel, is primarily used in handling oil rig anchors. Such vessels can also be used for emergency response and rescue and in transporting supplies. Cost of the vessel could not be immediately known. Sources said the engine and other machinery would be imported from Europe and . The previous vessel handed over to Al-Rashid Shipping Limited last November was a landing craft tank, which is used in offshore goods transport, especially in shallow waters. Named “Ajman Trans”, the vessel cost around Tk 10 crore. https://www.thedailystar.net/business/news/western-marine-building-second-vessel-uae- company-1650103

Orion's new power plant adds 105 MW to nat'l grid

A 105-megawatt (MW) power plant of Orion Power Rupsha Ltd. (OPRL), a sister concern of the Orion Group, has started supplying electricity to the national grid recently. With the completion of this project, Orion Group's overall electricity generation capacity now stands at 407 MW. The furnace oil-fired power plant went into commercial operation on October 14, said a top Orion Group official. The company procured necessary land and equipment and completed the construction of the plant after obtaining the letter of intent (LOI) from the state-run Bangladesh Power Development Board (BPDB). Wartsila (Italy & ) supplied the key equipment-six 18V50 engines-for the power plant. http://today.thefinancialexpress.com.bd/trade-market/orions-new-power-plant-adds-105-mw-to- natl-grid-1540139890

Robi gains, GP loses

Robi has pulled in 16,916 customers to its network from three rivals in the first three weeks after the mobile number portability was rolled out, according to a report of the telecom regulator. Bangladesh Telecommuni-cation Regulatory Commission (BTRC) yesterday published a report that showed 11,676 Grameenphone customers left the market leader retaining their existing 11- digit number. On the other hand, it drew 4,041 new customers from its competitors. Robi, the second largest operator, lost 5,973 customers since the MNP was introduced on October 1 “commercially but on a trial” basis. Bangladesh is the 72nd country in the world that makes the service available. https://www.thedailystar.net/business/telecom/news/robi-gains-gp-loses-1650118

Bank Asia signs master facility agreement with BB on IPFF II

Bank Asia, as the Participating Financial Institution (PFI), has signed a Master Facility Agreement with Bangladesh Bank for availing funds from Investment Promotion and Financing Facility II (IPFF II) Project. Total size of the project, co-sponsored by the People's Republic of Bangladesh and International Development Association (IDA) is USD 416.70 million (Tk. 32.79 billion) out of which USD 13 million (Tk. 1.02 billion) for Technical Assistant and USD 403 million (Tk. 31.77 billion) for long-term financing. http://today.thefinancialexpress.com.bd/stock-corporate/bank-asia-signs-master-facility- agreement-with-bb-on-ipff-ii-1540139541

Capital Market

Stocks feeling the election nerves

Stock market investors are feeling jittery ahead of the national election scheduled for December, a worrying development. Even last month's disclosure of record GDP growth in fiscal 2017-18, higher government spending, the entry of a Chinese consortium into the Dhaka Stock Exchange and the easing up of liquidity crisis have all failed to jumpstart the market, which has been sluggish since the turn of the year. The DSEX, the key index of the DSE, tumbled over 50 points yesterday to close at 5,331. Turnover stood at Tk 439 crore, down 7.7 percent from the previous day and about 50 percent from a month ago. https://www.thedailystar.net/business/news/stocks-feeling-the-election-nerves-1650130

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