New StanChart boss says bank must strengthen finances

Posted by BankInfo on Wed, Jun 10 2015 06:03 pm

Standard Chartered Chief Executive Bill Winters told staff on his first day in the office that the Asia focused bank must strengthen its finances and simplify operations to boost returns.

Winters’ predecessor Peter Sands closed of much the bank’s equities business and sacked 4,000 staff but that was not enough to reverse the company’s underperformance and save his job.

“We need to reinforce our foundations; streamline our business; strengthen our financial position; and re-orient the bank for better returns on our capital,” Winters said in a letter to staff seen by Reuters on Wednesday.

“Our capital strength is a key priority. Capital strength is a competitive advantage, especially in tough economic times. We are reviewing all aspects of our capital strength as part of our broader business review.”

Early market reaction suggested investors approved of the approach with the bank’s shares up 4.2 percent, outperforming both a 0.4 percent rise in FTSE 100 and a 0.85 percent increase in the STOXX Europe 600 Banking index.

StanChart shares slumped nearly 30 percent last year while European banks only lost 3 percent. But this year, the bank is up 11.5 percent, only 2 percent behind the pan-European index.

Addressing concerns about the bank’s capital strength is Winters’ top priority, and some investors and analysts have said he needs to raise at least $5 billion from a rights issue and cut the dividend.

Winters, 53, was previously co-CEO of JPMorgan’s investment bank. He left in 2009 after falling out with CEO Jamie Dimon.

Winters, originally from New York but with dual U.S. and British citizenship, then became one of five members of a British government commission that analysed how banks could be made structurally safer and set up London-based hedge fund Renshaw Bay.

“BEYOND REPROACH”

Winters said in the letter he would announce the bank’s leadership team after the summer and provide details of his broader plans by the end of the year.

“We need to be more resilient and learn to cope with the tough times ahead, but more importantly than that we need to rebuild confidence – in ourselves and with our stakeholders.”

Hugh Young, head of equities at the bank’s second biggest investor Aberdeen Asset Management, said he supported Winters’ plan in broad terms but did not have a set “to-do” list for the new chief.

“I don’t think we’d give him a specific list – totally agree with the principle of simplification, related to which is also communication (internally, between different teams/competencies),” he said in emailed comments.

Against the backdrop of a series of fines for banks for bad behaviour, including on Standard Chartered for lax U.S. anti-money laundering controls, Winters also laid down the law on ethics.

Standard Chartered Chief Executive Bill Winters told staff on his first day in the office that the Asia focused bank must strengthen its finances and simplify operations to boost returns.

Winters’ predecessor Peter Sands closed of much the bank’s equities business and sacked 4,000 staff but that was not enough to reverse the company’s underperformance and save his job.

“We need to reinforce our foundations; streamline our business; strengthen our financial position; and re-orient the bank for better returns on our capital,” Winters said in a letter to staff seen by Reuters on Wednesday.

“Our capital strength is a key priority. Capital strength is a competitive advantage, especially in tough economic times. We are reviewing all aspects of our capital strength as part of our broader business review.”

Early market reaction suggested investors approved of the approach with the bank’s shares up 4.2 percent, outperforming both a 0.4 percent rise in FTSE 100 and a 0.85 percent increase in the STOXX Europe 600 Banking index.

StanChart shares slumped nearly 30 percent last year while European banks only lost 3 percent. But this year, the bank is up 11.5 percent, only 2 percent behind the pan-European index.

Addressing concerns about the bank’s capital strength is Winters’ top priority, and some investors and analysts have said he needs to raise at least $5 billion from a rights issue and cut the dividend.

Winters, 53, was previously co-CEO of JPMorgan’s investment bank. He left in 2009 after falling out with CEO Jamie Dimon.

Winters, originally from New York but with dual U.S. and British citizenship, then became one of five members of a British government commission that analysed how banks could be made structurally safer and set up London-based hedge fund Renshaw Bay.

“BEYOND REPROACH”

Winters said in the letter he would announce the bank’s leadership team after the summer and provide details of his broader plans by the end of the year.

“We need to be more resilient and learn to cope with the tough times ahead, but more importantly than that we need to rebuild confidence – in ourselves and with our stakeholders.”

Hugh Young, head of equities at the bank’s second biggest investor Aberdeen Asset Management, said he supported Winters’ plan in broad terms but did not have a set “to-do” list for the new chief.

“I don’t think we’d give him a specific list – totally agree with the principle of simplification, related to which is also communication (internally, between different teams/competencies),” he said in emailed comments.

Against the backdrop of a series of fines for banks for bad behaviour, including on Standard Chartered for lax U.S. anti-money laundering controls, Winters also laid down the law on ethics.

News:New Age/10-Jun-2015

Standard Chartered Chief Executive Bill Winters told staff on his first day in the office that the Asia focused bank must strengthen its finances and simplify operations to boost returns.
Winters’ predecessor Peter Sands closed of much the bank’s equities business and sacked 4,000 staff but that was not enough to reverse the company’s underperformance and save his job.
“We need to reinforce our foundations; streamline our business; strengthen our financial position; and re-orient the bank for better returns on our capital,” Winters said in a letter to staff seen by Reuters on Wednesday.
“Our capital strength is a key priority. Capital strength is a competitive advantage, especially in tough economic times. We are reviewing all aspects of our capital strength as part of our broader business review.”
Early market reaction suggested investors approved of the approach with the bank’s shares up 4.2 percent, outperforming both a 0.4 percent rise in FTSE 100 and a 0.85 percent increase in the STOXX Europe 600 Banking index.
StanChart shares slumped nearly 30 percent last year while European banks only lost 3 percent. But this year, the bank is up 11.5 percent, only 2 percent behind the pan-European index.
Addressing concerns about the bank’s capital strength is Winters’ top priority, and some investors and analysts have said he needs to raise at least $5 billion from a rights issue and cut the dividend.
Winters, 53, was previously co-CEO of JPMorgan’s investment bank. He left in 2009 after falling out with CEO Jamie Dimon.
Winters, originally from New York but with dual U.S. and British citizenship, then became one of five members of a British government commission that analysed how banks could be made structurally safer and set up London-based hedge fund Renshaw Bay.
“BEYOND REPROACH”
Winters said in the letter he would announce the bank’s leadership team after the summer and provide details of his broader plans by the end of the year.
“We need to be more resilient and learn to cope with the tough times ahead, but more importantly than that we need to rebuild confidence – in ourselves and with our stakeholders.”
Hugh Young, head of equities at the bank’s second biggest investor Aberdeen Asset Management, said he supported Winters’ plan in broad terms but did not have a set “to-do” list for the new chief.
“I don’t think we’d give him a specific list – totally agree with the principle of simplification, related to which is also communication (internally, between different teams/competencies),” he said in emailed comments.
Against the backdrop of a series of fines for banks for bad behaviour, including on Standard Chartered for lax U.S. anti-money laundering controls, Winters also laid down the law on ethics.
“Our ethical standards must be beyond reproach and we must play a robust role in the global fight against financial crime. That is a key role for any bank in the world today and is one that we will continue to embrace.”
Winters said: “We will organise ourselves to simplify the way we work together, make decisions and be more efficient” and “must complete the process of making our control environment rock solid”.
Standard Chartered is among many banks seeking to cut costs, axe underperforming businesses and streamline to try to increase profitability, which has been hurt in recent years by tougher regulations following the financial crisis.
Rival HSBC said this week it would shed 50,000 jobs, half from the sale of businesses, as it tries to improve returns.
Standard Chartered is in the process of seeking buyers for its Hong Kong pensions business, valued at about $350 million, sources told Reuters in May. It could also sell more private equity assets.
HSBC and Standard Chartered are also assessing whether they should move their headquarters from London to Asia to save money on what they pay under a bank levy in Britain.
Britain’s government could announce later on Wednesday a change to the structure of the levy, however, after criticism it costs the two Asia-focused banks too much.

     

 
 
    
- See more at: http://newagebd.net/127996/new-stanchart-boss-says-bank-must-strengthen-finances/#sthash.UZzdQuWr.dpuf
Standard Chartered Chief Executive Bill Winters told staff on his first day in the office that the Asia focused bank must strengthen its finances and simplify operations to boost returns. Winters’ predecessor Peter Sands closed of much the bank’s equities business and sacked 4,000 staff but that was not enough to reverse the company’s underperformance and save his job. “We need to reinforce our foundations; streamline our business; strengthen our financial position; and re-orient the bank for better returns on our capital,” Winters said in a letter to staff seen by Reuters on Wednesday. “Our capital strength is a key priority. Capital strength is a competitive advantage, especially in tough economic times. We are reviewing all aspects of our capital strength as part of our broader business review.” Early market reaction suggested investors approved of the approach with the bank’s shares up 4.2 percent, outperforming both a 0.4 percent rise in FTSE 100 and a 0.85 percent increase in the STOXX Europe 600 Banking index. - See more at: http://newagebd.net/127996/new-stanchart-boss-says-bank-must-strengthen-finances/#sthash.UZzdQuWr.dpuf
Standard Chartered Chief Executive Bill Winters told staff on his first day in the office that the Asia focused bank must strengthen its finances and simplify operations to boost returns. Winters’ predecessor Peter Sands closed of much the bank’s equities business and sacked 4,000 staff but that was not enough to reverse the company’s underperformance and save his job. “We need to reinforce our foundations; streamline our business; strengthen our financial position; and re-orient the bank for better returns on our capital,” Winters said in a letter to staff seen by Reuters on Wednesday. “Our capital strength is a key priority. Capital strength is a competitive advantage, especially in tough economic times. We are reviewing all aspects of our capital strength as part of our broader business review.” Early market reaction suggested investors approved of the approach with the bank’s shares up 4.2 percent, outperforming both a 0.4 percent rise in FTSE 100 and a 0.85 percent increase in the STOXX Europe 600 Banking index. - See more at: http://newagebd.net/127996/new-stanchart-boss-says-bank-must-strengthen-finances/#sthash.UZzdQuWr.dpuf
Standard Chartered Chief Executive Bill Winters told staff on his first day in the office that the Asia focused bank must strengthen its finances and simplify operations to boost returns. Winters’ predecessor Peter Sands closed of much the bank’s equities business and sacked 4,000 staff but that was not enough to reverse the company’s underperformance and save his job. “We need to reinforce our foundations; streamline our business; strengthen our financial position; and re-orient the bank for better returns on our capital,” Winters said in a letter to staff seen by Reuters on Wednesday. “Our capital strength is a key priority. Capital strength is a competitive advantage, especially in tough economic times. We are reviewing all aspects of our capital strength as part of our broader business review.” Early market reaction suggested investors approved of the approach with the bank’s shares up 4.2 percent, outperforming both a 0.4 percent rise in FTSE 100 and a 0.85 percent increase in the STOXX Europe 600 Banking index. - See more at: http://newagebd.net/127996/new-stanchart-boss-says-bank-must-strengthen-finances/#sthash.UZzdQuWr.dpuf
Standard Chartered Chief Executive Bill Winters told staff on his first day in the office that the Asia focused bank must strengthen its finances and simplify operations to boost returns. Winters’ predecessor Peter Sands closed of much the bank’s equities business and sacked 4,000 staff but that was not enough to reverse the company’s underperformance and save his job. “We need to reinforce our foundations; streamline our business; strengthen our financial position; and re-orient the bank for better returns on our capital,” Winters said in a letter to staff seen by Reuters on Wednesday. “Our capital strength is a key priority. Capital strength is a competitive advantage, especially in tough economic times. We are reviewing all aspects of our capital strength as part of our broader business review.” Early market reaction suggested investors approved of the approach with the bank’s shares up 4.2 percent, outperforming both a 0.4 percent rise in FTSE 100 and a 0.85 percent increase in the STOXX Europe 600 Banking index. - See more at: http://newagebd.net/127996/new-stanchart-boss-says-bank-must-strengthen-finances/#sthash.UZzdQuWr.dpuf
Standard Chartered Chief Executive Bill Winters told staff on his first day in the office that the Asia focused bank must strengthen its finances and simplify operations to boost returns. Winters’ predecessor Peter Sands closed of much the bank’s equities business and sacked 4,000 staff but that was not enough to reverse the company’s underperformance and save his job. “We need to reinforce our foundations; streamline our business; strengthen our financial position; and re-orient the bank for better returns on our capital,” Winters said in a letter to staff seen by Reuters on Wednesday. “Our capital strength is a key priority. Capital strength is a competitive advantage, especially in tough economic times. We are reviewing all aspects of our capital strength as part of our broader business review.” Early market reaction suggested investors approved of the approach with the bank’s shares up 4.2 percent, outperforming both a 0.4 percent rise in FTSE 100 and a 0.85 percent increase in the STOXX Europe 600 Banking index. - See more at: http://newagebd.net/127996/new-stanchart-boss-says-bank-must-strengthen-finances/#sthash.UZzdQuWr.dpuf
ters . London / New Age Online

Standard Chartered Chief Executive Bill Winters told staff on his first day in the office that the Asia focused bank must strengthen its finances and simplify operations to boost returns.
Winters’ predecessor Peter Sands closed of much the bank’s equities business and sacked 4,000 staff but that was not enough to reverse the company’s underperformance and save his job.
“We need to reinforce our foundations; streamline our business; strengthen our financial position; and re-orient the bank for better returns on our capital,” Winters said in a letter to staff seen by Reuters on Wednesday.
“Our capital strength is a key priority. Capital strength is a competitive advantage, especially in tough economic times. We are reviewing all aspects of our capital strength as part of our broader business review.”
Early market reaction suggested investors approved of the approach with the bank’s shares up 4.2 percent, outperforming both a 0.4 percent rise in FTSE 100 and a 0.85 percent increase in the STOXX Europe 600 Banking index.
StanChart shares slumped nearly 30 percent last year while European banks only lost 3 percent. But this year, the bank is up 11.5 percent, only 2 percent behind the pan-European index.
Addressing concerns about the bank’s capital strength is Winters’ top priority, and some investors and analysts have said he needs to raise at least $5 billion from a rights issue and cut the dividend.
Winters, 53, was previously co-CEO of JPMorgan’s investment bank. He left in 2009 after falling out with CEO Jamie Dimon.
Winters, originally from New York but with dual U.S. and British citizenship, then became one of five members of a British government commission that analysed how banks could be made structurally safer and set up London-based hedge fund Renshaw Bay.
“BEYOND REPROACH”
Winters said in the letter he would announce the bank’s leadership team after the summer and provide details of his broader plans by the end of the year.
“We need to be more resilient and learn to cope with the tough times ahead, but more importantly than that we need to rebuild confidence – in ourselves and with our stakeholders.”
Hugh Young, head of equities at the bank’s second biggest investor Aberdeen Asset Management, said he supported Winters’ plan in broad terms but did not have a set “to-do” list for the new chief.
“I don’t think we’d give him a specific list – totally agree with the principle of simplification, related to which is also communication (internally, between different teams/competencies),” he said in emailed comments.
Against the backdrop of a series of fines for banks for bad behaviour, including on Standard Chartered for lax U.S. anti-money laundering controls, Winters also laid down the law on ethics.
“Our ethical standards must be beyond reproach and we must play a robust role in the global fight against financial crime. That is a key role for any bank in the world today and is one that we will continue to embrace.”
Winters said: “We will organise ourselves to simplify the way we work together, make decisions and be more efficient” and “must complete the process of making our control environment rock solid”.
Standard Chartered is among many banks seeking to cut costs, axe underperforming businesses and streamline to try to increase profitability, which has been hurt in recent years by tougher regulations following the financial crisis.
Rival HSBC said this week it would shed 50,000 jobs, half from the sale of businesses, as it tries to improve returns.
Standard Chartered is in the process of seeking buyers for its Hong Kong pensions business, valued at about $350 million, sources told Reuters in May. It could also sell more private equity assets.
HSBC and Standard Chartered are also assessing whether they should move their headquarters from London to Asia to save money on what they pay under a bank levy in Britain.
Britain’s government could announce later on Wednesday a change to the structure of the levy, however, after criticism it costs the two Asia-focused banks too muc

- See more at: http://newagebd.net/127996/new-stanchart-boss-says-bank-must-strengthen-finances/#sthash.UZzdQuWr.dpuf
ters . London / New Age Online

Standard Chartered Chief Executive Bill Winters told staff on his first day in the office that the Asia focused bank must strengthen its finances and simplify operations to boost returns.
Winters’ predecessor Peter Sands closed of much the bank’s equities business and sacked 4,000 staff but that was not enough to reverse the company’s underperformance and save his job.
“We need to reinforce our foundations; streamline our business; strengthen our financial position; and re-orient the bank for better returns on our capital,” Winters said in a letter to staff seen by Reuters on Wednesday.
“Our capital strength is a key priority. Capital strength is a competitive advantage, especially in tough economic times. We are reviewing all aspects of our capital strength as part of our broader business review.”
Early market reaction suggested investors approved of the approach with the bank’s shares up 4.2 percent, outperforming both a 0.4 percent rise in FTSE 100 and a 0.85 percent increase in the STOXX Europe 600 Banking index.
StanChart shares slumped nearly 30 percent last year while European banks only lost 3 percent. But this year, the bank is up 11.5 percent, only 2 percent behind the pan-European index.
Addressing concerns about the bank’s capital strength is Winters’ top priority, and some investors and analysts have said he needs to raise at least $5 billion from a rights issue and cut the dividend.
Winters, 53, was previously co-CEO of JPMorgan’s investment bank. He left in 2009 after falling out with CEO Jamie Dimon.
Winters, originally from New York but with dual U.S. and British citizenship, then became one of five members of a British government commission that analysed how banks could be made structurally safer and set up London-based hedge fund Renshaw Bay.
“BEYOND REPROACH”
Winters said in the letter he would announce the bank’s leadership team after the summer and provide details of his broader plans by the end of the year.
“We need to be more resilient and learn to cope with the tough times ahead, but more importantly than that we need to rebuild confidence – in ourselves and with our stakeholders.”
Hugh Young, head of equities at the bank’s second biggest investor Aberdeen Asset Management, said he supported Winters’ plan in broad terms but did not have a set “to-do” list for the new chief.
“I don’t think we’d give him a specific list – totally agree with the principle of simplification, related to which is also communication (internally, between different teams/competencies),” he said in emailed comments.
Against the backdrop of a series of fines for banks for bad behaviour, including on Standard Chartered for lax U.S. anti-money laundering controls, Winters also laid down the law on ethics.
“Our ethical standards must be beyond reproach and we must play a robust role in the global fight against financial crime. That is a key role for any bank in the world today and is one that we will continue to embrace.”
Winters said: “We will organise ourselves to simplify the way we work together, make decisions and be more efficient” and “must complete the process of making our control environment rock solid”.
Standard Chartered is among many banks seeking to cut costs, axe underperforming businesses and streamline to try to increase profitability, which has been hurt in recent years by tougher regulations following the financial crisis.
Rival HSBC said this week it would shed 50,000 jobs, half from the sale of businesses, as it tries to improve returns.
Standard Chartered is in the process of seeking buyers for its Hong Kong pensions business, valued at about $350 million, sources told Reuters in May. It could also sell more private equity assets.
HSBC and Standard Chartered are also assessing whether they should move their headquarters from London to Asia to save money on what they pay under a bank levy in Britain.
Britain’s government could announce later on Wednesday a change to the structure of the levy, however, after criticism it costs the two Asia-focused banks too muc

- See more at: http://newagebd.net/127996/new-stanchart-boss-says-bank-must-strengthen-finances/#sthash.UZzdQuWr.dpuf
Posted in News, Banking | Leave a comment

Excise duty on bank deposits, air tickets hiked

Posted by BankInfo on Wed, Jun 10 2015 05:55 pm

Staff Correspondent

The government has increased excise duty on domestic and international air ticket prices and deposits in banks and financial institutions by up to 67 per cent for the next fiscal year.

The government in the budget for FY 2015-16 proposed to increase the excise duty amending the Excises and Salt Act-1944.

The increased excise duty rates have been effective from June 4.

According to the National Board of Revenue, domestic air travelers will have to pay Tk 500 per ticket for single journey instead of the current Tk 300.

For travelling in the countries of South Asian Association for Regional Cooperation, passengers will have to pay Tk 500 per seat which was Tk 300.

Excise duty has also been increased to Tk 1,000 per air ticket for travelling to other Asian countries from the existing Tk 500 and for rest of world to Tk 1,500 per seat from Tk 1,000.

Airlines will collect the duty with air ticket fees.

In a press statement, Biman Bangladesh Airlines said that passengers who had already purchased the ticket without paying excise duty would have to pay the duty at airports before their journey.

On balance in accounts with banks and financial institutes, the excise duty has been increased to Tk 150 per year from Tk 120 if the balance, credit or debit, exceeds Tk 20,000 at any time during a year but less than Tk 1 lakh.

For balance of Tk 1 lakh to Tk 10 lakh, the payable excise duty will be Tk 500 per year which is now Tk 350.

Account holders will have to pay Tk 1,500 per year as excise duty instead of Tk 1,000 for balance of Tk 10 lakh to Tk 1 crore.

For balance ranging from Tk 1 crore to Tk 5 crore, the rate of excise duty has been increased to Tk 7,500 from the existing Tk 5,000 while for balance above Tk 5 crore, account holders will have to pay Tk 15,000 per year as excise duty in next year which was Tk 10,000 in the current year.

Banks and financial institutions usually deduct the duty from the accounts when the balance crosses the limit.

Staff Correspondent

The government has increased excise duty on domestic and international air ticket prices and deposits in banks and financial institutions by up to 67 per cent for the next fiscal year.
The government in the budget for FY 2015-16 proposed to increase the excise duty amending the Excises and Salt Act-1944.
The increased excise duty rates have been effective from June 4.
According to the National Board of Revenue, domestic air travelers will have to pay Tk 500 per ticket for single journey instead of the current Tk 300.
For travelling in the countries of South Asian Association for Regional Cooperation, passengers will have to pay Tk 500 per seat which was Tk 300.
Excise duty has also been increased to Tk 1,000 per air ticket for travelling to other Asian countries from the existing Tk 500 and for rest of world to Tk 1,500 per seat from Tk 1,000.
Airlines will collect the duty with air ticket fees.
In a press statement, Biman Bangladesh Airlines said that passengers who had already purchased the ticket without paying excise duty would have to pay the duty at airports before their journey.
On balance in accounts with banks and financial institutes, the excise duty has been increased to Tk 150 per year from Tk 120 if the balance, credit or debit, exceeds Tk 20,000 at any time during a year but less than Tk 1 lakh.
For balance of Tk 1 lakh to Tk 10 lakh, the payable excise duty will be Tk 500 per year which is now Tk 350.
Account holders will have to pay Tk 1,500 per year as excise duty instead of Tk 1,000 for balance of Tk 10 lakh to Tk 1 crore.
For balance ranging from Tk 1 crore to Tk 5 crore, the rate of excise duty has been increased to Tk 7,500 from the existing Tk 5,000 while for balance above Tk 5 crore, account holders will have to pay Tk 15,000 per year as excise duty in next year which was Tk 10,000 in the current year.
Banks and financial institutions usually deduct the duty from the accounts when the balance crosses the limit.

- See more at: http://newagebd.net/127764/excise-duty-on-bank-deposits-air-tickets-hiked/#sthash.MR2QdZy7.CxmV57ip.dpuf
Staff Correspondent

The government has increased excise duty on domestic and international air ticket prices and deposits in banks and financial institutions by up to 67 per cent for the next fiscal year.
The government in the budget for FY 2015-16 proposed to increase the excise duty amending the Excises and Salt Act-1944.
The increased excise duty rates have been effective from June 4.
According to the National Board of Revenue, domestic air travelers will have to pay Tk 500 per ticket for single journey instead of the current Tk 300.
For travelling in the countries of South Asian Association for Regional Cooperation, passengers will have to pay Tk 500 per seat which was Tk 300.
Excise duty has also been increased to Tk 1,000 per air ticket for travelling to other Asian countries from the existing Tk 500 and for rest of world to Tk 1,500 per seat from Tk 1,000.
Airlines will collect the duty with air ticket fees.
In a press statement, Biman Bangladesh Airlines said that passengers who had already purchased the ticket without paying excise duty would have to pay the duty at airports before their journey.
On balance in accounts with banks and financial institutes, the excise duty has been increased to Tk 150 per year from Tk 120 if the balance, credit or debit, exceeds Tk 20,000 at any time during a year but less than Tk 1 lakh.
For balance of Tk 1 lakh to Tk 10 lakh, the payable excise duty will be Tk 500 per year which is now Tk 350.
Account holders will have to pay Tk 1,500 per year as excise duty instead of Tk 1,000 for balance of Tk 10 lakh to Tk 1 crore.
For balance ranging from Tk 1 crore to Tk 5 crore, the rate of excise duty has been increased to Tk 7,500 from the existing Tk 5,000 while for balance above Tk 5 crore, account holders will have to pay Tk 15,000 per year as excise duty in next year which was Tk 10,000 in the current year.
Banks and financial institutions usually deduct the duty from the accounts when the balance crosses the limit.

- See more at: http://newagebd.net/127764/excise-duty-on-bank-deposits-air-tickets-hiked/#sthash.MR2QdZy7.CxmV57ip.dpuf
Staff Correspondent

The government has increased excise duty on domestic and international air ticket prices and deposits in banks and financial institutions by up to 67 per cent for the next fiscal year.
The government in the budget for FY 2015-16 proposed to increase the excise duty amending the Excises and Salt Act-1944.
The increased excise duty rates have been effective from June 4.
According to the National Board of Revenue, domestic air travelers will have to pay Tk 500 per ticket for single journey instead of the current Tk 300.
For travelling in the countries of South Asian Association for Regional Cooperation, passengers will have to pay Tk 500 per seat which was Tk 300.
Excise duty has also been increased to Tk 1,000 per air ticket for travelling to other Asian countries from the existing Tk 500 and for rest of world to Tk 1,500 per seat from Tk 1,000.
Airlines will collect the duty with air ticket fees.
In a press statement, Biman Bangladesh Airlines said that passengers who had already purchased the ticket without paying excise duty would have to pay the duty at airports before their journey.
On balance in accounts with banks and financial institutes, the excise duty has been increased to Tk 150 per year from Tk 120 if the balance, credit or debit, exceeds Tk 20,000 at any time during a year but less than Tk 1 lakh.
For balance of Tk 1 lakh to Tk 10 lakh, the payable excise duty will be Tk 500 per year which is now Tk 350.
Account holders will have to pay Tk 1,500 per year as excise duty instead of Tk 1,000 for balance of Tk 10 lakh to Tk 1 crore.
For balance ranging from Tk 1 crore to Tk 5 crore, the rate of excise duty has been increased to Tk 7,500 from the existing Tk 5,000 while for balance above Tk 5 crore, account holders will have to pay Tk 15,000 per year as excise duty in next year which was Tk 10,000 in the current year.
Banks and financial institutions usually deduct the duty from the accounts when the balance crosses the limit.

- See more at: http://newagebd.net/127764/excise-duty-on-bank-deposits-air-tickets-hiked/#sthash.MR2QdZy7.CxmV57ip.dpuf
Staff Correspondent

The government has increased excise duty on domestic and international air ticket prices and deposits in banks and financial institutions by up to 67 per cent for the next fiscal year.
The government in the budget for FY 2015-16 proposed to increase the excise duty amending the Excises and Salt Act-1944.
The increased excise duty rates have been effective from June 4.
According to the National Board of Revenue, domestic air travelers will have to pay Tk 500 per ticket for single journey instead of the current Tk 300.
For travelling in the countries of South Asian Association for Regional Cooperation, passengers will have to pay Tk 500 per seat which was Tk 300.
Excise duty has also been increased to Tk 1,000 per air ticket for travelling to other Asian countries from the existing Tk 500 and for rest of world to Tk 1,500 per seat from Tk 1,000.
Airlines will collect the duty with air ticket fees.
In a press statement, Biman Bangladesh Airlines said that passengers who had already purchased the ticket without paying excise duty would have to pay the duty at airports before their journey.
On balance in accounts with banks and financial institutes, the excise duty has been increased to Tk 150 per year from Tk 120 if the balance, credit or debit, exceeds Tk 20,000 at any time during a year but less than Tk 1 lakh.
For balance of Tk 1 lakh to Tk 10 lakh, the payable excise duty will be Tk 500 per year which is now Tk 350.
Account holders will have to pay Tk 1,500 per year as excise duty instead of Tk 1,000 for balance of Tk 10 lakh to Tk 1 crore.
For balance ranging from Tk 1 crore to Tk 5 crore, the rate of excise duty has been increased to Tk 7,500 from the existing Tk 5,000 while for balance above Tk 5 crore, account holders will have to pay Tk 15,000 per year as excise duty in next year which was Tk 10,000 in the current year.
Banks and financial institutions usually deduct the duty from the accounts when the balance crosses the limit.

- See more at: http://newagebd.net/127764/excise-duty-on-bank-deposits-air-tickets-hiked/#sthash.MR2QdZy7.CxmV57ip.dpuf
Staff Correspondent

The government has increased excise duty on domestic and international air ticket prices and deposits in banks and financial institutions by up to 67 per cent for the next fiscal year.
The government in the budget for FY 2015-16 proposed to increase the excise duty amending the Excises and Salt Act-1944.
The increased excise duty rates have been effective from June 4.
According to the National Board of Revenue, domestic air travelers will have to pay Tk 500 per ticket for single journey instead of the current Tk 300.
For travelling in the countries of South Asian Association for Regional Cooperation, passengers will have to pay Tk 500 per seat which was Tk 300.
Excise duty has also been increased to Tk 1,000 per air ticket for travelling to other Asian countries from the existing Tk 500 and for rest of world to Tk 1,500 per seat from Tk 1,000.
Airlines will collect the duty with air ticket fees.
In a press statement, Biman Bangladesh Airlines said that passengers who had already purchased the ticket without paying excise duty would have to pay the duty at airports before their journey.
On balance in accounts with banks and financial institutes, the excise duty has been increased to Tk 150 per year from Tk 120 if the balance, credit or debit, exceeds Tk 20,000 at any time during a year but less than Tk 1 lakh.
For balance of Tk 1 lakh to Tk 10 lakh, the payable excise duty will be Tk 500 per year which is now Tk 350.
Account holders will have to pay Tk 1,500 per year as excise duty instead of Tk 1,000 for balance of Tk 10 lakh to Tk 1 crore.
For balance ranging from Tk 1 crore to Tk 5 crore, the rate of excise duty has been increased to Tk 7,500 from the existing Tk 5,000 while for balance above Tk 5 crore, account holders will have to pay Tk 15,000 per year as excise duty in next year which was Tk 10,000 in the current year.
Banks and financial institutions usually deduct the duty from the accounts when the balance crosses the limit.

- See more at: http://newagebd.net/127764/excise-duty-on-bank-deposits-air-tickets-hiked/#sthash.MR2QdZy7.CxmV57ip.dpuf
Staff Correspondent

The government has increased excise duty on domestic and international air ticket prices and deposits in banks and financial institutions by up to 67 per cent for the next fiscal year.
The government in the budget for FY 2015-16 proposed to increase the excise duty amending the Excises and Salt Act-1944.
The increased excise duty rates have been effective from June 4.
According to the National Board of Revenue, domestic air travelers will have to pay Tk 500 per ticket for single journey instead of the current Tk 300.
For travelling in the countries of South Asian Association for Regional Cooperation, passengers will have to pay Tk 500 per seat which was Tk 300.
Excise duty has also been increased to Tk 1,000 per air ticket for travelling to other Asian countries from the existing Tk 500 and for rest of world to Tk 1,500 per seat from Tk 1,000.
Airlines will collect the duty with air ticket fees.
In a press statement, Biman Bangladesh Airlines said that passengers who had already purchased the ticket without paying excise duty would have to pay the duty at airports before their journey.
On balance in accounts with banks and financial institutes, the excise duty has been increased to Tk 150 per year from Tk 120 if the balance, credit or debit, exceeds Tk 20,000 at any time during a year but less than Tk 1 lakh.
For balance of Tk 1 lakh to Tk 10 lakh, the payable excise duty will be Tk 500 per year which is now Tk 350.
Account holders will have to pay Tk 1,500 per year as excise duty instead of Tk 1,000 for balance of Tk 10 lakh to Tk 1 crore.
For balance ranging from Tk 1 crore to Tk 5 crore, the rate of excise duty has been increased to Tk 7,500 from the existing Tk 5,000 while for balance above Tk 5 crore, account holders will have to pay Tk 15,000 per year as excise duty in next year which was Tk 10,000 in the current year.
Banks and financial institutions usually deduct the duty from the accounts when the balance crosses the limit.

- See more at: http://newagebd.net/127764/excise-duty-on-bank-deposits-air-tickets-hiked/#sthash.MR2QdZy7.CxmV57ip.dpuf
he government has increased excise duty on domestic and international air ticket prices and deposits in banks and financial institutions by up to 67 per cent for the next fiscal year. The government i - See more at: http://newagebd.net/127764/excise-duty-on-bank-deposits-air-tickets-hiked/#sthash.MR2QdZy7.CxmV57ip.dpuf
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WB ready with $1b funding for Bangladesh, India, Nepal, Bhutan connectivity projects

Posted by BankInfo on Wed, Jun 10 2015 01:03 pm

The World Bank could lend more than $1 billion to implement a number of regional connectivity projects for boosting trade and investment among Bangladesh, India, Nepal and Bhutan.

A transport team of the global lender presented its detailed plan to bankroll the connectivity projects to Finance Minister AMA Muhith at the WB headquarters in Washington in April. 

“By promoting the regional integration, Bangladesh can become the central hub in the region providing connectivity to the neighbouring countries,” said the presentation. 

Besides, a WB team visited several ports, customs points and India-Bangladesh multimodal corridors this year and last year. Following the visits, the team sent an aid memoir to the finance ministry, ministry officials told The Daily Star recently.

They added the WB would finance around $1billion in the next two fiscal years and talks were at final stage about two projects involving around $400 million.

The WB usually provides loan at 0.75 percent interest rate.

At a shipping secretary-level meeting between Bangladesh and India in New Delhi in April, India informed Bangladesh that the WB would provide one-third of the fund for developing water routes for transit of goods, and India and Bangladesh the rest.

 

During the just-concluded visit of Indian PM Narendra Modi to Bangladesh, several agreements related to transit have been signed. Under the deals, India can use Chittagong and Mongla ports. Several river routes have been identified for multimodal transport.

On Monday, the cabinet approved the draft of Motor Vehicle Agreement among Bangladesh, Bhutan, India and Nepal. Once signed, the deal will allow vehicles to ply designated routes in the four countries.

For the first phase of the Bangladesh Regional Connectivity Project and the Dhaka-Chittagong Inland Waterways Project, the WB has proposed to provide $400 million in the upcoming fiscal year.

Of the sum, $120 million will go to the connectivity project to facilitate trade and transport. It will cut border crossing time at selected border points.

Under the project, the infrastructure, warehousing facilities, transshipment and inspection system, customs control procedure, institutional and regulatory framework would be developed to facilitate smooth functioning of the ports.

New trade routes between Bangladesh and India are being opened in Mizoram and Tripura.

Under the proposed WB-funded project, five land ports have been identified for modernisation for boosting trade of Bangladesh with India. Under this, new land ports will be established at Tegamukh in Rangamati and Ramgarh in Khagrachhari. The project will also develop land ports in Nepal and Bhutan.

One of the components of the project is to further modernise Chittagong Port to increase its capacity.

The modernisation is aimed at smooth clearance of goods at the ports, improving the procedures, infrastructure and systems. Necessary facilities will have to be ensured at the ports so that female traders can participate in cross border trade with ease, according to the aid memoir.

Of the first phase loan, $280 million will go to the Dhaka Chittagong Inland Waterways project aimed at increasing efficiency and reliability of land water transport along the Dhaka-Chittagong corridor.

Under the project, the waterways will be made deeper through dredging to ensure easy transport of transit goods as well as local goods through river routes. It will also develop rail links to connect them with regional corridors. 

The second phase of the WB's proposed Bangladesh Regional Connectivity Project will finance investments at Chittagong Port in 2016-17. It also aims to improve inland waterways along the Bangladesh-India bilateral protocol route and road and inland water transport connectivity to Mizoram of India and two other key trading points.

The WB has designed the India Mizoram Roads II Regional Connectivity project to increase transport connectivity along regional trade corridors in the Indian state.

With road transport being the only mode of transport within the state, improvements to the network will reduce freight and passenger transport costs and provide quick and safer access to all parts of Mizoram and to neighbouring states and countries such as Bangladesh and Myanmar.

The WB does not only stand ready to finance the project to make the inter-regional connectivity a reality in order to boost growth and lift millions of people out of poverty. It has also come up with grants. 

Already, the lender has given a grant of $5 million to study how to improve connectivity-related infrastructures. It will also provide technical assistance on management of ports, land ports, and inland water transport.

On invitation from the WB, two teams from Bangladesh and India toured Sweden, Norway and Switzerland last year to share lessons and best practices in transit framework, trade facilitation and logistic services.

Cross-border connectivity makes commercial sense too, as each hour's delay in border entails an additional cost of $10-15 and a single day's delay in border raises the tariff on goods by 1 percent, according to the WB. 

News:The Daily Star/10-Jun-2015  
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NCC Bank gets new DMD

Posted by BankInfo on Wed, Jun 10 2015 10:38 am

Abu Zafore Md Saleh has recently been promoted to deputy managing director of NCC Bank.

He was working as the bank's senior executive vice president and head of corporate and business banking prior to the promotion, the bank said in a statement yesterday.

He began his banking career with Agrani Bank and has since worked with One Bank, Dutch-Bangla Bank and Prime Bank.

Saleh is a postgraduate in economics from Dhaka University and holds an LLB degree, according to the statement. He is also a diploma associate of the Institute of Bankers, Bangladesh.

News:The Daily Star/10-6-2015
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BDBL Managing Director Dr Md Zillur Rahman handed over blankets to the Nepalese Ambassador in Dhaka

Posted by BankInfo on Tue, Jun 09 2015 12:05 pm

BDBL Managing Director Dr Md Zillur Rahman handed over blankets to the Nepalese Ambassador in Dhaka Hari Kumar Srestha for the earthquake affected people recently at a function held in the city. Bangladesh Bank Governor Dr. Atiur Rahman, Deputy Governor SK Sur Chowdhury, and Executive Director Mahfuzur Rahman were also present.
News:Financial Express/9-Jun-2015
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