Small investors Sunday urged the government to take "immediate" steps to bring back traders' confidence, which has shattered after the tempest in the stock market. They also demanded the closure of the capital market unless atmosphere in bourses is back to normal. The demand came at a press briefing by Bangladesh Share Investors' Association (BSIA), a platform of small investors, in the city, where stock traders placed a 15-point demand. Share trading on Dhaka Stock Exchange (DSE) was halted since Thursday following a 600-point fall in five minutes in share prices. Anarchy reigned in the city's financial district Motijheel, where law enforcers had to clash with thousands of retail investors and riot police. The investors censured the circuit breaker system for its failure to stabilise the market and said the procedure should be stopped because the DSE authorities are not well-equipped to handle it.
"The government must take proper steps to bring back investors' confidence as early as possible," BSLA convener Mizan-Ur-Rashid Chowdhury said. He said that the Securities and Exchange Commission (SEC) and DSE had invited investors to invest in the market. "But now gamblers and vested quarters plundered our money like pick-pockets. We didn't expect that the 96-like debacle will be staged again," he added. The investors sought measures to ensure participation of traders in each meeting before taking any stock market-related decision. They also demanded cancellation of share trading session that took place on January 20 as it crossed the index circuit breaker limit of 225 points by hitting at 600 point. The leaders of the organisation also raised questions about the responsibility of merchant banks, institutional investors and state-owned investment bank - ICB as they acted like small investors when the market had consecutive fall.
"The market has become unstable due to the conspiracy by a vested quarter," BSLA co-convener M Zihad Jahangir Alam said. He urged the authorities to investigate into BO accounts transacted over the last 30 days to find out whose accounts traded "unusually". "Punitive action must be taken against those who are responsible for the recent market crash," he said. The grouping's other demands include cancellation of the premium system in any IPO and withdrawal of all cases filed against general investors.
News: Financial Express/Bangladesh/24 Jan 2011
Southeast Bank Limited signed a participatory agreement with Bangladesh Bank at the head office of the central bank to avail of refinancing facility for Small and Medium Enterprises Financing on Sunday. Mr. Mahbubul Alam, Managing Director of Southeast Bank Limited and Mr Sukamal Sinha Choudhury, General Manager, SME & Special Programs Department of BB signed the agreement on behalf of respective sides. Mr. Md. Harunur Rashid Chowdhury, Executive Director of Bangladesh Bank presided over the meeting.
Through this agreement Southeast Bank will be able to avail refinancing facility from an ADB supported fund amounting USD 95.00 million equivalent to Tk 6.67 billion. Bangladesh Bank has been entrusted with the responsibility to administer the fund. The fund will help Southeast Bank to widen and expand its SME lending program in rural and semi urban areas at a subsidized rate.
Senior officials of SME and Special Programs Department of Bangladesh Bank attended the ceremony. From Southeast Bank Mr. Mohammed Gofran, Deputy Managing Director, Mr. Panu Ranjan Das, Vice President, Mr. M.M. Khaled Omar, Senior Assistant Vice President & Head of SME, Mr. Donald Rosette, Assistant Vice President and Head of R&D were also present.
Source: Financial Express/Bangladesh/24 Jan 2011
BASIC Bank Limited achieved Tk 2.15 billion (215 crore) operating profit for the year 2010. Bank's Chairman Sheikh Abdul Hye Bacchu disclosed this, while speaking as the chief guest at its first branch and operational managers conference in the city recently, said a press release. Chaired by BASIC Bank Acting Managing Director Sk. Monzur Morshed, the conference was attended, among others, by its directors Jahangir Akhand Salim, Shubhashish Bose, Neelufar Ahmed, Shakhawat Hossain, Prof Kazi Akhtar Hossain, Md Fakhrul Islam and Md Anwarul Islam.
All general managers, operational in-charges, branch-in-charges and other executives of the head office of the bank attended the conference. The executives of the bank and branch in-charges reviewed the yearly business performance of 2010 and have taken an action plan for strengthening its operational activities of 2011. Mr Bacchu thanked all officials of the bank for achieving the operating profit in 2010. He stressed on selection of potential borrower and urged the executives to keep close supervision and monitoring of the loan for keeping the classification at the minimum level. Mr Morshed called for united efforts to accelerate business growth of the bank.
News: Financial Express/Bangladesh/20 Jan 2011
Vehicle protection provider company FINDER (a concern of Monico Limited) and Standard Chartered Bank and have signed an agreement through which the Credit Card holders of the Bank will enjoy special InstaBuys @ 0% offers at FINDER. FINDER works as an intelligent watchdog for any personal or commercial vehicle. No matter where the vehicle is, with FINDER customer can trace it, track it and even trail it through internet & mobile phone.
FINDER provides with the real time tracking & monitoring via web, engine on/off through SMS, route & destination view via the web applications, distance monitoring, speed/distance report, location report, start/stop report and many more. This service will surely be a very effective one for the investors and will provide more security to the banks.
News Source:Financial Express/Bangladesh/20 Jan 2011
Prime Minister (PM) Sheikh Hasina said e-banking has been introduced to stop illegal Hundi trade and enabling the expatriate Bangladeshis to send their hard-earned remittances easily. "Effective steps are being taken so that the expatriates can send their hard-earned remittances through private banks side-by-side with state-owned commercial banks, the PM told a civic reception here Tuesday night. Expatriate Bangladeshis hosted the reception in honour of the Prime Minister. Referring to the Prabashi Kalyan Bank, Sheikh Hasina said the bank is being established so that workers can go abroad by taking loan from it.
Prime Minister pointed out, "To go abroad, people would not have to sell their property or land and they can repay their borrowed money by doing jobs abroad,". The PM said separate desk has also been created at the airport for stopping harassment of the expatriates side-by-side with stepping up security. PM Sheikh Hasina said information cells have also been opened at the district level to know the position of expatriate Bangladeshis. Despite global economic recession, the PM said, export earnings of Bangladesh have increased to a great extent, while the expatriates have been contributing a lot in raising remittances. "The government would take steps to ensure the voting rights of the expatriates and provide them with machine readable passports," the PM added.
The PM also stressed the need for taking separate arrangements to solve the housing problems of the expatriates. "All kinds of facilities have been ensured so that Bangladeshi expatriates can invest their hard-earned money in the country, the PM mentioned.
News Source:Financial Express/Bangladesh/20 Jan 2011