e_Paper (25 November 2016)

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DT 12 Business FRIDAY, NOVEMBER 25, 2016 CAPITAL MARKET SNAPSHOT: THURSDAY DSE Broad Index 4,791.3 0.5% ▲ Index 1,133.3 0.4% ▲ 30 Index 1,769.5 0.3% ▲ Turnover in Mn Tk 6,584.3 -55.5% ▼ Turnover in Mn Vol 295.4 -22.2% ▼ CSE All Share Index 14,724.3 0.4% ▲ 30 Index 13,204.5 0.3% ▲ Selected Index 8,962.3 0.4% ▲ Turnover in Mn Tk 429.0 -11.7% ▼ Turnover in Mn Vol 21.4 -15.1% ▼ Muhith praises young taxpayers Tax Week 2016 begins as the NBR honours over 500 highest and long-time taxpayers • SM Najmus Sakib Finance Minister praised the increased number of students and young entrepreneurs for their outstanding contributions to the country’s development and their enthusiasm in paying taxes. He was speaking as the chief guest at the inauguration of the Tax Week at the new building of National Board of Revenue in Dhaka yesterday. “If the current taxpaying practice goes on, Bangladesh would reach the middle-income level before 2021 and turn into a developed country before 2041,” Muhith said. In the current fiscal year, NBR raised the number of Tax Cards to 141 from 20. The cards were given to taxpayers for their outstanding contributions to the national exchequer. NBR also honoured a total of 517 taxpayers including 370 that paid highest tax and 147 long-time taxpayers from district levels. Industries Minister Amir Hossain Amu was also present at the programme as a special guest. In his address, Amu said the ADB chief urges Trump to pursue trade deals • AFP, Manila The head of the Asian Development Bank (ADB) yesterday urged US President-elect Donald Trump to continue with a landmark trans-pacific trade deal, but said the region would press on with key accords regardless of his decision. The US-led Trans-Pacific Trade Partnership (TPP), promoted by outgoing US President Barack Obama as part of his Asia pivot, liberalises inter-regional trade among 12 countries but Trump has charged it will cost the US jobs and hurt American businesses. Speaking in Manila, Takehiko Nakao said he hoped Trump would not pull out of the agreement which he described as ready to be implemented. But he added “if the United States doesn’t join, there can be so many approaches”. “There is a strong case for certain regional arrangements,” he said. • Finance Minister AMA Muhith gives a certificate to British American Tobacco Bangladesh chairman recognising role in tax payment at the opening of Tax Week 2016. NBR Chairman Nojibur Rahman (right) was also present SYED ZAKIR HOSSAIN ongoing taxpaying practice has inspired the government to take up mega projects like Padma Bridge without any foreign fund. The minister suggested utilising the country’s resources to turn it into a developed country by 2041. As collection of tax is on the rise, the government would take necessary steps to make education free up to the university level, he said. The ministers congratulated DSE index surges 14 months high • Tribune Business Desk The Dhaka Stock Exchange benchmark index DSEX witnessed persistent rise over the weeks hitting almost 14 months high. The key index added over 25 points or 0.6% to 4,791, which is highest since October 7 last year when it was 4,800. Rally in banking stocks helped the DSEX close higher. The DS30 index, comprising blue chips, gained marginally over 4 points to 1,133 and the DSE Shariah Index DSES also edged over 5 points higher to 1,769. The Chittagong Stock Exchange selective category index, CSCX, rose about 33 points to 8,962. Volume of trade was back to normal level after witnessing abnormally high in previous session boosted by block trades on the DSE. The volume of trade in value stood at almost Tk660 crore from previous session’s nearly Tk1,500 crore, driven by KPCL block transaction. Bank and textile contributed around 35% to the total trade value of the market. Six banks and four textile companies secured position in top 20 turnover list. The market breadth also remained positive as out of total 319 traded scrips, 173 advanced, 120 declined and 26 remained unchanged. Mutual funds shined on the day, led by Grameen Scheme Two with a 9.6% price rise. Among the major sectors, life insurance was the day’s best performer with a rally of 1.2%, followed by bank 1.1% and non-life insurance 0.6%. On the other hand, food and allied and telecommunications fell marginally on profit booking. Doreen Power was the most traded stocks worth Tk27 crore changed hands, followed by Beximco Ltd, Generation Next, Bangladesh Building System, City Bank and Quasem Drycells. • students who took part in the competition about tax under “Tax Education Forum” at the last tax fair. The winners received prizes and certificates at a prize-giving ceremony. The event aimed at growing BB chief requests Muhith to appoint directors • Asif Showkat Kallol Bangladesh Bank Governor Fazle Kabir requested Finance Minister AMA Muhith to appoint two directors at the vacant posts of the central bank, according to official sources. Bangladesh Bank board currently has seven directors. Two posts have remained vacant at the nine-member board. awareness among students of paying tax. The National Board of Revenue awarded a total of 141 highest taxpayers under three categories at the ceremony on the first day of income tax week. A total of 76 persons under individual category, 57 under company category and 8 under other categories will be awarded with tax cards. The card holders will have the privilege to attend state programmes and get priority in receiving services provided by the government. NBR Chairman Nojibur Rahman presided over the inaugural function of Tax Week. In his speech, Nojibur said the revenue authority has taken a number of initiatives to inspire taxpayers and ease the system of paying tax. NBR has increased the number of tax cards, launched e-filing and online services, arranged tax fair yearly and finally tax week from November 24 to 30 for the first time. The revenue authority has set record with Tk2129,67,75,811 crore collected from the recently held weeklong tax fair. • Dr Jamaluddin Ahmed FCA and Dr Rashidan Islam were appointed as private directors of the central bank on March 13, 2016 for three years. Dr Rashidan Islam is the research director of the Bangladesh Institute of Development Studies (BIDS). Earlier, two directors were appointed. BB Deputy Governor Abu Hena Mahmmad Razi Hasan was made director. •
Business 13 Trade union urges govt to ensure rights of Tazreen fire victims • Rafikul Islam Several trade union leaders yesterday called for long-term treatment and rehabilitation of the injured victims of Tazreen Fashions fire. The leaders of the workers platform also demanded an exemplary punishment for those responsible for the accident. The demand came at a rally held in front of the National Press Club to observe the fourth anniversary of Tazreen Fashions fire that killed 112 workers and injured over 200 in 2012. “The surviving victims need long-term treatment and rehabilitation to come back to normal life,” said Sirajul Islam Rony, president, Bangladesh National Garments Workers Employees League. Even after four years of the deadly incident, a good number of workers did not get proper compensation and are leading a miserable life, he alleged. To ensure workplace safety, the workers leaders urged the government to implement initiatives taken to improve safety standards in the country’s RMG sector. “We do not want to see any further incident in the industry that would cost lives of my fellow workers,” said Rony. A Tazreen worker Monir Hossain said he is still traumatised by Robi revenue grows 11.5% in Q3 • Ishtiaq Husain Bangladesh National Garment Workers and Employees League organises a rally in Dhaka yesterday marking four years of Tazreen garment factory fire incident in 2012 which killed 112 workers and injured more than 200 RAFIKUL ISLAM the fire incident and does not fell normal in everyday activities. “I lost my leg in the incident that has made me physically challenged. who will take the responsibility of my family?” Monir said, expressing deep disappointment. Robi Axiata has posted 11.5% revenue growth in the third quarter of 2016 in ‘very challenging business conditions’. The mobile-phone operator in a media statement on yesterday said the revenue rose to Tk1,390 crore amidst intense price competition. Revenue recovery with customer centric strategy after huge hit for biometric registration campaign which slowed down net addition in quarter 1. “EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) grew by 12.1% to Tk450 crore in Q3 2016 driven by strong mobile revenue growth and prudent cost management initiatives implemented across the company,” says Robi statement. The operator registered Tk1.76 crore profit (Paid after tax-PAT) in the third quarter impacted by accelerated depreciation resulting from nationwide network modernisation especially in Chittagong-Comilla region. Robi’s active subscriber base decreased to 23.8 million in Q3 2016 due to deactivation of non-compliant SIMs after bio-metric registration cut-off deadline. Mahtab Uddin Ahmed, managing director and CEO of Robi said: “We experienced solid mobile revenue growth during the third quarter of 2016.” “However, SIM deactivation after 31st May 2016 for non-compliant biometric registration SIM has negatively impacted the growth momentum of the business.” “Nevertheless, we are continuing to invest towards expansion and modernization of 2.5G/3.5G network across the country to provide a superior mobile services experience to our subscribers,” he said. Mahtab Uddin said: “During the third quarter of 2016, we continued to bring most innovative and affordable product offers in the market as we have introduced a simple and need-based complete mobile solution named ‘ACE’.” • He urged the buyers, owners and the government to take steps to rehabilitate the workers like him. To avert further incident, the government should bring to book those responsible for the fire in Tazreen Fashions, Amirul Haque Amin, secretary to Bangladesh IndustriAll Council, said in another rally. The culture of impunity helps recur factory disaster and it should bring to a stop just now through ensuring justice to the victims, added Amin. • DT FRIDAY, NOVEMBER 25, 2016 Alliance rebuffs rights group report on safety work progress • Tribune Business Desk North American group Alliance has rejected the “misrepresented and oversimplified” report by the workers’ rights groups on safety improvement assessment in Bangladesh’s garment sector. “There is no doubt that the Alliance has had a transformative impact in strengthening the structural integrity of Bangladeshi factories where millions of women and men make a living each day,” said Ellen O’Kane Tauscher, independent chair of the board of the Alliance. “We have proven this strong commitment to improving workplace safety in Bangladesh’s garment industry through concrete actions and results,” she said. On Monday, International Labor Rights Forum, Worker Rights Consortium, Clean Clothes Campaign, and Maquila Solidarity Network in an analysis titled Dangerous Delays on Worker Safety criticised “considerable delays” in repairing safety defects in factories supplying member companies of the Alliance. It claimed that Alliance overstated progress in Bangladesh’s garment sector, keeping its workers’ lives at risk. “Walmart, Gap, VF, Target and Hudson’s Bay have failed to address deadly hazards in many factories, but Bangladesh alliance downplays the problem with rosy status reports,” the workers’ rights groups said in the analysis. “Even more concerning is the fact that the Alliance overstates progress, saying many of the factories listed as on track on the Alliance website still face major safety hazards,” the analysis said. However, Alliance defended their efforts saying the remediation work would be largely completed by 2018. “We project that our remediation work will be largely completed by 2018—as originally planned. We continue to stress that remediation is not an end point, but a continuing journey. Factories and other key stakeholders must take up the China to probe illegal expansion in coal, steel sectors • Reuters China will send inspection teams to investigate and severely punish illegal expansion by coal and steel firms as part of its efforts to slim down the two industries, the country’s cabinet said yesterday. With most of the country’s steel and coal enterprises making losses in 2015, China promised in February to slash 500 million tonnes of coal production capacity and 100 million to 150 million tonnes of crude steel capacity over the next three to five years in a bid to reduce price-sapping supply gluts. The State Council said in a notice posted on China’s official government website (www.gov.cn) that this year’s targeted closures had already been “basically completed”, but some firms were still illegally expanding capacity. The cabinet named as culprits the Hebei Anfeng Steel Corp, based in the northern port city of Qinhuangdao, as well as a small steel plant in eastern China’s Jiangsu province. China has traditionally struggled to rein in its massive steel and coal sectors, with local governments often turning a blind eye to expansion projects that provide additional local employment and economic growth. • charge to continue the culture of safety well beyond 2018,” said Ellen O’Kane Tauscher. Alliance alleged that the right groups in several areas of the report “misrepresented and oversimplified” the complexities of the Alliance and the Accord efforts. “It is important to note that the factories highlighted in the report are those producing products for both Alliance and Accord brands,” it added. Alliance said: “Our analysis of factory remediation progress reflects the conclusions of qualified and trained engineers who are working diligently with factories to ensure they have proper fire safety equipment, conduct inspections and verify progress.” “These inspections are rigorous, and to date, we have suspended 101 factories from the Alliance list for failing to make sufficient progress on remediation—a considerably higher number than factories suspended by either the National Action Plan or the Accord.” •
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