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DT 10 Business MONDAY, MAY 8, 2017 CAPITAL MARKET SNAPSHOT: SUNDAY DSE Broad Index 5,533.4 -0.1% ▼ Index 1,278.0 0.2% ▲ 30 Index 2,033.4 -0.0% ▼ Turnover in Mn Tk 7,377.3 -2.8% ▼ Turnover in Mn Vol 245.3 -1.4% ▼ CSE All Share Index 17,149.0 -0.2% ▼ 30 Index 15,086.0 -0.3% ▼ Selected Index 10,397.8 -0.2% ▼ Turnover in Mn Tk 504.2 -15.5% ▼ Turnover in Mn Vol 18.5 -13.5% ▼ Bank directors’ tenure likely to be raised • Asif Showkat Kallol The government is going to amend the Bank Company Act increasing the tenure of directors of private commercial banks to nine years divided in three terms. Besides, the private bank board can also have four members from an owner family as directors as per the amendment proposal. Financial Institutions Division will place a proposal on the matter at the Cabinet Committee meeting presided over by Prime Minister Sheikh Hasina today. The people concerned think it is good for banking sector as there is no law regarding appointment of directors in private banks. Last year Finance Minister AMA Muhith hinted that the tenure of directors at private commercial banks might be extended up to nine years from existing six years. According to amendment of the provision 15 (10) Bank Company Act 2017, four family members of owner family will be directors instead of existing two directors whatever written in the company law. The directors of a private bank now hold the post two terms and each term is three years. Now it will be nine years in three terms and each tenure will be three years. Former Bangladesh Bank Governor Salahuddin Ahmed said it is bad law for banking sector as owner family will have more controls over the banks. According to the previous law approved in 2013, the banks must take approval from the central bank for the appointment of the directors. BAB official said the law regarding the six-year tenure of a director may be applicable to the directors coming from outside, like independent directors, appointed directors or ex-officious directors. The sponsor-directors will be deprived of their right to wealth or property if the law is applied for them as well, the association said. ~ Since the sponsors have invested their money to make up the paid-up capital of the bank, it would not be judicious to deprive them of their position and wealth simultaneously, BAB said. The BAB also proposed amendments to the definition of family in the law. Under the act, family means spouse, parents, siblings, children and any person dependent on the sponsor director. But the BAB says if the person is elderly and fully independent or has separate business, he/she should not be counted as family. • The $28 billion clothing industry contributes about 82% to the overall export earnings of the country Export earnings fall short of target • Ibrahim Hossain Ovi Despite having a double-digit export target, Bangladesh’s export earnings have risen by nearly 4% in July-April period of the current fiscal year. In attaining the government target of $50 billion export by 2021, Bangladesh has to register a double-digit growth while RMG sector over 12% growth in export earnings. Export-oriented sector people opined that overall export earnings have shown a single-digit growth due to slower growth in export earnings of apparel sector. The $28 billion clothing industry contributes about 82% to the overall export earnings of the country. According to the Export Promotion Bureau (EPB) provisional data, in July-April of Fiscal Year 2016-17, Bangladesh earned $28.72 billion, which is 3.92% higher compared to $27.63 billion a year ago. The figure is 4.25% less than that of the target of $29.99 billion set for the period. RMG sector, the lifeline of the country’s export earnings, has fetched $23.13 billion, which is 2.21% higher compared to $22.64 billion a year ago. On the other hand, export earnings in April rose by 3.49% to $2.77 billion, which was $2.68 billion a year ago. DHAKA TRIBUNE “The current export growth of RMG sector is lower than expected. It is because of price fall of the products” BGMEA Vice-President Mohammed Nasir told the Dhaka Tribune. “While appreciation of Bangladeshi Taka against US dollar added salt to the wounds, our competitors in the global markets surpass us due to their government incentives as well as policy support.” BGMEA leader urged the government to introduce special exchange rate for the export-oriented sector and cut tax at source as well as reduce corporate tax for the sector people to remain competitive in the global markets. •
Business 11 MONDAY, MAY 8, 2017 DT Draft of One-stop Service Act goes to Cabinet today • Shariful Islam The draft of One-stop Service (OSS) Act 2017 is scheduled to go to Cabinet for approval today to help investors get services and clearance from different government offices. The government has taken the initiatives to enact the law in order to provide all services related to investment in the country under a single window. According to the new act, around 16 government service providing organisations will provide services to the investors. Once the new act gets approval and passed in the parliament, investors will receive entire services from one point and they don’t have to go every organisation in person. The 16 organisations include Home Ministry, Power Division, National Board of Revenue, Bangladesh Bank, Office of the Registrar of Joint Stock Companies and Firms, Gas Connection offices concerned, Department of Public Works, Department of Environment, Export Promotion Bureau, WASA, BTRC, Office of the Chief Controller of Imports & Export, Bangladesh Export Processing Zones Authority, product-related association and local government offices. After the formulation of law, investors will get entire services like project clearance, work permit, visa recommendation, import and export permits, building plan approval, wiring and plumbing plan approval, NOC for foreign loan, local sale and purchase services, utility connection approval, TIN registration, VAT registration, fire clearance and boiler registration, said sources at Bangladesh Economic Zones Authority (BEZA) and Bangladesh Investment Development Authority (BIDA). Officials at BEZA and BIDA said investors from both home and abroad have long been demanding one stop service in order to make the investment process easier. They said potential foreign investors often shift their investemnt to other countries due to complications here in Bangladesh. Kazi M Aminul Islam, executive chairman of BIDA, told the Dhaka Tribune “One-stop Service act will help remove all difficulties facing investors before starting their businesses after the final approval.” It will facilitate formation of an authority that will ensure quick services to the investors from a single office, added Aminul. Terming the act international standard, he said the law has been made following Singapore and New Zealand, and the service will be better than the two countries. According to the new law, investors need not have to go to the offices concerned in person, rather they can apply for investment from any corner of the world. The initiative to enact a law to attract foreign investments was taken by the Bangladesh Economic Zones Authority (BEZA) first at its second board meeting on February 28, 2015. On July 27, 2016, the fourth BEZA board meeting decided to enact the law for creating a smooth investment atmosphere in the country. BEZA proposed to enact the law only for economic zones namely ‘Bangladesh Economic Zones (One Stop Service) Act-2016. The government, however, decided to formulate the law for other investment related organisations. • US-Bangla Airlines starts flight on Dhaka- Bangkok route • Ishtiaq Husain US-Bangla Airlines has started its Dhaka-Bangkok-Dhaka flight from Wednesday with an attractive fare. The promotional fare is Tk20,000 including all taxes and surcharges. The Bangkok flights will operate on Mondays, Wednesdays, Fridays and Saturdays. Meanwhile, for the first time in the country, the US-Bangla Airlines has introduced a help desk for Bangladeshi expatriates at the country’s airport. The expatriates would get One-Stop Service, which would be available not only in the country’s airports but also in foreign airports. There are eight business class and 156 economy class seats in the Boeing 737-800 aircraft. Within a very short time, US-Bangla Airlines will start flight to Guangzhou, Doha and Paru. • Former Biman Bangladesh Airlines pilot Captain Sayed Mahbub Helal receives the IFALPA Lifetime Achievement Award at a function held in Motreal, Canada recently COURTESY Biman pilot gets life-time award • Tribune Business Desk Captain Sayed Mahbub Helal, a pilot of Biman Bangladesh Airlines, has been honoured with the lifetime achievement award from the International Federation of Air Line Pilots’ Associations (IFALPA), Biman said in a press release yesterday. For the first time in the history of aviation, an Asian pilot achieved the highest award, which is a pride for Bangladesh and the national flag carrier. In every five years, the jury selects only one pilot for this award from within the entire world’s airline pilot community. The award was presented to Captain Sayed Mahbub Helal on May 6, 2017 in Montreal, Canada, the home of ICAO and IFALPA, at a gala dinner held at Hotel Bona venture in Montreal. The award was given to Helal for his outstanding contribution towards the improvement of the airline pilot community. Capt Helal retired in 2014 from Biman Bangladesh Airlines as commander of DC- 10 aircraft. Currently, he is involved in various philanthropic and social outreach programmes. The award was handed over on the sidelines of 722nd Annual conference of the World Pilots’ Forum hosted by the International Federation of Airline Pilots’ Association (IFALPA) in presence of 550 delegates including officials from International Civil Aviation Organisation (ICAO), Federal Aviation Administration (FAA) and other industrial partners and stakeholders of the aviation world. •
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