Haque Specialized Group's News

FE Report Government's net borrowings through the state-sponsored savings instruments marked over 55 per cent annual growth to Tk 524.17 billion last fiscal as those turned hotcakes for higher yields. Sources said the savers switch sides as banks squeezed interests on deposits.  And the rush for buying savings tools prompted the department concerned to bat for pressing the brake.         According to Department of National Savings (DNS) statistics, the net sales of savings certificates worth Tk 524.17 billion in the fiscal year (FY) 2016-17  marked a growth by Tk 74.17 billion over the revised target set in March last. The net sales of the savings certificates had amounted to Tk 336.88 billion in the FY 2015-16, DNS figures showed.   Currently, people prefer to buy savings certificates as the yield rates are fairly higher and attractive than what the banks pay on deposits, officials said.   Because of increased sales of savings tools, the government paid Tk 158.16 billion to the savers as profit in the FY 2016-17, Tk 46.66 billion up from Tk 111.50 billion in the FY 2015-16   The net sales of Family Savings Certificate retained its top position with Tk 201.76 billion in the total investment in four instruments, followed by Three-Month Profit-based Savings Certificate Tk 144.58 billion and Five-Year Bangladesh Savings Certificate Tk 50.31 billion, in the last fiscal year. DNS officials attributed such a high investment in the government savings schemes to attractive yield rates and other facilities, particularly in Family Savings Certificate, Five-year Bangladesh Savings Certificate and Three-month Profit-based Savings Certificate. People are investing their money in Family Savings Certificate under the names of their female family members. Besides, the institutional investors are cashing in on the high yields of Five-Year Bangladesh Savings Certificate. Although there is investment ceiling for individuals, institutional savers have no maximum limit to investment in that particular scheme. The savers are also enjoying auto-reinvestment facilities. To rationalise the trend in investment in this sector the DNS sent a proposal to the finance ministry wherein it requested limiting the investment from institutional investors. It also proposed not allowing investment by underage and joint-name investors to keep the net sales at a reasonable level. But they are yet to get any response, a senior official told the FE. The DNS is offering a yield rate of 11.28 per cent on the five-year Bangladesh Savings Certificate, 11.52 per cent on Family Savings Certificate (FSC), 11.04 per cent on three-month Profit-based Savings Certificate and 11.76 per cent on Pensioner Savings Certificate. More than 25 million people had invested in public savings tools since independence. Of them, 20 million are the direct beneficiaries in the sector while 5.0 million are industrialists, retired officials and institutional investors. arafat_ara@hotmail.com....

Published at: 2017-08-03 00:00:04

A mild earthquake shook different parts of Sylhet in the wee hours of Thursday. The tremor, measuring 5.1 on the Richter scale, was felt around 12.18am, said Ganesh Chandra Das, senior officer of local Met office. However, there was no immediate report of any damage or casualty. The epicentre of the tremor was in Manipur State of India; according to UNB.....

Published at: 2017-08-03 00:00:04

The Supreme Court released on Tuesday the full text of its verdict upholding the High Court verdict that declared the 16th Amendment to the Constitution establishing Parliament's authority to remove Supreme Court judges illegal, reports UNB. The copy of the 799-page full verdict was released after singing of all members of the Appellate Division bench, headed by Chief Justice Surendra Kumar Sinha, said the SC additional registrar Sabbir Foyez. The copy of the verdict will be released soon on the SC website. Earlier on July 03, the Supreme Court upheld the High Court verdict. A seven-member Appellate Division bench, headed by Chief Justice Surendra Kumar Sinha, delivered the short verdict. Other members of the bench are Justice M Abdul Wahhab Miah, Justice Nazmun Ara Sultana, Justice Syed Mahmud Hossain, Justice Muhammad Imman Ali, Justice Hasan Foez Siddique and Justice Mirza Hussain Haider. Earlier on June 01, the Appellate Division concluded the hearing of the appeal filed by the government challenging the HC order. On February 08 last, the SC appointed 12 senior jurists as amici curiae (friends of court) seeking their opinions over the legality of the 16th amendment. On September 17, 2014, the Jatiya Sangsad passed the 'Constitution (16th Amendment) Bill, 2014' without any opposition, empowering Parliament to impeach judges of the Supreme Court for their 'incapacity' or 'misconduct'. Nine Supreme Court lawyers filed a writ petition with the High Court on November 05, 2014, questioning the validity of the amendment.....

Published at: 2017-08-02 00:00:06

Prices of onion and ginger witnessed a significant hike in last few days in the city kitchen markets, adding to the woes of consumers further. Traders have attributed surge in import price, heavy rain and dilapidated roads to the hike in the prices of onion and ginger. Heavy downpour has caused a shortage of supply, they said. However, market observers said prices of onion and ginger soared due to market domination by big traders and importers. Local varieties of onion were sold at Tk 42-Tk 48 a kg on Tuesday, up by Tk 8-Tk 13. Imported Indian varieties also showed a Tk 10 hike as traded at Tk 32-Tk 40 a kg on the day.     State-run Trading Corporation of Bangladesh (TCB) recorded above 40 per cent price hike of the key spice item in last seven days. Md Motiur Rahman, a grocer at Shankar in Dhanmondi, said onion price increased by Tk 200-Tk 350 per 50-kg sack in last seven days at Karwan Bazar. "Traders said prices may rise further if rain continues for more days," he said. "Every trader has a good stock of onion but the price is higher." Narayan Chandra Saha, spice trader and importer at Shyambazar wholesale market in the city, said onion prices increased both in India and domestic market. He said Taherpuri variety was sold at Tk1400- Tk 1440 per maund in Faridpur, Kushtia, Natore and Pabna due to shortage of vehicles caused by rain. Onion prices increased by 118 per cent in last two weeks in India, he said. "But the prices of onion between Shyambazar wholesale and city retails are much higher which should be brought under scrutiny," he also pointed out. However, many importers said prices of foreign onion might surge further as the Indian government was thinking to fix minimum export price (MEP) for the item amid a hike in prices in their domestic market. Secretary of Consumers Association of Bangladesh (CAB) Advocate Humayun Kabir Bhuiyan said despite a significant hike in onion prices in India, FOB price is still Tk 18 a kg. He said average wholesale price of onion at Nasalgaon, Maharashtra in India is 12.50 rupee (Tk 15) a kg for last two weeks despite the recent hike. Our domestic production was also good this year, he said, adding that market domination by big traders and importers results in hike of onion prices. He said lack of monitoring by the government agencies is encouraging traders and retailers to fix price at their will. Department of Agriculture Extension (DAE) primary data showed that onion production was 1.9 million tonnes in the last financial year (FY'17) against a demand for 2.2 million tonnes. The commerce ministry's data showed that import of onion was above 0.75 million tonnes during the period. However, ginger prices increased by Tk 20-Tk 30 a kg in last one week as imported Chinese varieties were selling at Tk 140-Tk 160 and local/Indian varieties were traded at Tk 80-Tk 120 a kg.   tonmoy.wardad@gmail.com....

Published at: 2017-08-02 00:00:06

A spell of downpour again caused waterlogging in different parts of the capital on Tuesday evening. As a result, commuters and pedestrians, especially the working people, faced immense sufferings while returning to their homes. The roads and lanes in various low-lying areas, like - Motijheel, Arambag, Fakirapool, Paltan, Baitul Mukarram, Malibag and Shantinagar etc, were flooded with water following just an hour of downpour. Some of the areas were submerged with knee-deep water. People spent hours after hours on the roads, as vehicles remained stranded due to gridlock. Business activities of the footpath shops came to a halt following the sudden rainfall. Many makeshift traders were seen trying to somehow save their goods from rainwater in Baitul Mukarram area. Chumki, a resident of Kamalapur, said she spent more than one hour to reach Nayapaltan from there, as gridlock gripped the roads in the adjacent areas. "I felt completely helpless, as rainwater flooded the entire Motijheel area." She added that she cannot see any hope to get relief from such sufferings in the coming days also. Most of the people said they struggled hard to get into vehicles for lack of public transports. Some of them were forced to spend extra fares, as rickshaws and compressed natural gas (CNG)-run auto-rickshaws refused to go at regular fares due to traffic jam and water-logging. "It was very difficult for me to manage a transport," said Milon, a banker who was returning home from Arambag.      "Rainwater entered into my house," said Ramisa, a resident of Shantinagar area. Although the city corporation has developed some infrastructure before this rainy season, residents of the area are still facing water-logging as usual like the previous years, she added. Met Office in its forecast updated that the rainfall may increase in the next three days. A UNB report adds: a high-level committee has been formed to bring coordination among Dhaka North and South, Chittagong and Narayanganj city corporations as well as Water and Sewerage Authorities (WASAs) to remove water-logging from the four city areas. Local Government and Rural Development (LGRD) Minister Khandker Mosharraf Hossain came up with the information while talking to reporters after a meeting at Bangladesh Secretariat on Tuesday. The committee is headed by Additional Secretary (Water Supply) of LGRD Division Nasrin Akter. Its other members are Additional Secretary (Dev) Mahbub Hossain, managing directors of Dhaka WASA and Chittagong WASA, and chief executive officers of the four city corporations. The committee's main work will be to find ways to make the laws of the city corporations and WASAs time-befitting ones. The committee has been asked to come up with its suggestions within a month, said the minister. He added that it is the responsibility of the city corporations to ensure that communications, water and drainage management system under their areas are time-befitting, urging all to refrain from resorting to blame-game over the issue. Besides, the meeting directed the WASA MDs to examine the present condition of box culverts and drainage system in the four city corporations, and submit reports to the ministry in this regard. Mr Mosharraf also directed the WASA MDs to identify the occupied canals and reclaim those to maintain the natural flow of water. He asked the authorities concerned to run mobile court drives to stop dumping of solid waste and polythene from mobile shops into drains. Dhaka South City Corporation Mayor Sayeed Khokon, Chittagong City Corporation Mayor A J M Nasir Uddin, Narayanganj City Corporation Mayor Selina Hayat Ivy, and MDs of Dhaka WASA and Chittagong WASA were, among others, present at the meeting.     arafat_ara@hotmail.com....

Published at: 2017-08-02 00:00:06