Top Ten News from Last Week

NPL rose to BDT 939 billion

The amount of classified loans rose more than 26% by the number of BDT 196.08 billion in the last fiscal year in spite of various measure taken by Bangladesh Bank. The amount of NPL was BDT 939.11 billion on 31 December, 2018 which was BDT 743.03 billion on the same date of 2017 according to BB.

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BCA to invest $4.4 million to launch accelerator

The Building and Construction Authority, a Singapore Government Body, has plans to invest $4.4 million to launch an Accelerator Programme with the purpose of commercializing startups. The Built Environment Accelerate to Market Programme (BEAMP) will be supported by Enterprise Singapore which will connect startups to companies in that sector and JTC Corporation which will offer selected buildings and estates to validate their solutions. Facebook will also sponsor the first phase of BEAMP and a mentorship programme.

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IFC considering investment in Shriram Transport

International Finance Corporation, investment wing of the World bank, is considering $200 million investment in India’s largest used vehicle financier Shriram Transport Finance Company. Shriram Transport Finance company, founded in 1979, has over 1348 branch offices and 885 Rural Centres. It plans to raise up to Rs 700 crore through non-convertible debentures (NCDs).

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Bangladesh Bank issues new policy for Offshore Banking

Bangladesh Bank, the central bank of Bangladesh, has issued new policy for Offshore banking operations. It has asked banks to maintain the cash reserve ratio (CRR) and statutory liquidity ratio (SLR) for their offshore banking operations. 75% of the total outstanding offshore funds has to be invested in Bangladesh according to the new policy.

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90 Seconds snags $20 million Series B

90 Seconds, Singapore based cloud video production firm, has raised $20 million in Series B round led by SIG, Airtree Ventures, Sequoia India, Qualgro Venture Capital, Atami Capital, and Right Click Capital.

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DSE Turnover shows 1.5 months low rate

Dhaka Stock Exchange turnover hits its one and a half months low rate as institutional investors are reluctant to invest. Closing of trading shows BDT 580.70 crore, down by 15.17% where transactions of 11.98 crore shares and mutual fund units took place on DSE.

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Bproperty gets $10 million from EMPG, real estate marketplace in Bangladesh, has received $10 million from its parent company Emerging Markets Property Group (EMPG) to expand its operations all over Bangladesh, defend itself from challenges faced and ensure quality services. Currently the platform lists 25,000 properties to choose from. On January, has acquired Lamudi, also a real estate marketplace.

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Swiggy likely to acquire Uber Eats India

Indian unit of UberEats is likely to be acquired by the leading Indian food delivery startup Swiggy, according to The Economic Times. It will be Swiggy’s largest acquisition till now. The deal is expected to close by march where the transaction is likely to be a share swap. Uber will get 10% stake in Swiggy.

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StanChart projects 7.2% growth for Bangladesh

According to the financial giant Standard Chartered, Bangladesh is likely to grow by 7.2 % in this fiscal year 2018-19, which is quite below the government expectation of 7.8%. When asked about the reason for this lower than expected growth, Mr. Saurav Anand, an economist of the South Asian Region of SC and member of the global research team, suggested that it will be due to the unstable global trade scene

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500 startups backs Juicelnno8

Bangkok based startup, Juicelnnov8, has inked a deal of $500k from 500 Startups, a silicon valley based early stage venture capital firm in a pre-Series A funding round. The funding was backed by Durians II Fund and TukTuks Fund of 500 Startups.  JuiceInnov8 is developing sugar reduction technology with non-genetically modified microbes which help create healthier, natural juice with less sugar and fewer calories.

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Elvis Gomes