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DSEX 5689.67 11.12 Gold (Ounce) $1256.30 Dollar 79.90 (Buy) 80.90 (Sell) REPO Rate (09/4/2017) 3.11%

CSCX 10684.40 34.94 Oil (Barrel) $53.10 Euro 84.32 (Buy) 88.55 (Sell) REPO Rate (06/4/2017) 3.23%

Source: DSE and CSE Source: yahoo finance Source: One Bank Limited Source: Bangladesh Bank (WAV)

National News ............................................................................................................................................................................ 2

, ......................................................................................... 2

% ................................................................................................................................................ 2

........................................................................................................................................ 3

DSE, CSE to work together to attain goals ...................................................................................................................................... 4

Streamline investment in non-listed cos, BSEC asks MF trustees .................................................................................................. 4

Subsidiary co on MFS to spur Southeast Bank businesses ............................................................................................................. 5

Industrial NPLs swell further in H1 of FY'17 ................................................................................................................................... 5

Govt house loan ceiling Tk1cr ......................................................................................................................................................... 7

PM rejects bank modernisation plan with World Bank help .......................................................................................................... 7

Ceramics goods makers seek VAT law change for local industry protection ................................................................................. 8

Booming economy to help insurance bloom into $1.5b sector by 2020 ........................................................................................ 9

Four problematic rental plants may get extension ...................................................................................................................... 11

Operators start compensating for call drops................................................................................................................................ 12

Hazaribagh Tanneries: Workers face uncertainty ........................................................................................................................ 12

City building owners will be under tax net ................................................................................................................................... 13

Govt may finalise Tk390,771cr as FY18 budget outlay ................................................................................................................. 14

Bangladesh issues tender to sell 170,000 barrels naphtha .......................................................................................................... 15

BD to seek duty, quota-free market access in TICFA meet in May............................................................................................... 15

$10b business deals signed, Most related to power sector; PM returns home after 4-day state visit to India ........................... 16

Hasina woos Indian investors, assures 100pc profit repatriation ................................................................................................ 18

Govt may launch provident fund for informal sector workers in May ......................................................................................... 20

International News ................................................................................................................................................................... 21

Oil surplus or scarcity? Shale makes it even harder to predict .................................................................................................... 21

In the Trump era, one US Muslim investor tries a louder voice ................................................................................................... 22

Gold steadies off five-month high ................................................................................................................................................ 24

Tesla overtakes General Motors in market value ......................................................................................................................... 24

Germany says Greece must implement reforms before debt review .......................................................................................... 25

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National News

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Source: http://bonikbarta.net/bangla/news/2017-04-11/113435/

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Source: http://www.arthosuchak.com/archives/332710/

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Source: http://www.kalerkantho.com/print-edition/industry-business/2017/04/11/485256

http://www.arthosuchak.com/archives/332710/http://www.kalerkantho.com/print-edition/industry-business/2017/04/11/485256

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DSE, CSE to work together to attain goals The Dhaka Stock Exchange and the Chittagong Stock Exchange have agreed to work together for the development of

the countrys capital market and to push for different capital market-related demands.

The bourses reached the understanding at a meeting held at the DSE on Monday when a six-member CSE team visited

the Dhaka bourse.

DSE acting managing director Abdul Matin Patwary said that the bourses should work together with a view to getting

from the government different common facilities including tax-holiday for the bourses for the next three years, tax

exemption on sales of 60 per cent shares of the demutualised bourses, increasing corporate tax gap between listed

and non-listed companies by another 10 per cent and raising tax-free dividend income limit for general investors to Tk

1 lakh from Tk 25,000.

CSE chairman AK Abdul Momen said that there were ample opportunities for developing the capital market in line

with the development of the country.

He also called on all the capital market actors to utilise the scopes.

DSE chairman Abul Hashem, its former chairman Siddiqur Rahman Miah, directors Monowara Hakim Ali, Waliul Islam,

M Kaykobad, Md Masudur Rahman, CSE managing director M Shaifur Rahman Mazumdar, directors Mohammad

Shamim Chowdhury, Mamtaz Uddin Ahmed and Emdadul Islam were present, among others, in the meeting.

Source: http://www.newagebd.net/article/13232/dse-cse-to-work-together-to-attain-goals

Streamline investment in non-listed cos, BSEC asks MF trustees The Bangladesh Securities and Exchange Commission has instructed trustees of all mutual funds to streamline their

investment of the funds money in non-listed securities in line with the mutual fund rules.

The trustees oversee mutual funds while the asset management companies operate the funds.

The capital market regulator gave the instruction after the trustees of the mutual funds submitted data on the MFs

investment in non-listed securities.

A BSEC official told New Age on Monday that the commission recently issued separate letters to the trustees in this

regard.

BSECs initial findings suggest a number of mutual funds did not comply with the securities rules in making investment

in non-listed securities, he said.

Despite the violation, the commission has so far refrained from taking any harsh measure against trustees or asset

management companies of the mutual funds so that they can bring down their investment in non-listed securities

within the stipulated limit, the BSEC official said.

The commission asked the entities to follow the rule number 55 of Securities and Exchange Commission (Mutual Fund)

Rules, 2001 in bringing down the investment.

The BSEC official said the commission would take its next course of action in this regard based on the next report on

the MFs investment.

As per the mutual fund rules, closed-end mutual funds are allowed to invest up to 60 per cent of their fund size in

listed securities including initial public offering and pre-IPO placement shares.

Of the 60 per cent, half of the amount has to be invested in listed securities.

http://www.newagebd.net/article/13232/dse-cse-to-work-together-to-attain-goals

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In case of investing in non-listed securities, MFs are allowed to invest only in those companies which have got the

BSECs approval for issuing pre-IPO placement shares.

Closed-end MFs are allowed to invest the rest 40 per cent of their fund size in entities other than capital market

instruments including banks and non-bank financial institutions.

Investments by MFs in non-listed securities in violation of securities rules first came into light in 2010 when the

commission found LR Global Bangladesh Asset Management Company made Tk 46.39 crore investment in non-listed

companies from its mutual funds in violation of rules.

Based on the finding, the commission in 2015 fined LR Global Bangladesh Asset Management Company Tk 50 lakh,

Bangladesh General Insurance Company (trustee of LR Global-managed mutual funds) Tk 25 lakh and Hoda Vasi

Chowdhury, auditor of LR Global, Tk 5 lakh.

The capital market regulator also barred LR Global from forming any fresh fund for one year.

Source: http://www.newagebd.net/article/13230/streamline-investment-in-non-listed-cos

Subsidiary co on MFS to spur Southeast Bank businesses The board of directors of Southeast Bank has decided to form a fully owned subsidiary

company to run the banks mobile financial services (MFS), said an official disclosure posted

on DSE website on Sunday.

The Bank now runs the services under the brand name of Telecash.

Once we get the approval from the regulatory authorities and shareholders in the

extraordinary general meeting to be held May 22, the Telecash will get a full-fledged

corporate structure to run our growing business efficiently, a source of the bank told this

correspondent.

Our services will be driven by an independent company that will be owned by the bank.

MFS is different from core banking and so, it is better to run the service by a dedicated company, where professionals

and experienced people will operate it, the source said.

Through Telecash, the bank provides customers with different services, including cash-in, cash-out, mobile top-up,

deposit, fund collection, salary disbursement and merchant payment.

Source: http://www.thefinancialexpress-bd.com/2017/04/10/66485/Subsidiary-co-on-MFS-to-spur-Southeast-Bank-

businesses

Industrial NPLs swell further in H1 of FY'17 Banks' classified loans to the country's industrial sector swelled by over 24 per cent or Tk 48.17 billion to Tk 245.63

billion in the first half (H1) of the current fiscal, compared to that of the corresponding period of the previous fiscal.

Officials said such climb in the amount of dud loans was taking place despite close monitoring by the central bank to

stem the tide.

The non-performing loans (NPLs) in the sector during the July-December period of the financial year (FY) 2016-17 rose

sharply from Tk 197.47 billion in the same period of last fiscal, according to the central bank's latest statistics.

http://www.newagebd.net/article/13230/streamline-investment-in-non-listed-coshttp://www.thefinancialexpress-bd.com/2017/04/10/66485/Subsidiary-co-on-MFS-to-spur-Southeast-Bank-businesseshttp://www.thefinancialexpress-bd.com/2017/04/10/66485/Subsidiary-co-on-MFS-to-spur-Southeast-Bank-businesses

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"Higher NPLs with the state-owned commercial banks (SoCBs) have pushed up the overall classified loans in the

financial sector during the period under review," a senior official of the Bangladesh Bank (BB) told the FE Monday

while explaining the latest trend in such loans.

During the period, the total amount of NPLs with the SoCBs soared more than 41 per cent to Tk 86.51 billion from Tk

61.17 billion in the same period of the FY16.

"We've already expedited our monitoring and supervision to reduce the amount of NPLs through increasing the

recovery of such loans," the BB official noted.

However, the total amount of classified loans with the private commercial banks (PCBs) increased by nearly 34 per

cent to Tk 89.12 billion during the period from Tk 66.61 billion in the H1 of the FY16.

The volume of NPLs with the foreign commercial banks (FCBs) dropped by 10.21 per cent to Tk 6.37 billion in the first

six months of this year from Tk 7.09 billion in the H1 of the last fiscal.

The classified loans with specialised banks also fell by 1.44 per cent to Tk 43.02 billion in the July-December period

from Tk 43.65 billion six months before.

On the other hand, the volume of NPLs with non-banking financial institutions (NBFIs) increased by 8.81 per cent to

Tk 20.61 billion in the H1 of the FY17 from Tk 18.94 billion in the first six months of the FY16.

Meanwhile, disbursement of the overall industrial credits, covering working capital and term loans, increased by 16.59

per cent to Tk 1446.07 billion during the July-December period of the FY17 from Tk 1240.26 billion in the matching

period.

The estimate includes disbursement of fresh credits, the rescheduling of term loans and fund release for balancing,

modernisation, rehabilitation and expansion (BMRE) of industrial units.

Talking to the FE, another BB official said higher capital-machinery imports pushed up the disbursement of overall

industrial loans during the period under review.

The import of capital machinery or industrial equipment used for production jumped by 58.55 per cent to $3.51 billion

during this July-February period against $2.21billion of the same period of last fiscal.

He also said the existing upward trend in import of capital machinery may continue in the coming months for

implementation of different ongoing infrastructure-development projects across the country.

Currently, the government is implementing nine projects under a Fast-Track Project Monitoring Committee, headed

by Prime Minister Sheikh Hasina.

Senior bankers, however, said the power, telecommunications, pharmaceutical, textiles, garment and transportation

sectors had received the lion's share of such credits.

"The flow of industrial credit may increase further in the coming months if the implementation of different ongoing

infrastructure-development projects continues," a senior official of a leading PCB explained.

He also said the upward trend in the disbursement of industrial loans may continue in the coming months as the BB is

encouraging the banks and NBFIs to expedite their credit flow to the productive sectors.

The recovery of the industrial loans increased by nearly 42 per cent to Tk 1210.89 billion during the H1 of the FY17

from Tk 853.61 billion in the same period of the last fiscal.

Total outstanding loans in the industrial sector increased by 17.31 per cent to Tk 3225.88 billion during the period

under review from Tk 2749.98 billion in the H1 of FY16, the BB data showed.

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Source: http://www.thefinancialexpress-bd.com/2017/04/11/66510/Industrial-NPLs-swell-further-in-H1-of-FY'17

Govt house loan ceiling Tk1cr The government has doubled its house loan ceiling to Tk1 crore from Tk50 lakh now as construction costs surged in

recent years.

Finance minister AMA Muhith gave its consent to a proposal of Bangladesh House Building Finance Corporation about

the doubling of the loan ceiling.

The interest rates of the loan for Dhaka and Chittagong areas have also been reduced to 9.5%-8.5% from existing 10%-

12%.

The BHBFC proposed to lower the interest rates to make it competitive in the market. BHBFC will issue a circular in

this regard.

Five new house loan products have also been approved. They include home loans for expatriate Bangladeshis, home

loans for rural people and farmers, house development and construction of houses.

Apartment loans for Dhaka and Chittagong areas will be increased to Tk90 lakh from the existing Tk40 lakh with

interest rate reduced to 10% from existing 12%.

Home loan ceiling of Tongi and Savar areas and in other divisions and district will be increased to Tk40 lakh from Tk30

lakh, according to the approved summary.

Source: http://www.dhakatribune.com/business/2017/04/10/govt-house-loan-ceiling-tk1cr-2/

PM rejects bank modernisation plan with World Bank help Prime Minister Sheikh Hasina, who is the chairperson of the Executive Committee of the National Economic Council

(ECNEC), has cancelled the proposed Modernisation of State-owned Financial Institutions Project because the

financial involvement of the World Bank (WB) has been envisaged.

According to sources present at the ECNEC meeting, PM Hasina postponed the project because of security concerns

of the state-owned financial institutions. She said the project should be implemented with the governments own

funds and institutions concerned, as high security issues were involved.

The government has become cautious about the security of financial institutions following the cyber heist at the

Bangladesh Bank (BB) in February last year.

Sheikh Hasina further directed the Economic Relations Division (ERD) to discuss with the WB the possibility of diverting

this projects funds to other areas.

Sources said the PM raised the issue when the project proposal was tabled for the ECNECs approval on Tuesday.

The Banks and Financial Institutions Division had taken an initiative to modernise the state-owned banks to ensure

transparency and staff efficiency. It had planned to implement the measures under a project named Modernisation

of State-owned Financial Institutions.

The Banks and Financial Institutions Division wanted to implement the project at a cost of Tk. 1,580 crore with financial

support from the World Bank (WB) from December 2016 to December 2021. The WB was to provide Tk. 1,185 crore

for the execution of the project. According to the detailed project plan (DPP), the Banks and Financial Institutions

Division was to offer consultancy to state-owned banks for a comprehensive business process reengineering (BPR),

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extending from internal control and accounting to the credit appraisal system, risk management, and transaction

processing, the essential features of an automated modern banking environment.

According to the DPP, over the past 20 years, Bangladesh has made significant gains in economic growth, development

and poverty reduction. Bangladeshs per capita gross national income (GNI) grew more than tenfold from around USD

100 in 1972 to USD 1,465 in 2016. The average annual gross domestic product (GDP) growth rose steadily over the last

three decades, and grew by more than 6 per cent a year on average during the past decade, despite the adverse

impacts of the global recession.

Despite this progress, growth remains below potential and Bangladesh will need an overall annual growth of around

8 per cent for the country to achieve its ambitious target of reaching middle-income status and reducing poverty from

the current 31.5 per cent to less than 15 per cent by 2021.

When asked about the 'Modernisation of State-Owned Enterprises' project, which was withdrawn from the day's

meeting, planning minister AHM Mustafa Kamal said Prime Minister Sheikh Hasina was against taking help from

development partners in the enhancement of the cyber security of the state-owned commercial banks and other

financial institutions.

Bangladesh will need to develop a financial sector that is stable, inclusive, and capable of providing efficient financial

intermediation to the productive sectors of the economy, thereby facilitating capital accumulation and investment to

generate faster growth and ensure that development benefits citizens by way of better pensions and improved

insurance products.

Banks dominate the financial system in Bangladesh with 63 per cent of total assets, while the capital market has 34

per cent, and the insurance sector only 3 per cent of the total financial systems assets. Of the 56 scheduled (licensed)

banks operating in in the country, there are five state-owned commercial banks (SOCBs), three government-owned

development banks, nine foreign commercial banks, and 39 domestic private commercial banks, including eight Islamic

banks.

SOCBs and state-owned development banks (SODBs) account for around 30 per cent of the banking system. Moreover,

they have a deep branch penetration across Bangladesh, including rural areas, making them well-poised to play an

important role in promoting financial access.

At the same time, poor management and governance, weak credit underwriting systems, and internal controls and

limited capacity have meant their financial performance has been weak, capital levels have suffered, and asset quality

has been a persisting concern.

Source: http://www.theindependentbd.com/post/89469

Ceramics goods makers seek VAT law change for local industry protection Bangladesh Ceramics Wares Manufacturers Association on Monday demanded an increase of supplementary duty on

import of ceramics items through amendment of the new Value-Added Tax law to protect the local industry from

uneven competition with imported goods.

The National Board of Revenue should increase supplementary duty to 60 per cent on import of ceramics items

including tiles, table wares and sanitary wares in the new VAT and Supplementary Duty Act-2012 in which the rate of

SD was reduced to 45 per cent.

Local industry will face a stiff competition with imported ceramics goods after the implementation of the new law

from July 1 as the revenue board will reduce the SD on import and increase the duty on local production, BCWMA

president Shirajul Islam Mollah said at a pre-budget discussion with the revenue board.

http://www.theindependentbd.com/post/89469

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In the new VAT law, SD on the locally produced ceramics wares has been increased to 45 per cent from 15 per cent.

The new VAT law will affect the local industry in both ways, he said.

In addition, under-invoicing has become the major concern for the sector as some unscrupulous traders are selling the

imported products at local market at much less price than the cost of production, he added.

Price of locally produced ceramics items will increase by 36 per cent compared with that of imported goods due to

the change in the SD structure, he said, adding that importers will also get on an average 9 per cent duty benefit.

In this context, there is no way without amending the VAT law to protect the local industry in which more than 5 lakh

people are directly and indirectly involved, he said.

The BCWMA also demanded withdrawal of 15 per cent SD on production of local tiles and withdrawal of all types of

customs duty on import of raw materials required for manufacturing of ceramics items.

It also sought an increase of minimum import value of the products to prevent under-invoicing.

The association secretary general Irfan Uddin said that there were currently 56 factories in the country and the sector

experienced 200 per cent growth over the last five years.

The association senior vice-president Moynul Islam, also vice-chairman of Monno Ceramics Industries Ltd, said the

sector needed government support to grow further.

At the meeting, Bangladesh Beverage Manufacturers president Sheikh Shamim Uddin demanded reduction of

supplementary duty on production of soft drinks to 15 per cent from existing 25 per cent.

He said that reduction of SD would boost the local industry.

More than 90 per cent of the domestic demand is now met by the local producers while nine big companies are

planning to make investment worth Tk 4,000 crore in next six years, he added.

At the meeting, NBR chairman Md Nojibur Rahman said that they would examine the proposal and urged the

businesses to pay the tax properly.

He also requested the businesses to pay back the tax benefit getting from the government in the form of exemption

to the economy and to the welfare of people.

Tax benefit to the businesses is one kind of gift of the NBR to the economy and society, he said.

NBR chief said that the NBR would assess and disclose the data of tax expenditure which is given to businesses and

different sectors in the form of tax exemption to support the industrial growth of the country.

The tax authority is collecting data as there is currently no statistics on the volume of tax expenditure.

NBR members Jahangir Hossain and Parvez Iqbal, among others, spoke at the meeting while deputy commissioners of

taxes Nafisa Noor made a presentation on tax expenditure.

Source: http://www.newagebd.net/article/13231/ceramics-goods-makers-seek-vat-law-change-for-local-industry-

protection

Booming economy to help insurance bloom into $1.5b sector by 2020 Bangladesh's life insurance market is likely to expand US$1.5 billion in the next three to four years, driven mostly by a

growing economy, a senior MetLife executive has said.

http://www.newagebd.net/article/13231/ceramics-goods-makers-seek-vat-law-change-for-local-industry-protectionhttp://www.newagebd.net/article/13231/ceramics-goods-makers-seek-vat-law-change-for-local-industry-protection

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"Currently, Bangladesh's life insurance market is around $1.0 billion a year and we expect it will expand at least 50 per

cent in around 2020," Chris Townsend, the US-based insurer's Asia president, said.

Bangladesh's economy has grown over 6.0 per cent in past decade and the life insurance has also advanced steadily,

he said, drawing a close relationship between the GDP growth and the insurance sector.

"Insurance growth outpaced the GDP rate," Mr Townsend, who had visited Dhaka in the past week, told the Financial

Express in a recent interview in Dhaka, and called the industry "amazing."

He has been president of MetLife's Asia region since 2012. He is also a member of the company's executive group.

He oversees all of MetLife's businesses and operations across 12 markets in Asia including Bangladesh and he said that

the country's market is one of the fastest growing in the continent.

He, however, noted Bangladesh's insurance penetration remained lowest in South Asia as the rate in other countries

was around 3.5 per cent.

"Bangladesh's penetration rate is around 0.5 per cent, which indicates the level of development of insurance sector in

a country," he said.

Penetration is measured as the ratio of premium underwritten in a particular year to the GDP.

For a robust growth of insurance business, he placed importance on the partnership between the banks and the

insurers.

He believed that such partnership with the banks will accelerate insurance growth and enhance its penetration

tremendously.

Terming it a key challenge for Bangladesh, he said most of the countries and the insurers of the region had distribution

channels named bancassurance.

"We believe the biggest opportunity for the growth in the sector is bancassurance," he said.

Bangladesh's insurance sector is run though an old-fashioned mode and MetLife Bangladesh has 15,000 agents.

He said his company had been the number one player in the past 20 consecutive years commanding a market share

of around 28 per cent.

He disclosed that the MetLife Bangladesh has emerged the biggest investor in the country's government bonds with

its share equivalent to over $1.0 billion.

"We are the biggest investor in the government's long-term bonds," he said.

He said that Bangladesh is one of the fastest growing market for the MetLife. Bangladesh ranks number four country

in terms of its profitability in the region.

He said globally they over 200 products and they launch products on intensive research on the needs and expectation

of the customers.

MetLife has around 12 products in the country now.

He said his company has been promoting actuary education through scholarship to deserving students.

Prior to joining MetLife, Townsend was, since 2010, Chief Executive Officer of the Asia Pacific region at AIG.

Townsend currently sits on the Board of Directors for MetLife's philanthropic organisation, the MetLife Foundation.

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He also serves as Vice Chairman of the US-Korea Business Council, Advisor to the Asia Society, and Commissioner on

the Asia Economic Strategy Commission (AESC) at the Center for Strategic and International Studies (CSIS).

MetLife bought American Life Insurance Company in 2010 and Bangladesh's operation also merged thorough MetLife.

He said half of its business comes from two major cities-Dhaka and Chittagong and the remaining from other districts.

One of his key objectives to visit the country was to launch a tab-based insurance solution named "Butterfly,' which

helps calculate premium rates easily.

Source: http://www.thefinancialexpress-bd.com/2017/04/10/66494/Booming-economy-to-help-insurance-bloom-

into-$1.5b-sector-by-2020

Four problematic rental plants may get extension The government is likely to renew its contracts with four problematic rental power plants for another five years though

the private plants still owe the authorities Tk 671 crore in demurrage fees.

The rental plants are reluctant to clear the arrears and lodged cases against the liquidated demurrage (LD) claims made

by the Power Development Board (BPDB) for excessive fuel use and delay in commissioning.

We are hopeful of settling the dispute with the rental plants soon as the courts have shifted the cases to the tribunal

of Bangladesh Energy Regulatory Commission (BERC), an official said.

A high-powered committee will sit with six private power plants, including the problematic ones on Thursday (April

13) to negotiate the tariffs for extension of deals and allowing two new plants under the Speedy Supply of Power and

Energy Act, the official confirmed.

The prime ministers office (PMO) has already approved a summary proposal for extension of these power projects on

February 22.

The six power projects, having a combined capacity of 455MW, include the 50MW Anmura, Chapainawabganj Rental

Power Plant sponsored by M/S Sinha Power Generation Company Limited; the 105MW Noapara Rental Plant in Jessore

by Quantam Power System Ltd; the 50MW Katakhali Rental Power of M/S Northern Power Solution Ltd; a 100MW

plant owmed by M/s Powerpac Mutiara Keraniganj power plant Ltd; the 100MW Karnaphuli Power Ltd and another

50MW plant in Panchagar.

The government also have a plan to set up a 100MW power plant in Chittagong to overcome regional power

generation crisis there to some extend.

The tenure of the 105MW Noapara plant has already expired on August 25 last year. The plant has requested the

government to extend its tenure for another 10 years.

It has a dispute with PDB over the payment of $38.16 million since 2013. Owned by furniture maker Otobi, the private

plant has been facing issues since long.

Besides, the Anmura Rental Power Plant, which expired on January 1 this year, has applied for a five years extension.

PDB earlier claimed over $3.42 million from the plant for delays in commissioning and another $8.04 million for

excessive fuel use.

The Keraniganj plant and the Northern plant were scheduled to expire in March and May this year respectively.

The Keraniganj plant sought an extension for 10 years while the Northern Power plant has sought another five-year

contract. PDB claimed over $21 million from Powerpac Mutiara Keraniganj power plant Ltd in liquidated demurrage.

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The state-run PDB claimed over $8.92 from Northern Power plant for delays in commissioning and another over $3.6

million for excessive fuel use.

PDB has already agreed to extend the tenure of the plants for another five years as they have agreed to settle their

dispute with PDB, a PDB official said.

According to the estimation of power division, the countrys electricity demand shoots up by 10-12 percent a year.

The government has already allowed 29 rental and quick rental power projects since 2009 to meet short-term

electricity demand. The 29 power plants have a combined capacity to generate 1955MW of electricity.

The Power Division has recently extended the tenure of six rental power projects owned by local Summit Group, Orion

Group and UK-based Aggreko International Projects Ltd.

The government now gets 3460MW of electricity from the liquid fuel-fired plants that were taken for crisis

management due to delay in the implementation of load based power projects.

Source: http://www.daily-sun.com/post/218733/Four-problematic-rental-plants-may-get-extension

Operators start compensating for call drops The mobile operators have refunded 9.98 crore minutes for 50.33 crore call drops from January to March this year.

The refunds have been given as the telecom division made it mandatory to compensate the subscribers in minutes

from January.

Market leader Grameenphone reported 23.34 crore call drops, which is 46.38 percent of total call drops of all the

operators from January to March, Bangladesh Telecommunication Regulatory Commission said in a report shared with

the telecom division recently.

Mobile users are supposed to get a free minute for every second or third call drop.

For Grameenphone, 6.42 crore calls were second or third drops on the same day, and it returned 2.63 crore minutes

as compensation in three months, according to the report.

Newly merged Robi saw 15.49 crore calls drops, which is 30.78 percent of the total, the report said.

The number of call drops for Banglalink was 9.63 crore and it compensated 6.23 crore minutes, the highest among the

operators. Teletalk paid no compensation in the last three months for 1.87 crore call drops.

The mobile operators said call drop is a part of the process for providing telecom services; but it becomes a serious

issue in Bangladesh.

Earlier, State Minister for Telecom Tarana Halim showed her tough stance. At different times, she summoned the

senior executives of different mobile operators to get an update on the matter.

Banglalink was the first to give the compensation minutes in August. The others followed suit in January.

Source: http://www.thedailystar.net/business/operators-start-compensating-call-drops-1389373

Hazaribagh Tanneries: Workers face uncertainty About 45,000 workers of Hazaribagh tanneries are now worried about how they would survive with no jobs as

production at the factories stopped on Saturday.

http://www.daily-sun.com/post/218733/Four-problematic-rental-plants-may-get-extensionhttp://www.thedailystar.net/business/operators-start-compensating-call-drops-1389373

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The Department of Environment (DoE), following a High Court order, disconnected utility services to the factories

there that day to force the tanners to move to the Savar Tannery Industrial Estate.

The factory owners did not tell the workers whether they would be employed in the new factories in Savar, as the

relocation of the units could take a few months, some of the owners said.

My employer told us that it may take five months to start production at the new factories in Savar, said Riyad

Hossain, a paid help at a leather goods factory in Hazaribagh.

Riyad, who used to work in gloves production, also said his employer gave them two options: go to Savar when

production starts or leave with a few months' wages.

Fazal Mia, an operator of a factory for 10 years, echoed the same. His employer too gave him two options. I will go

to Savar as I am an experienced worker. I cannot change my profession now.

Those who have the promise of a factory job in Savar now have to figure out how they would survive until then. Those

who worked as supporting service providers do not even have that promise.

At least 1,200 pushcarts used to carry raw hide and leather goods in Hazaribagh area and the number of pushcart

labourers was a few thousand, said pushcart labourer Mohammad Waliuddin sitting in the office of Hazaribagh

Thelagari Bahomukhi Samabaya Samity, a platform of pushcart labourers.

I used to earn Tk 15,000 a month. I cannot earn this now, said Waliuddin, father of three.

He is worried how he would make rent, Tk 3,600.

The pushcart labourers worked with the factories on daily contracts. The labourers were hired only if there was

production.

Waliuddin said the severing of utility services put many workers who lived in the factories in trouble.

The workers are eating in nearby restaurants as they cannot cook without gas. They cannot have a shower even. This

is a problem especially for women and children, he said.

Mohammad Sohag, a grocer in the area, said his sales dropped to Tk 1,000 from Tk 5,000 a day. Like me, hundreds of

grocers will close due to the factories moving, he said.

I bought some lanterns as there is no power, said Abdur Rahman, owner of Rahman Leather Products, a factory on

Sher-e-Bangla Road in Hazaribagh. He said before closure, nearly 15,000 pieces of goat hides were supposed to be

tanned at his factory.

Shahin Ahmed, president of Bangladesh Tanners Association, said the number of registered workers in the tanneries

was about 25,000 and there were about 30,000 more unregistered workers.

If any worker goes to Savar we will hire them or we will terminate them paying four months' salaries, he said.

Meanwhile, the tanners yesterday threatened to go for a massive movement if utilities and other facilities in Savar

were not ensured as per the order of the High Court.

Source: http://www.thedailystar.net/frontpage/hazaribagh-tanneries-workers-face-uncertainty-1389415

City building owners will be under tax net Finance Minister AMA Muhith has said all the building owners in the capital will be brought under tax net.

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Tax teams along with students would collect information about the buildings and signs of wealth visible in the city

and later tax notices would be sent to the building owners, he added.

The minister was briefing reporters after holding a pre-budget discussion with the chairmen of the parliamentary

standing committees at the State Guest House Padma yesterday.

Forget about other cases, just think of Dhaka. I will divide Dhaka in some zones and my income tax teams will visit

every zone. I might hire students to be with them [taxmen]. They will make a list of all the buildings. I will issue tax

notices to all the building owners, Muhith said.

He also hinted at hiking taxes on tobacco to discourage its consumption.

Tobacco was least taxed in Bangladesh compared to other countries in the world, the minister told reporters. My

programme will be to oust bidi from the country within two years.

Asked whether the tobacco tax would be increased in the next national budget, he replied in the affirmative.

He said there should be at least one crore taxpayers in a country of 16 crore people. I don't know when we would

reach the target. The number of our taxpayers has reached 28 lakh from 14 lakh, which is good. I think 1 crore should

be the target for 2019.

He expressed concern over the rampant use of polythene bags. A proposal might be made to impose 1 percent eco-

tax, he said.

The minister said the government allocated only Tk 1 lakh for the Halda River during the spawning season. The amount

would be hiked to Tk 5 lakh from the next fiscal year.

Source: http://www.thedailystar.net/backpage/city-building-owners-will-be-under-tax-net-1389556

Govt may finalise Tk390,771cr as FY18 budget outlay Finance Division is preparing next fiscal years budget outlay keeping the figure at Tk3,90,771 crore which is 14.73%

higher than the current budget, official sources said.

The size of the current fiscal years budget is Tk3,40,605 crore.

We are preparing the next budget. The figure will not cross Tk4,00,000 crore, said a Finance Division official involved

with the budget preparation.

Development projects could be above Tk1,31,000 crore, he said.

He said next fiscal years budget outlay and the revenue target may be finalised at the meeting of fiscal coordination

council and budget management committee on Thursday.

Finance Minister AMA Muhith will preside over the meeting.

The meeting will also discuss revenue budget outlay that was earlier fixed at Tk2,36,017 crore. This is 16.13% more

than the current fiscals outlay. The revenue collection target by the NBR for the FY2016-17 is Tk2,03,152 crore.

AMA Muhith said: We will achieve the revenue target as the new value-added tax system will be strictly implemented

from next fiscal year.

Local businessmen will be bound to pay VAT as the electronic billing machines are going to be set up in the shops for

collection of VAT. The process will be centrally controlled, he said.

http://www.thedailystar.net/backpage/city-building-owners-will-be-under-tax-net-1389556

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The government has revised down this fiscal years budget by 7.23%, with the non-development sector taking the hit

mostly.

The revised budget outlay will be of Tk315,991 crore, according to the finance ministrys documents.

The non-development budget will be decreased by about 11% to Tk204,700 crore, despite an increase in government

expenditure caused by salary hike of public servants.

Source: http://www.dhakatribune.com/business/2017/04/10/govt-may-finalise-tk390771cr-fy18-budget-outlay/

Bangladesh issues tender to sell 170,000 barrels naphtha Bangladesh Petroleum Corp (BPC) has floated an international tender to sell 170,000 barrels of naphtha for May 11-

13 loading from Chittagong, reports Reuters.

The tender will close on April 24 with validity up to May 2, said the tender document.

In February, state-owned BPC sold a cargo of the same size to oil trading giant Vitol at a discount of 17 cents to

Singapore quotes.

Bangladesh's sole Eastern Refinery, which has a capacity of 33,000 barrels per day, produces 1.26 million barrels of

naphtha a year.

BPC imports 600,000 tonnes of Murban crude from Abu Dhabi National Oil Co and another 600,000 tonnes of Arab

Light from Saudi Aramco annually for the refinery.

Source: http://www.thefinancialexpress-bd.com/2017/04/10/66451/Bangladesh-issues-tender-to-sell-170,000-

barrels-naphtha

BD to seek duty, quota-free market access in TICFA meet in May Bangladesh will press the US for allowing duty-and quota- free (D&QF) market access during the upcoming TICFA

meeting in the capital on May 17, officials said.

Besides, the country will also focus on getting back the generalised system of preferences (GSP) facility. The facility

was suspended by the Barack Obama administration.

This will be the third meeting of the Trade and Investment Cooperation Forum Agreement (TICFA).

"We will discuss duty-free access to the US market and other issues," director general (DG) of the World Trade

Organisation (WTO) cell of the ministry of commerce (MoC) Md Munir Chowdhury told the FE.

"We will also request US officials to import more pharmaceutical products and invest in the special economic zones in

the country," he said.

He said there will be an inter-ministerial meeting this month to finalise the agenda to be discussed in the TICFA

meeting.

A six-member delegation from the US along with other officials of the US embassy in Dhaka is expected to join the

meeting, according to the MoC.

Apart from joining the TICFA meeting, the US officials will also discuss with government officials about sustainable

compact regarding labour safety and rights in the readymade garment (RMG) sector.

http://www.dhakatribune.com/business/2017/04/10/govt-may-finalise-tk390771cr-fy18-budget-outlay/http://www.thefinancialexpress-bd.com/2017/04/10/66451/Bangladesh-issues-tender-to-sell-170,000-barrels-naphthahttp://www.thefinancialexpress-bd.com/2017/04/10/66451/Bangladesh-issues-tender-to-sell-170,000-barrels-naphtha

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A high official of the ministry of labour told the FE that the government has already ensured workers' rights, improved

working conditions and amended labour law.

The second TICFA meeting was held in Washington on November 23, 2015.

Bangladesh signed the agreement with the US in 2013.

The TICFA provides a mechanism for both the governments to discuss trade and investment issues and areas of

cooperation.

Bangladesh's exports to the US have been maintaining a steady growth even after suspension of the GSP because of

quality garment products, according to the MoC.

The country's businessmen suggested the two countries should stress on making two-way trade more robust by

increasing its volume in both ways.

"We expect to get back GSP benefit after the TICFA meeting," a leading businessman of the country told the FE.

Bangladesh exported goods worth US $ 6.2 billion to the US during the fiscal year 2015-16. Of the amount, 80 per cent

comes from the readymade garment sector. The country imported goods worth $ 761 million during the same fiscal,

according to the MoC.

Source: http://www.thefinancialexpress-bd.com/2017/04/10/66505/BD-to-seek-duty,-quota-free-market-access-in-

TICFA-meet-in-May

$10b business deals signed, Most related to power sector; PM returns home after 4-day state visit

to India With Prime Minister Sheikh Hasina wrapping up her India visit yesterday, government agencies and private companies

of the two countries signed 13 more agreements and memoranda of understanding to further deepen bilateral

economic partnership.

The deals involving around $10 billion cover the power, energy, logistics, education and medical sectors.

The documents of the deals were exchanged at a meeting of India-Bangladesh Business Forum at New Delhi's Taj

Palace Hotel in presence of Hasina and Dharmendra Pradhan, Indian minister of state for petroleum and natural gas.

The deals include $1.6 billion debt financing by Exim Bank of India for implementation of the 1,320MW Maitree Power

Project in Bangladesh's Rampal.

Bangladesh-India Friendship Power Company (BIFPCL) and Exim Bank signed the agreement.

Meanwhile, there has been a growing outcry over the location of the thermal project as Rampal is near the

ecologically-sensitive Sundarbans, a world heritage site.

During Hasina's visit, Dhaka and New Delhi on April 8 signed 22 agreements and MoUs in the areas of defence, energy

and nuclear power, among others.

The Bangladesh premier returned home last night with high points in furthering the Indo-Bangla ties.

However, the long-pending issue of Teesta water-sharing remains unresolved with West Bengal Chief Minister

Mamata Banerjee insisting that there wasn't enough water in the common river to share with Bangladesh.

http://www.thefinancialexpress-bd.com/2017/04/10/66505/BD-to-seek-duty,-quota-free-market-access-in-TICFA-meet-in-Mayhttp://www.thefinancialexpress-bd.com/2017/04/10/66505/BD-to-seek-duty,-quota-free-market-access-in-TICFA-meet-in-May

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In the last leg of her four-day state visit, Hasina yesterday once again reposed faith in her Indian counterpart Narendra

Modi's assurance about settling the issue even though Mamata refused to budge from her opposition to the Teesta

deal.

Speaking at a reception hosted by a pro-BJP think-tank at Hotel Imperial in New Delhi yesterday morning, Hasina said,

Prime Minister Modi once again reiterated his government's strong resolve to conclude the water-sharing treaty at

the soonest. Once it happens, the face of Indo-Bangladesh relations would undergo another transformation.

We strongly believe our common water resources must act as a uniting force.

The Bangladesh premier pitched for a comprehensive, basin-wide solution to water sharing of all the common rivers

saying this holds the key to our common future.

Earlier on April 8, appearing before the media with Hasina after their talks at the Hyderabad House, Modi said it was

his government and that of Hasina which can and will find a solution to the Teesta issue.

Yesterday's reception was attended by Indian Home Minister Rajnath Singh and BJP veteran Lal Krishna Advani, among

others.

13 DEALS

The deals include power purchase agreement between India's Reliance Power and Bangladesh's Ministry of Power,

Energy and Mineral Resources for the first phase (718MW) of the 3,000MW power project at Meghnaghat, involving

$1 billion of the proposed investment of $3 billion.

The agreement between India's state-owned National Thermal Power Corporation and Bangladesh's Power

Development Board (PDB) for supply of power from Nepal envisaged an investment of $3.15 billion.

A pact between India's Adani Power (Jharkhand) and the PDB with an investment of $2 billion, and a power purchase

agreement between Adani Power and Bangladesh's Power Grid Company were also signed.

Besides, the MoUs signed yesterday include a deal between India's Petronet LNG and Bangladesh's Petrobangla on

use of Liquified Natural Gas terminal.

Meanwhile, the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Federation of Bangladesh

Chambers of Commerce and Industry (FBCCI) unveiled a six-point agenda to boost trade and investment between the

two countries.

It includes setting up of a Joint Task Force on tariff and non-tariff barriers, and another Joint Task Force to promote

Indian investments in Bangladesh in the areas of infrastructure, education, healthcare, power and tourism.

The agenda touched on connectivity initiatives for expansion of sub-regional cooperation among BBIN (Bhutan-

Bangladesh- India-Nepal) countries by establishing links through road, rail, river, sea, transmission lines and petroleum

pipelines.

It also includes pursuing joint investments in Blue Economy and a road-map for cooperation in the Bay of Bengal in

exploration of hydrocarbons, marine resources, deep sea fishing, preservation of marine ecology and disaster

management.

There was also mention of collaboration in knowledge sharing to facilitate innovation and research, and building a

partnership on skill development.

HASINA AT BUSINESS FORUM

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Speaking at the meeting of India-Bangladesh Business Forum, Hasina said Bangladesh and India have witnessed

tremendous progress in almost all sectors of cooperation -- connectivity, power, trade and commerce, health and

cultural exchange.

In Bangladesh, we have envisioned to become a middle income country by 2021 and a developed country by 2041.

India is our partner in this path to progress.

The premier said the two countries have amicably settled land boundary and maritime boundary issues. She reiterated

her government's deep appreciation to leaders of all political parties and members of the Lok Sabha and Rajya Sabha

of India for their unanimous support for the Land Boundary Agreement.

It was indeed a historic decision, she noted.

Hasina further said, With the restoration of trust and confidence, the people-to-people exchanges [between the two

countries] have also grown exponentially. All these are the hallmarks of a new paradigm of partnership.

She also pointed out that cooperation in the power sector has been another high point of the Indo-Bangla relationship.

The Bangladesh PM said her country is importing electricity from India and also collaborating in other sectors of energy

such as solar, wind and hydro projects, and offshore exploration.

We are identifying hydro-power projects in Bhutan and Nepal for joint development and import of power to

Bangladesh across Indian territory.

Dhaka and New Delhi are focusing on expansion of trade in a more open, beneficial and balanced manner by

addressing the issues of trade barriers, harmonisation of standards, development of trade infrastructures and mutual

recognition of certification, Hasina said.

To address the trade deficit, we are also working on getting more investment from India, particularly in the Special

Economic Zones in Bangladesh. Already, we are seeing great interest from the biggest business houses in India.

The Bangladesh premier said connectivity holds the key to the two countries' collective and inclusive development,

and in our endeavour to integrate the two economies and the region, we are enhancing our connectivity in many

ways leading ultimately to multi-modal connectivity.

And we are being innovative enough to develop new modes of connectivity, she added.

The PM will brief the media at the Gono Bhaban at 4:30pm today on the outcome of her visit.

Source: http://www.thedailystar.net/frontpage/10b-business-deals-signed-1389412

Hasina woos Indian investors, assures 100pc profit repatriation Prime minister Sheikh Hasina on Monday wooed Indian business leaders urging them to invest in Bangladesh,

particularly in its infrastructure projects, and power and energy, manufacturing and transport sectors.

The Indian business community can take full advantage of Bangladeshs steady economic growth, high demographic

dividend, cheaper business cost and huge consumer base, she said while addressing the inaugural ceremony of a

business event at Hotel Taj Palace.

Mentioning that an Indo-Bangla investment agreement is already in place to protect Indian investment, Hasina said,

Were providing attractive packages, including 100 per cent repatriation of profit and invested capital.

Ministers and state ministers of India and Bangladesh, the president of Chamber of Commerce of India, FBCCI

president, other business leaders of both the countries attended the meeting.

http://www.thedailystar.net/frontpage/10b-business-deals-signed-1389412

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I hope this event will enable us to reflect on how we want to see the collective future of our two economic

communities, Hasina told her audience.

Drawing attention of the entrepreneurs that today all are witnessing major political and economic uncertainties,

Hasina said, At the same time, were observing the continuation of prosperity and economic gains in Asian countries.

Presently, South Asia is recognised as the fastest growing region of the world.

In Bangladesh, Hasina said, her government has been equally making significant and economic progress. Were on

track to become middle-income Digital Bangladesh by 2021 and a developed country by 2041.

She mentioned that PricewaterhouseCoopers in its report titled The World in 2050 has predicted that India will be

the worlds 3rd largest economy by 2030, while Bangladesh will be the 29th economy by 2030.

Hasina said Bangladesh is currently getting benefits of Generalised System of Preferences from 38 countries of the

world, including the EU, Japan, Australia and Canada.

You can also avail yourselves of duty- and quota-free benefits extended to Bangladesh from countries such as China,

South Korea, Thailand, Malaysia and Chile. Weve a huge market of around 160 million people with 30 per cent of

population having the middle-class affordability, the prime minister said.

She said Bangladesh has declared to build 100 special economic zones to boost industrialisation and attract foreign

investment while some of the economic zones in Mongla, Bheramara and Mirsarai have been exclusively dedicated to

Indian investors.

Noting that energy security continues to remain an important element of business, she said, Our power generation

now has reached 15,726 megawatts.

Hasina said Bangladeshs investment in infrastructural development has now risen to $ 6.32 billion and the country

needs to invest $ 20 billion annually till 2030 to take the full advantage of high demographic dividend and low labour

cost.

She said her government has taken up massive infrastructure development projects like the Padma Multipurpose

Bridge and Rooppur Nuclear Power Plant, which will significantly change the future of the country.

I would urge the Indian investors to consider possible investments in infrastructure projects, power and energy,

manufacturing and transport sectors, she said adding, I urge you to take this opportunity to bring your businesses

and investments in Bangladesh.

The prime minister also mentioned various socio-economic achievements of her government over the last eight years,

including achieving GDP growth between 6 and 7 per cent in the past eight years.

We expect that the GDP growth will progressively reach to 8 per cent by 2020, she said.

She said Bangladeshs foreign exchange reserve currently stands at nearly $ 32 billion. Weve received over 2 billion

US dollars of FDI and planned to raise the FDI level to 9.6 billion US dollars by 2020.

Mentioning that the countrys export earnings reached over $ 34 billion in 2015-16, the PM said, With the increasingly

diversified export basket, were planning to enhance annual export earnings to $ 54 billion by 2020.

Besides, she said, target has also been set for $5 billion ICT exports by 2021 while per capita income has gone up to $

1,466.

The prime minister, however, came down heavily on BNP for its allegation of selling the country during her India visit.

Those who are saying that we have sold our country are just foolish, she said.

20 | P a g e

Pointing to the business community coming from Bangladesh as part of her entourage, she said, Youve seen here

whether we have sold the country or achieved something here.

Indian minister for Petroleum and Natural Gas Darmendra Pradhan, chairman of Indian conglomerate and former

president of the Association of Chambers of India Adi Godrej and incumbent president of Swandeep Jaiodia, president

of Bangladesh Chamber of Commerce and Industry Matlub Ahmad and former president of Federation of Indian

Chamber of Commerce and Industry Harsh Mariwala, among others, spoke on the occasion.

Source: http://www.newagebd.net/article/13228/hasina-woos-indian-investors-assures-100pc-profit-repatriation

Govt may launch provident fund for informal sector workers in May The government is likely to introduce provident fund for the informal sector labourers across the country, who have

limited legal scope to organise to protect their rights, by May this year.

The labour ministry has already finalised Informal Sector Workers Provident Fund Rules-2017 for the scheme aimed

at ensuring economic and social security of the workers.

The ministry is expected to launch the provident fund programme for the informal sector workers by the end of this

month or early May in presence of Prime Minister Sheikh Hasina.

We will try to get a slot from the prime minister in last week of this month or first week of May. The labour ministry

would sign a memorandum of understanding with post office in presence of the prime minister so that workers can

open accounts for provident fund in any branch of post office across the country, labour secretary Mikail Shipar told

New Age.

After getting application from workers for opening provident fund account, the post office would inform the ministry

and the ministry would scrutinize the applications for approval, he said.

Labour secretary said that the ministry has formulated the provident fund rules for informal sector workers under a

provision of the Bangladesh Labour Welfare

Foundation Act 2006 and the labourers who work in the sector out of the purview of labour act would also be entitled

to provident fund facility.

There are 42 industrial sectors including garment, leather, pharmaceuticals, jute, ship-breaking, cold storage, plastic,

chemical, fertilizer and those are known as formal sectors and the workers of the sectors are protected by the labour

act.

There are lots of workers in the countrys informal sectors including agricultural worker, blacksmith, carpenter,

rickshaw-van puller, domestic workers, construction, electric, shoe, steel and engineering, welding workers, security

guards, cleaner, tailoring workers and hawkers but they have no legal protection.

According to the rules, the provident fund would be formed through the contribution by the workers and government

set workers welfare fund and if the workers worked in any small economic unit the fund would be formed by the

contribution of workers, owners and the welfare fund.

The tenure of the provident fund would be 25 years and worker would not get the government contribution if he or

she fails to continue the fund for less than five years.

Initially workers monthly deposit would be Tk 100 and the government will also contribute the same amount to the

workers account from the workers welfare foundation.

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As per the rules, a worker can deposit highest Tk 500 per month while the governments maximum contribution would

be Tk 250 per month.

After the maturity of the tenure, workers would get total amount of money contributed by workers and foundation

with the interest offered by the savings institute and additional 10 per cent interest on total deposit from the

foundation.

In case of permanent disability or death of workers, his or her nominee would get Tk 2 lakh, for any fatal disease after

three years of opening account for the provident fund worker would get up to Tk 1 lakh and female workers would get

maternity benefits up to Tk 25,000 twice during the PF fund tenure from the WWF under the provident fund rules.

Shipar said that workers of agricultural sector, poultry and fisheries, cottage industry, construction sector, domestic

worker, hawker, security guard, rickshaw puller, day labourers and tailors would get priority for the benefit.

Source: http://www.newagebd.net/article/13229/govt-may-launch-provident-fund-for-informal-sector-workers-in-

may

International News

Oil surplus or scarcity? Shale makes it even harder to predict The shale oil boom has transformed the US and global energy sector to such an extent that it has upended traditional

supply dynamics and made forecasts far more polarized.

Investment banks, many of which finance new projects, along with oil majors such as Total and Eni, have warned that

huge spending cuts caused by a plunge in oil prices since 2014 would lead to a supply crunch in the next two years.

Yet Goldman Sachs, the only bank to make more than $1bn a year from commodities trading, believes a looming

recovery in US output on the back of higher oil prices combined with an avalanche of new conventional projects will

create a substantial surplus by 2019.

Prior to the shale revolution, conventional oil was the only game in town. Estimating future supply essentially involved

calculating the project pipeline and factoring in the unknown knowns such as political risk in oil-producing nations.

The ability of the shale sector to adapt quickly and nimbly to a lower-price environment means production cycles have

shortened as fields can be switched on and off in a matter of weeks.

Most forecasters including OPEC and the International Energy Agency underestimated shales decline during the oil

price collapse and its production increases as prices recovered.

Goldman predicts the coming two years will see a huge burst of development, complicating OPECs efforts to rebalance

the market and ease a global glut with the help of output cuts.

This long lead-time wave of projects and a short-cycle revival, led by US shales, could create a material oversupply in

2018-19, Goldmans equity research team said last month.

As OPEC prepares for its May 25 meeting, it is likely to weigh the relative benefit of stability (extend cut) versus the

risk of long-term share loss.

Goldman estimates that new projects and rising shale output could add 1 million barrels per day (bpd) to global supply

by 2018-2019.

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22 | P a g e

The forecast contrasts with those of consultancy Wood Mackenzie, which foresees a supply gap of 20 million bpd by

2025, and Goldmans rival Morgan Stanley, which believes a surge in US production this year will not derail the

rebalancing.

OPEC has successfully constrained output, and although drilling activity in US shale is picking up rapidly, this will

probably not come quick enough to prevent a period of sizeable inventory draws late this year, Morgan Stanley said.

By 2020, we estimate that (around) 1.5 million bpd of demand will need to come from projects that have not been

sanctioned yet, but that have break-even oil prices of $70-75 a barrel, the bank said.

Black holes

Goldman advises anyone from institutional investors such as pension funds, to oil producers and it seems the oil

market is listening.

Brent crude futures show prices for oil deliverable up to 2019 trading below those for prompt delivery, before reverting

to the contango structure of low prompt prices and higher futures prices that is typical of an oversupplied market.

Goldman stands by its prediction that supply and demand will fall into line this year, even though global crude

inventories in developed economies alone top 3 billion barrels, some 300 million barrels above the five-year average

that OPEC is targeting with its supply cuts.

The Organization of the Petroleum Exporting Countries and some of its biggest rivals including Russia, agreed in

late2016 to cut output jointly by 1.8 million bpd for the first half of this year to tackle the overhang.

UBS, meanwhile, sees a potential 4 million bpd hole by 2020, even though a higher crude price this year has prompted

some companies to bring forward their exploration and development plans.

Beyond 2017, the impact of a collapse in longer-cycle conventional investment over 2014-16 begins to be felt. 2015

saw just six major upstream projects totaling (some) 0.6 million bpd versus the 3-4 million bpd average, and 2016

has seen just one major liquids project sanctioned, UBS strategist Jon Rigby said.

Bank of America-Merrill Lynch points out that along with the collapse in spending, the global rig count, a measure of

production activity, shows no sign of picking up outside the United States.

According to oil services company Baker Hughes, the number of non-US oil rigs has risen by just 29 since hitting an 11-

year low of 666 in November last year, compared with a rise of 346 in US rigs in just 10 months.

Source: http://www.dhakatribune.com/business/2017/04/10/oil-surplus-scarcity-shale-makes-even-harder-predict/

In the Trump era, one US Muslim investor tries a louder voice Shareholder activism is rare in Islamic finance, but one wealth manager has staked out new territory as the most

outspoken voice among Muslim investors in the United States.

Working from an office in Falls Church, Virginia, Bashar Qasem was the only Islamic financial representative among

religious shareholder advocates who sent a letter in February to protest US President Donald Trump's travel ban. It

was only one of a number of such moves since 2015, when Qasem's Azzad Asset Management firm started weighing

in on issues like worker safety, climate change and lobbying disclosures.

This direct advocacy will test whether many US Muslim investors will support the sort of faith-based shareholder

activism common among other religious groups even as many cite safety concerns or have experienced bullying.

Qasem said his clients seemed to welcome his growing public role. Most are Muslim, and about half are immigrants.

http://www.dhakatribune.com/business/2017/04/10/oil-surplus-scarcity-shale-makes-even-harder-predict/

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"Most of them, they feel it's about time," said Qasem, who grew up in Jordan, moved to the United States in 1987 and

became a citizen in 1996.

So far Qasem's strategy appears to be helping to differentiate his firm at a time when the popularity of cheaper index-

tracking products is rising.

Azzad's assets increased 11 percent in 2016 to $487 million at year-end. Growth included $5.7 million into the firm's

mutual funds, the third consecutive year of inflows.

By contrast, the Amana family of mutual funds, which Morningstar says is the largest in US Islamic finance at $2.9

billion of assets, has had three years of investor withdrawals, which it blames partly on the rise of passively managed

products.

Laila El-Haddad, who writes about food and Palestinian politics, said Qasem's outspokenness helped draw her to his

firm. "Given the choices between two Islamic investment companies," she said, "we would definitely opt for the one

taking this approach."

Funds involved in Islamic finance are sometimes classified as "Sharia-compliant," or adhering to religious precepts

such as avoiding investments in alcoholic beverage companies and businesses making or receiving interest payments.

Qasem said he preferred the term "Halal investing," referring to the Arabic word for "permitted" investments. Islamic

finance assets stood at $2 trillion worldwide in 2015, up from $1.7 trillion in 2012, according to the latest Thomson

Reuters data.

The much smaller $4.6 billion US Islamic finance sector, however, has grown little in recent years. Only a few

institutions, mostly community banks, have significant Islamic lending practices. Ibrahim Warde, an adjunct professor

at Tufts University's Fletcher School, said the slow growth reflected both US regulations that make some Islamic

products difficult to offer and some Muslim financial executives' desire to avoid drawing attention, given the public

mood.

"There's this question of keeping a low profile, he said.

Sheraz Iftikhar, managing partner of New York wealth manager Arch Global Advisors, said his clients, who are mainly

Muslim, had not changed their investment strategies lately. "It's too early to see a change in Muslim investor

sentiment," said Iftikhar.

Typical of Qasem's recent efforts is a measure that Azzad co-filed in January, calling on Google parent Alphabet Inc to

adopt "Holy Land Principles" that would lead US companies doing business is Israel to hire more Palestinian Arabs.

Azzad spokesman Joshua Brockwell said Alphabet told the firm it would hold a vote on the measure at its annual

meeting.

Azzad has also co-filed a shareholder resolution calling on Exxon Mobil Corp to disclose more about its spending on

lobbying. Brockwell said the oil company would probably oppose the measure, as it did last year.

Spokesmen for Alphabet and Exxon declined to comment.

In addition, Qasem signed on to a Feb. 1 letter from the Interfaith Center on Corporate Responsibility and other groups,

urging business leaders to use an upcoming meeting with Trump to speak out against his ban on travelers from a

number of Muslim-majority nations. Courts have since blocked the restrictions, and the US Justice Department has

appealed the rulings.

While the ban jarred Qasem and some of his clients, he expressed optimism about US economic growth prospects,

given Trump's agenda of tax cuts and infrastructure investments. Higher interest rates could also help Azzad's holdings

in low-debt companies, he said.

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"After all," Qasem said of Trump, "he's a businessman."

Source: http://www.thedailystar.net/business/the-trump-era-one-us-muslim-investor-tries-louder-voice-1389340

Gold steadies off five-month high Gold steadied on Monday after dropping back sharply from the previous session's five-month highs, with a firmer

dollar counterbalancing concerns over geopolitical tensions in North Korea and the Middle East.

Spot gold stood at $1,253.30 an ounce at 0945 GMT, little changed from late on Friday, while US gold futures for June

delivery were down $2.50 at $1,254.80.

The metal rose above $1,270 on Friday for the first time since early November after much weaker than expected US

jobs data curbed expectations for near-term increases to US interest rates and afte the United States launched a

missile strike on a Syrian air base.

It fell back quickly in later trade, however, failing once again to beat key chart resistance at its 200-day moving average,

which has broadly capped gains since October.

"We've tried several times to break above this level, and every time it is pushed back," ABN Amro analyst Georgette

Boele said. "That is not a positive sign in the near term.

"If you look at the other drivers as well, like US yields and signals from the Fed, it is a difficult environment to have a

runaway rally in gold. I still think you have some upward pressure, but there will be battles."

The dollar started the week near three-week highs against a basket of currencies after a key Federal Reserve official

reinforced the US central bank's commitment to continue raising interest rates.

Expectations that the pace of US rate increases will pick up this year have proved a major drag on gold. Rising US rates

increase the opportunity cost of holding non-yielding bullion and boost the dollar, in which it is priced. The wider

financial markets took on a more cautious tone on Monday, however, with trading volumes muted by geopolitical

tensions in the Middle East and the Korean peninsula.

Top aides to US President Donald Trump differed on Sunday on where US policy on Syria was headed after last week's

attack on a Syrian air base, while US Secretary of State Rex Tillerson warned that the strikes were a warning to other

nations, including North Korea.

Source: http://www.thedailystar.net/business/gold-steadies-five-month-high-1389298

Tesla overtakes General Motors in market value Tesla Motors overtook top US automaker General Motors in market capitalization Monday following an upbeat report

by an investment analyst citing the electric carmaker's "captivating" ability to stir investor and consumer enthusiasm.

Near 1430 GMT, Tesla shares were up 3.1 percent at $311.93 for a market capitalization of $51.53 billion, more than

$1 billion above GM.

"More so than any stock we've covered, Tesla engenders optimism, freedom, defiance, and a host of other emotions

that, in our view, other companies cannot replicate," Piper Jaffray said in a report moving Tesla to "overweight" in

their recommendation.

"As they scramble to catch up, we think Tesla's competitors only make themselves appear more desperate," the report

said.

http://www.thedailystar.net/business/the-trump-era-one-us-muslim-investor-tries-louder-voice-1389340http://www.thedailystar.net/business/gold-steadies-five-month-high-1389298

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Tesla's share price surge came on the heels of that positive analyst comment, but the landmark crossed Monday only

concerns stock valuation.

The story for revenue and real-world auto footprint is very different. Tesla last year sold 84,000 cars, generatnig $7

billion in revenue.

Source: http://www.thedailystar.net/business/tesla-overtakes-general-motors-market-value-1389361

Germany says Greece must implement reforms before debt review Germany wants Greece to implement reforms before any consideration of whether the country might need more debt

relief, the finance ministry said on Monday.

"We want first to get the reform measures agreed," a finance ministry spokeswoman told a government news

conference, noting that European Union ministers had just agreed that the country must implement reforms on

pensions and taxes.

Greek Prime Minister Alexis Tsipras said on Sunday his country will implement additional austerity measures agreed

with its official creditors on condition of further debt relief.

Source: http://www.thedailystar.net/business/germany-says-greece-must-implement-reforms-debt-review-1389349

http://www.thedailystar.net/business/tesla-overtakes-general-motors-market-value-1389361http://www.thedailystar.net/business/germany-says-greece-must-implement-reforms-debt-review-1389349