Briefing 09-06-2022

Mandatory share investment limit up
Navana Pharmaceuticals will raise Tk 750 million from the capital market under book building method. The Bangladesh Securities and Exchange Commission (BSEC) on Wednesday decided to approve the company's proposal for the IPO (initial public offering). At Wednesday's meeting, the securities regulator also extended ceiling of mandatory investments in listed securities to apply for IPO shares by general investors and non-resident Bangladeshis (NRBs). Page 9
Pakistan reverts to 5-day work week
Pakistan will reduce its official work week to five days from six in a bid to reduce energy and fuel consumption as part of an energy conservation plan approved by the country's cabinet on Tuesday, the information minister said. The move comes as hours-long power outages hit the South Asian country, with demand outstripping generation during the peak summer months. Page 14
Oil prices up despite US inventory rise
Oil prices rose on Wednesday, despite a likely rise in U.S. oil stocks, on the easing of Chinese COVID-19 related lockdowns and a possible strike by Norwegian oil workers. Brent crude futures were up $1.19, or 1%, at $121.76 a barrel at 1325 GMT. U.S. West Texas Intermediate crude was at $120.37 a barrel, up 96 cents, or 0.8%. Page 22
FIFA World Cup trophy now in city
The FIFA World Cup trophy arrived in the city on Wednesday on a 36-hour tour of Bangladesh. A chartered flight brought the glittering trophy at Hazrat Shahjalal International Airport in Dhaka from Pakistan at 11:20 am. A seven-member FIFA delegation, studded with French 1998 World Cup winning booter Christian Karembeu, accompanied the original FIFA World Cup trophy. Page 15