Business
Dokan Malik Samity demands withdrawal of price fixing for 29 products
Bangladesh Dokan Malik Samity (Shop Owner Association) demanded the withdrawal of the prices of 29 commodities fixed by the Department of Agricultural Marketing (DAM).
From a press conference in Dhaka on Tuesday (Mar 19), Helal Uddin, president of the association, claimed that this pricing is unreasonable and self-destructive.
He said that prices cannot be fixed in a free market economy.
Unilever to cut 7,500 jobs and spin off its ice cream business, which includes Ben & Jerry's
“Now 29 product prices have been fixed. We are asking the DAM to sell at these prices and give their employees’ salaries with the profit they make," he pointed out.
"Either they sell at the fixed price or withdraw the circular. We cannot sell the products at this rate. Price-fixing is unrealistic and pointless," he claimed.
Secretary General of the Samity Zahirul Haque Bhuiyan and other businessmen were also present at the press conference.
Dokan Malik Samity presented a 7-point demand to the prime minister including- The notification fixing the price of 29 goods shall be suspended. Otherwise, they will have no choice but to close their businesses, accurate statistics of import and production must be ensured, capacity of the Trading Corporation of Bangladesh (TCB) should be increased, market management should be reformed, Consumer goods should be brought under the jurisdiction of the same ministry, supply should be ensured according to the market demand, businessmen should be given an opportunity to do business in a stress-free environment, all types of taxes imposed on consumer goods should be reduced to a tolerable level.
Unilever to cut 7,500 jobs and spin off its ice cream business, which includes Ben & Jerry's
Unilever, the company that makes Ben & Jerry’s ice cream, Dove soaps and Vaseline, said Tuesday that it is cutting 7,500 jobs and spinning off its ice cream business to reduce costs and boost profits.
London-based Unilever said its ice cream business, which also includes Magnum bars, has “distinct characteristics” from its other brands and would benefit from separate ownership to increase growth. It said the split is expected to be completed by the end of next year.
The British consumer goods company with 128,000 employees also said it is launching a “productivity program” that is expected to lead to a reduction of about 7,500 mostly office-based jobs worldwide.
Unilever said it will invest in technology to find efficiencies and avoid duplication that it anticipates will help it save 800 million euros ($867 million) over the next three years. The company also laid off 1,500 staffers in early 2022.
“Simplifying our portfolio and driving greater productivity will allow us to further unlock the potential of this business, supporting our ambition to position Unilever as a world-leading consumer goods company delivering strong, sustainable growth and enhanced profitability," said CEO Hein Schumacher, who took the helm at Unilever last summer.
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The company's shares jumped more than 3% in late-morning trading on the London Stock Exchange.
“The share price bounce goes some way in reversing what has been a difficult last year, as investors have fretted over a company with limited high growth prospects and in need of streamlining despite its reputation as a solid defensive play,” said Richard Hunter, head of markets for interactive investor, an online investment service.
The company behind Hellman’s mayonnaise, Axe fragrances and Cif household cleaners said it is targeting underlying sales growth of mid-single digits after spinning off the ice cream business.
It saw sales volume drop 3.6% in 2022 after jacking up prices 13.3% on average across its brands that year. In response, it raised prices just 2.8% last year, and sales rose 1.8%.
Some analysts pointed out that splitting from Ben & Jerry's, which is known for social activism that has put it at odds at times with its corporate owner, could have an added upside for Unilever.
“A side benefit of the brand exiting Unilever’s portfolio is it might quieten the ‘go woke and go broke’ noise, but more widely the reasoning for the decision looks pretty sound," said Russ Mould, investment director at AJ Bell, a financial services company.
He noted that the ice cream spinoff had not been widely anticipated by the market even if "political pronouncements from Ben & Jerry’s had provoked a meltdown among some investors."
Ben & Jerry’s has supported liberal issues like LGBTQ+ rights, Black Lives Matter, justice for migrants and efforts to fight climate change.
The brand announced in 2021 that it would stop selling its ice cream in the Israeli-occupied West Bank and contested east Jerusalem — territories sought by the Palestinians.
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Unilever later announced that it was selling its business interest in Ben & Jerry’s in Israel to its Israeli licensee, which would market the products with Hebrew and Arabic labels. A U.S. judge rejected a lawsuit in 2022 from Ben & Jerry’s to block that plan.
More recently, since the Israel-Hamas war broke out, Ben & Jerry’s independent board chair Anuradha Mittal has called for a permanent ceasefire in Gaza.
Chinese Company to invest US$ 27.8 million in Mirsharai economic zone
Chinese company Dongfang Knitting (BD) Co. Ltd. will invest US$ 27.8 million to set up a sock manufacturing industry in BEPZA Economic Zone (BEPZA EZ) located at Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN), Mirsharai, Chattogram.
In presence of the Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman, Bangladesh Export Processing Zones Authority (BEPZA) signed an agreement with the company on Tuesday.
Ali Reza Mazid, Member (Investment Promotion) of BEPZA and Fang Zhendong, ManagingDirector of Dongfang Knitting (BD) Co. Ltd. signed the agreement on behalf of their respective organizations at BEPZA Complex, Dhaka.
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This foreign owned company will produce annually 216 million pairs of socks for men, women and kids and it will create employment opportunity for 5192 Bangladeshi nationals, said a press release.
BEPZA Executive Chairman welcomed Dongfang Knitting (BD) Co. Ltd. as the new member of BEPZA and thanked for choosing BEPZA EZ as their investment destination.
Among others, Member (Engineering) Mohammad Faruque Alam, Member (Finance) Md. Ashraful Kabir, Executive Director (Admin) A N M Foyzul Haque, Executive Director (Investment Promotion)Md. Tanvir Hossain, Project Director of BEPZA EZ Mohammad Anamul Haque and Executive Director (Public Relations) A.S.M Anwar Parvez along with representatives of the enterprise were presentduring the signing ceremony.
What is Your Desired Salary? How to Answer Recruitment’s Trickiest Question
What’s your desired salary? It’s a question that will sweat out even the most confident applicant. The question will eventually pop up at one stage or the other during the recruitment process. What you need to do is be strategic about it. If you lowball the number, you will have to settle for less. If you go for the high, you might not be considered anymore. So how do you answer this? Let’s find out.
What is Desired Salary?
A desired salary is pretty much self-explanatory. It refers to the amount you expect in exchange for your service. A desired salary is useful both for the employer and the potential employee. It allows the employer to understand the expectations of the potential recruit and assess whether it fits within their budget or not.
On the other hand, a potential candidate can determine a desired salary based on their experience and skills for a position. However, it is important to research the market rate for similar positions and be prepared to negotiate to reach a mutually satisfactory salary package.
Read more: How to Make a Video Resume: A Step-by-Step Guide
How to Determine the Appropriate Desired Salary
From the perspective of Bangladesh, the concept of desired salary holds little value in most hiring cases. Unless you are applying for a highly technical position or a mid-career switch, the negotiations hardly work in favor of a candidate. Still, there are several ways to determine the appropriate salary. Here’s how.
Understand the Industry Standards
Research what the industry standard is for the role you’re applying to. Consider location, required skills, and level of experience in this regard. Bdjobs, Chakri, and CareerJet can be good starting points for the research.
Match Your Skills and Experience
Be realistic about where you are skills and experience-wise. For example, if you apply for a position requiring 2-3 years of experience as a fresher, chances are you won’t even make it to the preliminary screening let alone salary negotiations.
Read more: Empower Your Tech Career in 2024: Master These In-Demand Skills for Success
The best approach would be to again research what other companies are paying for your skills and experience level to get an estimate.
Factor in the Benefits
Many organizations offer benefits and perks like commute allowance, mobile allowance, rent subsidy, and high bonuses. Consider all the benefits you will be getting before estimating a number.
Consider Future Growth Potential
Another thing to consider is the future growth potential of the company. In the case of a company with a robust growth and promotion structure, an initial low salary can be offset by long-term career earnings.
Read more: What to Wear for a Job Interview
Confidence Group signs MoU with UCB Investment and others for strategic alliance
Confidence Group, UCB Investment Limited, and Prime Bank Investment Limited signed a Memorandum of Understanding (MoU) to revolutionize corporate advisory and equity raising in Bangladesh.
The ceremony, held at The Westin Dhaka on March 18, was attended by industry leaders, including Rezaul Karim and Imran Karim, Chairman and Vice Chairman of Confidence Group respectively, Arif Quadri, Managing Director and CEO of United Commercial Bank, Tanzim Alamgir, Managing Director of UCB Investment Limited, and Syed M Omar Tayub, Managing Director of Prime Bank Investment Limited.
This alliance marks the dawn of a new era, characterized by strategic partnership and mutual growth, said a press release.
At its core lies a shared commitment to harnessing the collective strengths and expertise of the three entities to drive innovation, foster sustainable development, and unlock unprecedented opportunities within Bangladesh's dynamic business landscape.
The strategic alignment between Confidence Group, UCB Investment Limited, and Prime Bank Investment Limited signifies a bold step towards synergizing resources, knowledge, and capabilities to address emerging market demands and propel the nation towards greater economic prosperity.
As stakeholders gear up to embark on this transformative journey, the alliance is poised to redefine industry standards, catalyze growth, and set new benchmarks for excellence in corporate collaboration.
BRAC Bank signs credit guarantee agreement with BB to support women, agri entrepreneurs
BRAC Bank has signed a participation agreement with Bangladesh Bank to avail Credit Guarantee facility to support women and agro-based product processing entrepreneurs.
This facility will support women entrepreneurs in small enterprises, and the agro-processing industry under Bangladesh's refinance scheme.
Selim R.F. Hussain, Managing Director & CEO, BRAC Bank, and Nahid Rahman, Director, Credit Guarantee Department of Bangladesh Bank, signed the agreement at Bangladesh Bank Head Office in Dhaka on March 11.
Nurun Nahar, Deputy Governor; and Mohammad Jamal Uddin, Executive Director, Bangladesh Bank, and Syed Abdul Momen, Deputy Managing Director & Head of SME Banking, BRAC Bank, attended the programme.
The credit guarantee will cover a Tk 3,000 crore refinance scheme for women entrepreneurs and a Tk 1,400 crore refinance scheme for the agro-product processing sector.
This scheme will help women and agro-processing entrepreneurs obtain loans without collateral, said the BRAC Bank.
No Padma Bank employee will lose job: Exim Bank Chairman says after signing merger
Padma Bank has merged with the Sharia-based Exim Bank Plc.
The merger happened on Monday through a formal deal signing at Bangladesh Bank.
The central bank’s Governor Abdur Rauf Talukder and senior officials, officials of the two banks were present at the deal signing ceremony.
This is the first merger of two banks in the country after Bangladesh Bank’s recent initiative to merge weaker banks with sound or strong ones.
Exim Bank Chairman Nazrul Islam Majumdar told UNB that Padma Bank will no longer exist from tomorrow. Due to the merger, the new operations will be carried out under the name of Exim Bank.
“No employees will lose their jobs despite the merger. However, the directors of Padma Bank cannot be on the Board of Directors of Exim Bank. No decision has been made yet regarding the managing directors of the two banks,” he said.
Majumder said, "There was no pressure from the government to merge with Padma Bank, but there was a suggestion from the government. We have done it in the interest of the country, in the interest of the economy.”
Following the merger, depositors and shareholders will not face any issue, he said.
He said, “There are two methods of integration of banks — acquisitions and mergers. We didn't do acquisition, we did a merger.”
Padma Bank, which has about 1200 employees, will work for Exim Bank, sources said.
Padma Bank has defaulted loans of around Tk 4000 crore and the liability of government banks is about Tk 3000 crore with Padma.
In this regard, Exim Bank Chairman said, "Padma has been merged, as a result, all liabilities of Padma Bank have now been taken over by Exim Bank.”
About Shariah-based banks, Nazrul Islam said, “Exim Bank is Shariah-based. Even though Padma Bank is general, since we (Exim) have merged them, they will also be Shariah-based. Every index of Exim Bank is in a good position, hope it will do better.”
Standard Chartered, Apollo Hospitals, Kolkata sign MoU
Standard Chartered Bangladesh signed a Memorandum of Understanding (MoU) with Apollo Multispecialty Hospitals, Kolkata to provide healthcare privileges to clients.
As a part of the agreement, Apollo Hospitals will offer special discounts on health check-up packages, outdoor investigations, and room rent for all Standard Chartered credit and debit cardholders.
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The MoU was signed recently at Standard Charter Bank’s head office.
Tawfique Imam, head CCPL, Shahreen Alam, head of rewards and Alliances Standard Chartered Bangladesh; Rana Dasgupta, Chief Executive Officer, Eastern Region, Apollo Hospitals Group; M M Masumuzzaman, Managing Director, SEOK, healthcare (Representative of Apollo Multispecialty Hospitals in Dhaka); and other senior officials from both organisations were present at the event.
DSE's tribute to Bangabandhu on his birth anniversary
A delegate of Dhaka Stock Exchange led by Chairman Professor Dr. Hafiz Muhammad Hasan Babu paid tribute by placing wreaths at the portrait of Bangabandhu at Dhanmondi 32.
The board of directors, management authority, and employees of DSE paid tribute on the occasion of the 104th birth anniversary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman, according to a press release.
Brigadier Imran Hamid made independent director of DSE
Bangladesh Securities and Exchange Commission (BSEC) has again appointed Brigadier General M Imran Hamid as an independent director of Dhaka Stock Exchange (DSE), the country's main stock market.
The BSEC in an office order said his appointment for the next 3 years will be effective from March 15.
Brigadier Hamid has just completed his three-year tenure in the post.