Dhaka, Oct 21 (UNB)- The 329th meeting of the board of directors of Al-Arafah Islami Bank Ltd (AIBL) was held at Al-Arafah Tower in Purana Paltan area of the city on Sunday.
Abdus Samad Labu, Chairman of Board of Directors of the bank presided over the meeting, which reviewed overall business performance of the Bank, said a press release.
Vice-Chairman, Md Abdus Salam, members of the Board Md Enayetullah, Md Liakat Ali Chowdhury, Md Amir Uddin, Nazmul Ahsan Khaled, Abdul Malek Mollah, Md Harun-Ar-Rashid Khan, Md Anowar Hossain, Engr. Kh. Mesbahuddin Ahmed, Ahamedul Hoque, Niaz Ahmed, Khalid Rahim, M. Kamaluddin Chowdhury, Managing Director and CEO Farman R Chowdhury attended the meeting.
Deputy Managing Directors, Executive Vice President and Company Secretary Md Mahmudur Rahman and other related executives of the Bank were also present there.
Dhaka, Oct 21 (UNB) – After securing the top place in local market of electronic products, Walton, the country’s leading vertically integrated manufacturer, targets to strengthen its position in international market.
To achieve the target, the Bangladeshi brand is exporting its electronic products to more than twenty countries of Asia, Middle-East and African territory.
However, Walton now eyes to expand its market in European countries for which it has taken massive initiatives. The local company opened its offices in various countries including Germany and United Kingdom along with showcasing its products and service in international trade fairs.
In its latest initiative of targeting the European market expansion, Walton took part in Chillventa International Trade Fair in Germany held from 16 to 18 October at Nuremberg Exhibition Centre where manufacturers of refrigerator, air conditioner, ventilation and heat pumps around the world showcased their products and services.
First organized under the name of ‘Chillventa’ in 2008, the fair is now one of the most important events and is held in every two years. 981 exhibitors showcased their products in the last season the event in 2016. 63% of the exhibition visitors came from European Union, 17% from the rest of Europe, 15% from Australia, Asia and Africa, and 6% from America. 93% of the exhibitors made new business connections. Walton is the first and sole Bangladeshi company to join the fair.
According to Walton authorities, they were allocated a stall at hall number 7 in Chillventa Fair where various types of refrigerators, AC parts and industrial solutions including compressors, PET belt, Magnetic Stripes, Door Switch, LED lights, Power Cable, Fin type Evaporator, Wire type Evaporator, Lock & key, Accumulator, MS Tube, Filter Drier, Self-tapping Screw, Machine Screw, Bolt, Hexagonal Nut, Metal Casting etc. were showcased.
Many entrepreneurs from European Union and other countries visited Walton stall.
Imtiaz Ahmed, Bangladesh’s ambassador to Germany and Dr. Syed Masum Ahmed Choudhury, Commercial Counsellor, Bangladesh Embassy in Germany visited Walton stall in Chillventa Fair on its opening day. They welcomed Walton in European market and praised the Bangladeshi company for manufacturing and exporting high standard technology products and parts.
Abdur Rouf, Business Head (Developed Countries) of Walton International Business Unit, said, refrigeration and air conditioner parts have huge demand in European market as most of the European brands do not manufacture any parts but assemble them after buying bulk amount from different OEMs across the globe. To grab this huge market of spare parts, Walton took part in Chillventa Fair.
He also said that Walton is now manufacturing raw materials and chemicals of various electronic products. International standard eco-friendly energy efficient compressors are being manufactured at Walton Compressor Plant in Chandra of Gazipur. These compressors and spare parts are being exported to different countries after meeting local demand.
Ashraful Ambia, Chief Executive Office of Walton Refrigerator, Air-conditioner and Compressor, said “Walton Compressors are being manufactured maintaining hundred percent European standard as European machineries and technology are used in Walton factory. As a result, Walton compressors and their parts have huge demand in European market and to capture that demand Walton has taken various initiatives”.
He said Walton has set up its office in Stuttgart of Germany along with offices in other countries including United Kingdom, China and Thailand.
Uday Hakim, Deputy Executive Director of Walton, said, ‘Made in Bangladesh’ in electronic products was a dream which Walton has successfully made true. Various Walton products and their spare parts are being exported to many countries which earn huge foreign currency along with branding Bangladesh in international arena.
“Now our target is to expand market in developed countries including Europe and America,” he said. According to him, Bangladesh will soon become the hub of technology products and Chillventa Fair will play vital role in this regard.
Dhaka, Oct 21 (UNB) - The 9th edition of Bangladesh Denim Expo is going to be held on 7th and 8th November at the International Convention City Bashundhara here with a special theme focusing on ‘Simplicity in Supply Chain’.
Bangladesh Denim Expo is an international exposition dedicated for promoting Bangladesh’s denim and to showcase Bangladesh’s strength and capacity in denim manufacturing, said a press release.
The two-day mega exposition is going to be held to display latest trend of denim products to the global brands and retailers as well as Bangladeshi manufacturers.
A total of 62 Exhibitors from all over the world are participating in the Expo which is expected to attract the highest number of international visitors in an apparel event in Bangladesh.
The theme of this edition ‘Simplicity’ is aimed at defining a much simpler, much easier definition to understand sustainability and ecology in denim.
The expo will also focus on how to make things simpler to understand demand of buyers, how to prepare for and negotiate them, and how the denim industry of Bangladesh can profit from more simplicity.
London, Oct 21 (AP/UNB) — The vast majority of British firms are poised to implement their Brexit contingency plans by Christmas if there isn't greater clarity over the country's exit from the European Union, a leading business lobby group warned Sunday.
The Confederation of British Industry said these could include cutting jobs, adjusting supply chains outside the U.K., stockpiling goods, and relocating production and services overseas.
The warning comes amid growing fears that Britain may crash out of the EU in March without a deal on the future relationship. That could see tariffs placed on British exports, border checks reinstalled, and restrictions imposed travelers and workers — a potentially toxic combination for businesses.
"The situation is now urgent," said Carolyn Fairbairn, the CBI's director general. "The speed of negotiations is being outpaced by the reality firms are facing on the ground."
Discussions between the two sides have hit an impasse largely over how to maintain an open border between EU member Ireland and Northern Ireland, which is part of the United Kingdom.
A summit of EU leaders last week failed to yield a breakthrough and another gathering in November was cancelled. December is now the next scheduled summit, leaving the Brexit process tight ahead of Britain's official departure date. Even if a deal is forged, there are doubts over British Prime Minister Theresa May' ability to secure the necessary majority in Parliament given bitter divisions on the topic.
"Unless a Withdrawal Agreement is locked down by December, firms will press the button on their contingency plans," said Fairbairn. "Jobs will be lost and supply chains moved."
Fairbairn's warning was based on a survey of 236 member firms tilted toward small and medium-sized companies with up to 500 employees, undertaken from Sept. 19 to Oct. 8. The survey found that 82 percent of firms will have started to implement contingency plans by December if the Brexit process isn't any clearer.
The CBI also said that 80 percent of firms say Brexit has already had a negative impact on their investment decisions, more than double the 36 percent recorded a year ago. The survey found that 66 percent of businesses said Brexit has had an impact on the attractiveness of the U.K. as a place to invest, while 24 percent said there had been no impact.
Some big companies are becoming increasingly vexed by the impasse in the Brexit talks. Last week, ahead of the summit in Brussels, pharmaceuticals giant AstraZeneca and carmaker Ford issued statements raising doubts about their investments in Britain.
"Uncertainty is draining investment from the U.K.," said Fairbairn.
Beijing, Oct 19 (AP/UNB) — China's economic growth slowed further in the latest quarter, adding to challenges for its communist leaders as they fight a tariff battle with Washington.
The world's second-largest economy expanded by 6.5 percent over a year earlier in the three months ending in September, government data showed Friday. That was down from 6.7 percent for the quarter ending in July and 6.8 percent for the year's first three months.
Forecasters expected China's economy to cool after Beijing tightened credit controls last year to rein in a debt boom. But the slowdown has been more abrupt than expected, prompting Chinese leaders to reverse course and encourage banks to lend.
"China's slowdown is a little sharper than expected, but basically fits our narrative for the economy," said Bill Adams of PNC Financial Services Group in a report.
Beijing's debt controls and "trade uncertainties" are "taking a bite out of economic momentum," Adams said.
China's leaders express confidence their $12 trillion-a-year economy can survive the conflict with U.S. President Donald Trump. But export industries have begun to suffer from American tariff hikes of up to 25 percent on Chinese goods.
Economic performance was "stable overall," but "we must also see the number of external challenges has increased significantly," said a government spokesman, Mao Shengyong.
"Downward pressure has increased," Mao said at a news conference.
Retail spending, factory output and investment in factories and other fixed assets weakened.
Retail sales rose 9.1 percent over a year earlier in the first nine months of the year, down 0.1 percent from the first half, according to the National Bureau of Statistics. Growth in factory output decelerated to 6.4 percent for the first nine months of 2018, down 0.3 percentage points from the first half. Investment rose 5.4 percent in the first three quarters, down 0.6 percentage points from the first half.
Beijing has rejected U.S. pressure to scale back industrial development plans Washington says are based on stealing or pressuring foreign companies to hand over technology. American officials worry they might threaten U.S. industrial leadership.
The conflict with Washington has prompted communist leaders to step up the pace of a marathon effort to encourage self-sustaining growth driven by domestic consumption and reduce reliance on exports and investment.
Beijing has cut tariffs, promised to lift curbs on foreign ownership in the Chinese auto industry and taken other steps to rev up growth. But leaders reject pressure to scrap plans such as "Made in China 2025," which calls for state-led creation of Chinese champions in robotics and other technologies.
Washington, Europe and other trading partners complain those plans violate Beijing's market-opening commitments.
Beijing has responded to previous downturns by flooding the state-dominated economy with credit, but that has swelled debt. The ruling Communist Party has told banks to step up lending, especially to private entrepreneurs who generate China's new jobs and wealth, but has avoided a full-scale stimulus. Forecasters say it will take the measures some time to work their way through the economy.
There are signs government support is "starting to gain traction," but "more easing will still be needed in order to stabilize growth," said Julian Evans-Pritchard of Capital Economics in a report.
"We doubt the latest pick-up in infrastructure spending will be enough to prevent the economy from cooling further in the coming quarters," said Evans-Pritchard.
Washington has raised tariffs on $250 billion of Chinese goods and Trump says he might extend penalties to almost all imports from China. Beijing responded with its own tariff hikes on $110 billion of American imports but is running out of goods for retaliation due to their lopsided trade balance.
Forecasters say if threatened tariff hikes by both sides are fully carried out, that could cut China's 2019 growth by up to 0.3 percentage points.
September exports to the United States rose 13 percent despite the tariff hikes, down slightly from August's 13.4 percent. The country's politically volatile trade surplus with the United States widened to a record $34.1 billion.
Chinese exporters of lower-value goods such as clothes say American orders fell off starting in April as trade tensions worsened. But makers of factory equipment, medical technology and other high-value goods express confidence they can keep their market share.
Trade accounts for a smaller share of the economy than it did a decade ago but still supports millions of jobs.
On Thursday, the Commerce Ministry promised official help for companies that have suffered due to the American import controls.
"In general, the impact is limited," said a ministry spokesman, Gao Feng. "Governments at all levels will also take active measures to help enterprises and employees cope with possible difficulties."