Business
Salted rawhides collection starts Thursday
The tanners will start buying salted rawhides of sacrificial animals from Thursday.
Shahin Ahmed, president of the Bangladesh Tanners Association (BTA), said 154 tanneries in the country will buy salted rawhides at the price fixed by the government all over the country.
He said this at a press conference at the VIP lounge of Dhanmondi Club in the capital on Wednesday.
Read: Steps taken to prevent rawhide smuggling in border areas: Industries Secy
Tanners and leaders of the organization also present at the press conference.
Shahin told reporters at the press conference that some 3.5 lakh pieces of rawhide have been collected by the tanners in the last three days.
He hoped to collect 95 lakh pieces of rawhide of cows, buffaloes, goats and sheep.
The BTA president said that chemicals are required for processing rawhides. Tanners collect chemicals under supervised bond facility.
“For the interest of the tannery industry, it is necessary to maintain supervised bonds and increase the scope of its benefits. BTA has already applied to the National Board of Revenue to increase this facility,” he said.
Forex reserves drop below $40 billion for the first time since 2020
Bangladesh’s foreign exchange reserves on Tuesday declined to USD $39.77 billion or below 40 billion mark for the first time in two years, according to updated data of the central bank.
The drop has been attributed to Bangladesh Bank’s import payments of $1.99 billion last week to the Asian Clearing Union (ACU).
Bangladesh, Bhutan, India, Iran, the Maldives, Myanmar, Nepal, Pakistan and Sri Lanka are members of ACU. The central banks of these countries have to make the payments every two months.
Read: BB tightens belt on forex reserve, bans import credit on luxury items
The reserves have been under stress for the past couple of months due to surge in the import bills and drop in the inward remittance.
Bangladesh’s foreign exchange reserves soared to record amount of $46.15 billion in December last year.
Bangladesh’s forex reserves witnessed a fall as import volume in the fiscal year 2021-22 increased to about $78 billion, while foreign exchange gained from remittance and export stood at $73 billion. The export earnings in FY 22 amounted to 52.08 billion and inward remittances $21.03 billion.
Read Fuel, forex reserves may run out after power crisis: Fakhrul
The inward remittance shows a fall in the FY22 to $21.03 billion from $ 24.77 billion in the FY 21.
Md. Serajul Islam, executive director and spokesperson of BB told UNB that the central bank is selling US dollar to meet huge import payments in every day.
He said fall in inward remittance and rising demand of imports are the reasons for the fall in the foreign exchange reserves.
Read Amid volatile forex market, BB devalues currency by Tk1.60
Japan shares rise after election, rest of region declines
Asian shares were mostly lower on Monday, although Japan’s benchmark rallied, welcoming a landslide parliamentary election victory by the ruling Liberal Democratic Party.
Concerns about global inflation and interruptions to economic activity brought on by the coronavirus pandemic are adversely affecting investor sentiment.
The tide may be shifting as more and more market players focus on the economic outlook, Stephen Innes of SPI Asset Management said in a commentary.
“A recession is not the market’s base outlook, but until proven otherwise, investors will debate the depth of the growth hit, not the likelihood of recession; thus, good economic data is good news for stocks,” he said.
Japan’s benchmark Nikkei jumped 1.1% in morning trading to 26,803.30.
Japan’s governing party and its coalition partner scored a major victory in balloting Sunday, which came two days after the assassination of former Prime Minister Shinzo Abe. Abe was shot by a man emerging from the crowd listening to his campaign speech, took out a homemade gun and fired.
The attack shocked a nation that rarely sees gun violence. The Liberal Democratic Party was bound for victory even before the assassination, but some analysts said the shock of Abe’s death was likely to strengthen that trend.
With its partner Komeito party, the ruling coalition raised its combined share in the 248-seat upper house to 146. Prime Minister Fumio Kishida almost certainly stands to rule without interruption until a scheduled election in 2025, ensuring that the pro-U.S. defense and diplomatic policies of the late Abe and the Liberal Democrats will continue unchanged.
Read: Asia shares rise on optimism about easing COVID restrictions
Australia’s S&P/ASX 200 declined 0.6% to 6,638.20. South Korea’s Kospi lost 0.3% to 2,342.82.
Hong Kong’s Hang Seng slipped 2.7% to 21,144.53, while the Shanghai Composite fell 1.5% to 3,307.23. Technology shares fell after market regulators in China fined companies for not reporting past transactions as required.
Wall Street had a sputtering finish last week, as global markets turned their attention to Chinese economic indicators and moves by central banks, including the U.S. Federal Reserve, to contain stubbornly growing inflation.
The hotter the U.S. economy remains, the more likely the Federal Reserve is to continue raising interest rates.
A strong hiring report for June assuaged fears that the U.S. economy might be on the cusp of a recession — and highlighted the resilience of the nation’s job market.
Yet the figures the government released Friday also spotlighted the sharp divide between the healthy labor market and the rest of the economy: Inflation has soared to 40-year highs, consumers are increasingly gloomy, home sales and manufacturing are weakening and the economy might actually have shrunk for the past six months.
The Fed has already hiked its key overnight interest rate three times this year, and the increases have become increasingly aggressive. Last month it raised rates by the sharpest degree since 1994, by three-quarters of a percentage point to a range of 1.50% to 1.75%. It was at virtually zero as recently as March.
Other central banks around the world are also raising interest rates and removing emergency plans put in place early in the pandemic to prop up financial markets.
On Friday, the S&P 500 dropped 0.1% to 3,899.38, snapping a four-day winning streak. The Dow fell 0.1% to 31,388.15, while the Nasdaq rose 0.1% to 11,635.31. The Russell 2000 index of small company stocks slipped less than 0.1%, to 1,769.36.
In energy trading, U.S. benchmark crude lost 79 cents to $104.00 a barrel. It gained $2.06 to $104.79 a barrel on Friday.
Brent crude, the international standard, fell 74 cents to $106.28 a barrel.
In currency trading, the U.S. dollar gained to 137.03 Japanese yen from 136.10 yen. The euro cost $1.0148, down from $1.0182.
GP, Bangladesh Red Crescent Society distribute relief among flood-hit people
Grameenphone (GP) and Bangladesh Red Crescent Society (BDRCS) have distributed relief among the flood-affected people.
GP has been facilitating flood-affected communities in partnership with the Bangladesh Red Crescent Society (BDRCS) to help fight the ordeal through relief and rehabilitation efforts, said a media release.
It said four medical camps have hence been deployed in Netrokona, Sylhet, and Sunamganj, providing medical consultancy and necessary medicines to the flood-affected people in the nearby impacted upazilas free of cost.
Read: BTRC places indefinite suspension on GP SIM card sale
The teams have been dedicated to working from June 29 and are expecting to offer treatment to more than 6 thousand patients throughout the 10-day initiative, finishing on July 8.
Till July 3, a total of 2,173 patients have been treated through four medical teams.
Netrokona Sadar, Barhatta, Kalmakanda, Dakshin Surma, Kanaighat, Osmaninagar, Balaganj, Bishwanath, Companiganj, Gowainghat, Bishwambarpur, and Sunamganj Sadar are the upazilas that are set to be covered under this collective effort from Grameenphone and BDRCS.
Read AIBL donates Tk10 crore to PM's relief, welfare fund
Besides the medical camps, soon, there shall also be 15 thousand food relief packs distributed among 15 thousand families as one week's essential food supply for each family.
Earlier, GP offered 10 minutes of free talk time for its users struggling in the inundated areas to help them reach out to meet survival needs.
"The sudden flash flood brought a grave crisis in the north and north-eastern belt of our nation. While our team, in collaboration with regulators, local administration, defence forces and network operating partners, fought hard to restore the emergency mobile network lifeline and connectivity to the people when they needed it the most; we have also simultaneously assessed the distressed communities' healthcare and food support needs and managed to stand by them. I am thankful to the Bangladesh Red Crescent Society for helping us reach out to the people through emergency response." - said Yasir Azman, GP CEO.
Read National Bank donates Tk11 crore to PM's relief, welfare fund
Eid: Nagad offers up to 30% discount on shopping
Ahead of Eid-ul-Adha, mobile financial services provider Nagad has come up with a cashback or discount of up 30 percent in 14 categories at more than 5,000 outlets of about 300 brands throughout the country for its users.
Customers will be able to enjoy this cashback or discount on Nagad payments in different categories, including footwear apparel, furniture and accessories, and restaurants. The offers will be valid till 16 July.
In the footwear apparel category, customers will get instant cashback of up to 30 percent on purchases from several brands including Sailor, Artisan Outfitters, Cat's Eye, and Sara Lifestyle.
Read: Nagad launches service for paying Mastercard Credit Card Bill
In the footwear category, customers will get instant cashback of up to 25 percent at Bata, Apex, Lotto, Bay, Walker Footwear, and many other merchants.
In addition, Nagad users will get up to 20 percent cash back or a discount on specific furniture and accessories of brands such as Best Buy, Regal Emporium and Beauty Hub.
Customers will also receive an instant cashback of up to 20 percent on Nagad payments made at several restaurants.
Read Pay ‘Registrar of Joint Stock Companies and Firms’ fees through Nagad
This Eid offer of Nagad will be available at eateries, including KFC, Burger King, Chillox, Domino's, Gloria Jeans, Pizza Hut, Khazana Sweets and Secret Recipes.
PUMA keen to increase sourcing high-end garments from Bangladesh
PUMA, one of the leading sports brands in the world, is willing to increase apparel sourcing from Bangladesh, especially value-added sustainable products.
Anne-Laure Descours, Chief Sourcing Officer of PUMA, expressed the interest during a meeting with Faruque Hassan, President of BGMEA on Thursday.
BGMEA Director Asif Ashraf and Branch Manager at Puma Bangladesh Moyeen Hyder Chowdhury were also present at the meeting.
Read BGMEA seeks govt support in implementing RMG industry's sustainable dev vision
During their discussions, Faruque Hassan highlighted the potential of Bangladesh as a sourcing country for value-added sportswear, activewear, outerwear, swimwear, and workwear.
He apprised the CSO of PUMA about the RMG industry’s increased focus on diversification of products, especially non-cotton and high-end segment.
He said Bangladesh’s apparel sector is giving priority to taking a turn from quantity to quality and volume to value.
Read BGMEA seeks faster delivery of raw materials through green channel
The BGMEA President requested PUMA to support and collaborate with their suppliers in Bangladesh to build their capacities in manufacturing value-added apparel products having higher market demand.
He assured PUMA of all-out support from BGMEA to expand its suppliers’ base and sourcing volume in Bangladesh.
Currently Bangladesh is the largest apparel sourcing hub for PUMA in terms of volume of garments.
Read BGMEA to participate in Apparel Sourcing Week 2022 in Bengaluru
Ensure uninterrupted ATM, POS, internet banking , MFS during Eid vacation: BB
Bangladesh Bank (BB) has instructed banks to ensure uninterrupted ATM, POS, internet banking, online e-payment gateway and MFS services during the Eid-ul-Azha vacation.
The payment system department of BB on Thursday issued a circular in this regard and sent it to the top executives of all the banks, mobile financial service providers, payment service providers and payment system operators.
The circular asked banks to arrange uninterrupted service of Automated Teller Machine (ATM), Point of Sale (POS), internet banking, online e-payment gateway and Mobile Financial Service (MFS) along with adequate manpower to solve instantly if trouble arises during the vacation.
Also read: BB tightens belt on forex reserve, bans import credit on luxury items
It also asked banks to keep enough money at the ATM booths , ensure security measures at the ATM outlets, set up note checking machine at the POS to avert the fake notes in the cattle markets across the country and other payment points to serve the traders and other customers.
Banks have to ensure Two Factor Authentication (2FA) for card based payment, card not present payment, said the circular.
MFS providers asked to ensure enough money at their agent point so that people can get service (Cash in and cash out) during the period.
Also read: BB asks banks to keep branches open in Dhaka cattle market areas on July 8,9
Besides, the central bank has asked banks and other payment gateway operators to take additional cautionary measures to stop any kind of forgery and scam during the Eid-ul-Azha vacation.
Switzerland keen to invest in Bangladesh’s disaster-prone areas
Switzerland has shown its keen interest to invest in the climate vulnerable areas of Bangladesh to reduce the risk of natural disasters.
Ambassador of Switzerland to Bangladesh Nathalie Chuard conveyed the interest during a courtesy call on Fisheries and Livestock Minister SM Rezaul Karim at Bangladesh Secretariat on Wednesday.
The Swiss envoy said her country wants to work in various sectors in Bangladesh for economic development from 2022 to 2025 marking the celebration of 50 years of cooperation between the two countries.
Read Bangladesh is a model country in disaster management: Hasina
“Switzerland wants to accelerate activities to face the challenges and impacts of climate change in the disaster-prone areas. We want to invest in the climate risk areas for adoption of the climate change and reduce the risk from it,” she said.
The envoy said Bangladesh has graduated from the least developed country status to a developing nation. Switzerland wants to contribute here. Some government and private organisations are interested to invest in the disaster-prone islands.
In response, the minister said both countries can exchange experiences in any field for mutual benefit. He suggested formation of a Joint Working Group to expand cooperation.
Read: Swiss Ambassador Chuard sees “massive potential” to boost trade, investment with Bangladesh
Minister Rezaul said, “Natural resources are very important for the economic development and growth of our GDP. Prime Minister Sheikh Hasina has adopted the Delta Plan for development for 100 years and she has already formed Delta Governance Council. We are using natural resources for the development of the country and meeting the demand for food and nutrition. Bangladesh has already made unexpected changes in agriculture, fisheries, and livestock sectors due to various initiatives taken by the government.”
Banks set to provide Tk433 crore loans to tannery owners
Banks will provide Tk433 crore loans to tannery owners for purchasing rawhide after Eid-ul-Azha, the highest rawhide collection season in the country.
Of these loans, four state-owned banks (Sonali, Janata, Agrani and Rupali) will provide Tk 258 crore.
Of which, Janata Bank Limited has set a target of providing the highest amount of Tk 120 crore. Last year, the same amount of loans were planned to be distributed, but finally Janata Bank disbursed Tk 40 crore only.
Read: Govt hikes rawhide prices ahead of Eid
According to Bangladesh Bank (BB), the tannery owners will get bank loans of Tk 433 crore to buy raw hides. A portion of this loan has already been disbursed, the central bank sources said.
This year, Rupali Bank is giving loans of Tk 30 crore, Agrani Bank Tk 83 crore and Sonali Bank Tk 25 crore.
After the disbursement of loans in the leather sector in the nineties, most of the loans were not repaid. As a result,the private banks have stopped giving loans for this sector due to non-repayment culture of tannery ownets.
Read: Savar Tannery Estate: Guideline to be prepared over plot allocation
Now all the four state-owned banks are lending more to buy raw-hide. Apart from this, a few private banks are giving a small amount of loans.
Bank officials say there is a tendency among tannery traders to invest the loans money in other sectors. That is why they willingly become loan defaulters.
Walton launches 6 new models of All-in-One PCs
Walton Digi-Tech Industries Limited has launched six new models of All-in-One PC.
The PCs of Unify A24 and H24 series with eye-catching designs and many attractive features including a full HD display, Intel's 10th and 11th generation processor, 8 GB RAM, 512 GB SSD. Prices of the All-in-One PCs vary from Tk 64,850 to Tk 97,550, the company said in a statement.
Walton has been producing and marketing several models of All-in-One PCs which have received positive feedback from customers. The new models have been released in the market with updated and new features due to the wide response from the customers.
Read Walton Primo R9 Review: Competitive in entry-level budget segment
Walton Computer Products Chief Business Officer Touhidur Rahman Rad said, “All-in-One PCs are nowadays more popular than desktop PCs as the devices occupy less space and can be easily carried anywhere. Users can perform heavy work than laptops using All-in-One PCs. Walton always produces and markets products according to the needs of the customers.”
The statement said the A24 and H24 series of All-in-One PCs feature Intel’s tenth and eleventh generation Core i3, Core i5, and Core i7 processors. All the variants have Intel's H510 chipset, 8 GB 2666 MHz, and 3200 MHz dual-channel DDR4 RAM, which can be expanded up to 64 GB. The graphics unit has Intel UHD 630 and 750 graphics. All models have 512 GB SSD storage and a 23.8-inch anti-glare full HD display with 1920X1080 pixel resolution.
Also Read: Walton scoops up RoSPA Health and Safety Gold Award
In addition to the Ethernet LAN port, there is built-in dual-band Wi-Fi for internet connectivity. Bluetooth is available for file-sharing or wireless connectivity and advanced built-in speaker facilities. A special feature of the device is the 5.0-megapixel camera which gives users an excellent video-conferencing experience.
Walton is providing up to 2 years of after-sales service on all models of All-in-One PCs. Customers are getting the fastest after-sales service from Walton’s 79 service centers across the country, it added.
Read Walton brings Arc CPU liquid coolers