Business
Dollar price decreases in kerb market, after a hefty raise
The prices of US dollar against Bangladesh currency fell by Tk 5 in the kerb (open) market on Thursday after a hefty raise of forex, amid a rush of imports to meet the demand following easing of Covid pandemic.
Bangladesh Bank has, meanwhile, tightened regulations to curb imports of unnecessary and luxury items and added provision of including container and shipping tracking system with the import bills, to protect trade based money laundering in disguise of fake import orders.
Money exchange houses in the areas of Dilkusha commercial area (banks’ zone), Baitul Mukarram, Palton and Gulshan said that they sold one US dollar at Tk 97 to Tk 98 on Thursday.
The exchange houses sold per US dollar at Tk102 two day earlier on Tuesday, despite the higher price there remained a shortage of the greenback in kerb markets.
Also Read: Despite taka depreciating, banks selling dollars at Tk3-4 extra
Anwar Hossain, operating a money exchange for 22 years told UNB that the price of US dollar is not stable yet.
He said Bangladesh Bank’s policy is impacting the kerb market to reduce the demand of forex.
However, the US dollar exchange rate in the banks has remained unchanged between Tk 93 to Tk 96 for opening LCs.
Though the central bank fixed the US dollar exchange rate at Tk 87.50 on Monday this week, banks are selling dollars at a higher rate due to the forex supply crisis.
Md. Serajul Islam, Executive Director and spokesman said forex market becomes unstable due to rush of import.
Gradually the forex market will be normal and bring a balance on import and export, he said.
World shares sink after inflation driven retreat on Wall St
Shares declined in Europe and Asia on Thursday after a broad retreat on Wall Street triggered by worries over the impact of persistent high inflation on corporate profits and consumer spending.
U.S. futures were lower, while oil prices advanced.
Germany’s DAX lost 2% to 13,731.64 and the CAC 40 in Paris declined 1.9% to 6,234.78. Britain’s FTSE 100 shed 1.7% to 3,537.99. The future for the S&P 500 was 1% lower while the future for the Dow Jones Industrial Average sank 0.9%.
The Dow industrials sank more than 1,100 points, or 3.6% on Wednesday, and the S&P 500 had its biggest drop in nearly two years, shedding 4%. That was its steepest decline since June 2020. The tech-heavy Nasdaq fell 4.7%.
The benchmark index is now down more than 18% from the record high it reached at the beginning of the year. That’s just shy of the 20% decline that’s considered a bear market.
“The sentiment in the market is highly negative as traders and investors are largely concerned about an economic downturn and soaring inflation,” Naeem Aslam of Avatrade said in a commentary.
The Federal Reserve is trying to temper the impact from the highest inflation in four decades by raising interest rates. Many other central banks are on a similar track. But the Bank of Japan has stuck to its low interest rate policy and the gap between those benchmark rates of the world’s largest and third-largest economies has pushed the dollar’s value up against the Japanese yen.
Japan reported a trade deficit for April as its imports ballooned 28%. The shift reflects surging energy costs amid the war in Ukraine and a weakening of the yen against the U.S. dollar.
Japan’s exports grew to 8.076 trillion yen ($63 billion) last month, up 12.5% from the previous year, according to Ministry of Finance data released Thursday. Imports totaled 8.915 trillion yen ($70 billion) in April, up from 6.953 trillion yen in April 2021, and the highest since comparable numbers began to be taken in 1979.
The Nikkei 225 in Tokyo lost 1.9% to 26,402.84 and the Hang Seng in Hong Kong dropped 2.5% to 20,120.60. In South Korea, the Kospi shed 1.3% to 2,592.34, while Australia’s S&P/ASX 200 gave up 1.7% to 7,064.50.
Also Read: Asian shares fall amid interest rate, earnings worries
The Shanghai Composite index reversed earlier losses, gaining 0.4% to 3.096.96.
On Wednesday, retailer Target lost a quarter of its value after reporting earnings that fell far short of analysts’ forecasts. Inflation, especially for shipping costs, dragged its operating margin for the first quarter to 5.3%. It had been expecting 8% or higher.
The company warned that its costs for freight this year would be $1 billion higher than it estimated just three months ago.
The report comes a day after Walmart said its profit took a hit from higher costs. The nation’s largest retailer fell 6.8%, adding to its losses from Tuesday.
Target and Walmart each provided anecdotal evidence that inflation is weighing on consumers, saying they held back on purchasing big-ticket items and changed from national brands to less expensive store brands.
The weak reports stoked concerns that stubbornly rising inflation is putting a tighter squeeze on a wide range of businesses and could cut deeper into their profits.
Other big retailers also have racked up hefty losses.
The data are not entirely consistent. On Tuesday, the market cheered an encouraging report from the Commerce Department that showed retail sales rose in April, driven by higher sales of cars, electronics, and more spending at restaurants.
Investors worry the Fed could trigger a recession if it raises interest rates too high or too quickly. Worries persist about global growth as Russia’s invasion of Ukraine puts even more pressure on prices for oil and food while lockdowns in China to stem COVID-19 cases worsens supply chain problems.
In other trading, benchmark U.S. crude oil rose 56 cents to $110.15 per barrel in electronic trading on the New York Mercantile Exchange. It dropped $2.81 to $109.59 on Wednesday.
Brent crude, the basis for pricing for international trading, climbed $1.19 to $110.30 per barrel.
The dollar fell to 128.14 Japanese yen from 128.20 yen late Wednesday. The euro strengthened to $1.0481 from $1.0464.
IBBL, JPMorgan Chase Bank hold meeting
Islami Bank Bangladesh Limited (IBBL) recently held a business meeting with JPMorgan Chase Bank at a city hotel in Dhaka.
Both the parties agreed to work on blockchain, payment innovation, ESG and trade finance potentials.
Mohammed Monirul Moula, managing director and chief executive officer of IBBL, exchanged views with Ali Moosa, vice chairman and senior country officer of Bahrain, and Christine Jang Tan, managing director and head of financial institutions group, Asia Pacific, of JPMorgan.
READ: IBBL holds Eid reunion
Muhammad Qaisar Ali and Md Omar Faruk Khan, IBBL additional managing directors, Md Mostafizur Rahman Siddique, deputy managing director, Miftah Uddin, executive vice-president, Mohammad Habibur Rahman, senior vice-president, and Sazzad Anam, executive director and head of financial institutions at JPMorgan Bangladesh, also attended the meeting.
BCC case against edible oil refiners: 4 refiners get time to explain
Four edible oil importers and refiners have got one month time to explain themselves in a case filed by Bangladesh Competition Commission (BCC) for manipulating the production and supply of edible oil in the country.
Two refiners- Banshundhara Oil Refiner and Megna-United Oil Refiner limited- will appear at the office of the commission on June 22 and the rest two- City Edible Oil Limited (Teer) and Bangladesh Edible Oil Limited- on June 27 to give their explanation
Also read:BCC sues 8 edible oil refiners for unfair price hike
The commission filed a case against eight edible oil importers. Four of those companies were asked to participate in the hearing on Wednesday.
Md. Mofizul Islam, chairperson of BCC, and other members of the commission gave the order after hearing.
Tipu discounts wheat crisis amid rising price
Commerce Minister Tipu Munshi on Wednesday underplayed concern over wheat price saying the country has enough stock of the food grain.
He was briefing the media after a meeting of the Task Force committee on commodity prices and market monitoring at the Secretariat.
Also read: No impact on shipments of wheat already contracted for export: India
He said India's ban on wheat export won't affect Bangladesh which can import it from the neighbouring country through G2G deal.
He said India slapped a ban on other countries.
He also blamed some unscrupulous businesspeople for price hike of the essentials.
Talking about the edible oil, the minister said the price depends on global market.
ATS Optimised CV: How to make your resume Robot-friendly
CV or Resumes are one of the oldest yet most widely used recruitment processes in the world. Almost every job imaginable starts its recruitment process by calling for resumes from prospective applicants. Sometimes the number of applicants can get overwhelming. It becomes almost impossible to scour through each and every curriculum vitae to match compatibility. That is where ATS or Applicant Tracking System comes in. Here’s a comprehensive guide on what ATS is and how you can make an ATS-friendly resume to grab your dream job.
Why is it Necessary to Make ATS Optimised CV?
Statistics show that Google, one of the largest internet organisations in the world receives an average of 2 million applicants per year. The sheer volume of applicants makes it impossible to deal with the applications on an individual basis.
The ATS was devised specially for such scenarios. There are several software that makes up the ATS. It checks for compatibility and profile match for the respective position. The process makes it easy for recruiters to shortlist only the best match candidates without taking the trouble of going through every applicant.
Also read: How to Get a Job in Google from Bangladesh?
According to a report by Balance Career, almost 70% of the CVs are dropped by the ATS before they are even considered by the recruiters. The ease on the recruiter's end however poses a grim situation for the prospective applicants.
Since ATS is an AI-powered software, it will strictly look for indicators that match the requirements for the specific position. The problem here is that there is no way to know whether a company is implementing ATS technology or not. This means that the days of dropping the same resume to every place are virtually over.
Any renowned company or an above-average competing one will definitely use ATS to minimise the recruitment hassle. That makes it imperative to know how to beat the ATS mechanism to make sure the CV reaches the hands of the recruiting manager. And you get the coveted call for an interview.
Read Basic Software Skills for Freshers to Get Hired Easily
Best Ways to Make Your Resume Machine Friendly
Selecting the Right Keyword
The first major point to take care of is the selection of the right keywords. ATS software scans for relevant words to the JD to seek the perfect match. For example, if you are applying for the position of Business Analyst, the CV should be sprinkled with words like Big Data, SQL, critical reasoning, etc.
It's important to identify the correct keywords as it’s a set benchmark in every selection process.
Creating a Skills Section
A traditional resume often outlines the skills in the experience and educational qualification section. But to make the curriculum vitae more machine friendly, it’s better to create a separate skills section. This will allow the applicant to highlight the important keywords again. And considering ATS is just a metric-based calculator, it’s better to mention the important keywords more than once.
Read AI & Future of Jobs: Will Artificial Intelligence or Robots Take Your Job?
edotco wins multiple awards at the Global Best Employer Awards 2022
edotco Bangladesh Ltd., an integrated telecommunications infrastructure services company, has recently won multiple awards at the Global Best Employer Awards 2022 in Excellence in Training, Talent Management, and Managing Health at Work categories.
In the individual categories, Ricky Steyn, Country Managing Director, clinched the Best Corporate Strategy Award, and Rizwan Hamid Quraishi, Director, Human Resources, took home the award for HR Professional of the Year. The awards were officially announced at Taj Lands End, Mumbai, on May 6, 2022 which was attended by leading business leaders, edotco said in a statement on Tuesday.
The Global Best Employer Awards 2022 is an annual event organised by the Employer Branding Institute in collaboration with World HRD Congress.
Also Read: Edotco's solar street lamp project launched
Recognitions were awarded across 13 different categories to organisations, HR teams and individuals for their outstanding work across the HR function in Asia.
Ricky Steyn, Country Managing Director, edotco Bangladesh, said, “We are honoured to receive these awards as they bear testimony to our commitment in delivering the best for our stakeholders. The recognitions reflect edotco’s Bionic Organisation strategy that encourages people-centric culture and result in the effective and successful use of innovative and sustainable measures to achieve organizational excellence. This recognition will motivate us to adopt better organisational practices for employee well-being as well as play a key role in developing the equitable next-generation connectivity in Bangladesh and meeting its Digital vision.”
Read Edotco wins 'Asia Pacific Telecoms Tower Company of The Year' Award.
NCC bank celebrating 29th anniversary promise to provide tech-based service
The NCC Bank, a private sector scheduled bank, celebrated its 29th anniversary with a promise to provide technology based secured customer services of banking products. The bank is also going to introduce Islami banking window as per the central bank approval to meet the desired service of Islami Banking for its customers.
Also read:Despite taka depreciating, banks selling dollars at Tk3-4 extra
Mohammad Mamdudur Rashid, Managing director and Chief Executive Officer (CEO) told this in a press briefing on the occasion of the anniversary, held at the NCC bank Building in Motijheel on Tuesday. He gave an outline of the bank’s success stories of 29 year journey and he expressed gratitude and thanks to the clients, directors, officials and employees of the bank for remaining with the bank. He disclosed that the bank has implemented Bangladesh Bank’s instructed salary structure in all the levels of the bank.
Also read: BB asks banks to ensure smooth online service during Eid vacation Despite limitations in the Covid-19 pandemic situation NCC Bank has made operational profit of tk700 crore. The bank started its journey on May 17, 1993 as national credit and commerce or NCC Bank. In the inception the bank had 16 branches and now it stood 125 complete branches, 6 sub-branch.
Gold price up by Tk 1750 to Tk 78,265 per bhori
Bangladesh Jewllers’ Association (Bajus), an organization of jewllers, has increased gold price by Tk 1,750 per bhori with effect from Wednesday.
Bajus Standing Committee on Pricing and Price Monitoring came up with the announcement at a meeting saying that the prices of gold are climbing in the international market.
Also read: Gold prices go up by Tk1867 per bhori
The price of 22-carat gold per bhori will increase from 76,515 to Tk78,265, said Bajus.
According to Bajus, 21-carat gold will be sold at Tk74,682 per bhori and 18-carat gold at Tk 64,013 per bhori. The price of traditional gold has been increased by Tk 1, 166 to Tk 53, 362.
Read 1 held with 124 gold bars worth Tk 10 cr in Jashore
Greenback hits Tk 101 in kerb market
The price of the US dollar hit Tk101 in the kerb (open) market on Tuesday amid the volatile forex supply in the market.
On Tuesday, several businesses blamed that they cannot buy US dollars due to the higher price. On the other hand banks also sell per US dollar at Tk 92 to Tk 93 on the day.
Also read: Despite taka depreciating, banks selling dollars at Tk3-4 extra
However, the price of dollars in the kerb market has grown even more. The traders said that they are not able to get dollars outside the bank now.
“I had to pay Tk100.50 to Tk101 to buy one US dollar from the kerb market on Tuesday. On Monday, the dollar was sold at Tk97.20 and Tk 97.30,” Said Abdullah Al-Mamun, a trader of old Dhaka, who is involved in import trading.
He told UNB that due to increasing dollar prices every day, some people are stocking dollars, purchasing it from the kerb market, which is pushing the price of dollars in the open market.
On Tuesday, state owned Sonali, Janata, Agrani banks sold per US dollar at Tk 92 to Tk92.50 while the private sector Eastern Bank also sold at Tk 92.50.
Md Serajul Islam, Executive Director and spokesperson of Bangladesh Bank, said, “The open market economy now relies on market situation. Due to increased domestic consumption the import is under more pressure compared to export.”
Also read: BB struggles with dollar demand as LCs worth $ 68.36 billion open in 9 months
In such a situation banks are unable to meet the growing demand of forex, this is why dollar price has increased a bit, he said.
The decline of COVID-19 cases was met with a global hike in prices of commodities as the Russia-Ukraine war caused the supply and delivery costs to go up.
As a result, the demand for dollars rose and the Bangladeshi taka, like many other currencies in the world, began losing value.