Business
IBBL holds Eid reunion
Islami Bank Bangladesh Limited (IBBL) organised an Eid reunion in the capital Sunday.
Mohammed Monirul Moula, managing director and chief executive officer of the bank, spoke the programme as chief guest.
IBBL Additional Managing Director Muhammad Qaisar Ali presided over the event; Additional Managing Director Md Omar Faruk Khan delivered the welcome speech.
Also read: IBBL ICT wing holds discussion, hosts iftar party
The bank's deputy managing directors JQM Habibullah, Md Altaf Hossain, and Md Nayer Azam; Chief Risk Officer Mohammad Ali, Chief Anti-Money Laundering Compliance Officer Taher Ahmed Chowdhury, and Islami Bank Training and Research Academy Principal SM Rabiul Hassan were also present at the programme.
IBBL is a joint venture public limited company engaged in commercial banking business based on Islamic shariah. It is listed on the Dhaka Stock Exchange and Chittagong Stock Exchange.
Cinema hall refinance scheme deadline extended to December
Bangladesh Bank (BB) has extended the loans disbursement schedule under a refinance scheme to support cinema hall owners.
The Banking Regulations and Policy Department (BRPD) of the central bank in a notification on Sunday extended the schedule to December 31, 2022, from the earlier deadline March 31, 2022.
In February 2021, the BB formed a refinance scheme of Tk1000 crore to support cinema hall owners’ for renovation, technology upgradation and modernization of halls to ensure time befitting atmosphere for audience.
Also read: Cinema hall owners to get Tk 1,000 cr low-interest loans
The BB later amended the notification and extended the limit of loan for an owner of cinema to Tk10 crore, which was Tk 5 crore earlier.
A 100-seat capacity cinema hall owner can avail maximum loan of Tk10 crore with 5 percent interest rate.
Also read: How Covid-19 brought the curtain down on Kushtia's cinema halls
The cinema halls in the divisional cities can avail the loans at 5 percent interest rate while other cities at 4.5 percent interest rate. The repayment period is eight years with 1-year grace period.
The BB has extended the loan deadline due to poor disbursement report for lack of publicity and complexity of different banks’ conditions.
ICMAB delegation meets CAG
A delegation of the Institute of Cost and Management Accountants of Bangladesh (ICMAB), headed by its President Md. Mamunur Rashid FCMA, called on Comptroller and Auditor General (CAG) of Bangladesh Mohammad Muslim Chowdhury at his office on Sunday.
The ICMAB President apprised the CAG of the role of cost and management accountants on the matters of public interest, financial management, accounting and auditing, said a press release.
Also read: ICMAB wants VAT system reform to make it business friendly
He also sought cooperation of the CAG for further development of the ICMAB and CMA profession.
The CAG of Bangladesh assured them of providing all out support and assistance to the ICMAB.
Among others, ICMAB Secretary AKM Kamruzzaman, past president Abu Sayed Md. Shaykhul Islam and Past SAFA and ICMAB president AKM Delwer Hussain were present on the occasion.
Also read: ICMAB delegate meets Commerce Secretary
TCB to start selling edible oil, other commodities from mid-May
The Trading Corporation of Bangladesh (TCB) will start open market sale (OMS) of some essential commodities including edible oil from mid of May in Dhaka and other divisional cities.
The ministry is working to re-fix the prices of essentials including edible as their prices have gone up on the global market, said an additional secretary to the Commerce Ministry.
Also read: Govt approves fresh hike in edible oil price effective Friday
Primarily the TCB will engage 400 trucks for OMS after fixing the prices of commodities, he said.
In the month of Ramadan, the TCB sold soybean oil at Tk110 per liter, but the price of soybean and other edible oil jumped bothon local and global markets, so it is needed to re-fix the prices of TCB’s edible oil and other commodities, the official said.
Commerce Minister Tipu Munshi will brief reports on edible oil supply and management issue at his secretariat office on Monday, senior information officer of the ministry Abdul Latif Bakshi told UNB on Sunday.
Also read: Around 23 million litre soybean oil arrives at Chittagong port amid growing demand
Besides, Tipu Munshi will talk formally with the traders, edible oil importers and refiners regarding the current situation of edible oil price and supply in the market.
Sub-Inspector Recruitment: The month-long examination of intelligence and verbal begins on 9th May
The intelligence and oral test of 2,550 candidates who have passed the computer skills test including written and psychology test for the post of Cadet Sub-Inspector (unarmed) of 2021 will be held at Dhaka Police Headquarters from May 9. The test will run until June 9.
Police AIG (Media and PR) said. This information was given in a press release signed by Kamruzzaman BPM on Sunday. According to the notification, the intelligence and oral test of the candidates who have passed the computer skills test will be taken step by step from May 9.
READ: Primary Teacher Recruitment: 23 instructions for candidates for the post of primary assistant teacher
The test will be taken twice a day. 9 a.m. and 2 p.m.
S.I Recruitment Documents:
Candidates should bring original copy of age, educational qualification, citizenship and national identity card. Candidates must be present at the Police Headquarters, 6 Phoenix Road, Fulbaria, Dhaka, along with the required documents by collecting the new entry form on the website (http://police.teletalk.com.bd/home.php).
Candidates must be present at the test center 30 minutes before the start of the test. Candidates should bring original copies of all other certificates including written and psychology and intelligence and oral test entrance papers, educational qualifications, citizenship, national identity card. Candidates have to participate in the examination in accordance with the hygiene rules related to Covid-19.
For the post of Cadet Sub-Inspector in the Bangladesh Police Force, a physical aptitude test was held last December to check the physical size and documents of the candidates. The written and psychology exams of the candidates who passed the exam were held last January. The results of the written and psychological tests were released on 18 February. Then computer skills test is held. Candidates have to follow the hygiene rules announced by the government.
No TA / DA will be given for participating in the test.
Read Best Job Searching Websites in Bangladesh
Reliance is India's first co to breach USD 100 billion revenue
Billionaire businessman Mukesh Ambani-owned oil-to-telecom conglomerate Reliance Industries has become the first Indian company to record a gross revenue of over 100 billion US dollars in a year.
The company on Friday declared its quarter four earnings for the last financial year (April 2021 to March 2022), showing a gross revenue of over Rs 58,000 crore against Rs 57,700 (approx) in the previous quarter.
And for the entire fiscal, Reliance reported a gross revenue of Rs 7.92 lakh crores (102 billion US dollars) -- a feat the company attributed to the rise in earnings in its telecom, retail and refining businesses.
"Despite the ongoing challenges of the pandemic and heightened geo-political uncertainties, Reliance has delivered a robust performance in FY2021-22," Ambani, the chairman and managing director of Reliance Industries, said in a statement.
"Over the past year, we added over 2.1 lk new employees across our businesses with our consumer & technology biz creating a large part of these new jobs. I am pleased to report that our Retail biz has crossed the 15,000-store benchmark," he said.
Also Read: Reliance eyeing stake in Google-backed Indian unicorn?
"I am confident that Reliance will create sustainable and affordable new energy solutions for India to help her meet growing energy needs, while ensuring that we achieve our ambitious target of Net Carbon Zero by 2035," Ambani added.
One of the richest persons in Asia, Mukesh's current net worth is nearly USD 80 billion. His Reliance Group is now India's most valuable company by market capitalisation.
UNB had earlier reported about Mukesh's rumoured plans to hand over three core business areas of Reliance Industries to his three children -- Akash, Isha and Anant -- and also about his aggressive fundraising spree to make his conglomerate debt-free amid the pandemic.
The fundraising spree was aimed at reducing Reliance's dependence on the flagship oil sector to diversify into telecom and e-commerce. In 2020, Reliance raised USD 15.2 billion by selling stakes in its telecom unit Jio and another USD 7 billion through rights issue.
Hans Martin new Grameenphone chief corporate affairs officer
Telecom operator Grameenphone (GP) has appointed Hans Martin Henrichsen of Norway as the company's new chief corporate affairs officer (CCAO).
He will replace Ole Bjorn Sjulstad on May 15. Hossain Sadat has been playing the role of an acting CCAO before this announcement.
Earlier, Hans served as CCAO of Telenor Myanmar and played a "critical role in running its operation during the most challenging times."
Also read: Grameenphone reports 4.4% revenue growth in Q1 2022
He comes with extensive experience in building and maintaining Telenor's international business portfolio, and business case modelling for mobile licence acquisition.
Hans has been involved in almost all of Telenor's operations in Asia over the last 20 years.
Previously he played the role of the chief country officer in Bangladesh from 2014 to 2018, which gives him a great deal of understanding of the local context and business environment.
Read: Internet connectivity on the go: Grameenphone brings new 4G modems, routers
GP CEO Yasir Azman said, "Hans Martin's deep understanding of the business environment and regulatory dynamics will help us set the right strategic direction for the best interest of our customers, shareholders and stakeholders."
Hans said, "Bangladesh and Grameenphone are very close to my heart. I am excited to be back in one of the most thrilling and dynamic telecom markets and look forward to joining the winning team again to unfold the next chapter of digitalisation in Bangladesh."
Read Grameenphone observes Green Week 2022
Bangladesh receives record $2.09 billion remittance in April
Bangladesh has received USD $2.09 billion in remittances in April, the highest amount in a single month of the current fiscal year.
Bangladesh Bank (BB) published the updated information on Thursday (May5).
Also read: Remittance inflow rises ahead of Eid
According to the sector insiders, expatriates usually send more remittances to the country on the occasion of Eid festival.
In its continuation, the flow of remittances has increased since the beginning of Ramadan.
Besides, the government is now giving 2.5 percent incentive on remitances.
Also read: Remittance income increasing from USA, EU
According to the BB, five state-owned commercial banks received $354.89 million in April, private commercial banks received remittance of $1612.74 million, foreign banks$7.35 and two specialized banks $34.51 million.
Bangladesh received $1.85 billion in remittances in March of fiscal year 2021-22.
Govt approves fresh hike in edible oil price effective Friday
The government has approved a fresh hike in the prices of soybean and palm oil by Bangladesh Vegetable Oil Refiners & Vanaspati Manufacturers Association on grounds of increase in the global market.
The association, BVOVMA, fixed bottled soybean oil at Tk 198 per litre while loose soybean oil at Tk 180 per litre, effective from Friday.
Also read: Around 23 million litre soybean oil arrives at Chittagong port amid growing demand
It means bottled soybean oil price increases by Tk 38 per litre and loose soybean oil price up by Tk 44 per litre.
The five litre container of soybean oil will be sold at Tk 995, which was earlier sold at Tk 760. The refined palm oil loose will be sold at Tk 172 per litre from Friday.
The Ministry of Commerce on Thursday approved the rate of edible oil submitted by the BVOVMA before the Eid holiday.
Also read: Soybean oil price jumps as Indonesia bans export of palm oil
Around 23 million litre soybean oil arrives at Chittagong port amid growing demand
The edible oil supply in the domestic market will be normal within a few days as huge quantity of imported edible oil has arrived at the Chittagong port from Singapore and Indonesia
According to Chittagong Port Authority (CPA), around 22.9 million litres of soybean oil has arrived at Chittagong port and 13,000 tons of palm oil tankers will arrive at the port on Friday.
Also read: Soybean oil price jumps as Indonesia bans export of palm oil
It is learned that a ship named 'MV Orient Challenge' carrying 22 million litres of crude soybean oil from Singapore arrived at Chittagong port on April 26. On the other hand, the 13,000 tonne palm oil carrier 'MT Sumatra Palm' is scheduled to arrive at Chittagong port on Friday (May 6). The Indonesian-flagged ship sailed from the Indonesian port of Lubuk Geang on April 26, the Marine Traffic has provided this information on its own website.
CPA Secretary Umar Farooq told reporters that a ship arrived at Chittagong Port from Singapore last Thursday carrying oil.
The country's top four companies City Group, Sena Kalyan Edible Oil, Bangladesh Edible Oil and Bashundhara Group have imported the oil. The process of unloading imported oil has already begun, he said.
On the other hand, Kazi Abu Naeem, general manager of Mohammadi Trading Company Limited, the local agent of the Indonesian ship in Bangladesh, said that the MV Sumatra Palm ship will arrive in Chittagong port on Friday.
Also read: Enough stock of edible oil to keep the price stable: Tipu
Indonesia is the world's top exporter of palm oil. About 90 per cent of Bangladesh's required palm oil is usually imported from Indonesia. The country (Indonesia) has banned palm oil exports since midnight on April 28.
According to Chittagong Customs, the country's top importers brought about 120,000 tonnes of palm oil in April before the Indonesian government's ban on palm oil export. Bangladesh imports about 1.3 million tonnes of palm oil annually. 90 per cent of these are imported from Indonesia. The remaining 10 per cent comes from Malaysia.