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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.
ADB approves ceiling for policy-based lending
The Asian Development Bank (ADB) on Tuesday approved a ceiling of up to $18 billion in policy-based lending (PBL) between 2022 and 2024 and enhanced its crisis-response instruments to support its developing member countries (DMCs) as they pursue a green, resilient, and inclusive recovery.Director General of ADB’s Strategy, Policy, and Partnerships Department Tomoyuki Kimura Said that while Asia and the Pacific have made progress in addressing the COVID-19 pandemic, significant risks to the regional economic outlook remain, including new virus variants, inflation threats, financial stress caused by rising interest rates, as well as uncertain ramifications from the Russian invasion of Ukraine.Expanded PBL commitments will support DMCs to undertake critical policy reforms and to address gaps in governments’ development financing requirements, according to a release from the ADB.To maximize development impact, ADB has also introduced measures to enhance PBL quality and to strengthen oversight by the Board of Directors.
Read: Govt yet to take any decision on subsidy or inflation management: Finance Minister
“This package of additional assistance will ensure ADB remains responsive to our clients’ needs while helping to address long-term structural challenges facing the region, including climate change, rising inequality, and building resilience to future disasters,” he said.To better support DMCs facing economic shocks, ADB has enhanced its Countercyclical Support Facility, which provides fast-disbursing emergency budget support during crises.Revisions include expanding coverage to ADB's most vulnerable low and lower-middle DMCs, increasing individual country resource ceilings, enhancing the focus on targeting poor and vulnerable groups, and making lending terms less onerous to improve access.ADB’s Contingent Disaster Financing has been strengthened to provide coverage for a broader range of future emergencies, including health crises, and by introducing a multiyear funding replenishment option for DMCs that are exposed to frequent disasters and emergencies.“Together, this package of additional support and enhancements to our existing instruments will bolster ADB’s ability to support DMCs in addressing the challenges they are confronting and to achieve a green, resilient, and inclusive recovery,” said Kimura.
RMG industry continues strides in environmental sustainability
The RMG industry of Bangladesh is committed to continue its strides in the area of environmental sustainability in order to retain its fame as sustainable sourcing destination in the world, said BGMEA president Faruque Hassan. “We are now entering into such a regime where only economic value of a product will be not enough, the non-economic intrinsic value of product will also play a vital role,” he said. “Our industry is going green in aligned with the changing business landscape not only to remain competitive but also to contribute to minimizing the adverse impacts of production on the environment we live in,” he added. Also read: BGMEA claiming 100 percent salaries, bonuses paid to RMG workforce
He was speaking at an Iftar Mahfil organized by the US Green Building Council (USGBC) at Hotel Amari in Dhaka on Saturday. Around 75 LEED projects, which got certified after May 2019, were accorded appreciation while a special acknowledgment provided to around 30 LEED Platinum-certified projects in the event. BGMEA Vice President Shahidullah Azim, Directors Inamul Haq Khan (Bablu), Md. Imranur Rahman and Neela Hosna Ara were present at the event. Also read:Speakers call for ensuring functional safety committees in RMG factories
Santanu Dutta Gupta, USGBC Faculty, Regional Head - Market Development GBCI – Eastern India, Bangladesh & Vietnam Markets attended the program.
LEEED consultants, LEED faculties, Green architects, and other stakeholders of USGBC were present also present. Faruque Hassan said Bangladesh is proud to have the highest number of green garment factories in the world with 160 LEED certified by USGBC, of which 48 are platinum, 98 are gold. The number of green garment factories in Bangladesh is on the rise. Being green makes it easier for the factories to comply many the strategic priorities of brands which mainly aim to reduce negative impacts of manufacturing on the environment, he said. Besides a green factory provides a good working environment with desired thermal comfort for workers, hygiene, mental peace, and well-being, he remarked. "We believe that sustainability is a continuous stride and we have to continue the marathon to take the industry to the level of excellence,” the BGMEA President said.
Beef, chicken prices soar in Dhaka on Eid eve
Prices of beef and all kinds of chicken have shot up in the capital's kitchen markets ahead of Eid-ul -Fitr with the rise in demand.
The price of beef has increased by Tk 30 to Tk 50 to Tk 700-750 per kg while prices of all kinds of chicken went up by Tk 20 to Tk 30 per kg in the capital on Sunday.
Visiting kitchen markets in different areas including Khilgaon, Malibag, Shantinagar, Rampura Basabo, the UNB correspondent found that the traders are selling beef at Tk 700 (average) per kg to Tk 750 (premier quality) per kg.
Also read: Govt doing its best to rein in prices of essential commodities: PM
Beef is selling at Tk 750 per kg at meat shops in Mugda area though the list shows the price at Tk700 per kg.Traders said from the first to the 26th of Ramadan, the rate was Tk 650 to Tk 680 per kg and from Friday beef is being sold at Tk700 per kg due to rise in demand during Eid like the previous years.
Besides, high cattle prices and their high carrying costs have pushed up beef prices , they said.
Yaqub, a resident of Shantinagar ,who came to the market to buy beef said that the price goes up every day.
Also read: Beef, mutton prices go up in Sylhet
"At the beginning of Ramadan I bought one kg of beef at Tk 650. I bought it today (Sunday) at Tk750. We have nothing to say,” he said.
Besides, the price of broiler chicken has gone up.
Sohag, a chicken trader at Kaptan Bazar, said he sold broiler chicken at Tk 170 per kg on Saturday which is Tk 190 per kg today.
“I sold it at Tk 160 per kg a week ago. Sonali and layer chicken prices have also increased. Today (Sunday) Sonali (cock) chickens are being sold at Tk350 to Tk360 per kg, which was between Tk 290 to Tk 300 per kg at the beginning of Ramadan.”
Layer (red) chicken is being sold at Tk280 per kg white layer chicken at Tk250 per kg.
BGMEA claiming 100 percent salaries, bonuses paid to RMG workforce
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has claimed 100 percent salary and Eid bonus of the country’s readymade garment industries have been paid.
BGMEA president Faruque Hassan in a statement on Saturday thanked workers and all concerned including law enforcers for cooperation to do the job smoothly.
He said that the garment workers are going to celebrate the upcoming Eid-ul-Fitr with their families with the dedicated cooperation of all.
BGMEA president said 100 percent factories have been paid festival allowances and advance pay in April as per the decision of the government. Eid holiday has also been announced to 100 percent of the factories.
Read: RMG workers block road for Eid bonus, 20 hurt in clash with cops in Savar
At the same time, the leader of the garment factory entrepreneurs also thanked the workers for paying their dues in spite of limitations by maintaining the continuity of the previous year.
Faruque further said that according to the information received, the traffic pressure on the highways has come down as compared to other previous years due to the holidays being given on different dates and at different times this year.
He thanked the government for taking various steps to reduce traffic congestion on the highways and to make the Eid journey of homebound people easier and safer.
Remittance inflow rises ahead of Eid
Remittance inflow has increased ahead of Eid-ul-Fitr as Bangladesh received $ 1.82 billion remittance from April 01- 27.
Bangladesh Bank (BB) is expecting that the figure will exceed USD $ 2 billion as expatriates are sending additional money for their relatives ahead of Eid-ul Fitr.
Md. Serajul Islam, executive director and also spokesperson of BB told UNB on Saturday that a total of $ 1.82 billion remittance were received by different banks from April 01- 27.
He hoped that more than $30 billion remittance will be received in the remaining days of April.
Read: Customs houses to remain open during Eid holidays
Bangladesh received $1.87 billion in July, $1.81 billion in August, $1.72 billion in September, $1.64 billion in October and $1.55 billion in November, $1.63 billion in December, $1.70 billion in January, $1.14 billion in February of FY 22.
The expatriates sent $ 2.17 billion remittance in the month of May last year, ahead of Eid-ul Fitr.
In March 2022, the expatriates sent a $1.86 billion remittance. The inward remittance inflow of the last nine months of FY22 saw a decreasing trend compared to the corresponding months in the FY21.
In the same period of FY21, the remittance inflow was $2.59 billion in July, $ 1.96 billion in August, $ 2.15 billion in September, $ 2.10 billion in October, $2.07 billion in November, $2.05 billion in December, $ 1.96 billion in January, $1.78 billion in February and $1.91 billion in March.
Walton Digital Campaign Season 14: Two more customers get Tk20 lakh rewards
Two more customers have got Tk20 lakh rewards after buying Walton refrigerators under the company's ongoing Digital Campaign Season 14 campaign.
The customers are Md Parvez Reza Hossain from Gopalganj and Jewel Rana from Natore.
Earlier, two other customers Abul Hashim from Mymensingh and Md Abdur Razzak from Natore also got Tk10 lakh each while 10 more customers received Tk1 lakh each after purchasing Walton refrigerators.
Read Eid: Walton Digital Campaign Season 15 starts
On Wednesday, popular film actor and also Walton Senior Executive Director Amin Khan and Mayor of Gopalganj Municipality Kazi Liakat Ali officially handed over a cheque of Tk10 lakh to Parvez at a programme in Gopalganj.
On April 23, another cheque of Tk10 lakh was handed over to Jewel at a different programme in Bogura.
Read EPB assures Walton of support to boost electronics, electrical products exports
Bangladesh to retain fame as safe, sustainable apparel sourcing destination: BGMEA
The country's readymade garment (RMG) industry is committed to sustaining its achievements in workplace safety and environmental sustainability that have earned the sector global accolades, said the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
A tangible transformation has taken place in Bangladesh's apparel industry following massive safety initiatives along with extensive training of workers jointly undertaken by the government, brands, the International Labour Organization (ILO) and development partners, BGMEA President Faruque Hassan said Thursday.
"And we are determined to retain the fame of Bangladesh as a safe and sustainable apparel sourcing destination in the world," he added.
Read OECD delegation calls on BGMEA president
Faruque made the observations while speaking at a programme organised by the Ministry of Labour and Employment, marking National Occupational Health and Safety Day 2022 in Dhaka.
Commerce Minister Tipu Munshi attended the programme as the chief guest while State Minister for Labor and Employment Begum Munnujan Sufian was present as a special guest.
The BGMEA president said while Bangladeshi garment factories have become safer, a concrete change has also taken place in the mindset of both workers and owners who now view workplace safety as an integral part of the industry.
Read BGMEA chief for working harder to safeguard progress, prospects
Safety initiatives along with training programmes supported by TC-ILO on worker-management relations, occupational safety and health, and labour laws for both factory management and workers have contributed to the change, he added.
The RMG Sustainability Council has been formed to sustain workplace safety in Bangladesh, Faruque said.
ILO Country Director Tuomo Poutiainen, Department of Inspection for Factories and Establishments Inspector General of Nasir Uddin Ahmed, Bangladesh Employers Federation President Ardashir Kabir, and Bangladesh Knitwear Manufacturers and Exporters Association Executive President Mohammad Hatem were also present at the programme.
Read Huawei Technologies willing to support RMG sector in renewable energy: BGMEA
Americans can benefit by investing in SEZs: Tipu Munshi
Commerce Minister Tipu Munshi said the United States is a friend of Bangladesh and if Americans invest in Bangladesh's special economic zones, they will be benefited.
The Minister said this while exchanging views with Peter D Haas, US Ambassador to Bangladesh, at the Secretariat on Thursday.
The United States is a big market for garment exports for Bangladesh. For the sustainable development of the readymade garments sector, Bangladesh has upgraded its labor law to world standard, said the minister.
"Safe and friendly working environments have been created in the factories. Building and electricity safety has been ensured," he added.
There are 157 factories certified by Lead Green Garments Factory of the USA in Bangladesh. Of the top 10 green factories in the world, nine are in Bangladesh. Bangladesh is now the second-largest exporter of readymade garments in the world.
Although the production cost of readymade garments in Bangladesh has increased, the buyers have not increased the price in comparison. It is necessary to ensure fair price of readymade garments in Bangladesh, Munshi added.
Read: World Bank loan to bolster Bangladesh's economic growth
Ambassador Haas said the USA is a development partner of Bangladesh. The development of Bangladesh is now visible. Bangladesh has already graduated from LDC and become a developing country. In the future, US economic and trade relations with Bangladesh will be further enhanced, he hopes.
Commerce Minister said Bangladesh is making efforts to sign trade agreements with various countries like PTA or FTA to create trade facilities.
Additional Secretary of the Ministry of Commerce (Exports) Md Hafizur Rahman, Additional Secretary (FTA) Nur Mohammad Mahbubul Haque, Additional Secretary (Export-2) Md Abdur Rahim Khan were present.
Tap, Dana sign deal to offer embedded financial services
Mobile financial service provider Trust Axiata Pay (Tap) and Dana Fintech, an embedded finance and credit scoring platform, have announced a partnership to offer loyalty programmes, buy now, pay later (BNPL) and digital lending to underserved consumers and small and medium-sized enterprises (SMEs).
The partnership is set to facilitate end-to-end embedded financial services for micro and small enterprises and underserved consumers through lending partners.
Both companies will also enable partner banks and MFIs to extend salary advances, SME digital lending, and BNPL facility to Tap users.
Read: NID fees can be paid through upay
Dewan Nazmul Hasan, acting chief executive officer of Tap, said this partnership will be "a breakthrough in improving the creditworthiness of individuals and SMEs since the combination of Dana's embedded scoring and lending platform and Tap's high-productivity MFS infrastructure will enable partner lenders to extend digital lending to Tap users and agents."
Gazi Yar Mohammed, co-founder and CEO of Dana, said, "By partnering with Tap, we are expanding our lending operating system to offer a seamless financial wellness platform to Tap users and API driven business acquisition and lending platform to our partner banks and MFIs."