Business
Uniqlo sues Shein over alleged copy of its popular ‘Mary Poppins bag’
Shein, founded in China but now based in Singapore, did not immediately respond to a request for comment. The lawsuit was filed in Tokyo District Court on Dec. 28 by Tokyo-based Fast Retailing Co., which operates Uniqlo stores.Uniqlo said Thursday it’s demanding damages of about 160 million yen ($1.1 million) in its lawsuit targeting the three companies that operate Shein, Roadget Business Pte, Fashion Choice Pte and Shein Japan Co.
Uniqlo said Shein’s product was a copyright violation of inferior quality that undermined customer confidence in the Uniqlo brand.Uniqlo’s bag comes with inner pockets and is billed as durable and water-resistant. In Japan, it costs 1,500 yen, and in the U.S. $19.90, coming in various colors, including light blue and violet.Uniqlo, which has nearly 2,500 stores in 26 global markets, is behind hit affordable casual clothing like HeatTech thermal underwear.
Shein reaches customers mainly through its app. The company says it uses digital technology to respond nimbly to customer tastes and avoid waste.
ShareTrip unveils ‘Seat Selection’ feature for enhanced travel experience
ShareTrip, a pioneering travel tech company in Bangladesh, has unveiled its latest Seat Selection feature to foster more comfortable and personalised travel experiences.
Travellers can now conveniently pick their preferred choice of seats through ShareTrip, and enjoy a cosier journey according to individual preference, said a press release.
CSOs demand VAT cancellation as a poverty reduction strategy
Frequent travellers often enjoy the advantage of having early access to seat selection, enabling them to secure their favourite seats before other passengers. Whether it is for extra legroom seats, bulkhead seats, or seats near the front of the aircraft – the option to book own preferred seats can be a game-changer. This is why ShareTrip brings the seat selection feature to Bangladesh for the first time as a travel tech platform.
Users can easily book their desired spots in advance by heading to the “My Booking” section on the ShareTrip app or website, after completing the review and payment procedures. Afterwards, in the “Seat Details” section, all one has to do is click “Start Selecting Seats” and then pick their desired seats from the available options to maximise their travel experiences. Currently, users can enjoy this seat selection feature on the ShareTrip website specifically for Singapore Airlines.
Cautionary monetary policy likely to stabilise forex reserve, contain Inflation: DCCI President
“When it comes to air travel, pre-booking seats can significantly impact the overall experience of the journey”, said Nafiz Chowdhury, senior manager of Product, Campaign & Partnership, and Marketing.
“By reserving seats in advance, you can ensure a comfortable journey and peace of mind, knowing you have confirmed your favourite seats. As a platform that strives to view consumer convenience with great priority, ShareTrip is delighted to introduce this new feature. We hope our customers will enjoy the unique feature, and cherish their smoother travel experiences”, he added.
E-commerce business must be sustained to build Smart Bangladesh: DNCRP DG
The service personalisation may require an additional charge.
Users can download the ShareTrip app Link, or visit its website for more information, reads the release.
CSOs demand VAT cancellation as a poverty reduction strategy
Leaders of Civil Society Organisations (CSOs) on Wednesday demanded the necessity to abolish the regressive tax system to eliminate the severe income inequality that has been created among the people in different countries of the world, including Bangladesh.
The demand was from a rally organised by twelve civil society organisations led by Equity and Justice Working Group (EquityBD) in front of the National Press Club in the capital in solidarity with the global civil society network Fight Inequality Alliance on the eve of the 54th Conference of the World Economic Forum with the slogan "Tax the rich, not the poor".
Bangladesh Krishok Federation, Bangladesh Climate Journalists sorum, CPRD, Sundarbans and Coast Protection Movement, Online Knowledge Society, ASOD, Water Keeper Bangladesh, Trinamool Development Organization, CSRL, JSKS and Coast Foundation participated in the rally.
E-commerce business must be sustained to build Smart Bangladesh: DNCRP DG
Mostafa Kamal Akand, Director of Coast Foundation, moderated the programme, while ASM Badrul Alam of Bangladesh Farmers Federation presided over the meeting.
Several recommendations were placed in the rally, including a balanced and fair tax system should be established through legislation and enforcement to prevent tax evasion.
Other recommendations included that research,investigation and other effective measures should be taken to prevent capital flight and profit repatriation. Besides, the tax burden on the poor and underprivileged should be eased by gradually reducing all types of indirect taxes, including VAT.
Motahar Hossain, on behalf of the Bangladesh Climate Journalist Forum, said that through indirect tax, basically, one person is forced to pay the tax of the other. Common consumers typically pay taxes levied on a company. This increases the cost of living for poor people.
On the other hand, the company that is making income is exempted from tax. This system needs to be changed, he added.
Shoeb Chy made Chairman of FBCCI standing committee on press, media
Syed Aminul Hoque, Secretary of EquityBD, said that the ongoing conference of the World Economic Forum (WEF), in fact, works for the multinational profiteering companies engaged in tax dodging and money laundering from poor countries.
"In this context, we need a global tax network under the UN framework where poor countries can protect themselves against tax dodging, and thus, money laundering will also be stopped. We expect our Prime Minister to convey this message while participating in the 54th Annual Conference of WEF," he said.
Imran Hossain of the CPRD said that tax evasion has become a normal practice in Bangladesh.
"We have laws and penalties for this, but they are not enforced. Emphasis should be placed on income tax and wealth tax collection to reduce indirect taxes," he said.
Nikhil Chandra Bhadra of the Sundarbans and Coast Protection Movement said that the people of Bangladesh fought the liberation war to abolish a discriminatory social system. But now, the disparity between the rich and the poor is the highest ever in the country’s history. This disparity can be reduced through an accountable and well-governed tax system.
Pradip Kumar Roy of Online Knowledge Society said that Bangladesh has often been praised for standing up for poor people and less developed countries at international conferences.
Cautionary monetary policy likely to stabilise forex reserve, contain Inflation: DCCI President
"We want Bangladesh to become the voice against discrimination and poverty alleviation in the upcoming conference of the World Economic Forum," he said.
In the closing speech, ASM Badrul Alam of the Bangladesh Krishok Federation said that all indirect taxes, including VAT, should be gradually reduced to ease the tax burden on the poor, and emphasis should be placed on bringing all industrialists and corporations under direct tax to increase the government's revenue.
Cautionary monetary policy likely to stabilise forex reserve, contain Inflation: DCCI President
Dhaka Chamber of Commerce and Industry (DCCI) President Ashraf Ahmed on Wednesday expressed optimism for stabilisation of the macroeconomic condition through its implementation. He said this in response to the monetary policy announced by the Bangladesh Bank for the second half of the fiscal year 2023-24 (January-June 2024) The DCCI haiB’s strategy of highlighting the need for ensuring sufficient liquidity to nurture growth sectors while trying to rein in inflation. In this context, while increasing the public sector borrowing is necessary, care must be taken to avoid crowding out the private sector from domestic liquidity.The public sector credit growth target has been set at 27.8% for January-June of FY24, which was realised at 18% against the target of 37.9% in July-December of FY24. On the other hand, the private sector credit growth has been set by the government at 10% for January-June of FY24, which was realized 10.2% against the target of 10.9% in July-December FY24.The DCCI urged the central bank to explore more options for increasing liquidity for the domestic banking system and private sector credit growth over the next six months. In this regard, the Dhaka Chamber President sought additional measures to increase credit flow to the private sector by an appropriate financial borrowing strategy.He said that the focus on enhancing availability of Trade Credit, use of contingents, factoring etc. may be considered as alternatives to reduce foreign exchange stress as well as increase liquidity. Ashraf hailed Bangladesh Bank for extending support to CMSMEs through pre-financing and refinancing schemes, which should contribute towards nurturing growth sectors. The increase in repo rate by 25 basis points to 8% is likely to impact money supply, and can impact banking liquidity available for private credit. Ashraf said he believed that the policy rate may help control inflation to some extent through reducing money supply. He also stressed the need for appropriate supporting Fiscal Policy to be implemented, which can have an equally, if not more prominent, role in reducing inflation. Regarding the exchange rate stability, the DCCI president expressed his hopes that a return to market mechanism and a crawling peg system will help the balance of payment challenges. Export Retention Quota (ERQ) percentage has been revised to 7.5%, 30% and 35%, down from the previous 15%, 60% and 70% to enhance foreign currency liquidity in the foreign exchange market.Additionally, the Bangladesh Bank has extended the borrowing facility from Offshore Banking Operations (OBOs) allowing DBUs to receive funds up to 40% of their regulatory capital for settling permissible payment obligations. Ashraf suggested allowing the Foreign Exchange market to operate properly with limited interventions within well-structured parameters. He also hoped that the declared MPS will contribute to macroeconomic stability. We hope the continued focus on controlling inflation and stabilising the exchange rate in the current MPS will bring results.
E-commerce business must be sustained to build Smart Bangladesh: DNCRP DG
E-commerce business must be sustained to build Smart Bangladesh, said AHM Safikuzzaman, director general of the Directorate of National Consumer Rights Protection.
Speaking as the chief guest at a discussion titled "Consumer Rights in E-Commerce and E-Service Sector: Our Action“, Safikuzzaman highlighted the pivotal role of E-Commerce in the national economic landscape.
Bangladesh Mobile Phone Consumers Association organised the event at Nasrul Hamid Auditorium of Dhaka Reporters Unity on Tuesday.
Shoeb Chy made Chairman of FBCCI standing committee on press, media
"Our next business is e-commerce business. „This business must be retained.“ He addressed concerns about customer funds held by e-commerce companies, stating, "To bring back the money of thousands of customers, the companies have to stay in business.“ He explained a measure called VVIT (Verified Vendor Identification and Transaction) aimed at preventing fraud in the sector. Under VVIT, every E-Commerce-Merchant must be registered and supervised by the E-Commerce Association of Bangladesh (E-CAB).
Safikuzzaman revealed that State Minister for Posts, Telecommunications, and Information Technology, Junaid Ahmed Palak, expressed support for these initiatives. "All traders from ECAB will be brought under VVIT, ensuring that registered companies can be tracked if they engage in fraudulent activities."
BGMEA chief seeks collective efforts for community development
Commenting on Consumer Complaint Management, Safikuzzaman outlined two Phases of Consumer Complaint Management (CCMA). The first Phase, applicable to all establishments except e-commerce, is set to roll out nationwide before the next Consumer Day. The second phase involves consumer complaints initially submitted to e-commerce companies. If unresolved, customers can approach the Consumer Rights Office, which will mediate and settle disputes.
Addressing recent media coverage related to the managing director of Evaly, Safikuzzaman criticized what he referred to as "yellow journalism.“ He warned that such reporting could jeopardise the dream of a thriving e-commerce sector in the country.
Islami Bank inaugurates 12 sub-branches
Rassel, the managing director of Evaly, reassured, "Our affected customers will get their money back as soon as Evaly gets the business opportunity."
Gazi Golam Tausif, Director of the Bangladesh Competition Commission, underscored the significance of the e-commerce sector in the government's goal to build a smart Bangladesh.
The meeting, presided over by Bangladesh Mobile Consumer Association President Mohiuddin Ahmed and moderated by Advocate Abubakar Siddiqui, featured discussions with key industry stakeholders, including E-CAB Secretary General Abdul Waheed Tamal, E-Courier CEO Biplab Ghosh Rahul, and others.
Shoeb Chy made Chairman of FBCCI standing committee on press, media
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has selected Shoeb Chowdhury for the post of Chairman of the FBCCI standing committee on “press and media.”
FBCCI hoped that Shoeb Chowdhury and his committee members would play a significant role in bringing new insights and innovative ideas in the press and media sector in the country, according to a letter issued on 15 January 2024 and signed by Md. Alamgir, Secretary General of FBCCI.
The apex trade body also hoped that the standing committee under Shoeb Chowdhury’s leadership will be working diligently to identify the challenges of the sector and suggest ways and means to improve it.
Shoeb Chowdhury is Chairman, Editorial Board of The Asian Age, Chief Editor of Daily Deshkal, former Director of FBCCI, former Senior Vice President of Bangladesh Software and Information Services (BASIS), Treasurer of Editors Guild Bangladesh, Vice President of India-Bangladesh Chamber of Commerce and Industry (IBCCI), said a media release on Tuesday.
Simultaneously, Shoeb Chowdhury is Honorary Consul of Republic of Malta and Vice President of Consular Corps in Bangladesh.
He is President of Bangladesh Fencing Federation and Adviser to Special Olympics Bangladesh.
The Association of Television Channel Owners (ATCO), Newspaper Owners Association of Bangladesh (NOAB), and other organizations comprising media outlets, short films and movies are also included in FBCCI.
BGMEA chief seeks collective efforts for community development
Collective efforts are imperative for community development, especially for the upliftment of marginalized populations, said Faruque Hassan, President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
He further said marginalized people, often facing socio-economic challenges, need targeted initiatives that go beyond individual efforts.
It is the collective responsibility of governments, businesses, and individuals to join hands to address the challenges faced by the most vulnerable members of society, he added.
Faruque Hassan came up with the observations at the foundation laying ceremony of the extension building of Community Based Resource Centre (CBRC) at Saidpur on January 15.
The event was attended by the Executive Vice Chairman of Microcredit Regulatory Authority Md. Fashiullah. Director of Giant Group Sharmeen Hassan Tithi was also present during the visit.
He toured the Community Based Resource Centre to observe its ongoing activities for the development of marginalized people.
Faruque Hassan said one of the key avenues for community development is education and skill development.
“Investing in education and skill development opens doors for marginalized individuals, empowering them with the skills and knowledge needed to break the cycle of poverty,” he said.
Community Based Resource Centre, established by Manabik Shahajya Sangstha (MSS), provides education and skills training to marginalized people, especially women.
Islami Bank inaugurates 12 sub-branches
Islami Bank Bangladesh PLC on Tuesday inaugurated 12 sub-branches with all modern banking facilities through a virtual platform.
Mohammed Monirul Moula, Managing Director and CEO of the bank inaugurated sub-branches as the chief guest.
The sub-branches include ECB Chattar in Dhaka, Upashahar and Tanore in Rajshahi, Galachipa in Patuakhali, Amtoli in Barguna, Mohammadpur in Magura, Hili in Dinajpur, Zakigonj in Sylhet, Atrai in Naogaon, Ataikula in Pabna, Kalarmarchara in Cox's Bazar and Reazuddin Bazar in Chattogram.
Additional Managing Directors Muhammad Qaisar Ali, JQM Habibullah, FCS and Md. Altaf Hossain attended the program as special guests. Md. Maksudur Rahman, senior executive vice president of the bank, presided over the program.
Mohammed Monirul Moula said in the function that Islami Bank is currently at the top position in all indicators of the country's banking sector.
About 2.30 crore customers, engaged with this bank, significantly contributing to the economic development of the country by highest deposit, investment, import, export and the collection of maximum remittance.
The bank is playing a leading role in creating a cashless society, as announced by the government, through the use of bank's Cellfin and other digital products and services, he said.
He mentioned that the bank has provided investments to 1.7 million customers in 34,000 villages through the Rural Development Scheme (RDS), of which 92 percent are women.
More than 1 crore jobs have been created through large and small industries, SMEs, and other projects invested by the bank, said IBBL MD.
He called upon all to take part in building a prosperous Bangladesh along with their own progress by adopting the modern banking services of Islami Bank, according to a press release.
AI could threaten 40% of global jobs, IMF warns
The International Monetary Fund (IMF) has sounded an alarm, indicating that nearly 40% of global employment could be endangered by the burgeoning influence of artificial intelligence (AI). This stark warning, reported by CNN, underscores the seismic shifts anticipated in the global job market.
IMF Chief Kristalina Georgieva, in a recent blog post, stressed the critical necessity for governments worldwide to fortify social safety nets and roll out comprehensive retraining programmes. This proactive approach aims to mitigate AI's potentially dramatic effects on employment.
Davos 2024: Can AI provide solutions, as Global leaders confront $88.1 trillion debt crisis?
Highlighting a key concern, Georgieva pointed out the potential for AI adoption to aggravate existing inequalities, a trend that requires immediate policy intervention to avert escalating social tensions. This issue is set to be a central theme at the upcoming annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, where AI's role in the economy will be a focal point.
According to the IMF's analysis, advanced economies might witness the most significant impact, with up to 60% of jobs at risk. Although AI promises to enhance productivity in about half of these roles, the remainder faces a stark reality of diminishing demand, lowered wages, and potential unemployment as AI assumes roles traditionally held by humans.
UN chief warns of risks of artificial intelligence
Emerging markets and lower-income countries are not immune to these challenges. Here, 40% and 26% of jobs, respectively, may feel the impact. Georgieva raised concerns about these regions' lack of infrastructure and skilled workforces, factors that intensify the risk of AI deepening existing economic divides.
Georgieva also warned of an escalating risk of social unrest, especially if younger, tech-savvy workers leverage AI for productivity gains, leaving their older counterparts struggling to adapt.
China warns of artificial intelligence risks, calls for beefed-up national security measures
At Davos, the implications of AI on employment are a key discussion topic. Prominent figures, including Sam Altman, CEO of ChatGPT-maker OpenAI, and Microsoft's Satya Nadella, are slated to address the impact of generative AI technologies.
Despite these challenges, Georgieva did not overlook AI's positive potentials, noting its capacity to significantly boost global output and incomes. She argued that with thoughtful planning, AI could be a transformative force for the global economy, stressing the importance of channeling its benefits for the collective good.
Amidst concerns over job displacement, some economists are optimistic, suggesting that AI's widespread adoption may ultimately enhance labor productivity. This could potentially lead to a 7% annual increase in global GDP over the next decade.
Davos 2024: Can AI provide solutions, as Global leaders confront $88.1 trillion debt crisis?
This week, the picturesque Swiss town of Davos becomes the epicenter of global policy discussions as world leaders convene to address a plethora of critical issues. High on their agenda are two ongoing major wars, a burgeoning shipping crisis, and the ever-increasing threat of cyber-attacks.
Complicating these discussions, however, is the staggering $88.1 trillion global debt burden, a figure reported by CNN. This unprecedented surge, predominantly fueled by public borrowing during the pandemic, now significantly undermines governments’ capabilities to tackle existing and emerging global crises effectively.
The soaring debt servicing costs not only strain public services, already reeling from successive budget cuts, but also limit efforts to combat climate change and provide adequate care for aging populations.
UN council to hold first meeting on potential threats of artificial intelligence to global peace
The risk looms larger as governments might find themselves unable to borrow more to fulfill existing obligations and fund essential services, says the report.
Former Bank of England’s monetary policy committee member, Michael Saunders, warned that a government unable to finance its debt could face abrupt and painful spending cuts or tax hikes, hampering its response to future shocks, it also said.
As the world faces a risky year of elections with half the global population heading to the polls, there is little incentive for belt-tightening among incumbent administrations. The prospect of new leaders implementing ambitious tax and spending plans raises concerns about the sustainability of already soaring levels of public debt, the report said.
In the United States, record levels of public borrowing have become a major point of contention between Republicans and Democrats, affecting national budget negotiations and jeopardizing the functioning of federal agencies, it said.
China warns of artificial intelligence risks, calls for beefed-up national security measures
The implications of mounting debt are not limited to economic challenges. Political polarization has already impacted the credit rating of the United States, with agencies like Fitch downgrading its rating. Moody’s has also warned about the potential removal of the country’s last remaining perfect rating.
Amidst these challenges, the increased cost of servicing debt, driven by rising interest rates, is diverting significant funds away from essential public services. In the UK, the Labour Party has scaled back green spending plans due to concerns about adding to the country's debt burden, the report further stated.
As the global economy grapples with these debt challenges and slowing economic growth, some experts, including Raghuram Rajan, former governor of the Reserve Bank of India, suggest that artificial intelligence (AI) could hold the key to a relatively painless recovery.
They hope for discussions at Davos to shed light on potential solutions, emphasizing the transformative power of an AI-driven productivity boom to reshape the world’s economic fortunes.
UN chief warns of risks of artificial intelligence