Dhaka, Sept 9 (UNB) - Kihak Sung, Chairman of Youngone Corporation, has taken over as President of the International Textile Manufacturer’s Federation (ITMF) for the 2018-20 term.
He assumed the presidency at a glittering gala dinner at the National Museum in Nairobi, Kenya, said a press release.
The ITMF Conference, the biggest gathering of international textile manufacturers from all over the world, was held in Nairobi this time.
Over 300 textile luminaries attended the conference, which was inaugurated on September 7 and concluded on September 9, 2018.
The ITMF is among one of the oldest non-governmental organisations founded in 1904 with its headquarters in Zurich, Switzerland.
“This indeed is not only a great honour for Korea but also for Bangladesh and its 80,000 workforce,” said the release.
Kihak Sung’s meteoric rise in the textile arena is associated with the success of Youngone Corporation, over the years, as a pioneering investor in RMG and textile sector FDI which led investments both in Chattogram and Dhaka EPZs and lately in Korean EPZ.
Youngone was the first investor in the textile and apparel export sector in May 1980 and has been a pioneer in female employment in the industry.
Almost all other subsequent investors from Korea followed in Youngone’s footstep to invest in Bangladesh.
Its production of world famous brands has greatly enhanced the image of Bangladesh in the garment and textile sector, the press release said.
Because of his invaluable contribution to the development of apparel and textile industry and the national economy of Korea, Kihak Sung was conferred upon the highest class of the “Order of Industrial Merit Gold Tower” by the President of Korea in 2008.
This was followed later by his election to the top post as Chairman of the Korean Federation of Textile Industries (KOFOTI), a post which he still holds.
His dynamic leadership and steadfast policies led to the emergence of Youngone Corporation as one of the most reputable and recognised multinational companies which has successfully spread its wing across the globe in Korea, USA, Switzerland, Vietnam, China, India, Uzbekistan, San Salvador and Ethiopia.
Beijing, Sep 9 (AP/UNB) — China's trade surplus with the United States widened to a record $31 billion in August as exports surged despite American tariff hikes, potentially adding fuel to President Donald Trump's battle with Beijing over industrial policy.
Exports to the United States rose 13.4 percent to $44.4 billion, ticking up from July's 13.3 percent growth, according to customs data. Imports of U.S. goods rose 11.1 percent to $13.3 billion, decelerating from the previous month's 11.8 percent.
That could help reignite U.S. demands that Beijing narrow its trade gap, which has temporarily been overshadowed by their clash over complaints China steals or pressures foreign companies to hand over technology.
The two sides have imposed 25 percent tariffs on $50 billion of each other's goods. The Trump administration is deciding whether to extend penalties to another $200 billion list of Chinese imports. Beijing says it will retaliate.
With no settlement in sight, the spiraling conflict between the two biggest economies has fed fears it will chill global trade and economic growth.
The Commerce Ministry expressed confidence Thursday that China can maintain "steady and healthy" economic growth despite the trade pressure.
On Friday, Trump he was ready to step up pressure by raising tariffs on yet another $267 billion list of Chinese imports. That would mean penalties cover almost all goods from China sold to the United States.
Chinese leaders have rejected pressure to scale back plans for state-led development of global champions in robotics and other technologies.
Their trading partners complain those violate Beijing's free-trade commitments and U.S. officials worry they might erode American industrial leadership. But communist leaders see their industry plans as the path to prosperity and global influence.
As tensions mounted, Beijing agreed in May to narrow its trade gap with the United States by purchasing more American soybeans, natural gas and other exports. Chinese leaders scrapped that deal after Trump's first tariff hikes hit.
Chinese exporters of lower-value goods such as handbags and surgical gloves say U.S. orders have fallen off. But sellers of factory machinery and other more advanced exports express confidence they can keep their U.S. market share.
The Chinese customs agency took the rare step of announcing August trade data on Saturday instead of a working day. That would give financial markets a chance to digest the politically sensitive data before trading opens Monday.
The Chinese trade gap with the United States was up from July's $28 billion and June's $29 billion. Beijing reported a record $275.8 billion trade surplus with the United States last year.
Forecasters had said China's sales to the United States, its largest national export market, might weaken after manufacturers rushed to fill orders ahead of Trump's first tariff hike July 6. But trade data have yet to show a significant impact.
China's global exports rose 12.2 percent to $217.4 billion, down from July's 12.6 percent. Imports rose 20.9 percent to $189.5 billion, down from 21 percent.
The country's global trade gap was $27.9 billion. That meant that without sales to the U.S. market, China would have run a trade deficit.
China regularly runs deficits with many of its trading partners that supply oil, industrial components and other imports and pays for those by running a surplus with the United States and Europe.
Exports to the 28-nation European Union, China's biggest trading partner, rose 11 percent to $37 billion. Imports rose 15 percent to $24.9 billion, leaving a surplus of $6.1 billion.
Dhaka, Sept 9 (UNB)- Al-Arafah Islami Bank Ltd (AIBL) has recently opened its 159th branch in Pirojpur district.
Director of the Bank Abdul Malek Molla formally inaugurated the new branch as Chief Guest on Thursday where Principal of Charmonai Alia Madrasa Maolana Syed Mosaddek Billah Al Madani and Executive Vice President and Head of AIBL Khulna Zone Md. Manjur Hasan were present.
Bank Managing Director Md Habibur Rahman presided over the ceremony.
Among others, President of Pirojpur Zila Ainjibi Samiti, Khan Md Alauddin, Secretary Syed Sabbir Ahmed, Ex-President MA Hakim Howladar, President of Pirojpur Chamber of Commerce, Ataur Rahman Sheikh Alam, Ex-VP of Pirojpur Sohrawardi College, Seikh Firoz Ahmed, prominent businessmen Aktaruzzaman Manik, Aktaruzzaman Fulu and Counselor of Pirojpur City Corporation Md Saidullah Liton were also present there.
In his speech Abdul Malek Molla said Al-Arafah Islami Bank Ltd was established not for making profit by doing business but for the welfare of the society.
He invited all to have the blessings of Islamic banking service in the new branch saying that Islamic banking system can boost-up the economy of the country.
Dhaka, Sep 8 (UNB) - The local electronics and electrical appliances manufacturer Marcel is now conducting ‘Digital Campaign Season-3’ across the country as the previous two seasons of its nationwide campaign received good responses from the buyers, said a press release on Saturday.
The 3rd season is offering brand new cars, motorcycles, free products or sure cash-backs to the buyers on the purchase and registration of Marcel brand fridges, LED televisions and air-conditioners. The offers have been effective from September 1, 2018.
With the aim of delivering online based swift and best after sales service to the users of Marcel brand products through building a strong customers’ database, Marcel conducted ‘Digital Campaign’ across the country from October 2017 to February 2018.
Witnessing customers’ huge response to the campaign, Marcel resumed the campaign on April 1 and continued it till June 30 of 2018. During that period, customers of Marcel fridges, televisions and air-conditioners received free air tickets of America and Russia, fridges, televisions, ACs or sure cash-back up.
Later, the local brand conducted ‘Eid Mega Digital Campaign’ during the month of July and August. Considering the customers’ huge response to the campaign, Marcel is now conducting the campaign’s 3rd Season in 2018.
Marcel’s Head of Sales Dr. Md. Shakhwat Hossen said, the digital campaign has received sound response from the customers and also reduced their reluctance on registering products just after the purchase. In addition, the campaign also accelerated the process of building customers’ database, he added.
To sustain the buyers’ eagerness in registering their purchased products, Marcel started the campaign’s third season, he noted and expected that the third season will also be successful like the campaign’s previous two seasons.
During the ‘Digital Campaign’, details of the customers and their purchased products including the name of customer, contact number and the model number of the product are being stored on a server.
The customers can seek post sales services browsing the Marcel developed web page http://support.Marcelbd.com and also they can see the status of the product from online.
Singapore, Sep 7 (AP/UNB) — Asian stocks were mostly lower on Thursday as the U.S. and China moved closer to imposing tariffs on billions of dollars of each other's goods, sounding a call of caution in the markets.
KEEPING SCORE: Japan's benchmark Nikkei 225 fell 0.9 percent to 22,296.35 and the Kospi in South Korea dropped 0.5 percent to 2,275.89. Hong Kong's Hang Seng fell 0.5 percent to 26,828.82. The trade spat is one reason the Hong Kong index has dropped 18 percent since its peak in late January. The Shanghai Composite index was 0.2 percent higher at 2,697.76. Australia's S&P/ASX 200 shed 0.4 percent to 6,136.70.
WALL STREET: On Thursday, U.S. technology companies suffered sharp losses for the second day in a row and emerging markets slid on trade fears. The S&P 500 index dropped 0.4 percent to 2,878.05. The Nasdaq composite, which has a high concentration of technology companies, dipped 0.9 percent to 7,922.73. The index has lost 2.3 percent this week. The Russell 2000 index of smaller-company stocks was 0.8 percent lower at 1,714.47. The Dow Jones Industrial Average added 0.1 percent to 25,995.87, as industrial companies and high-dividend stocks rose.
US-CHINA TENSIONS: The Trump administration may impose tariffs of up to 25 percent on an additional $200 billion in Chinese goods, after a public comment period ended Thursday. The imports are equal to nearly 40 percent of all the goods China sold the United States last year. Doing so would escalate a confrontation between the world's two biggest economies and likely squeeze U.S. companies that import everything from handbags to bicycle tires. China has said that it is ready to retaliate with "necessary countermeasures" if President Donald Trump goes ahead with the tariff hike. Commerce Ministry spokesman Gao Feng said Thursday that the country is confident it can maintain "steady and healthy" economic growth. It has announced a $60 billion list of American products targeted for retaliation. The Chinese government has said it would help local and even foreign businesses in the country mitigate the effects of the trade dispute.
ANALYST'S TAKE: "The market is risk-off and pricing in the effects of new tariffs. It's a done deal as far as investors are concerned," said Francis Tan, investment strategist at UOB Private Bank. "I don't think that China will retaliate with a full-fletched devaluation of the yuan. They will turn to other non-tariff measures," he added.
ENERGY: Benchmark U.S. crude added 9 cents to $67.86 a barrel. The contract dropped 1.4 percent to settle at $67.77 a barrel in New York. Brent crude, used to price international oils, lost 1 cent to $76.49 a barrel. It lost 1 percent to $76.50 a barrel in London on Thursday.
CURRENCIES: The dollar fell to 110.67 yen from 110.83 yen. The euro strengthened to $1.1637 from $1.1625.