Business
Huawei announces business results for the first three Quarters of 2023
Huawei announced its business results for the first three quarters of 2023 today.
During this period, Huawei generated CNY456.6 billion in revenue, with a year-on-year increase of 2.4% and a net profit margin of 16.0%, said a press release.
‘In 2022, Huawei generated USD 93.5 billion in revenue and USD 5.2 billion (approx.) in net profits.
Huawei continued to strengthen its investment in R&D, with an annual expenditure of USD 23.5 billion in 2022, representing 25.1% of the company's annual revenue and bringing its total R&D expenditure over the past ten years to more than USD 142.3 billion.’
"The company's performance is in line with forecast," said Ken Hu, Huawei's Rotating Chairman. "I'd like to thank our customers and partners for their ongoing trust and support. Moving forward, we will continue to increase our investment in R&D to make the most of our business portfolio and take the competitiveness of our products and services to new heights. As always, our goal is to create greater value for our customers, partners, and society.
BMCCI President Syed Almas Kabir inducted as FBCCI adviser
The Board of Directors of Bangladesh Malaysia Chamber of Commerce and Industry (BMCCI) has congratulated their President Syed Almas Kabir for being inducted as the esteemed adviser of the Federation of Bangladesh Chamber of Commerce and Industry (FBCCI).
BMCCI Senior VP Shabbir Ahmed Khan, Secretary General Motaher Hoshan Khan, and Director Mahbubul Alam Shah congratulated Almas for this achievement and recognised his exemplary leadership and expertise, according to ac press release.
This appointment not only highlights Almas’ exceptional capabilities but also underscores the profound trust and respect he commands within the business community, it said.
Syed Almas Kabir has 39 years of experience in the IT industry making him a seasoned professional and a distinguished individual who has demonstrated exceptional capabilities and leadership throughout his career.
Additionally, he has an extensive experience as a business leader having worked across various sectors, said the release.
Almas’ accomplishments include being elected twice as BASIS president, serving as the VP of the ISP Association of Bangladesh, holding the position of Director of FBCCI for two terms, and serving in BMCCI for four terms. His contributions and leadership roles in these organizations highlight his dedication and expertise in the industry, added the release.
His induction as adviser of FBCCI is a testament to his expertise and professionalism. With a wealth of experience and a deep understanding of the intricacies of the business landscape, Almas is a trusted professional to guide and make significant contributions to the growth and prosperity of FBCCI, it also said.
The Board of Directors of BMCCI hopes that his invaluable insights and guidance will undoubtedly shape the future trajectory of the organization and positively impact the broader business landscape as well.
Big jump in NBR's revenue collection in Q1 of current fiscal
The government's revenue collection increased at a rapid clip of 14.34 percent year-on-year to Tk76751 crore in the first quarter of the current fiscal year 2023-24.
Despite the high growth of 14.34 percent, the NBR could not meet its targets in any sector of income tax, VAT, or customs. The revenue collection is Tk8195 crore behind the set target. Earlier, the revenue deficit in the first two months (July and August) of the current fiscal year was Tk 4,870 crore.
According to NBR, the revenue collection target for the current fiscal year 2023-2024 has been set at Tk 4.30 lakh crore. Among this, the target of revenue collection in the first quarter was Tk84946.93 crore. Against the target, the NBR collected Tk 76751.30 crore.
Among the revenue collected in the first quarter, the highest Tk28,982 crore came from the value-added tax (VAT) at the local level, up from Tk24,547 crore in the same period of last financial year. Accordingly, the growth in this sub-sector is slightly more than 18 percent.
At the import-export level, the revenue of Tk 24128 crore was collected, up from Tk22455 crore in the same period of the last fiscal. The growth in this sector is 7.45 percent.
Apart from this, the revenue from income tax and tourist tax sector in the first quarter was collected at Tk 23 641 crore. The growth stood at 17.47 percent.
Those concerned said that along with several mega projects including the Bangabandhu Tunnel, and Matarbari Thermal Power Station, VAT collection from tobacco products sales have increased slightly. Rising inflation is also a major reason for the high growth in VAT collection, they said.
The International Monetary Fund (IMF) is set to raise the revenue target to 0.5 percent of GDP in the current fiscal, as a condition of a USD $4.70 billion loan.
EDOTCO Bangladesh celebrates its 10th anniversary
EDOTCO Bangladesh has celebrated its 10th anniversary recently.
Over the past decade, the company has played a pivotal role in transforming Bangladesh's telecommunications, especially enhancing connectivity for underserved regions across the nation, according to a press release on Saturday.
EDOTCO Bangladesh, a subsidiary of Malaysia's EDOTCO Group, initially made Tk 21.17 billion in foreign direct investment (FDI) and a total Capex investment of around TK 61 billion over the last 10 years, it said.
EDOTCO Bangladesh stands as the leading tower company, providing digital and innovative network infrastructure and streamlining connecting millions of people nationwide with its over 18,000 towers (owned and managed) from 35 regional offices.
EDOTCO Bangladesh has also been honoured at the Global Best Employer Awards 2022 and holds ISO 9001:2015 accreditation with 25,000 tenancies over 18,000 towers, the release also said.
Posts, Telecommunications and Information Technology Minister Mustafa Jabbar; High Commissioner of Malaysia to Bangladesh Haznah Md. Hashim; Vice-chairman of Bangladesh Telecommunication Regulatory Commission (BTRC) Engineer Md Mohiuddin Ahmed; Chairman of EDOTCO Bangladesh and GCEO EDOTCO Group Adlan Tajudin; and Country Managing Director EDOTCO Bangladesh Sunil Isaac were present at the anniversary celebration.
"I heartily congratulate EDOTCO Bangladesh on their remarkable 10-year journey of industry-leading innovations and impressive milestones in connecting the nation. Our honourable Prime Minister Sheikh Hasina strongly believes that connectivity is going to be the backbone of smart Bangladesh,” said Mustafa Jabbar.
“By 2024, our main target will be to implement 5G, as it will be a major catalyst for overall growth. The world is rapidly transitioning towards technological advancement, and we can't stay behind. With EDOTCO Bangladesh's contribution, we aim to provide connectivity solutions long before they are needed. I also want to thank the talented Bangladeshis working at EDOTCO, both in Bangladesh and abroad, for running the tower infrastructure through thick and thin,” he added.
"With 5G on the horizon, we anticipate a transformative phase in Bangladesh’s connectivity. Bangladesh remains a key market for us, and EDOTCO Bangladesh stands ready to lead this evolution, emphasising community connectivity and groundbreaking innovations,” said the chairman of EDOTCO Bangladesh.
"Our accomplishments have been possible due to unwavering dedication from all employees in Bangladesh and support from other teams in the region. Our journey, fueled by governmental support, stakeholders, and the nation’s trust, has been phenomenal. With our focus on sustainability and innovation, we are geared for the 5G era, and our vision remains clear: a connected, smarter, greener Bangladesh," said the Country MD of EDOTCO Bangladesh.
FBCCI seeks stable and peaceful political gatherings to promote business
President of the Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) Mahbubul Alam sought a stable and conducive political environment to promote business and commerce.
Talking with UNB on Friday on political parties’ gathering in Dhaka on Saturday, the FBCCI President said that the political parties have commitments to the welfare of the people of this country, so without political stability, the political parties cannot reach their destination.
Opposing road blockade and hartal, he said Bangladesh made progress in the economic sector in recent years despite the global economy going through recession, which become possible due to a stable political environment here.
Alam said the economy is struggling with the COVID-19 pandemic, then the Russia-Ukraine war, and now a new war has begun between Palestine and Israel, political stability is a must for sustaining supply chain and industrial production.
The FBCCI always sought a stable and peaceful political environment, participatory acceptable national election for the sake of the economy of the country, he said.
“The political parties have the right of political gathering, but their programs should not include vandalism and road blockade, which will give a wrong message to our foreign business partners as well foreign buyers of Bangladeshi products,” the FBCCI president added.
15th Bangladesh Denim Expo To showcase diversity of Denim Innovations
The 15th edition of Bangladesh Denim Expo will be held at the international Convention City, Bashundhara (ICCB), on 8th and 9th November, 2023.
In this edition, more than 80 Exhibitors from 12 countries are participating including Bangladesh, China, Pakistan, Turkey, Italy, Spain, Germany, Vietnam, Japan, India, Singapore & Switzerland. Exhibitors will showcase their innovative products on fabrics, garments, threads, machinery, finishing equipment and accessories etc.
OPPO offers exciting prizes for A Series smartphones
Through a series of Panel discussions & Trend seminars are scheduled in two days event , according to an official press release.
Panel Discussion-1 Titled: Bangladesh Apparel Industry in 2030: The Road Ahead, Panel Discussion-2 Titled: Sustainable Transition of Denim Industry, Panel Discussion-3 Titled: Unlocking the Untapped Potentials and Panel Discussion-4 Titled: Transforming Human Capital for USD 100 Billion Industry will be discussed by the international Experts.
Thales opens first liaison office in Dhaka
At the expo,there will be a special “Trend Zone” area, where latest denim trends and innovative products will be hand-on by the Exhibitors & visitors can get the opportunity to gain knowledge about upcoming trends on denim fabrics, styling and finishing available in Bangladesh.
DCCI business delegation to visit Saudi Arabia to explore business
Founder and CEO of Bangladesh Denim Expo Mostafiz Uddin said , “Why Bangladesh Denim Expo? It’s simple- People can discover, connect & create new business and also grip the chances to learn more about the industry insights.”
OPPO offers exciting prizes for A Series smartphones
OPPO, the global pioneer in smartphone technology, is setting the stage for the ICC Men’s Cricket World Cup 2023 with thrilling offers designed to elevate the cricketing spirit among fans.
In celebration of the tournament's excitement, OPPO enthusiasts now have the opportunity to bag exclusive prizes through an online lucky lottery upon purchasing any A Series smartphone, said a press release.
Introducing the All Rounder A Series offer, OPPO invites you to revel in the World Cup fervor like never before. From October 21st to October 31st, 2023, customers purchasing the A78, A58, and A38 models from the OPPO A Series stand a chance to win exciting rewards, including a magnificent 55” LED Smart TV, a Shakib Al Hasan T-shirt, and free internet. This limited-time offer promises an immersive experience for cricket enthusiasts and tech aficionados alike.
Read: OPPO A58 Review: Is this budget-friendly phone good for photos?
For those seeking top-tier performance, the OPPO A78, priced at Tk 27,990, delivers lightning-fast charging with its 67W SUPERVOOC Flash Charge, allowing a full charge from 0% to 100% in just 45 minutes and 37 seconds. With 8 GB RAM (expandable by an additional 8 GB) and a spacious 256 GB ROM, the A78 ensures seamless performance and ample storage. Its 6.4-inch FHD+ AMOLED display transforms entertainment into a 'private theater' experience held right in your hand.
OPPO offers two variants of the A58: one with 6 GB RAM and 128 GB ROM for Tk 20,990, and another with 8 GB RAM and 128 GB ROM for Tk 23,990. Featuring a 6.72-inch FHD+ Sunlight Display and powerful Dual Stereo Speakers, the A58 provides an immersive multimedia experience. Its 50 MP AI Camera captures high-resolution images and videos, complemented by rapid 33W SUPERVOOC charging technology, granting 3.39 hours of calls with just five minutes of charging.
Read: OPPO A78 Review: Is it a balanced mid-range phone?
Enthusiasts can seize the opportunity to win these prizes through the All Rounder A Series offer, available at all authorized OPPO stores across Bangladesh.
For more details about the All Rounder A Series offer, please visit OPPO Bangladesh's official Facebook page and authorized outlets, added the release.
Thales opens first liaison office in Dhaka
Through its Smart Bangladesh Vision 2041, Bangladesh has ambitions to develop inclusive Information and Communications Technology (ICT) services and a knowledge and innovation-based economy that will promote collaboration between academia, industry and government.
To help make this vision a reality, Thales is opening its first office in Bangladesh for closer and longer term customer support. Thales also strongly supports the Bangladesh vision of regional aviation hub creation and space ambitions, said a press release.
In a celebratory event and ceremony held at the French Residence in Dhaka on the 11th of October, Marie Masdupuy, Ambassador of France to Bangladesh and Mr. Guy Bonassi, Senior Vice-President, Asia and Latin America unveiled a plaque that will soon grace the office of Thales in Bangladesh, with a large number of distinguished customers and partners in attendance.
Thales has a strong track-record in delivering high-technology solutions to Bangladesh including the country’s first geostationary communications and broadcasting satellite - Bangabandhu Satellite -1, designed and built by Thales Alenia Space in France. The satellite was launched into orbit in May 2018, to provide Bangladeshi citizens a wide range of telecommunications services, including direct-to-home TV, radio, telemedicine, education and internet access.
Thales is also supplying long-range surveillance radars for the Bangladesh Air Force, and combat management systems for the Bangladesh Navy. On the civil avionics side, Thales is supporting Bangladesh’s ambition to be a key aviation hub for South Asia by modernising air traffic control at Dhaka’s Hazrat Shahjalal International Airport (HSIA), including the construction of a 45-metre-high control tower and Air Traffic Management (ATM) centre at the HSIA, with completion expected in 2024.
All these supports the digitalisation evolution of the technology savvy ecosystem that the young population of Bangladesh has adopted and will continuously benefit from the technological advanced tools that Thales has provided.
“The opening of this bureau is a key milestone for Thales in Bangladesh. It will help us deepen the close relationships we have with our local customers and partners. Over the last few years we have worked on various projects, from the Civil Aviation Authority of Bangladesh for air traffic management, to the Bangladesh Telecommunication Regulatory Commission for the Bangabandhu-1 satellite, to providing equipment to the Armed Forces. Thales is now playing an essential role in supporting Bangladesh’s digital ambitions, with a proven track record in the satellite, air traffic control, defence, digital identity sectors and cyber security fields.” said Benoit NALIN, Country Director, Thales in Bangladesh.
DCCI business delegation to visit Saudi Arabia to explore business
President of Dhaka Chamber of Commerce and Industry (DCCI) Barrister Sameer Sattar is going to lead a business delegation of Bangladesh to Saudi Arabia from October 29 to November 2, 2023.
The DCCI will visit the country in line with the national priority of need-based economic diplomacy of the government.
With this target in mind and export market diversification, the DCCI is leading the largest-ever business delegation to Saudi Arabia, the DCCI said in a statement on Thursday.
The DCCI said that the five decade-long diplomatic relationship between the Kingdom of Saudi Arabia (KSA) and Bangladesh has reached a new stature featured by evolving and trusted economic ties. The economic relation has ascended to unprecedented heights encompassing a substantial trade of nearly $2 billion - with increasing trade and investment cooperation in diverse sectors.
Read: DCCI seminar: Strong SME policy can boost export capacity
Saudi Arabia has set its transformational “Saudi Vision 2030” initiative for new and advanced Saudi Arabia while Bangladesh also envisions graduating into an Upper Middle-income country by 2031 followed by a knowledge-based and smart developed economy by 2041.
The DCCI statement also said these common transformational economic visions paved the scope for unfolding excellent synergy to yield manifold benefits and premiums for both nations.
Foreseeing the remarkable potential, the two countries aim to augment bilateral trade to $6 billion from the current level exploring rewarding and safe investment both in conventional and unconventional sectors such as medical equipment, FMCG, heavy machinery, automobile, smart farming, halal products, fin-tech, logistics, infrastructure development, SEZs, EPZs and hi-tech parks.
Read: Private sector credit requires a rapid revival: DCCI
With this aspiration and economic priorities into account, the President of DCCI, Sameer Sattar is leading a 61-member diversified business delegation enshrining top-notch business leaders representing major sectors of Bangladesh including Agro and food-processing, tourism, real estate, and construction, healthcare, skills and education, Information technology, Logistics, Textiles, and other manufacturing industries.
Read: DCCI, BSCIC ink MoU to collaborate for industry development
During this trip, the DCCI anticipates high-level discussion and B2B sessions with key and prominent trade bodies in the KSA including the Riyadh Chamber, Makkah Chamber, and Madinah Chamber to confer the bilateral economic agenda towards win-win and mutually beneficial economic relations.
Robi makes Tk 106cr profit in Q3 of 2023
Telecom operator Robi Axiata Limited’s revenue earnings stood at Tk 2,543 crore with a profit after tax of TK 106 crore in Q3 of 2023.
Customer trust in Robi's robust nationwide network continues to grow steadily, helping the company maintain steady revenue growth and profit margins even amidst various adversities. This trend has remained consistent, as indicated in the financial reports published in the third quarter (July–September, Q3’23) of 2023, according to a press release.
Also read: Robi's profit after tax grew 1.3% in '22
In the just-concluded quarter, Robi Axiata Limited recorded a revenue of Tk 2,543 crore with a net profit after tax (PAT) of TK 106 crore. The company has invested Tk 374 crore in deploying the 2600 MHz band spectrum to further strengthen the 4G network in Q3’23, it said.
The earnings before interest, tax, depreciation, and amortisation (EBITDA) in the third quarter of 2023 stood at Tk 1,189 crore with a margin of 46.8%. Robi's earnings per share (EPS) were held at zero decimal Tk 20 or 20 paisha in the same period. An amount of Tk 1,363.6 crore has been deposited in the national exchequer, representing 53.6 percent of Robi's earnings in the third quarter of 2023.
Also read: Robi's revenue goes up 9.7% in third quarter
Adding 12 lakh new customers in Q3’23, the total number of subscribers has reached 5.76 crore, representing 30 percent of the country's total mobile phone users, the release said.Robi has added 11 lakh data users in the mentioned quarter, taking the total number of data users to 4.42 crore, which is 76.8 percent of the total customer base, it said.
Having added 18 lakh 4G customers to the network, Robi's 4G users reached 3.42 crore, constituting 59 percent of total subscribers and 76.8 percent of data users in Q3’23. Each Robi data user now consumes an average of 6.67 GB of data per month. Robi’s digital recharge reached 46 percent of the total recharge in the mentioned quarter, added the release.
Also read: Robi makes short profit in last quarter of year
"Continuous investment in network development is driving customer confidence in Robi, as evidenced by the addition of 1.2 million new customers this quarter. With a solid financial foundation, significant investments in the 4G network, and innovative services, we are moving forward in the right direction as a company," said Rajeev Sethi, Robi’s managing director and CEO.
"To accelerate the implementation process of Smart Bangladesh and to keep pace with the technological evolution, including 5G, we need to reform the overall policy and tax collection process.
Fibre is very important in this aspect—we hope the government and regulatory authorities will consider the situation appropriately," he added.