Business
Robi’s sustained investment improves network experience across country
Following sustained investment, network optimization initiative, and deployment of L2600 spectrum band that the company acquired in the auction last year, customers of Robi Axiata Limited throughout the country are enjoying significantly improved data and video network experience.
Till date, Robi has deployed L2600 spectrum in 50% of the sites that were dealing with high level of data traffic. The doubling of network capacity following L2600 spectrum deployment in these areas helped to improve data speed by 50%. Going forward, further deployment of L2600 spectrum will continue to improve network experience across the country, said a press release.
Doubling of a site capacity means that the site will be able to carry double data volume with better experience. This is also enabling the VoLTE users to enjoy best quality of voice in their devices, read the release.
While improving the data network, deployment of L2600 spectrum is also ensuring Robi’s readiness to launch 5G service. Robi had acquired 60 MHz spectrum from 2600 band last year from an open auction.
Robi’s Chief Corporate and Regulatory Officer, Shahed Alam said: “Robi has long been working on improving its network quality. On an average, we have been investing around $200million over a number of years. With the deployment of L2600 spectrum, we believe our network development is now helping us to deliver a far better quality of service for our valued customers. This drive will continue across the country going forward.”
Besides, the network optimization activities directly contributed towards reducing call drop rate by around 60% over the last year for users of both- Robi and Airtel brand users. Meanwhile, the Mean Opinion Score (MOS), a parameter that indicates overall the call quality had improved by around 50% since the start of the ongoing year.
CPD recommends minimum wage of Tk 17,568 for RMG industries
The Centre for Policy Dialogue (CPD) on Sunday (October 8, 2023), based on research of living expenses, recommended minimum wage of Tk 17,568, at the entry level, for export-oriented apparel industries.
Currently, the minimum wage for garment workers, set by the wage board on December 1, 2018, stands at Tk 8,000 – a sum frequently scrutinised, particularly given the prevailing economic crisis.
Read: Lack of awareness a serious risk on pollution: CPD
CPD said, if the foreign buyers pay an additional 7 cents per apparel product, factory owners will not be under pressure to pay this wage.
The CPD made this proposal at the minimum wage revision, monitoring, and recommendation dialogue for the garment sector. The event was held at a hotel in Dhaka’s Gulshan.
CPD Research Director Khondokar Golam Moazzem unveiled the proposal. He explained that the proposed increase in minimum wage has been made through findings from a comprehensive survey on the garment sector, conducted by CPD.
The research institute said that they are making the proposal after surveying 228 workers in 76 factories.
The CPD research director and senior research assistant Tamim Ahmed presented the keynote paper at the event.
Read: Bangladesh will need $10 billion annually to import primary fuel for power generation: CPD
BGMEA President Faruque Hassan, BKMEA Executive President Mohammad Hatim, Owners’ Representative in Minimum Wage Board and former president of BGMEA Siddikur Rahman, Minimum Wage Board Workers’ Representative Sirajul Islam, among others, were present at the event.
The government set a new minimum wage board on April 10, 2023, tasked with determining the new minimum wage for the RMG industry through discussions at the tripartite level.
The board has already met several times, and the new minimum wage is likely to be finalised within the next month.
Read: It is the ‘profession’ of TIB and CPD to find loopholes in budget, Hasan Mahmud says
The issue of minimum wage is immensely important, particularly given that it has a substantial impact on the RMG industry’s overall competitiveness and the livelihood of workers. Hence, it is crucial to examine the current structure of wages and to determine a new wage in a way that allows workers to have a fair minimum wage.
Bangladesh’s apparel exports to US saw 21.77% decline in Jan-Aug: OTEXA
The United States’ apparel imports from Bangladesh have declined by 21.77 percent during the January-August period of 2023.
The US imported USD 5.18 billion worth of apparel from Bangladesh during the first eight months of 2023, compared to USD 6.62 billion during the same period in 2022, according to data published by the Office of Textiles and Apparel (OTEXA) under the US Department of Commerce.
Also read: RMG exports for July-August this year grow by 12.46%
Bangladesh is the third-largest apparel supplier to the United States.
According to OTEXA data, the United States’ overall apparel import from the world has declined by 22.77 percent in January-August 2023 to USD 53.45 billion, from USD 69.21 billion in the same period of 2022.
All the top apparel import sources of the US including China, Vietnam, Bangladesh, India and Indonesia have shown significant negative growth in terms of both value and volume.
Also read: RMG exports: Bangladesh earned $3.95 billion in July, says BGMEA
The US’ import from China, the largest apparel import source, has declined by 29.47 percent whereas their import from the second largest source, Vietnam, also dropped by 24.57 percent.
Import from the other countries such as India, Indonesia, Cambodia, Mexico, Honduras, Pakistan and South Korea also declined by 21.59 percent, 26.09 percent, 27.28 percent, 8.87 percent, 22.26 percent, 29.24 percent, and 11.74 percent respectively.
Also read: Bangladesh's RMG export to USA grows 6.31% in FY 2023-24
Antifragile Career: 10 ways to make your profession sustainable
If there is one thing inevitable in this world, it is change. The world around us has changed drastically over the last few years. There was the pandemic that brought the world to a halt, combined with global political, civil, and economic crises. As businesses and employment stand in an unprecedented precarious situation, now is a better time than ever to consider the alternatives as an employee. What should be the game plan? And what should be the next move in it? Let’s talk about some effective and practical ways to make your career antifrgile and sustainable.
An Antifragile or Sustainable Career: The Next Step in Career Progression
The concept of antifragility was first developed by Nassim Nicholas Taleb in his book "Antifragile: Things That Gain from Disorder”. Long story short, Taleb talked about the idea that change is inevitable. What matters is how we deal with the change.
Typically there are two ways to deal with change. Either through resilience or through developing robustness. But none of these actually helps a person to prepare for change. Rather they are simple coping mechanisms.
Read more: 5 Essential Skills to Make Money Online
And that is where antifragility is different. Antifragility aims to minimize the damage caused by change as well as help a person gain experience and knowledge from the change.
The concept applies to career progression as well. We often think that a job loss is a negative change. However, it can be a learning opportunity to introspect and develop the expertise that might be lacking. This way a job loss won’t be a setback. Rather with an antifragile mindset, it will be an opportunity to make a stronger comeback.
DCCI seminar: Strong SME policy can boost export capacity
Speakers in a seminar on Saturday urged to improve the capability of small and medium enterprises (SMEs) so that the sector can survive and increase exports to fight the challenges of LDC Graduation.
They said focusing on technology advancement, access to finance, marketing facilities, research and innovation, product diversification, cluster base skilled development, and infrastructure are some of the important issues for the overall development of the SME sector.
Speakers said these at a seminar on ‘Improving export capabilities of SMEs: succeeding globally upon LDC graduation’ organized by Dhaka Chamber of Commerce & Industry (DCCI) on Saturday (October 7)
Dr. Shirin Sharmin Chaudhury, MP, Speaker of the Bangladesh Parliament was present here as the chief guest.
Read: IRI-NDI pre-election assessment mission due to arrive Saturday
She said that the SMEs of Bangladesh are resilient enough and contribute more than 30 percent to the GDP. Still, this sector has various challenges and she hoped that the policymakers would try to address these issues to solve the existing problems.
She also added that despite the pandemic and the Russia-Ukraine war, Bangladesh has been able to continue its commendable progress securing 6.5 percent GDP growth.
The speaker (Dr Shirin) invited the SME entrepreneurs to utilize technology to get access to the virtual market and requested them to use the platform of Joyeeta Foundation to sell their products.
DCCI President Barrister Md. Sameer Sattar said, “We need to prepare as the exporters including SMEs will face tariffs ranging from 8 percent to 16 percent on their export after 2026. However, we have a very strong SME base in Bangladesh. SMEs contribute 28 percent to the country’s GDP, 45 percent to manufacturing value addition, and account for 90 percent of the jobs in the private sector.”
Read: Shopowners’ Association seeks immediate withdrawal of 1% supervision charge in CMSME loans
He suggested redefining SME definition by excluding ‘Medium’ businesses as a medium are largely privileged.
DCCI president also recommended banks provide SME-tailored export financing like credit insurance, export development fund, and working capital loans to address export-related financial challenges.
He also underscored the importance of having a central SME database with updated information. He also endorsed foreign investment, easy technology transfer, and cluster development for export-oriented SMEs.
Dr. Selim Raihan, Executive Director, SANEM gave the keynote presentation in the seminar. He said that Bangladesh’s SMEs face challenges like capacity constraints, lack of policies and regulatory issues, financing, infrastructure, and skills gaps.
Read more: FBCCI president says they are against dishonest businessmen
He also said that the import tariff for SMEs in Bangladesh is a bit high, so it should be investment-friendly.
Kohinoor Yeasmin, CEO of Tarango, Rezbin Begum, MD, People’s Leather Industry, AFM Asif, CEO of Bengal Meat Processing Industries Ltd, and Executive Director of Bangladesh Bank Dr. Md. Kabir Ahmed, also spoke in the seminar as panel discussants.
Walton to participate China’s 'Canton Fair' for 3rd time
Bangladeshi global electronics brand Walton for the third time is going to take part in the world's largest trade 'China Import and Export Fair,' popularly known as 'Canton Fair' around the world.
Walton is the only Bangladeshi company going to showcase 'Made in Bangladesh' labelled world-class advanced technologies consumer electronics at this prestigious trade show, said a press release.
The 134th Canton Fair autumn session will start from 15th October this year at Canton Fair Complex in the Guangzhou City.
The fair will be continued till November 4, 2023 in three phases, read the release.
Under the supervision of China's Ministry of Commerce, this mega trade show has been held in April and October every year for 66 years.
Read: Walton gets ‘Bangabandhu SheikhMujib Industrial Award-2022’
The first phase of this autumn fair will be held from 15 to 19 October where electronics and household electrical appliances, lighting equipment, vehicles and spare parts, machinery and hardware and tools products will be displayed.
Walton's Mega Pavilion will be set up at the Canton Fair's International Pavilion in the Electronics and Household Electrical Appliances category.
At the 5-day long first phase of Cantor Fair, 'Made in Bangladesh' tagged European ACC brand and Bangladeshi electronics giant Walton brand's world-class advanced appliances will be showcased at Walton pavilion. The displayable products are huge energy saving advanced features refrigerators, air conditioners featured with voice control and digital display, rechargeable fans, ceiling fans etc.
Read: Walton brings new models of single door all-rounder fridge
Walton Global Business Unit's Vice-President and Chief Coordinator of Walton Pavilion at Canton Fair Abdur Rouf said, "Walton is the only Bangladeshi company participated in Canton Fair. For the 3rd time, we are participating in this prestigious trade show. Earlier in 2016 and 2017, Walton took part in Canton Fair and gained huge success and praise from the global buyers by displaying highest standard state-of-the-art technologies consumer electronics. We hope that this time Walton will also achieve great success in the Canton Fair."
Walton Refrigerator's Chief Business Officer (CBO) Tofail Ahmed said, "Walton is now the leading electronics brand in the domestic market. Now, our target is to establish Walton as one of the best global electronics brand around the world by 2030. As a part of the initiatives for achieving that vision, we are participating in the world's renowned trade shows in different countries, including Europe and America, with the world's best quality products. We are ready to challenge any global brand with high quality products.
Read: Walton awards 144 plazas, managers for contribution to sales revenue
Walton Air Conditioner's CBO Tanvir Rahman said, "Participating in the Canton Fair will further bright the image of Walton and Bangladesh as well. Canton Fair is the world's top platform where more than three lakhs traders and buyers come from almost every country in the world. Walton will get a best opportunity for creating business relationship with those global buyers.
Walton officials who are employed in different countries are conducting promotional campaigns in their respective countries including China, United Kingdom, USA, Europe, Africa, Middle East, India, Nepal and Bhutan to attract the attention of global buyers and also invite them to visit Walton Pavilion in Canton Fair, added the press release.
Brac Bank’s ‘Druti’ clinches 12 awards
Brac Bank's SME (small and medium enterprise) banking solution, Tally Loan 'Druti', has won a slew of awards both locally and globally, consolidating its position in the country's banking sector.
According to Barc Bank, Druti, designed to empower unbanked SMEs in Bangladesh, has secured 12 prestigious awards, a record for a single proposition.
It has achieved the distinguished ‘Product Innovation of the Year Award’ in the platinum category for its Tally Loan 'Druti' at the 2023 Global SME Finance Forum Awards.
This forum, orchestrated by the World Bank Group, acknowledged the Brac Bank for introducing a groundbreaking proposition, integrating unbanked small traders into the conventional banking system.
The coveted award was received by Syed Abdul Momen, Deputy Managing Director and Head of SME Banking, Brac Bank, from Matthew Gamser, CEO, SME Finance Forum, during a ceremony held in Mumbai, India, on September 13, 2023.
In addition, Druti earned considerable recognition at the Bangladesh Brand Forum's Commward, seizing four awards in the following categories: Rural Marketing – Grand Prix, Native - Grand Prix, Campaign for Sustainability – Gold, and Brand Experience and Promotion.
The remarkable SME proposition acquired seven more laurels from the international advertising consortium Mad Stars, renowned for its focus on Marketing, Advertising, and Digital content.
Druti stood out in categories including Brand Experience & Activation Stars, Data Insight Stars-Finance, Data-Driven Targeting, Innovative Use of Technology, Commerce Stars, Sustainable Development Goals-Reduced Inequalities, and PIVOT (Special Category).
Asiatic Communications Limited, the digital agency of BRAC Bank, spearheaded the nominations for Brac Bank in both Commward and Mad Stars and was instrumental in securing these awards.
Syed Abdul Momen said, “Brac Bank has consistently pioneered innovation in banking. Druti Loan transforms the landscape by bringing unbanked micro and small entrepreneurs into the formal banking sector, driving large-scale financial inclusion, and catalyzing national progress.”
“We feel honoured to receive such esteemed awards from the SME Finance Forum of IFC, Bangladesh Brand Forum, and Mad Stars. These accolades are a testament to our unwavering commitment to product innovation aimed at reaching grassroots and unbanked SMEs", he added.
1 USD at Tk 120: Individual traders selling dollars through networks, money changers say they’re empty-handed
Public dependency on the open market for US dollars has increased, where per dollar is being sold at Tk 120-121.
The dollar crisis in the kerb market became more acute after Bangladesh Bank and law enforcers raided money changers with allegations of higher exchange rates.
In this situation, a number of individuals are selling dollars, through their networks, at Tk 120-121 per dollar. They are becoming the lone source of dollars for those who are traveling abroad for treatment, education, and other emergencies, sources said.
Read: Bangladesh Bank introduces dollar booking policy for max 1 year
Jamal (not his real name), owner of a money exchange house in Dhaka’s Motijheel area, told UNB today that they cannot buy a dollar even at Tk 115. “How can we possibly sell per dollar at Tk 113.30?” — he asked.
Many other money changers and individual floating traders of the US dollar remain idle due to the supply crisis of the currency.
In the span of a month, the exchange rate of the US dollar in the kerb (open) market reached Tk 120-121 per dollar from Tk 112. The central bank and law enforcers recently raided money changers and asked to sell per dollar at the previous rate of Tk 113.30.
Read: Selling dollars at higher prices: What is Bangladesh Bank’s action against treasury heads of 10 banks?
Market insiders said there is a severe shortage of US dollars in Bangladesh. The price of foreign currency is increasing uncontrollably and the value of taka is falling. As a result, the price of the dollar in the kerb market has crossed Tk 120.
Talking to various exchange houses and those involved in dollar trading, UNB learnt that most money changers do not have dollars.
Secretary General of the Money Changers Association of Bangladesh, Sheikh Helal Sikder, said that Bangladesh Bank has set the dollar price for money changers. In this case, the buying rate is Tk 111.80 and the selling rate is Tk 113.30.
Read: Dollar goes off kerb market after central bank-led raids of money exchanges
“No one is getting dollars at this price, so the money changers are now sitting empty-handed,” he said.
Replying to a query about the dollar shortage in the kerb market, Bangladesh Bank’s Executive Director and spokesperson, Mesbaul Hoque, told UNB that dollars are being traded, but not everyone is selling them.
Agriculture Ministry opposes plan to import potato
The Ministry of Agriculture gave an opinion opposing the plan of importing potatoes aiming to control price in the domestic market.
As a result, the Ministry of Commerce could not allow businessman to import potatoes.
A senior official of the Department of Agriculture Extension (DAE) told UNB on Saturday on condition of not disclosing his identity that Bangladesh has enough potato in stock to meet the demand of domestic consumers for the next two months or more time, so there is no need to import potatoes.
The official said new potato varieties will be starting to arrive in the market at the end of November.
Read: Efforts are there to curb potato price: Agriculture Minister
Sources at the DAE said that early varieties of potato has been cultivated in some areas of Nilphamari, Thakurgaon, and Panchagarh districts.
The DAE has a preparation to bring early varieties potato from these districts to the market in full swing in the last week of November.
In the case of importing agricultural products into the country, permission need to be taken from the Ministry of Commerce, but permission from the Ministry of Agriculture is required for import of potatoes and some other agricultural products.
Read more: If necessary, potatoes will be imported to tame market, says DG
Nagad to give BMW cars to all cricketers of Bangladesh team if they win World Cup 2023
Mobile financial service provider Nagad has announced to give BMW-brand cars to all the cricketers of the Bangladesh team if they win the ICC Men’s Cricket World Cup 2023,
Tanvir A Mishuk, Nagad founder and managing director, made the announcement and expressed the belief that winning the World Cup would be a significant achievement for Bangladesh cricket, according to a press release.
Nagad offers World Cup tickets on Mastercard add-money, bill pay
“To celebrate such a special achievement, we will gift a BMW to each player of the 15-member team,” he said.
Nagad has been involved with cricket in Bangladesh and that prominent cricketers like Mashrafe Bin Mortaza, Tamim Iqbal, Shakib Al Hasan, Mushfiqur Rahim, Mahmudullah Riyad, and currently Mehedi Hasan Miraz have been associated with the brand, it said.
Recently, Nagad released a joint video content featuring Shakib and Tamim, where they encourage the nation and express their desire to bring pride to Bangladesh in the world cup. The video went on air on Tuesday as the Cricket World Cup was just around the corner. There is a lot of discussion going on online and offline about this content, said the release.
Rabbithole's World Cup package just Tk60 for Nagad customers
Through this content, Shakib and Tamim call for raising voice for Bangladesh again with dreams and courage. At one point in the video, Sakib and Tamim reminisce their memories on and off the field. And at the end, both join hands and promise to make Bangladesh proud in the World Cup. They call on the whole country to rise up as one.
“Because, we believe, all the cricketers of Bangladesh will play only to make the team champion. I believe that everyone will forget what happened in the past and will now focus on the game. I hope everyone will give their best on the field and play to take home the glory,” said the Nagad MD.
Talking about the idea behind bringing together Shakib and Tamim in the same frame after many years, Tanvir A Mishuk said, “The idea of uniting Shakib and Tamim stemmed from a dream fuelled by sheer determination. Throughout their careers, we have witnessed Shakib and Tamim’s remarkable chemistry on the cricket field, which has led to many victories for Bangladesh. I envisioned the possibility of them sharing their camaraderie beyond the boundary, and the prospect was indeed exciting. This endeavour may be unprecedented, but it is worth exploring.”
PM Hasina visits Nagad’s technology partner Paytm's stall at G-20 Summit in India
“I firmly believe that the aspirations of 17 crore people align with the desire to see Shakib and Tamim stay together, play together, win together,” he concluded.