Business
Nagad offers ‘Jawan’ movie tickets on ‘Add-Money’ transactions
Mobile financial service provider Nagad is offering for its customers to win tickets for Indian movie “Jawan” starring of Bollywood star Shahrukh Khan, on “Add-Money” transaction of Tk 2,000 or more to their Nagad wallets from banks and cards.
To get a chance to win movie tickets, a Nagad wallet holder has to go to the “Add Money” option from Naga’ app and needs to select “Bank to Nagad” or “Card to Nagad”. Following that they will choose their respective banks and/or Mastercard or VISA cards and add Tk 2,000 or more to their Nagad wallets, according to a press release.
The MFS operator has a partnership with 36 leading banks in Bangladesh.
Read: CPD suggests bringing 856 risky garment factories under monitoring
The campaign commencing on September 1 will remain valid till September 15. Nagad customers will get the opportunities to win thousands of movie tickets during the campaign period. A pair of tickets will be given to each winner, it said.
This campaign is open for all full profile and active Nagad account users, it added.
“We are regularly launching various campaigns only to encourage people towards digital transactions. This one is no different,” said Sadat Adnan Ahmad, Nagad’s chief marketing officer.
Read: Walton Plaza provides 119 families with over Tk 32 lakh as financial assistance
“Keeping in mind, the government’s target to go cashless in 75 percent of the country’s total transactions by 2027, Nagad is opening up more and more options for customers to enjoy digital financial services in the comfort of their home,” he added.
At present, a mobile recharge campaign is going on that offers customers an opportunity to win a sedan car every week on a mobile recharge of Tk 50 or more. The mega campaign will continue September 30, the release also said.
Japan-Bangladesh business cooperation will grow further: speakers
Volume of bilateral trade between Japan and Bangladesh will reach a new height soon, speakers said on Wednesday.
They made their observation in a discussion organised by the Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI), on Wednesday jointly with the Japan External Trade Organisation (JETRO) to unveil the 2022-JETRO Survey on Business Conditions of Japanese Companies in Asia and Oceania.
Lokman Hossain Miah, Executive Chairman (Senior Secretary), of Bangladesh Investment Development Authority (BIDA), was present as the chief guest. IWAMA Kiminori, Ambassador of Japan to Bangladesh, attended the event as the special guest. Yuji Ando, Country Representative, JETRO Dhaka, made the keynote presentation on the report.
Lokman appreciated Japan’s efforts towards Bangladesh’s development and praised the interest of the Japanese investors to invest more.
He gave an update on BIDA’s recent work towards making Bangladesh’s business climate more investor-friendly.
Ambassador Kiminori emphasised on the need for a joint action plan for a public-private economic dialogue.
He also assured of handling the increasing demand for Japanese visas to the best of their abilities.
The ambassador reiterated Japan’s continued commitment and efforts to improve Bangladesh’s business environment.
MCCI President Md. Saiful Islam said that Japanese companies had played a crucial role in the economic progress of Bangladesh and the entire Asia and the Oceania region.
He praised JETRO for their regular research and dissemination of the findings.
Despite the pandemic and the Russia-Ukraine war, Bangladesh had become an attractive destination for Japanese companies, with nearly 350 of them investing more than $380 million in total, with Japanese investments in Bangladesh going past $100 million in 2022, said the MCCI president.
The speakers also hoped that the EPA between Japan and Bangladesh would soon become a reality, elevating the bilateral business to newer heights. Bangladesh’s exports to Japan could also reach $10 billion by 2030 if business conditions could be improved.
A panel discussion was held during the event. The panelists were MCCI’s immediate past President, Nihad Kabir, the Japanese Commerce and Industry Association (JCIA) in Dhaka’s President, Tetsuro Kano, Ministry of Commerce’s Joint Secretary (FTA-1), Abdus Samad Al Azad, and Japan-Bangladesh Chamber of Commerce and Industry’s (JBCCI) Vice-President, Manabu Sugawara.
Besides, representatives from the government, various member firms of MCCI, the Japan-Bangladesh Chamber of Commerce, the Japanese Commerce and Industry Association in Dhaka, and JETRO officials attended the event.
Country’s 3rd tea auction centre set to be launched in Panchagarh
The country’s third tea auction centre in the northern district of Panchagarh is set to be launched on September 2.
Minister for Commerce Tipu Munshi is expected to inaugurate the centre as the chief guest.
Bangladesh Tea Board and Panchagarh district administration jointly organised a preparatory meeting on this occasion at the conference room of the deputy commissioner (DC) on Wednesday.
Speakers including Tea Board Chairman Major General Ashraful Islam put forward their views regarding the centre at the meeting.
Addressing the event, Ashraful ordered to strictly use mobile courts by the authorities to curb smuggling of tea along with ensuring quality of produced tea.
Read: Country’s 3rd tea auction centre to open in Panchagarh in September
He said the tea cultivation in the district started due to sincere efforts of Prime Minister Sheikh Hasina and later it spread across the northern region.
The tea board chairman informed that over 1.77crore kg of tea worth around Tk 260 crore was produced in the district last year which is 19 percent of the total production of the country. The district ranks second in tea production.
He said all kinds of preparation have already been completed and the auction will be tendered online and for that warehouses have been built.
Read: Bangladesh’s third tea auction centre to open in Panchagarh in a month
Chaired by DC Md Jahurul Islam, Tea Board’s Joint Secretary Nurullah Nuri, Zilla Parishad Chairman Md Abdul Hannan Sheikh and Superintendent of Police SM Sirajul Huda, among others, joined the event.
The first and second tea auction centres in the country are in Chattogram and Moulvibazar’s Sreemangal.
CPD suggests bringing 856 risky garment factories under monitoring
The Centre for Policy Dialogue (CPD), a think tank, on Wednesday suggested taking immediate step to bring 856 hazardous garment factories under monitoring to avoid tragedies.
Khondaker Golam Moazzem, research director of CPD, made the suggestion at a briefing on 'Workplace safety in the garment industry: Challenges to sustain achievement' at the CPD office in Dhanmondi.
Read: Bangladesh keen to increase its readymade garments exports to Canada: BGMEA chief
Executive director of CPD Dr Fahmida Khatun moderated the event. Other researchers of the organization were present at the briefing.
Moazzem said, “There are still many risky garment factories in the country. 1887 factories are under the monitoring of the RMG Sustainability Council (RSC) and 350 factories have been identified as safe.”
He said that 659 factories are under the monitoring of the Remediation Coordination Cell (RCC) and a total of 2,896 factories are under the monitoring of RSC and RCC.
However, 856 factories, which is around 23 percent of the total factories, are currently not under any inspection.
Read: Garments workers burn 3 police bikes at protest demanding pay rise
An eye should be kept on how these factories can be brought under security, he said.
Moazzem said 856 factories are doing business and exports are also going on but there is no monitoring of them.
This number of factories without monitoring is likely to increase and it may go up to 30 percent of the total factories in the near future, he added.
Read: Tk 6.62cr worth garments seized at Ctg port
“If there is an accident in these factories who will take responsibility? BGMEA and BKMEA will not take responsibility. We want all factories to be made accountable to some organization,” Moazzem said.
According to the CPD, 2023 marks the 10th anniversary of the Rana Plaza collapse. In the decade following this disaster, significant initiatives have been taken to improve workplace safety in the garment industry in Bangladesh.
In particular, the formation of Accords and Alliances and the activities they operate have provided strong guidance for workplace safety oversights, it said.
Climate projects, MSMEs, women and farmers beneficiaries of IFC’s ‘record year‘ in Asia-Pacific
Climate projects, micro, small, and medium-sized enterprises (MSMEs), women and farmers in Asia and the Pacific have benefited from “record amounts” of funding from the International Finance Corporation
(IFC). The funds will alleviate poverty and increase prosperity in the face of overlapping crises and challenges, including climate change, gender inequality, food and energy insecurity, and higher inflation, IFC believes.
IFC, the largest global development institution focused on the private sector in emerging markets, committed a record $11 billion to 108 projects in Asia and the Pacific in the fiscal year ending on June 30, a 10 percent year-on-year increase. This comprised $4.7 billion in long-term financing from its own account, $3.4 billion in mobilization, and $2.9 billion in short-term trade and supply-chain finance to facilitate trade flows, according to a press release from IFC.
Read more: National Adaptation Plan aims to achieve climate-resilience by 2050
Thirty-nine percent of long-term financing from IFC’s own account was invested in projects that will help tackle climate change and marine-plastic waste, critical issues in a region home to many countries that are most vulnerable to climate change and key contributors of plastic waste. Projects ranged from investments in Mongolia’s first green bond and blue finance in Thailand, to electric vehicles in India and sustainability-linked finance with pricing incentives tied to supporting the energy transition in South and Southeast Asia.
Read more: "Climate Promise-From Pledge to Impact" launched to drive ambitious climate action in Bangladesh
A record $4.7 billion was committed to financial institutions in the region, which are expected to improve access to finance for MSMEs through the provision of more than 1.6 million loans, with specific targets for women-owned businesses. MSMEs are the backbone of the region’s economy, accounting for more than 97 percent of its businesses and employing over half its workforce. Improving their access to finance, particularly in a high interest-rate environment and as banks retreat from riskier lending, is critical to creating jobs, spurring economic growth, and fostering more inclusive societies.
IFC’s investments in financial institutions also helped increase access to insurance for underserved people. Other projects are expected to provide more than 500,000 loans for affordable homes, many of which are for green housing, improving financial inclusion across the region.
Read more: Bangladesh seeks financial support for climate adaptation activities
A record $2.4 billion of investments and 69 percent of advisory projects included a focus on improving gender equality, against a target of 45 percent. Women represent 69 percent of IFC nominee directors on client company boards in the region, well ahead of the global corporate target of 50 percent by 2030. At the current rate of progress, it will take another 189 years to close the gender gap in East Asia and the Pacific and 149 years in South Asia, against a global estimate of 131 years.
Converging crises put the region’s already stretched food systems under significant strain, pushing millions of people into poverty and erasing years of development gains. IFC invested in projects to improve food security in the region, including an investment to promote a resilient rice market in Bangladesh. This is IFC's first investment from its new Global Food Security Platform, a $6 billion global facility set up to counter the food crisis. IFC projects in the last fiscal year are expected to improve the livelihoods of over 130,000 farmers in the region, with specific targets for women farmers.
Read more: Climate change keeps making wildfires and smoke worse. Scientists call it the 'new abnormal'
“In the face of a multitude of challenges, the vibrant private sector in Asia and the Pacific is playing an increasingly critical role in helping the region to overcome its biggest development issues,” said Riccardo Puliti, IFC’s Regional Vice President for Asia and the Pacific. “This record year cements our regional leadership in supporting the private sector and positions us to deliver on the aspirations of the World Bank Group’s Evolution Roadmap.”
Digitalization as a driver of connectivity and inclusion in Asia and the Pacific was also a focus of investment this past fiscal year. Projects ranged from investments in the Maldives to help connect it to the internet global superhighway via a state-of-the-art submarine cable system and a social commerce startup dedicated to solving challenges facing MSMEs in Indonesia, to advising the governments of Fiji, Samoa, and Solomon Islands on building digital national payment systems.
Read more: Riccardo Puliti new IFC Regional Vice President for Asia and the Pacific
Other projects will increase access to healthcare in Indonesia, childcare in Fiji, improve logistics infrastructure in Cambodia, and support Sri Lanka amid an ongoing economic crisis, with a cross-currency swap facility to three of the country's national banks.
Probably not going to work out for Amazon employees who defy return-to-office policy, CEO says
Amazon employees have been pushing back against the company’s return-to-office policy for months — and it seems CEO Andy Jassy has had enough.
During a pre-recorded internal Q&A session earlier this month, Jassy told employees it was “past the time to disagree and commit” with the policy, which requires corporate employees to be in the office three days a week.
The phrase “disagree and commit” is one of Amazon’s leadership principles, and was used often by the company’s founder and current executive chairman, Jeff Bezos.
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“If you can’t disagree and commit, it’s probably not going work out for you at Amazon,” Jassy said, adding it wasn’t right for some employees to be in the office three days a week while others refuse to do so.
His comments were first reported by Business Insider, and later shared by Amazon.
The current office attendance mandate, which was announced in February and went into effect in May, is a shift from Amazon’s previous policy that allowed leaders to determine how their teams worked. But the company said Tuesday it rejects the notion that the prior policy was supposed to be the norm, and pointed to a blog post from 2021 where Jassy noted Amazon would “continue to adjust” things as more information rolled in.
Amazon nations seek common voice on climate change, urge action from industrialized world
When announcing the updated policy earlier this year, Jassy wrote in a memo to staff that Amazon made its decision after observing what worked during the pandemic and talking to leaders at other companies. He said the company’s senior executives, known internally as the S-team, concluded employees tended to be more engaged in person and collaborate more easily.
But many workers haven’t been convinced. In May, hundreds of Amazon employees protested the new policy during a lunchtime demonstration at the company’s Seattle headquarters. At the time, an internal Slack channel that advocated for remote work had racked up 33,000 members.
Some employees have also been pushing the company to supply data that support Jassy’s claims. During the session, Jassy said the company's leadership looked at the data it has available and among other things, he said they didn’t feel that meetings were as effective from home as they were before. He added there are a lot of scenarios where the company has made some of its biggest decisions without perfect data, pointing to examples like Amazon’s decision to pursue an online marketplace for sellers and AWS, its cloud computing unit.
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In July, Amazon also rolled out a policy that requires some workers in smaller offices to move to main offices located in bigger cities, according to multiple media reports.
Amazon employs 1.4 million people worldwide but does not indicate how many of those work in office settings, as opposed to working at its warehouses and other sites.
US-Bangla announces new travel package for Dubai
US-Bangla Airlines has announced a new travel package to visit Dubai.
The minimum cost of the package for 2 nights and 3 days is Tk 79,990 per person. Currently, US-Bangla operates daily flights from Dhaka to Dubai and Sharjah, according to a press release on Tuesday.
Also read: US-Bangla will be the first international flight to use new terminal of Chennai Airport
The offer will be applicable for minimum two adults and valid till September 30, 2023, it said.
The package includes stay in Dubai’s Landmark Grand Hotel. It also includes buffet breakfast with Dhaka-Dubai-Dhaka return air tickets with all types of taxes
Also read: US-Bangla offers attractive Sylhet tour package
There is an airport-hotel-airport transfer facility. There are conditional extra nights and the opportunity to be added to the package for children, said the release.
US-Bangla Airlines is providing six months EMI facility without any additional charge to collect the package which is only Tk 13,331 per month.
Also read: US-Bangla announces holiday packages for the Maldives
This offer can be availed from any of US-Bangla Airlines' own sales counters and holiday offices, it said.
Customers can call to know more about the details of the offer at this number 0177777881-883.
Startup Bangladesh invests Tk 5cr in Bongo
Startup Bangladesh Limited, the pioneering venture capital company under the ICT Division, has announced a strategic investment in Bongo, one of the leading digital entertainment platforms in Bangladesh.
This collaborative endeavor aims to increase the landscape of online entertainment and content consumption in the country.
An agreement was signed between the two entities, for an investment of Tk 5 crore in Bongo's growth and expansion plans.
Read: How to Make Money with Amazon Kindle Publishing: A Step by Step Guide
The signing ceremony took place in Dhaka where State Minister for ICT Zunaid Ahmed Palak, Md. Shamsul Arefin, Chairman of the Board of Directors of Startup Bangladesh and Senior Secretary of ICT Division, Sami Ahmed, Managing Director of Startup Bangladesh and representatives from Bongo were present as distinguished guests.
Read: Banglalink wins Ookla Award for the 7th consecutive time
The State Minister said that this partnership with Bongo exemplifies Startup Bangladesh's commitment to fostering innovation and supporting homegrown startups that cater to the diverse needs of our population.
“Bongo's success story resonates with the vision of a Smart Bangladesh, and we are excited to play a role in amplifying their impact of home-grown solutions," he added.
Read: BGMEA President expresses condolence over death of SB Knitting employees
"We are embarking on a transformative journey, driven by innovation and collaboration, as we partner with Bongo to reshape the digital entertainment landscape of Bangladesh. This strategic investment underscores our commitment to nurturing homegrown startups and fostering technological excellence, aligning with our vision of a Smart Bangladesh that thrives on cutting-edge solutions and enriching experiences for all." said Md Shamsul Arefin, secretary of Information and Communication Technology (ICT) Division.
"We believe that Bongo's innovative approach to entertainment delivery has the potential to redefine how Bangladeshi audiences consume content. Through this partnership, we aim to provide Bongo with the resources and support needed to further innovate and revolutionize the entertainment industry," emphasized Sami Ahmed, Managing Director of Startup Bangladesh Limited.
South Korean Ambassador, BGMEA President discuss ways to boost trade, investment
South Korean Ambassador to Bangladesh Park Young Sik on Monday met President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Faruque Hassan and discussed ways to boost trade and investment between the two countries.
BGMEA Director Neela Hosna Ara, Chair of BGMEA Standing Committee on Trade Fair Mohammed Kamal Uddin and Consul at the Korean Embassy Kim Jeong ki were also present at the meeting.
During the meeting, they discussed ways to add pace to the burgeoning bilateral relations between Bangladesh and Korea through deepening cooperation in various promising fields.
Also read: BGMEA President for making customs, bond, VAT related services more simplified and faster to remain competitive
They also had discussions about possible areas where Bangladesh and Korea could collaborate and engage in a meaningful way to boost bilateral trade and investment, particularly in the apparel and textile industries of the two countries.
BGMEA President Faruque Hassan highlighted the growing interests of Bangladesh’s RMG industry in diversifying into non-cotton products, including high-value fashion items based on manmade fibre (MMF) and technical textiles.
He spotlighted the prospect of direct or joint venture investments from Korea to Bangladesh in non-cotton textiles, man-made fiber based yarns and fabrics, functional fabrics like polyester, viscose, spandex, mélange.
Also read: Bangladesh RMG industry in transition to circular economy for environmental sustainability: BGMEA President
As innovation, diversification and technological up-gradation are the key strategic priorities of Bangladesh’s apparel industry, collaboration between Bangladesh and Korea could yield mutual benefits, he added.
Bangladesh is a promising destination for Korea to export its mmf, textile machinery, chemical dyes and other raw materials, according to BGMEA.
On the other hand, Korea is a potential garment export market for Bangladesh. So, there lies mutual benefits for both sides, Faruque Hassan opined.
The BGMEA President apprised the envoy of BGMEA’s initiative to organize Bangladesh Apparel Summit in Korea in November 2023 and sought his support in this regard.
Also read: New DCTS scheme can create stronger trade, investment partnership with UK: BGMEA President
He recalled the contribution of Korea to the development of Bangladesh’s garment industry, especially the support the country provided the initial stage of the sector in terms of training and technical support.
Extending thanks to Korea through the ambassador, BGMEA President Faruque Hassan expressed hope the development cooperation would continue and ties between two countries would be strengthened further.
Walton Plaza provides 119 families with over Tk 32 lakh as financial assistance
Walton Plaza, a sales and distribution network of electronics, electrical and ICT products in Bangladesh, has provided over Tk 32 lakh to 119 families of the hire-purchase customers and any member of their family who died, as financial assistance.
Moreover, the organization waived the remaining installments of the concerned families. The financial assistance was given under the 'Hire Purchase and Family Protection Policy' of Walton Plaza.
Read more: Businesses should get opportunities to turn around before wholesale declaration of loan defaulters: FBCCI President
Walton Plaza’s Chief Executive Officer Mohammad Rayhan said their main goals are to provide quality products and services to customers at affordable prices and that’s why they initiated the ‘hire purchase and family protection policy’.
So far, a total of 119 families have received financial assistance from Walton Plaza across the country, he said.
He noted that Walton Plaza is the world's only organization that initiated 'Hire purchase and family protection policy' for those customers who buy products in installments from social responsibilities and duties towards its customers. It has been conducting this policy so that general customers can be greatly benefited.
Read more: Businesses want full automation of VAT return
Under the policy, protection cards are being issued to those customers who purchase products at installment from any Walton Plaza across the country, Walton Plaza’s Brand Manager Owahiduzzaman said.
He also said that Walton Plaza is providing financial assistance, ranging from Tk 50,000 to Tk 300,000 based on the products' price, to the respective nominee on the death of the buyer during the installment period.
In addition, financial assistance from Tk 25,000 to Tk 1,50,000 are being given on the death of a family member of the respective buyers.
In this case, the unpaid installments are being adjusted from the payable financial assistance and then the rest is given to the buyer or his or her family.
Read more: Sylhet businessman tortured, killed in Libya by human traffickers, claims family
A hire purchase customer named 'Al-Amin Sharif Munna', who purchased a mixer grinder and an electric fan with an installment from Walton Plaza Demra Branch in the capital, has recently received a total of Tk 25,000 financial benefits on the sudden death of his wife.
Thanking Walton Plaza authorities for providing the financial assistance, Munna said this initiative proved that Walton is different from others.
Another hire-purchase customer Rangmala Khatun, a widow and resident of Chawkbazar area in Chattogram, has also received a total of Tk 50,000 financial benefit from the local Walton Plaza.
She got the financial assistance on the sudden death of her husband Jashim Uddin, who had purchased a Smart Television at hire purchase from Walton Plaza Chawkbazar branch.
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Walton Plaza’s hire purchase protection card holders are also getting best services and special benefits like discounts at various renowned organizations such as hospital, diagnostic center, insurance, restaurant etc. across the country.