Business
Bangladesh Apparel Summit held in Australia
The Bangladesh Apparel Summit was held in Melbourne, Australia on Tuesday. The Summit was organized by the Bangladesh Garment Manufacturers & Exporters Association (BGMEA) in collaboration with the HSBC Bank, supported by the High Commission of Bangladesh to Australia.
This summit brought together a number of 130 participants from diverse range of stakeholders, including buyers, retailers, suppliers, consumers, development partners, and supportive Australian government policymakers, creating an opportunity for fruitful discussions, meaningful interactions, and the exchange of ideas and information, according to a press release.
Throughout the day, speakers at the event shared their insights through opening plenary and two panel discussions titled “Trade between Australia and Bangladesh – Charting the path for next decade and “Sustainability matters – ESG collaborations to shape the future of fashion”.
BGMEA President Faruque Hassan delivered a keynote presentation highlighting the immense potential of Bangladesh and critical issues such as supply chain transparency, responsible sourcing, and ethical manufacturing practices. He solicited collaboration for a future where the fashion industry flourishes prioritizing social, environmental, and responsible business norms and values.
High Commissioner of Bangladesh to Australia M Allama Siddiki brought in the perspective of historic and cultural connections between the two nations and urged to exploit it for strengthening bilateral trade and investments on mutual interests, said the release.
The event signified a milestone in fostering collaboration and strengthening the bonds between the apparel manufacturing industries of Bangladesh and Australian retailers.
Among the speakers, the Managing Director of Kmart Group Ian Bailey praised Bangladesh’s transformation on social and environmental sides, while stressed on the importance of leveraging industry level data and information sharing to steer supply chain efficiency and productivity. He opined to upgrade the tier 2 and tier 3 factories in Bangladesh while continuing the ESG standards in tier 1 factories.
Matt Fregon, MP, Deputy Speaker of Victoria legislative and Shadow Minister for Trade and Investment David Southwick MP of Victoria also attended the sessions in the Summit. The event included an exclusive photo exhibition of Bangladesh and its rich heritage and nature. A product showcasing was organised featuring the latest collections and diverse portfolio, which gave a clear impression of Bangladesh’s capability.
BB issued cyber attack warning for banks, financial institutions
Bangladesh Bank (BB) issued a cyber attack warning in banks and other financial institutions after leakage of a large number of private information of citizens.
The central bank recently issued the warning asking them to enhance malware surveillance and apply different security tools to secure financial information of banks.
Also read: Bangladesh Bank introduces 'market-based' dollar exchange rate with rate cap
Though the BB has not mentioned any specific area, the malware like the banking Trojan TrickBot, which can steal financial details, account credentials and personally identifiable information should be under check.
The BB asked banks to notify it of any recent incidents of malware attacks and the actions taken by July 13. It also sought a detailed account of the preventive and reactive measures from cyberattacks by July 20.
BB Spokesman Md Mezbaul Haque acknowledged sending the letters, which was part of the central bank's general housekeeping. "Banks are taking proactive measures," he added.
Also read: Bangladesh Bank working to normalise inflation and dollar crisis despite geopolitical challenges
After Bangladesh Krishi Bank's server came under a malware attack last month, the central bank gave warning letters to the banks.
Notorious ransomware group ALPHV, also known as BlackCat, broke into the state bank's servers and made way with more than 170 GB of crucial information.
The break-in went undetected for 12 days, giving the hackers ample time to study internal documentation and steal valuable data with impunity.
Also read: Bangladesh Bank set to approve digital bank policy on June 14
Dhaka’s Mahbub Haider wins Nagad’s BMW car
Pahlowan Mahbub Haider, a resident from Dhaka, finally won the BMW car in the mega payment campaign of mobile financial service organization ‘Nagad’ after securing the top position with 4, 73, 027 votes cast by its customers across the country.
Posts and Telecommunications Minister Mustafa Jabbar finally announced the name of the lucky winner Mahbub Haider at a grand event in a five-star hotel in Dhaka on Tuesday.
Minister Jabbar, Founder and Managing Director of Nagad Limited Tanvir A Mishuk and film star Ananta Jalil handed over the vehicle’s key to Mahbub Haider.
In the final stage of the campaign, Nagad got the top 10 out of the 71 shortlisted people through voting.
Sylvia Yaseen from Chattogram secured the second position with 4, 11,813 votes. Saidur Rahaman Sohel from Cox’s Bazar grabbed the third position with 3, 34,099 votes.
In terms of votes, other people in the top-10 list included Md Nasim from Bhola, Abu Sayed Bin Shovon from Cumilla, Sanzida Yasmin Mili from Jashore, Sajjad Ahammad from Noakhali, Nehrin Nosin from Rangpur, Md Wasim Akram from Chapainawabganj and Md Masum Mridha from Barishal.
Read: Nagad now has 8 crore customers
A total of 45, 39,055 votes were cast during the campaign.
Winner Mahbub Haider expressed his feelings by saying, “I would consider myself an ambassador of bad luck. But today, I’m speechless and cannot believe my eyes that I have won a BMW car. I might be able to give my reactions tomorrow when I become normal,”
Congratulating the winner, Minister Mustafa as the chief guest said, “From the very beginning, Nagad has been doing one after another wonders. Giving this BMW car as a gift under a payment campaign is the latest one.”
Talking about such a massive arrangement, Tanvir A Mishuk said, “The BMW campaign is not just a campaign; rather it is a big initiative to help the country move towards a Smart Bangladesh.”
“I believe such a payment campaign will play a significant role in establishing a cashless society in Bangladesh,” he added.
Read: Nagad offers smart payment option at cattle markets
Cricketers Shakib Al Hasan, Tamim Iqbal and Mushfiqur Rahim congratulated the BMW winner and other participants in separate video messages.
The mega payment campaign, which started in the last week of March and ended on 30 June, has earned a massive response from people across the country. Over the last three months, Nagad’s transactions, mainly in the form of merchant payments and mobile recharge, have reached a record high, riding on this mega BMW campaign.
Through random selection in phases using “Bangla AI”, 71 people out of crores were shortlisted at the end of the campaign. Later, Nagad customers across the country caste vote for their favourite candidates for the BMW car by logging into their Nagad accounts.
Earlier, as part of the campaign, a show titled “Ke Jitbe BMW?” (Who will win BMW?) was telecast on more than one TV channels, with the participation of popular celebrities and social media influencers as guests.
In the final episode, Bangladesh Cricket team’s star cricketer Mushfiqur Rahim was present as the special guest.
Read more: Nagad dangles ‘Ek Takar’ offer on GP mobile recharge
To finalise the list of candidates for the BMW car, in keeping with Mushfiqur’s ODI fifties, 44 people from 37 districts were initially picked using “Bangla AI”. Later, the number was raised to 71 as Mushfiqur suggested that at least one person from each district be included in the final list.
Black Sea Grain Initiative agreement must continue to avert human catastrophe: Business leaders
Bangladesh’s business leaders on Wednesday said they strongly support withdrawal of sanctions and Black Sea Grain Initiative (BSGI) agreement must continue to avert human catastrophe.
“The businesses strongly support withdrawal of sanctions and allow payments, insurance and shipping of Russia's own agricultural exports to ensure extension of BSGI agreement for further terms as it is a vital lifeline for global food security,” they said in a joint press statement.
The Bangladesh businesses are “concerned” about the disruption of smooth supply of wheat to feed millions of people around the world due to Russia’s decision to axe the Black Sea Grain Initiative (BSGI) from 17 July.
Russia pulls out of Black Sea grain deal at time of growing hunger
The discontinuation of BSGI will not only cause man-made human catastrophe but also fail to contain the already sky-rocketed global inflation, said the business leaders.
Under BSGI 32 million metric tons of foodstuffs were exported from three Ukrainian ports to 45 countries across three continents – with the proportion of wheat exported through the Black Sea to least developed economies remaining largely unchanged from pre-war levels.
What is Black Sea Grain Initiative and why does it matter
Crucially, the World Food Programme humanitarian operations in Afghanistan, Ethiopia, Kenya, Somalia, Sudan and Yemen will be totally disrupted and lead to starvation of millions people, especially children.
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Continued facilitation of Ukrainian and Russian exports of food and fertilizers thus remains crucial to global food security, said the business leaders.
Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) President Md Jashim Uddin, International Chamber of Commerce, Bangladesh (ICCB) President Mahbubur Rahman, Dhaka Chamber of Commerce and Industry (DCCI) President Md Sameer Sattar, Metropolitan Chamber of Commerce and Industry (MCCI) President Md Saiful Islam, Chittagong Chamber of Commerce and Industry (CCCI) President Mahbubul Alam and Foreign Investors' Chamber of Commerce & Industry (FICCI) President Naser Ezaz Bijoy.
US: Russian fighter jet hits American drone over Black Sea
Sugar-sweetened beverage consumption is on the rise in developing countries: IFAD
Sugar-sweetened beverage consumption is on the rise in developing countries, according to a literature review released by the International Fund for Agricultural Development (IFAD) as part of its IFAD Research Series.
The global sales of total per capita volumes of packaged food – which are usually processed which in most cases increases the content of added or free sugars, saturated and trans-fat, salt and diet energy density, while decreasing protein, dietary fibre, and micronutrients – rose from 67.7kg per capita in 2005 to 76.9kg in 2017.
Steep price gaps between healthy and unhealthy foods, coupled with the unavailability of a variety of healthy foods, are driving rising obesity rates in both urban and rural areas of developing countries, IFAD said on Wednesday.
IFAD president urges new Global Financing Pact to prioritize small-scale farmers in poverty
“While price gaps between healthy and unhealthy foods exist in nations across the globe, that price gap is much wider in poorer countries. Also, high-income inequality within a country is associated with a higher prevalence of obesity,” said Joyce Njoro, IFAD lead technical specialist, nutrition.
“If we want to curb rising obesity rates in developing countries, we need big solutions that address how food systems work. It is alarming to note that three billion people globally cannot afford a healthy diet,” said Njoro.
Poorest countries show strong support for IFAD in global efforts to combat hunger and poverty
“Preventing obesity in developing countries requires a comprehensive approach that addresses cultural norms, raises awareness of associated health risks, and promotes the production, availability and affordability of healthy foods.”
The research conducted by IFAD, in collaboration with Wageningen Centre for Development Innovation (WCDI), reviewed hundreds of peer-reviewed studies and examined data from five representative countries—Indonesia, Zambia, Egypt, Nigeria, and Bolivia—to better understand the drivers of rising obesity rates in developing countries and what types of interventions work to address this global public health challenge from a food system perspective.
Obesity rates across developing countries are now approaching levels found in high-income countries. The analysis found a number of drivers of obesity in developing countries, including:
IFAD President lauds Bangladesh's remarkable achievements in food production, climate-smart agriculture
Food Prices: The price gap between healthy foods (expensive) and unhealthy foods (inexpensive) is greater in developing countries than in rich developed countries. As a result, three billion people cannot afford a healthy diet. According to one of the studies reviewed (Headey 2019), it is 11.66 times more expensive to obtain a calorie from eggs in poor countries than it is to obtain a calorie from starchy staples, while in those same countries it is only 2.92 times more expensive to obtain a calorie from sugary snacks than from starchy staples. In rich countries, there is a much smaller gap: it is 2.6 times more expensive to obtain a calorie from eggs than it is to obtain a calorie from starchy staples and 1.43 times more expensive to obtain a calorie from sugary snacks than from starchy staples.
Culture: In some developing countries, fatness of a child is desirable as it is considered as a sign of health and wealth, and consumption of unhealthy foods may also carry a certain prestige. Culture also plays a role at the energy expenditure side of the equation in cultures where physical inactivity is associated with high social status.
Gender: Women are more likely to be overweight or obese than men in nearly all developing countries. In a review that focused on lower middle-income countries (Nicole D. Ford et al. 2017) proposed multiple reasons for this sex disparity in overweight and obesity prevalence. Reasons included: different physiological responses to early-life nutrition, different hormonal responses to energy expenditure, weight gain associated with pregnancies, lower physical activity levels, depression, economic circumstances over the lifespan, and differences in sociocultural factors – like ideal body size and acceptability of physical activity.
The paper also examines interventions that have been deployed in developing countries to curb obesity rates, including food packaging, labelling and advertisements, taxation and import duties on certain foods, and evaluates their respective effectiveness.
Immense opportunities remain to strengthen bilateral trade with India: FBCCI President
FBCCI president Md. Jasim Uddin urged to strengthen bilateral trade between Bangladesh and India and regional trade in the South Asian region.
He made this remark during a courtesy call with the Indian High Commissioner Pranay Kumar Verma at the FBCCI Office in Motijheel on Tuesday.
Also read: Time to explore vast untapped potential in SAARC region: FBCCI president
FBCCI President said that India and Bangladesh have great commercial relations. There are immense opportunities to strengthen the trade between the two countries.
“Bangladesh has many potential products to export to India, which India imports from other countries. Bangladesh can use this opportunity,” Jasim pointed out.
FBCCI president said that many international standard products including tiles, ceramics products, electronic equipment, and bicycles made in Bangladesh are being exported to various European countries. Bangladesh can export these products to India if it eases non-trade barriers in the Indian market.
Also read: FBCCI-HSBC to work together to boost exports between Bangladesh-UK
In response, Indian High Commissioner Prannoy Verma said there is huge potential for trade expansion between Bangladesh and India.
He said that Indian investors are interested in investing in Bangladesh.
Verma also said that India is currently giving particular importance to the regional communication system.
Also read: FBCCI to host Bangladesh Business Summit 2023 from March 11 to 13
FBCCI Senior Vice President Mostafa Azad Chowdhury Babu, Director Syed Sadat Almas Kabir, Shah Jalal (Bachchu), Preeti Chakraborty, SAARC Chamber Vice President Shafkat Hayday, among others, were also present at that time.
Japan grants 472 million yen for HR development scholarship project
Japan announced a grant of 472 million Japanese Yen (equivalent to approximately USD 3.38 million) for the implementation of “The Project for Human Resource Development Scholarship (JDS)” in Bangladesh.
The Exchange of Notes and Grant Agreement were signed on Monday between the governments of Bangladesh and Japan, solidifying their commitment to the project, according to a press release.
Secretary to the Economic Relations Division (ERD) under the Ministry of Finance, Sharifa Khan and Japanese Ambassador to Bangladesh IWAMA Kiminori, signed the Exchange of Notes.
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The grant is aimed to support the education and professional growth of Bangladeshi officials and strengthen bilateral ties between the two nations, said the release.
JICA Bangladesh’s Chief Representative ICHIGUCHI Tomohide signed the Grant Agreement on behalf of the Government of Japan.
“The Project for Human Resource Development Scholarship (JDS)” has been in operation since 2001 under the supervision of the ERD and is set to continue until 2025.
Also read: Deal signed for $225mn loan from Japan as budget support
The newly granted funds will be dedicated to providing scholarships for various groups, including BCS cadre officers, Bangladesh Judicial Service officers, First Class Officers of the Legislative and Parliamentary Affairs Division, and officials from Bangladesh Bank., said the release.
These beneficiaries will have the opportunity to pursue Master's and PhD courses at esteemed universities throughout Japan, it added.
The project has so far facilitated the academic accomplishments of 414 officials who have successfully completed their Master's degrees, while five officials have attained PhD. degrees from reputable Japanese universities.
Also read: Japan provides 500 million yen for 4th Primary Education Development Programme
BB extends small digital loans fund to Tk 500 crore, considering growing demand
Bangladesh Bank's internal evaluation said that digital small loans are being popular to meet the urgent needs of fixed-income groups of people, as it's hassle-free and gets loans just using mobile devices.
As per Bangladesh Bank (BB) approval, Mobile Financial Service Provider bkash and city bank jointly introduced such digital loans with an amount of Tk100 crore in December 2021. In one and a half years under the microcredit distribution programme, bkash disbursed so far Tk300 crore.
Also read: Bangladesh Bank simplifies receiving remittance
According to BB, the City Bank disbursed Tk100 crores to small and micro-loans through bkash in the last two months. Borrowers have also repaid Tk 203 crore of the Tk 275 crore loans on time. At present there is an outstanding loan of Tk72 crore in the market.
Considering the need of lower and fixed-income groups of people, Bangladesh Bank (BB) on Sunday reconstructed a refinancing fund of Tk100 crore to Tk500 crore for 'digital microcredit' facilities to raise the scope of these small loans in the country.
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The central bank’s notification in this regard said that the size of the refinancing fund for the 'Digital Microcredit' facility has been increased to improve financial inclusion and the quality of life of marginalized people.
Also read: Bangladesh Bank to announce new monetary policy tomorrow, 9% interest rate cap to be withdrawn
The BB provides a refinancing facility from the fund at 1.0 percent interest to the banks of the country to provide micro and small loans in digital mode. Such loans provided by banks using Internet banking, mobile apps, mobile financial services, and e-wallets are supported by refinancing funds.
Bangladesh Bank has provided the facility of very small microloans from Tk 500 to Tk 50,000 for general customers. However, considering the risk of the banks, the maximum loan limit can be set below Tk 50,000. The loan tenure will be a maximum of six months.
G-20 alliance can play a major role in solving global economic crisis: Finance Minister
Finance Minister AHM Mustafa Kamal has said G-20 can play a major role in resolving the ongoing global economic crisis.
He also expressed hope that Bangladesh will soon be included as a member of the G-20 alliance, the finance ministry said in a press release today.
Kamal expressed the optimism at the G-20 meeting in Gujarat, India. The Bangladesh delegation led by the finance minister and the governor of Bangladesh Bank, Abdur Rauf Talukdar, is participating in the conference which is being held in Gandhinagar, Gujarat of India.
Also read: Mustafa Kamal attending G20 Finance Ministers' Conference in Gandhinagar
The finance minister said that G-20 is an international economic alliance consisting of 20 industrialized countries of the world. This alliance was formed to bring together important industrialized and developing countries of the world to discuss key issues of the global economy.
“We need to be more aware of this and to resolve this crisis, we must be sincere.. the G-20 alliance can play a very important role,” Kamal said.
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He said that participating in the G-20 process is a unique opportunity for Bangladesh.
Bangladesh will also participate as a “guest country” in the G-20 summit to be held on September 9, 10. Prime Minister Sheikh Hasina has also been invited to attend the summit of heads of state and governments.
Also read: Budget not based on IMF conditions: Finance Minister
Foodpanda introduces in-store grocery pickup
Food and grocery delivery platform Foodpanda Bangladesh has introduced its in-person store pickup service through pandamart, its own grocery delivery dark store in the capital’s Gulshan-2 recently.
Following the model of food pickups from restaurants, this new service will provide customers with the convenience of picking up their groceries and daily essentials from the pandamart dark store.
Also read: foodpanda launches pandamart
The introduction of the pick-up feature is in line with pandamart's strategy to deliver an outstanding shopping experience by embracing online-to-offline (O2O) commerce, responding to the evolving expectations of customers, according to a press release.
The option will be especially appealing to busy urban consumers who prefer to see the products before making their selections, it said.
Also read: Foodpanda wins national Digital Bangladesh Award 2022
“We are dedicated to enriching the shopping experience for our customers by providing top-notch quality and convenience," said Mohammad Tabrej Khan, director, Dmart of Foodpanda.
"With pick-up, customers’ experience on the Foodpanda platform can now be complemented with a physical in-store experience, on top of savings on delivery fees and numerous other discounts specifically designed for pickup customers, giving them more options in the way they shop and receive their orders that better suit their lifestyles and preferences. We are thrilled to elevate the grocery shopping experience in Bangladesh to new heights,” he added.
Also read: Foodpanda launches 'pandapro' subscription in Bangladesh
The feature is currently available in Hong Kong, Malaysia, and Singapore, and soon will be rolled out in Pakistan, added the release.