business
Germany's experience in technology can help Bangladesh develop wind power: Nasrul
State Minister for Power, Energy and Mineral Resources Nasrul Hamid said Germany's experience in wind technology can make a special contribution to Bangladesh's wind power.
He said this during a meeting with Dr. Barbel Kofler, German Parliamentary State Secretary of the Ministry of Economic Cooperation and Development in Berlin on Tuesday.
During the meeting they discussed various issues of mutual interest.
The State Minister also said that Cooperative efforts between Bangladesh and Germany in the field of renewable energy will have a positive impact.
He noted that Bangladesh is successfully implementing the Solar Home System Programme with special emphasis on innovation and resilience.
“This groundbreaking initiative is attracting rural communities to clean and sustainable energy sources; At the same time, they are self-reliant by realising their hopes and aspirations”, he told the German State Secretary.
He said that the solar home system programme not only lights the house but also brings a light of hope to those who were previously in darkness.
Additionally, Bangladesh has announced its commitment to renewable energy and climate resilience through initiatives such as the Mujib Climate Prosperity Plan.
By leveraging global partnerships and resources, Bangladesh is committed to mitigating the effects of climate change, he added.
The state minister also said that the recent commissioning of a 60 MW onshore wind power has marked a significant milestone in Bangladesh's progress in the field of energy.
This achievement not only highlights Bangladesh's commitment to reduce its dependence on traditional energy sources but also shows its willingness to cooperate with developed countries including Germany in renewable energy.
The state minister said the innovation and partnership are a green signal for future generations of both the countries. This green signal will set an example for others to follow.
The Parliamentary State Secretary of Germany expressed interest in the overall situation of electricity and energy in Bangladesh and said that Germany will cooperate in the development of renewable energy in Bangladesh.
BGMEA chief urges German company to increase high-value garment sourcing from Bangladesh
Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), urged Otto Group, a renowned German retail company, to further explore business opportunities with suppliers in Bangladesh, emphasizing the country's potential as a reliable and competitive sourcing destination for diversified high-end garment products.
He made the call during a meeting with a delegation of Otto Group on Wednesday.
The delegation included Sergio Bucher Rodriguez, Member of Executive Board- Retail & Brands at Otto Group; Heidi Sabina Stevens, Chief Executive Officer, Otto International Hong Kong; Weronika Sosulska, Key Account Manager, Team Bon Prix; Raksha Nanerjee, Key Account Manager, Team Witt & Merchindising Otto Lascana; and Mehtap Mir, Head of HR & Workplace Solutions.
JTOP, Mitsubishi UFJ Research & Consulting explores collaboratives opportunities with BGMEA to drive sustainability in RMG industry
Newly elected Director of BGMEA for 2024-2026 term Mesbah Uddin Khan and Chair of BGMEA Standing Committee on Trade Fair Mohammad Kamal Uddin were also present at the meeting.
They had discussions covering various aspects of the garment sector in Bangladesh, including its current status, vision and prospects.
Another key issue of the meeting was the exploration of avenues to increase Otto Group's sourcing from Bangladesh, especially high-value garment products.
Faruque Hassan emphasized the need for strengthening partnerships with Otto’s Bangladeshi suppliers to facilitate the design and manufacture of high-end apparel items.
BGMEA President urges VF Corporation to source more high-value garments from Bangladesh
During the discussions, Faruque Hassan provided insights into Bangladesh's garment industry, highlighting its advancements in workplace safety, environmental sustainability, circularity, and workers' welfare.
He highlighted the industry's ongoing initiatives and efforts to diversity product offerings, with a particular focus on non-cotton and high-end product segments, as well as innovation in product development and process optimization.
GP partners with USAID to drive clean energy policy in Bangladesh
In a bid to accelerate the adoption of sustainable energy solutions, telecommunications giant Grameenphone has joined forces with Tetra Tech, the implementing partner of the USAID Bangladesh Advancing Development through Energy (BADGE) Project.
The collaboration, marked by the signing of a Memorandum of Understanding (MoU), aims to develop a policy framework for corporate power purchase agreements (CPPA) in Bangladesh.
CPPA models enable businesses to procure electricity directly from renewable sources, such as wind, solar, hydro, or biomass power plants, bypassing traditional utilities. This move empowers corporations to reduce their carbon footprint and support sustainable energy production.
The MoU signing ceremony, held at the GPHouse in Dhaka on March 18, saw the participation of key stakeholders from both organizations, including representatives from Grameenphone, Tetra Tech, and USAID Bangladesh. During the event, Hans Martin Hoegh Henrichsen, Chief Corporate Affairs Officer at Grameenphone, emphasized the company's commitment to sustainability and its urgency to develop a CPPA policy framework to meet climate targets.
Randy Ali, Deputy Mission Director of USAID Bangladesh, praised the partnership as a significant step towards promoting renewable energy solutions in Bangladesh. He highlighted the importance of private sector collaborations in driving progress towards a greener future.
Ed Elrahal, Chief of Party at the USAID BADGE Project, emphasized the role of CPPAs in combating climate change and fostering a sustainable energy future. He underscored the benefits of corporate electricity procurement from renewables in achieving environmental and sustainability goals.
BRAC Bank relocates branch in spacious new premises on Madani Avenue
BRAC Bank has opened a relocated branch in spacious new premises on Madani Avenue at Gulshan in Dhaka city.
This branch has been shifted from Natun Bazar and renamed the Madani Avenue Branch.
At the spacious new location, the branch will be able to provide the most modern and the best-in-class customer service to the valued customers.
This relocation signifies BRAC Bank's commitment to continuously elevating its customer service standards using modern infrastructure.
Selim R. F. Hussain, Managing Director & CEO, BRAC Bank, formally inaugurated the branch at Grameen Banglar Akshay Tower on Madani Avenue on March 13.
Sheikh Mohammad Ashfaque, Head of Branches, BRAC Bank; attended the inauguration ceremony.
A.K.M. Tareq and Taher Hasan Al Mamun, Senior Zonal Heads, and senior bank officials were also present.
On this occasion, Selim R. F. Hussain, said, “As a member of the larger BRAC family, BRAC Bank strives to reach out to more people in new areas. BRAC Bank’s best-in-class services will bring in new propositions to individual customers and business clients in this financially important area as their partner in prosperity."
He said that with enhanced presence of the bank in the Gulshan area, locals will enjoy the most modern online banking solutions at their convenience.
“As we move here, we promise a ‘delightful customer experience’ for the neighbourhood's people. With the blend of a physical branch network and convenient digital banking capabilities, we are committed to being the country's number one sustainable bank," he added.
With 187 branches, 40 sub-branches, 330 ATMs, 456 SME Unit Offices, and 1,080 Agent Banking Outlets, BRAC Bank stands tall as one of Bangladesh’s most expansive banking networks.
No reason for deteriorating stock market situation, said Brokers’ Association
The DSE Brokers’ Association (DBA) in a meeting on the present state of the stock market opined that there is no reason for the deteriorating market situation.
But there is a price adjustment of stocks after lifting the floor price barrier that is normal, they said this in a meeting held in the virtual platform on Tuesday.
The broker representatives indicated that the market will return to normal very soon as the country’s economy is turning around.
The representatives have raised some points to implement for the future interest of the share market. These initiatives will bring positive changes in the market and the market will be stable and sustainable in the long run.
These are- the rumours in the market that the floor may be re-imposed on the share price, which is false and baseless. DBA does not think that there will be a recurrence of the floor price.
Current Margin Rules-1999 need to be modernized and reformed. Good companies should be listed in the IPO market. Proper compliance with all laws and regulations should be ensured in case of company listing.
Emphasis should be placed on mutual funds to reduce dependence on banks for investment. It is logical to categorize the company on its capital size rather than on dividends. Shares of any company should not be increased in any other way without informing the common shareholders, and sponsor shareholders.
And the issue of double taxation should be taken into consideration and resolved immediately.
DBA President Saiful Islam moderated the program. Among others, DSE Director Sharif Anwar Hossain, Richard D'Rosario, former DBA President Ahmad Rasheed Lali, BLI Securities Managing Director Minhaj Mannan Emon, Beximco Securities CEO Mustafa Zamanul Bahar were present in the meeting.
Dhaka stocks suffer major decline:However, despite ensuring stability by the regulator, the main index of the Dhaka Stock Exchange suffered another significant decline on Tuesday.
The DSEX, the benchmark index of the premier bourse of Bangladesh, lost 84 points, or 1.42 percent, to close the day at 5,814.
With this, the market fell for the eighth consecutive day, prompting the DSEX to hit the 35-month low.
Turnover slipped to Tk 465 crore from Tk 486 crore a day earlier. Among the traded stocks, 41 advanced, 319 dropped and 36 remained unchanged.
Dokan Malik Samity demands withdrawal of price fixing for 29 products
Bangladesh Dokan Malik Samity (Shop Owner Association) demanded the withdrawal of the prices of 29 commodities fixed by the Department of Agricultural Marketing (DAM).
From a press conference in Dhaka on Tuesday (Mar 19), Helal Uddin, president of the association, claimed that this pricing is unreasonable and self-destructive.
He said that prices cannot be fixed in a free market economy.
Unilever to cut 7,500 jobs and spin off its ice cream business, which includes Ben & Jerry's
“Now 29 product prices have been fixed. We are asking the DAM to sell at these prices and give their employees’ salaries with the profit they make," he pointed out.
"Either they sell at the fixed price or withdraw the circular. We cannot sell the products at this rate. Price-fixing is unrealistic and pointless," he claimed.
Secretary General of the Samity Zahirul Haque Bhuiyan and other businessmen were also present at the press conference.
Dokan Malik Samity presented a 7-point demand to the prime minister including- The notification fixing the price of 29 goods shall be suspended. Otherwise, they will have no choice but to close their businesses, accurate statistics of import and production must be ensured, capacity of the Trading Corporation of Bangladesh (TCB) should be increased, market management should be reformed, Consumer goods should be brought under the jurisdiction of the same ministry, supply should be ensured according to the market demand, businessmen should be given an opportunity to do business in a stress-free environment, all types of taxes imposed on consumer goods should be reduced to a tolerable level.
Unilever to cut 7,500 jobs and spin off its ice cream business, which includes Ben & Jerry's
Unilever, the company that makes Ben & Jerry’s ice cream, Dove soaps and Vaseline, said Tuesday that it is cutting 7,500 jobs and spinning off its ice cream business to reduce costs and boost profits.
London-based Unilever said its ice cream business, which also includes Magnum bars, has “distinct characteristics” from its other brands and would benefit from separate ownership to increase growth. It said the split is expected to be completed by the end of next year.
The British consumer goods company with 128,000 employees also said it is launching a “productivity program” that is expected to lead to a reduction of about 7,500 mostly office-based jobs worldwide.
Unilever said it will invest in technology to find efficiencies and avoid duplication that it anticipates will help it save 800 million euros ($867 million) over the next three years. The company also laid off 1,500 staffers in early 2022.
“Simplifying our portfolio and driving greater productivity will allow us to further unlock the potential of this business, supporting our ambition to position Unilever as a world-leading consumer goods company delivering strong, sustainable growth and enhanced profitability," said CEO Hein Schumacher, who took the helm at Unilever last summer.
Incoming Palestinian prime minister lays out plans for reform but faces major obstacles
The company's shares jumped more than 3% in late-morning trading on the London Stock Exchange.
“The share price bounce goes some way in reversing what has been a difficult last year, as investors have fretted over a company with limited high growth prospects and in need of streamlining despite its reputation as a solid defensive play,” said Richard Hunter, head of markets for interactive investor, an online investment service.
The company behind Hellman’s mayonnaise, Axe fragrances and Cif household cleaners said it is targeting underlying sales growth of mid-single digits after spinning off the ice cream business.
It saw sales volume drop 3.6% in 2022 after jacking up prices 13.3% on average across its brands that year. In response, it raised prices just 2.8% last year, and sales rose 1.8%.
Some analysts pointed out that splitting from Ben & Jerry's, which is known for social activism that has put it at odds at times with its corporate owner, could have an added upside for Unilever.
“A side benefit of the brand exiting Unilever’s portfolio is it might quieten the ‘go woke and go broke’ noise, but more widely the reasoning for the decision looks pretty sound," said Russ Mould, investment director at AJ Bell, a financial services company.
He noted that the ice cream spinoff had not been widely anticipated by the market even if "political pronouncements from Ben & Jerry’s had provoked a meltdown among some investors."
Ben & Jerry’s has supported liberal issues like LGBTQ+ rights, Black Lives Matter, justice for migrants and efforts to fight climate change.
The brand announced in 2021 that it would stop selling its ice cream in the Israeli-occupied West Bank and contested east Jerusalem — territories sought by the Palestinians.
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Unilever later announced that it was selling its business interest in Ben & Jerry’s in Israel to its Israeli licensee, which would market the products with Hebrew and Arabic labels. A U.S. judge rejected a lawsuit in 2022 from Ben & Jerry’s to block that plan.
More recently, since the Israel-Hamas war broke out, Ben & Jerry’s independent board chair Anuradha Mittal has called for a permanent ceasefire in Gaza.
Chinese Company to invest US$ 27.8 million in Mirsharai economic zone
Chinese company Dongfang Knitting (BD) Co. Ltd. will invest US$ 27.8 million to set up a sock manufacturing industry in BEPZA Economic Zone (BEPZA EZ) located at Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN), Mirsharai, Chattogram.
In presence of the Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman, Bangladesh Export Processing Zones Authority (BEPZA) signed an agreement with the company on Tuesday.
Ali Reza Mazid, Member (Investment Promotion) of BEPZA and Fang Zhendong, ManagingDirector of Dongfang Knitting (BD) Co. Ltd. signed the agreement on behalf of their respective organizations at BEPZA Complex, Dhaka.
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This foreign owned company will produce annually 216 million pairs of socks for men, women and kids and it will create employment opportunity for 5192 Bangladeshi nationals, said a press release.
BEPZA Executive Chairman welcomed Dongfang Knitting (BD) Co. Ltd. as the new member of BEPZA and thanked for choosing BEPZA EZ as their investment destination.
Among others, Member (Engineering) Mohammad Faruque Alam, Member (Finance) Md. Ashraful Kabir, Executive Director (Admin) A N M Foyzul Haque, Executive Director (Investment Promotion)Md. Tanvir Hossain, Project Director of BEPZA EZ Mohammad Anamul Haque and Executive Director (Public Relations) A.S.M Anwar Parvez along with representatives of the enterprise were presentduring the signing ceremony.
What is Your Desired Salary? How to Answer Recruitment’s Trickiest Question
What’s your desired salary? It’s a question that will sweat out even the most confident applicant. The question will eventually pop up at one stage or the other during the recruitment process. What you need to do is be strategic about it. If you lowball the number, you will have to settle for less. If you go for the high, you might not be considered anymore. So how do you answer this? Let’s find out.
What is Desired Salary?
A desired salary is pretty much self-explanatory. It refers to the amount you expect in exchange for your service. A desired salary is useful both for the employer and the potential employee. It allows the employer to understand the expectations of the potential recruit and assess whether it fits within their budget or not.
On the other hand, a potential candidate can determine a desired salary based on their experience and skills for a position. However, it is important to research the market rate for similar positions and be prepared to negotiate to reach a mutually satisfactory salary package.
Read more: How to Make a Video Resume: A Step-by-Step Guide
How to Determine the Appropriate Desired Salary
From the perspective of Bangladesh, the concept of desired salary holds little value in most hiring cases. Unless you are applying for a highly technical position or a mid-career switch, the negotiations hardly work in favor of a candidate. Still, there are several ways to determine the appropriate salary. Here’s how.
Understand the Industry Standards
Research what the industry standard is for the role you’re applying to. Consider location, required skills, and level of experience in this regard. Bdjobs, Chakri, and CareerJet can be good starting points for the research.
Match Your Skills and Experience
Be realistic about where you are skills and experience-wise. For example, if you apply for a position requiring 2-3 years of experience as a fresher, chances are you won’t even make it to the preliminary screening let alone salary negotiations.
Read more: Empower Your Tech Career in 2024: Master These In-Demand Skills for Success
The best approach would be to again research what other companies are paying for your skills and experience level to get an estimate.
Factor in the Benefits
Many organizations offer benefits and perks like commute allowance, mobile allowance, rent subsidy, and high bonuses. Consider all the benefits you will be getting before estimating a number.
Consider Future Growth Potential
Another thing to consider is the future growth potential of the company. In the case of a company with a robust growth and promotion structure, an initial low salary can be offset by long-term career earnings.
Read more: What to Wear for a Job Interview
Confidence Group signs MoU with UCB Investment and others for strategic alliance
Confidence Group, UCB Investment Limited, and Prime Bank Investment Limited signed a Memorandum of Understanding (MoU) to revolutionize corporate advisory and equity raising in Bangladesh.
The ceremony, held at The Westin Dhaka on March 18, was attended by industry leaders, including Rezaul Karim and Imran Karim, Chairman and Vice Chairman of Confidence Group respectively, Arif Quadri, Managing Director and CEO of United Commercial Bank, Tanzim Alamgir, Managing Director of UCB Investment Limited, and Syed M Omar Tayub, Managing Director of Prime Bank Investment Limited.
This alliance marks the dawn of a new era, characterized by strategic partnership and mutual growth, said a press release.
At its core lies a shared commitment to harnessing the collective strengths and expertise of the three entities to drive innovation, foster sustainable development, and unlock unprecedented opportunities within Bangladesh's dynamic business landscape.
The strategic alignment between Confidence Group, UCB Investment Limited, and Prime Bank Investment Limited signifies a bold step towards synergizing resources, knowledge, and capabilities to address emerging market demands and propel the nation towards greater economic prosperity.
As stakeholders gear up to embark on this transformative journey, the alliance is poised to redefine industry standards, catalyze growth, and set new benchmarks for excellence in corporate collaboration.