business
Innovation challenge ‘Food Frontiers 2.0’: Boot camp for young entrepreneurs ends in capital
A three-day boot camp under the innovation challenge ‘Food Frontiers 2.0’ with the participation of young entrepreneurs concluded in the capital on Saturday.
A total of 23 participants from the top 15 startups took part in the boot camp held at a hotel in the capital.The boot camp was arranged to impart training to the participants about new innovative model and technological solution for the supply of safe and nutritious foods for lower income people and the intake of those foods alongside making the whole campaign easier, said a press release.
Food Frontiers is an innovative challenge. The challenge’s aim is to identify new and innovative ways to reach lower-income consumers with nutritious food products; build the capacity of young entrepreneurs on a sustainable food systems approach and business skills for managing social enterprise.
The objective was to support innovative business models and technology-based solutions that could be implemented to increase access to nutritious foods, said the release.
Scaling Up Nutrition (SUN) Business Network, which is co-convened by the Global Alliance for Improved Nutrition (GAIN), a Switzerland-based international organization, and World Food Programme (WFP) jointly organized the contest.
For details, you can log on the following link-- https://foodfrontiers.live/
The institutions which took part in the boot camp are Labana, MushHoom, Sufola, Farmzilla Foods limited, Noodles, Agriventure. Asia, adorsho praniSheba Limited, Amal Foundation, Leafy Farms, Novel Food Creation Ltd, Krishi Swapno, Cookants Ttd, KleanAgro, Konna wellbeing Ltd.
During the boot camp, business related development model, market research, making infrastructure for development of business and brand and consumer services came up for discussion. The discussants also talked about the strategy of collecting fund for business, structure of partnership and institutional agreement, monetary management, accounting and proper evaluation.
The event was told that as part of the contest investors’ nights with the participation of renowned investors and businessmen will be held on February 23, while the contest will come to an end through a grand ceremony on Feb 27 when the 12 selected entrepreneurs will present their startup and concept before the judges.
Campaign for the contest started from December 2 last year. As part of the initiative, online campaign, and road shows were held at six universities of the country.
There were three categories in the contest. Number one category is Inclusive Business Models for Reaching Lower Income Consumers; number two thematic area is Disruptive Technological Innovation; number three thematic area is Innovative Marketing Campaigns.
Six winners (two each from three categories) and one reserved prize for the International Nutrition Olympiad (INO) will get cash and pre-seed funding worth 35,500 US Dollars for implementing business plan, expansion of the business, and infrastructure development.
National Association of Small and Cottage Industries of Bangladesh and Bangladesh Agricultural University were the strategic partners of this event.
Bangladesh Business Summit, 2023 to be held in Dhaka in March
Bangladesh Business Summit, 2023 will be held in Dhaka in March, aiming to attract global investment in the country.
The Business Summit-2023 will be held at Bangabandhu International Conference Centre on March 11–13.
The government will organize the event in cooperation with FBCCI, marking 50 years of the apex trade body.
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) in a press conference in a city hotel on Saturday disclosed the details of the event.
Speaking at the press conference FBCCI President Md Jasim Uddin said the federation currently has 412 product-based trade organizations, 87 chambers at district and metropolitan levels, 18 chambers for women entrepreneurship and 20 bilateral chambers.
"Our economy was $90 billion in 2008, which is $470 billion today. We are going to organize a three-day Bangladesh Business Summit from March 11 to 13 to accelerate the country's economic progress," he added.
He said three plenary sessions, 13 parallel sessions, open discussions etc. will be organized with traders, investors, analysts and policy makers to find out the country's trade and investment opportunities, obstacles and ways to overcome.
Jasim Uddin said ministers from 12 to 15 countries will participate in this international conference.
Besides, representatives of large companies from different countries of the world will also participate.
The FBCCI President said the best of Bangladesh Expo will be organized along with the Business Summit. The potential sectors of the country including itextiles, agro-processed food, leather, ceramics, jute will be presented to the foreign investors in this exhibition.
Jasim said Bangladesh Business Excellence Award will be given to entrepreneurs for their special contribution to the development of the country's economy and trade.
A special jury board consisting of economists, journalists and businessmen has been formed for this special award.
Abu Dhabi state gas company to sell 4% of shares in IPO
The Abu Dhabi National Oil Company's gas processing firm said Friday it plans to sell 4% of its shares to local investors in the latest initial public offering to be made by a state-run energy company in the Middle East.
The move follows a similar IPO by the Saudi oil giant Aramco in 2019 that raised some $30 billion, and comes months before the United Arab Emirates is set to host this year's U.N. climate talks.
The UAE, which is home to Abu Dhabi and Dubai, selected Sultan al-Jaber, the CEO of ADNOC, who also oversees renewable energey projects, to chair the COP28, angering climate change activists.
ADNOC has access to 95% of the UAE's natural gas reserves, the world's seventh largest. It supplies gas to more than 60% of the local market and exports to more than 20 countries. The company had a net income of $4.2 billion in the first 10 months of 2022, up from $3.6 billion in all of 2021.
It plans to list over 3 billion shares on the Abu Dhabi stock exchange for purchase by local investors starting Feb. 23.
“Natural gas is central to the energy transition,” Khaled Al Zaabi, acting group CFO of ADNOC, said in a press release. “ADNOC Gas is well-positioned to responsibly harness our significant natural gas resources, while driving efficiencies, delivering value, and reliably supplying this key fuel to meet the world’s growing energy needs.”
ADNOC Gas boasts a total gas processing capacity of over 10 billion standard cubic feet per day and a liquid processing capacity of 29 million tonnes per year. ADNOC announced the discovery of up to 2 trillion standard cubic feet of gas in an offshore area in February 2022.
Oil and gas have powered the UAE's rapid transformation into a high-tech global business hub home to futuristic cities and one of the world's busiest airports. Analysts believe the Emirates is trying to maximize its profits as the world increasingly turns to renewables.
The Emirates says it has invested more than $50 billion in renewable energy projects across 70 countries and plans to invest $50 billion more in the next decade. It has also vowed to become carbon neutral by 2050, though it's unclear how it would reach that target.
Banglalink donates relief items for Turkey earthquake victims
Banglalink has donated relief for Turkey earthquake victims.
A delegation of Banglalink led by Taimur Rahman, chief corporate and regulatory affairs officer of Banglalink, handed over the items to Sevki Mert Baris, country coordinator of Turkish Cooperation and Coordination Agency (TIKA), at its office in Dhaka Thursday.
As part of the initiative, warm clothes and sleeping bags will be distributed among victims in the quake-hit areas of Turkey.
Also, Banglalink users can stay connected with their near and dear ones in Turkey and Syria, making free ISD calls to these countries. The free service will be available until February 23, 2023, starting Friday.
Erik Aas, chief executive officer of Banglalink, said: "We believe that our efforts as a socially responsible company should go beyond borders during such a catastrophic event."
"Banglalink stands in solidarity with the victims amid the challenging time through this initiative."
Read more: Bangladesh team calls off search-and-rescue attempts in Turkey's Adiyaman; leaves for Hatay
All Habiganj Agriculture University transactions to be made through Nagad
Dhaka, Feb 16 (UNB) – Habiganj Agricultural University has entered into an agreement with Nagad to make all its transactions through the mobile financial services (MFS) provider.
From now on, the university will collect tuition fees and job application fees through Nagad.
Besides, disbursements of stipends to university students and payments of salaries and allowances to employees will be made through the MFS.
Md Shafayet Alam, executive director of Nagad, and Sadekuzzaman, deputy registrar of the university, recently signed the agreement in Dhaka. Md Abdul Baset, vice-chancellor of Habiganj Agriculture University, was present.
Baset said: "We have forged ties with Nagad to offer our students an opportunity to pay all fees easily at a nominal cost."
Shafayet said: "We have made the agreement with the Habiganj Agriculture University as we always put utmost importance to taking our services to students at a nominal cost."
Sadekuzzaman said: "From the collection of tuition fees to distribution of stipends to university students to payment of salaries to employees, all will now be done through Nagad."
Raise awareness about intellectual property : FBCCI
Leaders of FBCCI in a discussion on Thursday said intellectual property protection is essential for the country's economic growth and government revenue collection, along with proper valuation of creative industries.
The Federation of Bangladesh Chambers of Commerce and Industry said businesses think raising awareness is important for the protection of intellectual property. Ensuring the implementation of the law is also important.
This came up during the first meeting of the FBCCI Standing Committee on Intellectual Property Rights held at the FBCCI office on Thursday.
The businesspeople also mentioned that if the recommendations sent for the protection of intellectual property are stuck in the government offices for a long time, people will be demotivated to work on it.
Addressing the meeting as chief guest, FBCCI Vice President M A Momen said, “The government must work to protect intellectual property.”
Momen informed that the potential of Bangladesh will be highlighted in front of the representatives of different countries at the upcoming Bangladesh Business Summit to be held on the occasion of the FBCCI’s 50th anniversary.
FBCCI Director Hasina Newaaz, Md. Shafiqul Islam Vorosha, Abu Motaleb, Hafez Harun, Iqbal Shahriar, Md. Naser, Dr. Nadia Binte Amin, Akkash Mahmood were also present at the meeting. Advisor Manzur Ahmed, Committee Co-Chairman Manzurur Rahman, M S Siddiqui, Mohammed Khorshed Alam, SOM Rashedul Quayum, Osman Gani also spoke in the meeting.
Abidur, Masum new DMDs of Southeast Bank
The Board of Directors of Southeast Bank Limited promoted Abidur Rahman Chowdhury and Md Masum Uddin Khan to the rank of Deputy Managing Director (DMD) of the bank.
Prior to this position, Abidur Rahman was serving as a senior executive vice president (SEVP) and head of the branch at the principal branch of Southeast Bank Ltd, said a press release.
He is a certified expert in risk management from Frankfurt School Finance and Management, with him more than 26 years of banking in different positions including manager of a corporate branch in the same bank.
He started his journey with Southeast Bank in 1996 as a probationary officer.
Prior to the promotion, Md Masum Uddin Khan served as head of the Credit Risk Management Division and senior executive vice president at Southeast Bank Limited.
He started his career at Agrani Bank Limited in 1996, and later served BASIC Bank Limited.
Before joining Southeast Bank Limited in 2019, he also worked at The City Bank Limited. He has 26 years of versatile experiences in Credit Risk Management, Foreign Trade, Micro Credit, Branch Banking and Special Asset Management etc, added the release.
APR showcases 'pioneering solutions' in textile at DTG 2023
Indonesia's Asia Pacific Rayon (APR), a producer of viscose rayon, is showcasing and providing samples of its yarns and fibres at the 17th Dhaka International Textile and Garment Machinery Exhibition.
The four-day exhibition that began Wednesday is expected to provide an opportunity for local textile and garment manufacturers to meet their global suppliers and experience their digital solutions and innovations.
APR is Asia's "first fully integrated" viscose rayon producer from plantation to viscose fibre and the only Indonesian company that has joined the exhibition.
The company is sharing information on its sustainability commitments under its APR2030 agenda, including the responsible sourcing of fibre for viscose production. Some of the APR2030 targets include reducing its product carbon footprint per tonne of viscose staple fibre by 50 percent.
APR said it will continue to derive 100 percent of its mill's energy needs from renewable and clean energy sources, investing in solutions to improve process efficiency and recovery systems and accelerate innovation in textile recycling, using 20 percent waste composition in its viscose production.
The company's mill in Pangkalan Kerinci, Riau, Indonesia, produces 240,000 tonnes of viscose staple fibre annually "using state-of-the-art production facilities and innovation while ensuring environmental-friendly production."
APR is the "first viscose manufacturer" in Indonesia to earn the sustainable textile production (sTeP) certification from OEKOTEX, an independent Swiss-based certification organisation for viscose staple fibre.
The company sells to more than 20 countries globally, including key markets like Turkey, Pakistan, and Bangladesh.
Bangladesh is the second largest export market for APR with around 20 percent share of the company's total export.
Viscose-rayon is a fully biodegradable alternative to acrylic, polyester, nylon, and other petroleum-based synthetic fabrics. The demand for viscose rayon is poised to grow at a CAGR of 4 percent by 2028 as fashion brands shift to non-fossil fuel-based materials.
Soft as cotton, breathable, and smooth as silk, viscose rayon drapes beautifully and provides comfort and design versatility.
"Bangladesh is a key market for us. Our VSF (viscose-staple fibre) business will continue to expand into the international markets by partnering with others in the textile value chain. We are committed to responding to customer demand for sustainable viscose with quality, differentiated product offerings, and competitive pricing," said Tapan Sannigrahi, vice-president of marketing and downstream development of APR.
Read more: Bangladesh RMG industry gearing up with latest innovations & technologies: BGMEA
NBR chair urges Pran-RFL to invest more in heavy industries
National Board of Revenue (NBR) Chairman Abu Hena Md Rahmatul Muneem has urged Pran-RFL Group to invest more in heavy industries.
"It will not only enrich our economy but also create huge employment in the country," he said while visiting the industrial park of Pran-RFL in Habiganj Tuesday.
Ahsan Khan Chowdhury, chairman and chief executive officer of Pran-RFL Group, welcomed the NBR chairman.
Abu Hena visited various manufacturing units of the industrial park, including biscuit, juice and beverage, confectionery, liquid glucose, transformer and bicycle. He also inaugurated new plants of noodles and cables.
Ahsan said: "Pran-RFL's Habiganj Industrial Park has changed the overall economy of the district. Around 25,000 people are working in the industrial park."
Read more: German engineering delegation visits Pran-RFL Industrial Park
BSEC approves Tk50 crore mutual fund PLI AML 1st Unit
The capital market regulator has approved the draft prospectus of a Tk50 crore open-ended mutual fund – PLI AML 1st Unit Fund.
"The go-ahead came at the 856th meeting of the Bangladesh Securities and Exchange Commission (BSEC) Wednesday. BSEC Chairman Professor Shibli Rubayat-ul-Islam presided over the meeting," Mohammad Rezaul Karim, BSEC executive director and spokesperson, told UNB.
The sponsor of the mutual fund is Popular Life Insurance Company which initially invested Tk25 crore, and the remaining Tk25 crore is open for the general investors.
The face value per unit of the fund is Tk10; PLI Asset Management is the fund's asset manager while ICB Capital Management is its trustee. Brac Bank will act as custodian of the fund.