business
Padma Bank signs deal with central bank to provide loans to small, marginal entrepreneurs
Padma Bank PLC and Bangladesh Bank have signed an agreement to provide loans to small and marginal entrepreneurs and communities.
The agreement was signed at the Bangladesh Bank headquarters in Motijheel recently.
Under the agreement, Padma Bank will provide collateral-free loans at a maximum interest rate of 7 percent and up to taka 5 lakh to marginal/landless farmers, low-income professionals, and small businesses with accounts of Tk 10, Tk 5 and Tk 100.
Trade between Bangladesh-India through Hili land port suspended
The loans will be provided through all branches and sub-branches of Padma Bank across the country.
The agreement is expected to increase access to finance for small and marginal entrepreneurs and communities, thereby stimulating economic activities and promoting overall economic growth in Bangladesh.
Dr. Mohammed Emtiaz Uddin, Deputy Managing Director and Chief Business Officer of Padma Bank PLC, and Mr. Md. Amir Uddin, Executive Director (Director, F.I.D) of Bangladesh Bank, signed the agreement on behalf of their respective organisations.
Abeda Rahim, Additional Director of Bangladesh Bank, and Md. Riazul Islam, EVP and Head of SME and Agriculture Banking Division of Padma Bank, were also present at the signing ceremony.
Banglalink provides country's fastest internet
Banglalink, the country's innovative digital operator, has announced that it has won the Ookla® Speedtest Award™ for the "Fastest Mobile Network" in Bangladesh, a distinction maintained consistently over the past four years.
This recognition underscores Banglalink's unwavering commitment to delivering unparalleled network performance and reliability. Banglalink secured the top spot in Ookla's Speedtest Report for Q3-Q4 2023, achieving an impressive Speed Score™ of 32.65 Mbps, making this win 8th time in a row.
Drawing from daily results gathered through the Ookla Speedtest® app each day, it gives the most accurate and comprehensive view of worldwide network performance, quality, and accessibility, according to a media statement.
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Erik Aas, CEO of Banglalink, said, "Our steadfast commitment to a customer-centric ethos is demonstrated through the delivery of the nation's fastest internet. We have undertaken a significant expansion, doubling our network reach, to empower our customers with unparalleled connectivity. By unleashing the power of the fastest internet, Banglalink is actively paving the way for a Smart Bangladesh, setting the industry standard for internet excellence."
"After conducting an in-depth analysis of consumer-initiated tests taken with Speedtest, Banglalink has been named the Fastest Mobile Network in Bangladesh by Ookla's Speedtest Awards, making this win 8th time in a row," said Stephen Bye, president and CEO of Ookla, a division of Ziff Davis.
"This award is given to mobile network operators that demonstrate exceptional speed and performance in comparison to other major mobile networks in the market for Q3-Q4 2023. We are thrilled to acknowledge Banglalink for this achievement, which is the result of their unwavering focus on delivering a superior network experience to their customers, Stephen added.
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This accomplishment is particularly significant for its growing subscriber base of 43 million and a network supported by 16,000+ towers spread across the nation, featuring the highest spectrum allocation per customer in the industry.
Trade between Bangladesh-India through Hili land port suspended
Export-import between Bangladesh and India through Dinajpur’s Hili land port remained suspended on Monday on the occasion of the holy Shab-e-Barat.
However, movement of travellers through the land port remained normal.
Mostafizur Rahman, general secretary of Hili Land Port Importer-Exporter Group, said trade through the border remained suspended due to the public holiday on the occasion of Shab-e-Barat.
The trade through the land port will resume from Tuesday, he said.
Sheikh Ashraful, Officer-in-Charge (OC) of Hili Immigration Check Post, said although the trade between the countries was suspended passenger movement remained as usual.
REHAB election on Feb 27
The voting for the biennial committee of the Real Estate and Housing Association Bangladesh (REHAB) for session 2024–26 will be held in Dhaka on February 27.
The election will start at 10 am and continue till 4 pm without any break at the pre-scheduled venue, Farmgate Krishibid Institution Bangladesh (KIB), according to a media release signed by the REHAB DGM Md A Rashid Babu.
A total of 86 candidates are contesting for 29 director posts in Dhaka, while seven candidates are contesting for three director posts in Chattogram.
A total of 476 voters were elected from the members.
In his annual letter, Warren Buffett tells investors to ignore Wall Street pundits
Warren Buffett credited his longtime partner — the late Charlie Munger — with being the architect of the Berkshire Hathaway conglomerate he's received the credit for leading and warned shareholders in his annual letter Saturday not to listen to Wall Street pundits or financial advisors who urge them to trade often.
Buffett said he always writes his letter with smart, long-term investors like his sister Bertie in mind and tries to tell them what he thinks they'd like to know about Berkshire.
“She is sensible – very sensible – instinctively knowing that pundits should always be ignored,” Buffett wrote about Bertie. “After all, if she could reliably predict tomorrow’s winners, would she freely share her valuable insights and thereby increase competitive buying? That would be like finding gold and then handing a map to the neighbors showing its location.”
Buffett told investors that Berkshire is a safe place to park their cash as long as they don't expect the “eye-popping performance” of its past because there are no attractively priced acquisition targets out there big enough to make a meaningful difference in the Omaha, Nebraska-based company's results. But he said Berkshire will be ready to swoop in with its $167.6 billion whenever the casino-like stock market seizes up.
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Investor Cole Smead of Smead Capital Management said Buffett is reassuring investors that “we'll be ready to buy things when things finally get rational” while warning about the dangers of Wall Street that “is like a denizen of thieves, and they'll sell you what they can sell you.”
Munger, Buffett’s longtime investing partner, died in November at age 99 — taking away one of the key sounding boards Buffett relied on over the decades as Berkshire acquired companies like See’s Candy, Geico insurance, BNSF railroad and others to reshape the failing textile mill they took over in the 1960s into the massive eclectic conglomerate Berkshire is today.
Buffett already devoted part of last year’s annual letter to Berkshire shareholders to a tribute to Munger, but this year’s version led off with even more praise for the revered curmudgeon’s contributions to Berkshire over the years. Buffett said “Charlie was the 'architect' of the present Berkshire” who realized early on that it was better to buy wonderful businesses at fair prices.
“Charlie never sought to take credit for his role as creator but instead let me take the bows and receive the accolades,” Buffett wrote. “In a way his relationship with me was part older brother, part loving father. Even when he knew he was right, he gave me the reins, and when I blundered he never – never – reminded me of my mistake.”
Munger’s death served as yet another reminder that Berkshire will one day have to move forward without the 93-year-old Buffett at the helm.
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Berkshire has established a succession plan and said that Vice Chairman Greg Abel will one day replace Buffett as CEO while the company’s two other investment managers will take over the stock portfolio. Abel has already overseen all of Berkshire’s many noninsurance businesses since 2018, and managers at those companies say investors shouldn’t worry about Abel’s ability to lead the company. To a great extent, Berkshire lets its companies run themselves on a day-to-day basis while headquarters decides where to invest all the cash they generate.
Buffett told investors in his letter that Abel “in all respects is ready to be CEO of Berkshire tomorrow.”
Edward Jones analyst Jim Shanahan found that comment about Abel comforting, but the question is whether he'll be ready to take advantage of a big opportunity when there is a financial panic because Abel might be afraid that his first big investment would be a dud.
“I have no doubt. given his operational background, that he can step in and run Berkshire today, but I don’t know if he’s ready to commit a huge amount of capital,” Shanahan said.
Buffett also recounted how Berkshire's insurance businesses thrived last year, but its massive utilities and BNSF railroad disappointed. He also told shareholders how he never plans to sell its stakes in nearly 30% of Occidental Petroleum and 9% of five large Japanese trading houses, but he reiterated that he has no plans to buy the oil producer outright.
Berkshire's eclectic mix of businesses, combined with the strong performance of its investments, delivered a profit of $37.57 billion, or $26,043 per Class A share, in the fourth quarter. That's more than double the $18.08 billion profit, or $12,355 per Class A share, that Berkshire reported a year earlier.
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But Buffett cautioned that investors should largely ignore those bottom line figures because they are swayed so much by the paper value of its investments. Instead, he has long urged investors to pay attention to Berkshire's operating earnings that exclude investments.
By that measure, Berkshire reported a 28% jump in operating earnings to $8.48 billion, or $5,878.21 per Class A share. That's up from $6.63 billion, or $4,527.06 per Class A share.
The three analysts surveyed by FactSet Research predicted that Berkshire would report quarterly operating earnings of $5,717,17 per Class A share.
Berkshire’s stock has set a series of new records in recent weeks, most recently peaking at $632,820 per Class A share Friday morning as investors eagerly anticipated Buffett’s letter. Buffett is revered for his remarkably successful track record and the sage advice he has offered over the decades. His annual letter is always one of the best-read reports in the business world.
Berkshire also spent $2.2 billion repurchasing its own shares in the fourth quarter, bringing the total to $9.2 billion for the full year.
But the cash continues to pile up to record levels at Berkshire because Buffett can't find any huge investments at reasonable prices.
One of the biggest acquisitions Berkshire did make recently was the purchase of the last 20% of the Pilot truck stop business it hadn’t already bought as part of a 2017 deal. But that transaction with the Haslam family got messy last year with both Berkshire and the Haslams accusing each other of trying to manipulate Pilot’s earnings to affect the price Berkshire had to pay.
The dueling lawsuits over that deal generated headlines with bribery allegations and other alleged misdeeds before being settled in January. Berkshire completed the purchase of the nation’s largest truck stop operator last month for only $2.6 billion.
Buffett didn't directly comment on that deal, but he may have been hinting at it when he recounted classic advice from 1863 urging all banks to “never deal with a rascal” that he said he's learned the wisdom of over the years.
“People are not that easy to read," Buffett said. "Sincerity and empathy can easily be faked. That is as true now as it was in 1863.”
BGMEA, MAQI Technology enter into partnership to boost competitiveness in RMG industry
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and MAQI Technology Group Co Ltd have entered into a strategic partnership aimed at elevating the capabilities and competitiveness of the ready-made garment (RMG) industry through the integration of cutting-edge technology and advanced machinery and developing skills of workers.
The partnership, announced at a ceremony held at Radisson Blu in Dhaka on Saturday, aims to enhance the skills and expertise of RMG workers in operating advanced machines.
BGMEA President Faruque Hassan attended the event as the chief guest.
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Focused on providing comprehensive training programs, the partnership seeks to empower RMG workers with the latest skills required to excel in garment sewing.
Leveraging Euromac's state-of-the-art machines and technology, the initiative aims to establish modern lab facilities where aspiring sewing workers can hone their craft under the guidance of experienced instructors.
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Euromac will provide advanced machines and technical support to both BGMEA and the BGMEA University of Fashion and Technology (BUFT) to develop the skills and knowledge of both workers in the industry and students at BUFT, empowering them to thrive in the rapidly evolving landscape of garment manufacturing.
BGMEA President Faruque Hassan highlighted the industry's emphasis on leveraging technology, skills, and innovation to diversify products and capture higher-value segments of the global fashion market.
He highlighted the pivotal role of technology and skills development in ensuring the industry's relevance and sustainability in the face of evolving market dynamics.
4th Islami Finance Conference of AAOIFI Fellows Forum was held at BIBM
The 4th Islami Finance Conference of Bangladeshi AAOIFI Fellows Forum (BAF), was held at BIBM Auditorium in Mirpur in Dhaka on Saturday (February 24).
BAF is an organisation of fellows of 'The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)', a Bahrain-based Islamic banking and finance standard-setting organization.
Chair of BIBM and former Deputy Governor of Bangladesh Bank (BB) Ahmed Jamal was present as the chief guest in the opening session of the day-long conference.
Director General of BIBM Dr. Md. Syed Kamaluddin Zafree, the founder and chairman of the board of trustees of Bangladesh Islamic University, spoke as the guest of honour.
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The program was presided over by Professor Akhtaruzzaman, Islami Bank Bangladesh Plc Managing Director and Chief Executive Mohammad Monirul Moula presented a speech titled 'Entering the 5th decade of Islamic Banking in Bangladesh: Progress and Challenges' and a discussion titled 'Necessity of Risk Sharing Philosophy of Islamic Finance' was presented by Dr Obiyathulla Ismath Bacha, a professor Insafe University of Malaysia.
Around 500 domestic and international Islamic banking and finance experts, regulators, Shariah scholars, teachers, students, and professionals participated in this day-long conference, including 443 fellows of AAOIFI in Bangladesh.
In addition to this, three books’ covers were unveiled on Islamic banking and financing. Apart from this, the web site of BAF and IBCF was inaugurated.
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In the day-long conference, a total of 8 papers were presented in panel discussions by domestic and international Islamic banking and finance experts and professionals in various academic sessions.
Former Governor of Bangladesh Bank and Emeritus Fellow of BIBM Fazle Kabir was present as the chief guest in the closing ceremony of the conference.
Chairman of Al-Arafah Islami Bank Plc Abdus Samad, Deputy Governor of Bangladesh Bank Nurun Nahar, and former Deputy Governor AKM Sajedur Rahman Khan spoke as guests of honour. Humaira Azam, managing director and chief executive of Trust Bank Plc, gave a speech as a special guest.
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BAF president and associate professor of BIBM Md. Mohabbat Hossain, convener of the conference and Executive Vice President of Eastern Bank AKM Mizanur Rahman also spoke in the function.
Why Backbenchers are Often More Successful in the Professional World
Imagine a 12-year-old girl who’s constantly struggling with her studies. Her imagination runs wild with stories as she gets constantly bullied in school. Even later in university, the girl finds herself to be a below-par student with not much enthusiasm for academics.
While one would assume that it’s a dead end for a career, we’re of course talking about J.K. Rowling, the beloved creator of Harry Potter.
There are tons of examples of backbenchers succeeding in life, sometimes more than the toppers. What might be the reason behind that? Let’s explore.
Leading Through Example: The Successful Backbenchers
The list of successful backbenchers is surprisingly long. It's undeniable that many successful persons in today’s world had been bad students at some point in their lives. Consider the case of Virgin’s Richard Branson, Microsoft’s Bill Gates and Apple’s Steve Jobs. All of them reached the pinnacle of success in respective career paths even if they have histories of being dropouts in educational lives.
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There are even presidential candidates like Al Gore who weren’t particularly excelling in studies. Movie stars like Drew Barrymore, Benedict Cumberbatch, and Cameron Diaz have been outspoken about their rather lackluster academics.
It’s not difficult to find backbenchers who succeeded in life. The question is, why are they successful? What sets them apart from the toppers? The short answer is not being bound by the constraints of conformity. Backbenchers often have the freedom of not having to conform to societal expectations. They can take different routes, risks and even explore ideas that a topper usually won’t. While these risks and off-the-beaten-path approach paid off for many, it’s not always guaranteed to succeed.
Why are Backbenchers so Successful?
The entire idea that backbenchers are surprisingly successful comes down to a few points. Some of these are character traits, some are behavioral and some are situations surrounding the individual.
Out-of-the-Box Thinking
Believe it or not, the traditional education system based on learning and assessment dates back to the Industrial Revolution. The Darwinian theory of survival of the fittest somehow got incorporated in the education system as well which made it less about learning, and more about staying ahead in everything.
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This is where backbenchers are different. For them, classroom learning and grades aren’t everything. They might explore a variety of interests, which can lead to a more diverse skill set. This broader perspective can be advantageous in professions that require a holistic understanding of different disciplines. It can also contribute to a more well-rounded and adaptable individual.
In a first, Bangladesh imports Indian coconuts through Hili port
Bangladesh imported coconuts from neighbouring India through Hili land port in Dinajpur to meet local demand for the very first time on Thursday.
Two Indian trucks carrying 50 metric tonnes of coconut from Tamil Nadu state arrived at the local land port around 5 pm on Thursday.
Local business organization ‘M/S Nasat Traders’ imported the consignment of coconut costing $ 250 dollars per metric tonne.
Importer Nur Islam said they decided to bring coconuts from India considering a huge demand at the local market.
The imported coconuts would be sent to several parts of the country upon completing procedures at the port, he said.
Customs revenue officers of the port informed that for the first time two Indian trucks –loaded with coconuts entered Bangladesh on Thursday afternoon
Empowering the Future: Prioritization of Skills Development and Welfare for Women Workers Stressed for the Sustainable Growth of Bangladesh's Apparel Industry
Based on the 2023 data from the Export Promotion Bureau, the apparel sector is a cornerstone of Bangladesh's economy, contributing significantly to exports (84.5%) and employing more than 40 lakh workers, with 60% being women.
Despite their pivotal role, women in this industry face challenges in implementing their rights, exacerbated by market competition and the impact of automation, raising concerns about potential job losses.
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The need for a comprehensive examination of women's rights and well-being in Bangladesh's apparel industry is highlighted, emphasizing a focus on improving health, financial inclusion, and skills development for sustainable growth.
A recent dialogue organized by the country’s leading management consulting firm 'Lightcastle Partners' and 'Policy Exchange Bangladesh' addressed these issues and presented actions and recommendations for women workers' welfare in the garment industry, said a media release on Thursday.
The dialogue titled 'Embracing Wellbeing: Nurturing the Future of Apparel Workers in the Industry' was held at a hotel in Gulshan in the capital on Thursday, providing a platform for discussions on enhancing the well-being and future prospects of workers in the apparel industry.
The event was held to highlight the actions and recommendations for ensuring women workers' welfare for the sustainable development of the garment industry.
To ensure the sustainable growth of the industry, a collective effort is required to boost the productivity and well-being of workers, as emphasized during a dialogue attended by stakeholders in the garment sector, it reads.
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The strategy involves a dedicated focus on enhancing the health of women workers, promoting financial inclusion, and facilitating skills development to align with the evolving landscape of the industry. Experts made these remarks, underlining the significance of a comprehensive approach to establish a resilient and equitable environment for women in the apparel sector.
During the event, notable figures such as Md Selim Hossen, Deputy Secretary of the Commerce Ministry, Dr. M Masrur Reaz, Chairman and CEO of Policy Exchange Bangladesh, Zahedul Amin, Co-Founder and Director of Lightcastle Partners, Faisal Bin Seraj, Country Representative of the Asia Foundation, Ainee Islam, Director of Programme Development at The Asia Foundation, Dr. Syed Abdul Hamid, Professor at the Institute of Health Economics, Dhaka University, Dr. Mehruna Islam Chowdhury, Business and Human Rights Specialist at UNDP Bangladesh; Asif Ibrahim, Vice Chairman of New Age Group, Md Fazlul Hoque, Managing Director of Plummy Fashion, and Ferdaus Ara Begum, CEO of Business Initiative Leading Development (BUILD), among others, shared their insights.
The speakers acknowledged commendable initiatives by some factory owners for the welfare of women workers, though highlighting that a significant portion of owners has not proactively taken steps to enhance worker well-being.
The insights presented at the event were derived from the report titled 'Threads of Progress: A Comprehensive Landscape Study of the Apparel Industry and the Future of Women Workers,' a collaborative effort between LightCastle Partners and Policy Exchange.
Despite the sector's pivotal role in the country's economy, there is a notable gap in upskilling and reskilling initiatives for women workers, coupled with a neglect of worker well-being programs.