business
Haier launches new 4K Google TV, opens new outlet in Dhaka’s Bashabo
Haier has launched a new 4K Google TV and opened its new showroom in Dhaka’s South Bashabo on October 16.
The grand opening features an exclusive offer of up to 31% off on all products for three consecutive days, along with a free washing machine when buying a refrigerator, according to a press release.
Also read: Inverter AC Prices in Bangladesh in 2023
The brand-new P7 HQLED 4K Google TV is equipped with next-generation features such as hands-free voice control, Dolby Vision and Atmos, Google TV OS with 10,000+ apps, and much more. The P7 series will be available in five different sizes, ranging from 43 inches to 75 inches, it said.
Wang Xiangjing, deputy managing director, and Ashraful Alam, director of Sales Operations, were present at the opening ceremony to celebrate the launch of the new showroom.
Also read: Banglalink signs agreement with Haier
Haier's commitment to delivering high-quality products and services, coupled with its innovative and customer-centric product range, positions the company as a global leader in the major appliance industry, according to the release.
Also read: Bongo partners with Haier Smart TV
The newly inaugurated Bashabo showroom in Dhaka is a testament to Haier's unwavering dedication to expanding its presence and providing exceptional products and services to customers in Bangladesh, it also said.
Banglalink customers to get most discount on iPhone 15 purchase
Telecom operator Banglalink has partnered with IPDC EZ, Apple authorised reseller Salextra Ltd and exchange partner SWAP BD Ltd to provide customers with an exclusive range of value deals on the new iPhone 15 series.
Banglalink also aims to offer maximum value to its customers through this collaboration and partnership. The benefits include special price EMI payment options, exclusive gifts, and data bundles. Customers can pre-order the iPhone at Banglalink centres across the country, which provides access to cardless EMI with 0% interest, according to a press release.
Also read: Banglalink signs agreement with Palli Sanchay Bank to provide high quality digital solutions
Banglalink customers may also obtain an authorized iPhone 15 by trading in an existing smartphone during this pre-booking campaign or purchase the iPhone 15 using a credit card, allowing for EMI payments over a period of up to 36 months. For those who make a cash payment, special price benefit can be availed also, it said.
This pre-book deal also includes goodie bags, in addition to the IPDC EZ cardless EMI and Swap's Exchange offer, Banglalink is also offering free eSIM conversion and a special data offer, along with various other perks, to all users who participate in the iPhone 15 pre-order.
Also read: Banglalink wins Ookla Award for the 7th consecutive time
Customers can use the following website to locate Banglalink centres “https://banglalink.net/en/store-finder” or call 16519 for queries on receiving loan from IPDC to buy iPhone 15 on EMI.
“We are very happy to bring this exciting offer for the entire series of new iPhone 15. With this pre-booking offer customers will get several additional benefits including Free eSIM conversion. We at Banglalink continuously try to bring exciting new offers to all segments of customers,” said Upanga Dutta, chief commercial officer at Banglalink.
Also read: Banglalink Youth Fest 2023 launched
“The offer also comes with Trade Ins and 0% EMI. We hope this attractive pre booking offer will make buying or upgrading new iPhone15 easy for our customers,” Dutta added.
Walton receives US$ 32m worth export orders from China’s Canton Fair
Bangladesh's electronics products manufacturing firm ‘Walton’ has received a huge orders worth US$ 32 million dollar from global buyers at the world's largest trade show 'China Canton Fair'.
The importers, traders and buyers of the electronics and electrical products attended from different countries at the expo were surprised by witnessing Walton’s products fridge, air conditioner and electrical appliances' advanced technologies, features, aesthetic designs, world-class quality and affordable rates, said a media release on Saturday.
Abdur Rauf, vice-president of Walton Global Business Section and chief coordinator of Walton Pavilion at Canton Fair, said the representatives from different foreign companies including from Asia, Middle East, Africa, Europe, North and South America have already assured the organisation of placing orders worth US$ 32 million for fridge, AC and electrical appliances from Bangladesh, it said.
Read: Walton-DRU Media Football advances to quarter-finals on Sunday
Tofail Ahmed, chief business officer of Walton Refrigerator, said, "We received huge responses beyond our expectations at the 'Canton Fair'. From the beginning day of the fair, a good number of electronics product's importers and buyers thronged at Walton Pavilion. And, the traders from Brazil, Argentina, America, Germany, Spain, Italy, Africa, Sri Lanka and India showed keen interest in importing more than $30 million worth fridges from the super brand Walton, according to the release.
Md. Tanvir Rahman, CBO of Walton Air Conditioner, said Walton's huge power saving, sustainable, eco-friendly and high efficient smart split type and VRF air conditioners lured the global buyers and visitors at the fair. Specially, Walton's IoT based inverter technology's offline voice control AC were in the center of the buyers' attraction as this AC can be operated in any language of the world.
He noted that Walton secured the top position in the Bangladesh's electronics and electrical market. Meeting the local market’s demands, Walton products are being exported to more than 40 countries of the world. Now, Walton's vision is to be one of the top global brands in the world by 2030. China's 'Canton Fair' will play an important role in achieving that vision, it continued.
Read: Walton appoints new chairman, vice-chairman and MD
Mentionable, the first phase of the 134th Autumn Canton Fair was held from 15 to 19 October, 2023 at the China Import and Export Fair Complex in Guangzhou city. Walton is the only Bangladeshi electronics' brand took part in the Canton Fair for the third times and highlighted Bangladesh's revolutionary advancement in the electrical and electronics manufacturing industry.
Read more: Walton to unveil advanced features fridges at China's Canton Fair
Staff-level agreement reached with IMF for next tranche of $4.7 bn loan
The International Monetary Fund (IMF) mission and Bangladesh have reached a staff-level agreement on the policies needed to complete the first review for $681 million in the second portion of its $4.70 billion loan.
The IMF issued the statement after concluding its first review through a series of meetings with the stakeholders of Bangladesh.
The staff-level agreement is subject to IMF Management approval and Executive Board endorsement, which is expected in the coming weeks, the statement said.
The Bangladeshi stakeholders and IMF staff conducted discussions for the 2023 Article IV consultation and reached staff-level agreement on the policies needed to complete the first review under the ECF/EFF/RSF arrangements, the statement further said.
The global lender of last resort said that Bangladesh has made substantial progress on structural reforms under the IMF-supported program, but challenges remain. Continued global financial tightening, coupled with existing vulnerabilities, is making macroeconomic management challenging, putting pressures on the Taka and FX reserves.
It said further monetary tightening, supported by neutral fiscal policy, and greater exchange rate flexibility, is needed to restore near-term macroeconomic stability.
Article IV policy consultation focused on reforms to create additional fiscal space for social and developmental spending; modernize policy frameworks; enhance governance; and strengthen climate resilience.
The IMF team is also grateful to the Bangladesh authorities and other stakeholders for their hospitality and candid discussions.
The team held meetings with Finance Minister A H M Mustafa Kamal, Bangladesh Bank Governor Abdur Rouf Talukder, and other senior government and central bank officials. The team also met with representatives from the private sector, think tanks, bilateral donors, and development partners.
ICC will work with FBCCI in arbitration and skill development sectors
The International Chamber of Commerce (ICC) has expressed its eagerness to assist the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) in handling dispute resolution and arbitration.
FBCCI President Mahbubul Alam on Wednesday told UNB that the issues came when he held a meeting with Maria Fernanda Garza, chair of the International Chamber of Commerce (ICC), two days ago in Dhaka.
Also read: FBCCI, EU keen to strengthen bilateral trade ties
Alam said the meeting discussed different issues from skill development to capacity enhancement involving international trade and legal affairs.
The ICC chair also expressed her interest in facilitating training programmes in partnership with the FBCCI, Alam said.
“The services of arbitration offered by the ICC are extraordinary and unique. We have a lot to learn about how dispute prevention and resolution are managed by the ICC,” Alam said.
Also read: Myanmar ambassador meets with FBCCI, keen to start direct flight
“The ICC has already offered several training programmes in this field. We will sign an MoU with the ICC to strengthen the arbitration training of the FBCCI, which will be very beneficial for us,” Alam said.
The FBCCI boss also sought cooperation from the ICC to help enhance the private sector's skill in order to draft appropriate and acceptable proposals for the PTAs and the FTAs, dumping, and anti-dumping issues.
Alam also lauded the friendly and cooperative relations with the ICC Bangladesh.
The ICC chair shed light on the new arbitration facilities offered by the ICC and the ICC Centenary Declaration on Dispute Prevention and Settlement.
Released on 19 January 2023, this declaration outlines a vision for arbitration in the next century, shortening the process significantly.
Also read: FBCCI will work to bring back golden past of jute, says its president
She also praised the remarkable economic development of Bangladesh, especially the country's progress in recent years.
Maria stressed the importance of cross-border commerce, especially during the today’s uncertain global landscape. She also discussed the importance of cutting-edge technology and cybersecurity in the business sector.
Former President of FBCCI and the President of the ICC Bangladesh Mahbubur Rahman, Former President of FBCCI Mir Nasir Hossain, FBCCI Vice President Khairul Huda Chopol, Mohammad Anwar Sadat Sarker, Md. Munir Hossain, Directors, and other dignitaries attended the meeting held on Monday in Gulshan.
Business confidence hit hard amid economic downturn, structural challenges: Report
The country’s business confidence has been hit hard amid economic downturn and structural challenges, according to Business Confidence Index (BCI) report.
LightCastle Partners, a leading business consulting firm, launched the fifth edition of its flagship publication, The LightCastle Business Confidence Index (BCI) 2022-23, at a hotel in the capital on Tuesday afternoon.
The BCI report meticulously evaluates the perspectives of 167 industry leaders representing 25+ sectors, including multinational corporations, local conglomerates, startups, and SMEs, providing a comprehensive snapshot of Bangladesh's dynamic business landscape.
The report delves into the private sector's journey amidst economic headwinds driven by geopolitical challenges, with a specific focus on the impact of the Russia-Ukraine war.
Furthermore, it presents the expectations of thought leaders for the economy, considering industry performance and growth six months into the future.
The report finds that despite facing structural shifts, Bangladesh’s private sector has shown a positive outlook in cumulative business sentiment – represented by an overall score of +6.69. Interestingly the local SMEs have fared better (+14.91) than local conglomerates and MNCs (+6.31).
The difference in scores is mainly driven by external factors as the performance of the larger organizations tends to fluctuate more significantly with the changes in the global market.
While the 2023 BCI remains positive, it is relatively lower than the previous year’s (+28.69), indicating a subtle deceleration in overall business sentiment. Slower economic growth, rising costs, and reduced consumer demand have contributed to a lower but positive confidence index this fiscal year.
According to the BCI survey (done from March to June this year), the businesses have ranked top five problem areas as: rising cost of raw materials, lack of beneficial policy implementation, difficulty in accessing finance, weak demand, and inefficient human resources.
Nearly 70% of businesses surveyed reported being impacted by the rising costs of raw materials and weak demand, which are primarily attributed to the ongoing Russia-Ukraine conflict. Financial challenges surfaced as a result of financial irregularities, high level of NPL, cash shortages, reduced savings, and currency devaluation. Inefficient human resources and lack of beneficial policies have been consistent issues in previous BCI surveys and are highly demanded to be resolved for better business efficiency.
Industry leaders highlighted higher projections across sales, consumer demand, selling price, and employment; profitability, investments, and exports are expected to remain on the lower side. The rising expenses and difficulties in managing operational cash flow have led companies to abandon their hopes of higher profitability in the next 6 months. They are also forfeiting further investments to maintain necessary cash reserves to withstand any potential volatility.
As part of the launching event, a roundtable discussion was held with the participation of the industry leaders.
M Masrur Reaz, Chairman and CEO of Policy Exchange Bangladesh, moderated the discussion.
M Masrur Reaz said, “What an index can do is help give a structured snapshot and quantify a situation, making it more comprehensible for industry leaders and policy makers. It also helps businesses, foreign investors, in making their decision, who look at documents like Doing Business Index, which was discontinued.”
Ivdad Ahmed Khan Mojlish, Managing Director, LightCastle Partners, welcomed the participants, while Zahedul Amin, Director, LightCastle Partners, kicked off the event by presenting the key findings of the report.
Bijon Islam, Chief Executive Officer (CEO) of LightCastle Partners, was also present at the event.
LightCastle Partners is a leading consulting firm in Bangladesh, working closely with private, public, and development sector clients, providing them with the insights they need to make informed decisions for their businesses and development projects.
Over the past six years, LightCastle has been conducting the annual business confidence index study to gauge the confidence level among business leaders, encompassing a multitude of sectors.
The BCI report is publicly available and can be downloaded from www.lightcastlebd.com.
HATIL’s ‘slim is smart’ has global appeal: Marketing Director Moshiur Rahman
HATIL’s “Slim is Smart” slogan has global appeal, according to Moshiur Rahman, the furniture brand’s director of marketing.
“At our showrooms abroad, we see that customers like our designs and are interested in them,” he said. “Those who are looking for furniture like IKEA but of slightly better quality and are willing to pay a bit more, prefer HATIL furniture over IKEA's.”
Over a span of 26 years, while being an integral part of HATIL, Director of Sales and Marketing Moshiur Rahman has been witness to some of the most pivotal transformations that the nation's foremost furniture brand has undergone.
During an exclusive interview with United News of Bangladesh (UNB), Director Moshiur shared his personal journey, HATIL’s sales and marketing strategies that have propelled it to become the nation's top furniture brand, and future prospects, among other topics.
‘Didn’t want to take business as a career’
Before stepping into the realm of HATIL in 1997, Director Moshiur Rahman had some different plans in mind.
Despite being one of the five sons of the visionary businessman late Al-Hajj Habibur Rahman, the founder of H.A. Timber Industries Ltd, Moshiur didn't initially aspire to follow in his father's footsteps.
“I completed my bachelor's and master's degrees in English literature,” he said.
“I wanted to study English literature and become a teacher, and I also wanted to write,” he added.
Despite his involvement with the country's leading furniture brand, Moshiur continued to pursue his desired path up to a certain point.
“I have done some writing, including books of poetry and novels. At some point, I also worked as a teacher at a university (for a few months),” he told UNB.
From ‘for those who could afford’ to ‘for everyone’
As part of the country’s leading furniture brand, Moshiur has been a witness to all the significant transformations in HATIL's business, sales, and marketing strategies over the past 26 years.
“Initially, our strategy was to make furniture not for everyone but for those who could afford the very best. However, our strategy has changed now. We are now targeting not only the affluent but also the middle-class,” he said.
For Moshiur Rahman, trade fairs have been the most pivotal part of HATIL’s marketing strategy since 1995 — the first time HATIL participated in a trade fair.
“Participating in trade fairs was a significant part of our marketing strategy because these trade fairs used to provide us with some breakthroughs. We used to experience a significant boost in sales during each fair,” he said.
Read more: Commitment to quality behind HATIL’s success: Director Mahfuzur Rahman
“After each fair, we would supply the products showcased for the next one or two months.”
These fairs have assisted HATIL in shaping their strategy, enabling them to offer the same product model at various price points, ranging from high-end to more affordable, depending on the materials used in manufacturing these products.
“We introduced a unique sofa design for HATIL at the 1997 trade fair. We named this model ‘Mela 97’ and it received around 100 orders,” Moshiur Rahman recalled. “We offered the same model at different price points based on the type of wood we used to manufacture it.”
“This is when we started thinking about how to offer our products at a more reasonable price,” he added.
‘Slim is smart’ at the center of HATIL’s success
Like many other brands in the furniture industry, HATIL's furniture designs differed significantly from the ones we see today.
“Our furniture designs were not as modern as they are now; we used to follow more traditional designs,” Moshiur said, referring to the slim and minimalistic design which is at the center of the brand’s success.
“People nowadays prefer slim-designed furniture because urban apartments are becoming smaller in size,” he said.
GP Academy, Brighter Tomorrow Foundation prioritise mental health of youths
Grameenphone’s flagship learning platform, GP Academy, in partnership with the Brighter Tomorrow Foundation, organised an event dedicated to the mental health of young adults.
The event titled "Mental Health is a Universal Human Right" was held at the GPHouse on Sunday and aimed to address this pressing issue by bringing about 100 students and their parents together to focus on mental health awareness.
Also read: GP Explorers: 2nd batch graduates from Grameenphone's in-house skill academy
Addressing the function, Planning Minister MA Mannan said investing in youth development, both in terms of skills and mental well-being, is paramount for our nation's progress.
He appreciated the collaboration between GP Academy and Brighter Tomorrow Foundation, saying that it reflected the pressing need to address mental health challenges among the youths.
Also read: ‘Run for Life’ at Du campus Monday
“As we strive towards building a Smart Bangladesh, we recognize the vital role of a younger demographic who are not only skilled but also mentally resilient," he said.
Dr Mohit Kamal, former director of National Institute of Mental Health; and Joyosree Zaman, founder president of Brighter Tomorrow Foundation and Rasna Hasan, head of Strategic Projects and Partnerships at Grameenphone, also spoke on the occasion, among others.
Also read: '18 years to create a knowledge-based economy': Palak
Yasir Azman, CEO of Grameenphone, said his organisation is committed to reducing the digital divide and, at the same time, ensuring a safer digital space for young people.
Professor Mohit Kamal said now anxiety and depression are building among young people for their studies, careers, and many more reasons, which affect their mental health.
“We want to instill messages of positivity among the youth and give them courage in the face of uncertainty, as this readies them for the future”, he added.
No tax fair, NBR will organise tax support service to smooth returns submission
No tax fair this year. Instead, the National Board of Revenue (NBR) will organise a nationwide special support service at tax zone office premises to help taxpayers submit their income tax returns from November 1 to 30.
NBR Chairman Abu Hena Md Rahmtul Muneem told UNB that the revenue board will provide a festive mood in the tax zones' office premises along with enough held desks to cooperate with people in submitting returns.
Also read: NBR’s collection falls by Tk 4870 crore in first two months of current fiscal
He said 649 tax circles of 31 tax regions will arrange the special support service so that tax submission-related necessary support could be made available for people.
The NBR head said their support centers will also help new taxpayers have e-TIN registration and re-registration.
On the website of each tax region, return forms, poripotra, filling-out instructions, video tutorials, and other related documents will be made available, he said.
Also read: NBR revenue grew 15.38 percent in July, VAT by 21.51 percent
The revenue board has given some instructions to the tax offices such as each tax zone has its own website to be updated with information. Various income tax-related forms, circulars, return-filling guidelines, video tutorials, and other necessary information should be inserted on that website.
Tax zones will continue to promote the campaign through digital media to inform and aware people submitting tax returns.
Tax information services will be provided in the first two weeks of November by setting up return acceptance booths and help desks at the secretariat for government officials, officers club Dhaka University, and Dhaka Cantonment.
In the first week of December, an award ceremony will be held in the capital awarding the best taxpayers of the National Tax Card and Tax Zones of Dhaka.
Out of Dhaka, in 4 tax zones of Chittagong centrally and all other tax zones under their own management will give district and city cooperation wise best taxpayer award through proper formalities.
Also read: NBR earned highest Tk1.25 lakh crore from VAT in FY23
Made in Bangladesh Hyundai TUCSON now at Tk 53.5 lakh
Fair Technology, the authorised manufacturer and distributor of Hyundai is now offerin the all-new Hyundai TUCSON- Made in Bangladesh at Tk 53.5 lakh.
Director and CEO of Fair Technology Ltd Mutassim Daiaan, in a press conference on Monday, announced the price of TUCSON, according to a press release.
“Even as the market is experiencing an inflationary trend, we are reducing the price of TUCSON to more than 10 lac taka. This move not only reflects Hyundai’s strong commitment to local manufacturing but also cares for the customer, who will be greatly encouraged to buy the popular SUV,” said Mutassim.
Read:Bangladesh urged IMF to downsize required reserves to $20 billion for next loan instalment, says official
He highlighted the company’s ethos of “More Promise” for every Hyundai Tucson customer. The SUV now comes with an enhanced package, offering a 1.6-litre turbo engine, with 5-year warranty/100,000 km, and 10 free services within the same period, it said.
Additionally, buyers can avail themselves of an assured buyback facility of up to 70 percent within three years or 40 thousand kilometers, it added.
Fair Group Head of Communication Hasnain Khurshed, Head of Marketing J M Taslim Kabir, Fair Technology Head of Sales Abu Naser Mahmud, Manager-Sales Operations Ataur Rahman, and Product Manager Rubaiat Uddin were present at the press conference.
Read: 10th anniversary of Belt and Road Initiative: Leaders of emerging countries in Beijing for meeting
To further advance the automobile sector of Bangladesh, Fair Technology of Fair Group has established Hyundai Manufacturing Plant at Bangabandhu Hi-Tech Park, Kaliakoir, Gazipur. With seven showrooms and three service centers positioned in Dhaka and Chattogram, Fair Technology is providing world-class after-sales service to the buyers of various models of Hyundai cars, which is in the process of expanding many more, the release also said.