business
South African businessmen keen to invest in Bangladesh’s jewellery industry
South African businessmen have shown keen interest to invest in the jewellery industry of Bangladesh.
South African business delegation visiting Dhaka expressed this interest in a meeting with the executive committee of Bangladesh Jeweller's Association (Bajus) held at the Bajus office on Wednesday.
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Nokuthula Noki Ndlove, a member of the South African delegation, said that Bangladesh is a developing country and there is immense potential for investment in the jewellery sector.
Bangladesh's jewellery industry will progress if properly invested, she added.
Bajus Vice President Masudur Rahman said that the jewellery sector in Bangladesh is progressing day by day.
He urged the South African delegation to invest in this sector.
BGMEA President urges VF Corporation to source more high-value garments from Bangladesh
BAJUS executive committee member Pawan Kumar Agarwala said that the demand for diamond-studded ornaments in this country is increasing gradually. "But there is no diamond-cutting factory on a large scale."
He urged the South African delegation to invest in setting up diamond-cutting factories with immense potential.
BGMEA President urges VF Corporation to source more high-value garments from Bangladesh
President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Faruque Hassan urged VF Corporation to strengthen its partnership with Bangladeshi suppliers to enhance their capabilities in designing and manufacturing high-demand apparel products.
He said this in a meeting with Sean Cady, Vice President of Global Sustainability, Responsibility and Trade at VF Corporation on Wednesday (March 13).
The BGMEA President called upon VF Corporation to increase its sourcing of garments, particularly high-value products, from Bangladesh, reads a press release.
Highlighting the industry's commitment to sustainable growth, he mentioned the BGMEA's Sustainability Strategic Vision 2030 which outlines a roadmap for sustainable industry growth that prioritizes positive environmental and social impact.
He also requested VF Corporation to consider collaboration with BGMEA University of Fashion and Technology (BUFT) to develop the knowledge and skills of its students in fashion design, product development, and other relevant fields.
The discussions covered various aspects of the sector, including its current situation, growth potential, long-term vision, and ongoing efforts to enhance industry competitiveness.
A key focus of the meeting was exploring avenues to strengthen VF Corporation's business presence in Bangladesh and fostering a deeper relationship with the renowned apparel brand.
Both sides also talked about potential collaboration on achieving shared sustainability goals, particularly supporting VF's Bangladeshi suppliers in adopting sustainable practices in manufacturing process.
Their discussion also encompassed collaborative opportunities in skills development, especially mid-level management, and workers’ welfare initiatives.
The meeting was also attended by incoming President of BGMEA S. M. Mannan (Kochi), Vice President Md. Nasir Uddin, Directors Asif Ashraf, Abdullah Hil Rakib, newly elected Directors of BGMEA for 2024-2026 term Mohammad Sohel Sadat, Ashikur Rahman (Tuhin), Saifuddin Siddiquie Sagar, and Md. Rezaul Alam (Miru).
Jessica Nursoo, Regional Director – South Asia and Indonesia was present at the meeting.
UCB, central bank sign deal on credit guarantee support for CMSME customer
United Commercial Bank PLC (UCB) has solidified its commitment to supporting the growth of Small and Medium Enterprises (SMEs) by entering into two new Participatory Agreements with Bangladesh Bank.
These agreements aim to provide credit guarantee support to CMSME (Cottage, Micro, Small and Medium Enterprises) customers under the Small Enterprise Refinance Scheme for Women Entrepreneurs and the Refinance Scheme for Agro Based Product Processing.
The official signing ceremony took place at the central bank office on Monday.
Nahid Rahman, Director (CGD) of Bangladesh Bank, and Arif Quadri, Managing Director & CEO of UCB, signed the agreement on behalf of their respective sides.
The ceremony was attended by Nurun Nahar, Deputy Governor of Bangladesh Bank, Mohammad Jamal Uddin, Executive Director of Bangladesh Bank, Md Shah Alam Bhuiyan, Deputy Managing Director of UCB, Md. Mohsinur Rahman, Senior Vice President & Head of SME at UCB, and other senior officials from both organizations.
This strategic collaboration between UCB and Bangladesh Bank underscores a shared vision of fostering entrepreneurship and facilitating access to finance for SMEs, particularly those led by women and engaged in agro-based product processing.
Through these agreements, UCB aims to leverage the credit guarantee support provided by Bangladesh Bank to extend financial assistance to CMSMEs, thereby fueling economic growth and promoting sustainable development in Bangladesh.
Standard Chartered, BRAC University celebrate first graduates of FCC Certification Program
Standard Chartered Bangladesh and BRAC University (BRACU) celebrated the graduation of the first batch of financial crime and compliance experts from ‘FCC Certification Program’ recently.
The program has been co-developed by Standard Chartered and BRAC University academic rigour with the practical requirements of the private sector to tackle the complexities of financial crimes. The program was launched in early 2024, which is the first such initiative in the country.
The “FCC Certification Program” highlights the growing importance of raising compliance standards and fighting financial crime to protect the industry and society. Course topics included identification and prevention of money laundering, terrorist financing, and other illicit financial activities.
Throughout the course, students were mentored by banking professionals and other experts from Standard Chartered Bangladesh, Bangladesh Financial Intelligence Unit (BFIU), BRAC Business School, and BRAC University.
Speaking on the occasion Naser Ezaz Bijoy, Chief Executive Officer, of Standard Chartered Bangladesh, emphasised the critical relevance of FCC in today's rapidly evolving landscape of information and technology.
He said, “Fraudulent financial transactions are draining billions of Bangladeshi Taka from the country each year, resulting in significant harm to the government, banks, and the public."
"By applying the knowledge acquired in this course, we have the opportunity to prevent such illicit activities, providing substantial benefits for governmental bodies, financial institutions, and the community at large,” he said.
Professor Mahboob Rahman, Treasurer, of BRAC University, stated that the FCC certificate course will serve as a pivotal milestone in fostering a stronger bridge between industry and academia.
Professor Mujibul Haque, Acting Dean, BRAC Business School, BRAC University, said, “This course has been effective in enhancing knowledge and refining skills to the participants, enabling them to better identify and prevent financial crimes.”
Officials and faculties of Standard Chartered and BRAC University were present at the function.
Weak banks could merge with good ones by Dec, or central bank to decide their fate
Bangladesh Bank (BB) in a clarification on Tuesday said that weak banks could merge with good ones by December 2024 on their own, otherwise the central bank will decide on the merger issue.
After December 2024, the BB will make a decision on which bank will merge with whom, and then the bank's board of directors will lose the authority to decide on the merger issue.
Md Mezbaul Haque, Executive Director and spokesperson of Bangladesh Bank, in a press briefing at Jahangir Alam Conference Hall confirmed this to the reporters.
Regarding the banks' health index (BHI) report published in the newspapers, he said this does not present the actual health of banks. It is a partial report that is prepared by different departments of the central bank for calculating the risky areas of the banking sector.
Mezbaul said that the BB is doing reports on banks' operations and financial health on a quarterly and half-yearly basis as part of regulations.
Replying to a question that some good banks have also been enlisted in the list of yellow categories in the BHI report, the spokesperson said replying to the question that the central bank usually works on the basis of the actual balance of a particular bank, not on the assumption.
Regarding the merger of 10 weak banks with the strong banks, a BB spokesperson said that banks will be merged to maintain the global standard, and depositors would not be affected by this process.
However, the BB in a secret report titled BHI (Bank Health Index) said that as many as 29 banks were in the yellow zone, meaning their financial health was between good and fragile.
The report brought all banks under a common platform using the international CAMELS rating system.
The CAMELS is used by bank supervisory authorities to rate financial institutions according to six factors represented by its acronym: capital adequacy, asset quality, management, earnings, liquidity, and sensitivity to market risk.
The banks in the 'red zone' are AB, National, Bangladesh Commerce, Padma, BASIC, National Bank of Pakistan, Janata, Agrani, and Rupali, according to the latest edition of the "Banks Health Index and HEAT Map", a biannual report prepared by the Financial Stability Department of the BB.
The banks in both the red and yellow zones need supervisory attention, the report stated.
Govt to provide Tk 64cr incentives to boost Aush production
The Ministry of Agriculture will provide Tk 64.15 crore incentive to increase Aush paddy cultivation.
Under this incentive, 9.40 lakh small and marginal farmers across the country will get seeds and fertilizers free of cost, reads a press release of the ministry.
A farmer will get 5 kgs of seeds, 10 kgs of DAP fertiliser and 10 kgs of MOP fertiliser for cultivation on one bigha of land.
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Seeds of high yielding Briidhan 48, Brridhan 82, Brridhan 85, Brridhan 98, Binadhan 19 and Binadhan 21 will be given, it said.
This incentive is being provided from the Ministry of Agriculture’s regular budget for agricultural rehabilitation assistance and seed and seedling sector.
The distribution of these incentives will start soon at the field level, it added.
Product diversification the key to export diversification: Commerce State Minister at LDC Dialogue
State Minister for Commerce Ahasanul Islam Titu has said that the government is focusing on export-quality product diversification emphasizing leather, jute, and pharmaceuticals sectors as part of LDC graduation.
He said this while speaking as the chief guest at a dialogue on "What did WTO-MC13 Deliver for the Graduating LDCs? Perspectives from Bangladesh,” held at the conference hall of CIRDAP in the capital.
The dialogue was organized by the Centre for Policy Dialogue (CPD) with the cooperation of the German-based organization ‘Friedrich-Ebert-Stiftung.
Ahasanul said, “LDC graduation a challenge for us. How many days will we have to face the challenge? We now have until 2029 instead of 2026. The World Trade Organization (WTO) has given clear guidelines on what to do at this time. We have to work on those issues.”
He said the Prime Minister has prioritised product diversification of leather, jute, and pharmaceuticals as there is potential for export in those sectors.
“This year has been declared as ‘Handicrafts’ year to emphasize this sector. It would not bring a lot of income, but it will play a big role in employment. We have started the campaign.”
The commerce state minister sought CPD’s cooperation and research program on the sectors.
CPD’s distinguished fellow Dr. Debapriya Bhattacharya said in the discussion, “We got three years. This time will not be worth it if this time is not used properly. In those three years, we moved out of garment sector dependence and entered into a developed and diversified economy.”
“The productivity of workers along with the efficiency of production should be increased. That is why investing in worker interests and standards, talent, and modernization is important,” he stated.
Dr Fahmida Khatun moderated the dialogue. DCP’s distinguished fellow Professor Mustafizur Rahman gave a presentation on the topic.
Senior Commerce Secretary Tapan Kanti Ghosh, Ferdaus Ara Begum, ECO of BUILD, Richard Kaniweski, representative of Friedrich-Ebert-Stiftung, Bangladesh, among others, spoke at the function.
Sylhet’s Laki Begum becomes millionaire buying Walton fridge
'Laki Begum', a housewife in Sylhet's Balaganj, was awarded Tk10 lakh after she had purchased a Walton brand refrigerator at installment under the ongoing digital campaign season-20's 'nonstop millionaire offer.
With the slogan of ‘Best product, Best offer’, the country’s electronics giant Walton has launched 'Digital Campaign Season-20' across the country with the offer of 'Nonstop Millionaire' benefit, said a press release.
A total of 30 customers became millionaire in the earlier seasons of Walton digital campaign.
In Season-20, customers are offered 'nonstop millionaire' on the purchase of Walton brand fridge, television, air conditioner, washing machine or fan from any Walton Plaza, distributor outlet or online sales platform 'E-plaza' across the country. In addition, crores of taka sure cashback are also available.
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Customers are enjoying the benefits of Season-20 from March 1, 2024 and the benefits will be continued until any further notice, reads the release.
Laki Begum became the 31st millionaire of the digital campaign after she had purchased Walton fridge at installment with Tk10,000 down-payment.
Popular film actress Apu Biswas and actor Amin Khan handed over a check of Tk10 lakh to Laki Begum at a programme, arranged by Walton Plaza Tajpur branch at Osmani Nagar Upazilla in Sylhet, held at Tajpur Government Primary School ground on Sunday last (March 10, 2024).
The function was also attended, among others, by Walton's Chief Marketing Officer Didarul Alam Khan, Senior Executive Director Mohammad Shahjada Salim, Walton Plaza Chief Sales Executive Wahiduzzaman Tanveer, Walton Plaza Tajpur Branch Manager Najim Uddin, Osmani Nagar Upazila Chairman Md. Shamim Ahmed, Upazila Awami League President Ataur Rahman Chowdhury, Tajpur Government Primary School's President Mamunur Rashid Khalku and Head Teacher Shilpi Pal, Kadamtala Bonik Samity's General Secretary Noman Ahmad Jahangir and other local dignitaries.
While expressing her reaction, Laki Begum said that most of the people in her village use Walton's fridges. She also decided to buy Walton fridge for affordable rates, high quality, attractive design and long lasting.
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She said, "I have never imagined that I would get Tk10 lakh for just buying a fridge. This incident was made a sensation news in her village. The money received from Walton will turn the wheel of my fortune. Walton proved - what they promise to the customers, they do."
Following the upcoming Eid festivals, Walton has targeted to meet about 80 percent of the total demands of refrigerators in the local market.
To achieve the target, Walton released more than three hundred models and designs of refrigerators, freezers and beverage coolers in the market. The price of these refrigerators is between Tk14,990 taka and Tk2 lakh.
Bangladesh Bank closing around 200 MFS accounts a day in Hundi crackdown: Governor Abdur Rouf
Bangladesh Bank (BB) Governor Abdur Rouf Talukder on Monday (March 11, 2024) said that around 200 mobile financial services (MFS) accounts are closing each day due to their Hundi connection.
The central bank is checking rigorously trade transactions through LC and mobile financial services to prevent money laundering activities by any means, he said.
The governor said this in the opening ceremony of the money laundering prevention workshop held at the head office of the Criminal Investigation (CID), Bangladesh Police in the capital on Monday.
Rauf highlighted the steps taken to prevent money laundering since his joining the Central Bank as Governor.
He said, “When I joined Bangladesh Bank in 2022, there was a severe crisis of foreign exchange in the country. At that time took the first step to stop over-invoicing.”
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Again, money laundering occurs despite keeping the profit of export products abroad. Initiatives are also taken to prevent that, he mentioned.
The governor expressed the strong stand of the central bank on banning hundi.
He said that expatriates may send Tk500 to their family in the country, then he gives it to someone he knows abroad and asks him to give it to his family in the country.
That money remains abroad. In contrast, a representative in Bangladesh paid the amount. As earlier payment was made through home delivery, now it is done through MFS.
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Around 200 such accounts are being closed every day. Later some accounts were opened again with guarantees, permanent action was taken against some of them, he said.
Highlighting the context of the campaign against money changers, the governor said that USD $45 to $50 million transactions are done through money changers in the country every year. About $270 billion in transitions are made in the banking channel.
But despite a small fraction of transactions, when money changers hiked the dollar rate, many expatriates tried to hold on to remittances. This is how the dollar crisis was created, Rouf pointed out.
“That is why the campaign against money changers is ongoing. Also, avoid dealing in cryptocurrencies. It is completely illegal in our country,” said the BB Governor.
CID Chief and Additional IGP Muhammad Ali Mia in the chair, head of Bangladesh Financial Intelligence Unit (BFIU) Md. Masud Biswas also spoke at the function.
Read more: Bangladesh received $2.16 billion remittances in February, highest in fiscal
How to Customize Your Resume for Each Job Application
During the shortlisting step of a hiring process, employers today look for personalized, and streamlined resumes that match the provided job descriptions and experience requirements. However, most of the applicants tend to prepare a common resume and send it with all applications. As a result many deserving candidates often miss interview calls. Let’s discuss why this traditional method does not work any more and ways to rework your resume according to the specific job circulars.
Why Not to Submit the Same Resume for Every Job Application
The best way to make the most out of any job application would be to customize the resume according to the job need. Fortunately, it isn’t as tedious a process as it sounds.
The main reason why you shouldn’t submit the same resume to every job application is because of relevance. Different jobs have different requirements. Tailoring your resume allows you to highlight the specific skills and experiences that are most relevant to each position.
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Most companies these days use ATS or Application Tracking System which is designed to filter out resumes based on keywords. Customizing the resume targeting a specific job will allow you to incorporate as many keywords as possible.
Think of what recruiters are looking for in your resume. How well you fit in the role and what competitive advantage do you bring to the position? For example, you might want to highlight and link your projects for a data scientist role rather than including your organizational responsibilities. It will allow you to demonstrate skills that make you a good fit and also showcase your competitive edge.
Submitting the same resume for every job will not only reduce the response rate but will also fail to highlight your true potential to the recruiters.
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