business
Salim Osman reelected BKMEA president
AKM Salim Osman has been reelected (unopposed) president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) for the tenure of 2023-25.
With this, he has been elected president of BKMEA's board of directors for the seventh consecutive time.
Mohammad Hatem has been elected executive president, Mansur Ahmed sr. vice president for the same period.
Read: BKMEA wants Tk 1500cr govt assistance to pay workers’ Eid bonus, salaries
Besides, the elected vice presidents are Fazle Shamim Ehsan, Amal Poddar, Gaohar Siraj Jamil, Morshed Sarwar Sohel (finance), Akhtar Hossain Apurva and Mohammad Rashed, said a press release.
Earlier on July 20, the last day for submitting nomination papers for the 25 directorship posts, the same number of candidates submitted their nomination papers under the leadership of Salim Osman.
As an equal number of nominations were received against the prescribed posts, no election was required under Section 17 of the Trade Organizations Act-1994.
Read: Allow Eid holidays for RMG workers in phases: Quader to BGMEA, BKMEA
As a result, AKM Salim Osman, Managing Director of Wisdom Attires Ltd, was elected president for the 7th consecutive term on July 25. At the same time, the election board also announced the names of 24 other directors for the board of BKMEA.
Former Senior Vice President of FBCCI Mohammad Ali served as the Chairman of the Election Board. Narayanganj Chamber of Commerce and Industry president Khaled Haider Khan Kajal and former director of FBCCI Prabir Kumar Saha are members of the board.
Only 3 from a single family could be bank directors, not 4: BB
Bangladesh Bank (BB) in a circular on Wednesday said that only three from a single family could be banks’ directors.
The central bank sent the notification to the executives of the banks for immediate implementation and asked them to inform the Banking Regulation and Policy Department of the BB through a letter.
Bangladesh Bank working to normalise inflation and dollar crisis despite geopolitical challenges
The circular stated that if a bank has more than three directors from a single family, the rest must resign. The BB has left the issue of who will resign to the board of directors of banks.
Earlier as per section 15 (10) of the Bank Companies Act, 1991 (Amendment 1998) one family could have four directors.
Bangladesh Bank introduces 'market-based' dollar exchange rate with rate cap
The central bank issued the circular to comply with Section 15 (10) of the Bank Companies (Amend) Act, 2023.
Though the number of directors from a family has been reduced, the tenure of a director has been extended from 9 years to 12 years in the latest amendment to the Bank Companies Act.
Draft payment law has provision of punishing bank directors, CEOs
Stock markets witness fall for 4 days amid huge selling pressure
The country’s stock markets witnessed a fall in share prices of different companies for four consecutive working days due to huge pressure of share selling.
The Dhaka Stock Exchange (DSE) lost 6 points while the Chittagong Stock Exchange lost 12 points on Tuesday, showing a fall of both the capital markets.
Share prices of most of the companies fell against the rise in the price along with the index. As a result, the stock market fell for four consecutive working days. But before that, there was an upswing in the capital market last Wednesday.
Also read: Stock market gained over Tk 10,185 crore capital last week
According to DSE data, a total of 13, 65, 76,957 shares and units of 358 companies were exchanged in the market on Tuesday. Around Tk660. 95 crore has been transacted for these shares trading.
Around Tk633.49 crore was traded the previous day. Transactions increased slightly on Tuesday than the previous day.
On this day, the prices of 49 companies' shares increased, 121 companies' prices decreased and 188 companies' prices remained unchanged.
Also read: Stock markets witness highest transaction Thursday in 5 and a half months
The main index of DSE has decreased by 6.85 points from the previous day to 6,331 points. Among the other two indexes of the DSE, the DSE Shariah Index decreased by 1.35 points to 1,373 points. DS-30 index has decreased by 4.34 points to 2162 points.
At the Chittagong Stock Exchange (CSE), the main index decreased by 12.36 points to 18709 points. Shares and units of 190 companies were traded on CSE on Tuesday. Among them, the prices of 41 companies have increased, 73 companies have decreased and 76 companies' prices remained unchanged.
At the end of the day (Tuesday), Tk10.25 crore shares and units were traded in CSE. Around Tk 8.67 crore shares were traded on the previous day.
Also read: Stock market witness a massive fall on Sunday after Russia attacks Ukraine
Tannery workers demand decent working conditions, scope for growth
The tannery workers demanded a better working environment in the tannery industries hub at Savar and a dedicated hospital for treatment of diseases from occupational hazards in the tannery.
They said the absence of a dedicated hospital for immediate treatment exacerbates situations, leaving workers to bear various long-term sufferings.
The demand came from a joint consultation meeting among the tannery workers’ union (TWU) and Bangladesh Labour Rights Journalists Forum, held in a hotel at Dhanmondi in Dhaka on Monday.
Read: BGMEA president urges Australian businesses to invest more in Bangladesh
The workers also alleged that lack of regulations, a minimum requirement of labour rights including appointment letters, decent work environments, medical facilities, housing, and recreational activities are absent.
Though these requirement are essential for ensuring productivity and well-being of labor in export-oriented industries, absent due to the lack of direct regulation of the state.
Furthermore, the lack of residential facilities, school, and other facilities workers are forced to travel daily from Hazaribag to Savar Tannery Estate, wasting four to five hours on the way, they said.
Read: Steps required to increase incomes, minimize inequality: Dr Farashuddin
Despite being the second-largest foreign currency earning sector, most of the workers miss the opportunity for skilled development due to inadequate training institutions. To address this issue and to cope with the automation systems, workers are now demanding a training center to improve their skills.
1st Carl Zeiss Vision Expert Center launched in Bangladesh
Carl Zeiss, a global leader in optical and optoelectronic technology, opened its first “ZEISS VISION EXPERT Center” at the Bangladesh Eye Hospital Dhaka on Monday.
Dr Mahbubur Rahman Chowdhury, chairman of Bangladesh Eye Hospital, Managing Director Dr Niaz Abdur Rahman, MD, Carl Zeiss India (Bangalore) Pvt Ltd MD Miguel Gonzalez Diaz and Regional Head SAARC, ZEISS Group Vikas Saxena inaugurated the “ZEISS VISION EXPERT Center”, according to a press release.
"We are thrilled to introduce our first ZEISS VISION EXPERT Center in Dhaka at Bangladesh Eye Hospital. Carl Zeiss has always been at the forefront of innovation in the optical industry, and we are proud to extend our legacy to the vibrant community of Bangladesh. Our innovative set of steps, including an assessment of each patient’s individual profile, combined with comprehensive measurement technology, will help provide patients with the lens options for their individual needs,” said Miguel Gonzalez Diaz.
“This launch is a testament to our dedication to elevating eye care standards and enhancing the quality of life for Bangladesh's residents,” said Vikas Saxena.
“We are immensely proud to collaborate with ZEISS Group for this ZEISS VISION EXPERT Center in Dhaka. The Center is equipped with the latest cutting-edge technologies and staffed by a team of highly skilled optometrists and opticians. This combination of advanced equipment and top doctors at the hospital will ensure that each patient receives best-in-class eye care treatments, personalized and accurate eye examinations, precise prescriptions and tailored solutions to meet their specific vision requirements,” said Dr Mahbubur Rahman.
The ZEISS VISION EXPERT Center will offer a wide range of technologies, including ZEISS VISUFIT 1000 Digital Technology which is a centration device that uses Artificial Intelligence (AI) to suggest the best recommended frames to consumers, said the release.
It will also offer distinguished features such as 180-degree view of the user’s face, virtual try-ons, frame comparisons, and more. Further, the Center will also have high-quality lenses, perfectly fitting frames, and other optical accessories, all manufactured using state-of-the-art technologies and premium material, added the release.
Coca-Cola appoints Vijay Bathija as VP of Southwest Asia franchise operations
Coca-Cola has announced the appointment of Ajay Vijay Bathija, as Vice President of Franchise Operations for Southwest Asia (SWA).
Ajay's extensive career journey with The Coca-Cola Company spans nearly 24 years and encompasses a distinct combination of marketing and franchise expertise.
In 1999, Ajay embarked on his professional journey with the Hindustan Coca-Cola Beverages Pvt. Ltd. (HCCBPL) Front Line Sales team and demonstrated consistent growth steadily advancing across different roles and positions within the organisation.
He was the Region Manager for the Mekong Delta Region at SabCo Vietnam, in 2005, said a media release on Monday.
Read: Coca-Cola partners with Bidyanondo to share 4000 meals everyday
In this pivotal role, he led sales operations and route-to-market strategies to drive volumes.
He returned to India as Director Marketing for Colas and spearheaded the ground-breaking "Share a Coke" campaign. He successfully, introduced Coca-Cola Zero sugar for the first time in the INSWA (India and Southwest Asia) markets. He was also instrumental in rejuvenating ThumsUp through integrated marketing campaigns, resulting in enhanced brand love.
Read: Coca-Cola Foundation, WaterAid working to enhance water security in BangladeshAs the Country Manager for Bangladesh from 2018-2020, Ajay worked closely with the Bottling Partners to bring Bangladesh amongst the top 3 markets in Coca-Cola TM, within The Coca-Cola Company (TCCC) globally. In 2020, he transitioned to Senior Director - Front Line Marketing, where he aligned portfolio strategies, facilitated seamless commercial and marketing execution, and successfully launched the most celebrated musical franchise of the Company, ‘Coke Studio’ in Bangladesh. His pioneering "Is Cooking" Coke with meals experience platform, particularly "Kolkata is Cooking," boosted Coca-Cola TM’s brand love and consumer engagement.
Commenting on the appointment, Sanket Ray – President, India, and Southwest Asia, said “With his understanding of business, and growth mindset, Ajay has a proven track record of taking business to newer heights. We are hopeful that with his astute business acumen and collaborative approach he will further the organization’s purpose in the Southwest Asia region.”
Ajay has successfully completed his Masters in Marketing Management from NMIMS, Mumbai. He is a Commerce graduate from HR College of Commerce and Economics.
Read more: Coca-Cola Bangladesh releases maiden Sustainability Highlights 2020
BGMEA president urges Australian businesses to invest more in Bangladesh
BGMEA President Faruque Hassan has called on Australian investors to explore business potentials and investment opportunities available in Bangladesh.
With a young population, growing infrastructure, and favorable business policy and climate, Bangladesh is an attractive and ideal place for investment, he said.
He made the call while speaking at a networking event organized by the Bangladesh High Commission in Australia on the occasion of a visiting delegation of BGMEA at the Four Seasons Hotel in Sydney recently.
Australian businessmen, investors, buyers and other stakeholders attended the event where they were briefed by the BGMEA delegation about potential trade and investment opportunities in Bangladesh, BGMEA said today.
Read: BGMEA delegation meets Australian Chamber of Commerce to discuss means of enhancing bilateral trade
Bangladesh High Commissioner to Australia M Allama Siddiki also spoke at program where he emphasized on the need for further strengthening collaboration between Bangladesh and Australian to translate trade and investment opportunities into reality.
BGMEA Vice President Shahidullah Azim, former Vice President Md. Moshiul Azam Shajal, Chair of BGMEA Standing Committee on Press, Publication and Publicity Shovon Islam, Chair of BGMEA Standing Committee on Foreign Mission Cell Shams Mahmud, CEO of HSBC Bangladesh Md Mahbub ur Rahman and Director of Rose Intimates Limited Sanjay Kumar Naha were also present at the event.
In his address, BGMEA President Faruque Hassan said Bangladesh has transformed itself from an aid-dependent to a trade-dependent economy, and actively looks forward to broadening trade horizons through strengthening partnership with foreign traders and investors.
As the economy of Bangladesh is expanding, opportunities have increased in different industrial sectors such as ICT, electronics, light engineering, textile, leather etc, he added.
Read : Austrade, BGMEA discuss ways to boost trade, investment
Asif Ashraf, Director, BGMEA, made a presentation on the readymade garment industry of Bangladesh with focus on how the sector has made vast progress in workplace safety, environmental sustainability and workers’ wellbeing.
He also shared with the audience how the industry has invested in technology upgradation and skills development to develop capabilities in manufacturing high-value products, especially those made from MMF and technical textiles.
The BGMEA president also urged Australian buyers to increase sourcing of apparels, especially high-end segment from Bangladesh.
Read more: Singapore delegation meets BGMEA leaders to discuss trade potential
BGMEA delegation meets Australian Chamber of Commerce to discuss means of enhancing bilateral trade
A meeting was held between the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and the Australian Chamber of Commerce and Industry (ACCI) in Canberra, Australia on July 22.
President Faruque Hassan headed the BGMEA side while ACCI was represented by its Chief Executive Officer Andrew McKellar along with Head of Business Development and International Affairs Chris Bames.
Bangladesh High Commissioner to Australia M Allama Siddiki was present at the meeting which was also attended by BGMEA Vice President Shahidullah Azim, Director Asif Ashraf, Chair of BGMEA Standing Committee on Press, Publication and Publicity Shovon Islam, Chair of BGMEA Standing Committee on Foreign Mission Cell Shams Mahmud and CEO of HSBC Bangladesh Md Mahbub ur Rahman.
Austrade, BGMEA discuss ways to boost trade, investment
They had discussions about different issues including investment opportunities, potential partnership, joint ventures, policy supports offered by the governments to facilitate trade and investment.
They also talked about ways of fostering collaboration to identify promising areas of trade and investment and make use of the opportunities to reap mutual benefits.
During the meeting, they stressed on the importance of enhancing industry connections between the businessmen of Australia and Bangladesh to further strengthen bilateral trade.
They expressed keenness to collaborate on bringing traders of both countries closer for business interactions to help them to explore trade and investment opportunities.
BGMEA, Green Power sign MoU to support garment factories to become greener, more energy efficient
In the meeting, BGMEA President Faruque Hassan gave an overview of the RMG industry of Bangladesh with focus on its growth potential, particularly in the Australia and New Zealand markets.
He also mentioned that Bangladesh is a potential market for Australia’s cotton and wool.
Besides, Australia could also explore investment opportunities in infrastructure, energy, mining and ICT sector, he added.
Singapore delegation meets BGMEA leaders to discuss trade potential
Top 10 Most Valuable Metals in the World in 2023
The beauty of the natural world lies not only in its breathtaking landscapes but also in the hidden treasures it holds beneath the surface. Mother nature has gifted us with a wide array of precious metals that have captivated humanity for centuries. Among these treasures, some metals stand out for their rarity, durability, and exceptional properties. These metals possess unique qualities and characteristics that make them highly valuable and sought-after.
What Can Make a Metal Precious?
Precious metals possess a set of distinctive characteristics that set them apart from common metals. These characteristics include rarity, high economic value, resistance to corrosion, and desirable physical properties such as lustre and malleability.
Precious metals often find applications in various industries, including jewellery, electronics, automotive, aerospace, and medicine. Their scarcity and high demand contribute to their value, making them desirable commodities for investors and collectors alike.
Read more: Gold vs Diamond: Which Should You Choose for Investment?
What are the Top 10 Most Expensive Metals in the World?
In this article, we will explore the top 10 most valuable metals in the world in 2023. From their specific features to their diverse applications, each of these metals holds a significant place in various industries and investment portfolios.
Iridium
Iridium (Ir) is denoted by the symbol Ir and holds the position of atomic number 77. In 1803, while studying platinum, British scientist Smithson Tennant analysed the insoluble residue and identified it as a new metal. In recent times, iridium has been primarily mined in South Africa, Russia, and Canada.
9th ATR 72–600 added to US-Bangla Airlines fleet
US-Bangla Airlines, one of the largest private airlines in Bangladesh, added one more ATR 72–600 aircraft to its fleet on Sunday .
With the new addition the number of US-Bangla Airlines aircraft now stood at 20, said a press release.