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Aman Textile, Ayesha Fashion recognised as latest green factories
Two more Bangladeshi factories have been recognised as green factories by the United States Green Building Council (USGBC).
The USGBC recently recognised Aman Textile Limited of Gazipur in platinum category and Ayesha Fashion Limited in Dhaka in gold category.
Mohiuddin Rubel, director and spokesperson of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said that with this new addition the total number of environmentally friendly green clothing factories in the country stood at 173.
The journey of the first eco-friendly factory in Bangladesh started in 2012.
Garment sector entrepreneur Sajjadur Rahman Mridha became the pioneer by setting up his Vintage Denim Studio in Ishwardi EPZ, Pabna.
Industry insiders say now the image of Bangladesh is shining in the world becoming the proud nation of the highest number of environmentally friendly factories.
Soybean oil: No real effect of reduced tariff
Soybean oil is still selling at the previous rate of Tk192 per liter arguing that the supply of reduced rate edible is not available in the market yet.
Both the wholesalers and retailers said they are selling soybean oil on Tuesday, which was bought earlier. The soybean oil at the reduced rate is not available in the market.
Read: Bottled soybean oil to cost Tk 14 less per litre from tomorrow
Rupak Saha, a wholesaler of Karwan Bazar told UNB that the soybean oil with the reduced tariff will be available within the next 2 days due to a supply chain problem.
Although the refiners announced tariff cut for both open and bottled products with effect from Tuesday (today), both categories of soybean oil is selling at the previous rates bottled at Tk 192 per liter and open at Tk 175 per liter, as the refiners are not deducting price for the already supplied soybean oil, he said.
Director General of Directorate of National Consumers Right Protection (DNCRP) AHM Shafiquzzaman said that their monitoring teams are working at the field level to ensure the new tariff on soybean oil.
He hoped that the new rate is already effective in the mill gate and it will be effective at the consumers’ level within the shortest possible time.
Read: TCB to procure 2.25 litres of soybean oil, 15,000 mts of lentil for OMS
Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association (BVORBMA), announced a price drop of soybean oil on Monday with the effect from Tuesday.
As per the announcement, the price of open soybean oil will be Tk 158 per liter, bottled soybean at Tk 178 per liter, and 5 liters of bottled soybean at Tk 880.
Mobile recharge: Nagad offers up to Tk1,000 cashback
Mobile financial services (MFS) provider Nagad has come up with a Tk1,000 cashback offer on mobile recharge.
The newly registered Nagad customers will get up to Tk300 cashback on any amount of mobile recharge in their numbers in the first month. In the second month, the customer will get up to Tk300 cashback.
They will get up to Tk400 cashback on mobile recharge of any amount in their numbers in the third month, according to a media statement.
Also, each customer will get a Tk25 bonus for his first log-in after opening a Nagad account through the Nagad app.
This campaign will run until October 3, and the cashback will be available in the customers' Nagad accounts within one working day of each mobile recharge.
Govt securities to trial trading in secondary market next week: Bangladesh Bank Governor
Government securities will start trial trading in the secondary market from next week to turn the capital market vibrant, said Bangladesh Bank Governor Abdur Rouf Talukder on Monday.
He said the country’s fast-growing economy requires huge investment that cannot be met only by bank lending. All sections of people have to invest in the stock markets market to create capital for growth, he added.
The governor was speaking in the opening ceremony of a weeklong ‘world investors week’ held at Bangladesh Security and Exchange Commission (BSEC) Building, in Agargaon in the capital on Monday.
The governor also urged people to invest their money in both the bond market and share market as the government works to make rules and regulations investors’ friendly.
He said the non-performing loan is increasing as the banks are lending to entrepreneurs on long-term against short-term deposits.
Read: Bangladesh Bank raises repo rate to control inflation
Sheikh Mohammad Salim Ullah, secretary of the Financial Institutions Division (FID), said that the ministry is working along with the BB, NBR, and BSEC for automation and transparency in the share trading to gain the credibility of ordinary shareholders.
Other speakers suggested increasing the financial literacy of people along with rising institutional investment in the share market.
BSEC Chairman, Professor Shibli Rubayat Ul Islam presided over the event, while Jean-Paul Bureaud, executive director, FAIR, Canada presented a key note paper on the global investment issue, connecting virtually.
Executive Director of BSEC Rezaul Karim, president of Bangladesh Merchant Bankers Association (BMBA), Sayedur Rahman, Amzad Hossain, secretary, Bangladesh Association of Public Listed Company, President of DSE Brokers Association of Bangladesh (DBAB) Richard D Rojario, spoke in the function as panel discussants.
BSEC, as a member of IOSCO (The International Organization of Securities Commissions (IOSCO), an association of organizations that regulate the world's securities and futures market, is observing the week through fitting programmes.
Several seminars will be held with the stakeholders at Dhaka University Business faculty focusing on the need for gaining more knowledge about capital markets.
Rick Haque Sikder becomes NBL director once again
Rick Haque Sikder has become the director of National Bank Limited (NBL).
The Banking Regulation and Policy Department (BRPD), Division-2, of Bangladesh Bank on October 2 gave an approval in this regard, NBL said in a press release.
Read:NBL to lower interest rate of poverty alleviation loan scheme
Earlier, the board of directors of NBL in a meeting approved the reappointment of Rick Haque Sikder as a director of the bank.
On June 28, 2021, Rick Haque Sikder lost his directorship of the National Bank Limited as the central bank refused to extend his tenure in absence of a CIB (Credit Information Bureau) clearance.
Islami Bank holds workshop on effective internal audit
Islami Bank Training and Research Academy (IBTRA) organised a workshop on internal audit procedure Sunday in Dhaka.
Mohammed Monirul Moula, managing director and CEO of the bank, inaugurated the "Effective Internal Audit Procedure" as the chief guest.
SM Rabiul Hassan, principal of IBTRA, presided over the workshop joined by 100 executives and employees of the Audit and Inspection Division, according to a media statement.
Md Omar Faruk Khan, additional managing director; deputy managing directors Md Nayer Azam and Mohammed Shabbir, Senior Executive Vice-President KM Munirul Alam Al-Mamoon; executive vice-presidents Mohammed Sirajul Alam and Md Ruhul Amin conducted different sessions of the workshop.
Khulna: AIBL opens branch at Terokhada
Al-Arafah Islami Bank Limited (AIBL) inaugurated its Terokhada branch in Khulna Sunday.
AIBL Director Alhajj Md Anowar Hossain inaugurated the 203rd branch of the bank as chief guest, according to a media statement.
Farman R Chowdhury, managing director and chief executive officer of the bank, presided over the ceremony.
AIBL was set up (registered) as a private limited company on June 18 in 1995. The bank had 184 branches up to December 2020.
Chevron inks deals to dig more wells at expanded Bibiyana gas field
Chevron Bangladesh has signed several agreements with the Energy and Mineral Resources Division and also with state-owned Petrobangla to drill more wells at the expanded Bibiyana gas field.
The deals are Supplemental Agreement to the Block 12 Production Sharing Contract for Bibiyana Flank Area Extension, amendment of Jalalabad Gas and Condensate Purchase and Sales Agreement and Amendment of Moulvibazar Condensate Purchase and Sales Agreement for Block 13 and 14.
Energy and Mineral Resources Division Deputy Secretary Morsheda Ferdous, Petrobangla Secretary (Senior General Manager) Ruchira Islam, and Chevron, Bangladesh President Eric M Walker signed the agreements at a city hotel Sunday.
Petrobangla Chairman Nazmul Ahsan said the main objective of Chevron's Bibiyana Flank Area Extension is to drill new wells there.
So far, Chevron has dug 26 wells at the Bibiyana gas field. It will begin drilling the BY-27 development well in 2023 in the extended area.
The multinational energy corporation also plans to drill the BY-28 infield well later, Nazmul said, adding that a significant amount of gas is expected to flow from the field.
Chevron is now producing around 1481.3 million cubic feet of gas per day from three gas fields – Bibiyana, Jalalabad and Moulvibazar – about 60 percent of the country's total gas production. It has also been producing more than 80 percent of the total condensate production.
Earlier, the government approved Chevron's proposal to allow it to add a 60-square-kilometre "flank" area outside its existing contract zone in the north of the Bibiyana gas field.
The approval came last month when the US oil giant celebrated its 25 years of operations in Bangladesh.
The newly extended area will be drilled under the same production sharing contract now applicable for the three gas fields, said the Energy and Mineral Resources Division officials.
Exports decline in September: EPB
Bangladesh’s export income fell by 6.25 percent in September after a positive growth during the last 13 months, according to official figures.
The Export Promotion Bureau (EPB) released updated statistics on export earnings on Sunday.
It said exports of agricultural products, frozen food, handicrafts, bicycles, and furniture decreased in the first three months of the current fiscal year.
Bangladesh exported goods worth $3.9 billion last month (September), which is 6.25 percent less than the same period last year, the EPB data revealed.
However, overall the exports in the first three months of the current financial year 2022-23 are in a positive trend and saw a growth of 13.38 percent.
During this period, products worth $12.49 billion were exported in the first three months of current fiscal year that was worth $11.02 billion.
Read: Bangladesh to stay safe, sustainable apparel sourcing destination: BGMEA
Overall exports declined last month mainly due to a decline in apparel exports. The export of readymade garments was worth $3.16 billion in the previous month, which is 7.52 percent lower than in September last year. Exporting of both woven and knit garments declined last month.
However, there is a 13.41 percent growth in apparel exports in the first three months of the current financial year.
Exporters of readymade garments have said that inflation in the USA and EU countries has become dire due to the Russia-Ukraine war. People there have cut back on purchases other than fuel for cars and groceries.
Because of that, foreign buyers are placing less orders for two to three months. Many companies were not allowing the shipment even after the products of the purchase order were ready, they said.
BGMEA Director Md. Mohiuddin Rubel said on Sunday that BGMEA had already shared early indication of growth slowdown from September onwards, which is apparently reflected in export data for September.
The global retail market is disrupted by many challenges starting from post covid container freight and supply chain crisis, price hike of raw materials, and then anticipated recession in the global economy, which is halting retail sales and demand for clothing, he said.
Rubel said buyers were following cautious steps to make their inventory and supply chain optimum, so some of them are even holding back production and orders.
“Altogether it has been quite a fluid and vulnerable situation, where we have all the strengths and possibilities to grow given our sustainability and competitiveness strides, yet the global economic outlook makes it difficult to foresee something bright for the final quarter of the year 2022,” he added.
Tk 2829 crore: What capital market investors lost in a week
Capital market investors in Bangladesh suffered losses amounting to Tk2829.94 crore last week (Sep 25-29), according to the weekly market transactions.
Of the total five working days, the market saw three days of decline and two days of rises in the index.
Both trades and indexes were during the week. Share prices of most of the traded companies also fell. As a result, the market capital of investors has decreased by Tk2829 crores.
Read: Shakib’s company involved in share manipulation, DSE investigation finds
Shares and units of 386 companies were traded in Dhaka Stock Exchange (DSE), the main capital market of the country. Of them, 61 companies' share prices increased, 173 decreased, and 152 were unchanged.
The DSE index fell by 51 points to 6,512 points in the week as the share prices of most companies fell. Among the other two indexes of DSE and DSES (Bangladesh Dhaka Stock Exchange Broad Index (DSEX) including value, chart, profile and other market data ) decreased by 17 points to 1419 points and the DS-30 index decreased by 35 points to 2330 points compared to the previous week.
Bangladesh Market capitalization (capital) decreased by Tk 2829.94 crore in the week due to a decrease in index and price. But in the previous week, the capital had increased by Tk2617.42 crore.
Read Strengthened capital market to drive growth: Finance Minister
The market capital of Bangladesh at the beginning of the week was Tk 522763.99 crore. After trading on Thursday, the last working day of the week, the capital stood at Tk 519 914.04 crore. The capital decreased by 54 percent.
The main DSE index fell by 51 points to 6,512 points in the outgoing week as the share prices of most companies fell. Among the other two indices of DSE, the DSES index decreased by 17 points to 1 419 points and DS-30 index decreased by 35 points to 2330 points compared to the previous week.