Local-Business
EPB assures Walton of support to boost electronics, electrical products exports
The Export Promotion Bureau (EPB) has assured Walton of its support to boost the exports of domestically made electronics and electrical products.
"We need to promote the 'brand Bangladesh' and 'Made in Bangladesh' products in the global arena," AHM Ahsan, vice-chairman of EPB, said during a visit to Walton Hi-Tech Industries headquarters in Gazipur Saturday.
Read Eid: Walton Digital Campaign Season 15 starts
EPB Director-General Mahbubur Rahman said, "Bangladesh's exports in the electronics sector started with Walton. Others are now trying to follow it. We have a lot of potential here."
"Walton's market share in Bangladesh is more than 60 percent. The company is also increasing its exports. We are ready to provide all necessary assistance to everyone, including Walton, to increase the exports of electronics and electrical products made in Bangladesh."
Also read: 'Electronics exports to overtake apparel'
Any rise in power, gas tariff to be suicidal: FBCCI
Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) has demanded the government does not raise the tariff of power and gas saying that any rise such utilities would be a suicidal one.
The leaders of the highest business body made the demand while addressing a press conference at its Motijheel office in the city on Saturday.
They said any move to raise power and gas tariff would be detrimental to the country’s trade and industries while they are trying to recover from the shock of the global pandemic Covid-19.
FBCCI president Jashim Uddin read out at written statement while the president of the Bangladesh Textile Mills Association (BTMA) Mohammad Ali Khokon, vice president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Shahidillah Azim and other leaders of different business organizations were present on the occasion.
Read: Halt road construction works for 14 days to ease Eid travel: FBCCI
The leaders said that this is not the right time to increase the power and gas tariff. “The move has been initiated by the bureaucrats to put the government in an embarrassing situation,” said the FBBCI president.
The call from the top business bodies came against the backdrop of the recent public hearings in response to the two separate proposals, one moved by state-owned Petrobangla to raise gas price at retail level by 117 percent and another by state-owned Bangladesh Power Development Board (BPDB) to raise power tariff at bulk level by 65.57 percent.
Bangladesh Energy Regulatory Commission held the public hearing, but has yet not given any verdict on the proposals.
The FBCCI leaders said the decision on any hike in power and gas tariff should come from the government’s political level, not from the bureaucratic level.
FBCCI president Jashim Uddin said still the government has been purchasing electricity from the very costly and quick rental power plants while there is no utility of such costly plants.
Eid: Marcel Digital Campaign Season 15 begins
Electronics brand Marcel recently launched its Digital Campaign Season 15 for the upcoming Eid-ul-Azha.
Under the campaign, customers can get cashback of up to Tk10 lakh or products worth lakhs of taka while purchasing a Marcel refrigerator, television, air conditioner, washing machine, microwave oven, blender, gas stove, rice cooker and fan.
Read: Walton brings Arc CPU liquid coolers
The announcement of Marcel Digital Campaign Season 15 was made at a programme in Dhaka Sunday.
Marcel, owned by Walton Group, is conducting countrywide digital campaigns to provide faster and best after-sales service for customers through online automation, according to a media statement.
Read Marcel launches Digital Campaign Season 11 ahead of Eid-ul-Azha
Dollar price decreases in kerb market, after a hefty raise
The prices of US dollar against Bangladesh currency fell by Tk 5 in the kerb (open) market on Thursday after a hefty raise of forex, amid a rush of imports to meet the demand following easing of Covid pandemic.
Bangladesh Bank has, meanwhile, tightened regulations to curb imports of unnecessary and luxury items and added provision of including container and shipping tracking system with the import bills, to protect trade based money laundering in disguise of fake import orders.
Money exchange houses in the areas of Dilkusha commercial area (banks’ zone), Baitul Mukarram, Palton and Gulshan said that they sold one US dollar at Tk 97 to Tk 98 on Thursday.
The exchange houses sold per US dollar at Tk102 two day earlier on Tuesday, despite the higher price there remained a shortage of the greenback in kerb markets.
Also Read: Despite taka depreciating, banks selling dollars at Tk3-4 extra
Anwar Hossain, operating a money exchange for 22 years told UNB that the price of US dollar is not stable yet.
He said Bangladesh Bank’s policy is impacting the kerb market to reduce the demand of forex.
However, the US dollar exchange rate in the banks has remained unchanged between Tk 93 to Tk 96 for opening LCs.
Though the central bank fixed the US dollar exchange rate at Tk 87.50 on Monday this week, banks are selling dollars at a higher rate due to the forex supply crisis.
Md. Serajul Islam, Executive Director and spokesman said forex market becomes unstable due to rush of import.
Gradually the forex market will be normal and bring a balance on import and export, he said.
BCC case against edible oil refiners: 4 refiners get time to explain
Four edible oil importers and refiners have got one month time to explain themselves in a case filed by Bangladesh Competition Commission (BCC) for manipulating the production and supply of edible oil in the country.
Two refiners- Banshundhara Oil Refiner and Megna-United Oil Refiner limited- will appear at the office of the commission on June 22 and the rest two- City Edible Oil Limited (Teer) and Bangladesh Edible Oil Limited- on June 27 to give their explanation
Also read:BCC sues 8 edible oil refiners for unfair price hike
The commission filed a case against eight edible oil importers. Four of those companies were asked to participate in the hearing on Wednesday.
Md. Mofizul Islam, chairperson of BCC, and other members of the commission gave the order after hearing.
Tipu discounts wheat crisis amid rising price
Commerce Minister Tipu Munshi on Wednesday underplayed concern over wheat price saying the country has enough stock of the food grain.
He was briefing the media after a meeting of the Task Force committee on commodity prices and market monitoring at the Secretariat.
Also read: No impact on shipments of wheat already contracted for export: India
He said India's ban on wheat export won't affect Bangladesh which can import it from the neighbouring country through G2G deal.
He said India slapped a ban on other countries.
He also blamed some unscrupulous businesspeople for price hike of the essentials.
Talking about the edible oil, the minister said the price depends on global market.
edotco wins multiple awards at the Global Best Employer Awards 2022
edotco Bangladesh Ltd., an integrated telecommunications infrastructure services company, has recently won multiple awards at the Global Best Employer Awards 2022 in Excellence in Training, Talent Management, and Managing Health at Work categories.
In the individual categories, Ricky Steyn, Country Managing Director, clinched the Best Corporate Strategy Award, and Rizwan Hamid Quraishi, Director, Human Resources, took home the award for HR Professional of the Year. The awards were officially announced at Taj Lands End, Mumbai, on May 6, 2022 which was attended by leading business leaders, edotco said in a statement on Tuesday.
The Global Best Employer Awards 2022 is an annual event organised by the Employer Branding Institute in collaboration with World HRD Congress.
Also Read: Edotco's solar street lamp project launched
Recognitions were awarded across 13 different categories to organisations, HR teams and individuals for their outstanding work across the HR function in Asia.
Ricky Steyn, Country Managing Director, edotco Bangladesh, said, “We are honoured to receive these awards as they bear testimony to our commitment in delivering the best for our stakeholders. The recognitions reflect edotco’s Bionic Organisation strategy that encourages people-centric culture and result in the effective and successful use of innovative and sustainable measures to achieve organizational excellence. This recognition will motivate us to adopt better organisational practices for employee well-being as well as play a key role in developing the equitable next-generation connectivity in Bangladesh and meeting its Digital vision.”
Read Edotco wins 'Asia Pacific Telecoms Tower Company of The Year' Award.
NCC bank celebrating 29th anniversary promise to provide tech-based service
The NCC Bank, a private sector scheduled bank, celebrated its 29th anniversary with a promise to provide technology based secured customer services of banking products. The bank is also going to introduce Islami banking window as per the central bank approval to meet the desired service of Islami Banking for its customers.
Also read:Despite taka depreciating, banks selling dollars at Tk3-4 extra
Mohammad Mamdudur Rashid, Managing director and Chief Executive Officer (CEO) told this in a press briefing on the occasion of the anniversary, held at the NCC bank Building in Motijheel on Tuesday. He gave an outline of the bank’s success stories of 29 year journey and he expressed gratitude and thanks to the clients, directors, officials and employees of the bank for remaining with the bank. He disclosed that the bank has implemented Bangladesh Bank’s instructed salary structure in all the levels of the bank.
Also read: BB asks banks to ensure smooth online service during Eid vacation Despite limitations in the Covid-19 pandemic situation NCC Bank has made operational profit of tk700 crore. The bank started its journey on May 17, 1993 as national credit and commerce or NCC Bank. In the inception the bank had 16 branches and now it stood 125 complete branches, 6 sub-branch.
Gold price up by Tk 1750 to Tk 78,265 per bhori
Bangladesh Jewllers’ Association (Bajus), an organization of jewllers, has increased gold price by Tk 1,750 per bhori with effect from Wednesday.
Bajus Standing Committee on Pricing and Price Monitoring came up with the announcement at a meeting saying that the prices of gold are climbing in the international market.
Also read: Gold prices go up by Tk1867 per bhori
The price of 22-carat gold per bhori will increase from 76,515 to Tk78,265, said Bajus.
According to Bajus, 21-carat gold will be sold at Tk74,682 per bhori and 18-carat gold at Tk 64,013 per bhori. The price of traditional gold has been increased by Tk 1, 166 to Tk 53, 362.
Read 1 held with 124 gold bars worth Tk 10 cr in Jashore
Not only edible oil, prices of other commodities soaring too
Fixed income group and lower middle class people are struggling to cope with soaring prices of edible oil, rice, flour, eggs, onions, sugar, lentils, meat and fish.
Though the Directorate of National Consumers Right Protection (DNCRP) is focusing on controlling the price of edible oil, other commodities are selling at a higher price.
Without any valid reason prices of these are being hiked twice in a week, said advocate Humayun Kabir Bhuiyan, General Secretary, Consumers Association of Bangladesh (CAB).
“Soybean prices are being discussed and criticized across the country for various reasons such as shortage of supply, stockpiling, manipulation of mill owners, high profitability of sellers. The government should work to monitor and make decisions on the situation on the ground,” he told UNB.
The reality is not just edible oil, prices of all products are going up, he said.
Also read: Govt doing its best to rein in prices of essential commodities: PM
The non-governmental organization Consumers Forum (CF) has analyzed the wholesale market from January to March this year.