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IBBL holds farewell for retired executives
Islami Bank Bangladesh Limited organised a farewell for 15 recently retired senior executives at Islami Bank Tower on Monday.
Mohammed Monirul Moula, the managing director & CEO of the bank, addressed the programme as the chief guest, the bank said in a statement on Tuesday.
Muhammad Qaisar Ali and Md Omar Faruk Khan, additional managing directors of the bank addressed the function as the special guest.
Also Read: Islami Bank declares 10% cash dividend
Md Mostafizur Rahman Siddiquee, deputy managing director presided over the programme while Md Maksudur Rahman, head of the development wing made the welcome speech.
Retired executives including Abu Reza Md Yeahia, Md Abdul Jabbar, Md Saleh Iqbal, AAM Habibur Rahman, and Md Mosharraf Hossain, former deputy managing directors of the bank also addressed the programme.
iFarmer raises $2.1 million fund
iFarmer, a full-stack agriculture platform providing agri-based services to farmers, has recently raised $2.1 million (more than Tk 18 crore) in a new financing round, maintaining its accelerated growth.
IDLC Venture Capital Fund, the VC arm of IDLC Finance, led the financing round. Millville Opportunities, a hedge fund firm based in New York, participated in the round. Startup Bangladesh Limited, the flagship venture capital fund of the ICT Ministry, also participated in the financing round, said a media release.
According to the release, Bangladesh has about 16.5m farmers, and almost 80% are smallholders. The biggest challenges for farmers in Bangladesh are securing finance and good quality Agricultural inputs such as seeds, pesticides, fertilizers, etc., and then finding buyers to sell their produce.
Also Read: IDLC introduces Bangladesh's 1st MFS-based digital savings programme
iFarmer, which started its operations in 2019, is the largest agri-tech company in the country, offering solutions to these problems at scale. iFarmer facilitates retail and institutional funders to finance the farmers and enables access to high-quality agri-inputs through a partnership with companies and retailers. This, in turn, creates better market access for the farmers by aggregating products from the farmers and selling those to institutional buyers, retailers, and the wholesale markets.
"We are currently operating in 19 districts in Bangladesh - serving close to 63,000 more farmers, up from about 6,000 farmers in 2020", says Fahad Ifaz, Co-Founder and Chief Executive Officer, iFarmer.
Jamil M Akbar, Co-Founder, and COO, iFarmer, said, "When we started supplying farm produce in June 2020, our monthly volume was around 50+ tons. Now it's almost 8000+ tons. Every day, we aggregate produce from farmers and supply it to the market."
Read Sofol App from iFarmer: A Revolution Towards the Agriculture Digitization
"The IDLC Venture Capital Fund I aim to finance promising new businesses which are solving fundamental problems for Bangladesh. We are excited that iFarmer is unlocking the true potential of the agriculture sector through technology at scale. It is using innovation to enable farmers all across Bangladesh, and we believe they are solving the most crucial problems in the industry's supply chain", said Mustafizur Khan, Partner, IDLC VC 1.
Alejandro Montealegre, the Managing Partner of Millville Opportunities, said, "iFarmer has proven that it can significantly improve the lives of farmers while bringing efficiency to the agri supply chain. We are excited to back iFarmer as they are working to transform the agriculture sector that is critical to the economy of Bangladesh."
Read Agro-Tech Startups in Bangladesh: Tech revolution in Agriculture Sector
Runner Automobile gets National Productivity Award
Runner Automobile Limited has received the “National Industrial Productivity and Quality Excellence Award 2020” in the large industrial category in recognition of its contribution to industry and services and development of product quality.
Hafizur Rahman Khan, the chairman of Runner Group, received the award from Nurul Majid Mahmud Humayun, Minister, Ministry for Industries, in a ceremony held at a city hotel on Sunday, said a media release.
Also Read: Runner to launch three-wheeler by September: Palak
In his remarks, Hafizur Rahman said, “Runner Automobile is proud to be a part of the country’s economic development. The private sector is always striving for the infrastructural development of the country and we are working tirelessly to accelerate the development in the automotive sector.”
PRAN gets Nat’l Productivity Award
Habiganj Agro Limited and Sylvan Technologies Limited, sister concerns of PRAN Group, received the ‘National Productivity and Quality Excellence Award-2020’ for enhancing productivity and manufacturing quality products.
Industries Minister Nurul Majid Mahmud Humayun handed over the awards at a programme held at Hotel Sonargaon in the capital on Sunday.
Eleash Mridha, managing director of PRAN Group received the award on behalf of Habiganj Agro while Mostafizur Rahman, chief operating officer at Sylvan Technologies received the award on behalf of the company, said a media release.
Also Read: Pran-RFL bags 5 national export trophies
Among the awards, Habiganj Agro Ltd got the second award for the food industry sector in the large industrial category while Sylvan Technologies Ltd received the first prize for the steel and engineering sector in the medium industry category.
In his remarks, Eleash Mridha said, “We are working to boost productivity and quality of our products. This recognition will inspire us to do more.”
State Minister for Industries Kamal Ahmed Majumder and Senior Vice President of FBCCI Mostafa Azad Chowdhury Babu attended the ceremony as the special guests while Industries secretary Zakia Sultana presided over the function.
Read Manufacturing of products: Procter & Gamble joins PRAN Group
upay signs deal with Titas Gas to facilitate prepaid bill payment
Mobile financial service provider upay has signed an agreement with Titas Gas Transmission and Distribution Company Limited (TGTDCL) to facilitate prepaid meter bill payment/prepaid card recharge through upay.
Emon Kalyan Dutta, chief sales & service officer, and Md Eaqub Khan, company secretary of TGTDCL signed the agreement recently.
Rezaul Hossain, managing director & CEO of upay, and Md Haronur Rashid Mullah, managing director of TGTDCL were present during the signing ceremony held at the head office of TGTDCL in the city, said a media release on Sunday.
Also Read: NID fees can be paid through upay
Syed Abu Nosor Md Saleh, project director, installation of prepaid gas meter for TGTDCL, Mir Mubarak Hossain, manager, installation of prepaid gas meter for TGTDCL, Md Sekander-E- Azam, head of transaction banking, United Commercial Bank Ltd and Shakib Altaf, deputy director, Hasan Mohammad Zahid, assistant director, Mohammad Mockbul Hossain Bhuiyan, DGM, Md Mahfuzur Rahman, account manager of upay, among others, were present at the signing ceremony.
upay, a subsidiary of United Commercial Bank, launched its operation in March 2021.
Read Pathao Courier to get upay cash collection solutions
Fair Electronics gets National Productivity and Quality Excellence Award
Fair Electronics Limited has received the National Productivity and Quality Excellence Award, 2022 from the Ministry of Industries.
Industries Minister Nurul Majid Mahmud Humayun handed over the award in a grand ceremony at a city hotel on Sunday, said a media release.
Kazi Nasir Uddin, Chief Financial Officer (CFO) of Fair Group received the award on behalf of Fair Electronics.
Also Read: Top features of Samsung Galaxy F23 5G
According to the release, Fair Electronics achieved first prize in the Steel & Engineering Category.
Through this, Fair Electronics achieved recognition by the government as the best manufacturing company in the country.
State Minister for Industries Kamal Ahmed Majumder and Senior Vice President of FBCCI Mostafa Azad Chowdhury Babu attended the ceremony as the special guests.
Read 26 firms to get national productivity, quality excellence awards Sunday
Industries secretary Zakia Sultana presided over the function.
Ministry of Industries awards the National Productivity and Excellence Award every year to different companies in recognition of their contribution to industrialization, employment generation, and contribution to the national economy. This year 26 manufacturing and service sector companies received the award. A trade body & association is also awarded Institutional Appreciation Award, 2020 in the ceremony.
Read edotco wins multiple awards at the Global Best Employer Awards 2022
Budget to propose special VAT reduction to boost small businesses
The government plans a special Value Added Tax (VAT) reduction facility for small businesses to rebound the sector from the adverse impact of the pandemic.
Though the large manufacturers have rebounded from the pandemic's impact, the small sector is struggling to survive. The government is considering reducing existing VAT from 5 percent to 1.5 percent as an incentive to boost the small sector.
The budget related official of the national board of revenue (NBR) said in the global economic context, the country's small businesses are at risk.
In the post pandemic period, they are going through various adversities including high VAT and capital crisis.
If the proposed rate is implemented, the tax burden on the retail and wholesale business sector will be reduced and goods and services will be cheaper. The consumer will be benefited.
Small traders said that 5 percent VAT is too much for them. In order to pay VAT at this rate, their business has to add at least 33 percent value addition.
Read: Traders urged to keep market stable ahead of Eid-ul-Azha
But in the current reality, the maximum value addition in this sector is 10 to 15 percent. So, VAT should be levied from this sector on the basis of what is net or actual value addition.
As per rule, the government levies VAT at the applicable rate based on the amount of value added in any business. This VAT is paid at the time of monthly return.
Dr Abdul Mazid former chairman of NBR told UNB, "The main problem of small traders is that they do not keep any account for the transactions they make. That is why no rebate or VAT is refunded from the government. If this could be done, the VAT burden would be reduced.”
Read: Inflation, unstable forex rate major challenges: BB governor
He said, "In order to increase the collection of VAT from this sector, it is necessary to automate all the eligible businesses. In that case, the collection will be many times more than at present.”
Traders urged to keep market stable ahead of Eid-ul-Azha
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has called upon traders to sell products at prices fixed by the government to keep the market stable ahead of Eid –Ul- Azha.
FBCCI Senior Vice-president and convener of market monitoring committee Mostofa Azad Chowdhury made the call at a discussion meeting with Mohammadpur Town Hall, Dhaka North City Corporation Kitchen Market Traders Association Saturday afternoon.
During the meeting, Mostofa Azad urged to keep the domestic market stable and not to capitalize on the global market crisis.
Read: Inflation, unstable forex rate major challenges: BB governor
He instructed the market committee for monitoring the market to ensure that the products are sold at the prices fixed by the government.
Ahead of Eid-ul-Azha, still there is no crisis of spices, he told reporters after the meeting.
“FBCCI will recommend the names to the govt. agencies for punitive measures if it finds anyone responsible for creating an artificial crisis by stockpiling goods,” he said.
Besides, he urged the mill owners to send the dealers list for sugar, salt, flour etc. to FBCCI.
Read: OECD delegation interested in FBCCI's Innovation Centre
President of Mohammadpur Townhall Dhaka North City Corporation Kitchen Market Merchant Association Md. Lutfar Rahman (Babul) informed that the association shut down the shops which were accused of stockpiling and selling goods at a higher price and this will continue in future.
Among others, FBCCI Director Bijoy Kumar Kejriwal, Harun-Or Roshid, General Secretary of Mohammadpur Townhall Dhaka North City Corporation Kitchen Market Merchant Association Md. Muslim Uddin Shikder were also present at the meeting.
Inflation, unstable forex rate major challenges: BB governor
Bangladesh Bank (BB) governor Fazle Kabir on Saturday said banking sector is currently facing big challenges of inflation and unstable forex exchange rate in the post Covid-19 period.
“A huge trade deficit has been created due to these reasons. To deal with this, not only Bangladesh Bank, but all the government and the private commercial banks have to work collectively,” he said.
Fazle Kabir said this while addressing Al-Arafah Islami Bank Scholarship Awarding Ceremony at the chief guest at the Officers’ Club in the city.
Also read: BB to set uniform exchange rate to stabilize volatile dollar
”We have imposed a number of restrictions on imports and if we refrain from importing luxury goods at this moment it will reduce the pressure on the forex reserves ,” he said.
“In the case of LC Open, we have given some margins to comply with them. We are providing dollars directly from the central bank's reserves to ease the crisis. It will continue. Besides, we have been given opportunity to import necessary products including food, baby food, fertilizer, fuel and electricity, and other products. We are discouraging import of products that are not very necessary,” Kabir added.
Also read: Dollar rate: BB governor to hold meeting with bank MDs Thursday
Chairman of Al-Arafa Islami Bank Selim Rahman presided over the function. Managing Director and CEO of the bank Farman R. Chowdhury, members of the Board of Directors, senior officials, scholarship recipient students and parents were also present on the occasion.
Under its Social Responsibility Programme, Al-Arafah Islami Bank provided scholarships to 200 meritorious students who have passed HSC and equivalent examinations in 2019.
Pran to collect 65,000 tonnes of mangoes in 2022
Pran is set to collect 65,000 tonnes of mangoes this year to manufacture drinks, juices and other food items which are exported to some 145 countries.
The agro-processor started collecting and pulping mangoes in its plants in Natore and Rajshahi Thursday.
Sarowar Hossain, general manager of Barind Industrial Park in Rajshahi, said: "We are collecting mangoes from Rajshahi, Natore, Chapai Nawabganj, Naogaon, Dinajpur, Meherpur and Satkhira. In the first phase, we will buy the Guti variety. After that, we will collect the Ashwani variety."
Read: Serbia keen to invest in food storage industry in Bangladesh: FBCCI
Kamruzzaman Kamal, marketing director of Pran-RFL Group, said, "We collected more than 40,000 metric tonnes of mangoes last year."
"Pulp is being produced in our plants following aseptic technology. It helps preserve the pulps for two years while maintaining their taste and freshness without freezing. We are manufacturing mango juices and drinks throughout the year from these pulps."
Read: Govt mulls amnesty to bring back laundered money: Finance Minister