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Diversified jute products fair witnesses huge footfall on closing day
The diversified jute products fair witnessed a huge footfall on the closing day, organisers said Wednesday.
The Jute Diversification Product Centre (JDPC), a concern of the Ministry of Textile and Jute, organised the three-day fair on its office premises in Dhaka's Monipuri para.
Read: Diversified jute products fair ends on Tuesday
Entrepreneurs of diversified jute products displayed as many as 282 products across 33 stalls at the fair. And three of the 33 entrepreneurs got the best display awards.
Md Kamrul Hossain, CEO of Holi Craft & Fashion, won the first prize, while Md Zakirul Islam Okul of Suansh Fashion and Ibrahim Khalil of ‘Craft Vision’ bagged the second and third prizes, respectively.
Mohammad Abul Kalam, executive director of JDPC and additional secretary, Ministry of Textile and Jute, handed over the prizes to the winners at the closing ceremony of the fair on Tuesday.
“This is just the beginning. More such fairs will be organised in different cities to encourage people to use jute diversified products,” he said at the event.
Kalam also urged entrepreneurs to improve the quality of products to attract foreign buyers as well.
The JDPC also organised an art competition on Tuesday evening, where artists painted different themes of development celebrating the golden jubilee of Bangladesh.
Read:Saudi willing to invest in closed jute mills
Artist Rashidul Islam won the first prize, Monirul Alam the second and SM Mizanur Rahman the third prize.
Moriam Nargis, proprietor of ‘Twinkle CraftCraft Moriam Nargis, told the UNB that there's a growing demand for diversified jute products in Europe. She urged young entrepreneurs to start manufacturing diversified jute products.
FBCCI urges govt to lift VAT on edible oil import
The FBCCI on Monday urged the government to withdraw VAT on the import of edible oil for next three months to bring stability in the edible oil market.
FBCCI President Md. Jashim Uddin made the call at the meeting with the importers, millers, refiners, wholesalers and leaders of different market committees to discuss the market situation of edible oil held at its office.
He said that India has adjusted VAT and duty on edible oil three times and Bangladesh should also go for the adjustment to bring back normalcy in the cooking oil market.
“The government should introduce bond on import of edible oil to stop the manipulation of the prices of the widely consumed soybean oil,” he said.
Also read: HC to hear writ seeking directions to rein in edible oil prices Monday
Jashim said a handful of dishonest businessmen have been selling the oil at higher prices than the price fixed by the government.
To prevent this practice, FBCCI will form a market monitoring cell, he announced.
He also urged the market committee to actively monitor the market.
According to him the edible oil should not be sold in loose form.
Earlier in the meeting, Taslim Shahriar, Senior AGM from Meghna group informed that, in the last one year, the price of the edible oil increased by 61 per cent in the global market, whereas, in Bangladesh the rate is 21 per cent.
City Group Director Biswajit Saha claimed that there is no supply shortage from millers. The city group supplies two and a half thousand metric ton oil daily, he informed.
Also read: Commerce ministry seeks BTTC report before raising edible oil price
To control the skyrocketing of the price of the edible oil, Kazi Salahuddin Ahammad, Senior General Manager of S. Alam Group demanded VAT withdrawal on the edible oil.
Echoing the same demand, TK group director Shafiul Taslim said, the government earns 25 to 27 taka as revenue from per liter soyabean oil. The revenue relief will end the crisis till Ramadan, he added.
During the meeting, Wholesale Edible Oil Traders Association President Haji Md. Golam Mawla called for a stabilising supply of the edible oil.
Bangladesh Shop Owners Association President Md. Halal Uddin suggested fixing the price every 15 days.
FBCCI Senior Vice President Mostofa Azad Chowdhury Babu, Vice President Md. Habib Ullah Dawn, Director Rezaul Kariem Rejnu, Harun Or Rashid, Abu Hossain Bhuiyan (Ranu), Secretary General Mohammad Mahfuzul Hoque, Moulavibazar Babosayee Samity President Md. Bashir Uddin were also present at the discussion meeting.
Environment-friendly ‘Sonali Bag’ headed to dustbin of history
Environment-friendly Sonali Bag, made of jute, has not been commercially viable even after five years of its pilot production due to fund shortage and continuing promotion of harmful polythene bags. Project insiders and innovators of the product are frustrated after failing to attain commercial viability even as an environmentally friendly alternative to polythene. The project is waiting to die now due to lack of allocation to run the factory, project insiders said. A pilot project was taken up in 2018 to market bags made from jute. However, the bag could not be brought to the market commercially in his fifth year. Inventor Mubarak Ahmed says another Tk 350-400 crore would be needed to market the golden bag.
Read: Hasina seeks Russian investment in jute sector
Only limited production of bags has been possible The officials of Bangladesh Jute Mills Corporation could not say when the project of commercial production of golden bag, an alternative of polybag will be implemented. In the absence of reliable alternatives, the market has floated banned polythene. The use of polythene is increasing in vegetable markets, grocery stores, shopping malls, and chain shops. Occasional raids have been carried out to control these environmentally harmful products, but the use of polythene has not reduced due to lack of alternatives. Polythene was banned in Bangladesh in 2002. Environmentalists say the failure to enforce the law is not the reason for the release of polythene. Not only Bangladesh, but the whole world is also worried about polythene. Millions of tons of polybags are being used every day, polluting the environment.
Read: Saudi willing to invest in closed jute mills Mubarak Ahmed Khan, Scientific Adviser of Bangladesh Jute Mills Corporation (BJMC), was the inventor of eco-friendly bags from jute named Sonali Bag in 2016.
It is a cellulose-based biodegradable bioplastic, an alternative to plastic bags. This bag is made by collecting cellulose from jute. It looks like ordinary polythene, but it is perishable. Before coming to the market commercially, ‘Sonali Bag’ had received a positive response at home and abroad. A pilot project was taken up in 2016 to market the bag. However, the bag could not be brought to the market commercially in six years.
Read Production in BJMC’s 2 leased out jute mills begins State owned Latif Bawani Jute Mill on the west bank of Shitalakshya River in Demra, Dhaka houses a factory for making Sonali Bags. On April 7, 2019, Tk 10 crore was allocated from Bangladesh Climate Trust Fund for the production of this bag. Necessary equipment and chemicals were purchased with that money. The bag is sold from the BJMC office at Motijheel only. In this context Bangladesh observed Jute Day-2022 on Sunday (March 6) with the theme of ‘Golden country of golden fire, environment friendly Bangladesh’.
Read BTMC’s jute mills incurred loss of Tk 3,168 cr in FY 21: Jute Minister
Brand Bangladesh in a new way, FBCCI president urges entrepreneurs
FBCCI President Md. Jashim Uddin on Saturday called upon the entrepreneurs of garments and textile industries to diversify their investments and brand Bangladesh in a new way.
The president made the call at the first meeting of the standing committee on RMG, knitwear and sweaters at the FBCCI office.
He said that most entrepreneurs are interested in investing in cotton-based garment and spinning sector.
“However, now the demand for manmade fiber clothing is increasing in the world market, and the price is also higher,” he said.
The President urged the entrepreneurs in the readymade garments and textile sectors to invest in the man-made fiber sector.
Read: Strict monitoring to check price hike of commodities during Ramadan: Munshi
He mentioned that exporters are gradually losing the advantage of cheap power, energy and labour.
Despite being the second largest exporter of readymade garments, he said, Bangladesh mainly exports relatively cheap garments.
Jashim Uddin said that the prices of raw materials are constantly rising. Therefore, in order to continue to growth of the industry, exporters must now focus on exporting high value garments, he said.
Speaking as the chief guest at the meeting, the president said a safety council has been set up at the FBCCI to ensure the safety of non-export-oriented factories.
The Safety Council is working with BIDA to secure all the industries in the country, he added.
Faruque Hassan, chairman of the committee and president of BGMEA, said a study is going on to explore the new items which the producers might be good at, and also to identify the new opportunities to expand their investments.
“Exporters are often reducing the prices of their products by competing with each other,” he said.
The BGMEA president called for an end to the competition.
Meanwhile, BKMEA executive president Mohammad Hatem proposed to form different sub-committees on the banking and financial sector, power and energy, finance ministry and labor ministry to solve problems of the garment industry.
Read: Remittance inflow down by $ 3.25 billion in 8 months of FY 22
The members of the committee present at the meeting said that harassment of the Customs and Bond Commissionerate is now the biggest problem for them.
Businessmen are also facing hurdles in importing various raw materials due to HS code complications.
Entrepreneurs also think that the law needs to be amended for wastage recycling.
FBCCI Director and Director-in-Charge of the Standing Committee on Land Ports, Bijoy Kumar Kejriwal said the committee would do its utmost to help resolve any issues regarding land port.
FBCCI Director Harun Or Rashid, Secretary General Mohammad Mahfuzul Hoque, Standing Committee Co-Chairman Abdullah-al-Mahmud Mahin, Enthekhabul Hamid Apu, Shams Mahmud, Fazle Shamim Ehsan, Mohammed Kamal Uddin, Anjan Shekhar Das, Humayun Kabir Selim were also present among others.
IBBL Dhaka North Zone, South Zone hold business development conference
Dhaka North and Dhaka South Zone of Islami Bank Bangladesh Limited (IBBL) organised a business development conference in the capital Wednesday.
Mohammed Monirul Moula, managing director and CEO of the bank, addressed the conference virtually as the chief guest.
Md Omar Faruk Khan, additional managing director, spoke as a special guest.
Read IBBL relocates its Rampura Branch
IBBL deputy managing directors Md Mostafizur Rahman Siddiquee and Md Altaf Hossain; senior executive vice-presidents Mohammed Shabbir and Md Maksudur Rahman; executive vice-presidents ASM Rezaul Karim and Md Mizanur Rahman Bhuiyan, also addressed the programme.
Muhammad Saeed Ullah, head of Dhaka North Zone, presided over the function; Mir Rahmat Ullah, head of Dhaka South Zone, delivered the welcome speech.
Read IBBL Khulna holds agent banking conference
IBBL Dhaka North Zone, South Zone hold agent banking conference
Dhaka North and Dhaka South Zone of Islami Bank Bangladesh Limited (IBBL) organised the "Agent Banking Business Development Conference" and "Workshop on Prevention of Money Laundering and Terrorist Financing" in the capital Wednesday.
Md Omar Faruk Khan, additional managing director of the bank, addressed the conference as chief guest.
JQM Habibullah, deputy managing director of IBBL, addressed it as a special guest.
Read: Pandemic impact: Banks’ bad loans rise by 8 per cent to Tk 1.3 trillion
Md Maksudur Rahman, senior executive vice-president, presided over the function. ASM Rezaul Karim, executive vice-president, delivered the welcome speech.
Taher Ahmed Chowdhury, chief anti-money laundering compliance officer; senior executive vice presidents Md Jamal Uddin Majumder and Md Mahboob Alam, Muhammad Saeed Ullah, head of Dhaka North Zone, Md Shamsuddoha, executive vice-president, and Mir Rahmat Ullah, head of Dhaka South Zone, also spoke.
Read IBBL, JPMorgan Chase Bank hold meeting
Pandemic impact: Banks’ bad loans rise by 8 per cent to Tk 1.3 trillion
The Covid-19 pandemic pushed up default bank loans to 8 per cent to Tk1.3 trillion ( 1 trillion is equal to Tk 1 lakh crore) in last December.
Bangladesh Bank (BB) failed to curb the loans default despite providing a number of facilities including moratorium (a loan moratorium is a legally authorized period that delays the payment of money due on account of specific loan instalments) of instalment payments.
According to BB’s latest data, the default loans amount stood in December 2021 at over Tk1.3 trillion (8 per cent of total loans), that was Tk 88734 crore (7.66 per cent) in December 2020.
Read: BB asks NBFIs comply with Banker's Book Evidence Act-2021 to avoid imprisonment
According to the latest data from the central bank, at the end of December last year, the total debt of the banking sector stood at Tk13.18 trillion.
At the end of September, the total debt balance was Tk12. 45 trillion. Of this, the defaulted loans shot to Tk1.15 trillion, which was 8.12 per cent of the total debt.
Till June last year, the total amount of loans disbursed in the banking sector was Tk12.13 trillion. The defaulted loans stood at Tk 99205 crore. In the three months from March to June, defaulted loans increased by Tk 3,899 crore, the BB sources said.
Read: Economy resilient, no liquidity shortages in banks: BB governor
Of the new defaulted loans, more than Tk 11,000 crore has been raised in private banks and more than Tk 2,000 crore in state owned banks. Due to this increase, the private banks overtook the unrealised loans in the government banks.
However, the default rate in the state banks is more than three times that of private banks. About 20 per cent of the loans disbursed in the state-owned banks have been defaulted.
Even if it increases a lot in one year, the default rate among the disbursed loans is a little more than 5 per cent.
Read Remittance to exceed $25 billion by end of current fiscal : Finance Minister
Although the situation of public, private and foreign banks has deteriorated in the last one year, the situation of three specialized banks has improved. These banks have been able to reduce defaulted loans.
Strict monitoring to check price hike of commodities during Ramadan: Munshi
Commerce Minister Tipu Munshi has said the government will strengthen monitoring to prevent price hike of commodities during the holy month of Ramadan.
“There is enough stock of essentials in the country. So, there is no reason to increase price of essentials in the name of short supply,” he said.
Tipu Munshi came up with the remarks on Wednesday while addressing an inter- ministerial meeting on stock, supply, import situation and prices of commodities ahead of Ramadan.
Read:Commerce ministry seeks BTTC report before raising edible oil price
The meeting held at the conference room of the Commerce Ministry at the secretariat.
He said the field administration has been asked to take stern action against those who are trying to increase price of commodities creating artificial crisis or hoarding goods illegally.
“The government has taken all possible steps so that people can buy commodities at affordable prices. Everything will be done to protect the interest of producers and consumers. All measures have been taken to keep the stock, supply and price of essential commodities normal,” the commerce minister told reporters.
He said the government will sell sugar, edible oil, lentils, onions and chickpeas among 1 crore people across the country through TCB during Ramadan.
The commerce minister said that the government will not allow sale of loose soybean oil after May 31 and sale of loose palm oil after December 16.
The government has decided that all edible oil will be bottled or packaged and sold at a fixed price to ensure the fair price.
Read: Veggies’ price soars due to untimely rains & intermediaries: Agriculture secy
The Directorate of National Consumer Rights Protection under the Ministry of Commerce and the National Board of Revenue (NBR) have intensified market monitoring, Munshi said.
The meeting was chaired by Senior Secretary of the Ministry of Commerce Tapan Kanti Ghosh, Chairperson of the Bangladesh Competition Commission Mofizul Islam, Chairman of the Bangladesh Trade and Tariff Commission (Secretary) Md. Afzal Hossain, member of the National Board of Revenue Masud Sadiq, FBCCI President Jasim Uddin, TCB Chairman Brigadier General Md. Ariful Hasan, Director (Administration) of Directorate of National Consumer Rights Protection Manzoor Mohammad Shahriar, representatives of Ministry of Industries, DGFI, NSI, BGB, among others, were present at the meeting.
Remittance inflow down by $ 3.25 billion in 8 months of FY 22
Bangladesh’s remittance inflow decreased by USD $ 284.5 million to $ 1496.09 million in February of the current fiscal year compared with the same month of last fiscal year.
In February of FY2020-21, the expatriates sent remittance of $ 1780.59 million to the country.
Bangladesh received $ 13.44 billion remittance in the first 8 months of the current FY2021-22 which is counted from 1st of July every year. In the same period of last FY2020-21, the expatriates sent $16.68 billion. It means flow of inward remittance has decreased by $3.25 billion.
Read: Remittance Magic: Bangladesh received $11.95bn in 7 months
Bangladesh Bank (BB) data released on Tuesday found that the expatriates in different countries of the world sent $1496.09 million inward remittance through banking channels.
The previous month, in January, expatriates sent inward remittances of $ 1704.53 million, in December $1630.66 million.
The government has been providing a 2 per cent incentive from the FY2019-20 to increase remittance inflow in the formal channel (banking) discouraging hundi.
Read:Central bank devalues taka to boost exports, remittances
After easing global Covid restriction on movement, the inward remittance flow decreased gradually compared with the severe pandemic period. In the last FY2021-22 Bangladesh received a record $ 24.77 billion remittance, which is the highest ever.
In January 2022, the government increased remittance incentive to 2.5 per cent to increase the inward remittance flow in the banking channel.
It means the expatriates are now getting hassle-free Tk 102.5 for sending Tk 100 remittance through banking channels.
Read Govt raises incentive on remittance to 2.5%
The sector insiders said that Bangladesh's remittance inflow would increase in the remaining period of the current fiscal year as the government increased incentive rate and upward trend of fuel oil prices in the global market.
Stock market witness a massive fall on Sunday after Russia attacks Ukraine
Dhaka stocks exchange (DSE) witnessed a massive price fall on Sunday amid a rush of selling pressure due to global tension rising after the Russian invasion of Ukraine.
The benchmark index of the DSE fell 163 points, or 2.38 per cent, to 6,676 at the end of the exchange on Sunday, the lowest in the last 2 months.
Analysis of the daily exchange situation shows that at the beginning of the week, 365 companies or 96 per cent stock fell. The investors’ participation in the stock saw a dried up position with the day’s turnover stood at Tk 916.28 crore.
Also read: Whitening black money: Stock exchanges ask NBR to continue it in stock market
The Chittagong Stock Exchange (CSE) also witnessed a fall or eroded on Sunday. A total of 304 companies’ shares traded on the day of which 284 dropped prices, only 9 gained and 11 remained unchanged. The CSE lost 490 point (2.45 per cent) to 19500.
The country's capital market passed the 3rd week in February on a one-day rise and a three-day downward trend. During this week's trading, the index and the share price of most companies was downward.
As a result, the capital of the country's main capital market DSE investors lost their capital in the 3rd week, the same situation was seen in the transactions of Chittagong Stock Exchange (CSE).
According to the DSE data, during the week (February 20-24), the transaction on the DSE was Tk398.79. The previous week's transaction was Tk5 98.12 crore. In other words, the transaction decreased by Tk1989.23 crore during the week, which means stock price decreased by 33.17 per cent.
Also read: Stock markets continue to fall on the third day Tuesday
Of the 392 stocks and units traded on the DSE in the fourth week of February, 73 rose, 296 declined and 16 remained unchanged. Shares of five companies were not traded.