Local-Business
NBR awards 54 public and private companies as highest taxpayers
The Large Taxpayers Unit (LTU), a wing of the National Board of Revenue (NBR), handed over awards to 54 public (state-owned) and private companies as the highest taxpayers for the fiscal year 2022-2023.
On the occasion, an award-giving ceremony was held at NBR's Multipurpose Hall in Agargaon on Wednesday.
NBR Member (Tax Administration and Human Resource Management) Syed Mohammad Abu Dawood, Tax Commissioner of Large Taxpayer Unit Iqbal Baha handed the award to the winners in different categories.
The winners in banking category-Islami Bank Bangladesh PLC, Standard Chartered Bank, BRAC Bank PLC, Dutch-Bangla Bank, Limited Category, Eastern Bank PLC, The City Bank PLC, United Commercial Bank PLC, The Hong Kong & Shanghai Banking Corporation Limited, Prime Bank PLC, Al Arafa Islami Bank plc, IFIC Bank plc First Security Islami Bank plc, Trust Bank, Mutual Trust Bank plc, Agrani Bank plc, The Premier Bank plc, Bank Asia Limited, Dhaka Bank plc, National Credit and Commerce Bank plc, Shahjalal Islami Bank plc, Pubali Bank plc, AB Bank plc and Jamuna Bank plc.
Non-banking finance category-Infrastructure Development Company Limited, IDLC Finance Limited, Bangladesh Infrastructure Finance Fund Limited, DBH Finance PLC, and Investment Corporation of Bangladesh.
Insurance category-American Life Insurance Company (Metlife , General Insurance Corporation Category, National Life Insurance Company Limited and Green Delta Insurance Company Limited.
Telecommunications-Grameenphone Limited Service sector-Power Grid Company of Bangladesh Limited received the award.
Engineering Category-BSRM Steels Limited, Bangladesh Steel Re-Rolling Mills Limited, and Rangs Limited.
Food and accessories-Nestlé Bangladesh Plc, Olympic Industries Limited, Transcom Beverages Limited, and New Zealand Dairy Products Bangladesh Limited.
Energy Category-Titus Gas Transmission and Distribution Company Limited and Chevron Bangladesh Blocks Thirteen and Fourteen Limited
Spinning and Textiles-Square Textiles plc and Coats Bangladesh Limited.
Medicine and Chemistry-Square Pharmaceuticals plc, Beximco Pharmaceuticals Limited, and Healthcare Pharmaceuticals Limited.
Print and electronic media category-Mediastar Limited.
Leather industry-Bata Shoe Company (Bangladesh) Limited and Apex Footwear Limited.
Other categories-British American Tobacco Bangladesh Company Limited.
Apart from this, Grameenphone Limited and Bangladesh Bank were given separate honours for deducting tax at source.
Uber appoints Nasheed Ferdous Kamal as Country Head
Uber, the ridesharing app, has announced the appointment of Nasheed Ferdous Kamal as the Country Head for Uber Bangladesh.
Nasheed is a seasoned leader with over 18 years of experience in marketing, product and pricing strategy, new business development, customer lifecycle management, revenue and base growth, said the company on Wednesday.
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Before joining Uber, Nasheed was the General Manager at Robi Axiata Limited where she led the company’s Airtel brand Base Management and Customer Lifecycle Management in the region.
She is an alumnus of the University of Windsor and North South University.
Commenting on the appointment, Abhishek Padhye, Head of Regional Business Operations, Uber India and South Asia, said, “We are delighted to welcome Nasheed as the new head of our business in Bangladesh. Her addition to our team is a significant step towards reinforcing Uber’s footprint and ensuring sustained growth in Bangladesh. Nasheed brings robust experience from the telecom industry and we are confident that under her leadership, we will explore further avenues of growth in Bangladesh.”
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Commenting on the appointment, Nasheed said: “Uber has transformed the way people move in Bangladesh, while also creating work opportunities for lakhs of people. I am excited to join Uber and work alongside the talented team, as we work together on building shared mobility business in Bangladesh while committing to our sustainability goals.”
Uber started operations in Bangladesh in 2016 with a mission to power mobility. In over seven years of operations, Uber has built a strong position in the ridesharing ecosystem.
Islami Bank opens Premier Stall at DITF
Islami Bank Bangladesh PLC has opened Premier Stall at the Dhaka International Trade Fair.
Mohammed Monirul Moula, Managing Director and CEO of the bank, formally inaugurated the stall No. 71 on Tuesday at Bangabandhu Bangladesh-China Friendship Exhibition Center (BBCFEC), Purbachal, said a press release.
Md. Maksudur Rahman, Senior Executive Vice President, Md. Mizanur Rahman Bhuiyan, Executive Vice President, Md. Nasir Uddin and Nazrul Islam, Senior Vice Presidents, A M Shahidul Amran, Senior Assistant Vice President and Dipok Chandra Saha, Officer-in-Charge (OC) of Rupganj, Narayanganj along with other executives and officials of the bank were present on the occasion.
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Islami Bank stall is providing modern banking and information services to visitors, customers, and traders. Merchants can deposit their VAT, tax, and other fees of daily transactions through the Automated Challan System (ACS) at the stall.
Services provided at the premier stall include account opening, cash deposit, and withdrawals through ATM and CRM Booth.
Besides, information related to deposit and investment, digital banking solutions CellFin App, mCash, agent banking, and internet banking are available.
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In addition, sellers are also getting the opportunity to deposit their money at any time through CRM, it said.
Walton records profit growths in July-December of FY 2023-24
Walton Hi-Tech Industries PLC has recorded profit growth during the period July-December of the current Financial Year 2023-24.
The Bangladeshi electronics giant posted around 23 times or 2,270 percent higher profits during the July-December period of 2023, compared to the same period of the previous year, according to a press release.
Walton Hi-Tech also witnessed substantial growth in major financial indicators, including Operating Profit Margin, Earnings Per Share (EPS), Net Asset Value Per Share (NAVPS) etc. during the first six months (July-December) of the current FY 2023-2024, it said.
S Alam Group to import 12 lakh MT of daily essentials for Ramadan
Such picture of the company's financial indicators was reflected in its Q2 un-audited Financial Statements for the period ended December 31, 2023.
The report was published after reviewed and approved by the Company's Board of Directors in its 37th meeting held on Monday (January 22, 2024).
According to the published report, Walton Hi-Tech posted Tk 340.35 crore profit during the period from July to December, 2023 as against the profits of Tk 14.36 crore in the same period of the previous year.
In the Second Quarter (October-2023 to Decmber-2023), the profit of the Company was increased to Tk 138.28 crore as against of Tk 60.46 crore of the corresponding period of the previous year.
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The amount and percentage of finance costs during the period (July-2023 to December-2023) is significantly lower than the comparative period because of less impact of devaluation of taka against foreign currencies like Euro and USD. However, the company suffered foreign currency losses during the period of July 2023 to December of 2023 amounting to Tk 43.75 crore, which was Tk 336.10 crore in the corresponding period of the previous year.
As a result, the Company's EPS for the period ended December 31, 2023 stood at Tk 11.24 as against of Tk 0.47 of the same period of the last year. As on December 31 of 2023, the Company's Net Asset Value Per Share (NAVPS) stood at Tk 244.26 without revaluation and Tk 345.75 with revaluation.
In that period, the Company's Net Operating Cash Flows Per Share (NOCFPS) stood at Tk 27.16.
During the period from July 2023 to December 2023, the percentage of finance costs was reduced significantly. In that period, the percentage of finance costs against sales was recorded at 7.51 percent, which was 18.15 percent in the same period of the previous year.
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At the end of the Second Quarter of current Financial Year (2023-2024), the Company's total Finance Costs were recorded at Tk 177.93 crore, which was Tk 469.33 crore in the same period of the previous year. As a result, the Company's Profit After Tax for the period ended December 31, 2023 stood at 14.37% as against of 0.56% of the same period of the previous year.
However, the management of Walton Hi-Tech Industries PLC anticipated that the Company’s profits would be healthier in the next quarters of the current Financial Year.
S Alam Group to import 12 lakh MT of daily essentials for Ramadan
S Alam Group will import 12 lakh metric tonnes of daily essentials to ensure uninterrupted supply of essential consumer goods and to keep prices affordable for the month of Ramadan.
With an investment of more than hundreds of millions of dollars, the effort accounts for approximately 50 percent of the nation's total food demand for Ramadan. sugar, edible oil, wheat, lentils, and chickpeas are among the imported products, according to a press release.
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S. Alam Group fulfills 30, 20 and 35 percent of the current domestic market demand of oil, wheat and sugar respectively. The company is working diligently to increase the supply to 50 percent this year. Like previous years, S Alam Group has taken initiatives to import huge volume of daily necessities during Ramadan to benefit the mass people, it said.
The country's annual sugar demand is 24 lakh MT, with the month of Ramadan alone accounting for 2.72 lakh MT. S Alam Group is importing 641,300 MT of sugar, which is more than twice the demand during Ramadan, the release also said.
The yearly demand for edible oil in Bangladesh is about 22 lakh metric tons. Out of which, three lakh metric ton is demanded during Ramadan. S. Alam Group is importing 2 lakh 58 thousand metric tons of edible oil, 86 percent of the demand during Ramadan, to ensure market stability, it also said.
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The annual demand of wheat in the country's market is about 63 lakh metric tons (excluding domestic production). Consumers require about five lakh 28 thousand metric tons of wheat every month. S Alam Group is importing One lakh 78 thousand metric tons of wheat, 34 percent of the demand during Ramadan, to ensure market stability.
Bangladesh’s demand for lentils stands at six lakh tons annually, with a monthly requirement of 50 thousand tons. The demand for lentils surge during Ramadan, reaching one lakh tons. S. Alam Group is importing 50 thousand metric tons of lentils, meeting 50 percent of the demand during Ramadan.
Similarly, annual chickpea demand is one lakh 36 thousand metric tons, with demand during Ramadan standing at 91 thousand metric tons. S. Alam Group is importing 50 thousand metric tons of chickpeas during Ramadan, covering 55 percent of the demand during Ramadan.
The company is optimistic that these proactive measures will contribute to maintaining affordable prices in the country's market during the Ramadan season, ensuring accessibility for the general populace.
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“We have once again undertaken the proactive step of importing essential products in large quantity to meet the overall demand during Ramadan. Some of these imported items are in stock, while several shipments are awaiting clearance. Our commitment aligns with the government's objective of ensuring affordability for the people during Ramadan. In the event of any shortages during the Holy month, we remain prepared to take further measures to import additional products.”
Coca-Cola appoints Nahar Choudhury as first Bangladeshi managing director
Coca-Cola, one of the country's leading beverage companies, has announced Ju-un Nahar Choudhury as the new Managing Director of Coca-Cola Bangladesh Limited. She is the first Bangladeshi woman to take on the role of Managing Director for Coca-Cola Bangladesh Ltd.
In this role, Choudhury will work closely with bottling and business partners, customers and other external stakeholders in the country.
She started her career with Unilever as a management trainee in marketing, and left her mark in various roles including leading the team who won a Guinness world record for the nationwide ‘Lifebuoy handwashing washing campaign’ covering 86,000 youth simultaneously in over 60 locations, said the comps on Monday.
She moved to Indonesia in 2014 with Reckitt Benckiser looking after the Dettol business. She also worked with Danone Indonesia as Head of Innovation and then joined aCommerce, an end-to-end ecommerce enabler present across seven ASEAN countries, as the FMCG director.
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After spending eight years in Indonesia, Choudhury moved back to Bangladesh and joined Apex as marketing director in 2023.
Speaking on her appointment, Ju-un Nahar Choudhury, Managing Director, Coca-Cola Bangladesh said, “I am delighted to join the Coca-Cola system and partner with our bottling partners, Coca-Cola Bangladesh Beverages (CCBB) & Abdul Monem Limited (AML), and other stakeholders to refresh our consumers in Bangladesh."
She also said, "I am humbled to lead Bangladesh on this Coca-Cola journey and I am committed to steer our brands and franchise operations to new heights.”
Choudhury is the first woman to be appointed to this position in Bangladesh and will be replacing former Managing Director, Ta Duy Tung, who was appointed back in 2021.
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Ajay Vijay Bathija, Vice President of Franchise Operations for Southwest Asia (SWA), said, “We welcome Ju-un to Coca-Cola. The Coca-Cola Company reiterates its focus on building a sustainable business in an important market like Bangladesh. Ju-un joins at an exciting time of the company’s journey in the country and our partners will gain a great deal from her wide experience in FMCG and e-commerce.”
Coca-Cola is the first company in Bangladesh to launch 100% recycled PET bottles in Bangladesh. Coke Studio Bangla, as a digital music platform, boasts a YouTube channel with 2.86 million+ subscribers, surpassing the combined subscriber count of some of Bangladesh's biggest brands.
As per a socio-economic impact study, the Coca-Cola system in Bangladesh contributes to the continuous economic growth of the country and also supports nearly 22,100 jobs which consist of 833 direct jobs and 21,300 indirect jobs.
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FBCCI President invites Sri Lankan investors to invest in Bangladesh's SEZ
The President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Mahbubul Alam invited Sri Lankan businessmen and investors to invest in the Special Economic Zones (SEZ).
The FBCCI President made this call during a courtesy meeting with the high commissioner of Sri Lanka in Bangladesh Dharmapala Weerakkody at FBCCI’s Gulshan office on Sunday afternoon.
Daraz launches Bangladesh’s first-ever free delivery festival
Mahbubul said the government has been establishing 100 special economic zones in Bangladesh with All kinds of facilities including oil, gas, and electricity for the investors.
Besides, one-stop service, e-platform, and many other attractive incentives are on offer to facilitate business and investment in Bangladesh. Sri Lankan businessmen can be benefitted by setting up industry here on their own or in joint ventures, he said.
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He said garments, pharmaceuticals, eco-tourism, hospitality, etc. are some of the potential sectors in Bangladesh. If Sri Lankan investors want to invest in Bangladesh, FBCCI will provide all-out support.
Speaking at the meeting, the Sri Lankan High Commissioner Dharmapala Weerakkody said that Sri Lanka has many business entrepreneurs who are interested in doing business in Bangladesh.
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Besides many potential sectors, Sri Lanka receives a large number of tourists from Bangladesh every year. He said it is time to increase bilateral trade between the two countries.
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Commercial Counselor of the Sri Lankan High Commission Srimali Jayarathna, FBCCI Vice-President Shomi Kaiser, Rashadul Hossain Chowdhury (Ronni), Secretary General Md. Alamgir, among others, were present at the meeting.
Daraz launches Bangladesh’s first-ever free delivery festival
Daraz, South Asia’s leading online e-commerce platform, is bringing the first-ever Daraz Free Delivery Festival.
Shoppers can enjoy free delivery nationwide from January 25- 31 on millions of items including fashion, beauty, electronics, home and decor, and much more, according to a press release.
This reinforces Daraz’s commitment to South Asian communities, showcasing the development and optimization of infrastructure and advanced tools to ensure seamless nationwide Free Delivery.
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With a focus on all categories, Daraz’s first sales campaign of the year encourages shoppers to unlock the best Free Delivery promotions during the Daraz Free Delivery Festival.
Customers can enjoy up to 70% discount on any 3 bundles from Tk 499, up to 70% discount on Hot Deals, up to 60% discount on Mega Deals, brand warranty, and up to Tk 10,000 voucher. To top it all, shoppers will also enjoy free delivery along with all the offers maximizing their savings.
The primary goal of the Daraz Free Delivery Festival is to provide opportunities for everyone to fulfil their everyday needs at the best value, regardless of one’s location without any added delivery cost.
In 2023, inflation nearly reached double digits, hitting a 12-year high at 9.93% in October.
Daraz Free Delivery Festival helps maximise the savings for the shoppers as they can now obtain their everyday needs from the comfort of their homes without the hassle of transportation or delivery costs.
Daraz also aims at using this platform to extend its reach to underserved communities by offering Free Delivery nationwide, making it possible for consumers outside Dhaka (Chittagong, Khulna, Rajshahi, Sylhet etc.) to conveniently get their everyday needs, at the best price. In December 2023 alone, more than half of Daraz shoppers already enjoyed free delivery, representing a 500% increase compared to January 2023.
It provides Small and Medium Enterprises (SMEs) with the opportunity to expand their businesses into unexplored territories and broaden their footprints, witnessing a substantial increase in their reach and revenue. With a growing objective for SMEs to expand their country coverage, Daraz sees more sellers embracing free delivery as a tool to grow their business, with 70% growth in sellers participating in free delivery in the past year.
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Khondoker Tasfin Alam, chief operating officer of Daraz Bangladesh, said "Our commitment has always been to create access to the largest selection of products at the best prices delivered directly to the doorstep of our customers, and the Daraz Free Delivery Festival is proof to this dedication. We have developed a fleet of hundreds of vehicles that connect strategically placed fulfilment and sorting centres across every region of the country."
Bangladesh’s journey: From ‘basket case’ to aspiring economic powerhouse
In the 21st century, Bangladesh has transformed into a formidable economic force. This metamorphosis is exemplified by its journey from a once aid-dependent nation in the 1970s to a self-sufficient and aspiring economic powerhouse. The key to this remarkable turnaround? Its people, especially the youth, representing a demographic dividend ready to be harnessed, Zaidi Sattar, economist and Chair of the Policy Research Institute of Bangladesh, writes in WhiteBoard, a premier policy magazine.
Half a century ago, Bangladesh grappled with a food deficit and a population considered a burden. Fast forward to today, the nation boasts a food production of 40 million metric tons, showcasing its journey to self-sufficiency. The country’s economic stride is further marked by its graduation from a lower-middle-income country in 2015 to a developing country status set for 2026 by the United Nations.
This economic renaissance hasn’t gone unnoticed. The Wall Street Journal in 2010 wrote “Bangladesh, ‘Basket Case’ No More,” leading global investment firms like Goldman Sachs and JP Morgan to view Bangladesh as a new investment frontier, Sattar writes. Today, Bangladesh stands as the world’s second-largest apparel exporter, a remarkable feat considering its initial lack of a significant textile industry.
Development economist Amartya Sen lauded Bangladesh’s human development progress, outpacing its South Asian counterparts. Despite advancements, challenges like the low female labour force participation, at 40%, remain. Addressing this could further boost economic growth. The nation’s resilience is also evident in its self-funded mega-infrastructure, the 6.4 km Padma Bridge, highlighting its economic independence.
Under the leadership of Sheikh Hasina’s government, Bangladesh has maintained over a decade of macroeconomic stability, crucial for its current and future growth. The nation’s economic tale is one of balance, with agriculture providing food security and rural employment, while trade and industry propel its development forward, writes the economist.
The year 2022 posed significant challenges to global economies, including Bangladesh. However, its robust macroeconomic management over three decades allowed it to withstand shocks like the Russia-Ukraine war, highlighting its resilience during global crises.
Bangladesh’s economic strategy has been pivotal in its success. Since the 1990s, the country embraced an export-oriented trade policy, a shift from its previous inward-looking approach. This transition was influenced by the successful models of East Asian economies and has played a crucial role in Bangladesh’s development since 2010, Sattar is of the view.
The country’s export success, especially in clothing, is a testament to its effective use of comparative advantage. Embracing an export-led growth model, Bangladesh has seen consistent increases in GDP growth rates and a significant reduction in poverty rates. However, the nation must also focus on modernizing its tariff structure to diversify exports and further its development agenda.
Looking forward, Bangladesh’s economic story is not just about exports but also includes a strong role in global trade in services, bolstered by remittances from migrant workers. The country’s future competitiveness lies in developing world-class service industries, adapting to global trade trends, and adhering to international trading blocs’ disciplines.
As Bangladesh strides towards its graduation from the least developed country status, it faces the challenge of evolving its industrial policies in line with global trends. Its long-term Perspective Plan 2041 aims to transform Bangladesh into an advanced high-income economy, requiring strategic coordination between government and businesses.
Bangladesh’s economic journey from a struggling nation to a promising global player is a story of strategic policy choices, resilience, and innovation. As the world anticipates the “Asian century,” Bangladesh is poised to be a significant player, showcasing its remarkable journey from struggle to prosperity, writes Sattar.
Huawei offers 3-day free tour to MWC in Barcelona
Huawei is offering a three-day tour to Mobile World Congress (MWC) 2024, scheduled to be held in Spain's Barcelona, through a social media contest.
"Anyone can participate in the #SeedsTourMWC24 UGC Campaign. The top three winners will go on the tour from 25-28 February. Huawei will provide air tickets and accommodation for four nights," said a press release.
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To participate in the campaign, in the first round, participants must share Huawei's campaign announcement (https://www.facebook.com/huawei/posts/pfbid02P6DSsd6AjUQaYRunPL9toKDyCGA...) post on their personal Twitter, Facebook, or LinkedIn accounts, accompanied by their response to the question, "What are you most excited to discover at MWC 2024 Barcelona?".