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S. Alam Group receives China-Bangladesh Business Excellence Award-2023
S. Alam Group has been awarded with “China-Bangladesh Business Excellence Award-2023” as a recognition for its contribution in China and Bangladesh's business partnership and various development projects here in the country.
The leading industrial conglomerate received the award in the “Power and Energy” category recently, said a press release.
Walton's 3 entrepreneur directors, Walton Plaza awarded with tax card
There are several joint industrial projects between China and Bangladesh in power, infrastructure, transportation and other sectors.
These projects are playing a vital role in the economic growth of the country. One of the notable projects of China and Bangladesh is the SS Power Plant of 1320 MW capacity, situated at Gandamara in Chattogram’s Banskhali.
The plant has already started power supply to the national grid after launching commercial production. This project received the “China-Bangladesh Business Excellence Award-2023” in the “Power and Energy” category.
Ebadat Hossain Bhuiyan, Chief Financial Officer (CFO), SS Power Plant, said, “The success of the SS Power Plant is a major milestone for Bangladesh's power sector. Moreover, it shows important evidence of China and Bangladesh's business partnership.”
The achievement of the “China-Bangladesh Business Excellence Award-2023” will surely inspire everyone related to this project, he added.
Transcom Digital Introduces Candy RAC’s Two Distinct Air Conditioning--Performcool and Comfortcool
SS Power Plant, established at a cost of approximately USD 2.6 billion or Tk 28,000 crore, is the highest private single investment till date. S. Alam Group owns 70 percent stake in the power plant project and the remaining 30 percent stake is owned by Chinese companies Sepco 3 and HTG.
The commercial production of the first unit of the power plant started on September 18. Later on October 26, the second unit of the power plant started its production in full swing.
Walton's 3 entrepreneur directors, Walton Plaza awarded with tax card
The National Board of Revenue (NBR) has honoured three entrepreneur directors of the country's electronics giant Walton with tax cards and crests for their highest tax payment in the fiscal year 2022-23.
The tax card awardees are: Walton Hi-Tech Industries PLC's Chairman S M Shamsul Alam, Vice-Chairman S M Ashraful Alam and Managing Director S M Mahbubul Alam, said a press release.
Bangladesh Bank dissolves National Bank’s board
Apart from them, Walton Plaza also awarded the tax card.
They were awarded at a programme titled "National Tax Card and Best Taxpayer Award-2023" held at Bangabandhu International Conference Centre in the capital on Wednesday (December 20, 2023).
Transcom Digital Introduces Candy RAC’s Two Distinct Air Conditioning--Performcool and Comfortcool
Finance Division's Secretary Dr. Md. Khairuzzaman Mozumder attended the function as special guest while Finance Ministry's Senior Secretary and NBR Chairman Abu Hena Md. Rahmatul Muneem was in the chair.
Walton Hi-Tech's Additional Managing Director S M Shoyeb Hossain Nobel, Remark HB Ltd's Director Abul Bashar Hawlader and Walton Plaza's Managing Director Mohammad Rayhan received the tax card and best taxpayer award from the guests on behalf of the awardees.
Despite vast potential, SMEs not growing due to backdated policy: FBCCI President
On behalf of Walton Plaza, Managing Director Mohammad Rayhan received the tax card and best taxpayer award.
Bangladesh Bank dissolves National Bank’s board
Bangladesh Bank has dissolved the board of directors of National Bank over allegation of lack of governance and poor financial health.
A new board of directors has been formed, Md Mezbaul Haque, the executive director and spokesperson of the central bank, confirmed on Thursday.
Read: Bangladesh Banks confirms letter to 5 Shariah-based banks to prevent transactions
Syed Farhat Anwar will serve as the chairman of the new board of directors. He is currently serving as Independent Director of Meghna Bank.
Besides, the former executive director of BB Serajul Islam, Southeast Bank's former managing director Md Kamal Hossain, Khalilur Rahman, Parveen Haque Sikder, Shafiqur Rahman, and Moazzem Hossain are on the new board.
Read: BB bans transactions with Onpassive MLM company
Three directors of the previous board have got into the new board.
Mezbaul also said that the total number of directors in the previous board was eight.
Transcom Digital Introduces Candy RAC’s Two Distinct Air Conditioning--Performcool and Comfortcool
Transcom Digital announced the much-anticipated launch of their new AC brand, Candy Air Conditioner on 19th December 2023 in Dhaka.
Available in two exceptional series: Performcool (Fixed Speed) and Comfortcool (Inverter Series), this unveiling marks a significant step forward in providing cutting-edge cooling solutions to consumers in Bangladesh.
The Performcool series from Candy RAC boasts advanced features such as the Hyper PCB, Anti-corrosion Technology, and an impressive air throw capability of up to 20 meters. With these innovations, Candy aims to redefine the cooling experience, ensuring durability and enhanced performance for users.
On the other hand, the Comfortcool series in the Inverter category introduces a range of features designed for ultimate convenience. The self-cleaning technology, known as Easy to Clean, sets a new standard in maintenance ease. Additionally, the Comfortcool series offers a whispering air experience with low noise levels as quiet as 15dB, providing a peaceful environment for users. The eco-mode feature further enhances energy efficiency, allowing for adjustable consumption levels ranging from 20% to 60%.
Transcom Digital, in collaboration with Haier Bangladesh Limited, is excited to bring these innovative cooling solutions to the Bangladeshi market. The Performcool and Comfortcool series exemplify the commitment to delivering top-quality products with state-of-the-art technology and user-centric features.
Despite vast potential, SMEs not growing due to backdated policy: FBCCI President
Despite the vast potential of the SME sector, Bangladesh could not utilize this opportunity due to backdated policy and lack of funding for the SMEs, said Mahbubul Alam, president of the Federation of Bangladesh Chamber of Commerce and Industry (FBCCI).While the SME sector contributes 40-60 percent of the GDP of neighboring and competing countries, Bangladesh is still less than 30 percent, he said.Mahbubul said this while speaking as the chief guest at a seminar titled "Opportunities and Challenges in the SME Sector" organized by the Economic Reporters’ Forum (ERF), held at the Auditorium at Paltan in Dhaka on Monday.FBCCI president said that in developed countries, big producers buy the backward linkages from small entrepreneurs. As a result, small and big entrepreneurs are created in the same industry.Giving an example he said a big company like ‘Toyota Motor' makes the engine of the car and all the other parts are made by the SMEs.“But in our country the big companies don’t give opportunities to the small ones, they make everything. Many large industrial groups also make ‘Chanachur and Muri’, which is also a barrier to growing SMEs in Bangladesh,” said FBCCI President.
Read: FBCCI president pays 'Victory Day' tribute to Bangabandhu “Small entrepreneurs need bank financing to overcome this tax disparity. But SME entrepreneurs are not getting the required financing. Due to procedural complications, many funds are not available to genuine beneficiaries. The interest rate of those who are getting it also becomes 12-14 percent,” Mahbubul pointed out.Mehmud Hossain, Managing Director of National Bank, said that there are psychological problems in lending to the SME sector.“A loan requires many documents. But bankers and entrepreneurs are not interested in this for lack of skills. Due to this lack of interest, the SME sector is lagging behind,” he added.He said that in Bangladesh, banks have set loan targets for the SME sector. But achieving that is challenging.President of Dhaka Chamber of Commerce and Industry (DCCI) Barrister Samir Sattar said that apart from access to finance, some major steps are now needed for the SME sector.These are: taking medium enterprises out of SMEs, providing tax waivers and LC margin layers to attract the SME sector, providing various types of government policy support, providing necessary training to entrepreneurs to make them suitable for entering the international market, and creating a separate SME ministry.Masudur Rahman, chairman of the SME Foundation, said that Bangladesh’s SME sector is lagging behind the competitor countries. Because there is a shortage of financing and interest rates are high.
Read: KSA keen to enhance trade with Bangladesh in food, energy, logistics, and manufacturing sectors : FBCCI
“In every case, the SME sector is facing obstacles. An indigenous loan process should be created for the SME sector. Innovative ideas are needed on how to facilitate lending,” he pointed out.He said that market access should be facilitated to exploit the potential of the SME sector. Many times, SME entrepreneurs cannot enter the market due to middlemen. Middlemen do not allow entrepreneurs to grow. Genuine entrepreneurs depend on middlemen to market for them.ERF President Refayet Ullah Mirdha presided over the seminar and General Secretary Abul Kashem moderated the seminar.
Bangladesh Banks confirms letter to 5 Shariah-based banks to prevent transactions
Bangladesh Bank has confirmed that it has issued a letter to five Shariah-based banks regarding prevention of transactions.
However, the final decision has not been taken yet, said Mezbaul Haque, Executive Director and spokesperson of the central bank.
Read: FBCCI president pays 'Victory Day' tribute to Bangabandhu
In an urgent press briefing at Bangladesh Bank headquarters on Sunday, the spokesperson said as per the regular operation of the central bank’s Motijheel office, they issued the letter.
The five banks are Islami Bank, First Security Islami Bank, Social Islami Bank, Global Islami Bank, and Union Bank.
These banks are offering double benefits and other lucrative profit-sharing offers for term deposits to meet the liquidity crisis. But clients are reluctant as the banks are mired in several loan scams, banking sector insiders said.
On Friday, several media reports said that transaction services of these five banks are about to be stopped due to current account deficits. Some of these banks claimed that the reports are not true.
Bangladesh Bank today arranged an urgent press conference to clear the issue involving the five Islami banks. Of them, Islami Bank Bangladesh PLC is the highest deposit holding bank in the private sector.
Read: BB bans transactions with Onpassive MLM company
Mezbaul said, “The current account status of Bangladesh Bank with these banks has been negative for a long time. Banks have not taken any significant action despite being repeatedly informed about the matter.”
As a result, the central bank has set a period of 20 days for adjusting the negative balance of the current account.
Bangladesh Bank said that if the negative current account balance is not adjusted within 20 days, the five Islami banks will be prevented from clearing or settlement arrangements.
After receiving 2nd tranche, Bangladesh’s reserves hike up above $20 billion as per IMF: BB
Bangladesh has received the $690-million second tranche of its $4.703 billion loan from the International Monetary Fund (IMF) and $400 million loan from the Asian Development Bank (ADB) budget support loan.
It means around $1.09 billion has been added with Bangladesh's foreign exchange reserves, amid dollar short supply in the domestic money market.
Mezbaul Hoque, Executive Director and Spokesperson of Bangladesh Bank (BB) on Saturday told UNB that on Friday night, this amount of loan assistance is added to the country's foreign exchange reserves.
As a result, the reserve (gross) of Bangladesh stood at $25.71 billion on Saturday, which 0which was $24.62 billion on Thursday. Reserves increased to $25.71 billion due to the addition of IMF loans. However, if reserves are calculated according to the IMF formula or BPM-6, the reserve will stand at $20.25 billion.
Earlier, the second tranche of $4.7 billion loan for Bangladesh was approved at the meeting of the Executive Board of the organization held at the head office of the IMF in Washington on Tuesday.
Meanwhile, since Bangladesh could not achieve the foreign exchange reserve conservation target. at the end of last June, the IMF's board approved the exemption that it formally sought from the IMF.
At the same time, a revised target for reserve conservation has been set at the end of December at $20 billion.
FBCCI president pays 'Victory Day' tribute to Bangabandhu
President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Mahbubul Alam along with the Board of Directors on Saturday paid rich tributes to the Father of the Nation Bangabandhu Sheikh Mujibur Rahman on the occasion of Victory Day.
The Board of Directors led by President Mahbubul Alam paid tribute by placing a Floral wreath on the portrait of Bangabandhu at Dhanmondi Road-32 in the capital.
After placing the wreath, the FBCCI President stood there in solemn silence for some time as a mark of profound respect to the memory of the great leader and the architect of the country's independence.
Mahbubul urged the businessmen to take the country forward with the spirit of the father of the nation Bangabandhu Sheikh Mujibur Rahman and the martyrs of the 1971 Liberation War.
FBCCI Vice President Mohammad Anwar Sadat Sarker, Md. Munir Hossain, FBCCI Directors, Secretary General, GB Members, and other dignitaries were present on the occasion.
Biman commences flights on Dhaka-Chennai route
Biman Bangladesh Airlines on Saturday started operating direct flights on its newly added Dhaka-Chennai-Dhaka route.
State Minister for Civil Aviation and Tourism Md. Mahbub Ali, virtually inaugurated the flight at Hazrat Shahjalal International Airport.
Biman flights will depart from Dhaka to Chennai every Saturday, Monday, and Thursday at 12:50 pm.
On the same day, the return flight from Chennai will take off at 4:15pm local time (4.45pm BdST).
Read: BGMEA seeks steps to bring back glory of jute
The inauguration ceremony was attended by senior officials of the Ministry of Aviation and Tourism, Biman Bangladesh, and the Indian High Commission.
The State Minister said that Bangladesh Biman is expanding its air service by launching flights on new routes and this is the Victory Day gift for the people of Bangladesh.
He said that many people from Bangladesh go to Chennai for medical treatment. Keeping them in mind, new flights have been launched on this route. Biman Airlines will be number one in passenger service on this route, he hoped.
BGMEA seeks steps to bring back glory of jute
President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Faruque Hassan has emphasized the need to enhance capabilities in innovation and diversify product and fiber offerings.
He made the observation during his speech at a program titled ‘Projecting Jute as the Fiber of the Future.’
The event, jointly organized by the Ministry of Textile and Jute and the Ministry of Foreign Affairs, took place in Dhaka on December 15.
Addressing the program, Faruque Hassan highlighted the growing importance of consumers’ preference for sustainable materials, citing the increasing global attention on climate change, sustainability, and the circular economy.
“BGMEA has been actively promoting fiber diversification, with a particular focus on sustainable fibers. Initiatives have already been taken to encourage the use of alternative fibers, contributing to the transformation of our industry," he said.
The program, attended by Md. Shahriar Alam, MP, State Minister for Foreign Affairs, as the chief guest, also saw the participation of ambassadors from the EU, Saudi Arabia, Japan, China, Turkey, Pakistan, Korea, Brazil, Kosovo, Nepal, and Bhutan.
Faruque Hassan outlined the BGMEA’s commitment to promoting natural fibers, highlighting ongoing research and development to enhance jute fiber for the production of ready-made garment products.
He mentioned Bangladesh’s rich heritage, including muslin, jamdani, nakshi kantha, natural indigo dye, and the growing utilization of jute, bamboo, and other natural fabrics in sustainable textile production.
The BGMEA President urged stakeholders to take necessary steps in promoting natural fibers and incorporating improved technology to produce garments using local materials.
By linking these products to the export market, Faruque Hassan opined that it would not only revive the livelihoods of local weavers but also contribute to increased employment opportunities.