Local-Business
CPD survey reveals Tk 1500cr social safety funds spent on ineligible beneficiaries
The Centre for Policy Dialogue (CPD) in a survey report said about one-third or Tk 1500 crore of social safety net allocation goes to ineligible beneficiaries due to wrong selection.
The report stated about 30 percent of social safety net recipients are elderly and 33 percent are widowed ineligible beneficiaries. Through which about Tk 1500 crore was spent on ineligible beneficiaries.
CPD calls for effective household surveys to prevent this and selecting people to be beneficiaries based on nepotism and political consideration.
CPD believes that if this wastage can be prevented, it is possible to bring 45 percent of the genuinely eligible people under the allowance. At the same time CPD also suggested increasing the allocation to bring eligible non-beneficiaries under the allowance.
Dr Khondaker Golam Moazzem, research director of CPD revealed the primary survey data on Sunday at a discussion on ‘How to Improve Coverage and Effectiveness of the Social Safety Net Program’, held at BRAC Centre in the capital on Sunday.
The survey highlighted that beneficiaries from different areas of Bangladesh believed they were receiving the benefit due to nepotism or a faulty selection process.
Even beneficiaries of other social security programmes like pension and vulnerable group development are getting old age and widow allowances, the report said.
On the issue of nutrition, the survey found that pulses and vegetables were the main sources of nutrition for allowance recipients.
The CPD suggested that to achieve the SDG goals, all eligible individuals in the country should be brought under a social safety net programme.
It required an additional allocation of Tk90,000 crore in the budget, which can be possible to earn by stopping tax evasion, the think tank’s observation said.
Chief guest of the programme Rashed Khan Menon, MP also chairman parliamentary standing committee on Ministry of Social Welfare said the state was politically and economically trapped by a small group of rich people, and while poverty was decreasing, inequality was increasing.
“Social security programmes should be increased to reduce inequality. However, the social security sector does not have the resources to increase allocations, and this can only be done if tax evasion is stopped,” he added.
Aroma Dutta MP, Dr Md Abdul Aziz MP, Rasheda K Chowdhury, former adviser to the caretaker government were present in the function as the special guests.
CPD Executive Director Fahmida Khatun chaired the event and opined in her speech that nepotism and political considerations were present in the selection of beneficiaries of social security programmes.
The bigger problem was that those affected were not receiving the security benefits and those receiving it were getting less than what they should, she said.
Nagad to disburse allowances from PM’s fund to Gopalganj’s fire affected traders
The state-owned Mobile Financial Service (MFS) provider Nagad has been entrusted with the job to disburse financial assistance among fire affected traders in Gopalganj’s Kotalipara.
The financial assistance from the Prime Minister’s Relief and Welfare Fund will be given to the affected people through the MFS, according to a Nagad media release.
On April 23, a fire originating from a short circuit gutted several shops in Ghaghor Bazar in Kotalipara.
Later, Premier Sheikh Hasina decided to give a hand to the affected businessmen from her own relief and welfare fund. Each business will get a financial grant of Tk 25,000 from the fund.
Muhammad Zahidul Islam, head of Public Communications, Nagad, said, “Whenever we get any responsibility from the government, we carry out that flawlessly. We think that we are making great strides in establishing a cashless society in Bangladesh through digital disbursements of allowances and stipends.”
During the Covid-19 pandemic, the disbursements of the prime minister’s Eid gifts among poor families started using Nagad. In its continuation, the state-owned MFS later successfully distributed primary stipends and social safety allowances among real beneficiaries.
Nagad has already become a role model in disbursing government allowances and other financial assistance. Its successful journey of reaching cash aid out to poor and helpless people began with the disbursement of PM’s pandemic-time Eid gifts.
After that, the MFS carrier has continued to disburse stipends among 1.5 crore primary school students and social safety allowances, such as old-age allowance, widow allowance, allowance for the underprivileged with special needs and students with special needs among 50 lakh beneficiaries.
Meanwhile, Nagad has also successfully distributed grants to poor women marking the birth anniversary of Bangmata Begum Fazilatunnesa Mujib. It has also disbursed financial assistance provided by the Ministry of Fisheries and Livestock.
CAB places 13-point proposals to ensure 'energy justice'
The Consumers Association of Bangladesh (CAB) has placed a 13-point proposal to ensure "energy justice" in the country.
CAB Vice president Prof M Shamsul Alam placed the proposals at a citizen meeting titled: "Energy Crisis and Development of Renewable Energy" at the Cirdap Auditorium in the city on Saturday as part of its reform campaign to bring transparency, fairness and combating corruption in the sector.
The proposals include enactment of law prohibiting all kinds of unsolicited and uncompetitive investment in the energy sector, no mixing of private and public investment in the energy sector, directors appointed in companies in public sector from the bureaucrats, state-owned companies and organizations must be run by own technical manpower, cancelling the recent amendments to the Bangladesh Energy Regulatory Commission (BERC) Act that curtail its authority, cancelling the Speedy Enhancement of Power and Energy Supply (Special) Act 2010 and allowing the energy regulatory body to act independently.
Ensuring production of more than 50 percent of gas and electricity from public sector on cost-basis, treating use of funds from the Gas Development Fund, Power Development Fund, and Energy Security Fund as consumers' equity investment, gradually reducing the share of coal and petroleum fuels in primary fuel mix under the short and medium term plans, increasing gas exploration by own initiative and raising the use of renewable electricity to reduce import of coal and gas, and evolving policies and strategies in energy sector in compliance with the Paris Agreement to combat climate change are also among the 13-point proposal.
With CAB chairman Ghulam Rahman in the chair, the seminar was addressed, among others, by Workers' Party president Rashed Khan Menon, Samyabadi Dal president Dilip Barua, Communist Party of Bangladesh (CPB) general secretary Ruhin Hossain Prince, Jatiya Party presidium member Barrister Shamim Haider Patwari, Bangladesh Samajtantrik Dal assistant secretary Rajequzzaman Ratan, eminent energy expert Prof Badrul Imam, economist MM Akash, architect Iqbal Habib and lawyer barrister Jyotirmoy Barua addressed the function.
Criticising the Speedy Enhancement of Power and Energy Supply (Special) Act at the seminar, Rashed Khan Menon said an indemnity has been given through this law so that no public servant could be tried for corruption.
"Indemnity is a very disgusting word in our politics which cannot be acceptable in any civil society," he said.
He said now electricity is being generated for which there is no use. But the consumers have to pay the price as capacity charge.
Prof Badrul Imam alleged that state-owned company Bapex's capability is not being utilised although most of the gas fields were explored by this organisation.
He said American USGS found in its survey that the country still has 32 trillion cubic feet (TCF) undiscovered gas. But the government is not interested in producing that gas, he said.
Dilip Barua said the ruling party is now working against the ideology of Bangabadhu by promoting corruption through plundering of state wealth.
Jatiya Party presidium member Barrister Shamim Haider Patwari said, "I don't understand much about energy, but there is no need to be enlightened to understand the corruption going on here. Many bureaucrats are working in the respective ministries with their relatives. It is very sad."
FBCCI, JCCI signed MoU to strengthen bilateral trade
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and Japan Chamber of Commerce and Industry (JCCI) signed a Memorandum of Understanding (MoU) on Thursday at the Westin Tokyo of Japan to strengthen bilateral trade and economic relations between the two countries.FBCCI President Md. Jashim Uddin and JCCI Chairman Ken Kobayashi signed the MoU on behalf of their organisations.The MoU was signed at the inauguration of the summit on Trade & Investment Opportunities between Bangladesh and Japan held at The Westin Tokyo of Japan. Bangladesh’s Prime Minister Sheikh Hasina was present at the program as the chief guest.Under the MoU, the parties agreed to cooperate with each other to develop more productive contacts between the businesses of the two countries, exchange knowledge and information related to bilateral trade and economic development.Private industry and investment adviser to the Prime Minister Salman F Rahman, Foreign Minister Dr. A. K. Abdul Momen, State Minister of ICT Division Zunaid Ahmed Palak, FBCCI Former President Md. Shafiul Islam (Mohiuddin) MP, Vice Presidents M A Momen, Aminul Haque Shamim, Md. Amin Helaly, Salahuddin Alamgir, Md. Habib Ullah Dawn, Directors, Executive Chairman of BIDA Mr. Lokman Hossain Miah, Executive Chairman of BEZA Mr. Shaikh Yusuf Harun, Ambassadors of the two countries, high officials of the governments, business leaders were present at the summit.
Stock markets witness highest transaction Thursday in 5 and a half months
The country’s both stock markets’ trading ended with the highest transaction on Thursday.
The index points of Dhaka stock exchange rose by 7 points and Chittagong stock by 14 points—the highest in five and a half months.
As a result, the stock market index rose on the four working days after Eid. Even before Eid, the five-day index traded in an upward trend. All in all, the capital market has risen for the last nine consecutive working days.
On Thursday, shares of Rahima Food, ITC, Kohinoor Chemical, Heidelberg Cement and Bashundhara Paper Mills have played a major role in the rise, along with the food, insurance and IT sectors. These five companies contributed about 35 percent to the increase in the share index.
According to DSE data, over 15.90 crore shares and units were traded in DSE today (Thursday). Over Tk 967.69 crore has been transacted in it while Tk765.33 crore was traded on Wednesday. The transaction has increased by more than Tk 200 crore compared to the previous day.
It was the highest transaction in the last 5 and a half months. Earlier on November 9, 2022, Tk1018.85 crore was transacted in the DSE.
On this day, the main index DSE increased by 7.70 points from the previous day to 6274 points. Among the other two indexes, DSE Shariah Index rose by 3.10 points to 1,362 points. However, the DSE-30 index fell by 4.64 points to 2088 points.
A total of 351 shares and units of companies were traded on DSE. Among them, the prices of 79 companies increased, 62 companies decreased and 210 companies' share and unit prices remained unchanged.
Shares of Genex Infosys were at the top of the transaction on DSE on Thursday. After that, shares of Unique Hotel were traded the most. The share of Bangladesh Shipping Corporation was in the third place. Then in the top 10 were shares of Eastern Housing, Bashundhara Paper Mills, Olympic Industries, Gemini Sea Food, Rupali Life Insurance, Apex Footwear and IT Consultants Limited respectively.
The overall index of the other stock market CSE CASPI increased by 14.93 points to 18466 points. Shares and units of 160 companies were traded on CSE. Among them, the prices increased for 44 companies, decreased for 45 companies and remained unchanged for 68 companies.
At the end of the day, over 7.95 crore shares and units were traded in CSE. The previous day the transaction was 9.67 crore.
Walton posts Tk 250 crore profit despite dollar price hike
Walton Hi-Tech has recorded profit of Tk 250 crore in the first nine months of the financial year 2022-23, according to the latest unaudited financial report of the company.
The report shows the company's earnings per share (EPS) for the period ended March 31 of the current financial year stood at Tk 8.25, according to a press release.
However, Walton Hi-Tech had to sacrifice lion portion of its profit due to the high price of US dollars.
During the current financial year, the company faced a financial loss of foreign exchange equivalent to Tk 392.74 crore due to the depreciation of the Bangladeshi currency against the US dollar, which was only Tk 44.18 crore in the same period of the previous financial year.
At the end of the current financial year's third quarter, the company's total financial expense was Tk. 604.79 crore, which was only Tk 149.60 crore in the same period of the previous financial year.
Omar Faruk Ripon, Chief Financial Officer of Walton Hi-Tech, said that the company would register the profit of Tk. 622 crore in this period and EPS would be Tk. 21 if the dollar price did not increase.
The cost of raw materials and spare parts along with freight charges increased drastically in the international market after the Russia-Ukraine war began in February last year which led to dollar price hike.
The price of $1 went up to Tk. 110 from Tk. 85 in the banking sector within one year.
As a result, most of the listed companies in the stock market had to sacrifice major portion of their profits.
As on March 31, 2023, the company's Net Asset Value Per Share (NAVPS) stood at Tk. 224.57 without revaluation and Tk. 327.84 with revaluation.
In this period, the company's Net operating cash flow per share (NOCFPS) stood at Tk 73.70, which is 550.49 times higher than the same period last year.
The published report revealed that the company NOCFPS for the period ended March 31 of the current financial year was increased due to better control over inventory, improvement of receivables, strong monitoring and control over the company's all costs and proper utilization of the assets.
Besides, significant reduction of payments to suppliers and others compared to the previous fiscal year's same period also resulted in raising the NOCFPS.
Walton's business thrives in Q3 of FY 22-23
Walton recorded profit in the third quarter of the current financial year 2022-23 despite adverse business conditions like the global economic recession and geopolitical crisis, said a press release today.
The report was published after reviewed and approved by the company's board of directors at a board meeting held on Wednesday.
According to published reports, the company's earnings per share (EPS) for the period ended March 31 of the current financial year (third quarter) was Tk 8.25. As on March 31, 2023, the company's Net Asset Value Per Share (NAVPS) stood at Tk 224.57 without revaluation and Tk 327.84 with revaluation. In this period, the company's Net operating cash flow per share (NOCFPS) stood at Tk 73.70, which is 550.49 times higher than the same period last year.
According to Walton authorities, due to the increase in transportation costs and the depreciation of the Bangladeshi currency against the US dollar, the cost of raw materials and spare parts increased drastically.
However, Walton is overcoming all the adverse business situations by taking various timely initiatives and thus returning to profit in the third quarter.
As the demand and sales of electronics products in the country increased remarkably centering the temperature rise and two Eids in the country, the authorities hope that the company's profit will be increased more in the fourth quarter of the current financial year.
Banks to remain open on Thursday, Friday to facilitate payment of RMG workers’ salary, bonus
Bangladesh Bank (BB) has directed keeping the scheduled banks open on April 19-21 (Wednesday to Friday) to facilitate payment of garment workers' salary, Eid bonus and allowances.
The central bank has asked the banks to keep open the branches before Eid-ul-Fitr in the industrial areas including Dhaka metropolitan, Ashulia, Tongi, Gazipur, Savar, Bhaluka, and the industry related branches of banks located in Narayanganj and Chittagong ensuring adequate security.
Read more: Gazette published fixing Tk 8,000 as minimum wage for RMG workers
The Department of Off-site Supervision of Bangladesh Bank on Monday issued a circular in this regard
Bangabazar fire: MCCI donates 1 lakh each for 142 most affected traders
The Metropolitan Chamber of Commerce and Industry (MCCI) on Wednesday handed over cheques of Tk 1 lakh each to 142 victims of Bangabazar fire.
The organization provided the assistance at a cheque handing over ceremony at their Motijheel office.
Chamber members, president of Bangladesh Shop Owners Association and affected traders were present on the occasion.
On the occasion, MCCI President Md. Saiful Islam expressed sympathy to the affected businessmen and their families and stressed the importance of supporting the business community in difficult times.
"We are determined to work to the best of our ability to get you back to where you were,” he said.
The 142 affected businessmen were selected by the Society for National Charity that conducted on-spot inspections and identified 142 of the worst-hit people.
Unilever Bangladesh employees donate their salary for Eid fundraising
The employees of Unilever Bangladesh Limited (UBL), the country’s leading Fast-Moving Consumer Goods (FMCG) company, have voluntarily donated a portion of their salary to support underprivileged families to celebrate Eid-ul-Fitr this year.
The donation drive was part of Unilever’s employee volunteering programme that allows employees to be associated with community development, sustainability projects and live their life purpose. Through contribution 230 families will receive essential food items.
During the Eid season, many families struggle to buy necessary food products and miss out on the joy of the holy occasion. This year, due to rising inflation many families are facing additional challenges. To distribute food for the underprivileged families, the UBL has partnered with two non-profit organisations, Utsho Bangladesh and Spreeha. UBL employees will also volunteer their time to distribute the products before the Eid day.
Shamima Akhter, director at corporate affairs of partnerships and communications in the UBL, said, “Unilever Bangladesh has been part of the country’s journey since its inception, and we believe what is good for the country is good for Unilever. As Unilever thrives on building an equitable and inclusive society, our company, brands and people always take bold and required steps in every situation. The spirit of Eid is of caring for the members of our society, and hence we collaborated with Utsho Bangladesh and Spreeha to share the joy of Eid with the less fortunate members of our society.”
Ramadan donation campaign aims for a healthy society that will help UBL grow as well,” she added.
UBL will continue taking initiatives that gives back to the community to foster empathy, innovation, and growth.