Local-Business
BGMEA, Tonello to partner in promoting green technologies
Tonello, a leading garment finishing technology company, will join hands with Bangladesh Garment Manufacturers and Exporters Association (BGMEA) to support the RMG industry in adopting innovative technologies and solutions for denim and garment washing, dyeing, and finishing to become more efficient and sustainable.
During her latest mission to Bangladesh, Alice Tonello, Tonello's marketing and R&D director, met with BGMEA President Faruque Hassan to forge an agreement to support the Centre of Innovation, Efficiency and OSH (occupational safety and health) in Dhaka and make Bangladesh market increasingly technologically advanced and efficient in terms of environmental responsibility.
The founder and CEO of the Bangladesh Apparel Exchange and Managing Director of Denim Expert Mostafiz Uddin and Maurizio Morosini, Sales Director at Tonello, were also present at the meeting held at BGMEA Complex on Monday.
The BGMEA President said the RMG industry of Bangladesh is committed to continuing efforts to pursue excellence in the area of sustainability while enhancing competitiveness through capacity building and technology upgradation.
“Tonello has more than 40 years in the business of designing and manufacturing garment finishing technology. It has also been present in Bangladesh for many years and looks forward to building long-term business relations,” BGMEA quoted Alice Tonello as saying.
Faruque Hassan invited Alice Tonello and Maurizio Morosini to the “Made in Bangladesh Week” which will be organized by BGMEA on 12-18 November 2022 to promote Bangladesh and the RMG industry.
Nagad offers Tk70 cashback on 'add money' from Islami Bank
Mobile financial services (MFS) provider Nagad has brought a cashback offer of Tk70 on "add money" from Islami Bank Bangladesh.
The customers of Nagad Islamic will get Tk70 cashback for adding Tk3,000 to their accounts from the Islamic Bank Bangladesh.
They will be able to enjoy the offer through the Nagad Islamic app, or by using the bank-to-Nagad option via the website of the Islami Bank or mobile app till October 31, according to a media statement.
A customer can avail of the cashback only once during the campaign.
The Nagad Islamic account was launched in 2019. The customers can enjoy different services such as payment of savings for transport costs of hajj and umrah and premium of Islamic life insurance. Also, they can access information related to Islamic ways of life, including the financial system, via the Nagad Islamic.
Revenue collection down by 13% in Q1, reaching target a challenge
Revenue collection fell by 13 percent in the first quarter — July to September — after growth in the first two months of the current fiscal year 2022-23, NBR's latest data reveals.
According to the latest data, the total revenue collection target through NBR has been set at Tk 3.70 lakh crore in the budget of FY 2022-23.
The provisional statistics of NBR show that Tk 65737 crore has been collected from July to September of the current fiscal year.
Economists say that to achieve the target set in the revenue this time, the collection should be increased by at least 31 percent. This target is very 'ambitious', they mentioned.
The revenue in July-August increased by 23 percent compared to the same period of the previous fiscal year. Still, growth slowed in the first quarter (July-September).
The growth in revenue collection in the first quarter of the last fiscal year was about 17 percent. Compared to that, in the first quarter of the current financial year, the decline in revenue is remarkable.
NBR did not give any explanation for decrease in the revenue collection. However, people concerned said that revenue collection has had a negative impact due to lower imports in September compared to August.
Apart from this, the purchasing capacity of people has decreased due to price hike of goods in the domestic market. It has an impact on value-added tax collection at the local level.
As a result, overall revenue growth shows a declining trend in the first quarter of FY 2022-23. The global recession and domestic policy to curb import of non-essential goods give relief to the volatile forex market.
T20 World Cup: Banglalink Howzzat begins
On the occasion of the World cup T20 Tournament, Banglalink has arranged a one-of-a-kind quiz competition styled "Banglalink Howzzat Quiz" during the break time of the cricket matches.
In cricket vocabulary, "Howzzat'' is a word that is used to express excitement by the bowling team when they appeal together for the batter to be out. During that time, extreme joy and chaos take all over the stadium. Keeping the same spirit in mind "Banglalink Howzzat Quiz" has been arranged, said a press release on Monday.
In Bangladesh, it is next to impossible to find someone who never played cricket in the alleys, in the yard or on rooftops as the country is renowned as a cricket-crazy nation in the world.
Interestingly, the people of Bangladesh have quite a sound understanding of cricket regardless of age or gender. “Just like we are fluent in cricket vocabulary, we also have knowledge about the important and happening events of the recent time and in history as well as the national and international cricket stars,” the organisers said.
There is a great opportunity for the people of our country to evaluate this cricket knowledge in a very fun way through this "Banglalink Howzzat Quiz". This programme will be conducted by famous actor and compere Saju Khadem. To ensure the active participation of the viewers, there will be a fun ambience full of humour.
Read: Banglalink brings Football World Cup'2022 through "Toffee"
The compere will ask 5 questions in total to viewers from all over the country who are genuine cricket lovers. Five participants with correct answers will be given attractive prizes instantly. This will be broadcasted on very popular TV channels Gazi TV (GTV) and Titas Sports (T-Sports).
In this very festive quiz programme, there will also be a special question for our television audiences who will be given attractive prizes every day. In addition to this exciting opportunity, the name of the winners will be announced by a live call from the " Cricket Extra" programme on TV.
Besides, the names of the quiz winners will also be shown in the scroll in the Cricket Highlights programme. But to avail of all these exciting opportunities, the participant viewer has to be the user of an active Banglalink sim. The most magnificent part is, there will be a mega prize for the winner.
“We, the Bangladeshis, are a cricket-loving nation. This love for the game of cricket is rooted in our hearts as a national emotion that we cannot deny even if we want. At this very hour of utmost excitement as the T20 World cup begins, this very fun and interesting cricket-related quiz programme by Banglalink will surely create even more enthusiasm among the spectators and enhance the overall excitement,” the press release reads.
Bangladesh received $769.88mn remittance in 2 weeks of Oct
Bangladesh received USD USD 769.88 million in remittance in two weeks of October (2-13), Bangladesh Bank data revealed on Sunday.
Bangladeshi expatriates sent inward remittance of USD 1.54 billion in September – the lowest in last 7 months.
After a decline in September, remittances showed a slow pace in October as well. In first two weeks of October, Bangladeshi expatriates sent inward remittances of USD 769.88 million. It indicates that at the end of this month, remittance flow could be USD 1.6 billion.
Despite increasing the cash incentives to 2.5 percent, from 2 percent, in the current fiscal year (2022-23), inward flow of remittance saw a fall in September.
Bangladesh is receiving an average of USD 59.22 million in remittance per day through banking channels.
The fiscal year started with growth trend of inward remittance while the country received USD 2.09 billion remittance in July and USD 2.03 billion in August. But the trend fell in September with the fall of exchange rate of the dollar.
Financial sector insiders believe that expatriate workers prefers Hundi for inward remittance as the exchange rate of the US dollar is Tk 8 to 14 higher in the kerb market.
$4.5bn loan: IMF delegation due this week to discuss conditions
A delegation of International Monetary Fund (IMF) will arrive this week in Bangladesh to start negotiating a USD 4.5 billion loan as budget assistance.
A Bangladesh delegation led by Bangladesh Bank Governor Abdur Rouf Talukder attended the IMF annual meeting held in Washington, from October 10-16, and got assurance of loan assistance. In line with this, a delegation from the IMF will visit Dhaka soon to justify the loan requirement and necessary reforms of the financial sector.
The Bangladesh Bank governor had a busy week during his Washington visit. The first meeting was held with Rahul Anand, chief of IMF Asia and Pacific Division, and his team. Another meeting with IMF Deputy Managing Director Antoinette M Sayeh was held on the sideline of IMF’s annual meeting, central bank and finance ministry sources said.
Read: IMF downgrades outlook for global economy in 2023
Rahul Anand might lead the discussion on loan conditions in Dhaka at the end of this month. The IMF team will meet Finance Minister AHM Mustafa Kamal during the visit.
During the visit, an agreement is likely to be signed, which usually takes a few months. The loan program will be sent to the IMF executive board. Disbursements are made after the board approves the program.
IMF's standard practice is to work closely with the authorities to come up with a program that is most relevant to the borrowing country's economic and social dynamics.
Read Bangladesh Bank yet to allow Indian rupee in foreign trade
Bangladesh's economy was still recovering from the losses of the pandemic when the Russia-Ukraine war began in February, disrupting global supply chains and eventually causing inflation in many countries including Bangladesh.
The IMF loan will help Bangladesh to ease the forex crisis created here due to external effects from the Covid-19 pandemic and the Russia-Ukraine war.
Jute sticks: A new source of income for Faridpur farmers
Once neglected, jute sticks have now become a source of income – as they are being exported to countries, including China, due to growing demand in particle board and charcoal factories.
Jute growers in Faridpur district, who incurred losses this season due to low jute fibre prices, are now eying profits though selling jute sticks.
The farmers are expecting to earn over Tk 130 crore this season by selling jute sticks which were once used as firewood, fence for houses, and in betel-nut fields.
Atul Sarkar, deputy commissioner of Faridpur district, said, “Charcoal is produced after burning dried jute sticks. It is used in making firecrackers, carbon papers, ink for printers and photocopiers, batteries for mobiles, for cleaning teeth, fertilizers and many other things. So, demand for jute sticks is growing.”
During a recent visit to different parts of the district, including Saltha, Nagarkanda and Boalmari, this UNB correspondent found farmers busy in drying their jute sticks.
Bangladesh now has 176 green garment factories – highest in the world
Bangladesh has strengthened its position as the global leader in green apparel factories, as the country now has 176 such factories with USGBC's LEED certification.
Three more Bangladeshi garment factories have achieved green building certification from the United States Green Building Council (USGBC) in the platinum category.
The factories are CA Knitwear in the Bhobanipur area of Gazipur, Silken Sewing in the Baniarchala area of the district, and Sultana Sweaters in the Meherabari area of Mymensingh.
Some 550 are also in the pipeline to get the USGBC Leadership in Environmental and Energy in Design (LEED) – a globally recognised symbol of sustainability achievement and leadership – certification, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Director Mohiuddin Rubel said.
Of them, 76 are platinum-rated, 105 gold-rated, 10 silver-rated and four are only certified, he added.
Bangladesh has the highest number of green garment buildings, where 57 are platinum-rated, 105 gold-rated, 10 silver-rated, and four have no rating. Vietnam and Indonesia come next in the list of green factories.
USGBC honours factories based on several criteria – transformation performance, energy, water, and waste management. The best performers are rated with platinum, followed by gold and silver.
BAIRA won't submit passports at Saudi embassy anymore
Bangladesh Association of International Recruiting Agencies (BAIRA) announced to suspend submitting passports at the Embassy of Saudi Arabia in Dhaka from Sunday, in protest against its decision to process passports, visas of workers through a third party.
BAIRA also urged the Saudi Arabia government to stop passports and visa processing of workers through a private organization named ‘Shapla Center’ to stop the syndication in the country's labour market.
The decision was announced at a meeting of the members of the manpower importer’s association BAIRA held on Saturday in the capital.
BAIRA president Md Abul Bashar said no one will submit passports to the embassy until the Saudi government withdraws the notice to submit passports of workers through a third party.
“We have proposed to the Councilor of the Saudi Embassy to build a place from our own initiative for passport submission if the crowd is an issue. Neglecting the proposal they have sent us all notices to submit passports of workers through Shapla Centre,” he said.
The BAIRA president said the Saudi government tried to impose the same decision in India for recruiting workers but failed as all the Indian recruiting agencies rejected it and was forced to receive passports from them directly, he added.
He said punitive measures will be taken if involvement of any BAIRA members in this matter is identified.
He said hopefully BAIRA will hold a meeting with the Saudi Arabia Embassy in Dhaka within a week to inform them about their decision.
“We will ask them to receive passports from us or do the passport and visa processing of workers through Bureau of Manpower, Employment and Training (BMET) but we won’t do business through a third party,” he added.
Maddhapara mine will make profit this year: Managing Director
After the resumption of production at the Maddhapara hard rock mine following suspension of operations for more than four months, the company’s Managing Director said on Saturday that like the previous year the mine will make profit in the current fiscal year.
Authorities resumed operations at the Maddhapara Granite Mining Company Limited on Thursday with the imported explosives brought from neighboring India through Beanpole land port, said Abu Daud Mohammad Fariduzzaman, Managing Director of the company.
The production of rock from Maddhapara remained suspended due to the crisis of the explosives.
“We are happy that the production is going on. If things are on track, this year the company will make profit like the previous year despite four months of suspension of operations,” he said.
Last year, the company, a subsidiary of the state-owned Petrobangla, made Tk35 crore in profit.
Petrobangla chairman Nazmul Ahsan, who attended a function through a virtual platform to resume the operation, said on Thursday that they hoped to produce 5000 tons of rock daily, on an average, against a maximum capacity of 5500 tons.
Read: After 11 years of losses, Maddhapara mining company turns profitable
The Maddhapara mine has been experiencing an explosive crisis, especially, due to the shortage of ammonium nitrate following the start of the Russia-Ukraine war.
Normally, the mine authorities import ammonium nitrate from Belarus to use it in the mine to create a big slice of hard rock through underground explosion.
Officials say about 100 tons of ammonium nitrate reached the mine on Wednesday morning from India while another consignment of 150 tons of the explosives was on the way to the country through Chattogram Seaport port.
At present, Belarusian contractor Germania Trest Consortium (GTC), a state-owned Belarusian company, has remained engaged in the mine for its operation.