local-business
FBCCI signs deal to establish joint business council with Qatar
The Federation of Bangladesh Chambers of Commerce & Industry (FBCCI) and the Qatar Chamber of Commerce and Industry (QCCI) have signed an agreement to establish a joint business council (JBC) to strengthen the economic ties and to enhance closer cooperation between Bangladesh and Qatar.
An agreement was signed in this regard in presence of the Prime Minister Sheikh Hasina and Qatar's Emir Sheikh Tamim bin Hamad Al Thani at the Karabi Hall of the Prime Minister’s Office in the capital on Tuesday (April 23).
FBCCI President Mahbubul Alam and QCCI Chairman Sheikh Khalifa Bin Jassim Al Thani have signed the agreement on behalf of their respective organizations. This initiative aims to facilitate continuous interaction between the business communities of the two countries to boost trade and economic cooperation.
FBCCI President Mahbubul Alam said that the establishment of JBC between Bangladesh and Qatar will open a new window of cooperation between the two nations.
“The business community of both the countries will be benefited under this agreement as they will be able to sit periodically to discuss issues of mutual interest in trade, business, scientific and research cooperation. At the same time, it will help Bangladeshi business community to explore the potential export market at Qatar and vice-versa,” he said.
According to the agreement, the JBC will provide a platform for businessmen and industrialists from Bangladesh and Qatar to engage in discussions and activities related to trade, investment, technology transfer, services, and other industrial sectors.
The JBC meetings will be organized alternately in Bangladesh and Qatar, and each side will have the opportunity to exchange information on trade, economic cooperation and services to augment business between the two countries.
The JBC will engage in activities such as exchanging information, submitting recommendations to respective governments, encouraging participation in exhibitions, and sponsoring missions and expert visits. Both sides will hold joint meetings to discuss issues related to trade promotion and economic cooperation. Sub-committees and task forces may be formed if necessary, according to the agreement, said a press release.
Bajus decreases gold price by Tk 3138 per bhori
The Bangladesh Jeweller’s Association (Bajus) on Tuesday decreased gold price by Tk3138 per bhori, fixing good quality 22-carat gold price at Tk 1,16,290 per bhori.
The apex body of gold traders changed the gold price for 6th time in April so far.
According to Bajus the latest price of gold was effective from 4pm on Tuesday (April 23).
Masudur Rahman, Chairman of the Price Determination and Price Monitoring Standing Committee of BAJUS issued a notification of the price cut on Tuesday.
As per the new price, per bhori (11.664 grams) of 22-carat gold will cost Tk 116290 per bhori as Tk 9970 per gram. Apart from this, the price of 21-gold has been set at Tk110995 per bhori, 18-carat gold at Tk 95143 per bhori, and the traditional method price set at Tk76586.
Though the price of gold has decreased, the price of silver has been kept unchanged. According to the category, currently, the price of 22-carat silver is Tk2100, 21-carat is Tk2006, 18-carat is Tk1715 and the price of traditional silver in traditional is Tk1283.
Lack of necessary banking channel main impediment to business with CIS countries, says CIS-BCCI president
A delegation of Commonwealth of Independent States-Bangladesh Chamber of Commerce & Industry (CIS-BCCI) led by its president Mohammad Ali Deen along with newly elected board of directors of the organisation met State Minister for Planning Md. Shahiduzzaman Sarker at his office in Sher-E-Bangla Nagar on Tuesday.
The CIS-BCCI president briefed the State Minister about various activities of the CIS-BCCI Chamber for promoting the trade and economic cooperation between Bangladesh and CIS Countries including Russia in a bid to diversify the export market to a third destination.
He, however, pointed out that at present the main impediment to business transaction between the Bangladesh and CIS countries is the lack of necessary banking channel.
He also emphasised that the Ministry of Finance, Ministry of Commerce and Bangladesh Bank can take appropriate steps for streamlining financial and banking cooperation between Russia and other CIS countries and Bangladesh.
He further emphasized on carrying forward objectives of the two protocols that had been signed at IGC (Inter-Governmental Commission) meetings between Bangladesh and Russia.
He especially mentioned Mutual Regulatory Cooperation, Harmonization of Trade Rules and setting up necessary infrastructures including warehouses and distribution networks.
The State Minister appreciated the role of CIS-BCCI and emphasised on exploring huge market of CIS countries including Russia to enhance Bangladesh’s export basket and competitiveness.
He assured of all out support from his ministry in this respect.
He also suggested a detailed action plan, both short term and long term, for augmenting trade links with CIS countries.
President of CIS-BCCI informed that CIS-BCCI delegations, since 2015, are regularly attending St. Petersburg International Economic Forum (SPIEF) being held every year under the leadership of President Vladimir Putin.
CIS-BCCI works as a South Asian Partner of ROSSCONGRESS that organizes this mega economic event every year. This year also CIS-BCCI is hopeful to join SPIEF scheduled to be held during 5-8 June, 2024 and requested him to participate if invitation is received from SPIEF.
CIS-BCCI Vice President Jadab Debnath, Directors Abdul Latif Sarker, Md. Enamul Haque, Khan Md. Iqbal, Adviser Mr. Mahbub Islam Runu and Secretary of the Chamber Mustafa Mohiuddin were present on the occasion.
Chinese SBS Zipper sign deal to invest US$ 19.97 million in BEPZA Economic zone
Chinese company SBS Zipper Bangladesh Ltd is going to invest US$ 19.97 million to set up a garment accessories manufacturing industry in BEPZA Economic Zone.
Bangladesh Export Processing Zones Authority (BEPZA) signed an agreement with the company to this effect at BEPZA Complex, Dhaka on Tuesday..
In presence of BEPZA Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman, Member (Investment Promotion) of BEPZA Ali Reza Mazid and CEO of SBS Zipper Bangladesh Ltd Weifang Shen signed the agreement on behalf of their respective sides.
This Chinese company will produce annually 271 million pcs of Metal Zipper, Nylon/Plastic Zipper, Slider/Chain/Zipper Parts/Tapes, Plastic Button, Button Parts and Mould where 2063 Bangladeshi nationals will get employment opportunities, said a press release.
SBS Zipper Bangladesh is a concern of SBS Zipper, one of the biggest global Zipper manufacturers, ranks first in China and second in the world for Zipper production.
IFC, Bangladesh Bank sign cooperation agreement to boost digital payment adoption
In a landmark development aimed at advancing digital finance in Bangladesh, the International Finance Corporation (IFC) and Bangladesh Bank have formalised a new agreement.
According to IFC, with the sponsorship of the Australian government, this agreement aims to support Bangladesh Bank in creating a conducive environment for the widespread adoption of digital payments within the country.
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Through targeted efforts, the IFC-Bangladesh Bank partnership intends to overcome prevailing challenges and pave the way for a more seamless digital payment landscape in Bangladesh.
The Bangladesh economy has reached an inflection point in digital finance with the adoption of mobile financial services and digitalization of banking facilities in the country.
The adoption and acceptance of digital payments particularly in small businesses is the next critical step for a drive toward a cashless economy.
The project aims to support Bangladesh Bank in issuing new policies to drive digital payment adoption, conduct country-wide outreach programs, and to increase digital payment adoption by 25% by 2027.
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Martin Holtmann, Country Manager for Bangladesh, Nepal and Bhutan at IFC said, “Access to innovative, efficient, affordable, and sustainable financial products is crucial for inclusive growth”.
He said this project will successfully harness the power of digitalization to overcome barriers and unlock the full potential of the payment industry creating a foundation for deepening digital financial products beyond payments such as saving, lending, investment and beyond.
“We are committed to fostering financial inclusion and catalyzing the transition towards a digitally enabled economy in Bangladesh,” he added.
Md Mezbaul Haque, Executive Director and Spokesperson of Bangladesh Bank said, “In order to align our national vision Cashless Bangladesh we want to create an ecosystem where every need for a payment can be done digitally without touching cash”.
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“To achieve this goal, we must facilitate digital payments, especially Bangla QR and Taka pay at the doorsteps of every citizen. Bangladesh Bank has a long history of working with IFC, and this project is a continuation of our cooperation,” he added.
Clinton Pobke, Deputy High Commissioner of the Australian High Commission in Dhaka, said, “The IFC-Bangladesh Cashless Digital Bangladesh project is an important step in Bangladesh Bank’s ambitious agenda to roll out faster, more convenient and secure digital payment technologies”.
USTR delegation discusses bilateral trade, labour rights in meeting with BGMEA
Leaders of the Bangladesh Garment Manufacturers & the Exporters Association (BGMEA) in a meeting with a visiting US trade delegation, repeated their commitment and the ongoing efforts of Bangladesh to continue to uplift the industry by making progress on workers' rights and welfare issues.
A meeting between the visiting delegation of the US Trade Representative (USTR), a US federal agency that negotiates directly with foreign governments on behalf of Washington in matters of trade, and BGMEA was held at the BGMEA Complex in Dhaka on Monday (April 22).
This high-level engagement aimed to discuss critical issues surrounding bilateral trade and policies, including workers' rights and well-being, and market access.
The US team was led by Brendan Lynch, Assistant USTR for South and Central Asia. The delegation also included Emily Ashby, USTR Director for South and Central Asia, and Jennifer Oetken, USTR Director for Labor Affairs.
Besides, the US Embassy in Dhaka's Joseph Giblin, the mission's Economic Unit Chief, and Leena Khan, Labour Attaché, were also present in the meeting.
The BGMEA side was headed by its President SM Mannan Kochi and included Senior Vice President Khandoker Rafiqul Islam, Vice President (Finance) Md. Nasir Uddin, and Vice President Abdullah Hil Rakib.
Directors of BGMEA Asif Ashraf, Shovon Islam, Mohammad Sohel Sadat, Md. Ashikur Rahman (Tuhin), Shams Mahmud, Nusrat Bari Asha, and Chair of BGMEA Standing Committee on ILO and Labour Affairs ANM Saifuddin were also present.
During the discussions, BGMEA President Mannan shared updates on the significant progress made by the ready-made garment industry regarding workplace safety, workers' rights, and ongoing labour law reforms in Bangladesh.
He reiterated the commitment and the ongoing efforts of the government of Bangladesh and of the industry to make further progress in workers' rights and welfare issues.
BGMEA sought the support and collaboration of the US government to ensure a fair minimum price of apparel and a unified code of conduct for social audits. BGMEA also demanded the US government reinstate GSP in favour of Bangladesh and include garment items in its GSP program.
While the USTR delegates appreciated the progress Bangladesh made in the past few areas in the labour sector, they briefed the meeting about the U.S. government’s labour action plan and areas where further improvements are required, including amendments in the BLA.
The meeting highlighted the importance of collaboration and engagement toward making the RMG industry more sustainable.
USTR lauds progress; shares where further improvements are required
Delegation of the US Trade Representative (USTR) on Monday appreciated the progresses Bangladesh made in past few areas in the labor sector and briefed about the US government’s labor action plan, and areas where further improvements are required, including amendments in the BLA (Bangladesh Labour Act).
During a meeting between the visiting USTR delegation, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President SM Mannan (Kochi) shared updates on the significant progress made by the ready-made garment industry regarding workplace safety, workers’ rights, and ongoing labor law reforms in Bangladesh.
He reiterated the commitment and the ongoing efforts of the government of Bangladesh and of the industry to make further progress in workers’ rights and welfare issues.
BGMEA sought support and collaboration of the US government to ensure fair minimum price of apparel, and a unified code of conduct for social audits. BGMEA also demanded the US government to reinstate GSP in favor of Bangladesh and include garment items in its GSP program.
The meeting highlighted the importance of collaboration and engagement towards making the RMG industry more sustainable.
The engagement aimed to discuss critical issues surrounding bilateral trade and policies including workers’ rights, wellbeing, and market access matters.
Led by Brendan Lynch, Assistant U.S. Trade Representative for South and Central Asia, the USTR delegation also comprised Emily Ashby, USTR Director for South and Central Asia, and Jennifer Oetken, USTR Director for Labor Affairs.
Joseph Giblin, Economic Unit Chief, and Leena Khan, Labor Attache at the U.S. Embassy in Dhaka were also present in the meeting, according to BGMEA.
BGMEA Senior Vice President Khandoker Rafiqul Islam, Vice President (Finance) Md. Nasir Uddin, and Vice President Abdullah Hil Rakib, Directors of BGMEA Asif Ashraf, Shovon Islam, Mohammad Sohel Sadat, Md. Ashikur Rahman (Tuhin), Shams Mahmud, Nusrat Bari Asha, and Chair of BGMEA Standing Committee on ILO and Labour Affairs ANM Saifuddin were also present.
Walton's profits reach unprecedented heights in running fiscal
Walton Hi-Tech Industries PLC has demonstrated remarkable resilience and growth under strong leadership, achieving a significant increase in sales and profit.
In the first 9 months of the current financial year (2023-2024), the company's profit surged by Tk 512.42 crore, marking a 205 percent growth compared to the previous year.
This growth was reflected across major financial indicators, including Operating Profit Margin, Earnings Per Share (EPS), and Net Asset Value Per Share (NAVPS), according to a media statement.
The company's Third Quarter (Q3) Un-audited Financial Statements for the period ended March 31, 2024, showcased a profit of Tk 762.34 crore, a substantial increase from Tk 249.91 crore in the same period of the previous year.
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The report was published after review and approved by the Company's Board of Directors in its 38th meeting held on Sunday.
According to the report, EPS for the period ended March 31, 2024, reached Tk 25.17 compared to Tk 8.25 for the same period of the previous year. NAVPS stood at Tk 258.22 without revaluation and Tk 359.68 with revaluation as of March 31, 2024. Notably, Net Operating Cash Flows Per Share (NOCFPS) stood at Tk 22.88 during this period.
In the period (July’23-March’24), the finance cost percentage on sales decreased to 6.14 percent from 14.79 percent in the same period of the previous year, with total finance costs at Tk 263.07 crore at the end of Q3 of 2023-24, compared to Tk 604.79 crore in the previous year.
The amount and percentage of finance costs during the period July-2023 to March 2024 are significantly lower than the comparative period because of less impact of the devaluation of taka against foreign currencies like the Euro and USD. However, the company suffered foreign currency losses from July 2023 to March 2024 amounting to Tk 41.60 crore, which was Tk 392.73 crore in the corresponding period of the previous year.
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From the period of January to March, 2024, the profit of the Company increased to Tk 421.98 crore as against the profit of Tk 235.55 crore of the corresponding period of the previous financial year.
Anticipating healthier profits in the last quarter of the current financial year (April to June, 2024), the management remains optimistic about Walton Hi-Tech's continued growth and performance.
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DCCI mourns death of its ex-President Rashed Maksud Khan
Dhaka Chamber of Commerce and Industry (DCCI) President Ashraf Ahmed and members of the DCCI’s Board of Directors mourned and expressed deep condolence at the death of its former president Rashed Maksud Khan.
Rashed Maksud Khan died at the Combined Military Hospital, Dhaka while undergoing treatment on Saturday. He was 84.
Rashed Maksud Khan served Dhaka Chamber as its President in 1995 and 1998.
Khan, a renowned industrialist, was the founder of Bengal Fine Ceramics Limited.
He was also the Chairman of Everest Fine Porcelain Limited and Director of Bangladesh German Fine Footwear Limited, engaged in different area of businesses like manufacturer and exporter of Ceramic, Readymade Garments and Footwear etc.
He was buried at the Banani graveyard following a namaz-e-janaza at the Gulshan Society Mosque after Zohr Prayer on Sunday.
Bajus raises gold price fourth time in 21 days of April
The Bangladesh Jeweller’s Association (Bajus) on Sunday increased gold price by Tk 630 per bhori, a day after reducing it by Tk 840 per bhori.
With this, the apex body of gold traders has increased gold price by Tk 5190 per bhori four times in April.
Bajus decreased gold price by Tk 840 per bhori on Saturday (April 20), while increased price four times on April 6, 8, 18 and 21.
Bajus decreases gold price by Tk840 per bhori, after raising it by Tk 4560 earlier
Bangladesh witnessed such unstable gold market first time with the record high price of gold at Tk 119428 per bhori 22-carat gold as Bajus’s new rate came into effect from 3.30 pm on Sunday (April21).
Masudur Rahman, Chairman of the Price Determination and Price Monitoring Standing Committee of Bajus issued a notice in this regard.
Gold prices hit new record high
As per the new price, per bhori (11.664 grams) of 22-carat gold will cost Tk Tk 119428 per bhori. Apart from this, the price of 21-carat gold has been set at Tk 114003 per bhori, 18-carat gold at Tk 97709 per bhori and the traditional gold price set at Tk78662.
Though the price of gold has increased, the price of silver has been kept unchanged.
Gold price goes up by Tk 3,499 per bhori over just two days
According to the category, currently, the price of 22-carat silver is Tk2100, 21-carat is Tk2006, 18-carat is Tk1715 and the price of traditional silver in traditional is Tk1283.