local-business
Shakib’s company involved in share manipulation, DSE investigation finds
Dhaka Stock Exchange (DSE) has found evidence of share manipulation by a company whose chairman is cricketer Shakib Al Hasan.
An investigation report of DSE has highlighted how the manipulation happened. The investigation shows that Kazi Sadia Hasan, Managing Director of Monarch Holdings, was involved in share market manipulation. Shakib is the chairman of the company.
During this incident, the capital market regulatory body Bangladesh Securities and Exchange Commission (BSEC) fined Abul Khair Hero and others of the group Tk 3.55 crore. Orders have also been issued by BSEC for recovery of the penalty amount. Of this, Tk 3 crore was fined for One Bank share manipulation and the remaining was fined for BDcom share manipulation.
Read: Shakib cancels contract with Betwinner News after BCB warning
A DSE report has revealed that 11 individuals and institutions were involved in trading significant amount of One Bank shares during the major rise in the bank's share price.
Those involved include Abul Khair Hero, his wife Kazi Sadia Hasan, father Abul Kalam Matbar, and sister Kanika Afroz. Its beneficiary firms are Candlestone Investments Partners and star cricketer Shakib Al Hasan. Three listed companies in the stock market are Genex Infosys, Fortune Shoes, and Sonali Paper and Board Mills.
Hero reportedly supervised trading shares in the names of Shakib Al Hasan, Genex Infosys, Fortune Shoes, and Sonali Paper.
According to the investigation report of DSE, from November 15 to 30 last year, the share price of One Bank increased from Tk 12.60 to Tk 20.10, a percentage increase of 59.62 percent.
DSE investigations revealed that Kazi Sadia Hassan, wife of Abul Khair Hero (client code # 3898 of the UCB Stock Brokerage Limited) was the top buyer of One Bank shares during the period.
Islami Bank Khulna, Jashore hold Shariah compliance webinar
Islami Bank Bangladesh Limited (IBBL) Khulna and Jashore zones recently organised the webinar "Compliance of Shari'ah in Banking Operations."
Md Quamrul Hasan, director of the bank, spoke at the webinar as chief guest.
Md Omar Faruk Khan, additional managing director, addressed the programme as a special guest.
Mohammad Harunur Rashid, a member of the Shariah supervisory committee of the bank, was the key speaker at the webinar.
Md Shamsuddoha, executive vice-president of the Shariah secretariat, also spoke.
IBBL is a joint venture public limited company engaged in commercial banking business based on Islamic Shariah. It is listed on the Dhaka Stock Exchange and Chittagong Stock Exchange.
Nagad offers Tk50 cashback on 'add money' from banks
Mobile financial services (MFS) provider Nagad has brought an instant cashback offer of Tk50 on 'add money' from banks.
The offer will be valid till September 30, according to a media statement.
When customers use the 'Bank to Nagad' option to add money to their 'Nagad' account, they will get the bonus in their Nagad account. However, the offer will not be valid if they dial *167# (USSD).
When adding money to their wallet, Nagad customers will receive instant cashback from the following Trust Bank, Islami Bank Bangladesh, City Bank, Community Bank Bangladesh, First Security Islami Bank, Mutual Trust Bank, Prime Bank, Premier Bank, AB Bank, NRBC Bank, Social Islami Bank, Dhaka Bank, IFIC Bank, National Bank, Exim Bank, Midland Bank, Standard Bank, Union Bank, Shahjalal Islami Bank, NRB Bank, Rajshahi Agricultural Development Bank, Meghna Bank, Bangladesh Development Bank, Bengal Commercial Bank, South Bengal Agriculture and Commerce Bank.
Nagad Chief Business Officer Sheikh Aminur Rahman said: "I believe the instant cashback offer will significantly improve and elevate our customers' bank-to-wallet loading experiences."
Islami Bank Cumilla, Noakhali hold Shariah compliance webinar
Islami Bank Bangladesh Limited (IBBL) Cumilla and Noakhali zones organised the webinar "Compliance of Shari'ah in Banking Operations" Saturday.
Sayed Abu Asad, director of the bank, spoke at the webinar as chief guest.
Mohammed Monirul Moula, managing director and chief executive officer, addressed the programme as a special guest.
Sayeed Ahmed, vice-chair of the Shariah supervisory committee of the bank, was the key speaker at the webinar.
Md Shamsuddoha, executive vice-president of the Shariah secretariat, also spoke.
IBBL is a joint venture public limited company engaged in commercial banking business based on Islamic Shariah. It is listed on the Dhaka Stock Exchange and Chittagong Stock Exchange.
Bangladesh, Indonesia need to work together as partners: BGMEA chief
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan has said Bangladesh and Indonesia need to view each other as comprehensive friends and partners and expand collaboration to prosper together.
During his meeting with Indonesian Ambassador to Bangladesh Heru Hartanto Subolo on Sunday, the BGMEA chief said collaborative engagement is needed to identify the opportunities and ways to realise them.
BGMEA Vice President Shahidullah Azim, Director Barrister Vidiya Amrit Khan and Chair of BGMEA Standing Committee on Foreign Affairs Shams Mahmud were also present at the courtesy meeting held at the embassy.
They discussed various trade-related issues with special emphasis on possible avenues of collaboration between Bangladesh and Indonesia to unlock mutual trade potential.
They also talked about how both countries can complement each other for the development of the RMG and textile industry.
Bangladesh’s RMG sector has attached due importance to diversification of products, especially high-value non-cotton apparels and technical textiles, according to the BGMEA.
Read: BGMEA chief appraises US govt officials about the significant strides made by RMG industry
While the Indonesian textile sector can meet the demand of Bangladesh’s RMG sector for man-made fibre, Indonesia can import ready-made garments from Bangladesh, said the BGMEA chief.
It would create a win-win situation for both countries, he added.
The BGMEA President invited the Ambassador to the “Made in Bangladesh Week” and also Indonesian RMG and textile businessmen to participate in the weeklong event.
BGMEA in partnership with Bangladesh Apparel Exchange will organise the mega event in Dhaka on November 12-18 this year to promote the apparel industry of Bangladesh globally and showcase its strengths.
Indian businesses for investing in fuel, transport: Commerce Minister
Commerce Minister Tipu Munshi on Saturday said Indian businesses have expressed their interest in investing in some sectors like fuel, transport and agro processing in Bangladesh.
He said this while responding to queries from journalists at his residence on Central Road in Rangpur city.
Minister Munshi said the Indian investors expressed the interest and sought cooperation while holding meeting with Prime Minister Sheikh Hasina during her a four day state visit in the neighbouring country.
Upon the discussion, the premier also assured them of offering of all sorts of cooperation in doing business, he said.
Terming the prime minister’s visit as effective, he said the Indian Adani Group proposed to invest Tk 4,000 crore to the Bangladesh.
“Indian Prime Minister Narendra Modi also sought Bangladesh beside it to go ahead,” the minister said.
He hoped that the Tessta water sharing deal will be done within a short time as a positive response from the West Bengal came in this regard – although he didn’t
Replying to a question, the commerce minister said the price of soybean oil will be decreased one more step after adjusting with the global market soon.
Read: Govt doing its best to rein in prices of essential commodities: PM
Munshi also said that prices of essential commodities will be cut as initiatives have been taken to export food gains from countries including Russia and Ukraine.
Elaborating the government measures, he claimed that ten million people of the country have been enjoying cheap rates of essential commodities through Trading Corporation of Bangladesh across the country.
Nagad to disburse allowances under govt’s employment generation program
The Postal Department's mobile financial service Nagad will disburse the daily wages to 1.5 lac workers under the Employment Generation Programme for the Poorest (EGPP) scheme of the Disaster Management and Relief Ministry.
A tripartite agreement has been signed by the Directorate of Disaster Management, the Directorate of Bangladesh Post and Nagad Limited in this regard recently. Md. Atiqul Haque, Director General of Disaster Management Directorate, and Sheikh Aminur Rahman, Chief Business Officer of Nagad, signed the agreement on behalf of their respective organizations.
Read: Nagad ED Shafayet Alam lauded by UK economy journal
Tanvir Chowdhury, Deputy General Manager of Nagad, along with other higher officials from both organizations, were present during the signing ceremony, says a Nagad press release.
Under the initiative, the daily wages of almost 1.46 lac workers from 114 Upazilas of 18 districts and three divisions of the country will be deposited into their Nagad wallets. Each worker will receive a remuneration of BDT 400 per day under the program.
In 2022-2023, these otherwise unemployed hands will receive 80 days of salary in two installments into their Nagad accounts. Cash-out fees will be covered with this disbursed amount, allowing the beneficiaries to conveniently withdraw this money from the nearest Nagad 'Uddokta' point at no cost.
Read: Nagad recognises winners of 'Aurjon O Bijoyullash' campaign
The EGPP is administered by the Directorate of Disaster Management. The program is one of the government's initiatives to guarantee social security, through which the impoverished and the functional workforces are provided with financial stability. The program additionally contributes to rural infrastructure development, including construction, maintenance, renovations, roads, drainage system, maintaining market cleanliness, etc.
Speaking at the signing ceremony, Sheikh Aminur Rahman, Chief Business Officer of Nagad Limited said, "Nagad has disbursed several government social safety allowances since its inception. In this sense, we are unwavering in our commitment to maintaining openness. We believe, the Ministry of Disaster Management and Relief has entrusted us because Nagad has excelled at the disbursement of all types of allowances.”
BGMEA seeks uninterrupted energy supply by special arrangements
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has requested the government to make special arrangements to ensure uninterrupted supply of gas and electricity to the export-oriented factories in an effort to keep production unhurt.
BGMEA President Faruque Hassan made the request recognizing the energy crisis globally and its impact domestically including on the readymade garment industry.
He was speaking at a press conference at the BGMEA Complex which was arranged to brief the media about the “Made in Bangladesh Week.”
Read: BGMEA for shoring up Bangladesh-India interactions in apparel, textile
BGMEA Vice President Md. Shahidullah Azim, Vice President (Finance) Khandoker Rafiqul Islam and its Directors were present.
“Made in Bangladesh Week” will be organized by the BGMEA in partnership with Bangladesh Apparel Exchange (BAE) on November 12-18 to showcase the impressive stories of Bangladesh apparel industry as well as its continuous strive to pursue excellence.
Prime Minister Sheikh Hasina is scheduled to open the “Made in Bangladesh Week” on November 13.
The BGMEA President said the industry witnessed uninterrupted growth over the last one year – August 2021 to August 2022.
“We are observing with concern that the work orders have gradually been declining,” the BGMEA chief said, adding that the work orders have come down by 20-30 percent for the next season due to inflation and likely recession in Bangladesh’s two major export markets – Europe and the United States.
Faruque Hassan said the retailers have been struggling to adapt with the growing inflation and many brands are witnessing a declining trend of sales which ultimately increased their unsold stocks.
“Considering all these things, our exports might witness a negative trend in the coming months,” said the BGMEA chief.
Read: BGMEA seeks Netherlands' support for Bangladesh's smooth LDC graduation
The government imposed 1 percent source tax on export profits for the current fiscal. The BGMEA chief requested the government to keep it like the previous year (0.5 per cent).
The week-long initiative will present physical events comprising summits, expositions, exhibitions, awards, factory tours, cultural shows and networking.
It is a signature event of Bangladesh which is the world’s second largest apparel exporting country. The country exports ‘Made in Bangladesh’ apparel to over 160 countries in the world.
The ‘Made in Bangladesh Week’ aims to bring under one roof all the stakeholders of Bangladesh apparel industry to initiate collaborations as well as discuss prospects and roadmap for the future.
In addition, the event will work towards a collective promise of promoting sustainability and responsible business.
The week, alongside showcasing the strength of the country’s apparel industry, aims to identify future priorities and scopes of collaboration among the stakeholders to ensure Bangladesh remains as a preferred destination for global apparel sourcing, BGMEA said.
Made in Bangladesh Week will be a milestone event for Bangladesh apparel industry, it said.
Recognizing the importance of strengthening Bangladesh’s presence in the global fashion market and to initiate a greater collaboration with the global stakeholders for sustainable manufacturing and sourcing, BGMEA and BKMEA pursued IAF to organize the 37th World Fashion Convention in Bangladesh.
IAF has agreed to that proposition and the 37th World Fashion Convention will be hosted in Bangladesh in collaboration with BGMEA and BKMEA during 12-15 November 2022 at Radisson BLU Dhaka.
Nagad ED Shafayet Alam lauded by UK economy journal
UK-based economy journal ‘Business Tabloid’ has named Executive Director of Nagad Limited, Md. Shafayet Alam, as ‘Visionary Leader in Digital Finance’.
Md. Shafayet Alam, is the first individual from the Bangladesh fintech industry to get this accolade in the area of leadership.
Since 2019, ‘Business Tabloid’ recognizes globally renowned personalities based on their merits and the expertise they hold in their respective industry. Every year, nominations are evaluated by an independent committee chosen by the publication based on various criteria such as innovations, accomplishments, leadership, and contributions.
Also read: Nagad opens 11 new permanent service centers
This year, the publication honored and awarded 10 prominent leaders from all across the world who strived hard to bring revolutionary changes to their economies.
Shafayet, has over 26-year of an extensive career in the telecommunications, information technology, electronics and digital financial services (DFS) sector.
Expressing his thoughts on receiving the award, Md. Shafayet Alam, said he is honored and delighted that the prestigious publication recognized his contribution.
“Nagad has launched a number of game-changing initiatives that have significantly impacted the country's financial business environment. I am proud to have helped the journey of the world's fastest-growing fintech company,” he said.
Also read: A group has long been unhappy with Nagad's success: Jabbar
Notable award winners in 2022 include Mr. Matteo Boffa of Thaely, UAE, in the ‘Green Entrepreneur of the year’ category, Mr. Shahid Yousaf of SY Capital Estates – UAE in the ‘Outstanding Contribution towards Real Estate Industry’ category, Mr. Shahid Yousaf of SY Capital Estates – UAE in the ‘Outstanding Contribution towards Real Estate Industry’ category, Dr. Shanavas Koya of ADNOC Distribution – UAE in the ‘Best HR Transformational Leader’, Mr. Zaid Al Abdullatif from Oman in the ‘Outstanding contribution in the Banking Sector’ category, Mr. Christian Patouraux of Kacific Broadband Satellites Ltd – Singapore as the ‘Best Satellite Executive’, Mr. Abay Sarkulov of Development Bank of Kazakhstan in the Best Banking Chairman category, and many others.
Earlier in 2020 Business Tabloid awarded Nagad, as ‘the best digital financial service provider of 2020’.
MSMEs: Experts want realistic steps taken to enhance service quality, business development
Experts have said it is imperative to take realistic steps to enhance the quality of services and development of business for increasing productivity in the micro, small and medium enterprise (MSMEs) sector.
They suggested increasing direct investment for expanding business for women, easy availability of loans from banks and other financial institutions, and increasing the amount of loans for the private sector to overcome challenges in the MSMEs sector.
Read: BB revises cluster credit guidelines to boost small enterprises
The experts were speaking at the programme "Corporate Connect Event for MSMEs" at the city hotel Wednesday.
They also called for making the process of getting a trade licence easier and arranging training for entrepreneurs.