local-business
Nagad sets up solar billboards to cut electricity consumption
Mobile financial services (MFS) provider Nagad is turning to solar energy to ease the strain on the nation's electric grid.
The MFS has committed to using solar energy as much as possible in all areas of its daily operations, including advertisements, according to a media statement.
Nagad recently converted its billboards installed for promoting campaigns into solar-powered billboards. In line with the United Nations' Sustainable Development Goals, this drive is anticipated to encourage the usage of renewable energy.
Read: MFS sector led financial transactions during Covid-19 pandemic: Nagad MD
The MFS will gradually transform all its billboards into solar-powered ones.
Sheikh Aminur Rahman, Chief Marketing Officer of Nagad, said, "We installed solar-powered billboards which will be operated using only natural energy. Gradually a significant number of Nagad's operations will be powered by pollution-free, cost-effective, and environmentally friendly solar energy."
Mustafa Kamal dismisses reports about Bangladesh request for IMF loan
Finance Minister AHM Mustafa Kamal has dismissed a media report that Bangladesh is seeking a loan of $4.5 billion in aid for economic recovery.
“Neither we placed any proposal to IMF for loan, nor IMF made any offer to us,” he told reporters while briefing on the outcomes of the two consecutive meetings of the Cabinet Committee on Economic Affairs (CCEA) and the Cabinet Committee on Government Purchase (CCGP) virtually held on Wednesday.
He made remarks while a delegation of the International Monetary Fund (IMF) has been visiting the country and holding meetings with Bangladesh Bank officials.
“Actually, a consultative committee of the IMF is now visiting the country which has no issue to discuss any loans proposal”, he added, saying, “We don’t need any loan from the IMF right at this moment. We made no request for any funding, not any proposal came from IMF”.
Read: Default loans cross over 126 crore: Finance Minister
He, however, said if any loan is taken from the IMF, Bangladesh will never accept any condition that will go against the interest of the country.
Responding to a question, Kamal said he has no idea about any such list of the countries, prepared by the IMF where Bangladesh was shown as economically vulnerable.
“Bangladesh never failed to service its foreign debts, including that of IMF. No multilateral lending agency ever had to write off Bangladesh's debts”, he said.
he said.
He also dismissed the media report that IMF has a different calculation about Bangladesh’s foreign exchange reserves. Bangladesh calculates its foreign exchange reserves at at $42 billion while IMF sees it much lower.
“We have been calculating our foreign exchange reserves like other countries do ”, he said.
The finance minister also disagreed with rate of inflation at 7.5 per cent, released by the Bangladesh Bureaue of Statistics (BBS).
“I don’t admit such figure. Inflation is never calculated on weekly or daily basis... no country calculates in such a way”, he said.
BB announces refinance scheme of Tk 25000 crore to boost small buisnesses
Bangladesh Bank (BB) has announced a refinancing scheme of Tk 25000 crore for cottage, micro, small and medium entrepreneurs.
Under this scheme, banks and financial institutions can disburse loans through their own branches, sub-branches, agent banking, and mobile financial services (MFS).
A BB circular in this regard was issued on Tuesday and sent to the top executives of banks and financial institutions.
Read: BB increases interest rate on borrowing from EDF
The circular stated that if it is possible to create opportunities to get money on easy terms for the entrepreneurs engaged in cottage, micro, small and medium industries or CMSME sector, it will accelerate the economic growth.
The title of the scheme is 'Refinance Scheme against Term Loan in CMSME Sector' will be supported by funds from own sources of the central bank.
The funds will be increased if necessary. Initially, the duration of the refinancing scheme will be three years.
Read FY23: Bangladesh Bank raises agro credit target to Tk30,911 crore
BB increases interest rate on borrowing from EDF
Bangladesh Bank (BB) has raised the interest rate on borrowing from the Export Development Fund (EDF).
The central bank on Wednesday fixed 1.0 per cent per annum to 1.5 per cent for Authorized Dealers (ADs) while the ADs will charge 3.0 per cent per annum on their USD loan disbursement to manufacturer-exporters.
The Foreign Exchange Policy Department of BB on Wednesday issued the circular and all authorized dealers in foreign exchange for immediate effect of the notification.
The size of EDF was increased to $ 7 billion from $ 6 billion to meet the growing demand among exporters in the immediate past fiscal year.
In June 2021, the EDF went up to $ 6 billion from $ 5.5 billion, while the fund rose to $ 5.5 billion from $ 5 billion in March of the year. It increased to $ 5 billion from $ 3.5 billion in April 2020.
Read: BB lets dealers to open foreign currency deposit accounts
The growing demand and low-interest rate of lending from the EDF prompted the central bank to increase the size of the fund.
Earlier on April 7, 2020, BB lowered the interest rate to 2 per cent on its EDF for the first time following a downturn in the country’s economic activities created by the Covid-19 pandemic.
Before that, the interest charge was a six-month London Interbank Offered Rate (LIBOR) plus 1.50 per cent.
Bangladesh established EDF in 1989, intended to facilitate financing in foreign currency for input procurements by manufacturer-exporters.
Huawei Technologies intends to support RMG industry in renewable energy
A delegation of Huawei Technologies (Bangladesh) Ltd met with BGMEA President Faruque Hassan at the latter’s office in Dhaka on Monday.
The Huawei delegation included Pan Junfeng (Peter), Chief Executive Officer; Li Zongsheng (Jason), Board Member; Liang Weixing, Managing Director for Digital Power Business Group; and Rumman Iqbal Rony, Account Manager, Bangladesh Digital Power Business and Md Nur Alam, Account Manager, Bangladesh Digital Power Business.
BGMEA Vice President (Finance) Khandoker Rafiqul Islam, Vice President Md. Nasir Uddin and Vice President of BKMEA Fazlee Shamim Ehsan were also present at the meeting.
Read Huawei introduces versatile cloud solutions for telecom carriers
They had discussions on possible collaboration between Huawei Technologies and BGMEA to increase renewable energy usage in the RMG industry of Bangladesh, particularly by using solar panels in the garment factories.
The delegation gave an overview of their proposed OPEX and CAPEX model of implementing solar PV in the RMG industry especially for SMEs.
BGMEA President Faruque Hassan said the apparel industry of Bangladesh places utmost importance to sustainable growth and has continued its efforts to minimize the environmental cost of production and decoupling resource consumption.
Read: Huawei Bangladesh to recruit 60 fresh graduates
As a result, Bangladesh’s RMG industry has secured the leading position with the highest number of green garment factories in the world, he added.
He called on Huawei Technologies to bring innovative and cost-effective solar panels to garment factories at affordable prices.
Walton digital campaign ends
Walton has completed its countrywide ‘Digital Campaign Season-15' with huge success and customer response.
Customers got sure cashbacks of up to Tk 20 lakh or free products worth crores of taka purchasing Walton brand products during this campaign, making their Eid festival colourful, the company said in a statement.
According to the statement, Walton had started the season-15 with lucrative customer benefits on May 16, 2022 that continued till July 18. It is conducting the campaigns in a bid to give customers swift and best after sales service through online automation. In this process, detailed information including the name of the customer, cell phone number and model number of the purchased product being stored on Walton's server so that customers get the best after sales service from Walton service centers even if the warranty card is lost.
Read: Walton CEO visits Italy to see ACC's progress on plant dismantling
Walton provides various benefits to ensure customers' spontaneous participation in the campaign, it added.
A readymade garment worker Parvin Akhter in Kashimpur of Gazipur, tea seller at Feni sadar, Sabuj Miah and banker Md Shahabuddin Ahmed of Mahidia village of Jashore sadar received Tk 20 lakh cashbacks each buying Walton fridge while huge numbers of customers across the country have got crores of taka and free products on Walton products purchase.
Firoj Alam, Chief Marketing Officer of Walton thanked all customers and well-wishers for their active participation in this campaign.
Grameenphone reports 5.2% revenue growth in 1st half
Telecom operator Grameenphone has reported revenues of Tk7,421.8 crore for the first six months of 2022, logging a growth of 5.2 percent from the same period last year.
In the second quarter, the company acquired 0.9 million new subscribers, reaching 84.6 million subscribers at the end of the first half.
Grameenphone CEO Yasir Azman said: "We continued to expand our network and spectrum rollout, reaching over 18.4K 4G sites within the first half of 2022. Driven by enhanced network experience and innovative products, our subscribers grew by 3.2 percent year-on-year to 84.6 million while 4G users grew by 32.7 percent from last year, reaching 31.5 million."
Read: GP experiences revenue hike
"Top-line improvement continued as we wrap up the first half of 2022 supported by growth in revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA). Total revenues registered a growth of 5.2 percent, reaching Tk7,421.8 crore for the first six months," Jens Becker, CFO of Grameenphone, said.
"In the first half, subscription and traffic revenues grew by 5.6 percent from last year. The data segment continued as the key driver behind our performance, with a 5.7 percent growth in data users and 52.9 percent growth in data usage."
"In the first half, EBITDA grew by 3 percent year-on-year driven by top-line growth, with a 61.1 percent EBITDA margin. Net profit after tax improved to Tk1,730.5 crore, with a margin of 23.3 percent," Jens said.
Read Grameenphone, Banglalink main competitors in service quality, capabilities: Opensignal
"We are pleased to announce that the board of directors recommended an interim dividend of Tk12.50 per share for our shareholders at the board meeting held on July 17, 2021."
During the second quarter of 2022, Grameenphone invested Tk560.2 crore in network coverage and expansion. At the end of the quarter, the operator's total number of sites stood at 19,439.
The company paid Tk5,430 crore equaling 73.1 percent of its total revenues, to the national exchequer in the form of taxes, VAT, duties, fees, 4G licence and spectrum assignment during the first half of 2022, according to a media statement.
Read Grameenphone helps 11,000 mango farmers, entrepreneurs understand online business better
Tap offers up to Tk60 cashback on GP bundle purchase
Mobile financial service (MFS) provider Trust Axiata Pay (Tap) is offering up to Tk60 cashback on the purchase of GP bundles.
The campaign started on July 13 and will run till July 26.
Read: Tap, FairMart sign MoU
Tap customers can enjoy this offer using the Tap app or USSD code. Also, they can avail of the offer by recharging the bundles in their own or others' GP number.
When it comes to recharging bundles in others' GP numbers, the customer who recharges the bundle will receive the cashback, according to a media statement.
Al-Arafah Islami Bank Chattogram holds anti-money laundering workshop
The Chattogram Zonal Office of Al-Arafah Islami Bank Sunday held a day-long workshop titled "Preventing Money Laundering and Terrorist Financing" in the port city.
Farman R Chowdhury, managing director and chief executive officer of Al-Arafah Islami Bank, inaugurated the workshop as chief guest.
Mohammad Azam, senior executive vice-president and head of Al-Arafah Islami Bank Chattogram Zone, presided over the workshop.
Read: MetLife brings all-in-one insurance solution
Thirty-seven managers of the Agrabad branch, 37 other branches of the bank's Chattogram Zone and 11 in-charges of sub-branches participated in the programme.
Farman asked the participants to strictly follow all the guidelines of the Bangladesh Bank and the Bangladesh Financial Intelligence Unit while monitoring each and every transaction to prevent money laundering and terrorist financing.
Nagad, Swisscontact team up to enhance financial inclusion of RMG workers
Mobile financial service Nagad and Switzerland's Zurich-based non-profit organisation Swisscontact recently signed a memorandum of understanding (MoU) to enhance the financial inclusion of apparel workers through a digital platform.
The initiative, a part of "Sarathi – Improving Financial Health," aims to introduce ready-made garment (RMG) workers to the easily-accessible services of Nagad and increase their digital literacy by raising awareness, according to a media statement.
Nagad CEO Rahel Ahmed and Mujibul Hasan (Cezanne), country director of Swisscontact Bangladesh, signed the MoU in the capital.
Read: Nagad launches add-money service from Meghna Bank
Sarathi – Improving Financial Health project was launched by Swisscontact, under which both organisations seek to reach about 17,400 RMG workers and their communities with digital financial products and services.
The programme is anticipated to encourage beneficiaries to transact their digital currency in alternative avenues. The project will run until October 20.
The joint initiative will include uddokta, merchants, and educational institutions. Through this initiative, Nagad and Swisscontact will conduct activities to raise financial awareness among the RMG workers and their communities.
Read BURO partners with Nagad for easier savings, instalment payments