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 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. Walton NEXG N9 Review: Budget-friendly Phone with Decent Features 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. Van driver Humayun from Cumilla becomes millionaire after buying Walton fridge 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. Sylhet’s Laki Begum becomes millionaire buying Walton fridge  

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.

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.

A day after edible oil refiners demanded an increase of Tk 10 against per litre bottle of soybean oil, the government on Thursday fixed the price of per litre bottle of edible oil at Tk 167, hiking by Tk 4.   Civil society group protests decision of refiners to raise edible oil price State Minister for Commerce Ahsanul Islam Titu said this at a press conference on the reassessment of price of edible oil at the conference room of the Ministry of Commerce on Thursday. Following the government move, a consumer now will have to pay an extra amount of Tk 18 to purchase a five litre bottle of edible oil, which earlier cost Tk 800.  Traders propose raising edible oil prices by Tk 10 per litre as VAT exemption period ends On the other hand, the government cut the price of per litre of unpacked oil by Tk 2 which now will cost Tk 147.  Sale of loose edible oil increases health risks: PROGGA Earlier on Wednesday, the edible oil refiners sought to hike its retail price by Tk 10 per litre, saying that a value added tax (VAT) reduction, which they had been enjoying for the last two months, expired last Monday.

Bangladesh Bank has permitted Bank Asia to take over Alfalah, a foreign bank, in a departure from its decision that no more merger of  banks will be allowed. As part of the new dimension, Bank Asia, a private commercial of Bangladesh plans to acquire foreign Bank Alfalah. BASIC Bank to merge with City Bank in strategic consolidation move Karachi-based Bank Alfalah disclosed the information to the Pakistan Stock Exchange on April 17. The disclosure said the board of directors of Bank Alfalah Ltd had given approval in-principal for the non-binding indicative offer received from Bank Asia Ltd to acquire the bank's Bangladesh operations, assets, and liabilities, subject to compliance with all applicable laws, regulations and obtaining of necessary regulatory approvals. The disclosure said that the Bank Alfalah is now seeking approval from the State Bank of Pakistan for Bank Asia to commence due diligence on Bank Alfalah, Bangladesh. BDBL to merge with Sonali Bank while BKB with RKUB Sohail RK Hussain, Managing Director of Bank Asia said this is an ongoing process and it's not part of much talk about mergers. The issue of acquiring will get a final shape in the next week in the meeting with to executives of both the banks, sources said.

Bangladesh Common Civil Society (BCCS), an organisation of common citizens, has protested the decision of the Vegetable Oil Refinery Association to  increase the edible oil price by Tk 10 per liter. Traders propose raising edible oil prices by Tk 10 per litre as VAT exemption period ends In a statement, the BCCS alleged that the vegetable oil refiners have increased the price of edible oil by Tk 10 per litre before any such decision was announced by the Tariff Commission or the Ministry of Commerce. “This is not only illogical, but it is a kind of thumbs up to the government to set their own arbitrary decision to set the oil prices,” it said. TCB to procure 10,000 MT of lentil, 1.60 crore litres of edible oil for OMS in Ramadan Convenor of the BCCS Mohiuddin Ahmed said it’s contrary to the previous statement of state minister for commerce. The BCCS said the opinion of the common people has no value in this country. Just when the people are returning to work after Eid, the news of increasing the price by Tk 10 per liter on the second working day has disappointed the citizens. Sale of loose edible oil increases health risks: PROGGA “The will push up the monthly expense of a normal family by between Tk 100-200. We strongly protest and condemn such callous decisions on behalf of the common people,” said the statement.

Azeeza Aziz Khan ACCA, Director, Summit Group of Companies, has been inducted as a Young Global Leader (YGL) by the World Economic Forum (WEF) for the class of 2024, according to a press release of the Summit Group. On this occasion Azeeza Aziz Khan said, “Excited to begin this new chapter and join the 2024 Class of Young Global Leaders with the World Economic Forum (WEF). Always a firm believer in the power of collective advocacy and activism, I look forward to bringing about impactful changes alongside my fellow WEF Leaders”. Together, with all your support and prayers, I look forward to advancing our shared vision for a world that offers sustainable, affordable, and clean energy to all sections of our communities, she added. She is among the exceptional individuals selected globally into the YGL community of outstanding leaders. These responsible leaders will undertake a transformative 3-year journey, addressing global challenges and driving positive change. Azeeza Aziz Khan's induction into the YGL Class of 2024 recognises her exceptional leadership and visionary approach to finance, sustainability, and social responsibility. It is also a testament to her relentless dedication, innovative strategies, and compassionate initiatives that have propelled Summit Group to new heights, along with her significant contributions to the well-being of marginalised communities and the Empowerment of Women within Bangladesh.

Bangladesh’s gross domestic product (GDP) growth in the second quarter of the current fiscal year, 2023-24, has been estimated at 3.78 percent. Bangladesh Bureau of Statistics (BBS) on Monday revealed this information as the quarterly growth in the second quarter (October-December 2023). According to BBS, based on currently available data, the GDP estimates for the second quarter of the FY 2023-24 have been assessed. As per the GDP growth rate for the second quarter of FY 2023-24 is 3.78 percent. In the second quarter of FY 2022-23 the growth was 7.08 percent and in the second quarter of FY 2021-22 the growth was 9.30 percent. The agricultural sector in the second quarter was 4.65 percent, compared to 4.22 percent in the second quarter of FY 2022-23 and 2.20 percent in the second quarter of FY 2021-22. The growth of the industrial sector was 3.24 percent. Which was 10 percent in the second quarter of FY23 and 14.50 percent in the second quarter of FY22. Besides, the services sector grew by 3.06 percent in the second quarter of FY2023-24. Which was 6.62 percent in the second quarter of FY 2022-23 and 7.25 percent in the second quarter of FY 2021-22. The BBS undertakes quarterly GDP estimates as per the decision of the government and subsequently on the advice of the International Monetary Fund (IMF). Like other countries in the world, BBS estimates quarterly GDP by production method. However, annual GDP is estimated using the production and expenditure method.

A large portion of expatriates' income remittances in Bangladesh comes through the bank branches located in Dhaka, according to Bangladesh Bank (BB) analyst on the District-wise scenario of inward remittances. This figure means that most of the families of expatriates stay in Dhaka or they have most of their accounts in the bank branches of Dhaka. Chittagong ranks second while Sylhet and Comilla are in third and fourth position in terms of expatriate income or remittances. March sees 7.77% decline in remittance, despite pre-Eid expectations After that, the position of coastal district Noakhali, Brahmanbaria, Feni, Moulvibazar, Chandpur, and Narsingdi. This position is calculated from July 2023 last year to February 2024, which is revealed in the central bank's district-wise expatriate income report. According to the report, in eight months from July-February, expatriates sent remittances amount US $15.07 billion. Out of this, the expatriates sent $2.16 billion last February. In the previous month of January, the expatriate income in the country was $2.10 billion. Among this, Dhaka district received $5.23 billion in July-February, and Chittagong district received $1.42 billion in expatriate income. During this period, Sylhet district received $870 million, Comilla $810 million, and Noakhali $460 million. Apart from this, $380 million came in Brahmanbaria, $370 million in Feni, $360 million in Moulvibazar, $350 million in Chandpur, and $250 million in Narsingdi. BRAC Bank wins Top Ten Remittance Award Bank officials say more expatriate income is expected to come from expatriate-dominated districts. But that is not as many expatriates have settled abroad. Rather, they (Expatriates) are selling the wealth in the country and taking it abroad. As a result, money laundering is increasing, they said.