local-business
Feni woman receives 200pc cash voucher buying Walton fridge
Esmoth Ara Yesmin, a housewife and a resident of Feni’s Chhagalnaiya Upazila, has been awarded 200 per cent cash voucher after she had bought a Walton brand refrigerator as the customer's benefit declared in the company’s ongoing Digital Campaign Season 19.
With that cash voucher, Yesmin took various electronics products including TV, washing machine, microwave oven, fan, blender etc., said a press release.
Islami Bank holds Shari’ah Compliance discussion in Banking Operations
Earlier, two customers, one was newly-wed woman Bithy Saha from Dhaka and another was Ahsanullah from Brahmanbaria, were awarded 200 percent cash voucher on the purchase of Walton brand refrigerators.
On Saturday (Nov 25, 2023), country's renowned film actor Amin Khan officially handed over the 200 percent to Esmoth Ara Yesmin at a programme held at Chhagalnaiya Walton Plaza.
Matlub Ahmad elected president of IBCCI
The function was also attended, among others, by the Feni Chamber of Commerce Director Mushfiqur Rahman Pipul, Walton’s Chief Divisional Officer Shafikul Azad and Walton Fridge Product Manager Shahidul Islam Reza.
In the nationwide ongoing Walton Digital Campaign Season-19, customers are offered maximum 200 per cent cash voucher or sure cashback on the purchase of any model of Walton fridge from any Walton Plaza, distributor outlet or online sales platform E-plaza. This offer will be available until 31st December, 2023.
Blockades are bad for economy, scare foreign investors: FBCCI President
Yesmin bought a Walton refrigerator from the Walton Plaza on November 21. After completing the digital registration with her name, mobile number and product's bar code, she received an SMS of getting 200% cash voucher from Walton.
Islami Bank holds Shari’ah Compliance discussion in Banking Operations
Islami Bank Bangladesh PLC organized a discussion meeting on “Compliance of Shari’ah in Banking Operations” for its clients of Rajshahi Zone at Rajshahi Branch premises recently.
Dr. Monzur-E-Elahi, Member of Shariah Supervisory Committee addressed the program as chief guest.
Muhammad Qaisar Ali, Additional Managing Director, and Kazi Md. Rezaul Karim, Deputy Managing Director of the bank addressed the program as a special guest. Md. Shamsuddoha, Executive Vice President of Shari’ah Secretariat addressed the focal point.
Mizanur Rahman Mizi, head of Rajshahi Zone Presided over the program while Munsi Rezaur Rashid, head of Rajshahi Branch addressed the welcome speech. Executives, officials, and clients of Rajshahi Zone attended the program, a press release said.
Matlub Ahmad elected president of IBCCI
Chairman of Nitol Motors Ltd. and former president of FBCCI Abdul Matlub Ahmad has been elected President of India-Bangladesh Chamber of Commerce and Industry (IBCCI) for the term 2023 – 2025.
Chairman of HSTC Limited and Vice-President, Consul Core M. Shoeb Chowdhury and Country Head of SUN Pharmaceuticals (Bangladesh) Ltd Sanjay Basu have been elected Vice-Presidents of the 24-member Board of Directors of the IBCCI.
The election process was completed on November 27, said the IBCCI on Monday.
It was conducted by the IBCCI Election Board comprising of Md. Shamsul Alam, Chairman; and members Bijoy Kumar Kejriwal, and Md. Kohinoor Islam.
While the country Head of the State Bank of India, Amit Kumar; Managing Director of Quality Enterprise, Md. Abdul Wahed; Chairman & Managing Director of Bangladesh System Technology Ltd., Dewan Sultan Ahmed were elected as Honorary Secretary General, Honorary Joint Secretary General and Honorary Treasurer respectively.
Other members of the newly elected board of Directors are – Mohammad Ali of Fatullah Steel Re-Rolling Mills; Al-Haj Md. Bazlur Rahman of B. R. Spinning Mills Ltd.; Farkhunda Jabeen Khan of Divine Beauty Lounge; Motiar Rahman of M/S Sharothi Enterprise; Liakat Ali Bhuiyan of Brick Works Development Ltd.; Budhaditya Mukherjee - Asian Paints Ltd.; Md. Julfikar Sheikh of Ion Exchange Environment Management (BD) Ltd.; Ajit Kumar of Agion Laboratories Pvt. Ltd.; SK Mahfuz Hamid of Gulf Orient Seaways.; Anil Kumar of Arvind Limited; Sumit Goswami of Axis Bank Limited; Biswajit Kumar Das of Dabur Bangladesh Private Limited; Pinku Roy of Agro Tech Foods (Bangladesh) Pvt. Ltd.; Subrata Dutta Gupta of Larsen & Toubro Limited; Mohammad Ali Deen of Runner Automobiles PLC; Rabiul Alam of MKK Logistics; Amit Kumar Tiwari of Torrecid Bangladesh Limited and Mule Venkataratna Reddy of Venkris Energy Limited.
Blockades are bad for economy, scare foreign investors: FBCCI President
President of President Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) Mahbubul Alam has called for shunning the politics of blockades and hartals saying that a day of such protests cost the economy up to Tk6500 crore.
Talking to UNB this week Alam said, “We want change in government through fair elections. A strike or blockade causes a loss of Tk6500 crore a day. So we want political stability in the country.”
“We do not want a strike or blockade. Strikes or blockades are very harmful to the economy. We are very concerned about this,” he pointed out.
Also read: FBCCI urges NBR to extend tax return submission deadline till Dec 31
The FBCCI chief said these types of political activities are also causing violence on the highways, which is giving the wrong message to foreign buyers and investors.
He said people are buying goods at higher prices as the supply line is disrupted and transport fares hiked due to the political unrest.
The traders are not getting their pre-booked product in time as the vehicle movements on the highways are affected by political programmes. There is a panic among the suppliers and goods producers, he said.
The industrial sector is facing disruption in production as the supply of raw materials is being hampered for hartal (general strike) and blockade. If such a situation continues, many factories will shut down, he feared.
Also read: FBCCI urges political parties to avoid violence for economy's sake
Alam said that Bangladesh Bank has to make dollar supply available for LC opening to import enough consumer items to keep the market stable during the upcoming Ramadan.
He said the businesses are facing difficulty in LC opening for the dollar shortage. To overcome the situation he suggested the central bank stops import of luxury and unnecessary goods, and give priority in importing industrial raw materials and consumer goods up to Ramadan.
After Covid-19 pandemic and the effect of rising fuel prices due to the Russia-Ukraine war, the entrepreneurs are not able to bear the losses caused by political violence, he said.
The political parties must accept that without stability economic growth is impossible and the welfare of people will not come with lower economic growth, he said.
Bangladesh is an emerging economy, and private sector entrepreneurs have set up several industrial units here with big efforts, he said.
The destructive activities in the domestic arena will provide a negative signal to the foreign buyers, said the FBCCI chief.
Also read: Thrust on good governance in banking sector discussed at FSDWC meeting
In that case the export earnings might be affected, which is essential for the survival of the industrial sector as well as employment of youth, he said.
So both the government and opposition parties should discuss political issues and set alternative programmes instead of hartal and blockade, he opined.
Walton Washing Machine and Orix Fabric Care ink strategic business deal
Orix, a US-based homecare brand, has joined hands with the leading electronics brand Walton to enhance their brand promotional activities and introduce consumers to an innovative laundry cleaning experience.
Walton Home Appliance and Orix Fabrick Care signed a strategic business partnership at the Corporate Office of Remark HB Limited at Gulshan in the capital on Thursday, said a press release.
Walton Home Appliance Chief Business Officer Mostafa Kalam and Remark HB Ltd's Home and Personal Care Business Head Khondoker Md. Mominul Huq inked the deal on behalf of their respective organisations, reads the release.
Supply of dollars in banks is more than required: BB
Among others, Walton Home Appliance Brand Manager Fazle Rabbi, Remark Brand Manager Fahim Haque and other senior officials of the two organizations were also attended the programme.
According to the agreement, Orix will supply liquid detergent to Walton Home Appliances, and Walton will provide it for free to consumers upon the purchase of Walton washing machines. Orix will leverage these washing machines for promotional activities, having the liberty to use Walton's branding elements in various promotional channels, including packaging, leaflets, campaigns, and advertisements.
BMCCI prioritises promotion of Malaysian timber and furniture in Bangladesh
Orix will furthermore have the opportunity to set up promotional booths at Walton's Plazas and outlets across the country.
Walton Home Appliance CBO Mostafa Kamal said, Walton's washing is now in the market leader in terms of sales. Walton is strongly committed to provide the customers world-class washing machine at affordable rates with highest customers' benefits. Thus, we joined hands with Orix. As per the today's agreement between Walton and Orix, customers of Walton washing machine will get free liquid detergent of the Orix brand to get an new experience in laundry cleaning."
Remark HB Ltd's Home and Personal Care Business Head Khondoker Md. Mominul Huq said that the partnership with Walton would yield fruitful results due to the active participation of Bangladesh's leading electronics brand. He emphasized Orix's commitment to providing surprises in fabric care for Bangladeshi consumers, anticipating an enhanced laundry cleaning experience through the collaboration with Walton washing machines.
Walton, with almost four decades of presence in the country's electronics market, has not only provided world-class services but has also significantly contributed to earning foreign exchange through product exports.
Three-day trade expo on construction, wood and electrical kicks off at ICCB
Remark HB Limited, an affiliate of Remark LLC, USA, has introduced the international detergent brand, Orix, to the Bangladeshi market, aiming to simplify consumers' lives. Notably, the brand Orix boasts cutting-edge technology, offering variants like Crystal Wash, Fabric Shampoo, Winter Wash, and Perfect Plus Detergent.
The brand is set to launch a new liquid detergent, "Orix Pure Clean," anticipated to revolutionize fabric care in Bangladesh.
Supply of dollars in banks is more than required: BB
The Bangladesh Bank (BB) said that the supply of US dollars in banks is more than their requirement, so reducing the exchange rate is logical.
Bangladesh Bank spokesperson and Executive Director Mazbaul Haque said this at a press conference at the BB headquarters in Motijheel on Thursday.
He said that last year short-term foreign debt liability was $16 billion, now it is reduced to $6.9 billion.
Also read: No dollar trading at official exchange rate as Tk 15 spread opens up with kerb market
Besides, there is a surplus of $1.0 billion in the current account. Now the LCs are opened with immediate dollar payment. In addition, the supply of dollars in banks is now more than the demand. As a result, the decision of the Bangladesh Foreign Exchange Dealers' Association (BAFEDA) is correct, the BB spokesperson said.
He said that the US dollar price is determined depending on demand and supply. Dollars are used to purchase services and goods and to clear service debts and foreign liabilities. Now the import price is being monitored.
As a result, the demand for dollars has reduced, he said.
On Wednesday, for the first time in more than a year, banks decided to lower the exchange rate of US dollar. The decision to reduce the price of the dollar by Tk0.50 has come into effect from Thursday.
Also read: US dollar is costlier as local currency depreciated by Tk0.5
Besides, the price of the dollar has decreased by Tk 0.50 for sale to importers.
The BAFEDA and the Association of Bankers Bangladesh (ABB) decided to reduce the dollar price in a meeting held in the evening on Wednesday. According to the decision, the price of the dollar to buy expatriate and export earnings will be Tk110, which was earlier Tk110.50.
To meet the import liability, the dollar price can be taken as Tk110.50, which was Tk111 earlier.
However, in addition to the government's 2.5 percent incentive on expatriate income, banks can also give the same amount of incentive. As a result, the beneficiaries will receive a maximum of Tk115.50 per dollar for inward expatriate income.
Despite such a statement from the BB, the banks still bought expatriate income at the rate of Tk121 and more per dollar.
Also read: 1 USD at Tk 120: Individual traders selling dollars through networks, money changers say they’re empty-handed
Three-day trade expo on construction, wood and electrical kicks off at ICCB
A three-day trade expo on building-construction, wood-woodworking and electrical production-technology began on Thursday at International Convention City Bashundhara (ICCB) in Dhaka.
Three-in-One Sourcing shows under-One-Roof related to ‘Building & Construction, Wood & Woodworking and Electrical Products & Technology’ was organised by ASK Trade & Exhibitions Pvt Ltd jointly with Futurex Trade Fair & Events Pvt Ltd.
These tradeshows in participation with more than 150 exhibitors are offering exciting sourcing options with a wide variety on display for the Building and Construction Sector, Furniture Sector and Electric Products related industry, said a media release on Thursday.
Md Shamsudduha, Additional Chief Engineer of Housing and Public Works Department, Tarun Upadhaya, Manager of Confederation of Indian Industry, Namit Gupta, Managing Director of Futurex, Tipu Sultan Bhuiyan, Managing Director of Ask Trade & Exhibitions Private Limited, Nanda Gopal Kadambi, Director of ASK Exhibitions, Prince Mohammad, Proprietor of Ali Trade International and Shamara W, Country Head of JAT Holdings Bangladesh Pvt Limited, among others were present at the event, it reads.
“Over the years the stakeholders have been using our shows to source from International Suppliers who are present in large numbers. After a gap of a few years due to pandemic, Chinese Exhibitors are back in the current edition thus providing an interesting product line to source from. We hope the combination of three shows under one umbrella provides good sourcing options for the visitors” said Tipu Sultan Bhuiyan, Managing Director of ASK Trade & Exhibitions Pvt Ltd, also an organiser of the shows.
The seventh edition of International Trade Show for the Building and Construction Industry Bangladesh BUILDCON 2023, showcasing latest innovations from overseas suppliers along with Bangladeshi companies, showcasing Architectural and Building Hardware, Locks, Fittings and Tools, Kitchen, Bathroom, Sanitary Ware, Ceramic Tiles Tapes and Sealants, EPDM Rubber and Profiles, Earthing, UPVC and Wood Doors and Windows, Geo Textiles, Batching Plant Civil & Road Concrete mixers, Construction Equipment and Machinery, is going on from Thursday, according to the release.
Bangladesh WOOD is the only focused technology and materials related trade show for the WOOD and WOODWORKING Industry in Bangladesh.
The latest edition of Bangladesh WOOD 2023 has participation from International Bangladesh suppliers showcasing Machinery, Materials, Tools, Furnishings, Mattresses and more, it said.
The participants included Particle Board Production Line, Plywood Machineries, and Bamboo Processing Machineries & Coir Board Machineries, Wooden Flooring, Laminate, Plywood, Veneer MDF and Lumber, Abrasive- Sand Paper Sheet, Wide Belt, Narrow Belt. Material Handling equipment, Hydraulic Hot Press Machine Lumber, Timber, Round Logs, Plywood, Wood Panels, Veneer Cutting Chopping Machine , Wood Coating and paints Commercial, Marine, Decorative, Blockboard BWR, BWP Plywood, Manufacture knives and Knife Edge Grinding machines, PVC/WPC Foams Boards, Doors and Frames, Products sawn timber.
The second edition of Bangladesh ELPROTECH will showcase International suppliers of Machinery, Accessories, Spares related to Electrical Products.
Visit to source from International suppliers showcasing their new innovations showcasing Fasteners ,Pumps, Cable and Conductor, Capacitors, Clips and Clamps, Electrical Insulating Products in Composites like SMC/DMC/FRP/EPOXY , & POLYAMIDE for LV/MV & HV applications, Cable Trays, Ladder Type , Cable Trays, Perforated Type Cable Tray PVC INSULATION TAPES, chemical earthing electrodes, gi earthing electrodes, copper earthing electrode, injection moulded plastic components, Cable Tie Manufacturer, Clips and Clamps, added the release.
World Bank to assist Bangladesh to improve human dev and climate resilience
Bangladesh and the World Bank on Thursday signed five financing agreements to help the country achieve resilient and inclusive growth, said a press release.
The deals involve projects on early childhood development, secondary education, riverbank protection and navigability, urban primary health, and gas distribution efficiency.
The five projects are $210-million Bangladesh Enhancing Investments and Benefits for Early Years Project, $300-million Learning Acceleration in Secondary Education Operation Project, $102- million Jamuna River Sustainable Management Project 1, $200-million Urban Health, Nutrition and Population Project and $300 million Gas Sector Efficiency Improvement and Carbon Abatement Project.
The agreements were signed by Sharifa Khan, Senior Secretary of Economic Relations Division of Government of Bangladesh and Abdoulaye Seck, World Bank Country Director for Bangladesh and Bhutan, on behalf of their respective parts, according to press release of the World Bank.
The Bangladesh Enhancing Investments and Benefits for Early Years Project will help improve early childhood development by providing cash transfers and counseling services to about 1.7 million pregnant women and mothers of children under 4 years of age in vulnerable households.
The Learning Acceleration in Secondary Education Operation Project will help strengthen secondary education by improving learning outcome and teaching quality. To help recover from learning losses incurred during the COVID-19 pandemic and to improve preparedness to future shocks, the project will introduce complementary online learning blended with in-class education. To reduce dropout rates, the program will provide stipends to 8 million vulnerable students and ensure 5,000 schools have active sexual harassment and prevention committees in place.
The Jamuna River Sustainable Management Project-1 will help improve riverbank protection and navigability in the Jamuna River, protecting about 2,500 hectares of land from riverbank erosion and flooding, saving thousands of people from displacement and safeguarding their livelihoods and assets. It will improve navigation channels with adequate depth that can accommodate large cargo vessels year-round and revive inland water transport and trade.
The Urban Health, Nutrition and Population Project will improve primary healthcare services for treatment, prevention and referral for common illnesses including mosquito-borne diseases like dengue in Dhaka North and South City Corporations, Chattogram City Corporation, and Savar and Tarabo municipalities. It will also support mosquito control, medical waste management, and behavior change communication. It will help improve antenatal services for women, with a target of over 250,000 women receiving at least four checkups during pregnancy. It will support hypertension screening and follow-up of about 1.3 million adults.
The Gas Sector Efficiency Improvement and Carbon Abatement Project will help improve the efficiency of gas distribution and end-use through pre-paid metering systems and reduce methane emissions along the natural gas value chain. It will install more than 1.2 million prepaid gas meters in Dhaka and Rajshahi Division. Prepaid gas meters and advanced monitoring systems will help optimize natural gas end-use, mitigate greenhouse gas emissions and lower gas bills for households and industrial users.
“These projects will help preparing our children for a brighter future while improving resiliency to climate change,” said Abdoulaye Seck.
He said Bangladesh is an important partner for the World Bank toward its vision of a world free of poverty on a livable planet. Since the country’s independence, the World Bank and Bangladesh have had an impactful partnership that lifted millions of Bangladeshi people out of poverty, he added.
FBCCI urges NBR to extend tax return submission deadline till Dec 31
The Federation of Bangladesh Chamber of Commerce and Industry (FBCCI), the apex organization of businessmen, has requested the National Board of Revenue (NBR) to extend the deadline for submission of income tax returns.
The federation in a letter to the NBR Chairman said that due to the late publication of income tax circulars in line with the new Income Tax Act 2023, the businessmen are not prepared to submit returns.
Read: FBCCI urges political parties to avoid violence for economy's sake
So, the deadline for filing returns need be extended until December 31 this year.
The letter said due to the current political situation and upcoming parliamentary elections, many taxpayers may be able to file income tax returns by November 30.
Some other business chambers have also requested the NBR to extend the tax return submission deadline.
Read: FBCCI emphasises signing FTA between Bangladesh and Saudi Arabia
The Dhaka Taxes Bar Association has demanded an extension of the return submission deadline by another two months.
Payment gateway Walletmix’s license cancelled for illegal transactions
Bangladesh Bank has cancelled the license of the payment gateway company Walletmix Limited for engaging in illegal transactions.
The Payment Systems Department of Bangladesh Bank on Monday (November 20) issued an instruction regarding the cancellation.
The Bangladesh Bank Executive Director and spokesperson Mezbaul Haque told UNB that Walletmix had made illegal transactions that were not authorized and because of this their license has been canceled.
As a result, from now on, no institution, including banks and financial institutions, will be able to transact with Walletmix.
The central bank has sent the license cancellation directive to the managing directors and chief executives of all scheduled banks, mobile financial services providers, payment system operators, and payment service providers in the country.
The payment system operator license of Walletmix has been canceled to protect customer interests under the authority of Bangladesh Payment Systems Regulations and in accordance with the terms of the license granted to Walletmix Limited, said a Bangladesh Bank notification.