local-business
Summit Group’s 3 power plants receive nod for further 5 years extension
Three gas-fired power plants, each having 10 MW capacity, of Summit Group received the nod of the Cabinet Committee on Government Purchase (CCGP) for further extension of existing agreements for next 5 years.
Finance Minister Abul Hassan Mahmood Ali presided over the CCGP meeting.
Power Division moved the proposal to the CCGP meeting.
NGOs demand allocation of funds for renewables instead of LNG power plants, terminals
The power plants, located in Ashulia, Madhabdi and Candina, were set up as independent power plants (IPP) in 2003 under 15 years power purchase agreements (PPAs) with Dhaka Palli Biduyt Samity -1, Narshingdi Palli Biduyt Samity -1 and Cumilla Palli Biduyt Samity -1 of the Bangladesh Rural Electrification Board (BREB).
The PPAs were first expired in 2018 and the government expended their tenure for 5 years until August 2023.
“This time the agreements were extended for next five years on “No electricity, No Payment” basis,” said an additional secretary of the Cabinet Division who briefed reporters about the decision.
“The new levelised tariff for the plants were settled at Tk 5.82 per kilowatt hour which is Tk .07 lower than the existing bulk power supply tariff”, he added.
Govt raises gas prices for power plants by Tk 0.75 per unit
However, it was not mentioned in the proposal of the Power Division what was the previous tariff.
It is mentioned that the non- fuel component of the tariff is Tk 1.75 and fuel component tariff is Tk 4.07.
The government will buy electricity worth Tk 546.795 crore over the next 5 years from the three power plants of the Summit Group.
Currently Summit Group has been the largest owner of private power plants having 15 plants with about 975.96 MW from which the government has been purchasing electricity.
Chinese company Song Shin Leather to invest US$ 6 million in Cumilla EPZ
Chinese company Song Shin Leather (BD) Limited will set up a Leather processing industry in Cumilla EPZ.
An agreement to this effect was signed between Bangladesh Export Processing Zones Authority (BEPZA) and Song Shin Leather (BD) Co. Limited at BEPZA Complex, Dhaka on Wednesday.
The company will invest US $6 million to produce annually 8 million square feet of ‘Cow Finished Leather’ and ‘Buffalo Finished Leather’, creating job opportunities for 100 Bangladeshi nationals.
In the presence of BEPZA Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman, Member (Investment Promotion) of BEPZA Ali Reza Mazid and General Manager of Song Shin Leather (BD) Co. Limited Wang Jingzhao signed the agreement on behalf of their respective sides.
Bangladesh to import 50,000 MT onion from India
Bangladesh will import 50,000 metric tons of onion from India.
Cabinet Committee on Economic Affairs in a meeting on Wednesday approved in principle a proposal of the Commerce Ministry in this regard.
Finance Minister Abul Hassan Mahmood Ali presided over the meeting.
50,000MT onions arriving from India in 2-3 days: Commerce State Minister
As per the proposal, state-owned Trading Corporation of Bangladesh (TCB), a subordinate body of the Commerce Ministry, will import the onion from Indian National Cooperative Export Limited on G-to-G basis.
However, the price of the onion was not disclosed in the meeting as the proposal will again come to the Cabinet Committee on Government Purchase for approval.
Govt to provide Tk 14cr incentives to boost Sri Lankan onion production
“At that time, the rate of the onion might be disclosed,” said an additional secretary of the Cabinet Division who briefed reporters about the decision.
Malaysia’s Silverlake Group to form partnership with Nagad
Malaysian Silverlake Group is forging a partnership with mobile financial service provider Nagad.
After learning about Nagad and studying its related case studies, Silverlake Group founder Goh Peng Ooi expressed his interest to form the partnership. This will mark Silverlake Group’s first partnership initiative in South Asia, according to a media release.
Tanvir A. Mishuk, founder and CEO of Nagad Ltd, recently met Goh Peng Ooi in Malaysia.
Impressed by Nagad’s customer-friendly innovations, acquisition of over 9 crore customers within just five years, and its unique business model, Goh expressed his interest. During this courtesy call, Mishuk also invited him to Nagad Ltd, the release said.
Founded in 1989, the Silverlake Group delivers cutting-edge tech and financial solutions, and currently provides support to more than 400 banks operating in over a hundred countries. Almost all banks in Singapore, including its two main banks United Overseas Bank (UOB) and Oversea-Chinese Banking Corporation (OCBC), are heavily dependent on Silverlake Group’s technology. The leading tech solution provider’s business collaborations extend across Europe, America, Australia, Africa, and Asia.
During the meeting with Tanvir A. Mishuk, Goh Peng Ooi said that they had previously received multiple proposals from different companies based in several South Asian countries, including Bangladesh and India, but they hadn’t found sufficient reasons to integrate them with Silverlake. However, they perceive Nagad differently in the realm of financial entities.
According to the proposal, Silverlake Group will offer Nagad the opportunity to utilise its most advanced banking technologies. Nagad believes that this initiative will not only benefit Nagad but will also bring significant changes to the entire banking sector in Bangladesh.
Talking about Goh Peng Ooi and Silverlake Group’s interest in partnering with Nagad, Nagad CEO Tanvir A. Mishuk, said, “I think this is not only good news for Nagad but also for the entire Bangladesh, as it creates the possibility of a drastic change in the country’s banking landscape. We believe it will eventually play a transformative role for millions of people in the country.”
Trade through Benapole land port suspended due Dol Yatra, Independence Day holidays
Trade between Bangladesh and India through Benapole-Petrapole land port remained suspended since Monday morning due to India's Dola Yatra and Bangladesh's Independence Day holidays.
Though export and import have been suspended, the unloading of goods and other activities of the port remained uninterrupted.
Karthik Chakraborty, general secretary of Petrapol C&F Staff Welfare Association of India and Sajedur Rahman, general secretary of Benapole C&F Agent Staff Association confirmed the matter.
Kamruzzaman Biswas, Officer-in-Charge (OC) of Benapole Checkpost Immigration Police, said though trade will remain suspended for two days the movement of passengers will be normal.
Rezaul Karim, Director of Benapole Port, said export and import though the land port will resume from Wednesday morning.
BGMEA president visits Adamjee EPZ; seeks comprehensive support for factories
President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Faruque Hassan on Sunday visited the Adamjee Export Processing Zone (EPZ) and urged the EPZ authority to provide comprehensive support to the factories operating within the EPZ.
During his visit, Faruque Hassan held a meeting with Moshiuddin Bin Mesbah, Executive Director of the Bangladesh Export Processing Zones Authority (BEPZA).
Highlighting the pivotal role of EPZs in driving industrial development, Faruque Hassan emphasized the importance of facilitating a favorable industrial environment for garment factories.
Accompanied by Directors of Giant Group - Sharmeen Hassan Tithi, Azfar Hassan, and Ashaab Adeeb Hassan, Faruque Hassan toured various factories within the Adamjee EPZ.
He actively interacted with both workers and employers, gaining valuable insights into their perspectives and concerns.
Faruque Hassan highlighted the sound relationship between workers and employers within the Adamjee EPZ, underscoring its positive impact on productivity and fostering a harmonious work environment.
The BGMEA President called upon workers and entrepreneurs to stand united and work collaboratively for the development of the ready-made garment sector in Bangladesh.
He emphasized the significance of collective action in addressing challenges and seizing opportunities for sustainable growth and prosperity.
Faruque Hassan mentioned the ongoing efforts of BGMEA to promote sustainability in the RMG sector of Bangladesh.
BGMEA is actively engaged in raising awareness about the crucial role of tree plantation in protecting the environment and the planet.
He recalled the campaign undertaken by BGMEA in 2021 to plant trees in different areas including in garment factories.
After taking over the charge of BGMEA in 2021, Faruque Hassan, as part of the tree plantation program, planted saplings at the different factories in Adamjee EPZ in Narayanganj.
He requested the Adamjee EPZ authority to support and encourage tree plantation in the EPZ area.
Offshore banking law to boost flow of foreign currency: Finance Minister at BIDS seminar
Finance Minister Abul Hassan Mahmood Ali on Sunday reiterated that the recently passed offshore banking law will boost the flow of foreign currency in the country.
He said this while speaking as the chief guest at the second session of the seminar on ‘Unpacking the Economic Manifesto of the Awami League: Trends and Challenges for Tomorrow Bangladesh’ organized by the Bangladesh Institute of Development Research (BIDS), the government think-tank, held at its auditorium in Agargaon in the capital.
He said the foreign depositors and investors have already started responding in Bangladeshi banks after the offshore banking law was passed.Depositors said that they are pleased with the new offshore banking law in Bangladesh, according to Mahmood Ali. Savings from abroad will rise soon, increasing the flow of foreign currency into the country, the finance minister pointed out.
Planning Minister Major General Abdus Salam, (retd), MP was the chief guest in the morning session of the seminar.
Dr Mashiur Rahman, Economic Affairs Adviser to the Prime Minister, Dr Tawfiq-e-Elahi Chowdhury, BB, Power, Energy and MR Affairs Adviser were present as the special guests.Dr Binayak Sen, Director General of BIDS, moderated the event.
Several research papers were present in the seminar on socio-economic development of Bangladesh including macroeconomic stability.
UCB arranges meeting in Kushtia to find solutions to freelancers’ problems
United Commercial Bank PLC (UCB) organised a freelancer summit in Kushtia to find solutions to the problems now the freelancers have been facing in their professional works.
The event, titled: UCB Swadhin Freelancer Summit, was held at the Shilpakala Academy in Kushtia.
UCB’s Additional Managing Director and Company Secretary ATM Tahmiduzzaman and Dr. Tanjiba Rahman, Chairman of Bangladesh Freelancer Development Society (BFDS), addressed the event.
More than 220 freelancers from the area took part in the meeting. They shared the problems faced by them while bringing home their hard-earned money. They also gave some ideas to resolve their problems.
UCB introduced Swadhin account, designing it as a complete banking solution for freelancers to ease the process of receiving remittance seamless and hassle-free.
Under the account the freelancers can easily receive their earnings through UCB Swadhin account in foreign currency and then convert it into local currency without any hassle.
Bangladesh Bank, Prime Bank sign deal over loan support to women entrepreneurs
Bangladesh Bank (BB) and Prime Bank PLC have joined hands to provide financial support to women entrepreneurs.
An agreement in this regard was signed between the central bank and Prime Bank at the central bank headquarters recently.
Under this agreement, the central bank will provide a guarantee against its interest-free refinance of Tk 3,000 crore to encourage small women entrepreneurs.
'Joyee 360': IPDC launches sub-branch in Dhaka’s Mirpur for women entrepreneurs
IPDC Finance has launched a specialised sub-branch, 'Joyee 360', in Mirpur, Dhaka, focusing on the 'Joyee' service for women entrepreneurs.
IPDC has started the operations of this sub-branch to accelerate women entrepreneurs’ contribution to the economic development of the country.
'Joyee’ is a loan service of IPDC that started in 2018 to support the expansion of business activities of women entrepreneurs.
This time, IPDC has launched the sub-branch adding more facilities to the 'Joyee' loan service.
A special meeting space called 'Joyee Alapan' has been arranged in the sub-branch 'Joyee 360'. 'Joyee' customers can conduct their business meetings there.
Apart from this, there is a special program called 'Joyee Pathshala' to conduct regular workshops and training on initiatives. All services including other regular products of IPDC such as deposits, home loans, and auto loans will be available at this sub-branch.