Business
Names of 29 factories announced for 'Green Factory Award 2023'
The Ministry of Labour and Employment today announced the recipients of the 'Green Factory Award 2023', spotlighting 29 factories recognised for their environmentally friendly operations.
During a press conference held at Srom Bhaban in the capital, Md Nazrul Islam Chowdhury, State Minister for Labour and Employment, unveiled the list.
He emphasised the government's dedication to promoting green industrial practices and ensuring that all factories adhere to sustainable and environmentally sound operations.
A major initiative has been taken to make all the factories green and environment-friendly, stated Chowdhury. He also expressed a commitment to eradicating irregularities and corruption within the ministry.
Abdur Rahim Khan, Inspector General of the Department of Inspection for Factories and Establishments, noted that approximately 200 factories in the country have achieved global recognition for their eco-friendly practices, with the number continuing to grow.
The 'Green Factory Award-2023' encompasses a diverse range of industries, with the 29 factories spanning across 12 different sectors. This recognition underscores the significant strides being made in Bangladesh's industrial sector towards environmental sustainability and operational excellence.
Ethiopian Airlines and Air China to commence operations in Bangladesh from May: CAAB
Ethiopian Airlines and Air China are commencing operations in Bangladesh starting from May 2024.
The Civil Aviation Authority of Bangladesh (CAAB) is preparing to facilitate flights for these two foreign carriers. CAAB Chairman Air Vice Marshal Mafidur Rahman told UNB that preparations are underway to support Ethiopia Airlines and Air China as part of Bangladesh's aspiration to become an aviation hub.
ERF demands withdrawal of ban on reporters entry into central bank
CAAB has notified the Civil Aviation and Tourism Ministry and instructed Biman Bangladesh Airlines to assist with ground handling services for these airlines.
"We are hopeful to start our Addis Ababa-Dhaka-Addis Ababa direct flight third week of May. Initially it will operate five weekly flights," Managing Director of Rhythm Group, the airline's General Sales Agent (GSA) in Bangladesh, Shohag Hossain told UNB.
Ethiopian Airlines plans to launch flights between Addis Ababa and Dhaka in May, initially operating five weekly flights. The airline, known for its extensive African network, intends to eventually offer daily flights with its Boeing Dreamliner 787 aircraft to Dhaka, connecting Bangladeshi expatriates to major European and North American cities from Addis Ababa.
The air service agreement between Ethiopia and Bangladesh was signed in December 2023 in Riyadh, Saudi Arabia, following diplomatic consultations. Ethiopian Airlines, with 147 aircraft, is Africa's largest airline and ranks as the world’s fourth-largest in terms of countries served.
Air China will also start operating two weekly flights on the Dhaka-Beijing-Dhaka route, responding to the growing connections between China and Bangladesh.
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This move aims to streamline travel, as currently, flights from Dhaka to Chinese cities like Kunming and Guangzhou require additional transfers to reach the capitals. Air China, with a fleet of 497 aircraft, plans to expand its international and regional routes, adding to its existing 452 routes.
Bangladesh Poultry Association: 1 lakh birds dying every day due to heatwave
The intense heatwave is wracking havoc for the poultry industry, and around one lakh chickens, worth Tk20 crore, are reportedly dying every day in the country, according to Bangladesh Poultry Association (BPA).
“If the situation continues, a severe supply shortage could hit the poultry and egg market within a month,” said Md Sumon Howlader, president of BPA in a statement on Thursday.
The association has called on Prime Minister Sheikh Hasina for support to tackle the crisis.
The association said there is a crisis of chicks, which has caused a price hike with farmers now having to buy chicks, which have a production cost of Tk28-30, at a price of Tk80-90 per piece.
As a result of the ongoing heatwave that started after Eid, around one lakh chickens worth Tk20 crore are dying every day due to heatstroke across the country.
Under these dire conditions, egg and chicken production has declined significantly, ranging from 4 to 10 percent, said BPA statement.
The statement claimed that in the last 10-12 days, over 10 lakh broiler, layer, and Sonali chickens have died in the country. Broiler chicken alone accounts for 80 percent of the casualty.
Taking advantage of this opportunity, corporate egg chicken suppliers and Tejgaon-based egg syndicates will create a shortage of eggs and chickens in the market, the Association said.
From June, they will start increasing the prices. From August to October the price of eggs and chicken will increase drastically, according to the statement of BPA.
ERF demands withdrawal of ban on reporters entry into central bank
Bangladesh Bank’s unofficial ban on reporters from entering the central bank building for news gathering may lead to misinformation on the banking sector, said Economic Reporters’ Forum (ERF).
The BB's restriction for reporters has been in place for a month making it difficult for bank srctor reporters to gather accurate informationfor in this field.
In such a situation, ERF president Refayet Ullah Mirdha and General Secretary Abul Kashem held a meeting with the BB Governor Abdur Rouf Talukder and spokesperson Mesbaul Haque on Thursday to discuss and resolve the issue.
On the other hand, the reporters of the bank beat observed a sit-in protest in front of the BB demanding entry of reporters into the central bank.
The reporters alleged that the ban was imposed to protect a group of loan defaulters and supress the right information that the people want to know from reporting on the banking sector.
They said that such decisions benefit a group of bank directors and businesses who misled and forced the BB to make policy in favour of them.
The central bank has imposed this measure at a time when the financial sector is reeling under various problems. Customers are not getting money back from most of the financial institutions, some banks in crisis are operating under the special loan of the central bank, reporters said from the sit-in.
The governor has taken this decision to protect from the media the businessmen and banks involved in big scams and irregularities. Through this, his true character is revealed, said the protesters. Such a decision has never been taken before since the establishment of the central bank.
Even after a meeting of the ERF president and general secretary with the governor, the dispute has not been resolved.
The BB Executive Director and Spokesperson Mesbaul Haque told reporters after the meeting the central bank has decided that from now on, reporters can only go to the spokesperson with the bank's specific permission (access pass).
But if an official gives a pass to a reporter, he can only go to that respected official. However, as like before, they (reporters) will not be able to freely enter any department of the central bank.
Grameenphone reports strong Q1 growth
Grameenphone Ltd has demonstrated robust growth and resilience in the first quarter of 2024, despite facing persistent macroeconomic headwinds. The company's strategic focus on network investment and pioneering initiatives has propelled it to achieve significant milestones, reflecting its commitment to innovation and customer-centric services.
For the first three months of 2024, Grameenphone reported a total revenue of BDT 39.3 billion, marking a notable growth of 5.3% compared to the same period last year. This growth trajectory is further underscored by the acquisition of 1 million new subscribers, bringing the total subscriber base to 83 million by the end of the first quarter. Notably, over half of Grameenphone’s subscribers, approximately 46.3 million, are utilizing internet services, highlighting the increasing digital penetration in the country, according to a press release.
Yasir Azman, CEO of Grameenphone Ltd., attributed the company's success to its unwavering commitment to strategic investments and innovation, aimed at transforming from a traditional telecommunications provider to a telco-tech powerhouse. Azman emphasised the significance of building a robust digital infrastructure to drive sustainable growth and enhance operational efficiency. Under his leadership, Grameenphone inaugurated its first "Tier III Standard Data Center" in Sylhet, setting new benchmarks in network capabilities.
Moreover, Grameenphone introduced "gpfi," a wireless broadband solution designed to revolutionize home internet services, catering to the evolving needs of modern families for seamless connectivity and entertainment. The company's dedication to sustainability was also highlighted through strategic partnerships and support for Environmental Social Governance (ESG) initiatives.
Otto Risbakk, CFO of Grameenphone Ltd, expressed satisfaction with the company's financial performance in the first quarter, marking the twelfth consecutive quarter of growth in both topline and EBITDA. With subscription and traffic revenue growth reaching 5.2%, and an impressive EBITDA margin of 60.8%, Grameenphone's solid balance sheet and strong cash flow position it well to continue investing in growth and innovation.
In line with its commitment to enhancing network infrastructure, Grameenphone invested BDT 7.2 billion in CAPEX during the first quarter, primarily focusing on expanding its 4G network and fiber connectivity. The deployment of 2600 MHz spectrum and the rollout of over 500 new 4G sites underscore the company's relentless pursuit of providing an enhanced network experience for its customers. As of Q1’24, Grameenphone boasts over 21,700 4G sites, covering 97.9% of the population with 4G connectivity.
Despite the challenges posed by the macroeconomic environment, Grameenphone's strong performance in the first quarter of 2024 reflects its resilience, innovation, and unwavering commitment to delivering superior telecommunications services in Bangladesh.
Robi AGM approves 10 % cash dividend
Robi Axiata Ltd held its 28th Annual General Meeting (AGM) on Wednesday and the shareholders approved a 10 percent cash dividend declared earlier.
This year's AGM was conducted in a hybrid format, supporting both, in-person and online participation, according to a press release.
In 2023, Robi earnings per share (EPS) was 0.61 taka. Present at the meeting were the Chairman of Robi Axiata Limited’s Board of Directors (BoD), Mr. Vivek Sood, the Managing Director and CEO, Rajeev Sethi, CFO, M. Riyaaz Rasheed, other BoD members, and senior officials of the company. The AGM was chaired by the Company Secretary Shahed Alam.
Addressing the shareholders, Robi Axiata PLC’s Chairman, Vivek Sood said, “Robi had performed exceptionally well in 2023. The tremendous work that has gone in to improving the quality of services is clearly evident in its performance in the first quarter of this year. Customers are finding a natural home in Robi to support their digital transformation journey.
All that stands in the way is the taxation regime. Unless the tax is rationalized, we would always struggle to live up to the expectation from our valued shareholders. Apart from that, we are doing everything possible to grow our business within the scope allowed by the regulatory regime of the country. I thank all our shareholders for keeping faith in our ability to deliver the desired level of return on their precious investment.”
Chinese Jiangsu Soho Holdings Group, BGMEA discuss trade, investment potentials
A visiting delegation from Jiangsu Soho Holdings Group Co Ltd engaged in discussions with the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) regarding potential collaborations and investment opportunities in the textile and apparel sector.
The delegation led by Zhou Yong, chairman of Jiangsu Soho Holdings Group met the BGMEA team headed by its Senior Vice President Khandoker Rafiqul Islam at the BGMEA complex on Wednesday.
BGMEA leaders provided an insightful overview of Bangladesh’s thriving apparel industry, highlighting its notable transition towards high-value garments, especially those made from man-made fibers. They emphasised promising investment opportunities within Bangladesh, particularly in the high-end textile sector and its associated backward linkage industries.
With the demand for man-made fibres on the rise in Bangladesh, BGMEA leaders stressed the mutual benefits that Chinese investment in this sector would bring, citing reduced costs, shorter lead times, and alignment with growing market demand.
Furthermore, BGMEA leaders underscored the importance of investment in textile technologies and the recycling industry, expressing interest in knowledge exchange and technical expertise support from Jiangsu Soho Holdings Group to enhance the capabilities of Bangladeshi companies.
BEXIMCO to launch Tk 1,500 Crore Zero Coupon Bond
Bangladesh Export Import Company Limited (BEXIMCO) has announced the commencement of subscription for the 'Beximco 1st Unsecured Zero Coupon Bond' starting April 28, 2024 and the first tranche of the subscription will be closed on May 15, 2024.
This follows the Bangladesh Securities and Exchange Commission (BSEC)'s approval on April 3, 2024, authorizing BEXIMCO to issue bonds totaling Tk 1,500 crore, according to a press release.
IFIC Investment Limited is the arranger and Sandhani Life is the trustee of this bond. The Beximco 1st Unsecured Zero Coupon Bond offers an unprecedented discounted rate of 15%, the highest in the market, translating to a monthly return of Tk1,250 per lakh.
This non-convertible, redeemable, unsecured bond aims to raise Tk1,500 crore, of which Tk1000 crore will be used for providing as a loan to Sreepur Township Limited for the development of the Mayanagar project, while the remaining Tk500 crore will be used to repay existing bank loans of Beximco Ltd.
The investment is particularly attractive due to its high return rate, where an investment of one lakh taka will yield a total return of Tk1,75,000 at the end of five years, including the principal amount. The returns are especially appealing for Non-Resident Bangladeshis (NRBs) and local wage earners, offering one of the best investment avenues available.
The bond subscription has a minimum investment threshold of Tk 50,000, with no upper limit, making it accessible to a broad range of investors.
This opportunity is available on a first-come, first-served basis, emphasizing its limited nature and the potential for a quick sell-out due to its attractive features.
Investors interested in the Beximco 1st Unsecured Zero Coupon Bond can begin subscribing on April 28, 2024 and the first tranche of subscription will be closed on May 15, 2024.
For further details or to begin the subscription process, interested parties are encouraged to call 16900 or scan the QR code available in promotional materials, BEXIMCO said on Thursday.
BEXIMCO said they committed to contributing to the economic development of Bangladesh through such robust financial instruments, inviting investors to participate in this venture that promises excellent financial returns and supports significant developmental projects across the nation.
16th Bangladesh Denim Expo on May 6-7
The 16th edition of Bangladesh Denim Expo will once again open its doors in the international Convention City, Bashundhara (ICCB) in Dhaka on May 6 and 7.
“Reimagine” is the theme of the 16th edition. "Reimagine" lies Expo’s commitment to re-envisioning the future of the denim world and reshaping the landscape of denim through relentless innovation and seamless integration of digitalization.
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By harnessing the power of technology and embracing forward thinking approaches, the organisers said they are revolutionizing every aspect of denim production, design, and consumption.
“We have chosen "Reimagine" as the theme of Bangladesh Denim Expo because it is about more than just transforming denim; it's about redefining the very essence of the denim trend. We are breaking free from conventional norms and exploring uncharted territories to create a denim experience that is both visionary and transformative. From sustainable practices to cutting-edge design techniques, we are redefining what denim means in the modern era," said Mostafiz Uddin, founder and CEO of Bangladesh Apparel Exchange (BAE)
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Over 60 exhibitors from 11 countries such as Bangladesh, India, China, Pakistan, Turkey, Italy, France, Spain, Switzerland, Vietnam, Japan etc are set to attend the event.
Participant categories includes Fabric Mills Denim and Non-Denim, Garment Manufacturer, Washing Laundry, Accessories & Trims, Chemicals, Machineries or Technology, & Logistic etc.
An inaugural program, a series of panel discussions, a trend seminar & a trend zone planned for a two-day event. Worlds renowned speakers will share their insights in the discussions. Seminar topics will be focused on the theme “Reimagine”.
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A unique innovative & upcoming trends product will be showcased in the trend zone. Visitors can get the opportunity to look up & gain knowledge on future denim trends in the trend zone.
BSEC brings back floor price to prevent continuous fall in share prices
Bangladesh Securities and Exchange Commission (BSEC), the capital market regulator, issued an order on Wednesday to prevent the continued slide in the stock market, imposing a limit beyond which prices cannot fall, or floor price for stocks.
According to the BSEC order, the price of shares and mutual funds of any listed company cannot fall by more than 3 percent in a day. Currently, company shares and mutual funds may fall by up to 10 percent depending on the price bracket they are in.
This decision has been taken to protect the interests of the country's capital market and investors. The two stock exchanges of the country (DSE and CSE) have been instructed to implement this new decision from tomorrow (Thursday), said the BSEC.
Earlier in 2021, the capital market regulator BSEC had imposed the minimum price level or floor price of the share price to prevent the continuous decline in price of shares.
There was no scope for the share price of listed companies to fall below a certain limit. The imposition of floor price leads to a kind of stagnation in the market, according to experts, as selling of shares gets stuck at a price.