Business
Deal signed to import 1.80 lakh tonnes of fertiliser from Russia
A deal has been signed between the government and a Russian company to import 180,000 MT of muriate of potash (MOP) fertiliser from Russia in the fiscal year 2023–24.
Bangladesh Agricultural Development Corporation (BADC) and Podintorg Director General Andrey Sergeyevich signed the agreement in the Russian capital Moscow on Thursday (1 June).
Agriculture Secretary Wahida Akhtar, BADC Member Director Abdus Samad and Deputy Head of Agriculture Ministry Badiul Alam were present during the signing ceremony.
Deal signed with Qatar to get additional 1.5 MTPA of LNG for next 15 years
Bangladesh has signed a new deal with Qatar to get an additional 1.5 million tons per annum (MTPA) of liquefied natural gas (LNG) for the next 15 years from 2026.
Bangladesh’s state-owned Petrobangla signed the new agreement with Qatar’s state-owned Ras Laffan Liquefied Natural Gas Company Ltd., (Qatargas) at a function at Qatari capital Doha on Thursday.
State Minister for Power, Energy and Mineral Resources Nasrul Hamid and Qatar’s State Minister for Energy Saad Sherida al-Kaabi were present at the contract signing ceremony, said a press release of the Ministry of Power, Energy and Mineral Resources.
Energy secretary Dr Khairuzzaman Majumder was also present on the occasion.
Petrobangla chairman Zanendra Nath Sarker and Executive Vice President (Marketing) of Qatar Energy Trading LLC Abdulla Ahmad Ai-Hussaini signed the contract on behalf of their respective sides.
Under the new deal, Qatar will supply an additional about 1.5 MTPA of LNG per year from 2026 to 2040. Of this, Bangladesh will get 12 LNG cargoes in 2026 and 24 cargoes in 2027.
Currently, Bangladesh has been importing 1.82-2.5 million MTPA of LNG since 2018 under an existing deal signed in 2017.
Addressing the function, Nasrul Hamid thanked Qatar for agreeing to supply additional LNG to Bangladesh.
“The long-term contract of the LNG supply is a comforting achievement for Bangladesh at a moment when the entire world is facing unrest regarding the energy supply,” he said.
Nasrul said that this energy partnership between Bangladesh and Qatar has added a new dimension to the existing friendship between the two countries.
It was possible to sign this long-term LNG agreement quickly because of the diplomatic move from Prime Minister Sheikh Hasina, he added.
He said that the supply of all kinds of energies will be ensured to maintain the economic pace.
As Bangladesh is one of the fastest growing economies, the demands for power and gas have constantly been increasing in the country, he added.
Qatar’s State Minister for Energy Saad Sherida al-Kaabi said that his country is proud to be the largest LNG supplier to Bangladesh.
“Annual LNG supply of more than 3.5 million tons will contribute to the overall development of Bangladesh including its socio-economic status,”he added.
Bengal Meat launches ‘Online Qurbani Haat’ ahead of Eid-ul-Azha
Bengal Meat has launched “Online Qurbani Haat” ahead of Eid-ul-Azha.
The online portal will allow customers to order their desired cattle while ensuring they are slaughtered under the supervision of a representative of the Islamic Foundation and delivered while maintaining the proper cold chain, according to a press release.
Bengal Meat organizes this service every year to avoid the hassle of going to cattle markets, open-air slaughtering and processing, it said.
At a press conference held on Thursday at Bengal Meat's head office in Dhaka, officials of Bengal Meat announced the commencement of their Qurbani portal for the ninth year in a row, the release said.
Fisheries and Livestock Minister SM Rezaul Karim nlaunched this year's website “www.qurbani.bengalmeat.com” on May 30. He termed Bengal Meat’s online Qurbani initiative as a noble example towards building a Smart Bangladesh.
Bengal Meat’s Head of Marketing Shaikh Imran Aziz; Qurbani Project Lead Foysal Ahamed and Senior Manager of the Human Resource Department Nur Mohammad were present at the press conference.
“Bengal meat guarantees and ensures the safest and halal Qurbani, backed by own sourcing of healthy cattle, international standard meat processing and structured delivery system strictly adhering to cold chain,” said its Head of Marketing Shaikh Imran Aziz said
“Every year Bengal Meat brings about new attractions, similarly, this year too, we have introduced organic grass-fed cattle for the first time in Bangladesh,” he said.
“For the past eight years, Bengal Meat has been considered as the most “safe and halal” Qurbani platform in terms of user experience and has gradually been gaining popularity among people,” he added.
This portal provides well-rounded services starting from cattle selection, halal Qurbani, meat processing, online payment and delivery options, the release also said.
Berger extends contract with Rupali Chowdhury, appoints new COO
Berger Paints Bangladesh Limited (BPBL), the market leader in the paints industry, has extended its contract with Rupali Chowdhury as the Managing Director for three more years owing to her exceptional and unwavering commitment to the company’s success.
The recommendation was made by the members of the board of directors.
Additionally, the company has also appointed Md. Mohsin Habib Chowdhury as the new Chief Operating Officer (COO).
From an executive to the first female Managing Director of a leading multinational company in Bangladesh in 2008, Rupali Chowdhury rose with unbending resolves and became an inspiration for many. She significantly contributed to BPBL and the entire industry with her illustrious accomplishments since 2008.
She was recently featured in TIME magazine.
Rupali Chowdhury joined BPBL in 1990 as a Planning Manager.
Since then, she worked with several departments under various supervisory capacities, including marketing, sales, supply chain, and systems. She reiterates BPBL’s commitment to collaborate with all the stakeholders to create a prosperous Bangladesh.
Moody's downgrades Bangladesh's sovereign credit rating one notch; outlook 'stable'
International credit rating agency Moody's Investors Services (Moody's) on Tuesday downgraded the government of Bangladesh's long term issuer and senior unsecured ratings by one notch to B1 from Ba3 and affirmed short term issuer ratings at Not Prime.
Earlier Moody's had placed Bangladesh's long-term issuer and senior unsecured ratings at Ba3 on review for downgrade. Today's rating action concluded the review initiated last December. The rating outlook, Moody's said, remains stable.
In March, Moody's had downgraded its outlook for Bangladesh's banking sector (independent of the sovereign) from stable to negative.
A sovereign credit rating is an independent assessment of the creditworthiness of a country or sovereign entity and how risky investing in it might be. At Ba3, Bangladesh had the lowest rating Moody's offers for 'speculative' grade bonds. B1 is the highest credit rating from Moody's for what are still considered 'non-investment grade' bonds.
B1 signifies that the issuer is relatively risky, with a 'higher than average' chance of default.
In its rationale for the downgrade, Moody's assessment is that Bangladesh’s heightened external vulnerability and liquidity risks are persistent, and that, together with institutional weaknesses uncovered during the ongoing crisis, the sovereign's credit profile is consistent with a B1 rating.
Despite some easing, ongoing dollar scarcity and deterioration in foreign exchange reserves indicate continued pressures on Bangladesh’s external position, exacerbating imports constraints and as a result energy shortages.
Meanwhile, the government has not yet fully reversed its import control measures and unconventional policies including a multiple exchange rate regime and interest rate caps, which are creating distortions.
Finally, a very low level of fiscal revenues relative to the size of the economy constrain the government's policy choices and point to weakening debt affordability as higher interest payments result from the taka devaluation and short maturities for domestic debt.
Although Moody's expects external financing to help alleviate pressures on the external and fiscal metrics, external buffers will remain weaker than before the pandemic and higher debt levels will weaken fiscal strength, particularly as Moody's expects fiscal reforms will take years to materialize.
Concurrently, Bangladesh's local-currency (LC) and foreign-currency (FC) ceilings have been lowered to Ba2 and B1 from Ba1 and Ba3, respectively.
The LC ceiling is placed two notches above the sovereign rating, reflecting weak predictability and reliability of government institutions and high external imbalances, which raise risks for the garment export sector's contributions to government revenue; balanced by a relatively small government footprint.
The FC ceiling is placed two notches below the LC ceiling, reflecting low capital account openness, weak policy effectiveness, and some degree of unpredictability surrounding capital flow management, but taking also into account a low external indebtedness.
IBBL-Hello Paisa launch remittance festival
Islami Bank Bangladesh Limited, in partnership with Hello Paisa launched a remittance festival on Monday.
As part of the festival, IBBL remittance clients have the opportunity to win a refrigerator while receiving cash remittance through Hello Paisa, said a press release.
This offer will continue from June 1 to 27 June 2023.
Muhammad Qaisar Ali, managing director of the Bank inaugurated Islami Bank-Hello Paisa Special Remittance Campaign as chief guest on Monday.
Sayjil Magan, managing director of Hello Paisa addressed the programme as guest of honour.
Presided over by IBBL Additional Managing Director JQM Habibullah, Deputy Managing Directors Mohammed Shabbir and Kazi Md Rezaul Karim and Hello Paisa Country Head Fazlur Rahman addressed the programme as special guests.
Stock market today: Asian markets mostly higher after Biden-McCarthy deal on US debt
Asian shares are mostly higher after President Joe Biden and House Speaker Kevin McCarthy reached a final agreement on a deal to raise the U.S. national debt ceiling.
Tokyo, Sydney and Shanghai advanced while Hong Kong fell. Markets in Seoul were closed for a holiday.
The agreement on the U.S. debt eased what had been a potentially huge threat to markets worldwide. Biden and McCarthy worked over the weekend to ensure enough support in Congress to pass the measure before a June 5 deadline and avert a disruptive federal default.
"Markets are so far reacting cautiously. Buoyed, but cautious," Clifford Bennett, chief economist at ACY Securities, said in a commentary.
"This agreement merely rolls the issue to potentially more politically friendly times post the Presidential election in two years. Nothing is certain in this regard, and it is possible resolution will be even more difficult then, than it has been on this occasion," Bennett said.
Tokyo's Nikkei 225 index jumped about 2% in early trading but was trading up 1.3% at 31,325. by midday. The S&P/ASX 200 in Sydney jumped 1% to 7,228.60. The Shanghai Composite index edged 0.2% higher to 3,218.26.
In Hong Kong, the Hang Seng slipped 0.3% to 18,696.34.
U.S. markets will be closed for a holiday on Monday. Investors have another busy week of U.S. economic updates ahead, including data on consumer confidence and employment.
On Friday, technology stocks powered solid gains for Wall Street after chipmaker Marvell Technology surged a record-setting 32.4% after the chipmaker said it expects AI revenue in fiscal 2024 to at least double from the prior year. That follows Thursday's report from fellow chipmaker Nvidia, which gave a big forecast for upcoming sales related to AI.
The upbeat finish to the week for major U.S. indexes comes amid lingering anxiety over persistently high inflation and broadly weak corporate earnings.
The S&P 500 rose 1.3% to close at 4,205.45. The Dow Jones Industrial Average gained 1% to 33,093.34. The tech-heavy Nasdaq notched the biggest gains, surging 2.2% to 12,975.69. The index rose 2.5% for the week as artificial intelligence became a big focus for investors.
The revolutionary AI field has become a hot issue. Critics warn that it is a potential bubble, but supporters supporters say it could be the latest revolution to reshape the global economy. The nation's financial watchdog, the Consumer Finance Protection Bureau, said it's working to ensure that companies follow the law when they're using AI.
Wall Street and the broader economy already had a full roster of concerns before the threat of the U.S. defaulting on its debt became sharply highlighted on the list.
A key measure of inflation that is closely watched by the Federal Reserve ticked higher than economists expected in April.
The persistent pressure from inflation complicates the Fed's fight against high prices. The central bank has been aggressively raising interest rates since 2022, but recently signaled it will likely forgo a rate hike when it meets in mid-June. The latest government report on inflation is raising concerns about the Fed's next move.
The latest inflation data also highlighted the continued resilience of consumer spending, which has been a key bulwark, along with the strong jobs market, against a recession. The economy grew at a sluggish 1.3% annual rate from January through March and it is projected to accelerate to a 2% pace in the current April-June quarter.
The impact from inflation and worries about a recession on the horizon have been hitting corporate profits and forecasts. The latest round of company earnings is nearing a close with the profits for companies in the S&P 500 contracting about 2%.
Beauty products company Ulta Beauty fell 13.4% after trimming its forecast for profit margins. Discount retailer Big Lots fell 13.3% after reporting a much bigger loss last quarter than analysts expected.
Investors rewarded several companies that reported strong financial results. Gap rose 12.4% after reporting a strong first-quarter profit.
In other trading Monday, U.S. benchmark crude oil added 81 cents to $73.48 per barrel in electronic trading on the New York Mercantile Exchange. It picked up 84 cents to $72.67 per barrel on Friday.
The dollar slipped to 140.44 Japanese yen from 140.59 yen. The euro rose to $1.0734 from $1.0724.
Bonayan gets prestigious SDG Brand Champion Award 2023
Bonayan, the largest private sector-driven afforestation programme, has been honored with the prestigious SDG Brand Champion Award in Climate & Environment category at the SDG Brand Champion Awards 2023 for its impactful nationwide afforestation initiative.
“Akij Bashir Group Presents SDG Brand Champion Awards 2023 in Association with Aspire to Innovate (a2i)” award gala was held at Radisson Blu Dhaka Water Garden on Friday, said a press release.
This prestigious accolade, initiated by the Sustainability Brand Forum, awarded 24 initiatives - 11 winners and 13 honourable mentions. This award aimed to recognise and honour private organisations and brands that have contributed outstandingly to achieving the United Nations Sustainable Development Goals (SDGs) in Bangladesh, it added.
The accolade was received by Mr. Golam Mainuddin, alongside him, Mr. Jorge Luis Macedo, Mr. Ahmed Raihan Ahsanullah, and Mr. Sazzad Hossain on behalf of Bonayan.
Bonayan started in 1980, responding to the call for mass plantation from the Forest Department of the Government of the People’s Republic of Bangladesh. Since then, Bonayan has come forward to help the government realize the Millennium Development Goals (MDGs) targets and is now supporting the government to achieve SDG 13 (Climate Action) and SDG 15 (Life on Land) targets of enhancing forest area as a proportion of the total land area of Bangladesh to 18% and to increase the area of tree-covered land to 25% in relation to the total land area of Bangladesh by 2030.
Every year, Bonayan distributes 5 million saplings of fruit, forestry, and medical species.
The initiative is operating in 22 districts across Bangladesh and has provided over 12 crore saplings to date, free of cost, consisting of over 25 different types of plant species.
Over the years, Bonayan, through effective public-private partnerships, has worked to create several impact zones across the country and is committed to continuing this drive for a sustainable future.
Bonayan is very proud to have received the prestigious Prime Minister’s National Award five times and the Chief Advisor’s Award once. It has also earned international recognition, including the “Asia Responsible Entrepreneurship Award” for Green Leadership from Enterprise Asia, and the “Bangladesh Innovation Award 2021”.
Bangabazar fire: FBCCI donates Tk 1 crore to suffering traders
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has handed over a cheque of Tk 1 crore in grants to rehabilitate the traders who have faced damages in the recent devastating fire at Bangabazar clothing market in Dhaka.
The chamber's President Md. Jashim Uddin handed over the cheque to the BangaBazar Complex Dokan Malik Samity at the FBCCI Icon, Dhaka on Saturday.
FBCCI president said, "Any kind of fire incident is unfortunate for any businessman. I was out of the country when the fire incident happened in Bangabazar. The fire was so fierce that everything was burnt to ashes, nothing was left there. I felt that we should contribute even a little in this crisis. That's why we decided to help with Tk 1 crore to the affected traders.”
Jashim Uddin, also the new SAARC Chamber President said, "We are handing over this check today as per our commitment. I think all capable businessmen should stand by small businesses in various natural calamities and fire incidents”.
Jashim Uddin said businessmen must follow compliance. However, blame should not be put on the businessmen only, but all those concerned should be brought under question, including the companies that issue licenses for commercial buildings and factories.
To avoid such accidents in the future, the FBCCI president urged the government to take steps to build permanent and modern buildings for the affected traders, he said.
The FBCCI head also urged the business leaders and market committees to be aware of the risky markets and to do the necessary reforms.
FBCCI is working with the government to ensure fire safety in factories in the country, he said, "We have formed the Fire Safety Council to increase the awareness about fire safety in the private sector."
So far 5000 companies have been visited through this safety council. This safety council will visit a total of 44 thousand companies across the country. Apart from this, fire-fighting training is being given in every factory, said Jashim.
He directed Bangladesh Dokan Malik Samity and FBCCI Fire Safety Council to work together to ensure fire safety in shops and shopping malls.
FBCCI Senior Vice President Mostofa Azad Chowdhury Babu said that the fire service unit has marked the Bangabazar as risky and warned several times, but the matter has not been given importance by the market committee.
He urged everyone to be more responsible instead of blaming the government.
Bangladesh Dokan Malik Samity President Helal Uddin said that the existing markets in the capital are being inspected. If any type of risk is noticed, they will be warned as well as instructions will be given to reform them within the stipulated time.
FBCCI Vice President Md Amin Helaly, Md Habib Ullah Dawn, Directors, Secretary General Mohammad Mahfuzul Hoque, Head of the FBCCI Safety Council Brigadier General Abu Nayeem Md. Shahidullah (Retd.), President and Secretary of Bangbazar Complex Dokan Malik Somity, and other business leaders were present at the program.
Job Circular in Rampal power plant 2023: 12 people will be appointed in five category posts
Bangladesh-India Friendship Power Company (Pvt.) Limited (BIFPCL), a joint venture of Bangladesh Power Development Board and India's NTPC Limited, has released a recruitment circular. Under this institution, 12 people will be appointed in five category posts in Rampal project. Interested candidates should apply online.
Job circulars in Rampal power plant in 2023
1. Post Name: Assistant Manager (HR/Admin)
No. of Posts: 3
Eligibility: Must have a Master's Degree with Graduation in HR/Management/Public Administration from a recognized university or MBA (HR) degree in such subject. Third Class/Department is not acceptable at any level of education. GPA should be 3.5 on a scale of 5 and CGPA 3.0 on a scale of 4. Should be fluent in Bengali and English with good computer skills. Experience in related field will be preferred.
Age: Maximum 30 years
Work Place: Rampal Project Site, Bagerhat
Basic Salary: TK.52,000
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2. Post Name: Assistant Manager (Law)
No. of Posts: 1
Qualification: Bachelor's Degree in Law from a recognized University. Master's Degree in Law will be preferred. Third Class/Department is not acceptable at any level of education. GPA should be 3.5 on a scale of 5 and 3.0 on a scale of CGPA 4. Should be fluent in Bengali and English with good computer skills. Experience in related field will be preferred.
Age: Maximum 30 years
Work Place: Rampal Project Site, Bagerhat
Basic Salary: TK.52,000
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3. Post Name: Imam (Staff Level-3)
No. of Posts: 1
Eligibility: Fazil or equivalent pass from recognized Madrasah/Institution. Must have Master's degree in Al-Fiqh and Legal Studies from any Aliya Madrasah, Kamil or Dawrae Hadith from any Qawmi Madrasah or any university. Third Class/Department is not acceptable at any level of education. GPA should be 3.5 on a scale of 5 and 3.0 on a scale of CGPA 4. Should be fluent in Bengali and English with good computer skills.
Must have at least five years working experience as Imam/Mufti in a big institution/mosque. Preference will be given if Hafez-e Qur'an and Ilme Qiraat are certified.
Age: Maximum 45 years
Work Place: Rampal Project Site, Bagerhat
Basic Salary: TK.26,000
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4. Post Name: Priest (Staff Level-3)
No. of Posts: 1
Qualification: Graduation or equivalent from a recognized institution. Must have at least five years work experience as priest/scholar in any big institution/temple. Third Class/Department is not acceptable at any level of education. GPA should be 3.5 on a scale of 5 and 3.0 on a scale of CGPA 4. Should be fluent in Bengali and English with good computer skills. Kavyatirtha or any such certificate will be given preference.
Age: Maximum 45 years
Work Place: Rampal Project Site, Bagerhat
Basic Salary: TK.26,000
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5. Post Name: Security Supervisor (Staff Level-IV)
No. of Posts: 6
Qualification: HSC or equivalent pass from recognized institution. Must have at least five years of work experience in the relevant field in a large organization. Third Class/Department is not acceptable at any level of education. GPA should be 2.0 on a scale of 5 and CGPA 4 on a scale of 2.25. Should be fluent in Bengali and English with good computer skills. Preference will be given to retired officers from Army/Navy/Air Force or BGB.
Age: Maximum 45 years
Work Place: Rampal Project Site, Bagerhat
Basic Salary: TK.23,000
Benefits: Basic salary along with housing allowance, medical facility, bonus, provident fund, gratuity, other fringe benefits will be provided as per the organization policy.
Type of Job: Initially three years contractual. The contract period is renewable upto the age of 60 years on the basis of satisfactory performance of the worker.
Age limit: Upper age limit for departmental candidates is 35 years for posts No. 1 and 2. Upper age limit is relaxable up to 32 years in case of children and grandchildren of veer freedom fighters/martyred veer freedom fighters.
Conditions: The persons appointed to the posts No. 1 and 2 have to sign the service bond to serve this organization for three years.
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, How to apply in Rampal power plant jobs
Interested candidates should apply by filling the form on this website (http://bifpcl.teletalk.com.bd/bifpcl_new/) . Detailed information regarding recruitment can be known in this link. (http://bifpcl.teletalk.com.bd/bifpcl_new/docs/BIFPCL_3rd_Advertisement.pdf)