Business
Biman hosts farewell for Aviation Authority Director
In a ceremony held on Tuesday at the Civil Aviation Authority of Bangladesh (CAAB) Headquarters, Biman Bangladesh Airlines bid farewell to Group Captain Mukeet-Ul-Alam Miah, the outgoing Director of Flight Standard, Regulations and International Affairs (DFSR).
Simultaneously, a warm welcome was extended to Group Captain Ahsan Habib, the newly appointed DFSR, according to press release.
The event, organized by the Flight Operations Directorate of Biman, was attended by high-ranking officials from both Biman Bangladesh Airlines and CAAB.
Among the key representatives from Biman were Director of Flight Operations Capt Siddiqur Rahman, Director Corporate Planning and Training Capt Aminul Islam, Head of Planning and Scheduling Capt Ishtiaque Hossain, Dy Chief of Training Capt Taposh Ahmed, Dy Chief of Technical Capt Shumeila Siddiqua Hussain, and Dy Chief of Flight Safety Capt Intekhab Hossain, said the release.
The farewell ceremony drew the presence of distinguished guests, including officials from CAAB and representatives from leading airlines such as US Bangla, Novo Air, and Air Astra. The occasion marked a significant transition in leadership within the aviation sector, as the industry bids farewell to one leader and embraces the vision of another.
Suspicious transactions increased by 64.57 percent in FY 2022-23: BFIU
Suspicious Transactions Reports (STRs) have increased by 64.57 percent in the fiscal year 2022-23, compared to the FY2021-22 in the country.
This information has been revealed in the annual report of the Bangladesh Financial Intelligence Unit (BFIU) for the fiscal year 2022-23. The BFIU was established as a wing of the BB in 2002 to protect money laundering and terror financing.
Masud Biswas, chief of BFIU, presented the report in a press conference in the conference hall of Bangladesh Bank (BB) on Tuesday.
Read: DCCI seminar urges sustainable policy reforms for trillion dollar economy
He said that in the fiscal year 2022-23, there were 14106 suspicious transactions reports. The STRs increased by 64.57 percent or 5535 in one year. In the previous fiscal year 2021-22, this number was 8571 and in the fiscal year 2020-21, it was 5280.
The BFIU chief said that all the STRs are not true, after identifying any such transactions, the BFIU investigated the issue. Whenever they got evidence of any crime action was taken against them, he said.
Masud said that 80 percent of money laundering is happening through the banking system. If banks do not cooperate to stop such transactions, it isn't easy to control money laundering. Because once money is laundered, it cannot be brought back.
He said that the BFIU works to sign MoUs with 10 countries to bring back the smuggled money and cooperate to stop it.
Read: FBCCI wants strong role from commercial counsellors at missions abroad to capture new export markets
In response to a question, the head of the BFIU said that 59 cases of money laundering have been registered based on the information of the BFIU. Among them, the ACC has filed 47 cases, CID 10, and NBR's special cell 2. These are not settled yet.
According to the BFIU report, banks have submitted a maximum of 12809 suspicious transaction reports in the entire fiscal year of 2022-23. The banks submitted 7999 reports in the previous fiscal year. Financial institutions submitted 121 reports. And the money exchange houses have submitted 900 reports.
BFIU Executive Director Rafiqul Islam, Director of Foreign Exchange and Policy Department of BB Sarwar Hossain, and Additional Director Kamal Hossain were present at the press conference.
OPPO A17k now available at Tk 11,990
Smartphone manufacturer OPPO has announced a price reduction for its popular OPPO A17k smartphone, effective February 11.
The stylish and feature-rich OPPO A17k is now available at Tk 11,990, down from its previous price of Tk 12,990, offering users in Bangladesh exceptional value without compromising on quality, according to a press release.
Despite being a budget friendly phone, this device comes packed with 7GB RAM expansion technology, mega storage of 64GB and IPX4 water resistance for an all-round performance that exceeds customer expectations, it said.
Available in two colors of Blue and Navy Blue, this device is a beauty as it flaunts the premium flat edge design, with a thickness of only 8.3mm and a weight of only 189g. OPPO A17k is powered by 2.3GHz Octa-Core Helio G35 processor and a massive 5000mAh battery with a smart power management system for the ultimate efficiency.
The device also dons an 8MP rear camera along with a 5MP front camera, along with a 6.56-inch HD Color Rich Display and a side-mounted fingerprint sensor, said the release.
This price reduction underscores OPPO's dedication to providing high-quality smartphones at competitive prices, empowering users to stay connected and productive without breaking the bank.
DCCI seminar urges sustainable policy reforms for trillion dollar economy
In a seminar organized by the Dhaka Chamber of Commerce & Industry (DCCI) on February, Ashraf Ahmed, President of DCCI, emphasized the need for sustained efforts to achieve a trillion-dollar Smart economy.
Addressing the audience, Ahmed outlined key factors such as reducing the cost of doing business, improving ease of business, regulatory efficiency, infrastructure development, energy security, logistics enhancement, and ensuring private sector access to finance.
President Ashraf Ahmed presented a keynote paper at the seminar, underlining the importance of product and market diversification. He highlighted a targeted private sector investment of 27.4% of GDP in FY2024, an increase from 21.8% in FY2023.
Ahmed urged for policies considering the LDC graduation and proposed lower corporate tax, complete automation of taxation, expanded tax net, and reforms of SD and Vat act.
Dr. Mashiur Rahman, Economic Affairs Adviser to the Prime Minister, served as the Chief Guest, emphasizing the fundamental changes in Bangladesh's economy over the last decade.
He stressed the need for consistent policies to expedite private sector investment and foster foreign direct investment (FDI). Dr. Rahman also highlighted the importance of export diversification, value addition, and identified pharmaceutical and light engineering sectors as potential areas for growth.
Chief Economist of Bangladesh Bank, Dr. Md. Habibur Rahman, discussed global geo-political instability's impact on essential prices. He announced the introduction of the Crawling Peg system to control the exchange rate and a roadmap to reduce industrial sector Non-Performing Loans (NPL) to 8% within two years. Bangladesh Bank will maintain a contractionary monetary policy until inflation reaches 6%.
Former DCCI President Shams Mahmud emphasized proactive policies for the sustainable future of the RMG sector. He urged the government to ensure affordable energy prices and uninterrupted gas supply for industries. Mahmud also called for expedited development of local import substitute industries post-LDC graduation, a rationalized taxation system, and continued support for CMSMEs.
Dr. Ashikur Rahman, Senior Economist at PRI, highlighted the negative impact of macroeconomic instability on the private sector and stressed the need for decisive action against NPL. He urged attention to the tax-GDP ratio, hovering around 10%, and emphasized skill development and financial sector reforms.
Research Director at PRI, Dr. Mohammad Yunus, pointed out extortion at retail markets as a factor contributing to inflation. He advocated for better coordination among BEZA, BEPZA, and Economic Zones Authority to attract FDI, suggesting the utilization of BSCIC's industrial plots on a cluster basis.
BGMEA organizes first-ever Bangladesh Heritage Festival 2024 to promote culture, heritage
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) organized the first-ever Bangladesh Heritage Festival 2024 at the BGMEA Complex in the capital’s Uttara on Sunday to promote and celebrate the cultural and heritage treasures of Bangladesh.
State Minister for Commerce Ahsanul Islam Titu attended the opening ceremony as the chief guest.
BGMEA President Faruque Hassan presided over the opening ceremony of the three-day cultural festival that takes place from February 18 to 20.
Charles Whiteley, Ambassador and Head of Delegation of the European Union to Bangladesh, Francisco de Asis Benites Salas, Ambassador of Spain in Bangladesh, renowned artists Mohammad Eunus and Gulshan Hossain attended the opening ceremony which was also joined by BGMEA Directors Asif Ashraf, Barrister Vidiya Amrit Khan and Neela Hosna Ara.
Earlier this day, BGMEA organized a press conference where Faruque Hassan gave an overview of the Bangladesh Heritage Festival 2024, including its features and objectives.
The festival aims to showcase and celebrate the rich cultural and historical heritage of Bangladesh like weaving industry people, Jamdani, Muslin, Khadi, Gamcha, Monipuri cloths, Pottery (Teppa dolls, Shokher Hari, Terracotta), Handicraft, Nakshi Katha, Jute products, Cane, Shitalpati, and the 6th World Heritage recognized Rickshaw Painting and many more.
The event features an exclusive fashion show, cultural performances, exhibitions, art and craftsmanship that make Bangladesh unique. Throughout the festival, visitors will have the opportunity to explore the diverse cultural heritage that Bangladesh has to offer.
A key highlight of the festival is a painting exhibition featuring renowned artists’ works on the ground floor of the BGMEA Complex, showcasing the beauty of the country’s heritage.
A total of 40 stalls are participating in the festival, exhibiting local products that express the essence of Bangladesh’s cultural heritage.
The event also includes a mesmerizing fashion show featuring high-end garments made from Jamdani, Muslin, Khadi, and other traditional fabrics. The festival will also have Bengali folk music performances.
On the first day, renowned actress and dancer Sadia Islam Mou and her troup made dance performance at the festival.
BGMEA President Faruque Hassan emphasized the importance of preserving and promoting Bangladesh’s cultural treasures.
He stated, “By presenting our rich heritage and culture to the world, we can brand ourselves and create an opportunity to export garments linking the rich culture and heritage of Bangladesh with fashion, thus contributing to economic growth. It is crucial to promote heritage products, such as Jamdani, Khadi, and various handlooms internationally.”
Faruque Hassan called upon everyone to use more local products and celebrate the country’s heritage and culture. “Let us all contribute to elevating our beloved motherland to a glorious position in the international arena from our respective positions,” he urged all.
Brac Bank introduces digital Form C, electronic document submission platform for commercial remittances
Brac Bank has introduced digital Form C and e-documents platform for commercial inward remittance customers as a part of digital transformation agenda.
According to the bank, customers sending international remittances worth more than $ 20,000 can now fill out and submit Bangladesh Bank-prescribed Form C declaration electronically along with relevant documents if applicable as per the central bank guidelines. This will make remittance disbursement faster by leveraging digital technologies.
Freelancers, mariners and non-wage-remittance earning professionals, who usually send large-ticket remittances, will immensely benefit from this digitalization of remittance service.
Last year, Brac Bank launched FXPAY, an end-to-end commercial remittance application designed to provide accessible, fast, and secure remittance services to valued customers. FXPAY is part of the bank's digital transformation of commercial inward remittance platforms and which now expands its service to client doors.
Previously, as per Bangladesh Bank guidelines on commercial inward remittance, customers receiving certain types of remittance are required to visit a branch and submit the relevant documents for receiving the remittance.
Recently, Bangladesh Bank has instructed banks to digitize the Form C process.
Accordingly, Brac Bank has now introduced this facility with additional e-document submission facilities as an added service without needing the beneficiary to visit the branch.
The customers who live in faraway places will have the opportunity to get connected with Brac Bank commercial inward remittance team through an online platform.
Both facilities have been designed with an aim of delivering better customer service and easier the process to bring more remittances to the country.
Commenting on the digital remittance service, Brac Bank’s Managing Director & CEO Selim R. F. Hussain stated: “The bank has always been at the forefront of technological innovation in the banking industry aiming at enhancing convenience to the customers”.
This digital service is part of the digital transformation journey and will provide comfort to customers while facilitating big-ticket remittance inflow, contributing to the country's foreign exchange reserve, he added.
FBCCI wants strong role from commercial counsellors at missions abroad to capture new export markets
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) wants the commercial counsellors stationed at the country's embassies in foreign countries to play a strong role in capturing new markets for Bangladeshi exports in different countries of the world.
They also emphasised the role of the Commercial Counsellors and First Secretary (Commercial) in bringing foreign investment to Bangladesh for Special Economic Zones (EPZs).
FBCCI President Mahbubul Alam made this call in a courtesy call held on Sunday with the newly appointed officers of Commercial Counsellors and First Secretary (Commercial) appointed in different countries.
Mahbubul said that the contribution of foreign investment is very important for the economic development and market expansion of Bangladesh.
“Our main aim is to maintain the commercial aspects even in the midst of global crisis. In this regard, appointed Commercial Counsellors and First Secretary (Commercial) can play an important role,” he said.
FBCCI President urged the newly joined officials to work on market diversification and export growth and to strengthen communication with all types of domestic and foreign development organizations, and national and international commercial organizations.
FBCCI president assured commercial counsellors and first secretaries (commercial) of all kinds of cooperation for this.
FBCCI Senior Vice President Md. Amin Helaly, vice-president Mohammad Anwar Sadat Sarkar, Md. Munir Hossain, and FBCCI Secretary General Muhammad Alamgir, among others, were present.
Broiler and Sonali chicken prices increase by Tk 10-30 per kg in a week
Ahead of Holy Ramadan, the prices of broiler chicken and Sonali cocks have increased by Tk10 to 30 per kg in contrast to a week ago.
Broiler chickens were sold at record prices before last Ramadan. At that time, the price of broiler chicken was Tk 225 to Tk 235 per kg. At one stage it exceeded Tk 250 per kg. Now the price of broiler has increased from Tk 200 per kg last week to Tk 220 per kg.
Sonali cock prices increased by Tk 20 to 30 per kg, selling at Tk370 to 380 per kg from Tk Tk350 per kg, while the Sonali hen was selling at Tk 320 to 350 per kg instead of Tk 310 to 330, in contrast to a week earlier.
Though the price of broiler chicken is not like last year, the price is increasing like other essential goods, said the market insiders.
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The concerned people said that 45 days ago, each farm broiler chick (1 day old) was sold for around Tk70. Broiler chicks usually cost around Tk30 per piece, and so due to this high asking price, farmers reduced the number of new chicks on the farm.
That is why the supply of broiler chickens in the market has now decreased. As a result, prices are increasing. Chicken traders feel that, like last time, the authorities need to supervise so that there is no instability in the market before Shab-e-Barat and Ramadan.
Bangladesh Poultry Association President Sumon Hawladar told UNB that the prices of all types of chickens are increasing.
When the prices of meat and eggs increase, chicken prices also increase as the supply is short.
He said that measures were required when the price of a 1-day-old jumped to Tk 80 per piece from Tk 30. The cost of farming increased rapidly, and the consequence of this is that the price of broiler chickens has increased.
He suggested to bring back stability in the market, the volatility in the supply of chicks, eggs, and chicken feed should be removed at first.
According to the calculations of the Directorate of Livestock, the farm chicken production in the country was 31.97 crore pieces in the financial year 2022-23.
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According to the government, the production of chicken has increased gradually in the last 10 fiscal years. Until the impact of the Russia-Ukraine war, the price of broiler chicken in the country was around Tk150 per kg. Since then, the chicken market has been fluctuating. Sometimes the farmers are making losses, and sometimes the buyers have to buy chicken at a higher price.
Last year, the government called the big four chicken producers to fix the prices after the prices had gone up just before Ramadan. The prices of chicken were decreased in the market at that decision.
FBCCI urges for strengthening oil, gas exploration to ensure uninterrupted supply to industries
The businessmen have urged the government to strengthen efforts for exploration of oil, coal, and gas from domestic sources to ensure uninterrupted energy supply for smooth operation of the industries.
They made this call at a meeting of the standing committee on 'Power, Energy and Utilities' of the Federation of Bangladesh Chamber of Commerce and Industry (FBCCI), held at the Chamber building in Motijheel on Sunday.
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FBCCI President Mahbubul Alam attended the meeting as the chief guest.
He said that uninterrupted energy supply is vital for traders. But due to several reasons, including the global crisis, the uninterrupted supply of energy to the factories is being disrupted, he said.
The FBCCI is in touch with the government on how to ensure uninterrupted power supply during the coming summer, he said.
Humayun Rashid, Chairman of the Committee and Managing Director (MD) and Chief Executive (CEO) of Energypack Power Generation PLC said, "We have not yet reached the desired goal of infrastructure development for energy."
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He emphasised cross-border trade to ensure energy supply for short-term solution.
FBCCI Vice President Md. Munir Hossain, Director Energy standing committee Mohammad Riad Ali, FBCCI Director Haji Hafeez Harun, former director and chairman of Max Group Engineer Golam Mohammad Alamgir, and FBCCI Secretary General Muhammad Alamgir among others spoke at the event.
Bangladesh garment sector a model workplace for others: BGMEA chief
Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said the ready-made garment industry of Bangladesh is a shining example of workplace safety in the world, serving as a model for others to follow.
During his address at the opening ceremony of the 9th International Fire Safety and Security Expo-2024, he also remarked that the paradigm shift in workplace safety within Bangladesh’s garment sector has gained international recognition.
Today Bangladesh’s RMG sector has only positioned itself as a model for workplace safety but also emerged as a leader in environmental sustainability, he further said.
Bangladesh proudly boasts the highest number of green garment factories globally, with 207 factories certified as LEED (Leadership in Energy and Environmental Design) by the US Green Building Council (USGBC).
Salman F Rahman, Private Industry and Investment Adviser to the Prime Minister, attended the event as a chief guest.