Business
NBL holds 39th AGM
The 39th annual general meeting (AGM) of National Bank Limited (NBL) was held online Thursday (August 25, 2022).
The meeting approved the audited financial report of NBL for the year 2021.
Ahead of the AGM, the NBL held an online vote for its shareholders Wednesday to elect new directors in compliance with regulations of the Bangladesh Bank and Bangladesh Securities and Exchange Commission (BSEC), according to a media statement.
Read: BB revises cluster credit guidelines to boost small enterprises
Around 64 percent of shareholders cast their votes in the election. Ron Hoque Sikder was re-elected as director by securing 87.85 percent votes.
Before the election, Moazzem Hossain, Mabrur Hossain and Ron Haque Sikder resigned from their directorship at NBL and ran for re-election.
Read NBL to lower interest rate of poverty alleviation loan scheme
Lalamove launches operations in Bangladesh
Lalamove, one of the on-demand delivery platforms, has launched its operations in Bangladesh.
“Approaching our ninth anniversary in October, we are pleased to have arrived in Bangladesh,” said Paul Loo, Chief Operating Officer at Lalamove on Thursday.
The COO said their tech-driven on-demand delivery services have contributed greatly to the way businesses improve operational efficiency.
Read Product Shipping: Tips to find the perfect delivery partner for online business
“In the past two years, our platform has witnessed an impressive 160% increase in total users and doubled the number of the cities we operate in to benefit more users and bring value to local economies.”
Loo said they see promising growth potential and opportunities from Bangladesh and the country’s impressive economic growth is creating abundant opportunities for local small businesses which are the backbone of the economy.
“With our mission in supporting SMEs and our experience empowering businesses globally, we look forward to replicating the same success we have achieved across the region and create the same benefits for communities in Bangladesh. We hope to be celebrating more milestones in South Asia in the near future,” Loo added.
Read The Emerging Logistics Tech Startups, Courier, Delivery Services in Bangladesh
Since its inception in Hong Kong in 2013, Lalamove has been “unceasingly creating” value for its 10 million users and 1.8 million driver partners across more than 30 cities in Asia and Latin America.
AIBL organizes seminar marking National Mourning Day
Al-Arafah Islami Bank Limited (AIBL) on Tuesday organized a seminar titled 'Bangabandhu and Bangladesh' marking the 47th Death Anniversary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman.
The event was presided by Managing Director and CEO Farman R. Chowdhury while Director Kh. Mesbah Uddin Ahmed was present, according to a press release.
Read: AIBL signs agreement with Padma Diagnostic
Chairman of the Bank Alhajj Salim Rahman was present as the chief guest on the occasion.
Former Vice-Chancellor of Dhaka University AAMS Arefin Siddique discussed as key speaker on the occasion.
Among others, Deputy Managing Directors and Senior Executives of the Bank participated in the seminar.
Trendy textiles invest $39 million in Dhaka EPZ
Bangladeshi company trendy textiles limited will invest USD $39 million to establish a knit composite textile industry in Dhaka EPZ.
The company will produce annually 15 million pieces of T-Shirt, Tank-Top, Polo-Shirt, Sweatshirt, Cotton-CVC Fleece jackets, Trousers, Hoody jackets, Fancy Ladies-Children Wear, and sportswear.
The company has signed an agreement to reopen a closed factory of Dhaka EPZ.
Read: BEPZA EZ gets $28m more in investment
The trendy textiles will create jobs opportunity for 2993 Bangladeshi nationals.
Ali Reza Mazid, Member (Investment Promotion) of BEPZA and Nafees Muntasir Khan, Managing Director of Trendy Textiles Limited signed an agreement to this effect on behalf of their respective organizations on Tuesday.
BEPZA Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman, witnessed the agreement signing ceremony.
Read Chinese company to invest $ 12.89 million in Mongla EPZ
Members (Engineering) Mohammad Faruque Alam, Nafisa Banu (Finance) executive directors Nazma Binte Alamgir, Md. Tanvir Hossain and Md. Khorshid Alam, among other, were present at the function.
Soybean oil prices hiked by Tk 7 per litre in Bangladesh
Amid inflation woes, the Bangladesh government has raised the prices of soybean oil by Tk 7 per litre.
Bottled soybean oil will now be available at Tk 192 per litre instead of the earlier Tk 185. Similarly, loose soybean oil will be retailed at Tk 175 per litre while a five-litre bottle of the commodity will cost Tk 945.
This is according to a notification issued by the Bangladesh Vegetable Oil Refiners and Bonaspati Manufacturers Association.
Also read: Importers press for soybean price hike by Tk 20 per litre
According to the notification signed by Nurul Islam Molla, the executive officer of the association, the new prices will be effective from Tuesday.
The decision to increase the soyabean oil prices was taken after discussions with the country's Trade and Tariff Commission and the Ministry of Commerce on August 17.
The association sought a 20 percent price hike at the meeting.
Also read: TCB to procure 125 lakh litres soybean oil, 5000 kg lentil from 7 local suppliers
Similarly, the prices of one litre of loose palm oil has been fixed at Tk 145.
The edible oil marketing companies cut the prices of soybean and palm oil on July 17, adjusting the costs in line with global market rates.
According to Bangladesh Bank data, in the fiscal year 2021-22, about 5.15 lakh tonnes of crude soybean oil were imported into the country -- about 75,000 tonnes more than the previous year.
Read US companies encouraged for oil, gas exploration in Bangladesh's offshore
However, during the same period, the import of soybean seeds was 13.31 lakh tonnes, about 2.37 lakh tonnes more than the previous year. The import of refined soybean oil in the fiscal year 2021-22 was a little over 15,000 tonnes.
No refined soybean oil was imported during the previous financial year. In the fiscal year 2021-22, about one million tonnes of refined and non-refined palm oil were imported.
IBBL Bogura holds Shariah compliance webinar
Islami Bank Bangladesh Limited (IBBL) Bogura recently organised the webinar "Compliance of Shari'ah in Banking Operations."
Md Khurshid-Ul-Alam, director of IBBL, spoke at the webinar as chief guest Saturday.
Md Omar Faruk Khan, additional managing director, addressed the programme as a special guest.
Md Ruhul Amin Rabbani, a member of the Shariah supervisory committee of the bank, was the key speaker at the webinar.
Read: Nagad launches Tk10 mobile phone airtime recharge offer
Md Shamsuddoha, head of the Shariah secretariat, also spoke.
Md Rezaul Islam, head of Bogura Zone, and Md Khalequzzaman, head of Gobindaganj, were also present.
IBBL is a joint venture public limited company engaged in commercial banking business based on Islamic Shariah. It is listed on the Dhaka Stock Exchange and Chittagong Stock Exchange.
Nagad launches Tk10 mobile phone airtime recharge offer
Mobile financial services (MFS) provider Nagad Monday launched a Tk10 recharge offer.
Under the campaign, customers who did not recharge their mobile phone airtime after December 31, 2021, will receive a cashback of Tk10 on a Tk20 recharge or 1GB of internet at Tk10 to their numbers linked to their Nagad wallets.
Nagad customers can enjoy this cashback offer by recharging mobile phone airtime through the Nagad app or USSD (*167#).
Read Tap offers up to 71% cashback on mobile recharge
However, they can avail of this offer only once and it is only valid on the prepaid or postpaid phone numbers connected with the customers' Nagad account.
Under the 1GB at Tk10 internet offer, customers of Grameenphone, Robi and Airtel will get Tk28 cashback on Tk38 recharge.
Customers of Banglalink will receive Tk21 cashback on Tk31 recharge and Teletalk customers will receive Tk17 cashback on Tk27 recharge.
Read: Nagad scoops Creative Communication Award 2022
"Offers such as Tk10 cashback on Tk20 recharge and 1GB internet for Tk10 will make mobile recharging much more affordable and useful for the commoners amid commodity price hike," Sheikh Aminur Rahman, chief business officer of Nagad, said in a media statement.
BB seeks to salvage 10 weak banks, start talks
Bangladesh Bank (BB) has opened talks with the managing directors and the chief financial officers of 10 banks to try to finalise deals to save them from collapsing.
The move got underway after the central bank’s inspection found severe irregularities, huge defaulted loans, liquidity shortage, mismanagement and distortion of funds. The central bank inspectors in their report alerted the authorities about the collapsing banks.
BB's new governor Abdur Rouf Talukder has initiated save-the-banks move for the greater interest of domestic economy, sources said adding, a deputy governor has been tasked to complete deals with the banks for 3-5 years.
Also read: The dancing dollar and the Bangladesh Bank
The discussions are being held in line of the central bank’s policy, said BB officials. After the discussion the BB will sign separate memorandum of understanding (MoU) with these banks.
The BB will keep these banks under direct monitoring with an action based plan and giving an interim time to come out from the crisis.
The central bank identified the weak banks on the basis of four indicators—level of non-performing loans, capital adequacy, loan-to-deposit ratio, and provisioning. The progress of each bank will be monitored by a senior official of BB as per the agreements’.
Also read: BB sets cost ceiling for short-term trade finance in forex
Earlier, the BB has signed MoUs with state-owned Sonali, Agrani, Janata, Rupali, BASIC, Specialized Bangladesh Agricultural Bank (BKB), and Rajshahi Agricultural Development Bank (RAKAB).
Despite this, the condition of the banks is not improving as expected. In such a situation, new agreements are being made with 10 more banks.
Tap offers bonus data, cashback on Robi, Airtel internet packages
Mobile financial service (MFS) provider Trust Axiata Pay (Tap) has come up with cashback and bonus data offers for its customers on the purchase of Robi and Airtel internet packages and bundles.
The cashback campaign offer will continue till August 31.
Tap users will get 18GB instead of Airtel's regular 14GB internet package of Tk129 for seven days, and a cashback of Tk9.
Read: IBBL Barishal holds Shariah compliance webinar
They will get an extra 2GB of data with an 800MB regular internet package for three days at Tk32 with a cashback of Tk3.
The Tap 5GB and 150-minute bundle can be availed instead of the previous regular bundle offer of 2GB and 100-minute for three days at Tk158.
Customers can get an extra 500MB of data if they buy a 1.5GB package of Robi for three days for Tk57 – the total internet package will be 2GB and there will be a cashback of Tk4.
Read BTRC launches new unlimited data packages
Upon purchasing a 2GB and 25-minute bundle for seven days at Tk98, they will get 500MB of internet and 50-minute talk time and a cashback of Tk6.
IBBL Barishal holds Shariah compliance webinar
Islami Bank Bangladesh Limited (IBBL) Barishal organised the webinar "Compliance of Shari'ah in Banking Operations" Saturday.
Md Joynal Abedin, director of IBBL, spoke at the webinar as chief guest.
Muhammad Qaisar Ali, additional managing director, addressed the programme as a special guest.
Muhammad Saifullah, a member of the Shariah supervisory committee of the bank, was the key speaker at the webinar.
Read: RFL holds dealers' conference in UAE
Md Shamsuddoha, executive vice-president of the Shariah secretariat, also spoke.
Abdus Sobhan, head of Barishal zone, and Md Nuruzzaman, head of Barishal branch, were also present.
IBBL is a joint venture public limited company engaged in commercial banking business based on Islamic Shariah. It is listed on the Dhaka Stock Exchange and Chittagong Stock Exchange.