Business
Nagad bags Visa 'Excellence in Fintech' award
Global payments service provider Visa has conferred mobile financial services provider (MFS) Nagad with the "Excellence in Fintech Product Innovation 2022" award for its easily accessible payment solutions and for enabling users to transfer money from their mobile wallets to any Visa card.
This was the first time Visa awarded the title to an MFS in Bangladesh.
Rahel Ahmed, chief executive officer of Nagad, received the award at the "Visa Leadership Conclave-Digital Payments for Smart Bangladesh 2022" recently held at a city hotel.
Read: Technical, madrasa students to get stipends through Nagad
"We want to make people's lives easier and this Visa award will inspire us to come up with more such solutions," he added.
"We are delighted to recognise Nagad's contribution through the 'Excellence in Fintech Product Innovation 2022' award," Soumya Basu, Visa country manager for Bangladesh, Nepal and Bhutan, said.
Nagad and Visa jointly pioneered a solution a few months ago that allows consumers to use Nagad to transfer funds directly from their wallet to any bank account linked to a Visa card, he said.
Read Nagad offers up to 30% cashback and discount on Eid shopping
realme to hold night photowalk contest
Youth-centric brand realme has come up with a night Photowalk contest for smartphone lovers who love to capture stunning moments with their mobile phones to give them an opportunity to unleash their creativity.
According to a media statement, it will create a new platform and bring together photography enthusiasts with a renowned photographer who will share his knowledge with them and enhance their photographic skills.
Initially, photography aficionados from every corner of the country were asked to submit their profile. It was also open to different online photography communities.
Also read: Eid: Realme offers chance to visit Bali
From hundreds of submissions, realme selected 16 photographers for a photo walk.
Avijit Nandy, a renowned photographer, who won various contests, led the contest.
He will organize an online workshop for the selected photographers to enlighten them about different tips and tricks for taking the best shot with their smartphones.
Read Realme narzo 50, C31 available across Bangladesh
And then, selected contestants will be taken on a photowalking to put their photography skills to test.
The photos are to be captured under 4 categories - nature at night, street photography, portrait at night and creative at night. Photographer Nandy will also take photos in these categories. Two university photography clubs will collaborate with this campaign by providing their unique and fresh point of view with their photos.
The most attractive part of this contest is that the photos under these 4 categories will be captured with realme’s upcoming smartphones from 9 pro series.
Also read: realme narzo 50, C31 available across Bangladesh
realme's night Photowalk contest is expected to spark creativity among the youth who are passionate about mobile photography and help them explore the night world in a different way.
BB extends milk production loans scheme to December 2024
Bangladesh bank (BB) has extended the loan repayment time to December 2024 for the milk production loans scheme.
As a result the farmers, who borrowed for cows and calves farms at 4 percent interest rate under the loans scheme of enhancing milk production, can repay the loans by December 31, 2024.
The Agricultural Credit Department (ACD) of BB issued a circular in this regard and sent it to the top executives of all the scheduled banks.
Read: BB extends relaxed loan repayment until Sept 30
The BB notification stated that the loan term of the milk production scheme has been extended till December 31, 2024. The repayment of loans refinanced by the banks from Bangladesh Bank against the disbursed loans and payment of interest subsidy to the banks has also been extended.
The other directions of the circular regarding the scheme issued earlier will remain unchanged.
The facility provided by BB, farmers involved in milk production and artificial insemination can now take loans from banks and specialized financial institutions for the purchase and rearing of cows and calves at 4 percent interest.
Read BB asks banks to provide special agri credit in flood-hit districts
This loan can be taken in single and joint names. A loan of Tk 40,000 can be taken for the purchase of a calf and Tk10,000 for rearing. As a result, a farmer can borrow a maximum of Tk2.0 lakh for a maximum of four calves. This loan is completely collateral free.
In order to make the country self-sufficient in milk, The BB formed a fund of Tk 200 crore refinancing program in 2015.
BB asks banks to provide special agri credit in flood-hit districts
Bangladesh Bank has instructed banks to give special attention to disburse agriculture loans at reduced interest rate in the flood affected districts.
The Agriculture Credit Department (ACD) of the BB on Monday issued a circular asking banks to disburse 40 per cent of the remaining allocation of Tk3000 crore refinance scheme in the flood-affected districts.
The central bank created the re-finance scheme to boost production in the agriculture sector.
Also read: Rain damages 412 hectares of croplands in Kurigram: DAE
Banks will disburse agricultural loans under this scheme at 4 per cent interest rate. The BB will provide funds at 1.0 per cent interest rate to the banks.
Marginal farmers in a group will get maximum Tk2.0 lakh loans without collateral, which will be paid by 18 months along with 6 months grace period.
Agriculture and Rural Credit Policy covers cereals and cash crops, vegetables, legumes, imports of alternative crops such as pulses, oilseeds, spices and maize.
Also read: Croplands inundated in Faridpur as major rivers swell
Fruit and flower cultivation, fisheries, poultry and livestock sector, other agricultural crops and irrigation machinery and seed production are also covered in this loans scheme.
The government declared flood affected districts will be covered under the Tk3000 crore refinance scheme.
12th Social Business Day kicks off with focus on building a new civilization
The 12th Social Business Day, hosted by Nobel Laureate Professor Muhammad Yunus, began on Monday with focus on healthcare, fighting unemployment, cross country collaboration in tackling climate change, 3Zero Clubs and all aspects of building a New Civilisation.
A series of African universities such as Catholic University of Zimbabwe along with Kampala International University and Makerere University Business School, Uganda, Tangaza University College, Kenya, Abomey Calavi of Benin, CAM School of Business from Central African Republic have arranged the hybrid (both online and in person) event to showcase all regional social business practitioners, academics, promoters, and friends.
The four-day event will end on Thursday with a theme ‘Building a New Civilisation—Before the Current Civilisation Destroys Us,’ according to a press release issued by the Yunus Centre.
Read: Yunus for creating social business pharm companies to bring vaccines, medicines to common people
The current civilisation which is based on profit maximisation has set us on a suicidal path.
Global warming, wealth concentration, and unemployment caused by artificial intelligence are leading us to our ultimate extinction.
"Our window of opportunity to put humanity on a new path towards a new direction is getting smaller and smaller. We must prepare the seed-bed of a new civilisation before the opportunity slips away,” said the media release.
Read Prof Yunus gets highest viewership in Tokyo Olympics opening ceremony, says Yunus Centre
“The new civilisation has to be built on an economy based primarily on zero personal profit to solve the problems of the people and the planet. Social business presents this option. Social business aims at finding compassionate, practical, and long-lasting solutions to social issues while expanding opportunities for the people and the economy. The new civilisation will analyse the breakthroughs achieved while preparing for the next leg of our journey before our time runs out.”
There will be 150+ speakers, which includes 30 globally prominent speakers, 14 country forums, 16 plenary sessions during the four days.
More than 700 registered participants from 66 countries are joining globally.
Read: Grameen Yemen launches microcredit, Social Business in Yemen
There will be keynote speeches from President José Ramos-Horta, 1996 Nobel Peace Laureate and President of East Timor, Thomas Bach, President of the International Olympic Committee, Jody Williams, 1997 Nobel Peace Prize Laureate, Chair, Nobel Women's Initiative, Armida Salsiah Alisjahbana, Under-Secretary-General of the United Nations and Executive Secretary of ESCAP, Dr. Jane Goodall, DBE , founder of the Jane Goodall Institute and UN Messenger of Peace, Winnie Byanyima, Executive Director, UNAIDS, Máiread Maguire, 1976 Nobel Peace Prize Laureate and Dr. Devi Shetty, Managing Director, Narayana Hrudayalaya.
The event included the annual convention of the ‘3ZERO Clubs,’ a global initiative for the youth aimed at realising a World of 3ZEROS: zero net carbon emission, zero wealth concentration for ending poverty, and zero unemployment through entrepreneurship.
This convention of the youths will give an opportunity to the members of senior generations to listen to the issues being discussed by the present day youth and catch any opportunity to build bridges among the generations.
Read Grameen America Inc receives $25 million grant from MacKenzie Scott
Besides, some sessions will be hosted in languages in Bengali, Spanish, Japanese, Chinese, French and Portuguese; these sessions will be simultaneously presented during country-specific forums, the release added.
Country Forums for countries and regions where the social business concept is in practical use are planned to be held.
Country Forums will be devoted to sharing experiences, exploring potential, and analysing the actual practice of social businesses within each country, or group of countries.
The discussion will take place in the language of that country, and will be headed by practitioners of these different countries.
Read 74th UNGA side event on Social Business, Youth and Technology held
Closing speeches will be presented by Marina Mahathir Writer, Human Rights Activist, Kerry Kennedy, President, Robert F. Kennedy Human Rights, Andrea Jung, President and Chief Executive Officer, Grameen America, Dr. Antonella Mei-Pochtler, Special Advisor to the Federal Chancellor, Head of Strategy Unit – ThinkAustria, Forest Whitaker, UN SDG Advocate, Founder and CEO, Whitaker Peace & Development Initiative, Shirin Ebadi, 2003 Nobel Peace Laureate, Sharon Stone actor and activist and Zanele Mbeki Former First Lady of South Africa.
Every year, Social Business Day is organised to discuss and celebrate the groundbreaking idea of social business.
This event also creates an opportunity for participants to engage in various interactive panel sessions and workshops to broaden their understanding in their specific areas of interest.
Read Prof Yunus invited to join Padma Bridge inaugural programme
Social Business Day is an annual event gathering that platforms the accumulated experiences of social business leaders and entrepreneurship to give shape to the future.
Islami Bank signs agreement with Pran-RFL
Islami Bank Bangladesh Limited (IBBL) has signed an agreement with Pran-RFL Group to provide point of sale (POS) service to its cardholders.
Under the memorandum of understanding (MoU), clients will be able to buy products from Pran-RFL outlets using IBBL POS machines.
Read: IBBL donates food for flood-hit people of Netrokona
JQM Habibullah, deputy managing director of IBBL, and Uzma Chowdhury, finance director of Pran-RFL, signed the agreement.
Mohammed Monirul Moula, managing director and chief executive officer of IBBL, was also present, said a media statement Sunday.
Soybean oil price decreased by Tk 6 per liter
The price of soybean oil has been decreased by Tk6 per liter, which will be effective from Monday (June 27).
The Bangladesh Vegetable Oil Refiners and Vegetable Manufacturers Association (BVORVMA), an association of owners of edible oil refining and marketing companies, on Sunday gave the announcement.
Read: Soaring prices of dry food another blow to flood-hit Beanibazar residents
According to BVORVMA, the maximum price of per liter bottled soybean oil will be fixed at Tk 199 from Tk 205, while 5 liters bottled soybean price will be fixed at Tk980 from Tk997. The loose soybean oil will be sold at Tk 180 per liter instead of Tk 185 per liter.
As per the instructions of the Commerce Ministry, the BVORVMA has reduced the edible oil price adjusting soybean price with the global market.
However, the price of crude soybean oil decreased by 26 percent in the global market.
Bangladesh imports large quantities of soybean oil from Argentina, a South American country. The price of crude soybean oil imported from the country has decreased in the last 30 days.
Read: Free health camps set up in flood affected areas
The Bangladesh Trade and Tariff Commission (BTTC) calculated that the price of crude soybean oil in Argentina last Wednesday was $1464 per tonne, which was $ 1970 per tonne just a month ago.
This means that the price of crude soybean oil has dropped by about 26 percent in the last 30 days.
Not just soybean oil, the trend of rising commodity prices in the world market has now started to decline. Prices of rice, edible oil, wheat, sugar and lentils are decreasing.
Amid growing demand, banks sell dollar at Tk99
Banks are selling US dollars for import payment at Tk98 to 99 which is the highest exchange rate of dollars ever in the banking channel.
Though the Bangladesh Bank (BB) is selling US dollars at Tk92.95 to the scheduled banks, the banks are selling dollars higher at Tk 3-4.
But banks are receiving US dollars as remittance atTk 97 while the same US dollar is being sold for import payment at Tk98-99.
Also read: BB selling US dollar at Tk 92.5 after further devaluation
Earlier in May, the exchange rate of dollars had crossed Tk100 in the kerb (open) market. Now in the case of bank transactions, the price is touching Tk100. Earlier, the dollar exchange rate in the banking sector rose to a maximum of Tk96.
Bangladesh Bank is not able to decide what to do with the dollar rate. Once the dollar price limit was set, it was lifted again. Although in reality the exchange rate of the dollar has gone up.
However, the central bank is supplying US dollars to banks as per requirement and around $7.5 billion is sold to banks to make the exchange rate of dollars stable.
Md Serajul Islam, Executive Director and spokesperson of Bangladesh Bank, said, “The open market economy now relies on market situation. Due to increased domestic consumption, imports are under more pressure compared to exports.”
Also read: BB allows floating exchange rate of US dollar amid pressure
In such a situation banks are unable to meet the growing demand of forex, this is why dollar price has increased a bit, he said.
With Covid-19 pandemic easing, the demand for commodities has increased sharply. The Russia-Ukraine war also fuelled the price hike of commodities in the global market due to disruption of supply chain.
Mobile Congress Bangladesh 2022 to be held in city Sept 29-Oct 1
The first ever Mobile Congress Bangladesh (MCB) will be at International Convention City Bashundhara (ICCB) in the city from September 29 to October 1.
The Association of Mobile Telecom Operators of Bangladesh (AMTOB) and RedCarpet365 Ltd will jointly organize the MCB.
Brig Gen S M Farhad (Retd), Secretary General of AMTOB and Ahmed Imtiaz, CEO of Redcarpet365 Ltd signed a strategic alliance agreement on Sunday and briefed the importance of the MCB.
The Mobile Congress Bangladesh will highlight the recent development and broaden the future scope of Bangladesh’s mobile and telecommunication industry.
Edible oil prices to come down soon: Commerce Secretary
The prices of edible oil are likely to drop within a day or two due to fall in prices in global market, said secretary to the Commerce Ministry Tapan Kanti Ghosh on Sunday.
“Good news will come in a day or two about the prices of edible oil. We are focusing on re-fixing the prices of edible oil and the Tariff Commission will sit with the oil refining companies to fix the new prices,” he said.
Read: TCB to procure soyabean oil, lentil and sugar from business groups
Tapan revealed this information while responding to a question from reporters at a press briefing organised on the occasion of the 12th Ministerial Conference of World Trade Organisation at the secretariat.
Bangladesh import soybean oil from Paraguay, Brazil and Argentina and it takes 45 to 60 days to arrive in Bangladesh, he said.
Read:Soybean oil price goes up again
On June 9, bottled soybean oil price jumped to Tk205 per litre.