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Taka weakens further as BB sets new single exchange rate of USD at Tk89
The Bangladesh currency was further weakened by Tk1.10 against a US dollar as Bangladesh Bank (BB) on Sunday set the inter-bank exchange rate of the greenback Tk89.
The rate in case of the bills of collection (BC) or import was set at Tk89.15, to make the foreign exchange market stable, said the central bank announcing the depreciation for the 7th time this year.
Also read: BB to set uniform exchange rate to stabilize volatile dollar
Md. Serajul Islam, executive director and spokesperson of BB told UNB that the central bank has set a standard rate for interbank US dollar exchange, on basis of this exchange rate of other purpose will be fixed additional of Tk0.05 to Tk0.15.
The central bank set the unified dollar exchange rate on Sunday as per the meeting with Association of Bankers, Bangladesh (ABB), an association of banks’ CEOs-MDs and Bangladesh Foreign Exchange Dealers Association (BAFEDA) on Thursday, he said.
The new exchange rate will be executed from Monday (May 30), he said.
Several bankers who attended the meeting with the BB governor told the reporter that the central bank is trying to control dollar price which is actually not good for remittance and export income.
“Without acknowledging the reality, the central bank still wants to keep the dollar price below Tk90. Although in reality the dollar is being exchanged above Tk95,” the bankers said.
Earlier, BB governor Fazle Kabir assured dollar supply to the banks to meet the forex demand and bring back stability in the market.
He said a huge trade deficit has been created due to growing inflation and unstable US dollar rate.
Kabir said not only Bangladesh Bank, all government and private commercial banks have to work collectively to get relief from the situation.
Also read: Dollar rate: BB governor to hold meeting with bank MDs Thursday
In order to ease the dollar demand the central bank imposed a number of restrictions on imports including raised LC margin.
In line with the BB, the National Board of Revenue has also imposed over 30 per cent additional regulatory duty on import of luxury products.
Despite several initiatives the forex market has become volatile since April due to an increased rush for import LCs.
18 anti-tobacco groups want duty hike on tobacco products
Some 18 anti-tobacco organizations have backed the demands for increasing the supplementary duty on all types of tobacco products in the upcoming national budget for the FY2022-23.The demand was made at a solidarity rally held in front of the National Press Club on Sunday.Specific taxation, increase in government revenue and protection of public health have been the highlights of the campaign.The rally, with Helal Uddin Ahmed of Prottasha in the chair, was addressed, among others, by Nasir Uddin of Vital Strategy, Farhana Zaman Lizar of Tobacco Control Research Cell (TCRC), Khalil Ullah of NATAB, Shariful Islam of Dhaka Ahsania Mission and Dr. Farhana Rahman, Seema Das Shimu, Rubina Islam and, and Barrister Jewel Sarkar.
Also read: Experts want THR in tobacco control plansThe speakers said that raising the price of tobacco products through increased taxes is an internationally pursued method to discourage tobacco use.But due to lack of effective taxation, tobacco products are becoming very cheap and readily available in Bangladesh.They observed that the existing tobacco tax system has not been able to play a fully supportive role in achieving the 'Tobacco Free Bangladesh' promised by the prime minister.They also pointed out that every year more than 1 lakh 61 thousand people die and 3 lakh 62 thousand people become disabled due to tobacco use in Bangladesh.In the 2017-18 financial year the economic loss (loss of medical expenses and productivity) of tobacco use was Tk 30,560 crore and the revenue loss was Tk 22,810 crore. The net loss is about Tk 8,000 crore.
Also read: Stop interference of tobacco companies in tax process: speakers urge govtThe leaders of the anti-tobacco groups handed over a memorandum to the chairman of the National Board of Revenue (NBR) containing their demands.The organizations participating in the solidarity rally are: Bangladesh Center for Communication Program (BCCP), Aid Foundation, Bureau of Economic Research (Dhaka University), Dhaka Ahsania Mission, Development Activists of Society (DAS), Development Organisatio of Rural Poor, Gram Bangla Development Committee, Manas, National Anti-Tuberculosis Association of Bangladesh (NATAB), National Heart Foundation, Knowledge for Progress (Wisdom), Health Protection Foundation, Tobacco Control Research Cell (TCRC), Anti-Tobacco Women's Alliance, Development Coordination, Voice of Work for Better Bangladesh (VWBB Trust) and Prattasha Anti-Drug Organization.
BGMEA, Wazir Advisors to conduct study on capturing non-cotton market share
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and the Wazir Advisors have signed an agreement for conducting a study to identify potential of non-cotton textile and apparel for Bangladesh in the global apparel market.
Another objective of the study titled “Fibre Diversification Study of Non-Cotton Textile and Apparel for Bangladesh in the Global Apparel Market” is to formulate a strategy to develop the country’s overall competitiveness and strength in the area.
Also read:BGMEA launches ‘Cash Incentive Automation System’
BGMEA President Faruque Hassan and Business Director of Wazir Advisors Varun Vaid inked the agreement on behalf of their respective organizations at a signing ceremony held virtually on Sunday.
The objective of the study is to identify potential scope of non-cotton textile and apparel for Bangladesh in the global apparel market and formulate a strategy to develop the country’s overall competitiveness and strength in the area.
It will also identify key challenges for Bangladesh to capture a significant pie of the non-cotton apparel market.
The study will analyze non-cotton product categories in terms of complexities, resources and trade volumes while economic, demand and sustainability rationale of non-cotton apparels will be looked upon.
Competitiveness in terms of products, technologies, skill, cost and availability of other resources will be assessed in the study which will also identify challenges that limit Bangladesh’s potential to supply non-cotton products.
It will develop a roadmap for manufacturers, investors, policymakers, development partners and other influencers, detailing approaches and ways to establish a strong presence in the non-cotton textile and apparel market.
BGMEA President Faruque Hassan said cotton has so far driven the country’s growth in the apparel sector.
But the growth of cotton-based products seems to have reached its peak, and there is little scope for growth through the natural fiber because the global fashion trend has drastically shifted from cotton to man-made fibres, he said.
“It is now time for us to tap into this segment, where I believe this study will play a crucial role,” said the BGMEA chief.
Business Director of Wazir Advisors Varun Vaid said global textile demand is rapidly moving towards manmade fibres.
With better functionality, price competitiveness and popularity of categories like sportswear and athleisure; manmade fibres are on a high growth path, he said.
Also read: OECD delegation calls on BGMEA president
“The global trade is also at a cusp of restructuring with China vacating trade shares. Bangladesh can leverage its manufacturing competitiveness and buyer relationship to capitalize these opportunities. But the key aspect will be to present itself as a diversified supplier across categories and fibres,” Vaid said.
BGMEA is right in taking cognizance of such trends and setting the direction for Bangladesh to diversify beyond cotton categories, he said.
With support of BGMEA, Wazir Advisors will develop a framework for the industry to identify & tap opportunities in non-cotton categories.
“The study will act as a guide for the policy makers. It will encompass learnings from global leaders, evolution of industry elsewhere, key enablers – investments, ecosystem, policies and partnerships,” Vaid said.
The study will be funded by IFC’s Partnership for Cleaner Textile (PaCT II) program, supported by the government of Denmark through the Danish International Development Agency (DANIDA) and the Embassy of the Kingdom of the Netherlands in Bangladesh.
Video Editor Career Guide: How to Become an Expert in Video Editing
Do you ever wonder how raw video shot on-site becomes the cinematic masterpieces seen on the big screen? Video editors are in charge of this. It's a varied, creative, and immensely gratifying career, with demand expected to rise as people continue to live in a world dominated by digital media. If you ever wanted to learn this skill but couldn't start, follow this comprehensive guide on how to build career in video editing.
What is Video Editing?
Video editors are vital to the creation of visual media such as films, television programs, advertisements, and YouTube videos. They are in charge of putting together and modifying film, as well as adding music, graphics, and effects to communicate a message or tell a narrative.
The way visual material is edited may have a big influence on how people perceive the finished result, what emotions they feel, and what actions they are prompted to perform. As a result, expert video editors see the job as both an art and a science.
Read Top 10 Free Video Editing Apps for iOS, Android
What do Video Editors Do?
Video editors essentially labor to construct a narrative by editing, rearranging, and altering video and audio samples. To guarantee that the final output is suitable for viewing, some video editors also deal with images and text.
Most video editors' work is done after a project has been completed, although they may also work on storyboards, edit scripts, and maximize the value of the material. An editor's ultimate purpose is to take raw film and audio information and turn it into a finished product that is consistent with the brand and ready for distribution.
Career Prospects of Video Editing in the Next 10 Years
From 2020 to 2030, the employment of film and video editors and camera operators is expected to expand by 29%, substantially faster than the national average.
Over the next 10 years, an average of 8,600 job vacancies for film and video editors and camera operators are expected. Many of these positions are projected to arise as a consequence of the need to replace people who change professions or leave the workforce for other reasons, such as retirement.
Read Top 10 Free Online Video Editing Courses
How to Learn Video Editing
TubeBuddy and the Creative Cow forums are the ideal resources for anyone who wishes to get into video editing. These communities feature skilled video editors and YouTubers that can assist you with whatever issue you're having. However, the creative cow forums are excellent for recommendations.
Skillshare is another excellent resource. This can teach you the fundamentals of any ability, including the fundamentals of almost any video editor.
The Creative Cloud forums are for Adobe products and are another location to discuss video editing techniques and issues.
However, before you begin video editing, you must first choose a video editor. You are not restricted in the number of video editors you may use; nevertheless, you should start with a simple one and work your way up.
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How to Become an Expert in Video Editing
Choosing a Genre
The area of videography is very varied, and new subgenres are constantly being developed within it. If you have ever felt entertained by the idea of working as a video editor, my advice would be to edit the kinds of things that most interest you. Each video genre demands an adept video editor.
To provide just one example, nobody ever employs a film editor to cut cinematics. Therefore, the first step you take to do is choose the literary subgenre that best suits you. And only when you have achieved mastery in one should you go on to expand your repertory.
Learning the Terminology
It is essential to keep up to date with the standard editing vocabulary, regardless of whether you are a beginner in the creative area of video editing or a seasoned expert working in the business. The ability to successfully communicate with one another while working on a project is essential for a video editor since one of their primary responsibilities is to integrate different types of footage in order to tell a narrative.
Read ATS Optimised CV: How to make your resume Robot-friendly
Learning and Practicing New skills
You need to have a flexible mindset if you want to become a professional video editor. Every day, the development of new technologies and methods is seen. As a result, you have to maintain an awareness of the most recent trends and work hard to improve your talents. You are aware that there is no substitute for practice.
Additionally, this expression has a significant amount of weight in creative industries. Therefore, choose the appropriate equipment, and hone your abilities by working your way up from the simplest to the most difficult jobs.
A Strong Reel and a Website
To display their unique skill set and attract new customers, creative professionals and video editors should concentrate on developing a compelling reel and website. Articulated words of mouth and industry networking are fantastic strategies to get new clients and develop your firm, but a well-designed portfolio reel or website is a clear reflection of your technical ability and personal flair.
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Video editors may present their work on a variety of websites and hosting systems, but many pros use Adobe Portfolio. This platform provides limitless hosting and pages, as well as connectivity with other applications and the ability to apply themes.
Following the Trend
It is essential to your success as a video editor to have a solid understanding of your abilities, but the learning does not stop when you have completed your introductory education classes. You have to continue the learning keeping pace with the ongoing growth and change that occurs in the realm of video production and editing.
Due the continuous advances in technology, established industry practices are subject to change in order to accommodate these breakthroughs. A few years past, there were a lot of subjects and foci that everyone was talking about, but those days are long gone. Therefore, to survive in video editing career you have to stay up-to-date and hone your skill every single day.
Read Web 3.0 Career Guideline: How to start working and make money
Time Management
Time management is an indispensable talent a video editor should have, despite the fact that it is not a technical skill. This is true whether or not the video editor works in a full-time role or as a freelancer. Being a video editor implies that you may be working on many projects at the same time, which means that each day you will need to be able to juggle a wide variety of responsibilities.
Conclusion
So far, we have discussed how to build a career in video editing. As you can see clearly, being a video editor does not need many struggles or a prior degree in order to be successful in the field. You will need to put in a lot of work practicing and finding the appropriate connections. This line of employment is within your reach, though, provided that you are ready to put in the necessary effort.
Read Basic Software Skills for Freshers to Get Hired Easily
Nagad holds a ‘Get-together’ with DMP's Detective Branch
Nagad, a mobile financial service, organized a get-together with the Detective Branch (DB) of the Dhaka Metropolitan Police (DMP) to discuss the customers' transactional security in the mobile financial sector.
During the event organized by Nagad’s External Affairs Division, the speakers discussed various elements and areas of the country’s MFS industry.
A K M Hafiz Akhter, Additional Commissioner (DB) of the DMP, was present as the Chief Guest at the event which was held at a city hotel.
Read: Healthcare payments: Nagad offers discounts of up to Tk2,350
Joint Commissioner (DB-North) Md Harun Ar Rashid, Joint Commissioner (DB-South) Mahbub Alam, Niaz Morshed Elite, Executive Director of Nagad Limited and Maruful Islam Jhalak were also present at the event, says a press release of the Nagad.
Lt Col Md Kousar Soukat Ali(retd), Chief of External Affairs Officer of the Nagad, gave the vote of thanks .
Speaking as the chief guest on the occasion, A K M Hafiz Akhter said, "In last three years, 'Nagad' has done exceptionally well. The more innovative services, such as Nagad, that are available, the more individuals will benefit. We want everyone in the market who provides MFS services to succeed, he said."
Read: 'Officers' Club members embrace Nagad at Eid Ananda Mela'
In his speech, Niaz Morshed Elite said, "Since its debut, Nagad has been a popular service among the customers. Nagad's innovation, affordable services, and availability are more up-to-date than those of many other organizations.”
In collaboration with Bangladesh Police, 'Nagad' has already held numerous seminars, including awareness campaigns among the Nagad Uddokta’s on money laundering, terrorism financing, and fraudulent and suspicious transactions in various regions of the country.
Budget to propose special VAT reduction to boost small businesses
The government plans a special Value Added Tax (VAT) reduction facility for small businesses to rebound the sector from the adverse impact of the pandemic.
Though the large manufacturers have rebounded from the pandemic's impact, the small sector is struggling to survive. The government is considering reducing existing VAT from 5 percent to 1.5 percent as an incentive to boost the small sector.
The budget related official of the national board of revenue (NBR) said in the global economic context, the country's small businesses are at risk.
In the post pandemic period, they are going through various adversities including high VAT and capital crisis.
If the proposed rate is implemented, the tax burden on the retail and wholesale business sector will be reduced and goods and services will be cheaper. The consumer will be benefited.
Small traders said that 5 percent VAT is too much for them. In order to pay VAT at this rate, their business has to add at least 33 percent value addition.
Read: Traders urged to keep market stable ahead of Eid-ul-Azha
But in the current reality, the maximum value addition in this sector is 10 to 15 percent. So, VAT should be levied from this sector on the basis of what is net or actual value addition.
As per rule, the government levies VAT at the applicable rate based on the amount of value added in any business. This VAT is paid at the time of monthly return.
Dr Abdul Mazid former chairman of NBR told UNB, "The main problem of small traders is that they do not keep any account for the transactions they make. That is why no rebate or VAT is refunded from the government. If this could be done, the VAT burden would be reduced.”
Read: Inflation, unstable forex rate major challenges: BB governor
He said, "In order to increase the collection of VAT from this sector, it is necessary to automate all the eligible businesses. In that case, the collection will be many times more than at present.”
BGMEA launches ‘Cash Incentive Automation System’
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has launched its online-based ‘Cash Incentive Automation System’ to make application procedures faster, simpler, transparent and more convenient for garment factories.
It will enable the members of BGMEA to submit their application online for cash incentives provided by the government to encourage and boost RMG exports.
BGMEA President Faruque Hassan inaugurated the ‘Cash Incentive Automation System’ on Saturday.
Also read: BGMEA chief for working harder to safeguard progress, prospects
BGMEA Vice Presidents and Directors were present at the inaugural ceremony held at the conference of BGMEA in Uttara.
Faruque Hassan said the world is going through a digital revolution where adapting to the changing trends with the available technologies is a must to remain competitive in the global market.
Keeping the context in mind, BGMEA has already digitized a number of its services for the members, including Workers’ Biometric Database, UD automation, Cash Incentive Automation System, Membership Management System to ensure quick, efficient and smooth services to all member factories, he said.
Also read: OECD delegation calls on BGMEA president
BGMEA has taken these initiatives in line with the government’s vision of Digital Bangladesh, he added.
Recently BGMEA has been awarded the ‘WITSA Global ICT Excellence Awards’ in the Sustainable Growth/Circular Economy Award category by WITSA for using ‘Biometric Identity and Worker Information Management System’ in 25th WCIT (World Congress on Information Technology).
The BGMEA also won the “Digital Bangladesh Award 2021” for its ‘Biometric Identity and Worker Information Management System’.
Read Huawei Technologies willing to support RMG sector in renewable energy: BGMEA
26 firms to get national productivity, quality excellence awards Sunday
Twenty-six firms will get the "National Productivity and Quality Excellence Award 2020" Sunday for continuously improving their productivity and quality.
Industries Minister Nurul Majid Mahmud Humayun will hand out the awards to the winners as the chief guest at an event in the capital, according to the Press Information Department.
Read: Traders urged to keep market stable ahead of Eid-ul-Azha
The National Productivity Organisation (NPO) of the Ministry of Industries has organised the programme.
In five categories, 26 firms will receive the National Productivity and Quality Excellence Award 2020 and one trade body the "Institutional Appreciation Award 2020" as recognition of their contribution to the industrial sector.
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Traders urged to keep market stable ahead of Eid-ul-Azha
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has called upon traders to sell products at prices fixed by the government to keep the market stable ahead of Eid –Ul- Azha.
FBCCI Senior Vice-president and convener of market monitoring committee Mostofa Azad Chowdhury made the call at a discussion meeting with Mohammadpur Town Hall, Dhaka North City Corporation Kitchen Market Traders Association Saturday afternoon.
During the meeting, Mostofa Azad urged to keep the domestic market stable and not to capitalize on the global market crisis.
Read: Inflation, unstable forex rate major challenges: BB governor
He instructed the market committee for monitoring the market to ensure that the products are sold at the prices fixed by the government.
Ahead of Eid-ul-Azha, still there is no crisis of spices, he told reporters after the meeting.
“FBCCI will recommend the names to the govt. agencies for punitive measures if it finds anyone responsible for creating an artificial crisis by stockpiling goods,” he said.
Besides, he urged the mill owners to send the dealers list for sugar, salt, flour etc. to FBCCI.
Read: OECD delegation interested in FBCCI's Innovation Centre
President of Mohammadpur Townhall Dhaka North City Corporation Kitchen Market Merchant Association Md. Lutfar Rahman (Babul) informed that the association shut down the shops which were accused of stockpiling and selling goods at a higher price and this will continue in future.
Among others, FBCCI Director Bijoy Kumar Kejriwal, Harun-Or Roshid, General Secretary of Mohammadpur Townhall Dhaka North City Corporation Kitchen Market Merchant Association Md. Muslim Uddin Shikder were also present at the meeting.
Inflation, unstable forex rate major challenges: BB governor
Bangladesh Bank (BB) governor Fazle Kabir on Saturday said banking sector is currently facing big challenges of inflation and unstable forex exchange rate in the post Covid-19 period.
“A huge trade deficit has been created due to these reasons. To deal with this, not only Bangladesh Bank, but all the government and the private commercial banks have to work collectively,” he said.
Fazle Kabir said this while addressing Al-Arafah Islami Bank Scholarship Awarding Ceremony at the chief guest at the Officers’ Club in the city.
Also read: BB to set uniform exchange rate to stabilize volatile dollar
”We have imposed a number of restrictions on imports and if we refrain from importing luxury goods at this moment it will reduce the pressure on the forex reserves ,” he said.
“In the case of LC Open, we have given some margins to comply with them. We are providing dollars directly from the central bank's reserves to ease the crisis. It will continue. Besides, we have been given opportunity to import necessary products including food, baby food, fertilizer, fuel and electricity, and other products. We are discouraging import of products that are not very necessary,” Kabir added.
Also read: Dollar rate: BB governor to hold meeting with bank MDs Thursday
Chairman of Al-Arafa Islami Bank Selim Rahman presided over the function. Managing Director and CEO of the bank Farman R. Chowdhury, members of the Board of Directors, senior officials, scholarship recipient students and parents were also present on the occasion.
Under its Social Responsibility Programme, Al-Arafah Islami Bank provided scholarships to 200 meritorious students who have passed HSC and equivalent examinations in 2019.