Business
Gold price up by Tk 1750 to Tk 78,265 per bhori
Bangladesh Jewllers’ Association (Bajus), an organization of jewllers, has increased gold price by Tk 1,750 per bhori with effect from Wednesday.
Bajus Standing Committee on Pricing and Price Monitoring came up with the announcement at a meeting saying that the prices of gold are climbing in the international market.
Also read: Gold prices go up by Tk1867 per bhori
The price of 22-carat gold per bhori will increase from 76,515 to Tk78,265, said Bajus.
According to Bajus, 21-carat gold will be sold at Tk74,682 per bhori and 18-carat gold at Tk 64,013 per bhori. The price of traditional gold has been increased by Tk 1, 166 to Tk 53, 362.
Read 1 held with 124 gold bars worth Tk 10 cr in Jashore
Greenback hits Tk 101 in kerb market
The price of the US dollar hit Tk101 in the kerb (open) market on Tuesday amid the volatile forex supply in the market.
On Tuesday, several businesses blamed that they cannot buy US dollars due to the higher price. On the other hand banks also sell per US dollar at Tk 92 to Tk 93 on the day.
Also read: Despite taka depreciating, banks selling dollars at Tk3-4 extra
However, the price of dollars in the kerb market has grown even more. The traders said that they are not able to get dollars outside the bank now.
“I had to pay Tk100.50 to Tk101 to buy one US dollar from the kerb market on Tuesday. On Monday, the dollar was sold at Tk97.20 and Tk 97.30,” Said Abdullah Al-Mamun, a trader of old Dhaka, who is involved in import trading.
He told UNB that due to increasing dollar prices every day, some people are stocking dollars, purchasing it from the kerb market, which is pushing the price of dollars in the open market.
On Tuesday, state owned Sonali, Janata, Agrani banks sold per US dollar at Tk 92 to Tk92.50 while the private sector Eastern Bank also sold at Tk 92.50.
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 the import is under more pressure compared to export.”
Also read: BB struggles with dollar demand as LCs worth $ 68.36 billion open in 9 months
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.
The decline of COVID-19 cases was met with a global hike in prices of commodities as the Russia-Ukraine war caused the supply and delivery costs to go up.
As a result, the demand for dollars rose and the Bangladeshi taka, like many other currencies in the world, began losing value.
McDonald’s to sell its Russian business, try to keep workers
More than three decades after it became the first American fast food restaurant to open in the Soviet Union, McDonald’s said Monday that it has started the process of selling its business in Russia, another symbol of the country’s increasing isolation over its war in Ukraine.
The company, which has 850 restaurants in Russia that employ 62,000 people, pointed to the humanitarian crisis caused by the war, saying holding on to its business in Russia “is no longer tenable, nor is it consistent with McDonald’s values.”
The Chicago-based fast food giant said in early March that it was temporarily closing its stores in Russia but would continue to pay its employees. Without naming a prospective Russian buyer, McDonald’s said Monday that it would seek one to hire its workers and pay them until the sale closes.
CEO Chris Kempczinski said the “dedication and loyalty to McDonald’s” of employees and hundreds of Russian suppliers made it a difficult decision to leave.
“However, we have a commitment to our global community and must remain steadfast in our values,” Kempczinski said in a statement, “and our commitment to our values means that we can no longer keep the arches shining there.”
As it tries to sell its restaurants, McDonald’s said it plans to start removing golden arches and other symbols and signs with the company’s name. It said it will keep its trademarks in Russia.
Also Read: McDonalds raising US workers pay in company-owned stores
Western companies have wrestled with extricating themselves from Russia, enduring the hit to their bottom lines from pausing or closing operations in the face of sanctions. Others have stayed in Russia at least partially, with some facing blowback.
French carmaker Renault said Monday that it would sell its majority stake in Russian car company Avtovaz and a factory in Moscow to the state — the first major nationalization of a foreign business since the war began.
For McDonald’s, its first restaurant in Russia opened in the middle of Moscow more than three decades ago, shortly after the fall of the Berlin Wall. It was a powerful symbol of the easing of Cold War tensions between the United States and Soviet Union, which would collapse in 1991.
Now, the company’s exit is proving symbolic of a new era, analysts say.
“Its departure represents a new isolationism in Russia, which must now look inward for investment and consumer brand development,” said Neil Saunders, managing director of GlobalData, a corporate analytics company.
He said McDonald’s owns most of its restaurants in Russia, but because it won’t license its brand, the sale price likely won’t be close to the value of the business before the invasion. Russia and Ukraine combined accounted for about 9% of McDonald’s revenue and 3% of operating income before the war, Saunders said.
McDonald’s said it expects to record a charge against earnings of between $1.2 billion and $1.4 billion over leaving Russia.
Its restaurants in Ukraine are closed, but the company said it is continuing to pay full salaries for its employees there.
McDonald’s has more than 39,000 locations across more than 100 countries. Most are owned by franchisees — only about 5% are owned and operated by the company.
Debapriya wants more allocation for social safety in next national budget
Citizen's Platform for SDGs on Monday said the government’s inflation calculation at 6.22 per cent does not match with the reality at all.
This information is not scientific even, the inflation rate may be 12 per cent or more and trend will continue in the coming days, the platform said.
Convener of Citizen's Platform for SDGs Debapriya Bhattacharya in a media briefing said this in light of socio-economic situation of Bangladesh and expectation of Covid-19 pandemic-hit people in the national budget.
Professor Mostafizur Rahman, a core group member and another special fellow of CPD, presided over the function and also presented a key note paper at the briefing held at the CIRDAP auditorium in the capital.
The Citizen's Platform has urged the government to bring at least 10 per cent of the 6.69 lakh people of the country's unemployed youths under the government's safety net program as they become marginal in the adverse economic impact/ inflation due to the pandemic.
READ: Form expert committee to review govt data: Debapriya
The platform has proposed setting all types of social safety allowances at a minimum of Tk 1,000 to help the marginalized cope with the rising prices of essential commodities.
Action Aid, Bangladesh Environment and Climate and Green Economy Country Director Farah Kabir and professor of Dhaka University Dr. Rumana Haque took part in the discussion. Prominent people including Anisatul Fatema Yusuf, Coordinator, Citizens' Platform, gave an introductory speech.
Bebapriya said the rate of inflation of essential commodities is much higher. For example, the prices of edible oil and palm oil have risen above 61 per cent. Prices of products like flour have also gone up by 56 per cent.
However, the price of coarse rice has not increased. But the price of medium or fragrant rice has gone up a lot.
Debapriya also thanked the government for increasing the allocation of the social safety net program in the current fiscal budget, but he expressed frustration pointing out its poor implementation.
The platform gave some recommendations including increased allocations to address pandemic fallouts like child marriage, child labour, school dropouts, keep a certain portion of local government budgets to support non-MPO school teachers, introduction of an Education Credit Card for students with a yearly limit of Tk1 lakh, additional and specific allocation for the education of minority groups, more human capacity for agricultural extension services, effective pricing and processes for paddy and rice procurement Prices fixed by the government for fertilizer and hybrid seeds need to be enforced.
Blockchain Developer Career Guideline: How to Learn and Make Money?
Blockchain technology is quickly becoming the most popular and important innovation in the world today. It has the potential to transform countless industries, including finance, real estate, healthcare, retail, and more. This transformative technology is already changing the way we do business and will continue to do so in the future. Therefore, it is predicted that the demand for blockchain developers will increase significantly in the future. With that note, we have provided a detailed guideline on how to become a blockchain developer.
What is a Blockchain Developer?
A blockchain developer is a type of programmer who can write code for blockchains. They build blockchains using the same protocols and technologies used by the developers of Bitcoin and other cryptocurrencies. Simply you can compare with the web developers who use web architects to develop web applications.
Read Web 3.0 Career Guideline: How to start working and make money
Blockchain developers manage the entire lifecycle operations of a blockchain application, from processing research to execution. You will be expected to oversee this process. Blockchain developers are at the forefront of this revolution in technology.
They have a duty to build this world-changing database from scratch, embedding a set of rules that cannot be disobeyed by any single person or company. The developers have to ensure that blockchain works the way it is intended to work, making sure no matter what people try, blockchain cannot be tampered with.
Read AI & Future of Jobs: Will Artificial Intelligence or Robots Take Your Job?
What Are the Ways to Earn from Blockchain Development?
Blockchain is a revolutionary technology that was introduced as the underlying technology for Bitcoin. There are many ways to earn from blockchain development. For example, you can build your blockchain and sell it as a service. Further, you can even make something useful on someone else’s blockchain and also sell it as a service. As a developer, you can work for your clients or other companies and get a high paycheck. You can even invest your skill in some company and become a shareholder.
Moreover, if you are expert enough, you can teach other people online. It can be your side hustle. You can look out for the businesses that have issues that can be solved using blockchain technology. Overall, blockchain technology is going to boom in the next few decades. Therefore, you will never remain jobless.
Read Basic Software Skills for Freshers to Get Hired Easily
What Are the Qualifications for A Blockchain Developer?
There is no formal education required to become a blockchain developer. However, software developers would find it beneficial to learn more about blockchain technology and how it works as well as how to build a blockchain database system.
Depending on your capability, it may take around six months to a year of solid development experience to become a fully qualified blockchain developer. To start out, you just need the passion to change the world for the better. Most blockchain developers are self-taught and use existing resources or learn from their own mistakes.
Read How to Get a Job in Google from Bangladesh?
How To Become a Blockchain Developer Specialist and Build a Sustainable Career?
BlockChain is not just a buzzword anymore. The last few years were marked by a rise in the number of startups exploring this new technology, and the future is likely to see an even bigger impact. Developers who have blockchain skills are at the moment in high demand.
A BlockChain developer's salary can easily reach $150K-$200K per year, with many companies often paying up to $300K. So, how to become a blockchain developer? Let’s take a brief look.
Read How to Be a Data Analyst from CSE or Non-CSE Backgrounds?
Types of Blockchain Developers
Mainly there are two types of block chain experts or developers, first one is blockchain software developers and the second one is core blockchain developers. While both types are involved with blockchain development, their job responsibilities are different.
The blockchain software developer builds applications focusing on the blockchain architecture as well as the protocol. Therefore, they are involved in creating decentralized applications. On the other hand, the core developers focus on building the blockchain architecture. Although the job responsibilities are different, the skill sets are more or less the same.
Read Cover Letter for CV: Important Tips and Tricks
Skills You Will Need
Developers typically build applications using this framework on top of a public or private blockchain, where a distributed ledger of transactions is maintained by various participants in the network. So, you will need to know cryptography, smart contacts, data structure, and blockchain architecture.
Cryptography is a transformational way to convert readable data into an unreadable format. It uses various mathematical algorithms to encode and decode messages. So, a blockchain developer should have knowledge of cryptography.
Read Delivering Successful Business Presentation: What are the Ways and Secrets?
Smart contacts are a new technology that allows devices to interact with each other and share data. Blockchain developers should have knowledge of smart contacts because they can help with the secure and transparent transmission of data.
Blockchain technology is primarily based on a distributed database that allows for secure, transparent, and tamper-proof transactions. Therefore, the developer will have to deal with a large database. So, knowledge of data structure is required.
Read $1 Salary Club: Why do CEOs take a one-dollar annual salary?
Now, having vast knowledge of blockchain architecture is a must thing to know. And without this, there is no point in starting the journey to become a blockchain developer. The knowledge of blockchain architecture includes consortium architecture, private architecture, and public architecture.
Apart from this, web development knowledge is also needed. The developer also needed to have a vast knowledge of different programming languages such as Java, C++, Python, and more. Besides, you should also have the mentality to keep yourself updated from time to time. It is because technology might update and change at any time.
Read How to Become a Programmer: An Ultimate Guide
Therefore, to sustain as a blockchain developer, you will have to learn continuously.
Final Words
Blockchain technology is the future of the internet, and it’s going to change the way we do everything. It’s a game-changer, and we are only at the beginning. There’s still a lot of room for improvement, and the next generation of developers will play a big part in making it happen. In this article, we have discussed how to be a blockchain developer. Whether you are looking to pursue a career in blockchain development or are just starting out, this guide can help steer you in the right direction.
Read Future Resume: How to Project Yourself 5 or 10 Years from Now
Belgian delegation meets BEPZA Executive Chairman
A delegation from Flanders Investment & Trade (Belgium) led by its investment commissioner Babette Desfossez made a courtesy call on the Executive Chairman of BEPZA Major General Abul Kalam Mohammad Ziaur Rahman at BEPZA Complex, in the capital on Monday.
They discussed various investment opportunities in the EPZs of Bangladesh. BEPZA Executive Chairman sought Belgian investment in the EPZs and BEPZA Economic Zone.
The delegates were briefed about the overall activities, operating procedures, facilities, incentives etc. provided by BEPZA to the EPZ investors.
Also read: Chinese Company to set up hair fashion accessories industry at BEPZA economic zone
They were also informed on congenial working atmosphere, workers’ rights & compliance, participation of women, BEPZA’s contribution to the national export along with diversified products produced in the EPZs.
The delegates lauded BEPZA’s contribution to the national export from only 2307 acres of land of the country's 8 EPZs. They expressed satisfaction over BEPZA’s role in women empowerment.
They discussed investment potential in agro-based industry in the EPZs of Bangladesh.
Also read:Hong Kong based company Campvalley to invest $ 54 million in BEPZA Economic Zone
BEPZA Member (Investment Promotion) Ali Reza Mazid, Executive Director (Public Relations) Nazma Binte Alamgir, Executive Director (Investment Promotion) Md. Tanvir Hossain and Directors of Investment Promotion Division, among others, were present.
Not only edible oil, prices of other commodities soaring too
Fixed income group and lower middle class people are struggling to cope with soaring prices of edible oil, rice, flour, eggs, onions, sugar, lentils, meat and fish.
Though the Directorate of National Consumers Right Protection (DNCRP) is focusing on controlling the price of edible oil, other commodities are selling at a higher price.
Without any valid reason prices of these are being hiked twice in a week, said advocate Humayun Kabir Bhuiyan, General Secretary, Consumers Association of Bangladesh (CAB).
“Soybean prices are being discussed and criticized across the country for various reasons such as shortage of supply, stockpiling, manipulation of mill owners, high profitability of sellers. The government should work to monitor and make decisions on the situation on the ground,” he told UNB.
The reality is not just edible oil, prices of all products are going up, he said.
Also read: Govt doing its best to rein in prices of essential commodities: PM
The non-governmental organization Consumers Forum (CF) has analyzed the wholesale market from January to March this year.
Overseas aid cuts imperil SDGs: UN chief
Recent deep cuts to overseas aid budgets by governments, will have direct, and negative impacts on the ability of the world to reach the 2030 Sustainable Development Goals (SDGs), the UN chief said Friday.
Secretary-General António Guterres expressed his concern over the fall in overseas development aid (ODA) following a meeting of the UN Chief Executives Board, which brought together the heads of 30 entities, to discuss ways of alleviating the crises holding back economic recovery from Covid, and boost the implementation of the SDGs.
Read: Ensure quality to venture into global market in electronic goods
He noted that the current "moment in history" had thrown up "cascading challenges" including a climate emergency, uneven economic recovery, and the triple crisis of food, energy and debt, all exacerbated by Russia's invasion of Ukraine.
Guterres said a critical ingredient of the UN's ability to "rescue" the SDGs and provide lifesaving humanitarian assistance was "predictable and additional funding," underpinned by the commitment of nations to provide 0.7 percent of gross national income to overseas aid – a target adopted in a UN General Assembly resolution for advanced economies in 1970.
He said several countries have met, "and in some cases" gone beyond the threshold. "However, there are recent indications that other states are making deep cuts of ODA in a reversal of their commitment."
Read: Vulnerable nations threatened as Ukraine war shrinks food supplies, hikes prices
"This will have direct negative impacts on the achievements of the SDGs. This is alarming and I urge member states to reconsider, given the dire consequences for the vulnerable among us in these turbulent times," said Guterres.He reiterated the UN's commitment to strengthened coordination in support of coherent national strategies for reaching the ambitious targets of the SDGs, agreed by 193 countries in 2015 – a universal call to action to end poverty, protect the planet and make peace and prosperity accessible to all.
"At a time when global conflicts are at their highest levels since the creation of the United Nations, the evidence demonstrates that investing in development is the best way to prevent crises and maintain international peace, which remains the UN's central mission," said the UN chief.
Ensure quality to venture into global market in electronic goods
FBCCI President Md. Jashim Uddin on Saturday urged the businessmen to ensure the quality of domestic products in order to utilize the potential of global market for electronics products
He made the call at the FBCCI Standing Committee on Electrical and Electronics Merchandise was held at FBCCI on Saturday afternoon.
FBCCI President said that we had to import electrical products before, but now about 80 percent is made in the country. Compliance is a big issue for the development of this sector.
He said that it is possible to deliver electrical products to the world market if we can ensure quality products.
The FBCCI chief further said that whether big or small companies, all are contributing to the economy of the country.
He said that the government is also providing necessary support to keep the small traders afloat.
“We also need to cooperate in formulating policies for them. We should work for the development of the whole sector, not only for our own business. Jashim Uddin urged the businessmen to emphasize on the establishment of backward linkages at that time,” he said.
“we should provide full cooperation to these sectors including electrical, which can generate revenue by exporting products to the world market,” FBCCI’s senior vice-president Mostofa Azad Chowdhury Babu said.
Read: No need to import wheat before August, says food secretary
FBCCI’s Vice President Director-in-Charge of the Committee M A Razzak Khan said that there are policies in almost all sectors including garments and leather, except this electrical and electronics sectors.
“As a result, most of the companies in the country are in recession except a few.”
He said that if the small and medium entrepreneurs could not survive, they would fail to repay the loans given by the banks. As a result, both the bank and the entrepreneur will suffer.
President of Bangladesh Television Manufacturers Association and Co-chairman of the committee Md. Sohel Khan demanded a separate industrial zone for assembling television and SRO facilities on this sector with the help of backward linkage.
FBCCI's panel advisor and co-chairman of the committee, Dr. Kazi Iqbal said that due to lack of research and sufficient data, the electrical and electronics sector in Bangladesh is not growing significantly. We need to work through overall mapping on this sector.
The meeting was chaired by former director of FBCCI and chairman of the committee Engr. Mohd. Mohabbat Ullah.
Citing the lack of data in the electronics sector, he informed about his planning of creating a database in the sector on his own initiative and sending it to the government through FBCCI.
Other members of the committee raised various demands at the meeting, including government incentives on the manufacturing of safety security equipment, increasing the use of domestic cable in government projects, setting up hubs for electrical and electronics products in Dubai or Africa, and 15% cash incentives from the government on this sector.
FBCCI Vice President MA Momen, Md Amin Helaly, Director Hafez Harun, Former Director Khandaker Ruhul Amin, Committee Co-chairman Mafizur Rahman, Salauddin Yousuf, FBCCI Secretary General Mohammad Mahfuzul Hoque and other members were present at the meeting.
BGMEA chief for working harder to safeguard progress, prospects
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan has said it is now time for them to leapfrog to the next level of growth as they have achieved a certain level of growth and momentum.
“Our progress and prospects have made us one of the most sustainable sourcing partners to the west and we have to work harder for safeguarding it,” he said.
The BGMEA chief made the remarks at a press conference while announcing that the 37th IAF World Fashion Convention will be held in Dhaka in November this year.
The International Apparel Federation (IAF) will host the Convention in collaboration with the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA).
Also read: Huawei Technologies willing to support RMG sector in renewable energy: BGMEA
The “Made in Bangladesh Week” will be held concurrently in Dhaka on November 12-18.
Secretary General of IAF Matthijs Crietee, BKMEA Vice President Fazlee Shamim Ehsan, BGMEA First Vice President Syed Nazrul Islam, Vice President Shahidullah Azim, Vice President (Finance) Khandoker Rafiqul Islam, Vice President Md. Nasir Uddin, Vice President Miran Ali, Vice President Rakibul Alam Chowdhury, Directors Barrister Shehrin Salam Oishee, Asif Ashraf, Md. Khosru Chowdhury, Inamul Haq Khan (Bablu), Barrister Vidiya Amrit Khan, Md. Imranur Rahman, and Neela Hosna Ara, BKMEA Vice President Md. Akhter Hossain Apurbo were present at the press conference which was moderated by BGMEA Director Mohiuddin Rubel.
They also unveiled the logos of the 37th IAF World Fashion Convention and the Made in Bangladesh Week.
The IAF convention will be a three-day event where in the first day, a board meeting of all the IAF Board of Directors will be held.
A daylong conference, to be participated by local and international speakers, will also be a part of this convention.
The speakers including brands, retailers, suppliers, industry leaders, and academic will shed lights on the current and future business trends, challenges, possible solutions, with an aim to make industry-wide efforts to create a better fashion industry for all.
The annual World Fashion Convention will bring together the IAF membership, including apparel industry associations representing 40 countries, leading brands and other stakeholders.
The convention will provide an opportunity for delegates and participants to network, to learn and to gain insights into the future direction of the industry.
The Made in Bangladesh Week”, which will be organized by BGMEA, aims to promote the apparel industry of Bangladesh locally and globally by showcasing the compelling stories of the ready-made garments sector, especially its impressive strides in the areas of workplace safety, environmental sustainability and workers’ wellbeing.
Alongside sketching the encouraging stories, the potential of Bangladesh’s RMG industry, its strengths, capabilities and future priorities to remain a preferred and competitive choice for global buyers will be highlighted among global stakeholders and audience.
Also read: Growing export-import creating demands for more containers: BGMEA
The weeklong event will include 37th IAF World Fashion Convention, 3rd Dhaka Apparel Summit, Bangladesh Apparel Exposition, Denim Expo, award ceremonies like - Sustainable Fashion Award & Fashion Photography Award, Fashion & Cultural Festival and Global Launching of BGMEA Innovation Center.
Faruque Hassan said, “The 37th IAF World Fashion Convention will play an important role in initiating a greater collaboration with key actors in the supply chain including buyers and suppliers and global stakeholders to ensure more sustainable manufacturing and sourcing.”
He said the “Made in Bangladesh Week” will provide a unique opportunity to showcase the impressive strides of Bangladesh’s RMG industry along with its continuous strive to pursue excellence in business capabilities to strengthen its standing as a safe, sustainable and competitive industry in the world.”
Secretary General of IAF Matthijs Crietee said, "Perhaps more than ever before garment manufacturers play a pivotal role in the industry transformation we all need. So on the international stage presented by the 37th IAF World Fashion Convention, the Bangladeshi apparel industry will show itself as a source of solutions to the industry’s current major challenges.”