Business
Govt mulls amnesty to bring back laundered money: Finance Minister
Finance Minister AHM Mustafa Kamal has said that the government is contemplating amnesty for bringing the laundered money back into the country.
“We’re thinking of announcing amnesty for bringing the smuggled money back,” he told reporters in briefing after the two consecutive meetings of the Cabinet Committee on Economic Affairs (CCEA) and Cabinet Committee on Public Purchase on Thursday.
Also read: Finance minister directs regulators to boost investment in stock market
He said Bangladesh Bank will make more announcements in this regard before the national budget is placed in Parliament.
He said the issue of amnesty will be reflected in the national budget.
"The initiative will be taken by the Bangladesh Bank and announced by it through circulars. But we don’t want to make any announcement in this regard before placing the national budget in parliament”, he said.
The finance minister’s remarks came in response to the reporters’ questions on the government’s initiative as Bangladesh Bank recently announced that any person will be allowed to bring in upto $5000 from abroad without any prior declaration and no question will be asked about the source of the money.
Such an announcement from the central bank came to encourage people to bring more US dollars against the backdrop of its prevailing crisis.
Recently, the greenback gained strength against the local currency as the dollar rate went up to Tk 100 in the kerb market while officially Bangladesh Taka (BDT) was depreciated on a number of occasions.
Kamal said the initiative is being taken mainly to bring back that money which was laundered from the country.
He, however, did not give any detail of the amount as to how much money was laundered. “I can’t give you any idea how much money was laundered. But we collect information from the media and other official and non-official sources”, he said.
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He said different countries are announcing amnesty like tax exemption. “We’re also thinking so”.
The finance minister said he believes that the people who laundered money will take advantage of the government’s amnesty as it is a good scope for them.
Responding to a question on the issue, he said there is a dollar crisis. “But it’s not at a level that would hamper our import. We have enough dollars in our reserves to run the import business”, he said.
DCCI invites Indian investors to invest in EZs in Bangladesh
Dhaka Chamber of Commerce and Industry (DCCI) has invited Indian entrepreneurs to invest in the Economic Zones in Bangladesh that are already ready for operation.
A 47-member DCCI delegation led by its President Rizwan Rahman had an industry interactive meet with the Calcutta Chamber of Commerce at a hotel in Kolkata on Wednesday.
During the meeting, DCCI President Rizwan Rahman, also the leader of the Business delegation, said pharmaceuticals, footwear, energy, food processing, light engineering, ICT are some of the areas where Indian investors can tap the opportunities.
Also read: DCCI urges Philippines to invest in Bangladesh’s healthcare, tourism sectors
Besides, initiative of signing comprehensive economic partnership agreement (CEPA) between India and Bangladesh will usher a win-win situation for both end businesses, he added. Later, he also sought joint collaboration on different non-tariff issues which hinders our business scopes.
Meanwhile, President of Calcutta Chamber of Commerce Shailja Mehta said India is the biggest trade partner of Bangladesh in South Asia. “Toward achieving advantageous trade figures, both the nations need to diversify trade with active industry participation.”
Better market access, improved physical connectivity and transit and energy trade between India and Bangladesh are important instruments for unlocking bilateral trade potential, she added.
She also termed tourism as one of the important area where there are huge potential to tap into.
The bilateral trade between Bangladesh and India hovers within USD 9.87 billion having a potential of USD 16.4 billion forecast by the World Bank, DCCI said in a press release.
Also read: DCCI president tries to woo Sri Lankan investment, as envoy drops in
Deputy High Commissioner of Bangladesh in Kolkata Andalib Elias was also present on the occasion and he said there is a deficit between the bilateral trades but it is decreasing day by day.
During the last five to six years, the bilateral trade has multiplied about 2.5 times, he added.
Later, an interactive B2B match-making was organised where DCCI business delegation and Calcutta Chamber of Commerce took part.
India to export wheat to friendly, needful countries
Indian Commerce Minister Piyush Goyal on Wednesday said that India will continue to allow wheat export for countries which are in serious need and are friendly and also have the letter of credit.
Goyal said this during the ongoing World Economic Forum meeting in Davos, reports NDTV.
“India wheat exports are less than 1 per cent of world's trade and our export regulation should not affect global markets. We continue to allow exports to vulnerable countries and neighbours,” the minister said.
He said that though 7 per cent to 8 per cent of wheat production was expected during the year, due to the severe heat waves there was early harvest and and also production loss.
Also Read: India open to exporting wheat to needy nations despite ban
“Given this situation, what we are producing is about enough for domestic consumption,” Mr Goyal added.
He made it clear that India was never a traditional player in the international wheat market and export of wheat only began about two years ago.
Speaking at Davos Summit, the Commerce Minister said that last year 7 lakh metric tonnes (LMT) of wheat was exported and majority was done within the last two months when the war between Russia and Ukraine erupted.
BCI seeks German GIZ cooperation to create skilled manpower in industrial sector
Bangladesh Chamber of Industries (BCI) sought German cooperation in providing training to create skilled manpower in the industrial sector.
Such cooperation was sought when a five-member delegation, led by BCI President Anwar-ul Alam Chowdhury (Parvez) met GIZ country director Dr. Angelika Fleddermann at her office at Gulshan in the city on Tuesday.
GIZ is the main German development agency headquartered in Bonn and Eschborn that provides services in the field of international development cooperation and international education work.
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The BCI leaders said they want to conduct Training of Trainers (ToT) training by bringing trainers from Germany, which is a country rich in workmanship, technology and technical knowhow said a BCI press release.
BCI President seeks co-operation from GIZ in the field of building trainers, preparing course curriculum and training manual, achieving efficiency in using latest technology, building skilled manpower in light engineering and agro-processing sectors, creating new entrepreneurs and promoting exporters.
The GIZ country director appreciated the BCI leaders for their interest in building the skilled manpower in the industrial sector in Bangladesh.
READ: BCI delegation meets Germany envoy; seeks cooperation for micro, small industries
Other members of the BCI delegation were Senior Vice President of BCI Priti Chakraborty, Vice president Shahidul Islam Niru, director K.M. Rifatuzzaman and Secretary General Dr. Ardhendu Shekhar Roy and Thomas Hubner, Business Scout for Development of GIZ and Dr. Michael Klode, Project Manager was also present at the meeting.
The BCI President said that BCI is the sole and exclusive chamber of the industrial community which represents all sorts of industries of both the public and private sector and endeavours to contribute to the industrialization as well as economic development of the country.
It also plays an important role in generating new entrepreneurs in the field of small and micro industry fields. Furthermore, BCI always works for the interest of the industries and tries to remove all kinds of obstructions and impediments.
Read GIZ discusses areas of cooperation with BGMEA
He mentioned that cottage, micro, and small industries in the country are sectors with immense potential but lacking skilled manpower. So the chamber thinks that to be a developed country and to achieve the vision 2041 there is no other option other than building skilled manpower.
Asian stock markets higher after Wall St sinks further
Asian stock markets gained Wednesday after Wall Street sank on weak U.S. housing sales and a profit warning by a prominent social media brand.
Shanghai, Hong Kong and Seoul advanced while Tokyo declined. Oil prices rose more than $1 per barrel to stay above $110.
Wall Street’s benchmark S&P 500 index lost 0.8% after the profit warning Tuesday by Snapchat’s parent company. Spooked investors dumped social media stocks. Construction stocks fell after U.S. home sales plunged in April.
“The overall mood in equity markets remains largely downbeat,” Jun Rong Yeap of IG said in a report.
The Shanghai Composite Index advanced 0.8% to 3,094.88 while the Nikkei 225 in Tokyo shed less than 0.1% to 26,729.70. The Hang Seng in Hong Kong gained 0.5% to 20,216.79.
The Kospi in Seoul rose 0.8% to 2,626.90 and Sydney’s S&P-ASX 200 added 0.7% to 7,177.80.
India’s Sensex opened up less than 0.1% at 54,099.64. New Zealand, Singapore and Jakarta declined while Bangkok advanced.
Also Read: Stock markets continue to fall on the third day Tuesday
Investors are on edge about the impact of interest rate hikes in the United States and other Western economies to cool surging inflation, as well as Russia’s war on Ukraine and a Chinese economic slowdown.
On Wednesday, the Federal Reserve is due to give insight into its decision-making by releasing minutes of its latest policy meeting.
On Wall Street, the S&P 500 on Tuesday fell to 3,941.48. The Dow Jones Industrial Average gained 0.2% to 31,928.62.
The S&P is down 18% from its Jan. 3 high, putting it on the brink of a bear market, or a 20% decline from the previous top.
The Nasdaq composite, dominated by tech stocks, slide 2.3% to 11,264.45 after the social media selloff. Snap plummeted 43.1%, its biggest single-day drop ever. Facebook parent Meta slumped 7.6%. Google’s parent fell 5.1%.
Retailers and companies that rely on direct consumer spending declined. Amazon slid 3.2% and Target fell 2.6%.
The pullback undercut the previous day’s broad rally.
Homebuilders slumped following a government report showing that April sales of newly built homes plunged 26.9% from a year earlier. KB Home fell 2.7%.
Cruise lines and other travel-related companies took heavy losses. Carnival slid 10.3% and Norwegian Cruise Line fell 12%.
In energy markets, benchmark U.S. crude rose $1.35 to $111.12 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 52 cents on Tuesday to $109.77. Brent crude, the price basis for international oil trading, advanced $1.32 to $112.01 per barrel in London. It rose 14 cents the previous session to $113.56.
The dollar gained to 126.99 yen from Tuesday’s 126.82 yen. The euro rose to $1.0709 from $1.0693.
Bank officials can travel abroad for Hajj, treatment, foreign-funded workshop: BB
Bangladesh Bank (BB) has amended the bank officials'overseas travel restrictions a day after issuing the notification. The central bank's latest guideline in this regard has allowed bank officials’ travel abroad for Hajj-Umrah, treatment and other emergency purposes at his own cost.
Also read: BB depreciates taka by Tk 0.40 against US dollars
The BB instruction stated, "Travel ban was imposed from Bangladesh to abroad through a circular letter dated 22 May 2022, but restrictions were also imposed on travel to personal initiative also. Personal travel from Bangladesh for special needs, essential treatment, on its own funds will be out of the scope of the ban”. The Banking Regulation and Policy Department (BRPD) on Monday (May 23) issued the amendment of the notification and allows travel abroad for Hajj-Umrah, treatment and other special needs. Besides, foreign nationals working in the bank can go to their home country and officials working in the Bangladesh branch of the foreign banks can go to the head office.
Also read: BB moves to encourage greater flow of remittance to boost forex They will also be able to participate in training, meetings, seminars, workshops and study tours funded by foreign organizations. The BB has banned travel abroad for the officials of the central banks, private-state owned banks, financial institutions and leasing companies to curb the spending of forex.
NBR slaps additional duty on 135 luxury items to discourage import
The National Board of Revenue (NBR) has imposed addtional duty on 135 foreign products - from fruits to flowers - to discourage their imports and ease pressure on forex reserves.
The NBR notification stated that 20 per cent regulatory import duty has been slapped on over135 HS-coded products such as foreign fruits, foreign flowers, furniture and cosmetics effective from Monday.
Also read: Income Tax Wing of NBR racing to meet target in last 4 months of fiscal
The much anticipated move is likely to discourage import of the expensive products and ease the pressure on foreign exchange reserves.
The revenue authority said said Bangladesh is doing well in flower and fruit cultivation. The additional import duty will help flower and fruit growers get fair price.
The new regulatory duty applies to the following:
Flower and flower products: Any type of imported flowers, fresh and dried, imported flowers for making ornaments, various types of artificial flowers and tree saplings or tree branches.
Fruits include: Fresh or processed mango, banana, grape, fig, pineapple, avocado, guava, mangosteen or cabbage, lemon, watermelon, plum, apricot, cherry fruit, frozen or processed fruit seed and mixed fruit food.
Imported bamboo for furniture, parts, cane furniture and various imported materials for furniture. Also wooden furniture used in office, kitchen, bedroom, plastic furniture and various metal furniture.
Also read: NBR to speed up this fiscal's VAT collection
Cosmetics products include perfume, beauty and makeup preparation, tooth floss, tooth powder, preservative and after shave cosmetics, hair cosmetics etc.
At present, regulatory duty or RD is applicable on 3,408 products at the import stage. RD is applicable on these products from minimum 3 per cent to maximum 35 percent. This includes high tariffs on items classified as non-essential and luxury items.
3-day kitchen, bath accessories expo to begin June 2 in city
A three-day expo on kitchen and bath equipment and accessories titled “Kitchen and Bath Expo Bangladesh 2022” will begin on June 2 at the International Convention Center Basandhara (ICB).
Some 60 brands from nine countries including the United Kingdom, Italy, Turkey, Japan, United Arab Emirates, Thailand, China and host Bangladesh are participating in the exhibition under the same roof.
Event management company Wem will organise the expo in partnership with REHAB and Interior Designers Association of Bangladesh.
Also read: Bangladesh Jewellery Expo-2022 kicks off Thursday
The organisers of the expo at a press conference at the National Press Club announced the details of the expo on Tuesday.
They informed that State Minister for Public Works Sharif Ahmed will inaugurate the expo at Bashundhara International Convention City.
Wem director Nasimur Rahman said the manufacturers, exporters and suppliers of kitchen and baths accessories will have the opportunity to showcase their products and technology at the fair.
Also read: Expo 2020: FBCCI, Dubai International Chamber to sign MoU
The three-day exhibition will be open to all from 10 am to 6 pm.
The main sponsors of the fair are My Kitchen, Platinum Sponsor Very Android Borch, Bagno Design & Swiss Plus and Go Sponsor AK Ceramics, Nalte, Nadia Ferni Ocher Gun Marble Tiles.
Nasimur Rahman, Sheikh Mohammad Arif, Shawkat Imran Khan spoke at the function.
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Cyber Security Career Guide: How to Become a Cybersecurity Expert?
The future of jobs is automation. As Artificial Intelligence (AI) and Machine Learning (ML) catch on, 47% of the existing jobs will become obsolete in the several coming decades. However, beyond the scopes of automation, there will remain jobs that will require human dexterity. And among those jobs, cybersecurity will be one of the most in-demand and lucrative jobs. Now, what does cybersecurity mean? What specialization does it offer and most importantly, how to become a cybersecurity specialist? Let’s answer these in detail.
What is Cybersecurity? What Does a Cybersecurity Specialist Do?
Growing up, we have all heard about “hacking”. The way hackers write some complex codes and the computer or digital devices becomes compromised. The reality is a bit more intricate than what’s dramatized. But the core idea is the same.
Cybersecurity is the process of protecting computers, mobiles, networks, in short, any kind of digital device against threats and attacks. It is one of those aspects that applies to almost every aspect of human life. That is because modern life implements some form of digitization one way or the other. From tech giants to the simple businesses that keep their data on a digital server, everyone is in constant threat of malicious attacks. Strong cybersecurity helps to ensure that every form of tech, be it a product or service, remains safe from harm’s way.
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Now, what about cybersecurity specialists? The malicious cyber threats are constantly evolving. As a result, there need to be renewed safety measures to combat these threats. This is where a cybersecurity specialist comes in. As the name suggests, a cybersecurity specialist takes measures to address any security loopholes within any system. These are specially trained individuals who can efficiently identify, address and eliminate any threat and take countermeasures to defend against similar issues.
Scope of Career in Cybersecurity
As one of the slated leading jobs of the future, the demand for cybersecurity specialists is already very high in the market. Even though it’s a technical job highly related to tech and computer engineering, the demand for the position is seen in virtually every sector.
Businesses face multifaceted problems due to cybersecurity. It ranges from the loss of public image to extreme financial consequences. Moreover, threats like ransomware, social engineering, and malware have become rampant with different variations and iterations.
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A cybersecurity specialist can venture into a career in several security streams. It ranges from data security and identity, network management, mobile management, cloud security, application security as well as disaster recovery. Regardless of the streams, the importance and the payout are more or less the same.
A cybersecurity specialist in the USA can expect to earn up to 84,000 USD on average per year. That roughly translates to about 77,88,000 BDT per year. This staggering sum should be enough to motivate anyone interested in this line of work.
How to Become a Cybersecurity Specialist for a Sustainable Career?
The job of a cybersecurity specialist sounds challenging and exciting with high remuneration. So naturally, the question arises, how to become a cybersecurity specialist? Well, there’s no shortcut and the process can be quite challenging given the sophisticated nature of the job. Regardless, here is a step-by-step guide to becoming a cybersecurity specialist.
Education
This is the first and foremost step to becoming a cybersecurity expert. The idea is to learn the process and methods of cyber-attacks and security measures. There are several undergraduate and graduate streams of studies related to core security management. They also venture into different segments in the later parts.
Read Web 3.0 Career Guideline: How to start working and make money
There is also a cybersecurity associate’s degree which acts as a form of certification for the position. But in the actual job market, having a related degree like CS, or CSE will definitely give you an edge over the rest.
Professional Certification
Professional certifications are the best way to get ahead of the herd for landing a cybersecurity job. Tons of cybersecurity certifications often substitute for career experience while applying for different positions. But among them, some are basic certs that a cybersecurity professional has to have. These include the CISSP, CompTIA Security+, CompTIA Network+, CEH, etc. Some of these certifications are stream-based. But all of these are necessary to build a general portfolio in security management.
Experience
It’s impossible to become specialized in certain something without experience. And in the world of cybersecurity, experience is everything. This is something that will make or break the career stream for an aspiring professional. So, if the experience is so important, how should you acquire it?
Read Basic Software Skills for Freshers to Get Hired Easily
Most of the time, the duration of the associated degrees counts towards experience. There are also different associated specialized internships that count towards experience.
Am applicants can also solve dummy threats and create a portfolio for themselves. The best approach is to start somewhere and start building the experience blocks from there.
Developing Hard/Soft Skills
Just like any other job, cybersecurity expert positions also require hard and soft skills. Some of the intensive hard skills include the learning outcomes of the professional certs. In addition to those, an aspiring professional should have other expertise. Like – as network architecture, OS management, security audits, and different database platforms. These solve the hard and fast issues related to the position.
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Cybersecurity expert also needs to have a strong interpersonal skill set. These can be categorized under soft skills. Some necessary soft skills include – leadership, research, and communication.
Networking
The last thing to specialize into land a cybersecurity job is to network. Networking is important for cybersecurity. Mainly because of the sophisticated nature of the position. Everyone wants a reliable expert who will deliver without fail. As a result, the demand is there for verified and proven candidates over the rest. Having proper networking will help to land a job simply because of word of mouth and vouching.
Final Words
Cybersecurity jobs will reign in the coming days of AI and automation. With more and more automation, the threat to the system will become even more magnified. As a result, a certified and skilled cybersecurity specialist will find job security and high demand in the market. Not to mention the high payout.
Read AI & Future of Jobs: Will Artificial Intelligence or Robots Take Your Job?
In this article, we have discussed the basic facts about cybersecurity. We have also provided a guideline to develop a career as a cybersecurity specialist. So, if this line of work interests you, then go ahead, and start the journey today.
Winners of Oppo F21 Pro Backlight Sunset Selfie contest announced
Global smart device brand Oppo recently announced the winners of Oppo F21 Pro Backlight Sunset Selfie contest that started a few days ago.
F21 Pro comes with Sony's IMX709 selfie sensor and RGBW technology.
Also Read: Oppo, Google collaborate on Android 13 beta for Find N
During the Backlight Sunset Selfie contest, users were asked to capture a "perfect selfie" in a perfect sunset moment and submit their best selfies on the Oppo Bangladesh Facebook page.
The winners of the contest are Arifa Shobnom, ASM Shahriar Habib and Anika Nawar. They have received prizes, including dynamic headphones Oppo Enco W11 and an F21 Pro t-shirt signed by cricketer Shakib Al Hasan.
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