Business
Chinese yuan strengthens last week
China's yuan strengthened against a basket of currencies last week, according to the China Foreign Exchange Trade System (CFETS).
The CFETS yuan exchange rate composite index, which measures the yuan's strength relative to a basket of currencies, edged up 0.21 points from the previous week to 105.08, according to the CFETS.
Also Read: China to commit 1.5 bln yuan to initiate Kunming Biodiversity Fund: Xi
The index compares the yuan with the value of 24 currencies, including the U.S. dollar, euro and Japanese yen.
Last week also saw an index that measures the yuan against the Bank for International Settlements currency basket up 0.15 points from the previous week to 109.53.
The index measuring the yuan against the Special Drawing Rights basket fell 0.02 points week on week to 102.95.
Also Read: China's Single's Day sales hit 10 bln yuan in 96 seconds
'Seeds for the Future 2022 Bangladesh' inaugurated
"Seeds for the Future 2022, Bangladesh," a CSR programme by Chinese telecom giant Huawei for aspiring science, technology, engineering and mathematics (STEM) and non-STEM students was inaugurated in the capital Sunday.
It aims to inspire ICT talents and help them gather industry-oriented knowledge.
To initiate the programme, roadshows are being arranged at the participating universities this month.
Also read: Huawei holds campus recruitment event at IUT
This year Dhaka University, the Bangladesh University of Engineering and Technology, Chittagong University of Engineering and Technology, Islamic University of Technology, Khulna University of Engineering and Technology, Rajshahi University of Engineering and Technology, Brac University, East-West University and Ahsanullah University of Science and Technology will take part in Seeds for the Future.
In the next stage, the winners will participate in the global platform along with other successful participants from different countries.
Also read: Akij sets up rooftop solar plant with Huawei's technology
At the inauguration ceremony, Deputy Minister for Education Mohibul Hasan Chowdhury said: "Many technology companies from different countries are doing business in Bangladesh. But very few have come out from that business domain and assisted our youngsters, our next generation to be skilled. So, I want to thank Huawei."
Pan Junfeng, CEO of Huawei Technologies Bangladesh, said: "We keep organising different programmes to open up new avenues and platforms for the youth to gather knowledge and develop insights. Seeds for the Future is one such programme where the participants get to know about the industry practices directly from the experts and can put their calibre to the test."
Read 'Seeds for the Future 2022 Bangladesh' starts with roadshows
Launched in Bangladesh in 2014, Seeds for the Future has been nurturing ICT talents since its inception and become popular among academics as well as students.
Islami Bank board meeting held
A meeting of the Islami Bank Bangladesh board of directors was held in the capital Sunday.
Professor Md Nazmul Hassan, chairman of the bank, presided over the meeting.
Dr Areef Suleman, foreign director and representative of the Islamic Development Bank, Mohammed Monirul Moula, managing director and chief executive officer of Islami Bank, Md Shahabuddin, vice-chairman, and JQM Habibullah, deputy managing director and company secretary, also joined the programme.
The Islami Bank is a joint venture public limited company engaged in commercial banking business based on Islamic shariah.
Established in 1983 as the first Islamic bank in southeast Asia, it is listed on the Dhaka Stock Exchange and Chittagong Stock Exchange.
SCB holds roadshow to showcase Bangladesh’s investment prospects
Standard Chartered Bangladesh hosted an International Investors and Lenders Roadshow to help Bangladesh businesses build lasting relationships with leading investment and lending institutions from the Middle East, Europe, and Asia.The roadshow was organised in collaboration with Standard Chartered’s regional Financing Solutions and Distributions Team, according to a SCB media releaseAs part of the roadshow, designated speakers outlined recent business developments, shared outlook for high-potential sectors, and showcased notable success stories in Bangladesh.All the speakers reflected on how despite current challenges, Bangladesh has maintained steady growth while exhibiting high levels of resilience and grit.
Also read: SCB launches Green Zero-Coupon Bond in BangladeshChief Executive Officer of Standard Chartered Bangladesh Naser Ezaz Bijoy said that as a nation, Bangladesh is at a point of inflection. Stable macroeconomic indicators in conjunction with strong post-pandemic recovery measures have established our nation as one of two Asian economies delivering constant growth – despite current market uncertainties.“The future is rife with opportunities for growth and transformation. As the only international bank with universal capabilities, Standard Chartered Bangladesh is uniquely positioned to work with local actors, international stakeholders, and the Government to secure LDC graduation by 2026, and begin the journey towards becoming a high-income economy by 2041.”Managing Director, Client Coverage, Head of Corporate, Commercial & Institutional Banking, Standard Chartered Bangladesh Enamul Huque focused on the lucrative potential of investing in and lending to various sectors, all of which have demonstrated tremendous growth in recent years.These sectors include ready-made garments and textiles; light engineering; pharmaceuticals and active pharmaceutical ingredients (APIs); agriculture; power and energy; and the financial sector.
Also read: SCB’s Covid-time support has helped RMG overcome challenges: Press ReleaseHead of Loan Syndicate & Distribution, South Asia, Standard Chartered Virendra Dhir spoke about the nation’s current opportunity spectrum pointing out that Bangladesh strikes the right balance on the risk reward scale.Managing Director & Head of Financial Markets, Standard Chartered Bangladesh Muhit Rahman reiterated that as a market, Bangladesh is primed for great success, and is full of exciting new opportunities.He also discussed that the nation’s external debt-to-GDP ratio is one of the lowest in the region, providing Bangladesh with sufficient room for external borrowing in foreign currency to support the country’s development agenda.This was the first virtual iteration of Standard Chartered’s International Investors and Lenders Roadshow.Some 121 individuals, representing various lending organisations and institutional investment bodies from the Middle East, Europe and Asia, were present.
Halt road construction works for 14 days to ease Eid travel: FBCCI
FBCCI wants road construction work to be put on hold for 14 days to facilitate the Eid journeys of the homebound people.
FBCCI senior vice-president Mostafa Azad Chowdhury Babu made the request on Sunday for putting the ongoing construction and repair of roads on hold for a total of 14 days before and after Eid to alleviate the suffering of home goers.
He made the call at the first meeting of the FBCCI Standing Committee on Transport and Communications (Railways, Roads and Highways) held at FBCCI.
Also read: FBCCI President urges Canadian companies to invest in Bangladesh’s waste management
The senior vice-president said that the speed of vehicles slows down due to repair and construction work on roads and highways resulting in huge traffic jams.
The FBCCI Senior Vice President urged the government to put a hold on the construction work from April 27 to May 10 to make the Eid journeys smoother.
He also called for the deployment of highway police at heavy traffic zones.
“The higher authority of the Bangladesh Police should take strict action to stop extortion on the roads,” he said.
The Senior Vice President said that FBCCI will send a letter to the Minister of Home Affairs and IGP requesting to stop extortion.
The senior vice-president also called for increasing the number of ferries and ferry trips to shorten the long queues of the buses and trucks at Mawa and Aricha Ferry Ghat.
Earlier, raising the issue of the financial loss due to traffic jam FBCCI vice-president and director-in-charge of the committee Md. Aminul Haque Shamim informed that the heavy jam at Tongi costs financial loss worth Tk 10 crore daily.
Despite being the most affected sector, the public transport sector, which remained shut down for 18 months, received no government assistance, he mentioned.
In addition, the owners have to pay regular bank installment to avoid being defaulted even if they have no income.
In this situation, he urged the government not to impose any further tax or duty on tires, tubes and other parts in the next budget.
President of the Bangladesh Bus Truck Owners Association and Chairman of the committee Ramesh Chandra Ghosh said that law enforcement members illegally collect money every night at Joykali Mandir and Ittefaq intersection in the capital.
He sought help from police authority to end this situation.
Identifying the public transport sector as the most affected sector during the Corona period, Ramesh Chandra Ghosh called for policy protection for the next three years.
Also read: Self-reliance in seed production essential for food security: FBCCI
In their speeches, other members of the committee said that the longevity of vehicles is being declined due to the potholes and broken roads.
To reduce traffic congestion and bring discipline to the roads, integrated transport management system and decentralization of services and proper implementation of BRTA were stressed at the meeting.
They demanded to stop bribery and extortion in the name of fitness certificates. FBCCI director Bijoy Kumar Kejriwal, Former Director Abdul Haque, Secretary General Mohammad Mahfuzul Hoque, Standing Committee Co-chairmen Eng. Md. Jahangir Alam, M. Humayun Kabir, Faruk Talukder Sohel, Engr. Golam Kabir, G. Rahman Shohid, Bazlur Rahman Ratan and others members of the committee were present in the meeting.
Exporters want green signal for commercial cultivation of King Prawn
Bangladesh should go for commercial cultivation of vannamei species of shrimp or king prawn to capture the global market.
The king prawn currently accounts for 80% of global market share, where Bangladesh has no presence.
Bangladesh is falling behind as commercial cultivation of the species is still far away. It's now mostly in the stage of pilot projects.
Also read: Govt determined to end shrimp production & exportation problems: Rezaul
This subject was discussed on Sunday by shrimp exporters and cultivators in a seminar at the Khulna’s Shrimp Tower.
At the seminar, they demanded that commercial cultivation of vannamei be allowed instead of running pilot projects.
Exporters and cultivators are thus unable to get loans, they said.
Also read: Shrimp farmers count losses from cyclone in Koyra
Speakers at the seminar said that there is no alternative to vannamei as the production of tiger shrimp and prawn are decreasing in the country. To save the waning shrimp industry, government’s intervention is needed along with the permission to cultivate vannamei commercially.
Bangladesh Frozen Foods Exporters Association has been appealing to the government for the last 20 years to allow the cultivation of vannamei shrimp to keep the shrimp industry alive.
As a result, the government allowed the pilot cultivation of this variety of shrimp in September 2019. The project is being piloted at the Paikgachha Saltwater Center in Khulna under the Department of Fisheries and the Fisheries Research Institution. The average production is more than 9 tons per hectare.
Read Shrimps inflated with jelly seized in Jashore
The association provided statistics that show the average production of tiger shrimp in Bangladesh is 341 kg per hectare. In neighbouring India, the average production of vannamei is 7,102 per kg hectare. This means that the production of vannamei is 6,761 kg more per hectare than that of tiger shrimp.
Vice President of Bangladesh Frozen Food Exporters Association S. Humayun Kabir said that due to lack of raw material (shrimp), only 28 out of 105 frozen fish processing and exporting companies in the country are operational and remaining have closed. The production is meeting only 10-15 per cent of the capacity of the companies and as a result, the processing cost is also increasing.
This industry has come to the brink of collapse. To revive this industry, there is no alternative to increasing production by cultivating vannamei. Fourteen other Asian countries have been exporting vannamei, he said.
Read Crocodile rescued at Bagerhat shrimp enclosure freed in the Sundarbans
He demanded that permission be given for commercial production of vannamei shrimp and save the industry.
Experts for continuation of 15% VAT exemption for domestic compressor, refrigerator industry
Experts have called for the continuation of the 15 percent value added tax (VAT) exemption for the domestic compressor and refrigerator manufacturing industry.
The supply crunch of raw materials and spare parts in the international market has resulted in price hikes. The prices of refrigerators have already gone up at the consumer level.
So, experts have suggested maintaining VAT exemption and providing more assistance to the industry.
Read: Nagad training workshop with Postal officials held
VAT exemption on compressor and refrigerator production was extended for one year in the budget for the fiscal year 2021-22.
Economist Abu Ahmed, honorary professor at the economics department of Dhaka University, said: "Bangladesh has made big strides in manufacturing compressors and refrigerators. Domestic companies are doing very well in this sector."
"So, it is necessary to increase the duration of VAT exemption for the domestic compressors and refrigerators manufacturing industry."
Bangladesh Trade and Tariff Commission Chairman Afzal Hossain said: "The existing 15 percent VAT exemption on compressor and refrigerator manufacturing industry is conducive to boosting the domestic industry. We will seriously consider the demand for any policy support sought by domestic entrepreneurs."
Read: Banglalink's digital services marketplace AppLink launched
The proposal for extending the duration of VAT exemption for the compressors and refrigerators manufacturing industry will be seriously considered for the development of domestic industries, Industries Secretary Zakia Sultana said.
Railway Job Circular: Application for the post of Railway Booking Assistant has started, post 153
The application for the post of Booking Assistant Grade-2 in the revenue sector of Bangladesh Railway has started from April 8. Recently, a job circular was published to recruit 153 employees for this post. Candidates from all districts can apply for this post. Interested candidates need to apply online.
Railway Job Details:
Position Name: Booking Assistant Grade-2
Number of posts: 153
Eligibility: HSC / equivalent pass. Must be proficient in computer management.
Salary Scale: TK.9,700-23,490
Read Primary Teacher Recruitment: 23 instructions for candidates for the post of primary assistant teacher
Railway Job Age limit
Candidates must be between 18 and 30 years of age on April 1, 2022. However, in case of children of Bir Muktijoddha / Shaheed Bir Muktijoddha and physically challenged candidates, the maximum age is 32 years. The maximum age for grandchildren of heroic freedom fighters / martyrs is 30 years.
How to apply on Bangladesh Railway Job:
Interested candidates need to apply online through this website. Detailed information regarding application process, application fee submission procedure and recruitment can be found at this link. If you have any problem to apply online, you can call 121 from Teletalk number. You can also e-mail to [email protected].
In this case, the name of the company, the name of the position, the applicant user ID and the contact number should be given in the subject of the mail.
Read PWD Job Circular: Large Recruitment for the Department of Public Works, Vacancy 449
Railway Job Application fee
The application fee and service charge of Tk 112 has to be submitted through Teletalk pre-paid number within 72 hours of application.
Application deadline: May 17, 2022, Until 5 p.m.
E-commerce platform Nagad Mela launched
Mobile financial services provider Nagad, in partnership with business technology solution provider DotLines, has launched the e-commerce platform Nagad Mela for its customers.
Nagad Mela is a one-stop marketplace developed with a mix of local small and medium- businesses. It has more than 10,000 products in six popular categories.
Customers can access Nagad Mela through the Nagad app. They can also access this platform by directly visiting its website.
Read Zakat can be donated to Islamic organisations through Nagad
The platform sells everything from electronics to mobile phones, lifestyle products, baby apparel and toys, personal care and home decor items.
With Eid-ul-Fitr around the corner, customers can now enjoy up to 60 percent instant cashback on their purchases.
Nagad Mela aims to ensure that products are delivered within three to five days using E-Courier's countrywide network.
Read Eid: Nagad offers up to 35% cashback, discount on shopping
IBBL Head Office Complex branch holds discussion, hosts iftar party
Head office Complex Corporate branch of Islami Bank Bangladesh Limited (IBBL) Tuesday organised a discussion on the holy month of Ramadan, and hosted an iftar party in the capital.
Mohammed Monirul Moula, managing director and chief executive officer of the bank, addressed the programme as chief guest.
Lawmaker Tahjib Alam Siddique also spoke the programme.
Mohammad Muhibbullahil Baqee, a member of the shariah supervisory committee of the bank, was the main discussant at the event.
IBBL Deputy Managing Director Taher Ahmed Chowdhury; senior executive vice-presidents Md Mahboob Alam, Md Maksudur Rahman, and Executive Vice-President Muhammad Kamaluddin also attended the programme.
Md Mahbub-a-Alam, executive vice-president and head of the branch, presided over the event.