United News of Bangladesh

The garment factories and other industries reopened in Gazipur on Thursday with enhanced security, several days after disruption in production due to labour unrest. Industrial police were deployed in factory areas along with patrolling by the Bangladesh Army and Border Guard Bangladesh (BGB) personnel. Moreover, local people formed human chains in favour of peace to keep the industries functional. The authorities declared closure of the factories as workers had been staging demonstrations on various demands for the past few days. On Wednesday, the factory owners decided to open the industries from Thursday following a decision from the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) upon assurance from the government of taking necessary security measures. As per the decision, the industries located in Tongi, Boardbazr, Konabari, Bhogra, Kashimpur and other areas reopened and workers joined their workplaces since the morning. Imran Ahmed, Additional Superintendent of Industrial Police-2 in Gazipur, confirmed the matter of opening the factories saying that around 900 industrial police personnel have been deployed along with patrolling by the Army and BGB.

S Alam Group companies alone have taken more than half of the total loans of Islami Bank, recovering which is the challenge for the bank, said Md. Obayed Ullah Al Masud, the bank's newly appointed chairman. After meeting with Bangladesh Bank (BB) Governor Dr. Ahsan H. Mansur on Thursday, Al Masud said this to reporters. He said the total disbursed loans of Islami Bank is around Tk 1.75 lakh crore. Of which S Alam Group alone took more than half or Tk 87500 crore. But it is not the final account which needs another week to get the complete information, he said. “The group depreciated the assets and took out the debt. His assets are already being reassessed. Also, the collaterals against the loan will not be covered. Therefore, a letter has been written to the Law Ministry to find out the assets that are outside the collateral,” said the Islami Bank chairman. He said, when the new board took over, Tk 2300 crore was short. It is decreasing every day. “Till today (Thursday) it has reduced to Tk2000 crore. Hopefully it will return to a positive trend within this year. Many customers will not have the problem of withdrawing money after today. Because the withdrawals are less than the amount deposited in the last week,” he pointed out. Asked what kind of action is being taken against various officials who have cooperated with S. Alam, he said, "We do not want to move the officials down now. Because if you hit the bottom now, everything will collapse. Some of the above are already being removed. All will be removed gradually. Action will be taken according to rules. No one will be exempted." The new chairman of Islami Bank said that a roadmap has been drawn up to turn the bank around. This roadmap is done in three phases-First of all to find out and take various steps from the beginning of the new board till December 31. Secondly, the year 2025-26 has been given as the turnaround year. Third, 2027-29 will be the leap forward years, he said.

Approximately 100 factories in the Ashulia industrial area reopened on Wednesday, following a joint operation by the army and police, which provided security assurances to the garment industry. The operation was launched in response to recent unrest that had forced over a hundred factories to shut down. Despite the increased security presence, some garment factories in Ashulia remained closed on Wednesday due to ongoing worker protests, according to Md Sarwar Alam, Superintendent of Industrial Police-1. Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has called an emergency press conference to update journalists on the latest situation in the industry. On Monday, workers from various factories in Ashulia’s Baipail-Abdullahpur area gathered outside their workplaces and staged protests instead of reporting for duty. Workers started protesting with various demands, an official from the Industrial Police said. Although the joint army and police operation began on Monday night across the industrial zones of Savar, Ashulia, and Gazipur to restore order, around two dozen factories in Ashulia remain closed. Some factories were being attacked by outsiders and workers were protesting with various demands. Recent protests have seen workers block roads in Ashulia, demanding equal employment opportunities for men and women in readymade garment (RMG) factories, along with other demands.  

Bangladesh Bank (BB) has reconstituted the board of directors of Al-Arafah Islami Bank PLC (AIBL) and Bangladesh Commerce Bank Ltd - both controlled by scam-hit conglomerate S Alam group. The central bank issued separate notices to this end to the managing directors of the said banks on Tuesday. These two banks are the latest to be freed from the control of the S Alam Group. A total of eight independent directors have been appointed in the two banks and two directors appointed by the government have been retained. Bangladesh Bank's former executive director Ataur Rahman has been appointed as the chairman of the newly formed five-member board of directors of the Commerce Bank after dissolving the existing board, according to a notice. Ataur has also been appointed as an independent director of the bank. Another five-member board has been formed for AIBL after dissolving the bank's existing board. Khwaja Shahriar, former Managing Director of Lanka Bangla Finance, has been appointed as independent director and chairman of the new board.

Walton has launched ‘Computer Exchange Offer Season-4’ campaign aiming to ensure proper e-waste management. Under the campaign, customers can purchase Walton brand’s new laptop, desktop, all-in-one PC, monitor, printer, Tab, speaker, and CCTV camera in exchange of any brand’s homogenous IT products (active or inactive) at special discounts of up to 20 percent, said a media statement. Customers will enjoy this exchange facilities from September 1 to December 31 this year. Walton Hi-Tech Industries PLC’s Managing Director S M Mahbubul Alam and Walton Digi-Tech Industries Ltd.’s Chairman S M Rezaul Alam inaugurated the ‘Computer Exchange Offer Season-4’ at a programme held at Walton Corporate Office in the capital on Monday (September 2, 2024). Walton Hi-Tech’s Managing Director S M Mahbubul Alam said, “The waste of useless electronics devices is scattered inappropriately around us, which have huge bad impacts on environment and human beings. We should be more conscious about the e-waste. Through the exchange program, our country will be benefited from e-waste.” Walton Digi-Tech’s Chairman S M Rezaul Alam said, “It is our responsibility to build a green Bangladesh for the future generations. E-waste is increasing every year with the rising demands for smart and electronics products. Therefore Walton Digi-Tech has been conducting exchange offers since 2020 to ensure proper management of e-waste in our country. Already, three seasons have been conducted with great success. Significant amount of e-waste would be ensured through this new season.” Around one thousand people, including sales representatives and students who are Walton Computer’s campus ambassadors in different universities of the country, attended the function virtually. Under the ‘Exclusive Offer’, Customers will also get up to 50 percent discounts on IT products purchased from the Walton’s online sales platform e-Plaza.

Ten directors of the Chittagong Chamber of Commerce and Industry (CCCI) have collectively resigned, intensifying the ongoing unrest within the organisation. The resignations, which occurred at midnight on Sunday, follow a series of protests and growing dissatisfaction among businessmen. CCCI President Omar Hazzaz confirmed the resignations and stated that the current board had decided to step down to prevent further disruption to services for ordinary members. He assured that the resignation letters are being submitted to the Trade Organizations Division of the Ministry of Commerce, with the entire process expected to be completed by Monday. The decision to resign comes in the wake of the power shift in the country on August 5, which has sparked widespread discontent among the business community. The businessmen have accused the Chamber of establishing a 'family rule' and have been actively protesting and demonstrating against it. This mass resignation is a continuation of earlier moves by the Chamber’s leadership. On August 28, Senior Vice President Torofdar Ruhul Amin and Director Zahirul Islam Chowdhury had already stepped down. The resignation of these 10 directors follows just four days after their departure, highlighting the deepening crisis within the CCCI. The last election held at the CCCI was on March 30, 2013, with the Mahbubul Alam-Nurun Nawaz Selim panel, supported by MA Latif, securing 20 out of 24 positions. Mahbubul Alam was elected president due to this majority. Since then, the Chamber has faced five consecutive terms without proper elections, with the most recent election in August being uncontested. The lack of democratic processes has led to considerable frustration among the business community. The directors’ resignations are seen as a move to address these concerns and pave the way for a more democratic electoral process. With the resignations, there is now an opportunity for a fair voting process to be implemented, as demanded by the businessmen.

Finance Adviser Dr. Salehuddin Ahmed on Monday said that the condition of Tk5, Tk10, and Tk20 notes in the market is very dirty and they will need to be changed soon. He said this to the reporters after a meeting with the officials of the Export Promotion Bureau (EPB) at the Secretariat on Monday. He also said that the budget may be reviewed in the current or next month. The finance adviser said, "We have closed the opportunity to turn black money into white." The budget may be revised or reconsidered in the current or next month. Decisions will be made at the highest level of the government regarding the mega projects in the budget, he pointed out.

The Bangladesh Bank has reconstituted the board of directors of S Alam Group's Fast Security Islami Bank and appointed Abdul Mannan, former managing director of Islami Bank, as chairman.  The central bank sent a letter in this regard on Sunday to the managing director of Fast Security Islami Bank for immediate execution. The five-member board also includes BB's former executive director Azizur Rahman, Uttara Bank's former deputy managing director Abdul Quddus, Dhaka University professor Saiful Alam, and chartered accountant Ragib Ahsan.    

Bangladesh received over US $2.2 billion as remittance in August 2024, showing a 39 percent increase year-on-year. According to Bangladesh Bank data, expatriates sent $1.6 billion as remittance in August 2023. Compared to July 2024, remittance inflow in August surged 16 percent. In July, Bangladesh received $1.91 billion as remittances. Bangladesh witnessed the lowest expatriate income in the last 10 months in July 2024 amid the student movement. In July, the country's expatriate income was about $1.91 billion. Before this, the previous expatriate income came in September last year at a minimum of $1.33 billion. However, the bank was closed from July 19 to July 23 due to the situation caused by the students’ movement against discrimination, including public and general holidays. Apart from this, broadband internet was off for 5 consecutive days and mobile internet was off for 10 days. Because of this, foreign transactions with the country's banks are almost stopped. The BB has taken different steps to increase expatriate income including expatriate income to overcome the foreign exchange crisis and increase reserves. In the last few months, these measures have had a positive impact on expatriate income or remittance coming into the country. But in July, there is a slight decline in that trend.    

Bangladesh Bank is gradually increasing cash withdrawal limits to restore normalcy in the banking sector. This move aims to strike a balance between public demand and financial stability, particularly in a climate of ongoing security concerns. In the latest update, Bangladesh Bank raised the cash withdrawal limit to Tk 5 lakh per account this week, up from Tk 4 lakh the previous week. This progressive adjustment follows earlier limits of Tk 3 lakh, Tk 2 lakh, and Tk 1 lakh in the preceding weeks, indicating a structured approach to increasing access to cash. The adjustments began as the interim government took charge on August 8. Despite these changes, concerns remain about the secure transportation of cash and the risk of individuals potentially destabilizing the banking sector by withdrawing large sums. To mitigate these risks, Bangladesh Bank continues to impose and gradually adjust withdrawal limits.