local-business
Bangladesh Poultry Association: 1 lakh birds dying every day due to heatwave
The intense heatwave is wracking havoc for the poultry industry, and around one lakh chickens, worth Tk20 crore, are reportedly dying every day in the country, according to Bangladesh Poultry Association (BPA).
“If the situation continues, a severe supply shortage could hit the poultry and egg market within a month,” said Md Sumon Howlader, president of BPA in a statement on Thursday.
The association has called on Prime Minister Sheikh Hasina for support to tackle the crisis.
The association said there is a crisis of chicks, which has caused a price hike with farmers now having to buy chicks, which have a production cost of Tk28-30, at a price of Tk80-90 per piece.
As a result of the ongoing heatwave that started after Eid, around one lakh chickens worth Tk20 crore are dying every day due to heatstroke across the country.
Under these dire conditions, egg and chicken production has declined significantly, ranging from 4 to 10 percent, said BPA statement.
The statement claimed that in the last 10-12 days, over 10 lakh broiler, layer, and Sonali chickens have died in the country. Broiler chicken alone accounts for 80 percent of the casualty.
Taking advantage of this opportunity, corporate egg chicken suppliers and Tejgaon-based egg syndicates will create a shortage of eggs and chickens in the market, the Association said.
From June, they will start increasing the prices. From August to October the price of eggs and chicken will increase drastically, according to the statement of BPA.
ERF demands withdrawal of ban on reporters entry into central bank
Bangladesh Bank’s unofficial ban on reporters from entering the central bank building for news gathering may lead to misinformation on the banking sector, said Economic Reporters’ Forum (ERF).
The BB's restriction for reporters has been in place for a month making it difficult for bank srctor reporters to gather accurate informationfor in this field.
In such a situation, ERF president Refayet Ullah Mirdha and General Secretary Abul Kashem held a meeting with the BB Governor Abdur Rouf Talukder and spokesperson Mesbaul Haque on Thursday to discuss and resolve the issue.
On the other hand, the reporters of the bank beat observed a sit-in protest in front of the BB demanding entry of reporters into the central bank.
The reporters alleged that the ban was imposed to protect a group of loan defaulters and supress the right information that the people want to know from reporting on the banking sector.
They said that such decisions benefit a group of bank directors and businesses who misled and forced the BB to make policy in favour of them.
The central bank has imposed this measure at a time when the financial sector is reeling under various problems. Customers are not getting money back from most of the financial institutions, some banks in crisis are operating under the special loan of the central bank, reporters said from the sit-in.
The governor has taken this decision to protect from the media the businessmen and banks involved in big scams and irregularities. Through this, his true character is revealed, said the protesters. Such a decision has never been taken before since the establishment of the central bank.
Even after a meeting of the ERF president and general secretary with the governor, the dispute has not been resolved.
The BB Executive Director and Spokesperson Mesbaul Haque told reporters after the meeting the central bank has decided that from now on, reporters can only go to the spokesperson with the bank's specific permission (access pass).
But if an official gives a pass to a reporter, he can only go to that respected official. However, as like before, they (reporters) will not be able to freely enter any department of the central bank.
Robi AGM approves 10 % cash dividend
Robi Axiata Ltd held its 28th Annual General Meeting (AGM) on Wednesday and the shareholders approved a 10 percent cash dividend declared earlier.
This year's AGM was conducted in a hybrid format, supporting both, in-person and online participation, according to a press release.
In 2023, Robi earnings per share (EPS) was 0.61 taka. Present at the meeting were the Chairman of Robi Axiata Limited’s Board of Directors (BoD), Mr. Vivek Sood, the Managing Director and CEO, Rajeev Sethi, CFO, M. Riyaaz Rasheed, other BoD members, and senior officials of the company. The AGM was chaired by the Company Secretary Shahed Alam.
Addressing the shareholders, Robi Axiata PLC’s Chairman, Vivek Sood said, “Robi had performed exceptionally well in 2023. The tremendous work that has gone in to improving the quality of services is clearly evident in its performance in the first quarter of this year. Customers are finding a natural home in Robi to support their digital transformation journey.
All that stands in the way is the taxation regime. Unless the tax is rationalized, we would always struggle to live up to the expectation from our valued shareholders. Apart from that, we are doing everything possible to grow our business within the scope allowed by the regulatory regime of the country. I thank all our shareholders for keeping faith in our ability to deliver the desired level of return on their precious investment.”
BEXIMCO to launch Tk 1,500 Crore Zero Coupon Bond
Bangladesh Export Import Company Limited (BEXIMCO) has announced the commencement of subscription for the 'Beximco 1st Unsecured Zero Coupon Bond' starting April 28, 2024 and the first tranche of the subscription will be closed on May 15, 2024.
This follows the Bangladesh Securities and Exchange Commission (BSEC)'s approval on April 3, 2024, authorizing BEXIMCO to issue bonds totaling Tk 1,500 crore, according to a press release.
IFIC Investment Limited is the arranger and Sandhani Life is the trustee of this bond. The Beximco 1st Unsecured Zero Coupon Bond offers an unprecedented discounted rate of 15%, the highest in the market, translating to a monthly return of Tk1,250 per lakh.
This non-convertible, redeemable, unsecured bond aims to raise Tk1,500 crore, of which Tk1000 crore will be used for providing as a loan to Sreepur Township Limited for the development of the Mayanagar project, while the remaining Tk500 crore will be used to repay existing bank loans of Beximco Ltd.
The investment is particularly attractive due to its high return rate, where an investment of one lakh taka will yield a total return of Tk1,75,000 at the end of five years, including the principal amount. The returns are especially appealing for Non-Resident Bangladeshis (NRBs) and local wage earners, offering one of the best investment avenues available.
The bond subscription has a minimum investment threshold of Tk 50,000, with no upper limit, making it accessible to a broad range of investors.
This opportunity is available on a first-come, first-served basis, emphasizing its limited nature and the potential for a quick sell-out due to its attractive features.
Investors interested in the Beximco 1st Unsecured Zero Coupon Bond can begin subscribing on April 28, 2024 and the first tranche of subscription will be closed on May 15, 2024.
For further details or to begin the subscription process, interested parties are encouraged to call 16900 or scan the QR code available in promotional materials, BEXIMCO said on Thursday.
BEXIMCO said they committed to contributing to the economic development of Bangladesh through such robust financial instruments, inviting investors to participate in this venture that promises excellent financial returns and supports significant developmental projects across the nation.
16th Bangladesh Denim Expo on May 6-7
The 16th edition of Bangladesh Denim Expo will once again open its doors in the international Convention City, Bashundhara (ICCB) in Dhaka on May 6 and 7.
“Reimagine” is the theme of the 16th edition. "Reimagine" lies Expo’s commitment to re-envisioning the future of the denim world and reshaping the landscape of denim through relentless innovation and seamless integration of digitalization.
Business leaders urge to check influence of ‘invisible hands’ in supply system
By harnessing the power of technology and embracing forward thinking approaches, the organisers said they are revolutionizing every aspect of denim production, design, and consumption.
“We have chosen "Reimagine" as the theme of Bangladesh Denim Expo because it is about more than just transforming denim; it's about redefining the very essence of the denim trend. We are breaking free from conventional norms and exploring uncharted territories to create a denim experience that is both visionary and transformative. From sustainable practices to cutting-edge design techniques, we are redefining what denim means in the modern era," said Mostafiz Uddin, founder and CEO of Bangladesh Apparel Exchange (BAE)
Unilever to cut 7,500 jobs and spin off its ice cream business, which includes Ben & Jerry's
Over 60 exhibitors from 11 countries such as Bangladesh, India, China, Pakistan, Turkey, Italy, France, Spain, Switzerland, Vietnam, Japan etc are set to attend the event.
Participant categories includes Fabric Mills Denim and Non-Denim, Garment Manufacturer, Washing Laundry, Accessories & Trims, Chemicals, Machineries or Technology, & Logistic etc.
An inaugural program, a series of panel discussions, a trend seminar & a trend zone planned for a two-day event. Worlds renowned speakers will share their insights in the discussions. Seminar topics will be focused on the theme “Reimagine”.
Japan and Bangladesh need to work more for better business environment: Japanese Ambassador
A unique innovative & upcoming trends product will be showcased in the trend zone. Visitors can get the opportunity to look up & gain knowledge on future denim trends in the trend zone.
Sabbir Ahmed appointed country manager of Visa Bangladesh, Nepal and Bhutan
Visa (NYSE: V), the global leader in payments, announced the appointment of Sabbir Ahmed as the Country Manager for Bangladesh, Nepal and Bhutan.
With over 27 years of rich experience in banking and payments across Bangladesh and Vietnam, Sabbir will now lead the market operations for Visa in the three countries, with a team based out of the Dhaka office, according to a press release on Wednesday.
With Sabbir Ahmed’s appointment, Visa reiterates its leadership and commitment to the Bangladesh market, along with Nepal and Bhutan. Visa has continually focused on introducing enhanced payment solutions for an increasingly digital Bangladesh. Visa has been instrumental in the expansion of contactless payments; it has also enabled consumers to pay directly through Visa cards on their wallets.
On his appointment, Sabbir Ahmed, Country Manager— Bangladesh, Nepal, and Bhutan, Visa, said, “I am excited to join Visa, a brand at the forefront of digital payments globally and in Bangladesh. In my new role, I look forward to playing a significant role in realising the vision of Cashless Bangladesh set out by the government.
We also aim to play a pivotal role in digital payments for Nepal and Bhutan. I believe we can work for and with the ecosystem to bring innovative digital-first payment solutions to consumers and businesses, that will increase the growth of digital payments in Bangladesh and adjoining markets.”
Sandeep Ghosh, Group Country Manager, Visa India & South Asia said, “We are delighted to welcome Sabbir Ahmed as our Country Manager for Bangladesh, Nepal, and Bhutan. Sabbir, with his strong professional achievements, diverse banking experience and deep market connections, will strengthen our leadership, drive business objectives and foster sustainable growth for Visa.”
Sabbir will be responsible for charting Visa’s business priorities in Bangladesh and other South Asian markets of Nepal and Bhutan. He and the local team will manage Visa’s relationships with clients, partners, regulators and ecosystem participants. He will also be a part of Visa’s leadership team for India and South Asia.
Sabbir Ahmed joins Visa from Standard Chartered Bank, Bangladesh, where he served as the Managing Director and Head of Wealth and Retail Banking. Previously, he held senior leadership positions at HSBC in Bangladesh and Vietnam and has worked for British American Tobacco (BAT). A well-known name in the banking circles of Bangladesh, Sabbir brings a wide range of expertise from both local and international markets in the banking and financial services.
FBCCI signs deal to establish joint business council with Qatar
The Federation of Bangladesh Chambers of Commerce & Industry (FBCCI) and the Qatar Chamber of Commerce and Industry (QCCI) have signed an agreement to establish a joint business council (JBC) to strengthen the economic ties and to enhance closer cooperation between Bangladesh and Qatar.
An agreement was signed in this regard in presence of the Prime Minister Sheikh Hasina and Qatar's Emir Sheikh Tamim bin Hamad Al Thani at the Karabi Hall of the Prime Minister’s Office in the capital on Tuesday (April 23).
FBCCI President Mahbubul Alam and QCCI Chairman Sheikh Khalifa Bin Jassim Al Thani have signed the agreement on behalf of their respective organizations. This initiative aims to facilitate continuous interaction between the business communities of the two countries to boost trade and economic cooperation.
FBCCI President Mahbubul Alam said that the establishment of JBC between Bangladesh and Qatar will open a new window of cooperation between the two nations.
“The business community of both the countries will be benefited under this agreement as they will be able to sit periodically to discuss issues of mutual interest in trade, business, scientific and research cooperation. At the same time, it will help Bangladeshi business community to explore the potential export market at Qatar and vice-versa,” he said.
According to the agreement, the JBC will provide a platform for businessmen and industrialists from Bangladesh and Qatar to engage in discussions and activities related to trade, investment, technology transfer, services, and other industrial sectors.
The JBC meetings will be organized alternately in Bangladesh and Qatar, and each side will have the opportunity to exchange information on trade, economic cooperation and services to augment business between the two countries.
The JBC will engage in activities such as exchanging information, submitting recommendations to respective governments, encouraging participation in exhibitions, and sponsoring missions and expert visits. Both sides will hold joint meetings to discuss issues related to trade promotion and economic cooperation. Sub-committees and task forces may be formed if necessary, according to the agreement, said a press release.
Bajus decreases gold price by Tk 3138 per bhori
The Bangladesh Jeweller’s Association (Bajus) on Tuesday decreased gold price by Tk3138 per bhori, fixing good quality 22-carat gold price at Tk 1,16,290 per bhori.
The apex body of gold traders changed the gold price for 6th time in April so far.
According to Bajus the latest price of gold was effective from 4pm on Tuesday (April 23).
Masudur Rahman, Chairman of the Price Determination and Price Monitoring Standing Committee of BAJUS issued a notification of the price cut on Tuesday.
As per the new price, per bhori (11.664 grams) of 22-carat gold will cost Tk 116290 per bhori as Tk 9970 per gram. Apart from this, the price of 21-gold has been set at Tk110995 per bhori, 18-carat gold at Tk 95143 per bhori, and the traditional method price set at Tk76586.
Though the price of gold has decreased, the price of silver has been kept unchanged. According to the category, currently, the price of 22-carat silver is Tk2100, 21-carat is Tk2006, 18-carat is Tk1715 and the price of traditional silver in traditional is Tk1283.
Lack of necessary banking channel main impediment to business with CIS countries, says CIS-BCCI president
A delegation of Commonwealth of Independent States-Bangladesh Chamber of Commerce & Industry (CIS-BCCI) led by its president Mohammad Ali Deen along with newly elected board of directors of the organisation met State Minister for Planning Md. Shahiduzzaman Sarker at his office in Sher-E-Bangla Nagar on Tuesday.
The CIS-BCCI president briefed the State Minister about various activities of the CIS-BCCI Chamber for promoting the trade and economic cooperation between Bangladesh and CIS Countries including Russia in a bid to diversify the export market to a third destination.
He, however, pointed out that at present the main impediment to business transaction between the Bangladesh and CIS countries is the lack of necessary banking channel.
He also emphasised that the Ministry of Finance, Ministry of Commerce and Bangladesh Bank can take appropriate steps for streamlining financial and banking cooperation between Russia and other CIS countries and Bangladesh.
He further emphasized on carrying forward objectives of the two protocols that had been signed at IGC (Inter-Governmental Commission) meetings between Bangladesh and Russia.
He especially mentioned Mutual Regulatory Cooperation, Harmonization of Trade Rules and setting up necessary infrastructures including warehouses and distribution networks.
The State Minister appreciated the role of CIS-BCCI and emphasised on exploring huge market of CIS countries including Russia to enhance Bangladesh’s export basket and competitiveness.
He assured of all out support from his ministry in this respect.
He also suggested a detailed action plan, both short term and long term, for augmenting trade links with CIS countries.
President of CIS-BCCI informed that CIS-BCCI delegations, since 2015, are regularly attending St. Petersburg International Economic Forum (SPIEF) being held every year under the leadership of President Vladimir Putin.
CIS-BCCI works as a South Asian Partner of ROSSCONGRESS that organizes this mega economic event every year. This year also CIS-BCCI is hopeful to join SPIEF scheduled to be held during 5-8 June, 2024 and requested him to participate if invitation is received from SPIEF.
CIS-BCCI Vice President Jadab Debnath, Directors Abdul Latif Sarker, Md. Enamul Haque, Khan Md. Iqbal, Adviser Mr. Mahbub Islam Runu and Secretary of the Chamber Mustafa Mohiuddin were present on the occasion.
Chinese SBS Zipper sign deal to invest US$ 19.97 million in BEPZA Economic zone
Chinese company SBS Zipper Bangladesh Ltd is going to invest US$ 19.97 million to set up a garment accessories manufacturing industry in BEPZA Economic Zone.
Bangladesh Export Processing Zones Authority (BEPZA) signed an agreement with the company to this effect at BEPZA Complex, Dhaka on Tuesday..
In presence of BEPZA Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman, Member (Investment Promotion) of BEPZA Ali Reza Mazid and CEO of SBS Zipper Bangladesh Ltd Weifang Shen signed the agreement on behalf of their respective sides.
This Chinese company will produce annually 271 million pcs of Metal Zipper, Nylon/Plastic Zipper, Slider/Chain/Zipper Parts/Tapes, Plastic Button, Button Parts and Mould where 2063 Bangladeshi nationals will get employment opportunities, said a press release.
SBS Zipper Bangladesh is a concern of SBS Zipper, one of the biggest global Zipper manufacturers, ranks first in China and second in the world for Zipper production.