local-business
Role of accounting profession important for fair spending: Mannan
Planning Minister M.A. Mannan emphasized on developing skilled accounting professionals in the country to meet growing demand in this sector.
He also highlighted the role of cost and management accounting (CMA) professionals in terms of fair spending and management of large as well as multinational companies.
Read:Bangladesh Bank announces 4 pc export subsidy on bicycle, cement sheet, and MS steel
The minister was addressing a discussion meeting on the occasion of “International Accounting Day” organized by the Institute of Cost and Management Accountants of Bangladesh (ICMAB) on Wednesday) night.
Comptroller and Auditor General of Bangladesh (CAGB) Mohammad Muslim Chowdhury and A. K. M. Delwer Hussain FCMA, President SAFA, Past President and Council Member, ICMAB attende the program as special guests.
Muslim Chowdhury said that the accounting profession is facing challenges and hoped comprehensive reporting system will come soon.
The new generation has to take up the challenges and adopt at modern accounting, he said.
Marking the day, the ICMAB arranged a get together in its office building in Dhaka where former presidents, council members, members, students and institutes employees attended in this occasion.
Read: Soaring gas prices: Demand and supply management ‘getting tough’
AKM Delwer Hussain sought the cooperation of the government in expanding the scope of cost audit.
Abu Sayed Md. Shaykhul Islam FCMA said that the accounting reports have to be transparent. It also needs to understand the Digital Transformation.
Biggest Sale of Daraz 11.11 begins
The most awaited biggest one-day sale 11.11 of Daraz, country’s largest online marketplace Daraz Bangladesh(daraz.com.bd) began on Thursday.
Bangladesh-a concern of Alibaba Group and country's largest online marketplace is hosting the one-day shopping campaign, 11.11, for the 4 th time in a row with amazing discounts, prizes, and lucrative offers, said a press release.
The online festival is being celebrated across the world, including in five South Asian countries - Bangladesh, Sri Lanka, Nepal, Myanmar and Pakistan -- where Daraz operates.
Read: Daraz all set for biggest One-day Sale Campaign
Daraz is offering unique discount opportunities, vouchers, best deals, flash sales, and many more attractive features through the 11.11 campaign. The former captain of the Bangladesh National Cricket Team, Tamim Iqbal inaugurated the campaign today at 12:00 AM on “Daraz 11.11 show”. The one-day sale event will provide a great shopping experience with more than twenty-five million products at massive discounts. The noteworthy attractions include Mystery Box, Surprise Voucher, Shake Shake, Seller Double Taka Voucher, Flash Sale, and 11 O'clock Deals.
The best 5 deals of 11.11 are:
1. Realme C25S -4GB/128GB only at BDT 14,918
2. Amazfit GTS 2 Smart Watch only at BDT 11,990
3. Sharp Washing Machine only at BDT 24,490
4. Sharp SJ-EK341E-Top Mount Refrigerator-272 Litre silver only at BDT 53,010
5. Samsung Microwave Oven only at BDT 7900.
Read Daraz 12:12 campaign: 'Realme becomes top-selling smartphone brand' Daraz 12:12 campaign: 'Realme becomes top-selling smartphone brand'
Exclusive Launch:
There will be an exclusive mobile launch during the 11.11 campaign. Realme Narzo 50i launching Flash
Sale will start on 11th Nov at 12.01 am. The market price of the phone is BDT 10,990 but the customers can get the phone at BDT10,090 exclusively only on Daraz. They can avail an additional 20% off on Pre-payment (T&C Apply).
Hourly Attractions and Vouchers:
During the campaign, 11 O'clock Deals will only be available at 11:00AM and 11:00PM. There will be the “I Love Voucher” offer for the shoppers, which can be obtained to buy products with discounts ranging from BDT 50 to BDT 7500 all day during the campaign. Fashion mega vouchers will be available from 1:00PM to 2:00PM where customers will get 250Tk off on 3000 Tk (minimum purchase). From 2pm to 3pm there will be Global collection vouchers where customers can get upto 1000 TK discount (minimum purchase BDT 1000). From 3:00PM to 4:00PM there will be a Daraz Mall voucher where customers can get up to 1500 TK discount (minimum purchase 1000). From 4:00PM to 5:00PM there will be a Surprise Voucher with limited quantity. The most awaited 11TK Mystery Box will be available at 5:00PM to 6:00PM. “Buy More, Save More” consists of a 10% discount (maximum 1200 TK) on selected products which will be available from 6:00PM to 7:00PM. In addition, consumers can also win prizes like realme C25Y phone HungryNaki 25% off voucher, hoichoi subscription and seller double taka voucher by simply shaking their phones between 7:00PM to 8:00PM. Flash Voucher is available from 8:00PM to 9:00PM where there will be an 8% discount up to 1000 TK.
Read Daraz all set for biggest One-day Sale Campaign
Moreover, from 9pm to 11pm there will be a Happy Hour segment consisting of up to 5,800 TK discount.
Moreover, using these vouchers will help to avail more discounts on already discounted products. Customers can purchase their favorite products from the Daraz app by using these vouchers at their convenience।
Payment partner discount -
Customers can avail further special offers during the campaign which are solely offered by our payment partners. The payment partners of this year’s 11.11 campaign are bKash, BRAC Bank, City Bank, Eastern Bank, HSBC, LankaBangla Finance, Prime Bank, Southeast Bank, and Standard Chartered Bank.
On this occasion, Syed Mostahidal Hoq, Managing Director, Daraz Bangladesh, said, “The previous 11.11 campaigns have been extremely successful for us, and we are confident for this one as well. We hope to offer the customers an enhanced online shopping experience with the unique campaign and discount opportunities.”
Read Daraz 12.12 campaign: Realme announces up to 12% discount
The diamond sponsors of the 11.11 campaign are Apex, Dettol, Esquire Electronics, LUX, realme, and Studio X. Bata, Dekko, Fabrilife, Harpic, Lotto, Motion View, P&G, and Parachute Naturale Shampoo are the platinum sponsors of the campaign. The gold sponsors are Bruno Moretti, Fantech, Focallure, Godrej, Haier, Lee Cooper, Logitech, Ribana, Rongon Herbals, SSB Leather, TP-Link, and Transcend. Additionally, Binge, Xtra gift cards, Tourison, Novem Eco Resort, Robi Elite, MyGP, and MyBL are the event partners of the campaign.
Bangladesh Bank announces 4 pc export subsidy on bicycle, cement sheet, and MS steel
Bangladesh Bank has announced 4 per cent cash subsidy on exporting cement sheet, bicycle and its parts, MS steel and tea to encourage exporters.
The exporters of Specialized Zone (BEZA, BEPZA and Hi-tech Park) will enjoy the facility under this programme, said central bank notification on Wednesday.
Read: Bad loans bite Bangladesh banks hard
The exporters will get 4 per cent subsidy for exporting products of which local minimum value addition margin is not less than 30 per cent.
The subsidy would be provided on the basis of product shipment during fiscal 2021-22. The exporters would get the money from the Authorized Dealers (Ads) bank after submitting dues documents. They have to apply separately for separate chalan and shipment.
All the products will be eligible to get export subsidy when 30 per cent of them is made at company’s own factory, the circular stated.
The exporting firm or any individual can claim the cash benefit by submitting applications within 180 days of receiving the export proceed in the nostro accounts.
Read:Bangladesh Bank tops Cyber Drill 2021
At present, some 38 locally-produced items have been get the cash incentives against the export at different rates one per cent to the highest 20 per cent. The current incentives for these items will continue.
Economists believe that the latest initiative will help increase export volume of Bangladesh.
But they said the desired target would not be achieved without a fair distribution method of export cash subsidy.
CPD for reinstating previous fuel prices
The Centre for Policy Dialogue (CPD) has suggested the government to reinstate the earlier prices of fuel considering it ‘a strategic commodity’.
“We recommend the government to reinstate the previous rates of fuel as an immediate step to maintain stability,” said Dr Fahmida Khatun, executive director of CPD, said at a press briefing on Wednesday.
Read:Fuel price hike a fresh blow to Covid-hit economy: Experts
The social think-tank body arranged the press briefing on the impacts of petroleum fuel price hike.
Fahmida said that the hike in fuel prices has pushed the masses towards an unbearable situation and created a pressure on overall stability as many things are linked to fuel prices.
CPD distinguished fellow Prof Mustafizur Rahman, director Dr Khondaker Golam Moazzem and other directors spoke on the occasion.
Prof Mustafizur Rahman said the decision to raise fuel prices is unethical from all points of views-economic, social and political.
“People have been struggling to survive the Covid-19 impacts as their incomes have come down. At this stage, such a step is not a positive move for the economy,” he told reporters. He also said the 26.5 percent increase in bus fares against the 23 percent rise in fuel price is totally unjustified when fuel covers only 40 percent of the total cost of a bus.
In that calculation, maximum 10 percent bus fare could have been increased, he added.
Dr Golam Moazzem said the government could easily cover its possible losses of Tk 7,200 crore without increasing the prices by withdrawing 34 percent taxes on petroleum import.
Read:Fuel price hike: transporters to go on indefinite strike from Friday
He noted that the government has a plan to earn Tk 7808 revenue from the taxes on import of petroleum fuel.
“If the taxes are withdrawn, the income will not come. Otherwise, there will be no loss on the part of the government, but people will get a big relief,” he added.
Soaring gas prices: Demand and supply management ‘getting tough’
The escalating price of liquefied natural gas (LNG) has put the Energy and Mineral Resources Division into a “trouble” over its demand and supply management following the diesel and kerosene price hike.
According to official sources, top policymakers are now weighing different options, including further upward adjustment in gas price, enhancing LNG import from long-term contracts and increasing local gas production.
Also Read: Bangladesh faces biggest challenge in managing affordable fuel: Experts
"But There’s no easier option for the government to find a suitable solution to manage the situation, particularly in 2022,” said a top official at the Energy and Mineral Resources Division, wishing not to be named.
Eminent energy expert Dr M Tamim, a professor at Petroleum and Mineral Resources Engineering Department of Bangladesh University Engineering and Technology (Buet), said there is little option for the government to pursue without an upward readjustment in the gas price as there is an indication that the higher energy price will continue in the coming days until the end of 2022.
“There should have been a thorough analysis of energy prices. Also, steps like increasing the LNG import from long-term contracts should have been taken much earlier. But the policymakers missed those opportunities when the LNG price was much lower on the international market,” he told UNB.
Official sources said the government is planning to send a team, headed by senior secretary of the Energy and Mineral Resources Division, to Qarar and Oman to manage the increasing import of LNG from long-term contracts.
The government has long-term contracts with the two nations to annually import 2.5 million metric tons of LNG from Qatar and 1.5 million MT from Oman. It also imports another 1.5 million MT from the international spot market to meet the growing demand for natural gas.
Also Read: Private operators’ LPG: Price goes up again
Currently, the sources said, the import of LNG from long-term contracts is preferable for the government as its cost is about $10 per million MMBtu, which is almost static, while the import from spot market cost $36.60 MMBtu which is dynamic or fluctuating.
They said the government wants to increase the LNG import by 2.2 million MT annually from a long-term contract to raise the total import to 7.2 million MT from the current 5 million MT.
“It’ll result in a daily increase of imported LNG to 1,000 MMCFD in place of the current 640.7 MMCFD,” said a source as the country’s re-gasification capacity is 1,000 MMCFD.
Bangladesh’s current demand for natural gas is 4,000 million cubic feet per day (MMCFD) while it could supply a maximum 3041.1 MMCFD. Of this, local production is 2400.4 MMCFD and imported gas (LNG) is 640.7 MMCFD.
On the other hand, the sources said, the government is trying to increase the local production by 100 MMCFD from three gas fields—Koilashtila, Bianibazar and Haripur -- by conducting exploration and work-over wells, said Petrobangla director (planning) Ali Iqbal Md Nurullah.
“We’re making our best efforts to enhance local gas production by at least 100 MMCFD,” he told UNB.
Dr. M Tamim is, however, not that much hopeful of Petrobangla's immediate success in boosting local gas production. “This is a very time-consuming step which is unlikely to make any headway.”
Meanwhile, the Energy and Mineral Resources Division has asked its officials to calculate the financial loss and its possible impact from the LNG import at a much higher price.
Also Read: Hamid says fuel prices to fall in line with global market
The government had to import LNG at $36 per million MMBtu last month which was below $10 per MMBtu early this year.
Official sources said the Energy and Mineral Resources Division has also asked Perobangla and its subordinate gas distribution companies to prepare a proposal on readjustment of gas price.
They said the proposal will be discussed with top policymakers and then, if any green signal is found from top level, it will be sent to the Bangladesh Energy Regulatory Commission (BERC) for public hearing.
About this move, Dr Tamim said, now the government has actually no more option but to readjust the gas price as it already raised the prices of diesel and kerosene.
It was not a pragmatic decision to hike diesel and kerosene prices as it will have multiple effects on many sectors, including transport, power and agriculture, as they are dependent on such primary fuel. “It’s not a good step at this point of time when the economy has just started making a recovery,” he said.
The price of natural gas was last increased on June 30, 2019 when the monthly price of gas for household users was raised Tk 975 from Tk 800 for double burner users and Tk 925 from 750 for single burner users.
The price of gas for pre-paid household consumers was increased to Tk 12-60 per cubic meter while the price of CNG was fixed at Tk 43 per cubic metre.
The gas price for power plants and fertilizer factories was fixed at Tk 4.45 per unit while the rate was fixed at Tk 23 per cubic meter in the commercial consumers, Tk 13.85 per cubic meter for captive power plants, Tk 10.70 per cubic meter in industries and tea gardens and Tk 17.04 per cubic metre in small and cottage industries.
Daraz all set for biggest One-day Sale Campaign
Daraz Bangladesh (https://www.daraz.com.bd/) has recruited 400+ customer & partner support executives for its biggest one-day sale campaign “Eleven Eleven” (11.11) to provide the best customer and seller support.
The new batch of executives have boosted the pipeline of Daraz’s CS and PSC (Customer Service and Partner Support Center) units, which are acknowledged under the name – “Delight Squad” with the tagline Always Here For You, said a press release.
Also Read: Al-Arafah opens sub-branch in Munshiganj's Mawa
Extensive trainings have been provided to the entire Delight Squad, ensuring their instant support across all channels and utmost comfort to the customers and sellers throughout the 24-hours’ shopping extravaganza. The employees have also been equipped with all necessary information to deliver a prompt response to queries and log complaints whenever necessary to streamline the channels. The Issue Resolution Team is similarly decked up with necessary resources to cater to customer and seller issues at full capacity.
Also Read: SMEs, women-led enterprises need access to stimulus loans
In addition to such foolproof preparation, Daraz’s own smart chatbot “DAZ” shall remain on standby with all its features to support customers with all the information regarding the 11.11 Campaign, tractions, and prepayment offers – 24x7.
Al-Arafah opens sub-branch in Munshiganj's Mawa
Al-Arafah Islami Bank opened a sub-branch at Mawa, Lohajang of Munshiganj Sunday.
Md Harun-Ar-Rashid Khan, director of the bank, inaugurated the new sub-branch as chief guest. Md Monir Hossain, head of Dhaka South Zone, was present, according to a media statement.
Businessmen Md Rashidul Haque Munna, Ataur Rahman, Motahar Uddin Ahmed; General Secretary of Lohajang Press Club Manik Mia also joined the event, and Lohajang Branch Manager Zakiullah Siddique presided over it.
"Al-Arafah Islami Bank was established not for making a profit by doing business but for the welfare of society," Harun-Ar-Rashid said.
Daraz Express celebrates 3rd anniversary
E-commerce platform Daraz celebrated the third anniversary of its digitalised logistics arm Daraz Express (DEX) this month.
DEX was launched in 2018 with a vision of providing speedy deliveries across the country.
Since its launch, DEX saw rapid growth by delivering close to 3 lakh packages daily, according to a media statement.
Now DEX supports over two-thirds of the deliveries purchased on Daraz's platform and employs close to 5,000 DEX Heroes.
Daraz founder and CEO Bjarke Mikkelsen said, "DEX was launched to provide a more seamless and integrated service for both sellers and customers and open up commerce across the region."
"This is an important milestone for our business, and DEX has been a huge success. It has grown significantly over the past three years with more than 240 logistics facilities across South Asia, enabling us to deliver over six million packages each month."
BYLC Ventures opens applications for fourth cohort
After completing three cohorts, BYLC Ventures started taking applications for its fourth cohort from November 1.
The start-up accelerator programme, which aims to provide support beyond funding to aspiring start-up founders, is looking for young entrepreneurs with dynamic ideas who can add value to the economy of Bangladesh.
The winning teams of Cohort 4 of BYLC Ventures will receive seed funding of Tk8 lakh with the option of a further Tk15 lakh in additional investment.
The teams will also have access to a co-working space, mentoring, and a rigorous accelerator curriculum for six months.
With a vision to help passionate young founders with their big ideas, BYLC Ventures was launched in 2019.
The business accelerator training's goal is to fund Bangladesh's most promising founders, and support their leadership capabilities, business acumen, and help validate their big ideas.
It provides a set of acceleration support, including commercial space to work from, customised business training led by successful CEO-turned-mentors, and a suite of professional support such as legal, accounting, and corporate governance.
Sixteen start-ups have graduated under the BYLC Ventures programme and have created employment opportunities for over 250 people, and generated combined revenue of more than Tk2 crore.
"Financial and legal compliance are big hiccups for any start-ups in Bangladesh," said Barisha Rabbe, manager of BYLC Ventures. "BYLC Ventures provides aspiring entrepreneurs the mentorship needed to get past these hurdles and to grow and scale into sustainable ventures."
The application window for the fourth cohort is open until November 25.
Islami Bank holds webinar on fintech
Islami Bank Bangladesh Limited organised a webinar on "FinTech: Shari'ah Perspective" Saturday.
Professor Md Nazmul Hassan, chairman of the bank, addressed the programme as chief guest.
Mohammed Monirul Moula, managing director and CEO, presided over the webinar. Dr Md Manzur-e-Elahi, a member of the Shari'ah Supervisory Committee, presented a paper on the topic.
Dr Tanveer Ahmad, director, Professor Mohammad Gias Uddin Talukder, chairman, Professor Mohammad Abdus Samad, member secretary, of Shari'ah Supervisory Committee; IBBL additional managing directors Muhammad Qaisar Ali and Md Omar Faruk Khan, and Deputy Managing Director Taher Ahmad Chowdhury discussed the topic as panel discussants.
Professor Dr Md Salim Uddin, chairman of the executive committee, Mohammad Solaiman, chairman of the audit committee, Major General (retd) Abdul Matin, chairman of the risk management committee; IBBL directors Md Joynal Abedin, Professor Qazi Shahidul Alam, Syed Abu Asad, Professor Mohammad Saleh Jahur, Professor Md Fashiul Alam, Khurshid-Ul-Alam and Mohammed Nasir Uddin spoke at the event.
Mufti Sayeed Ahmad, vice-chairman, Dr Md Ruhul Amin Rabbani, member additional secretary, the Shari'ah Supervisory Committee members Dr Hasan Mohammad Moinuddin, Professor Mozahidul Islam Chowdhury, Dr Muhammad Saifullah, Mufti Mohammad Muhibbullahil Baqee and Mohammad Harunar Rashid also addressed the webinar.