United News of Bangladesh

Bangladesh Bank (BB) has issued a detailed guideline regarding the appointment and responsibilities of the Managing Director (MD) and Chief Executive Officer (CEO) of a bank. Banking Regulation and Policy Department of BB issued the guideline on Tuesday and sent it to the top executives of all banks for immediate execution.The introduction of the guidelines states that to ensure good governance in the banking sector, it is necessary to appoint a suitable, professionally competent, and experienced managing director or chief executive officer.Bank companies are facing greater challenges in operational management along with managing business and technical risks than ever before. In this context, there is a need to issue clear instructions regarding the appointment of the managing director or chief executive officer of the bank, said the instruction.

State Minister for Expatriate Welfare and Overseas Employment Shafiqur Rahman Chowdhury on Tuesday said the purchasing capacity of public has increased although the price of local products has increased slightly. The state minister, on behalf of Commerce State Minister Ahsanul Islam Tito, said this in Parliament while responding to a question of Opposition Chief Whip and Jatiya Party MP elected from Kishoreganj Mujibul Haque Chunnu. He said that the government is committed to bringing the prices of daily essentials within the purchasing capacity of common people.  Commodity prices continue to rise before Ramadan compounding consumer woes The government is constantly working relentlessly to this end, he said.  He mentioned that a large portion of the daily essentials is produced in the country.  “Generally we import edible oil, sugar and spice products. While determining the prices of imported goods international market value, transportation costs and other related matters are considered,” he added. Electricity price to go up from March 1: Nasrul

The deadline for companies to submit income tax returns has been extended to April 30, 2024. The previous deadline for filing income tax returns for companies was February 28. The National Board of Revenue (NBR) extended deadline on Tuesday following an application from Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) for time extension. NBR will go after house and flat owners for not filing returns; NBR Chairman The second secretary of the NBR Bapon Chandra Das issued a notification in this regard. The income year of most companies in the country is in line with the fiscal year (July to June). Banks, insurances, financial institutions, and multinational companies fix the income year according to the calendar year (January-December).

Bangladesh has sought the cooperation of the International Islamic Trade Finance Corporation (ITFC) to modernise the power distribution and transmission system. The cooperation may extend to up to $500 million initially.  State Minister for Power, Energy and Mineral Resources Nasrul Hamid sought the cooperation when Chief Executive Officer of International Islamic Trade Finance Corporation (ITFC) Engineer Hani Salem Sonbol called on him at his office in the ministry. “We want to provide uninterrupted electricity at an affordable price. ITFC can assist in modernization of distribution and transmission systems,” he told the ITFC chief. During the meeting various issues related to their mutual interests were discussed. The State Minister thanked the CEO of the ITFC and expressed willingness to work together to increase the existing relationship. Nasrul Hamid said the size of Bangladesh's economy is gradually growing. Govt raises gas prices for power plants by Tk 0.75 per unit He noted that there are huge investment opportunities in the ongoing and planned projects in Bangladesh. The Chief Executive Officer of ITFC said his organisation is interested in increasing the strategic partnership with Bangladesh. Along with oil, ITFC will also finance the import of LNG. Initially $500 million but it can be increased gradually, he added. Different issues including oil refineries, oil and gas transportation pipelines, energy-efficient electricity, and renewable energy were discussed for investment and financing in the meeting. Energy and Mineral Resources Secretary Md Nurul Alam, Petrobangla Chairman Janendra Nath Sarkar and ITFC General Manager Abdihamid Abu were present on the occasion.  

Jatiya Press Club General Secretary and Daily Bhorer Kagoj Editor Shyamal Dutta on Tuesday said newspapers are loosing their appeal globally with the dominance of digital media and feared about its future after 10-12 years. He, however, encouraged the journalists to keep engaged in creative  writing and reading more apart from their journalistic works. "It's very essential to remain engaged in creative writings. At any cost, we must find out time to keep writing and reading more," said Shyamal Dutta who has an experience of around 40 years in journalism. He was speaking at function at the Ministry of Foreign Affairs hosted by the Diplomatic Correspondents Association, Bangladesh (DCAB) to honor its two members Rased Mehedi (Facebook E Dekhi Chand) and Mahfuz Mishu (Dhaka Talks) who come up with their books in this year's book fair. Chairman of Bangladesh International Institute of strategic Studies (BIISS) and former Ambassador AFM Gousal Azam Sarker spoke at the event as the chief guest. Sarker highly appreciated DCAB members' active engagement in creative writing and encouraged others to write. DCAB President Nurul Islam Hasib and General Secretary Ashiqur Rahman Apu also spoke at the event. Shyamal  Dutta said the new generations are not reading newspapers much but depending on digital contents. The JPC leader appreciated the efforts made by journalists Rased Mehedi and Mahfuz Mishu and encouraged them to continue writing. Later, the guests handed over crests and certificates to the two journalists. Rased Mehedi and Mahfuz Mishu also shared their experiences at the function.  

The government has raised the retail gas prices for public, private and captive power plants by Tk 0.75 per unit with effect from February 1. As per a gazette notification, dated on February 25, the public and private power plants, including the rental ones, have to pay Tk 14.75 instead of 14 per unit of gas while the captive, small and commercial power plants have to pay Tk 30.75 instead of Tk 30 per unit. Gas supply to remain halted for 15 hours in parts of Dhaka Wednesday The Energy and Mineral Resources Division set the prices through an administrative order applying the new amendment to the Bangladesh Energy Regulatory Commission (BERC) Act, which empowered the government to set all kinds of energy prices bypassing the regulator’s jurisdictions any time. Gas prices for such consumers were last raised on January 18 in 2023 with effect from February 1 of 2023. Official sources said the decision to raise gas prices came in line with State Minister for Power, Energy and Mineral Resource Nasrul Hamid’s recent statement where he said that gas price will be adjusted again.  

Gas supply will remain suspended for 15 hours from 9 am to 12 pm on Wednesday in different areas of Dhaka city for emergency replacement and relocation of gas transmission lines under the Dhaka Elevated Expressway Line alignment. According to Titas Gas Transmission and Distribution Company Limited, the areas include Moghbazar, Madhubagh, Tejgaon, Hatirjheel, Madhubagh, Gabtoli, Greenway, Payarabagh, Eskaton and Dilu Road. Govt raises gas prices for power plants by Tk 0.75 per unit The gas supply will remain off for all kinds of consumers in these areas while consumers in adjoining areas may experience low pressure in gas supply, said the Titas Gas regretting the inconveniences during the period. Gas supply remained suspended for three hours from 11am to 2pm in the same areas on Tuesday for emergency repair of gas transmission lines. Besides ,Titas Gas Transmission and Distribution Company said gas supply will remain suspended for five hours from 10 am to 3 pm in East Jurain, Postgola, Kadmatoli Cantonment, Jatrabari, Muradpur, High School Road, Madrasa Road, Keraniganj and Jinjira on Wednesday. Electricity price to go up from March 1: Nasrul The consumers in the adjoining areas will experience low gas pressure area during that time,it said.

State Minister for Power, Energy and Mineral Resources Nasrul Hamid on Tuesday said power tariff will go up with effect from March 1. The power tariff might increase between Tk 0.34 and Tk 0.70 per unit, he said while talking to reporters at his office in the Power and Energy Ministry. This step is being taken as part of the government move to come out of the subsidy now being given to the power sector, said the minister. Dhaka’s air 2nd worst in the world this morning He also indicated that there might be an adjustment in the gas price as well keeping consistency with price in the international market. The government last increased the electricity tariff in March last year. According to the BPDB’s Annual Report 2022-23, the fiscal year saw the production of 87,024 million kilowatt hours of electricity at a total cost of TK 98,646 crore.    Its per unit production cost was Tk 11.33, while it was selling electricity at Tk 6.7 per unit — incurring a loss of about Tk 4.63 per unit. This imbalance has led to a staggering loss of Tk 47,788 crore for the fiscal year, as the government grapples with purchasing power from private and international sources at significantly higher rates. With this huge loss, the government has been facing great trouble as it has to purchase electricity worth Tk 82,778 crore from private sector power producers, while it generates electricity worth Tk 13,307 crore from its own generation plants. Building Climate Resilient Livelihoods project launched with inception workshop The annual report also shows that the BPDB’s average per unit production cost from its own plants is Tk 7.63, while it is Tk 14.62 at the independent power producers or IPPs (private sector), at rental plants Tk 12.53, at public plants Tk 6.85, and imported power from India at Tk 8.77. The government purchases electricity from the private sector and India in dollars. 

The government on Tuesday appointed Justice Md Abu Ahmed Jamadar as the new chairman of the International Crimes Tribunal (ICT). Justice Abu Ahmed, now a member of the tribunal, will replace incumbent chairman Md Shahinur Islam, said a media release signed by the Law, Justice and Parliamentary Affairs Ministry’s Secretary Md Golam Sarowar on Tuesday. REHAB election to be held on Tuesday Justice Shahinur will move the High Court from the ICT as he had expressed willingness in this regard, said the release. Besides, District and Sessions Judge AHM Habibur Rahman, who is now on post-retirement leave (LPR), has been appointed as a tribunal member. Justice KM Hafizul Alam, another member of the tribunal, will remain unchanged, the release said. 

A fire broke out at a sawmill in Uttar Badda of Dhaka early today. Rashed Bin Khalid, duty officer of Fire Service and Civil Defence (FSCD) headquarters media cell, said the fire broke out at the sawmill around 3:55 am, spreading fast to adjoining shops. On information, six firefighting units rushed to the spot and brought the flames under control after two hours, he said. The fire was fully extinguished around 7:55 am, the fire service officer said. The origin of the fire and extent of the damages could not be known immediately, he added.