Business
IBBL Rangpur holds agent banking conference
Rangpur Zone of Islami Bank Bangladesh Limited (IBBL) recently organised the "Agent Banking Business Development Conference" and "Workshop on Prevention of Money Laundering and Terrorist Financing."
At Parjatan Motel in Rangpur, Md Omar Faruk Khan, additional managing director of IBBL, addressed the conference as chief guest Tuesday.
Read: First-ever Jewellery Expo kicks off on March 17
Abu Sayed Md Idris, IBBL executive vice-president and head of Rangpur Zone, presided over the programme.
Executive vice-presidents ASM Rezaul Karim and Md Shamsuddoha also spoke at the event.
Sikder Group signs MoU to export shrimps, other products to European market
Sikder Group has signed a Memorandum of Understanding (MoU) with the Private Office of Sheikh Ahmed Bin Faisal Al Qassimi to export shrimps and other commodities to the European market and the UAE- based mega projects.
Ron Haque Sikder, Managing Director of Sikder Group of Bangladesh and Thomasz Zaleski, Chairman of The Private Office of Sheikh Ahmed Bin Faisal Al Qassimi, signed the MoU at the Bangladesh Economic Forum 2022 held at Ballroom MovenPick Grand Hotel Al Bustan Dubai on Thursday.
Read: FBCCI to establish UAE -Bangladesh Joint Council in Dubai
Salman F Rahman, Private Industries and Investment Advisor to Prime Minister Sheikh Hasina, was present on the occasion.
USAID launches $5 mn project to empower women in RMG factories
US Agency for International Development (USAID) has launched a $5 million project titled “Women Thrive in Bangladesh” to empower women who are working in readymade garment factories in Bangladesh.
With the US government support, CARE Bangladesh will implement the new project and expand professional development opportunities for over 100,000 women working in sector by equipping them with market-oriented leadership skills.
Read USAID: Some structural issues to be fixed in Bhasan Char
Reciprocity Ring: How can it improve an organization and individual career?
It may seem as if the only way to advance in business and the workplace is to stick your noses to the grindstone and concentrate entirely on yourself. Despite this common assumption, the contrary is true. Being kind and seeking assistance in the job results in faster promotions, more money, and a more fulfilling lifestyle. A comprehensive idea has been developed around this notion, which has become known as the "Reciprocity Ring."
What is a Reciprocity Ring?
Professor Wayne Baker, a sociologist at the Ross School of Business at the University of Michigan, and his wife Cheryl Baker, CEO of Humax, invented the reciprocity ring idea. It is based on the principle of generalized reciprocity, a very effective method of spreading appreciation.
Reciprocity rings happen when a person gets assistance from another, but instead of repaying the person who assisted them, they assist another or "pay it forward." Considering the "Kidney Chain" can be a great example.
Read 10 Greatest Female Entrepreneurs of the 21st Century
In 2009, Matt Jones of Michigan wanted to give a kidney to a complete stranger just for the sake of doing so. Barbara, a Phoenix resident, was terminally ill with renal illness. Jones' kidney was instrumental in saving her life. Ron, her husband, would have given one of his kidneys to her, but their blood types were incompatible. He was, however, so appreciative that he gave one of his kidneys to another stranger, whose folks were similarly appreciative. And so, it continued to grow into the world's longest-running transplant chain, transforming the lives of twenty individuals.
How does the Reciprocity Ring Work?
The simple act of assisting someone drives the individual receiving assistance to assist others. He examined two mechanisms for encouraging generalized reciprocity in his work, "Paying it Forward vs Rewarding Reputation: Mechanisms of Generalized Reciprocity." One method was to reward reputation, which means that peers watch one another inside their organization, assisting those who assist others and refusing to assist those who do not.
Read What is Self Serving Bias? How Can it Damage Your Career, Creativity, Potentials?
The second way was the "pay it forward" mechanism, which happens organically when members of an organization assist third parties only as a result of their own assistance. Baker discovered that paying people based on their reputation had a bigger and longer-lasting impact than rewarding those based on their generosity. Thus, the most durable method of promoting widespread reciprocity is to foster a "pay it forward" mentality. Paying it forward is a natural process, but it requires a catalyst. This catalyst may take the shape of activities such as a reciprocity ring, a planned and led activity that can get things started.
How Can Reciprocity Ring Improve an Organization?
While all sorts of organizations may benefit from the Reciprocity Ring, tiny groups stand to gain the most from it. The ideal groups will have a maximum of 25 members. If a request is not completed, it may be sent to bigger or other groups within the organization.
Read Sunk Cost Fallacy: Why It's Better to Forget the Past
Another critical function of a reciprocity ring is to help individuals overcome their anxiety of asking for assistance. They are fearful of seeming weak and often greatly misjudge how ready others are to assist. According to studies, respondents overestimated by 50% the number of people they planned to approach in order to get a particular amount of agreement to a request.
Additionally, the researchers discovered that orally requesting a favour was more successful than passing out a leaflet with an identical request. As a consequence of the introduction of the reciprocity ringStudents exploited their newfound contacts and resources to organize managing groups for employees looking to brush up on finance, mock interview groups in preparation for recruiting, etc.
Read Why Do You Need a Purpose In Life?
When researchers see how helpful individuals can be, they gain confidence in their ability to assist others. Since the exercise, individuals have helped their peers when necessary. For these reasons, organizations should make every effort to foster an inquiring culture. Additionally, such an approach might assist businesses in addressing gender imbalances. According to Linda Babcock of Carnegie Mellon University, males are more inclined than women to ask for what they want. Equalizing the playing field via a universal "asking" culture may encourage women to go forward.
A reciprocity ring may be a low-cost approach of identifying undiscovered resources and connecting the many connections between workers and other stakeholders for the ever-leaner organization and those confronted with new problems and possibilities. Reciprocity is about both providing and receiving assistance, and organizations are using reciprocity rings to tap into the different resources and generosity available to them.
Read Law of Attraction: Ways to Manifest Your Dreams
An Example of Reciprocity Ring: Real Scenario
In organizations, the activity may provide realized values ranging from $150,000 to $480,000. Hodge adapts the activity to EMBA career development in order to assist students in honing their networking skills. It begins with each EMBA student submitting a request to the board. The other students attentively listen to the student at the front of the class, ponder how they or someone they know may help, and scribble down their potential contribution on a piece of paper.
After all students have described their demands, they step up one by one to discuss their prospective offers of aid. They compare their contribution notes to the request notes written on a board by each kid. Finally, each student is responsible for following up on support offered in order to get their desire honored.
Read What makes a Great Manager: Know the Qualities and Skills
Conclusion
When a group comes together with the intention of giving, the manacles of perception are lifted and replaced with a benevolent disposition. According to research, almost 90% of all giving exchanges at work occur in response to a direct request for assistance. Because the Reciprocity Ring's culture encourages giving, it reduces the inhibition to give.
Yet another 4-decade inflation high is expected for February
Consumer inflation in the United States likely set another 40-year high in February — and it won’t even reflect the oil and gas spikes of the past week, which will likely catapult prices even higher in coming months.
Energy prices, which soared after Russia’s invasion of Ukraine on Feb. 24, jumped again this week after President Joe Biden said the United States would bar oil imports from Russia.
A report Thursday from the government is expected to show that consumer inflation leapt 7.9% in February compared with 12 months earlier, according to data provider FactSet. That would be the biggest such increase since January 1982. Analysts have also estimated that prices rose 0.7% from January to February.
Read:Asia stocks mixed after Wall St falls, US bans Russian oil
For most Americans, inflation is running far ahead of the pay raises that many have received in the past year, making it harder for them to afford necessities like food, gas and rent. As a consequence, inflation has become the top political threat to Biden and congressional Democrats as the midterm elections draw closer. Small business people now say in surveys that it’s their primary economic concern, too.
Seeking to stem the inflation surge, the Federal Reserve is set to raise interest rates several times this year beginning with a modest hike next week. The Fed faces a delicate challenge, though: If it tightens credit too aggressively this year, it risks undercutting the economy and perhaps triggering a recession.
For now, solid consumer spending, spurred in part by a further reopening of the economy as omicron fades, on top of higher wages and pricier gas, will likely send inflation higher for months. Gas prices spiked to $4.25 Wednesday, up about 55 cents a gallon just since the end of February.
Oil prices did fall back Wednesday on reports that the United Arab Emirates will urge fellow OPEC members to boost production. U.S. oil was down 12% to $108.70 a barrel, though still up sharply from about $90 before Russia’s invasion.
Yet energy markets have been so volatile that it’s impossible to know if the decline will stick. If Europe were to join the U.S. and the United Kingdom and bar Russian oil imports, analysts estimate that prices could soar as high as $160 a barrel.
The economic consequences of Russia’s war against Ukraine have upended a broad assumption among many economists and at the Fed: That inflation would begin to ease this spring because prices rose so much in March and April of 2021 that comparisons to a year ago would decline.
“Any hope that inflation will peak in the near term is long gone,” said Eric Winograd, senior economist at asset manager AllianceBernstein.
Should gas prices remain near their current levels, Winograd estimates that inflation could reach as high as 9% in March or April.
The cost of wheat, corn, cooking oils and such metals as aluminum and nickel have also soared since the invasion. Ukraine and Russia are leading exporters of those commodities.
Even before Russia’s invasion, inflation was not only rising sharply but also broadening into additional sectors of the economy. Many prices have jumped over the past year because heavy demand has run into short supplies of items like autos, building materials and household goods.
But in other areas unaffected by the pandemic, like rents, costs are also surging at the fastest pace in decades. Steady job growth is encouraging more people to move into their own apartments, elevating rental costs by the most in two decades. Apartment vacancy rates have reached their lowest level since 1984.
In the final three months of last year, wages and salaries jumped 4.5%, the sharpest such increase in at least 20 years. Those pay increases have, in turn, led many companies to raise prices to offset their higher labor costs.
Read:Oil prices jump, shares sink as Ukraine conflict deepens
Soaring energy costs pose a particular challenge for the Fed. Higher gas prices tend to both accelerate inflation and weaken economic growth. That’s because as their paychecks are eroded at the gas pump, consumers typically spend less in other ways.
That pattern is similar to the “stagflation” dynamic that made the economy of the 1970s miserable for many Americans. Most economists, though, say they think the U.S. economy is growing strongly enough that another recession is unlikely, even with higher inflation.
BYLC Career Expo 2022: Learn Leadership Skills, Use Them, and Move Up in Your Career
In order to achieve a successful career, one often needs to be a leader. Leadership is not only beneficial for those in charge of teams or groups, but it is also essential for anyone looking to move up the career ladder. Leadership skills can be learned and developed through different experiences and training programs. However, what is most important is that individuals are willing to take on new challenges and put themselves out there.
By having strong leadership qualities, an individual is able to set themselves apart from their peers and advance their career. But the question is how do you practice leadership? What skills should you have to pursue a leadership role? Keeping these in mind, Bangladesh Youth Leadership Center (BYLC) held a two-week-long career expo on ‘essential leadership skills to build a career in a rapidly changing world.’ In the career expo, different leaders from different sectors conveyed their experience about leadership.
Here is what you need to keep in mind to become a successful leader.
Preparation
Leadership starts from preparation, that is what was addressed by the career expo webinar moderator BYLC President Ejaj Ahmad. In order to be an effective leader, it is important to have a clear understanding of what your role entails and what is expected of you. Preparation is key to success in any field, and this is especially true for those who aspire to lead others. By taking the time to learn about the different aspects of your job and the organization you work for, you will be better equipped to handle challenges and make decisions that are in the best interest of both. By understanding the basics of your job, you will be able to take the first steps towards becoming a leader.
Read BYLC Ventures opens applications for fourth cohort
Take responsibility
A good leader is someone who takes responsibility for their actions and can be counted on in times of need. Responsibility is the foundation of leadership, and by taking responsibility you are able to build trust with others. People will respect you more if they know that you are a reliable person, and this will help you to become a better leader. When you take responsibility for your mistakes, you learn from them and become stronger.
About taking responsibility, Centre for Research and Information (CRI) Trustee Radwan Mujib Siddiq conveyed, "Youth today must prepare themselves adequately and take responsibility. If you make a mistake, own it instead of hiding it. However, you should be able to defend your thought process even if you make a mistake."
Read BYLC to instill leadership skills in 3,000 youths
Become a part of the team and find your own niche
Leadership is not a one-size-fits-all proposition. What works for one person may not be effective for another. To grow as a leader, you need to find your own niche and become a part of the team. This may require some experimentation, but it's worth the effort. Once you have found your niche, focus on developing the skills required to be successful in that role. Be prepared to put in the time and effort required to achieve your goals. Md. Shahriar Alam, MP, State Minister of the Ministry of Foreign Affairs discussed the matter and shared experiences from his first job of his life. He said, “Do what you feel strongly about and what feels right to you. Don’t pay heed to the opposition of your peers or even mentors.”
Communication Skills
It is often said that communication is the lifeblood of any organization. Whether it is a start-up or a multinational conglomerate, if people can't communicate effectively, the company will grind to a halt. And yet, so many people seem to underestimate the importance of communication skills. As a leader, it is essential to be able to not only communicate with your team but also to be able to listen to them. Communication is not just about transmitting information; it is also about building relationships and establishing trust. If you cannot do that, you won't be a leader for long.
Read BYLC launches Volunteer Awards 2021
Never fear a failure
There are a lot of reasons why you should not fear a failure to become a good leader. The most important reason is that you can learn from your failures. Everyone makes mistakes, but it's how you respond to your failures that determines your success. A good leader takes failures in stride and learns from them. They use their failures as a way to become better leaders. So, don't be afraid to fail – it's the best way to learn and become a successful leader. Mercy Miyang Tembon, World Bank’s Country Director for Bangladesh and Bhutan conveyed some wise words about being a failure. She said, “Never fear failure. Failure is the first attempt at learning.”
Critical thinking and problem-solving skills
The ability to think critically and solve problems are essential skills for any workplace. Critical thinking skills allow you to analyze and evaluate information, while problem-solving skills allow you to identify and implement solutions to problems. These skills are important for all employees but are especially critical for those in management or leadership roles. A workforce that is able to think critically and solve problems is more efficient and productive and is better able to meet the challenges of the modern workplace. Member of Parliament, Nahim Razzaq conveyed, “Be driven and create a career, based on trust, knowledge sharing, and networking. These are the assets that you build in the working environment.”
Read BYLC Youth Leadership Summit 2021 aspires for a more inclusive future
Learn through practice
Leadership is often considered a quality that is innate, or that someone is born with. However, leadership can also be learned and developed over time with practice. Learning through practice is an important way to grow as a leader. It allows you to experiment with different techniques and strategies, learn what works and what doesn’t, and develop your own leadership style. Additionally, learning through practice helps you to build relationships and networks with other leaders. These relationships can provide you with valuable resources and support, which can help you to further develop as a leader. Regarding this matter the Dutch Ambassador, Anne van Leeuwen mentioned, “Leadership cannot only be learned from a book; you have to learn through practice.”
Final Words
Leaders are not born, but they are made. They have a clear vision and are able to articulate it in a way that inspires others to follow them. Leaders also have a strong sense of values and principles that they live by. Finally, leaders are able to take care of their people and make sure they have what they need to be successful. We hope that BYLC's two-week-long career expo in 2022 will help the nation build portential leaders who will lead the country in future.
First-ever Jewellery Expo kicks off on March 17
Bangladesh Jewellery Expo-2022, the first of its kind in Bangladesh, will be held from March 17 to 19 at Bashundhara Convention Centre in the capital.
Bangladesh Jewller’s Samity (Bajus) will organize the expo from to celebrate the birth centenary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman and the Golden Jubilee of Bangladesh.
Uttam Banik, chairman, standing committee exhibition, trade and event management ,disclosed the information at a press conference at Bajus office in Bashundhara City Shopping Complex, Dhaka, on Wednesday.
Read: BAJUS honours 3 leading women of jewellery industry
Seventy stalls will display different types of gold jewellery in the expo.
Basuj hopes around 2 lakh local visitors, businesses and entrepreneurs will come to visit the expo.
Besides, a number of foreign buyers from the UEA, Kuwait and Canada will also join, the organizers said.
Bajus vice-presidents Gulzer Ahmed, Anwar Hossain, Dr. Dewan Aminul Islam Shahin, join secretary Narayan Chandra Dey, treasuer Uttam Banik, Uttam Ghosh, among others, spoke at the press conference.
Read: Bangladesh can achieve fame in global market exporting gold jewellery: Tipu Munshi
AB Bank MD Afzal gets extension for 5 yrs
The service tenure of Tarique Afzal, incumbent president and managing director of AB Bank limited, has been extended by five years.
He took over as the President and Managing Director of AB Bank on July 7, 2019 and his reappointment will be effective from July 8, 2022 after the end of his current service tenure, said a press release.
During his tenure, AB bank has consistently increased its revenue, which has enabled the bank to double its operating profit in 2021, it said.
Read: Police arrest AB Bank DMD in fraud case
The bank's non-performing loans have been reduced and the quantity of assets has been enhanced through litigation against defaulters and taking appropriate action. It is mentioned that the ratio of income to expenditure of the bank has been reduced from 65 percent to 48 percent.
Afzal started his banking career in London, United Kingdom in the late 1970's and later worked for TD Bank (Canada), ANZ Grind ledge, Standard Chartered Bank Bangladesh. He also held senior positions at Bank Al-Falah and BRAC Bank.
Tarique Afzal holds an MBA in Finance and Marketing. He has also received two Certification Awards. He is the author of the book "Emergence of New Era" on SME and Women Entrepreneurship.
Read ACC files case against 17 people including 16 AB bank officials
Speakers want more financial access to women for their empowerment
Women in Bangladesh should be given greater role in making decisions on their own financial matters as part of their empowerment, a discussion was told on Wednesday. The discussion on a subject called ‘Break the Bias for a gender-equal world’ was organized by think-tank Centre for Policy Dialogue (CPD), to mark the International Women’s Day.
Read: Women’s entry into banks and NBFIs declines amid 10% quota withdrawal Speakers at the event said women sometimes lost their control on monthly salary even, as her male family members, including husbands, often operate their bank accounts. Old women can’t always take decision on how to spend the government assistance given to them as they are dominated by male relatives, they said. Dr Hossain Zillur Rahman, Chairperson of BRAC and a former advisor to the caretaker government spoke as the special guest. Alexandra BergVon Linde, Ambassador, Embassy of Sweden, Bangladesh; Winnie Estrup Petersen, Ambassador, Embassy of Denmark, Syed Nasim Manzur, Director, Metropolitan Chamber of Commerce and Industry (MCCI) and Managing Director, Apex Footwear Limited; Dr Firdausi Qadri, Emeritus Scientist, ICDDRB, Barrister Rashna Imam, Managing Partner, Akhtar Imam & Associates; Humaira Azam, Managing Director and CEO, Trust Bank; Taslima Akter Lima, President, Bangladesh Garments Sramik Sanghati and Ms Rizvana Hredita, also addressed the event.
Read:Google celebrates Int’l Women’s Day with doodle Professor Rounaq Jahan, Distinguished Fellow of CPD chaired the function. Dr Fahmida Khatun, Executive Director, CPD moderated the discussion. The programme were attended by a number female professionals and entrepreneurs, representatives of women’s organisations and media, heads of missions and embassies in Bangladesh and members of the civil society.
Asia stocks mixed after Wall St falls, US bans Russian oil
European stocks and Wall Street futures rebounded Wednesday as investors watched diplomatic efforts to end Russia's attack on Ukraine, while Asian markets sank after Chinese inflation accelerated.
Already high oil prices added more than $1 per barrel following President Joe Biden's ban on imports of Russian crude.
London and Frankfurt opened higher. Shanghai, Tokyo and Hong Kong declined amid enduring unease about the war's global impact.
Read:Asian shares extend losses as oil prices push higher
Futures for Wall Street's S&P 500 index and Dow Jones Industrial Average were up 1% after the market slid Tuesday.
“Financial markets seem calmer” as Ukrainian and Russian diplomats prepare to meet in Turkey, Chris Turner and Francesco Pesole of ING said in a report. “Yet energy prices look set to stay high as the West weans itself off Russian exports."
In early trading, the FTSE 100 in London jumped 2.1% to 7,107.28. Frankfurt's DAX surged 3.7% to 13,302.51 and CAC 40 in Paris jumped 3.5% to 6,174.29.
On Wall Street, the S&P 500 sank 0.7% on Tuesday for its fourth straight daily decline. It is now 13.1% below its latest record high.
The Dow lost 0.6% and the Nasdaq composite retreated 0.3%. On Monday, it closed 20% below its record high.
In Asia, the Shanghai Composite Index tumbled 1.1% to 3,256.39 after China’s government reported consumer prices rose 0.6% in February over the previous month, picking up from January's 0.4% gain.
The Nikkei 225 in Tokyo slid 0.3% to 24,717.53. The Hang Seng in Hong Kong lost 0.7% to 20,627.71 after being down 2.2% at one point.
“Inflation will pick up” as prices of oil and other commodities rise due to the Ukraine war, Julian Evans-Pritchard of Capital Economics said in a report. That “will have a much more pronounced impact on the March figures.”
Sydney’s S&P-ASX 200 climbed 1% to 7,053.00 and India's Sensex advanced 2.3% to 54.684.42.
New Zealand and Southeast Asian markets rose. South Korean markets were closed for a presidential election.
Benchmark U.S. crude rose $1.86 to $125.56 per barrel in electronic trading on the New York Mercantile Exchange. The contract jumped $4.30 on Tuesday to $123.70.
Brent crude, the basis for international oil prices, gained $2.42 to $130.40 per barrel in London. It advanced $4.77 the previous session to $127.98.
Commodities markets have been roiled because Russia is the No. 2 oil exporter and the No. 3 supplier of nickel, which is used in electric car batteries, stainless steel and other products. Russia and Ukraine also are among the biggest global sellers of wheat.
Read:Oil prices jump, shares sink as Ukraine conflict deepens
Nickel prices doubled Tuesday to more than $100,000 per metric ton, prompting the London Metal Exchange to suspend trading. The exchange said it did not expect to resume trading before Friday and was considering imposing limits on price fluctuations when it does.
A major Chinese producer of nickel and stainless steel, Tsingshan Group, faces potential losses of billions of dollars on futures contracts, The Asian Wall Street Journal and Bloomberg News reported. A woman who answered the phone at Tsingshan's headquarters hung up when told a reporter was calling.
On Tuesday, Biden announced the United States would block imports of Russian crude to punish Putin for attacking Ukraine. Biden said he acted in consultation with European allies but acknowledged they are more dependent on Russian oil and gas and might not be able to make similar moves immediately.
Biden said he hopes to limit the pain for Americans but acknowledged the ban will push up gasoline prices.
“Defending freedom is going to cost us as well,” he said.
Before the invasion of Ukraine, financial markets already were uneasy about the global outlook as the Federal Reserve and other central banks prepare to try to cool inflation by withdrawing ultra-low interest rates and other stimulus.
In currency markets, the dollar advanced to 115.79 yen from Tuesday's 115.74 yen. The euro gained to $1.0951 from $1.0908.