Business
BGMEA hosts Training of Trainers to drive circularity in RMG Sector
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) organised a Training of Trainers (ToT) at the BGMEA Complex on March 18-19.
The initiative aimed at driving the industry towards circularity amidst current challenges, witnessed enthusiastic participation from representatives of factories and academia.
Led by experts from Circular Economy, including Apoorva Shankar and Ola Bąkowska, in collaboration with esteemed scholars from the Bangladesh University of Textiles (BUTEX) and an expert from reverse resources, the session focused on instilling the principles of circularity within the RMG sector.
Attending the opening ceremony of the training session, BGMEA President Faruque Hassan underscored the pivotal role of the training sessions in enhancing the capacity of local industry professionals.
BGMEA chief urges German company to increase high-value garment sourcing from Bangladesh
Their expertise is crucial in driving the transformation towards a circular apparel industry in Bangladesh, he said.
The ToT session was meticulously crafted to equip attendees with actionable insights and practical tools necessary for navigating the paradigm shift towards circular economy practices. This collaborative effort underscores a collective commitment to driving sustainable innovation and resilience within Bangladesh's RMG landscape.
With the guidance from Barrister Vidiya Amrit Khan, Director in Charge of BGMEA Circular Economy Initiatives, this initiative aligns with the objectives of the SWITCH to Circular Economy Value Chains (SWITCH2CE) project, which aims to support micro, small, and medium-sized suppliers in embracing circular economy practices.
BGMEA President urges VF Corporation to source more high-value garments from Bangladesh
The Training of Trainers session signifies a significant milestone in Bangladesh's journey towards circularity, highlighting BGMEA's pivotal role in spearheading sustainable initiatives within the RMG sector, according to a press release.
FBCCI focuses on supplying high-yielding seeds at an affordable cost to farmers
-The Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) said on Wednesday that there is an urgent need to ensure quality seeds and modern storage facility to increase agricultural production.
FBCCI president Mahbubul Alam said this while speaking at a discussion meeting of the standing committee on agriculture, agro-processing and agro-based industries at FBCCI's Motijheel office on Wednesday.
He said that to achieve the desired productivity in agriculture, businessmen of this sector have given special importance to the availability of good quality high-yielding seeds at the farmer level, strengthening the food innovation process and climate-tolerant varieties and research.
Besides, businessmen emphasised on agricultural mechanisation, establishment of specialised cold storage facilities, improved supply system and processing of agricultural products to reduce production costs.
“We need to focus on research to improve seed quality. Also, more attention should be paid to the use of technology. As technology improves in agriculture, productivity will increase,” said the FBCCI president.
He said that farmers should be assured of getting a fair price of produce while policies should be implemented to protect their interests.
Ahsan Khan Chowdhury, chairman of the committee and chairman of Pran RFL Group, highlighted the importance of ensuring maximum utilisation of agricultural land and increasing productivity keeping in mind of future food security and growing demand.
Apart from traditional crops, he suggested increasing the production of horticulture, fisheries, livestock, and poultry including pulses and oilseeds.
BB will start exchange of new notes from March 31
On the occasion of holy Eid-ul-Fitr, Bangladesh Bank (BB) will start releasing new notes in the market through banks from March 31.
Common people can exchange new notes till April 9 except on weekends and public holidays.
According to the central bank, from March 31, new notes will be exchanged among the public through the counters of different branches of the central bank.
Besides, new notes of Tk 5, 10, 20, 50, and 100 will be exchanged in a special arrangement from 80 branches of different commercial banks in Dhaka, Gazipur and Narayanganj.
A person cannot exchange taka for new notes more than once, said the BB.
Probashi Palli becomes land partner of Nagad’s mega campaign
Purbachal Probashi Palli Group, a leading real estate company in Bangladesh, has joined hands with Nagad, the country’s leading mobile financial service provider, as the land partner for the ongoing mega campaign named “Nagad e Jomi”.
Under the campaign, the MFS operator has now offered its users an opportunity to win land in Dhaka and many other exciting gifts worth Tk 20 crore on transactions using this MFS.
Recently, Nagad entered an agreement with Purbachal Probashi Palli at the former’s head office.
Md Shafayet Alam, executive director at Nagad Ltd. and Mahbubur Fahim Rahman, director of Probashi Palli Group, signed the deal on behalf of their respective sides, said a press release on Wednesday.
Imran Haider, head of Marketing Operations and Trade Marketing at Nagad Ltd., Mohammad Zamiur Nasim Rahman, director at Probashi Palli Group, Rifat Ahmed Shyamal (Sales and Marketing), and Md Zafar Iqbal Khan, executive director (Sales and Marketing) were also present at the signing ceremony.
Nagad now offers land in Dhaka on transactions
Last year Nagad’s BMW mega campaign generated a significant buzz within the country. Besides, customers grabbed sedan cars, motorcycles, and other gifts through Nagad payments. This year Nagad has come up with launched the country’s biggest campaign, allowing its users to win dream plots at Probashi Palli in Dhaka by following three easy steps.
Moreover, customers can enjoy 100 percent cashback alongside an opportunity to win mega gifts, including hundreds of motorbikes, TVs, fridges, smartphones, and many more on individual transactions.
To participate in the campaign, a Nagad customer first must either make a minimum of BDT 100 mobile recharge or a minimum of BDT 500 payment, or a minimum of BDT 1,000 add-money. Following any of the three transactions, they will instantly get a message that will confirm their eligibility to take part in the campaign.
Nagad offers Tk 500 cash bonus on Visa card add-money
Then, a participant will create a team of three having active Nagad accounts, including himself/herself, and everyone in the team will have to remain active in transactions during the campaign period to stay in competition to win land in Dhaka. Customers can also win land by receiving a minimum of BDT 5,000, excluding government incentives, in remittances through Nagad.
Nagad users can form groups through the Nagad app or by sending an SMS to 26969 using following the format: NGD<space>OPEN<space>Member 1 Nagad Number<space>Member 2 Nagad Number. Besides, they can also create groups by directly going to the link: nagad.io/jmi.
A group creator will be known as the group leader and after successfully creating each group, the leader will receive a voucher as a reward, which will be notified through a confirmation SMS.
Nagad customer info secure, no possibility of unauthorised access, says the company
A Nagad user can create an unlimited number of groups and any Nagad user can be a member of an unlimited number of groups. Once the group is successfully created, each member must initiate at least one transaction per calendar month (except Send Money) to remain eligible for the campaign. To access group details, each group leader will receive an access code, which must be used to log in to the microsite. The leaderboards of the groups making regular transactions will be updated on the Nagad website regularly. All such information will be available at this link: nagad.io/jmi. Starting on 15 March 2024, the campaign will continue till June 30.
Regarding this mega campaign, Md Shihab Uddin Chowdhury, deputy managing director of Nagad Ltd., said, “We always want to stand by people in fulfilling their dreams. Owning a piece of land is a dream for the people in our country. So, we want people to fulfill their dreams during this festival initiated by Nagad. Purbachal Probashi Palli has joined hands with us in this endeavor. We hope our customers will feel more encouraged to digital transactions now.”
Germany's experience in technology can help Bangladesh develop wind power: Nasrul
State Minister for Power, Energy and Mineral Resources Nasrul Hamid said Germany's experience in wind technology can make a special contribution to Bangladesh's wind power.
He said this during a meeting with Dr. Barbel Kofler, German Parliamentary State Secretary of the Ministry of Economic Cooperation and Development in Berlin on Tuesday.
During the meeting they discussed various issues of mutual interest.
The State Minister also said that Cooperative efforts between Bangladesh and Germany in the field of renewable energy will have a positive impact.
He noted that Bangladesh is successfully implementing the Solar Home System Programme with special emphasis on innovation and resilience.
“This groundbreaking initiative is attracting rural communities to clean and sustainable energy sources; At the same time, they are self-reliant by realising their hopes and aspirations”, he told the German State Secretary.
He said that the solar home system programme not only lights the house but also brings a light of hope to those who were previously in darkness.
Additionally, Bangladesh has announced its commitment to renewable energy and climate resilience through initiatives such as the Mujib Climate Prosperity Plan.
By leveraging global partnerships and resources, Bangladesh is committed to mitigating the effects of climate change, he added.
The state minister also said that the recent commissioning of a 60 MW onshore wind power has marked a significant milestone in Bangladesh's progress in the field of energy.
This achievement not only highlights Bangladesh's commitment to reduce its dependence on traditional energy sources but also shows its willingness to cooperate with developed countries including Germany in renewable energy.
The state minister said the innovation and partnership are a green signal for future generations of both the countries. This green signal will set an example for others to follow.
The Parliamentary State Secretary of Germany expressed interest in the overall situation of electricity and energy in Bangladesh and said that Germany will cooperate in the development of renewable energy in Bangladesh.
BGMEA chief urges German company to increase high-value garment sourcing from Bangladesh
Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), urged Otto Group, a renowned German retail company, to further explore business opportunities with suppliers in Bangladesh, emphasizing the country's potential as a reliable and competitive sourcing destination for diversified high-end garment products.
He made the call during a meeting with a delegation of Otto Group on Wednesday.
The delegation included Sergio Bucher Rodriguez, Member of Executive Board- Retail & Brands at Otto Group; Heidi Sabina Stevens, Chief Executive Officer, Otto International Hong Kong; Weronika Sosulska, Key Account Manager, Team Bon Prix; Raksha Nanerjee, Key Account Manager, Team Witt & Merchindising Otto Lascana; and Mehtap Mir, Head of HR & Workplace Solutions.
JTOP, Mitsubishi UFJ Research & Consulting explores collaboratives opportunities with BGMEA to drive sustainability in RMG industry
Newly elected Director of BGMEA for 2024-2026 term Mesbah Uddin Khan and Chair of BGMEA Standing Committee on Trade Fair Mohammad Kamal Uddin were also present at the meeting.
They had discussions covering various aspects of the garment sector in Bangladesh, including its current status, vision and prospects.
Another key issue of the meeting was the exploration of avenues to increase Otto Group's sourcing from Bangladesh, especially high-value garment products.
Faruque Hassan emphasized the need for strengthening partnerships with Otto’s Bangladeshi suppliers to facilitate the design and manufacture of high-end apparel items.
BGMEA President urges VF Corporation to source more high-value garments from Bangladesh
During the discussions, Faruque Hassan provided insights into Bangladesh's garment industry, highlighting its advancements in workplace safety, environmental sustainability, circularity, and workers' welfare.
He highlighted the industry's ongoing initiatives and efforts to diversity product offerings, with a particular focus on non-cotton and high-end product segments, as well as innovation in product development and process optimization.
GP partners with USAID to drive clean energy policy in Bangladesh
In a bid to accelerate the adoption of sustainable energy solutions, telecommunications giant Grameenphone has joined forces with Tetra Tech, the implementing partner of the USAID Bangladesh Advancing Development through Energy (BADGE) Project.
The collaboration, marked by the signing of a Memorandum of Understanding (MoU), aims to develop a policy framework for corporate power purchase agreements (CPPA) in Bangladesh.
CPPA models enable businesses to procure electricity directly from renewable sources, such as wind, solar, hydro, or biomass power plants, bypassing traditional utilities. This move empowers corporations to reduce their carbon footprint and support sustainable energy production.
The MoU signing ceremony, held at the GPHouse in Dhaka on March 18, saw the participation of key stakeholders from both organizations, including representatives from Grameenphone, Tetra Tech, and USAID Bangladesh. During the event, Hans Martin Hoegh Henrichsen, Chief Corporate Affairs Officer at Grameenphone, emphasized the company's commitment to sustainability and its urgency to develop a CPPA policy framework to meet climate targets.
Randy Ali, Deputy Mission Director of USAID Bangladesh, praised the partnership as a significant step towards promoting renewable energy solutions in Bangladesh. He highlighted the importance of private sector collaborations in driving progress towards a greener future.
Ed Elrahal, Chief of Party at the USAID BADGE Project, emphasized the role of CPPAs in combating climate change and fostering a sustainable energy future. He underscored the benefits of corporate electricity procurement from renewables in achieving environmental and sustainability goals.
BRAC Bank relocates branch in spacious new premises on Madani Avenue
BRAC Bank has opened a relocated branch in spacious new premises on Madani Avenue at Gulshan in Dhaka city.
This branch has been shifted from Natun Bazar and renamed the Madani Avenue Branch.
At the spacious new location, the branch will be able to provide the most modern and the best-in-class customer service to the valued customers.
This relocation signifies BRAC Bank's commitment to continuously elevating its customer service standards using modern infrastructure.
Selim R. F. Hussain, Managing Director & CEO, BRAC Bank, formally inaugurated the branch at Grameen Banglar Akshay Tower on Madani Avenue on March 13.
Sheikh Mohammad Ashfaque, Head of Branches, BRAC Bank; attended the inauguration ceremony.
A.K.M. Tareq and Taher Hasan Al Mamun, Senior Zonal Heads, and senior bank officials were also present.
On this occasion, Selim R. F. Hussain, said, “As a member of the larger BRAC family, BRAC Bank strives to reach out to more people in new areas. BRAC Bank’s best-in-class services will bring in new propositions to individual customers and business clients in this financially important area as their partner in prosperity."
He said that with enhanced presence of the bank in the Gulshan area, locals will enjoy the most modern online banking solutions at their convenience.
“As we move here, we promise a ‘delightful customer experience’ for the neighbourhood's people. With the blend of a physical branch network and convenient digital banking capabilities, we are committed to being the country's number one sustainable bank," he added.
With 187 branches, 40 sub-branches, 330 ATMs, 456 SME Unit Offices, and 1,080 Agent Banking Outlets, BRAC Bank stands tall as one of Bangladesh’s most expansive banking networks.
No reason for deteriorating stock market situation, said Brokers’ Association
The DSE Brokers’ Association (DBA) in a meeting on the present state of the stock market opined that there is no reason for the deteriorating market situation.
But there is a price adjustment of stocks after lifting the floor price barrier that is normal, they said this in a meeting held in the virtual platform on Tuesday.
The broker representatives indicated that the market will return to normal very soon as the country’s economy is turning around.
The representatives have raised some points to implement for the future interest of the share market. These initiatives will bring positive changes in the market and the market will be stable and sustainable in the long run.
These are- the rumours in the market that the floor may be re-imposed on the share price, which is false and baseless. DBA does not think that there will be a recurrence of the floor price.
Current Margin Rules-1999 need to be modernized and reformed. Good companies should be listed in the IPO market. Proper compliance with all laws and regulations should be ensured in case of company listing.
Emphasis should be placed on mutual funds to reduce dependence on banks for investment. It is logical to categorize the company on its capital size rather than on dividends. Shares of any company should not be increased in any other way without informing the common shareholders, and sponsor shareholders.
And the issue of double taxation should be taken into consideration and resolved immediately.
DBA President Saiful Islam moderated the program. Among others, DSE Director Sharif Anwar Hossain, Richard D'Rosario, former DBA President Ahmad Rasheed Lali, BLI Securities Managing Director Minhaj Mannan Emon, Beximco Securities CEO Mustafa Zamanul Bahar were present in the meeting.
Dhaka stocks suffer major decline:However, despite ensuring stability by the regulator, the main index of the Dhaka Stock Exchange suffered another significant decline on Tuesday.
The DSEX, the benchmark index of the premier bourse of Bangladesh, lost 84 points, or 1.42 percent, to close the day at 5,814.
With this, the market fell for the eighth consecutive day, prompting the DSEX to hit the 35-month low.
Turnover slipped to Tk 465 crore from Tk 486 crore a day earlier. Among the traded stocks, 41 advanced, 319 dropped and 36 remained unchanged.
Dokan Malik Samity demands withdrawal of price fixing for 29 products
Bangladesh Dokan Malik Samity (Shop Owner Association) demanded the withdrawal of the prices of 29 commodities fixed by the Department of Agricultural Marketing (DAM).
From a press conference in Dhaka on Tuesday (Mar 19), Helal Uddin, president of the association, claimed that this pricing is unreasonable and self-destructive.
He said that prices cannot be fixed in a free market economy.
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“Now 29 product prices have been fixed. We are asking the DAM to sell at these prices and give their employees’ salaries with the profit they make," he pointed out.
"Either they sell at the fixed price or withdraw the circular. We cannot sell the products at this rate. Price-fixing is unrealistic and pointless," he claimed.
Secretary General of the Samity Zahirul Haque Bhuiyan and other businessmen were also present at the press conference.
Dokan Malik Samity presented a 7-point demand to the prime minister including- The notification fixing the price of 29 goods shall be suspended. Otherwise, they will have no choice but to close their businesses, accurate statistics of import and production must be ensured, capacity of the Trading Corporation of Bangladesh (TCB) should be increased, market management should be reformed, Consumer goods should be brought under the jurisdiction of the same ministry, supply should be ensured according to the market demand, businessmen should be given an opportunity to do business in a stress-free environment, all types of taxes imposed on consumer goods should be reduced to a tolerable level.