business
Bank Asia to take over foreign bank Alfalh
Bangladesh Bank has permitted Bank Asia to take over Alfalah, a foreign bank, in a departure from its decision that no more merger of banks will be allowed.
As part of the new dimension, Bank Asia, a private commercial of Bangladesh plans to acquire foreign Bank Alfalah.
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Karachi-based Bank Alfalah disclosed the information to the Pakistan Stock Exchange on April 17.
The disclosure said the board of directors of Bank Alfalah Ltd had given approval in-principal for the non-binding indicative offer received from Bank Asia Ltd to acquire the bank's Bangladesh operations, assets, and liabilities, subject to compliance with all applicable laws, regulations and obtaining of necessary regulatory approvals.
The disclosure said that the Bank Alfalah is now seeking approval from the State Bank of Pakistan for Bank Asia to commence due diligence on Bank Alfalah, Bangladesh.
BDBL to merge with Sonali Bank while BKB with RKUB
Sohail RK Hussain, Managing Director of Bank Asia said this is an ongoing process and it's not part of much talk about mergers.
The issue of acquiring will get a final shape in the next week in the meeting with to executives of both the banks, sources said.
Universal pension promotion fair to be held across country to ensure people’s participation
The government has decided to arrange universal pension promotion fair across the country to attract people to this scheme.
According to the National Pension Authority (NPA), pension fairs will be held in 64 districts of of eight divisions to remove the apprehensions of people and ensure spontaneous participation of all classes of people.
As part of the initiative, the NPA is going to organise a fair in Rajshahi division. The fair will be held at Haji Muhammad Mohsin Government High School premises in Rajshahi city on April 19.
Bangladesh’s second quarter GDP growth slowed to 3.78%: BBS
Principal Secretary of the Prime Minister's Office Mohammad Tofazzel Hossain Miah will open the fair as the chief guest.
There will be a total of 70 stalls of different institutions at the fair. There will be also booths of Sonali Bank, Agrani, City, and BRAC Bank for financial transactions.
Local administration will assist the NPA to organise the fair smoothly.
Civil society group protests decision of refiners to raise edible oil price
Bangladesh Common Civil Society (BCCS), an organisation of common citizens, has protested the decision of the Vegetable Oil Refinery Association to increase the edible oil price by Tk 10 per liter.
Traders propose raising edible oil prices by Tk 10 per litre as VAT exemption period ends
In a statement, the BCCS alleged that the vegetable oil refiners have increased the price of edible oil by Tk 10 per litre before any such decision was announced by the Tariff Commission or the Ministry of Commerce.
“This is not only illogical, but it is a kind of thumbs up to the government to set their own arbitrary decision to set the oil prices,” it said.
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Convenor of the BCCS Mohiuddin Ahmed said it’s contrary to the previous statement of state minister for commerce.
The BCCS said the opinion of the common people has no value in this country. Just when the people are returning to work after Eid, the news of increasing the price by Tk 10 per liter on the second working day has disappointed the citizens.
Sale of loose edible oil increases health risks: PROGGA
“The will push up the monthly expense of a normal family by between Tk 100-200. We strongly protest and condemn such callous decisions on behalf of the common people,” said the statement.
Traders propose raising edible oil prices by Tk 10 per litre as VAT exemption period ends
Traders have proposed increasing the prices of edible oil by Tk 10 per litre as the tax exemption deadline on it expired on April 15.
Bangladesh Vegetables Oil Refiners' and Vanaspati Manufacturer's Association (BVORVMFA) sent a letter to the senior secretary of the commerce ministry in this regard on Monday.
The letter was issued by executive officer of BVORVMFA Nurul Islam Mollah.
Dhaka district receives lion's share of remittances so far in current fiscal: BB Report
The letter stated that as tax exemption on the import of raw materials and production of edible expired on April 15 so it will be supplied at the prices fixed before the exemption of VAT.
As per new rate, a litre bottle of soybean oil will be sold at Tk 173, while 5 litre bottle at Tk 845 and a litre palm oil at Tk 132.
In February the National Board of Revenue reduced the Value Added Tax on refined and crude (non-refined) soybean and palm oil to 10 percent from 15 percent.
However, state minister for commerce Ahasanul Islam Titu at a meet the press at Dhaka Reporters ‘Unity on Tuesday said there is no scope to hike prices of edible oil.
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He said the edible oil price can be adjusted with the international market rate but it will take time.
The state minister also said the price hike would be considered on the import of new shipment of the edible oil.
Azeeza Khan joins the ranks of YGL 2024
Azeeza Aziz Khan ACCA, Director, Summit Group of Companies, has been inducted as a Young Global Leader (YGL) by the World Economic Forum (WEF) for the class of 2024, according to a press release of the Summit Group.
On this occasion Azeeza Aziz Khan said, “Excited to begin this new chapter and join the 2024 Class of Young Global Leaders with the World Economic Forum (WEF). Always a firm believer in the power of collective advocacy and activism, I look forward to bringing about impactful changes alongside my fellow WEF Leaders”.
Together, with all your support and prayers, I look forward to advancing our shared vision for a world that offers sustainable, affordable, and clean energy to all sections of our communities, she added.
She is among the exceptional individuals selected globally into the YGL community of outstanding leaders. These responsible leaders will undertake a transformative 3-year journey, addressing global challenges and driving positive change.
Azeeza Aziz Khan's induction into the YGL Class of 2024 recognises her exceptional leadership and visionary approach to finance, sustainability, and social responsibility.
It is also a testament to her relentless dedication, innovative strategies, and compassionate initiatives that have propelled Summit Group to new heights, along with her significant contributions to the well-being of marginalised communities and the Empowerment of Women within Bangladesh.
Bangladesh’s second quarter GDP growth slowed to 3.78%: BBS
Bangladesh’s gross domestic product (GDP) growth in the second quarter of the current fiscal year, 2023-24, has been estimated at 3.78 percent.
Bangladesh Bureau of Statistics (BBS) on Monday revealed this information as the quarterly growth in the second quarter (October-December 2023).
According to BBS, based on currently available data, the GDP estimates for the second quarter of the FY 2023-24 have been assessed. As per the GDP growth rate for the second quarter of FY 2023-24 is 3.78 percent. In the second quarter of FY 2022-23 the growth was 7.08 percent and in the second quarter of FY 2021-22 the growth was 9.30 percent.
The agricultural sector in the second quarter was 4.65 percent, compared to 4.22 percent in the second quarter of FY 2022-23 and 2.20 percent in the second quarter of FY 2021-22.
The growth of the industrial sector was 3.24 percent. Which was 10 percent in the second quarter of FY23 and 14.50 percent in the second quarter of FY22.
Besides, the services sector grew by 3.06 percent in the second quarter of FY2023-24. Which was 6.62 percent in the second quarter of FY 2022-23 and 7.25 percent in the second quarter of FY 2021-22.
The BBS undertakes quarterly GDP estimates as per the decision of the government and subsequently on the advice of the International Monetary Fund (IMF). Like other countries in the world, BBS estimates quarterly GDP by production method.
However, annual GDP is estimated using the production and expenditure method.
Dhaka district receives lion's share of remittances so far in current fiscal: BB Report
A large portion of expatriates' income remittances in Bangladesh comes through the bank branches located in Dhaka, according to Bangladesh Bank (BB) analyst on the District-wise scenario of inward remittances.
This figure means that most of the families of expatriates stay in Dhaka or they have most of their accounts in the bank branches of Dhaka.
Chittagong ranks second while Sylhet and Comilla are in third and fourth position in terms of expatriate income or remittances.
March sees 7.77% decline in remittance, despite pre-Eid expectations
After that, the position of coastal district Noakhali, Brahmanbaria, Feni, Moulvibazar, Chandpur, and Narsingdi. This position is calculated from July 2023 last year to February 2024, which is revealed in the central bank's district-wise expatriate income report.
According to the report, in eight months from July-February, expatriates sent remittances amount US $15.07 billion. Out of this, the expatriates sent $2.16 billion last February. In the previous month of January, the expatriate income in the country was $2.10 billion.
Among this, Dhaka district received $5.23 billion in July-February, and Chittagong district received $1.42 billion in expatriate income. During this period, Sylhet district received $870 million, Comilla $810 million, and Noakhali $460 million. Apart from this, $380 million came in Brahmanbaria, $370 million in Feni, $360 million in Moulvibazar, $350 million in Chandpur, and $250 million in Narsingdi.
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Bank officials say more expatriate income is expected to come from expatriate-dominated districts. But that is not as many expatriates have settled abroad.
Rather, they (Expatriates) are selling the wealth in the country and taking it abroad. As a result, money laundering is increasing, they said.
Stocks witness big fall on first day back from Eid Holidays
The stock market of Bangladesh witnessed a big fall on Monday, the first trading day after five days of Eid holiday.
The key index of the Dhaka Stock Exchange (DSE) was sinking below the 5,800 mark once again, as investors went for panic sell-offs to avoid further losses due to uncertainty in the Middle East, which is treated as a global energy trading hub.
The stock market remained closed for five days, from April 10 to April 14, on the occasion of the Eid-ul-Fitr and Pohela Boishakh, including weekly holidays.
Substantial price erosion of board cap stocks dragged the key index of the DSE over 85 points or 1.45 percent down to settle at 5,778, after remaining almost flat before the Eid holiday.
The prices of stock in the DSE had increased in the last 3 days before Eid holidays.
The DSES Index, which represents Shariah-based companies, also shed 16 points to 1,266 while the blue-chip index DS30, a group of 30 prominent companies, lost 17 points to 2,015.
Over 85 percent of traded shares saw price decline, as out of 395 issues traded, 336 declined, 32 advanced, and 27 remained unchanged on the DSE trading floor.
The Chittagong Stock Exchange plunged with its All Shares Price Index (CASPI) shedding 198 points to 16,534 and the Selective Categories Index (CSCX) losing 119 points to 9,940.
The market opened sharply lower which continued until end of the session with no sign of reversal amid persistently lackluster trade.
The participation of investors was very thin on the trading floor as most of the investors are yet to return to Dhaka after celebrating the Eid festival in their village homes.
Banks, offices, courts to open on April 15 after Eid, Pahela Baishakh holidays
After 6 days of Eid and Pahela Baisakh vacation, offices, courts, banks-stock markets are set to open on Monday.
The holidaymakers are arriving in the capital after celebrating Eid-ul-Fitr on Thursday, the biggest religious festival of the Muslim community.
On the occasion of Eid, April 10, 11, and 12 (Wednesday, Thursday, and Friday) were public holidays. After Eid, there was a weekly holiday on Saturday, April 13, and a Bengali New Year holiday on the occasion of Pahela Baishakh on Sunday, April 14. As a result, employees are enjoying holidays from 10th to 14th April.
After six consecutive days of holidays, all will join work on Monday.
However, many of the government and private sector workers who have gone outside Dhaka for Eid have taken optional leave. As a result, it will take a few more days to start the proceedings in full swing in the offices, courts, banks, and stock market.
Besides, schools and colleges will also open next week. Then the capital will return to normal.
In previous years, it has been seen that on the first working day after the Eid holiday turnout remains poor.
Grameenphone’s Shopno Jabe Bari goes beyond borders in Malaysia
Grameenphone's iconic campaign, Shopno Jabe Bari, has evolved into more than just a song and television commercial.
It has become a soulful anthem, representing the universal longing for homecoming resonating with millions of people and symbolizing the deep emotions and warmth of reuniting with loved ones, on the joyous occasion of Eid, according to a press release.
This year, the campaign extends its reach beyond borders, touching the lives of Bangladeshis residing in Malaysia.
With millions of Bangladeshis working tirelessly overseas, celebrating Eid together with their families remains a distant dream. While they strive abroad, their families eagerly await their return to Bangladesh, keeping the flame of hope alive.
Recognizing this bittersweet reality, Grameenphone has now taken a remarkable step to carry the love and emotions of families beyond borders. Grameenphone embarked on a heartfelt journey to collect the untold emotions and capture the unspoken sentiments of the cherished family members of Bangladeshis residing in Malaysia, sharing them with their loved ones in Malaysia during the joyous occasion of Eid.
The compiled video of these messages of love, longing, togetherness, and affectionate Eid wishes was displayed across Malaysia on a van equipped with large LED screen, surprising the expatriate community who least expected to see their families on large screens in a foreign country.
"While Shopno Jabe Bari began as a campaign by Grameenphone, its message transcends borders and resonates universally" said Mohammad Sajjad Hasib, Chief Marketing Officer of Grameenphone.
He added, "In a world where millions of non-resident Bangladeshis yearn to return home, Grameenphone acknowledges their sacrifices and dreams. This effort in bringing families closer and instilling a sense of belonging during Eid embodies our brand values of inclusiveness, delivering superior customer experiences and making a meaningful difference in the lives of Bangladeshis both at home and abroad. By extending Shopno Jabe Bari beyond borders, we exemplify our dedication to connecting people, bridging distances, and spreading joy.”
Through this extraordinary initiative, Grameenphone aims to bridge the gap despite the physical distance and make the expatriate community feel connected and cherished on this special day, giving them a sense of closeness to their families back home.