Dhaka, May 8 (UNB)- Walton Hi-Tech Industries Limited (WHIL), a concern of the country's electronics giant Walton, signed an agreement with International Beverages Private Limited (IBPL), owned by Coca-Cola.
According to the deal, Walton will supply Beverage Cooler to IBPL.
SM Ashraful Alam, Managing Director of WHIL and IBPL Managing Director Tapas Kumar Mondal signed the agreement on behalf of their respective organizations at Walton Corporate office recently.
They also cut ribbons and unveiled two beverage coolers produced at Walton factory and a celebration cake.
IBPL Director (Operations) Supratim Ghosh, Executive Directors of Walton Group Eva Rezwana, SM Zahid Hasan, Humayun Kabir, Mohammod Sirajul Islam, Uday Hakim, Golam Murshed, Amin Khan and International Business Unit President Edward Kim, were present, among others, on the occasion.
Coca-Cola goes for any purchase after ensuring the quality of the products according to their Suppliers' Guidance Principle (SGP), which is the basis of their global standards. IBPL has signed the agreement after being fully ensured of global standard of Walton products.
The Beverage Cooler Manufacturing Unit of Walton is equipped with latest technology and machineries and being operated by experienced engineers. A delegation of IBPL was observing the entire process for a long time. They are fully confident over the products made by Walton are fulfilling all the requirements of the SGP. After being fully satisfied, IBPL decided to purchase beverage cooler from Walton.
Managing Director of Walton High-Tech Industries Limited SM Ashraful Alam said: 2019 is a challenging year for Walton as we are going to achieve a new milestone. This year, our target is to sell 2 million refrigerators in local market. Moreover, Walton’s aim is to be the best brand in the world's electronics market. We are very happy to have Coca-Cola as our partner in that journey.
Coca-Cola has its operations in 206 countries across the world. We hope our partnership will stronger and we will supply beverage cooler for Coca-Cola in various countries in the world.
Tapas Kumar Mondal, Managing Director of IBPL Bangladesh, said: Walton is manufacturing international quality products in Bangladesh. We are very pleased to have the agreement with Walton. We hope that we will able to contribute in country’s economic progress along with providing best services to customers.
Mohammod Sirajul Islam, Executive Director of Walton, in his speech said: The goal of Walton is to become the best global brand in the world. This agreement has taken us a step forward to achieve that goal.
Beijing, May 8 (AP/UNB) — China's exports fell unexpectedly in April, adding to pressure on Beijing ahead of negotiations on ending a tariff war with Washington over Chinese technology ambitions.
Wednesday's announcement of trade data came after President Donald Trump sent global financial markets plunging with a surprise threat of more penalties on Chinese imports.
April exports sank 2.7% from a year ago to $193.5 billion, a reverse from March's 14.2% growth, customs data showed. That was well below private sector forecasts of growth in low single digits.
Imports rose 4% to $179.6 billion, rebounding from the previous month's 7.6% decline. That added to signs government efforts to reverse an economic downturn might be gaining traction.
Imports of American goods fell 26% from a year earlier to $10.3 billion. Exports to the United States, China's biggest foreign market, were down 13% at $31.4 billion.
Talks in Washington are due to go ahead Thursday despite earlier fears Beijing might pull out due to Trump's threat. China said Tuesday its economy czar will participate as scheduled.
Weak trade figures might "add more pressure to leaders from both sides to get a deal done," Macquarie Bank said in a report. It said the decision to send Vice Premier Liu He to Washington suggests "China doesn't want the talks to break."
Exports to the U.S. market are down 9.7% for the first four months of the year following Trump's tariff hikes in response to complaints Beijing steals or pressures companies to hand over technology.
In the same four-month period, imports of American goods plunged 30.4% following Chinese retaliatory duties and orders to buyers to find other suppliers.
Washington is pressing Beijing to roll back plans for government-led creation of Chinese global competitors in robotics, electric cars and other technologies. The United States also wants other changes including cuts in subsidies to Chinese industry.
Chinese leaders have expressed confidence their economy can survive the tariff fight. But while American exporters have been hit hardest, Chinese industries including electronics that Beijing sees its economic future also have suffered double-digit declines in U.S. sales.
Both governments have said negotiations are making progress, but Trump expressed frustration Sunday at what he called their slow pace. U.S. officials accused Beijing of trying to renege on commitments made in earlier talks.
Trump has approved 25% percent tariffs on $50 billion of Chinese goods and 10% on $200 billion.
Beijing responded with penalty duties on $110 billion of American imports. It also has retaliated by slowing customs clearance for U.S. companies in China and delaying issuing licenses in insurance and other industries.
On Sunday, Trump said on Twitter he would raise the 10% charge to 25% percent, effective Friday. He said he was considering imposing penalties on the rest of Chinese goods shipped to the United States.
Economists say even if a settlement is reached, China's exports this year will be lackluster due to weak global demand, putting pressure on manufacturers that support millions of jobs.
Dhaka, May 7 (UNB)- Islami Bank Bangladesh Limited has inaugurated Iftar distribution programme during the month of Holy Ramadan on Tuesday in front of its Head Office in the city.
Md Mahbub ul Alam, Managing Director & CEO of the Bank inaugurated the programme as a chief guest, said a press release.
Abu Reza Md Yeahia, Deputy Managing Director & CAMLCO and Executives of the Head office of the bank were present on the occasion.
Under this program, the Bank will distribute Iftar items among more than one lakh pedestrian fasting Muslims at 12 traffic points in Dhaka, Chatogram and Khulna city.
Beijing, May 7 (AP/UNB) — China confirmed Tuesday its economy czar will go to Washington for trade talks despite fears he might cancel after President Donald Trump threatened to escalate a tariff war over Beijing's technology ambitions.
The announcement indicated President Xi Jinping's government puts its desire to end a conflict that has battered Chinese exporters ahead of the political need to look tough in the face of U.S. pressure.
The decision to have Vice Premier Liu He, Xi's top economic adviser, take part in talks due to start Thursday might keep alive hopes the two biggest global economies could make peace as early as this week.
The Trump administration is pressing Beijing to roll back plans for government-led development of Chinese global competitors in robotics, electric cars and other technologies. Washington, Europe, Japan and other trading partners say those violate China's market-opening commitments and are based in part on stolen technology.
Trump's announcement Sunday that he would increase tariffs on $200 billion of Chinese imports to 25% from 10% caused global stock markets to plunge. Markets recovered after a Chinese spokesman said Monday envoys still were preparing to go to the United States, though there was no word then whether Liu would take part.
The American side is led by Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.
A Commerce Ministry statement announcing Liu's plans gave no indication whether other details such as the size of his delegation might change.
The Chinese government didn't immediately respond to accusations Monday by American officials that Beijing was trying to backtrack on commitments made in earlier negotiations.
Washington and Beijing have raised tariffs on billions of dollars of each other's exports, disrupting trade in goods from soybeans to medical equipment. Estimates of lost potential sales so far range as high as $25 billion.
Both governments have said negotiations were making progress, but Trump expressed frustration Sunday at the pace.
Mnuchin said Monday that Chinese officials "were trying to go back on some of the language" that had been negotiated in 10 earlier rounds of talks.
The conflict is testing how far Beijing is willing to go in changing a state-led economic model it sees as the path to prosperity and global influence — and how much power Washington will have to enforce any agreement.
The United States accuses Beijing of pressing companies to hand over technology in exchange for market access, improperly subsidizing Chinese firms and stealing American trade secrets.
No details of the talks have been released. But private sector analysts say Beijing is willing to change details of its plans so long as it preserves the ruling Communist Party's dominant economic role.
The Trump administration has imposed 10% tariffs on $200 billion in Chinese imports and 25% tariffs on another $50 billion. The Chinese have retaliated by targeting $110 billion in U.S. imports.
Trump said Sunday he also planned to impose 25% tariffs on another $325 billion in Chinese products. That would extend penalties to everything China ships to the United States, its biggest foreign customer.
A stumbling block in the talks is U.S. insistence on an enforcement mechanism with penalties if Beijing fails to keep its promises. The Trump administration wants to keep tariffs on Chinese imports to maintain leverage over Beijing.
Dhaka, May 6 (UNB)- A meeting of the Board of Directors of Islami Bank Bangladesh Limited (IBBL) was held at Islami Bank Tower on Monday.
Presided over by Professor Md Nazmul Hassan, PhD, Chairman of the bank, the meeting was attended by Md Shahabuddin, Vice Chairman of Directors, Md Mahbub ul Alam, Managing Director and CEO and JQM Habibullah, FCS, Deputy Managing Director & Company Secretary of the Bank.
The meeting approved unaudited financial statement of the first quarter of current year that ended on March 31.