business
Credit card spending soars with increasing living costs: BB document
Credit card debt in Bangladesh has surged as consumers struggle to keep up with the high cost of living amid rising inflation.
As the prices of all kinds of products including essentials are on the rise in the market people have been using their credit card loans.
According to the latest data of Bangladesh Bank (BB), credit card transactions have increased by about 29 per cent in a span of one year.
Read: Cellfin launches Mastercard dual currency prepaid card
Credit card transactions in June 2021 were Tk 1,935 crore and in June 2022, the amount of transactions increased to Tk 2491 crore.
Credit card transactions have increased by 29 percent, or Tk 556 crore in a year, it said.
At the same time, the number of credit cards in the country has increased by 10,51, 549 last year.
Read Credit Card Fraud Prevention: How to Protect Your Credit Card Online?
In June 2022, the number of credit cards in the country increased to 37,52.891 against 27,01342 in June 2021.
Besides, people borrowed Tk 120 crore more from credit cards in June compared to May this year.
The BB data review found that the third highest credit card transaction in the last three years was in June, 2022. The highest transaction through credit cards was Tk 2715 crore in April, 2022 and the second highest transaction was Tk 2513 crore in March.
Read Best Banks for Student Credit Card in Bangladesh
Since November last year, credit card transactions in Bangladesh have exceeded Tk 2000 crore as the use of credit cards has increased among the middle and fixed income group of people.
PRAN Dairy inks deal with ACDI/VOCA
PRAN Dairy Limited and US-based international organization ACDI/VOCA have signed an agreement to strengthen dairy development in the Southern part of the country.
The deal was signed to help the dairy sector in the Southern districts under the USAID-funded ‘Feed the Future Bangladesh Nutrition program’ run by ACDI/VOCA.
PRAN Group Managing Director Eleash Mridha and Chief of Party of the project Muhammad Nurul Amin Siddiquee signed the deal at PRAN Dairy's head office in the capital on Thursday, the company said in a statement.
Read: PRAN-RFL targets $2 billion export by 2030
It said PRAN Dairy will work on a variety of activities under the agreement including assisting farmers to increase milk production and milk procurement, providing dairy producers with farm management training, supplying milk in the formal market and promoting safe milk production and consumption in Southern Bangladesh.
The activities will be conducted in several districts including Jashore, Khulna, Kushtia, Narail, Satkhira, Faridpur, Barishal, Pirojpur and Jhalakathi.
ACDI/VOCA will help PRAN Dairy through financing and guidelines.
Read Upay, Pran-RFL sign agreement on salary disbursement, merchant payment
BCI, SME Foundation tie up for capacity building of small, medium industries
Bangladesh Chamber of Industries (BCI) has tied up with SME Foundation to jointly work towards development and capacity building of the small and medium enterprises across the country.
A memorandum of understanding (MoU) was signed between the two organizations at a function at the SME Foundation office at Agargaon on Thursday.
BCI president Anwar-ul Alam Chowdhury (Parvez) and SME Foundation managing director Dr Md Mofizur Rahman signed the deal on behalf of their respective sides. SME Foundation Chairperson Dr Md Masudur Rahman was present on the occasion.
Also read: BCI demands simplification of taxation system
Addressing at the function, Anwar-ul Alam Chowdhury said that BCI has been the sole chamber in the country body representing the entire industrial sector.
“It has been working towards removing all sorts of bottlenecks against industrialization. BCI has already launched an initiative to create new entrepreneurship, develop micro, small and medium industries and improve the light engineering and agro-based industries.
He said the lack of skilled manpower and efficient managers have become the major obstacles in the development of the industrial sectors.
Also read: BCI seeks German GIZ cooperation to create skilled manpower in industrial sector
“Most of the new entrepreneurs have to leave their venture within the first 2-3 years because of the lack of efficiency in marketing and due to inadequate financial credit support,” he said adding that the BCI will now provide training to the entrepreneurs to improve their efficiency and capability.
He said the BCI believes that through the partnership with the SME Foundation, it will be possible to raise the contribution of the industrial sector to 60-70 percent to the economy.
The Chairperson of SME Foundation said, "We appreciate the initiative of the BCI.
Read SME Foundation to hold fair in 6 divisions to promote local products
“The partnership between the BCI and SME Foundation can work together to eliminate existing problems in the SME sector with development and capacity building,” he added.
This MoU will further accelerate the work of the BCI and SME Foundation in development and capacity building of the small and medium industrial sector, he hoped.
BCI director Nazmul Anwar, secretary general Dr Ordhendu Shekhar Roy and Deputy Management of SME Foundation Salahuddin Mahmud, Md Nazim Hasan Sattar, general Manager Farzana Khan and other officials of both sides were present on the occasion.
Read SME Foundation disburses Tk300 crore stimulus loans to 3,106 entrepreneurs
Gas prices dip just below $4 for the first time in 5 months in US
Gasoline prices dipped to just under the $4 mark for the first time in more than five months — good news for consumers who are struggling with high prices for many other essentials.
AAA said the US national average for a gallon of regular was $3.99 on Thursday.
Prices have dropped 15 cents in the past week and 68 cents in the last month, according to the auto club.
The shopping app GasBuddy reported that the national average was already down to $3.98 on Wednesday.
Also read: US inflation will likely stay high even as gas prices fall
Falling prices for gas, airline tickets and clothes are giving consumers a bit of relief, although inflation is still close to a four-decade high.
Oil prices began rising in mid-2020 as economies recovered from the initial shock of the pandemic. They rose again when the U.S. and allies announced sanctions against Russian oil over Russia's war against Ukraine.
Recently, however, oil prices have dropped on concern about slowing economic growth around the world. U.S. benchmark crude oil has recently dipped close to $90 a barrel from over $120 a barrel in June.
High prices also may be causing U.S. motorists to drive less. Gasoline demand in early August was down 3.3% from the same week last year after tracking more closely to 2021 numbers earlier in the summer.
Prices at the pump are likely to be a major issue heading into the mid-term elections in November.
Republicans blame President Joe Biden for the high gasoline prices, seizing on his decisions to cancel a permit for a major pipeline and suspend new oil and gas leases on federal lands.
Also read: Fuel, natural gas price hikes to have domino effect on economy: DCCI
Biden said over the weekend that a family with two cars is saving $100 a month because prices have dropped from their peak in mid-June.
“That's breathing room,” he tweeted. “And we're not letting up any time soon.”
Biden has also sparred with oil companies, accusing them of not producing as much oil and gasoline as they could while posting huge profits. “Exxon made more money than God this year,” he said in June.
Exxon said it has increased oil production. The CEO of Chevron said Biden was trying to vilify his industry.
The nationwide average for gas hasn't been under $4 since early March. Prices topped out at $5.02 a gallon on June 14, according to AAA. They declined slowly the rest of June, then began dropping more rapidly.
Motorists in California and Hawaii are still paying above $5, and other states in the West are paying close to that. The cheapest gas is in Texas and several other states in the South and Midwest.
A year ago, the nationwide average price was around $3.20 a gallon.
Becoming a Top Performer in Any Company: 15 proven ways
What does it mean to be a high performer at work? To be good at a job is not enough. To be a top performer, you must do more than deliver the expected results but also go above and beyond those expectations. You must be able to take the initiative and go the extra mile without being asked or told to do so. Read this article to explore some effective ways to become a top performer in a company.
Common Qualities of the High Performers at Work
The typical traits and behaviours of top performers are not just for them. You can adopt these habits and behaviours too! To become a performer at your company, you must know what it takes and how far you are willing to push yourself to achieve success. Check below the best 15 ways to become a top performer in a company:
Set goals
To be a high performer, you must focus your time and energy and set goals. Start each week and each day by assessing your personal and professional expectations and aspirations and align your workplace behaviour accordingly.
Read Grooming Tips for Professionals: Show up gracefully at the workplace
While dealing with a sales-related or task-related decision, you should base your response on whether your choice will help you reach your goals. Centering your daily actions and decisions around this idea enables you to prepare for performance reviews and evaluations.
Take the initiative
If you want to be a top performer, you have to take action. You have to be proactive and do things that others won't do. Prove that your work is the best it can be, regardless of what it means for your time or effort.
Although you may know the details of your job, being a high-performer is about going beyond what you expect. Employers are looking for employees who will go above and beyond to accomplish their job and be dynamic. Do what you can to make a difference.
Read Reciprocity Ring: How can it improve an organization and individual career?
Keep engaged
Everybody has bad days. These are things that can impact your ability to focus on work. While an occasional bad day won't ruin your career, a consistent focus on your work will. Engagement is the key to high performance. If you are constantly dissatisfied or distracted by other matters, you won't be able to give your best.
You can find ways to keep your job interesting by taking on challenging projects or enrolling in courses like an online master's program in management. Take steps to reduce the influence of outside factors on your work.
A strong skill set
Workplace skills are a person's technical or subject knowledge and interpersonal and relational skills. You must have technical and interpersonal skills to be a top performer. You must be a problem solver who works well with others, and your industry-related flexibility and ability help you perform well under pressure.
Read Investing in Yourself: 10 Best Ways of Investment for Self-Betterment
Don't stop learning
You can avoid being stuck in the same job for too long or be labelled a "low performer". The reason is that you ignore new developments and continue doing things the same way. High performers look for new ways to do their jobs and keep up with the latest developments in their field.
So, take the initiative to continue your Learning and improvement. You may enrol in professional development courses in communication or computer programming. Then, apply your knowledge to your jobs, helping to improve your company.
Improve continuously
The modern work environment is changing, and to be successful as an employee in the modern workplace, you need to have a diverse set of skills that can help you adapt to new situations and excel in an ever-changing environment.
Read Goldilock Rule: How to stay motivated, take challenges in life, career, business
To become a high performer, you have to identify what skills you already have and figure out where they fit into the current work culture of your company or organisation. For continuous improvement you can make a list of relevant in-demand skills and set achievable personal targets to learn new skills. Thus you can make yourself more efficient and valuable to your company.
Learn to adapt
With the advancement of technologies the work processes in business and service industries are transforming continuously. To be a high performer in your company, learn to adapt quickly to new ideas, skills and technologies. It will help you remain flexible as well as competitive in the workplace. You need to get comfortable with being uncomfortable and continue your work with passion.
Consistent effort
None can become a high performer in a company overnight. It takes time. If you show the highest level of efficiency at work in an inconsistent manner, it will not do. You have to give effort on a regular basis.
Read Self-Accountability: How to Develop Personal Accountability in Life
Always be reliable and give your best effort. Develop a work routine and foster positive workplace habits. You will achieve your goals if you complete your tasks. Consistent effort and behaviour will make you a professional and give other employees something to aim for.
Take care of yourself
If you are sick or tired, you won't be of any benefit to anyone. Most importantly, you won't impress your boss or coworkers if you are too stressed or have serious health issues. So, you have to take proper care of your health.
Working overtime or on weekends may harm your personal and social life. It may push you to stress or depression in the long run. The smart employees can efficiently manage their work during office hours.
Read Time Management: How to be ruthless with your time
Beyond the office hours, you can take time to look after yourself, such as exercising, eating right, watching movies, reading books, getting enough rest, etc. If you are physically and emotionally well, you can be more productive at work.
Respect others
Respect all people you work with, no matter their title or position. Respect others and be courteous. Pay attention to what people say. Use inclusive language and an accepting tone of voice to show respect. Be polite and helpful.
Positive thinking
When interacting with others, be positive. Talk firmly to a superior, or someone who reports to you. When working with colleagues or team members, be positive and exude positivity. Be positive and remember that a person's activity can affect the environment.
Read Simon Sinek’s Golden Circle: Concept, Significance, Practice, Examples
When you are given a difficult task, don't be discouraged. Take it as a new opportunity to show your skill and efficiency. Keep your head up and keep your eyes on the prize.
Accept constructive criticism
If you receive constructive criticism, you can develop your professionalism. So, accept constructive criticism and take bold steps to implement the suggestions. You can invest in your success through constructive criticism.
Stay cool under pressure
The high performers have confidence because they can calmly analyse situations and solve issues, even when deadlines are staring them in their faces. To be a great performer, you must also have this ability. You need to know when to compromise and when it is time to stay firm.
Read What is Self Serving Bias? How Can it Damage Your Career, Creativity, Potentials?
Turn feedback into action
Any success, professional or personal, relies on feedback. Although giving feedback is not always easy, it's important to have difficult conversations, especially in business. Feedback is mandatory and encouraged. 100 % perfection is not possible, even among the most outstanding employees. How you respond to feedback is what truly makes you a top performer.
However, a standout employee uses feedback to demonstrate improvement and growth. It is essential to be aware of your weaknesses and to work hard to turn them into strengths. You will be more resilient and more robust when you face setbacks.
Be a leader
An employee who guides or manages others is called a workplace leader. Even if you aren't in a leadership position, act like one. Help a coworker or colleague who asks for your assistance. Give them guidance and support. If your special needs someone to manage a project or lead a team, you can volunteer to take on the role.
Read What makes a Great Manager: Know the Qualities and Skills
Bottom Line
High performance and efficiency are the pre-condition for career growth. The first step in becoming a top performer is understanding your company's needs and expectations. Moreover, you should understand the needs of your boss, as well as other employees, to do this. If you want to become a top performer at your company, you will need to make sure that you are constantly improving yourself and your skills.
So far, we have mentioned 15 common behaviours of the top performers at work. Although the steps mentioned above are simple, they can be difficult. These steps require passion, dedication, and interest in being a high performer in your company. Your path will be apparent if that is your vision.
10 Great Health, Fitness Career Ideas You May Consider
There is a growing trend of fitness professionals, and the prospect of a successful career in this field is very appealing. People who want to get into the fitness industry can find several ways to start, whether they are interested in starting their own business or working for an established company. From being a personal trainer to working as a fitness model, there are plenty of opportunities for fit people. Let’s see some top career options for fitness conscious people.
10 Best Career Ideas for Fitness Enthusiasts
Gym Business
Owning a gym can be a great career option if you have the right skills and experience. Owning your gym can be a lucrative business if you have a large following and can provide quality service. However, there are a few things to keep in mind if you want to start your own gym.
First, make sure that the location is suitable and that you have the financial resources to support it. Second, make sure you have the latest and right equipment. Depending on where you live, this may not be a problem; however, if you live in the city, it may be difficult to find a suitable location. Third, make sure that you have the right business strategy and marketing plan to ensure that you are able to sustain your gym.
Also read: 10 Best Personal Training Certifications to Ace in Fitness Career
Personal Trainer
Personal trainers are in high demand with a growing population and an aging society. They can work with people of all ages and sexes and those with different fitness levels. There are many personal trainers who are self-employed, which can be a good option for those who want to be their own boss and set their hours.
However, many personal trainers work for companies, which can offer benefits such as employee discounts and access to company resources. You will need certification to become a personal trainer.
Dietitian or Nutritionist
Dietitian is a good health and fitness career idea if you are passionate about helping people live healthier lives. Dietitians work with clients to develop healthy eating and exercise habits, help them maintain weight loss or weight management, and counsel them on the best ways to manage chronic diseases.
Read How to Become a Certified Fitness Instructor?
Dieticians can work in hospitals, schools, private practice, or any other type of business. They must have a degree in nutrition or dietetics and be licensed.
Occupational Therapist
Occupational therapists help people with disabilities by providing them with rehabilitative services. They also help those who are injured to recover from their injuries. Occupational therapists work in various settings, including hospitals, schools, businesses, and government agencies. Therefore, the career options for occupational therapists are many and varied.
While there are a variety of possible career paths for occupational therapists, many focus on providing health and fitness services to their patients. This can be a lucrative career, provided you have the necessary qualifications, experience, and contacts.
Read How to Stay Physically Active during Pregnancy
Fitness Trainer
A fitness trainer can help people achieve their health and fitness goals. There are many different types of fitness trainers, so if you have a passion for helping others, this could be a good career choice. You must have good physical conditioning and be comfortable working with people.
You should also have a knowledge of exercise and nutrition. If you have the right skills and qualifications, a career as a fitness trainer can be very rewarding.
Physical Therapist
A physical therapist is one of the most popular health and fitness careers. There are many good reasons why someone might want to become a physical therapist. First, physical therapists work with people all over the world, which means they can travel and see new things.
Read Best Android, iOS Apps for Home Exercises
Second, physical therapists need only training and certification in physical therapy, so they can get started right away in the career field. Third, physical therapists often make good money.
Massage Therapist
Massage therapy is a popular health and fitness career option that has gained popularity in recent years. It is a highly beneficial profession that can provide great physical and emotional relief to those who suffer from chronic pain.
While it may not be the most lucrative career, massage therapy has many other benefits, such as providing an opportunity to work with people from all walks of life and helping people to maintain good physical and mental health.
Read Is Gym Good for Women?
Yoga Trainer
Yoga has been around for over 5000 years, and it is still one of the most popular forms of exercise today. It is often regarded as a healthy and effective way to improve physical health and well-being. There is no doubt that yoga can be an excellent way to maintain overall fitness. So, if you have a passion for yoga and have been doing yoga for years, you can become a yoga trainer.
Athletic Trainer
Numerous schools and clubs need athletic teachers or trainers in Bangladesh. Athletic trainers work with a variety of patients, from athletes to those who are just trying to stay healthy. Athletic Trainers have a lot of knowledge about how the body works and how to improve fitness and health. There are many opportunities for athletic trainers to work in hospitals, schools, and other healthcare facilities.
Fitness Model
Fitness models have become a popular career option for people who have a fit physical appearance. While there are many challenges and risks associated with this career, it can be rewarding if you have the right mindset and work ethic.
Read Bodybuilding Supplements to Avoid when Gyming
Fitness models often make a lot of money, and they can be very famous. However, this is not always a good thing. Many people who are famous as fitness models may have to deal with a lot of pressure.
Final Words
There are many great fitness career options for the fit people. The fitness industry includes different types of fitness professionals, including trainers, personal trainers, nutritionists, physical therapists, and yoga instructors. If you love body building trainings and physical workouts, and want to build career in the fitness industry, don’t wait. Start researching the above-mentioned fitness career ideas and pick the one that suits you the most.
Read Best Fruits for Fitness and Bodybuilding
Dollar price in kerb market jumps to Tk120 amid short supply
The price of US dollars jumped to Tk 120 in the kerb market on Wednesday amid persistent short supply of the greenback against the growing demand from importers and those going abroad for education and medical treatment.
The new unofficial kerb market rate of dollars was higher by Tk 20 to 25 than its official exchange rate against Bangladesh currency fixed by Bangladesh Bank. The greenback maintained its upward trend despite the central bank’s recent steps to punish six major private banks and 10 money exchange houses for irregularities in trading of US dollars.
Read: BB warns exchange houses against manipulation of dollar price Last Monday the dollars sold in the kerb market at Tk116.60. Riding on high demand after Ashura holiday Wednesday, the price soared up to Tk 120, traders said. On Wednesday Abu Taher, a small businessman, went to the kerb market in Dilkusha to buy dollars he needed for his business trip abroad. The high price chased him away.
“The price has been beyond my means,” he told UNB. “I’ll wait to see if it comes down.”
Read Amid growing demand, banks sell dollar at Tk99
Taher said he offered to buy dollars at Tk 117, but there was no taker.
While the soaring price has been attributed to short supply some traders blame it also on syndicates which manipulate the rate. Some syndicates which hold the dollars until if they get the desired price are partly to blame for the crisis, said Osman Goni, a vendor at the kerb market.
Read Dollar price decreases in kerb market, after a hefty raise
Banks instructed to campaign for bringing back laundered money
Bangladesh Bank (BB) has instructed the country’s scheduled banks to launch a campaign to encourage Bangladeshi nationals to send home the undisclosed money they earned abroad by paying only 7 per cent taxes.
The campaign will be in accordance with the recently made ‘Income Tax Ordinance’ aimed at bringing back undisclosed income and the money laundered by Bangladeshi nationals.
Bangladeshi nationals can show their income, earned abroad by any means, in the income tax return by paying 7 per cent tax. Such income will be legalized by the banking channel and no one (banks or any other agencies) can ask about the sources of this income.
Also read: Black money whitening got little response in FY 22: NBR data
The central bank issued a circular in this regard on Monday and sent it to all scheduled banks for necessary action.
The circular stated the implementation and promotion of offshore tax amnesty under the Income Tax Ordinance.
“Through the Finance Act, 2022, as per Section-19 of the Income Tax Ordinance, 1984, paying 7 per cent tax during the period from July 1, 2022, to June 30, 2023, the undisclosed money accumulated outside Bangladesh in any form, can be legally brought into Bangladesh, by banking channels and displayed it in the income tax return,” the circular added.
Also read: Banks must operate in compliance & good governance: BB Governor
Economists and former NBR officials criticized the amnesty saying that money laundering and capital flight from Bangladesh would increase due to this.
8 more local companies receive ISO certificates
Eight more local companies have received ISO 22000 certificates from the International Organisation for Standardization (ISO), paving the way for the firms to export their products to foreign markets.
With the eight companies, a total of 21 local firms have so far obtained the ISO 22000 certificates with the help of the Small and Medium Enterprise (SME) Foundation.
The eight companies are Safe Trading Corporation, Pratibha Trading, Abhijit Food and Beverage Industries, Masud Agro Processing Food Products, Bani's Creation, Ayurvedic Pharmacy (Dhaka), Chhip Food BD and All-wells Marketing.
Also read: Chinese Company to set up hair fashion accessories industry at BEPZA economic zone
The certificates were handed over to the companies through a function on Monday, said a press release of SME Foundation.
Addressing the function, Chairman of the SME Foundation Prof Masudur Rahman said now the food and agricultural processing companies can export their products of 500 million US dollars. The Foundation will help SMEs to raise the export earnings to one billion US dollars in this sector by 2030, he said.
Director General of the SME Foundation Dr Mofizur Rahman said the Foundation will help eight more small and medium enterprises to obtain the ISO 22000 certificates in the current financial year.
Also read: Govt urged to reject offer for Covid-19 vaccine from any tobacco company
Additional Secretary of Commerce Ministry Hafizur Rahman and member of Food Safety Authority Rezaul Karim were present in the event.
The SME Foundation has been creating awareness about Food Safety Management System (FSMS), Good Manufacturing Practice (GMP) and Good Agricultural Practice (GAP), providing training to entrepreneurs, and extending assistance to enterprises to attain international standard certificates.
In 2013, three local companies attained the ISO 22000 certificates for the first time with the help of the SME Foundation. Later, four other companies got the international standard certificates in 2015 and six ones in 2017.
Read Plastic businessmen want harassment-free environment
Plastic businessmen want harassment-free environment
Plastic sector entrepreneurs demanded a harassment-free business environment in the country caused of the visit of the government agencies.
They made the call at the first meeting of the FBCCI standing committee on Plastic, Rubber, Melamine and PVC Products held at FBCCI head office on Monday, said a media release.
In the meeting, businesses said, government agencies have not been renewing licenses of plastic products manufacturing factories since the fire incidents at Churihatta in the capital. As the factories are losing their legal validity, government organisations impose fines and sometimes even sue cases against the factory owners. Therefore, many small and medium industries have been shut off, the businessmen alleged.
Speaking as the chief guest, FBCCI Senior Vice President Mostofa Azad Chowdhury Babu said, the plastic industry contributes to employment, export earnings and industry decentralization across the country.
Mentioning the prediction of the global recession in 2023, he stressed expanding the export base to deal with the crisis.
Read: FBCCI keen to enhance trade ties with Brazil; two MoUs signed
FBCCI Vice President Md Amin Helaly said that FBCCI is planning to arrange three fairs in Kolkata, Guwahati and Tripura to showcase Bangladeshi products.
He suggested exhibiting the plastic products at those fairs. Bangladeshi plastic products have great demand in seven sisters of India.
The director in-charge of the committee Abu Motaleb said conspiracy is still going on against the plastic sector. The committee will work on solving tax and environmental problems, he informed.
He called for eco-friendly products as well.
Committee Chairman and President of BPGMEA Shamim Ahmed informed that waste management is the biggest challenge for the plastic sector. Bangladesh will be able to utilize the huge potential in this sector if the challenge is properly dealt with.
The BPGMEA President called for considering the deemed earnings as export to this sector.
FBCCI Director Priti Chakraborty urged the government to provide proper policy support in grooming this sector while director Hafez Harun demanded an end to harassment of the small and medium entrepreneurs in the plastic industry in the name of inspection.
Director Mohammed Bazlur Rahman called for working together to overcome the problems in the plastic sector.
Committee co-chairmen Md Shafiqul Islam (Mintu), Md Abul Khair and Nazmul Hossain, FBCCI Adviser Manzur Ahmed and other members of the committee, among others, were present at the meeting.