business
Bangladesh requests Brazil to supply cattle during Eid-ul-Azha: State Minister
State Minister for Commerce Ahasanul Islam Titu on Sunday said he requested Brazil to supply sacrificial animals to Bangladesh before Eid-ul-Azha.
Prices of meat, chicken, and fish soar while vegetables and fruits decrease on Friday
He told reporters after a meeting in Dhaka with visiting foreign minister of Brazil Mauro Vieira.
Titu said animal protein was in focus in the bilateral meeting. Brazil in particular an exporter of meat at very low prices.
Prices of meat, chicken and egg rise on Friday
“They talked about it. We requested them in this regard. If it is cheaper. We will look at the possibilities to import cattle or meat,”said the state minister.
Meat and eggs to be sold in trucks at fair prices in Dhaka during Ramadan
Currently, Bangladesh is not importing animal protein or chicken. If Bangladesh imports these items, then a study will be required in this regard, Titu said.
Newly elected Board of Directors led by S. M. Mannan (Kochi) take charge of BGMEA
The newly elected Board of Directors of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) led by its President S. M. Mannan (Kochi) took charge of the trade body for the term 2024-2026.
Outgoing Board of Directors handed over the responsibility to the new Board at the 41st Annual General Meeting (AGM) held at BGMEA Complex in Uttara on April 6.
The audited accounts of BGMEA for the year 2022-2023 were adopted and the budget for the year 2023-2024 was approved in the AGM.
The new Office Bearers of BGMEA are -- Syed Nazrul Islam, First Vice President; Khandoker Rafiqul Islam, Senior Vice President; Arshad Jamal (Dipu), Vice President; Md. Nasir Uddin, Vice President (Finance); Miran Ali, Vice President; Abdullah Hil Rakib, Vice President; and Rakibul Alam Chowdhury, Vice President.
The other Board of Directors from Dhaka are -- Shahidullah Azim, Asif Ashraf, Md. Imranur Rahman, Shovon Islam, Haroon Ar Rashid, Mohammad Sohel Sadat, Ashikur Rahman (Tuhin), Anowar Hossain (Manik), Mesbah Uddin Khan, Shams Mahmud, Rajiv Chowdhury, Abrar Hossain Sayem, Md. Shahadat Hossain, Md. Jakir Hossain, Nusrat Bari Asha, Md. Mohiuddin Rubel, Shehrin Salam Oishee, Md. Nurul Islam, Saifuddin Siddiquie Sagar, and Md. Rezaul Alam (Miru), while Directors from Chattogram are -- Mohammed Musa, Amzad Hossain Chowdhury, M Ahsanul Hoque, Mostafa Sarwar Riyadh, Mohammed Rakib Al Naser, Gazi Md. Shahid Ullah, and Md. Absar Hossain.
The Sammilito Parishad, led by S. M. Mannan (Kochi), achieved a clean sweep by securing all 35 directorship positions – 26 in Dhaka and 9 in Chittagong -- in the BGMEA elections for the 2024-26 term, held on March 9, 2024.
Nurul Hoque congratulates new BGMEA President
S. M. Mannan (Kochi) has formally taken over the charge as the President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) for the term 2024-2026.
Former First Vice President of the BGMEA S. M. Nurul Hoque on Saturday congratulated the newly elected BGMEA committee led by S. M. Mannan (Kochi).
The new committee took over charge at the BGMEA`s annual general meeting held on April 6.
On March 14, the Election Board of the BGMEA declared the names of the new BGMEA Office Bearers, President and seven Vice Presidents.
Among other elected members, Syed Nazrul Islam has been elected First Vice President and Khandoker Rafiqul Islam has become Senior Vice President.
Arshad Jamal (Dipu) has been elected Vice President and Md. Nasir Uddin got the post of Vice President for Finance while Miran Ali, Abdullah Hil Rakib and Rakibul Alam Chowdhury have been elected Vice Presidents.
Trade through Sonamasjid land port to remain closed for seven days for Eid and Pahela Baishakh
Export-import between Bangladesh and India through Chapainawabganj’s Sonamasjid land port will remain suspended for seven days beginning from April 8 on the occasion of the holy Eid-ul-Fitr and Pahela Baishakh, the first day of Bangla calendar.
However, movement of travellers through the land port will remain as usual.
Harun-Or-Rashid, president of Sonamasjid Land Port C&F Agents Association, confirmed the matter saying that all kinds of business activities through the land port between the countries will remain halted for a week.
The trade through the land port will resume from April 15, he said, adding that India’s Mahdipur Land Port Exporters Association was informed about the matter.
He also said that passenger movement through check posts will remain normal despite suspension of trade.
Top execs of merging bank cannot hold posts at acquiring entity: Bangladesh Bank
Bangladesh Bank issued new guidelines on Thursday, dictating that board members and top executives of banks and financial institutions undergoing a merger will not be eligible to occupy positions within the acquiring entity.
These guidelines accommodate both consensual and compulsory mergers, emphasising the protection of depositors by either continuing their accounts in the merged entity or refunding their deposits.
This directive arrives four months after the introduction of the Prompt Corrective Action (PCA) framework, aimed at providing a structured approach for mergers and acquisitions amid the declining financial health of certain banks and financial institutions.
A notable provision in the guidelines is the job security offered to employees of the merged entity, prohibiting their dismissal for three years post-merger by the acquiring company.
Initially, under the PCA, Bangladesh Bank will categorise banks into four groups based on their loan disbursement, profitability, and other key metrics. It will then instruct underperforming banks to enhance their operations within a 12-month period.
Should these banks fail to ameliorate their condition and persist in vulnerability, the central bank will recommend voluntary mergers with other banks or financial institutions to safeguard the financial system's integrity.
Lag in pvt investment and its minimal contribution to GDP critical concern for South Asia’s job market: World Bank Economist
During a seminar organised by the South Asian Network on Economic Modelling (SANEM) and the World Bank, experts highlighted the optimistic growth outlook for South Asia compared to other emerging markets and developing economies. However, they pointed out significant hurdles in job creation, attributing these challenges to a lack of necessary policy reforms.
The seminar, titled “Is South Asia Experiencing Jobless Development?” took place at Dhaka’s BRAC Centre Inn Auditorium on Thursday, coinciding with the release of the World Bank's April 2024 report on "South Asia Development Update."
Dr. Franziska Ohnsorge, the World Bank's Chief Economist for South Asia, emphasised the urgent need for policy reforms to dismantle barriers to job creation in her presentation of the "Report Focusing on Job Resilience in South Asia in April 2024."
According to Dr. Ohnsorge, the lag in private investment and its minimal contribution to GDP, compared to other developing regions, is a critical concern for South Asia’s job market.
Trade openness and institutional quality were identified as pivotal factors to invigorate job opportunities in the region. Dr. Ohnsorge highlighted the low trade-to-GDP ratio in South Asia and pointed out specific areas of growth such as the Bangladeshi readymade garment (RMG) sector and the Indian IT industry. She criticised Bangladesh for imposing high barriers to trade, which she believes are stifling growth and employment opportunities.
The seminar also featured insights from SANEM Executive Director Dr. Selim Raihan, Vice-Chancellor of Asian University for Women Dr. Rubana Haq, Professor Sayema Haque Bidisha from the Department of Economics at Dhaka University, and Bernard Haven, the World Bank's Senior Economist in Bangladesh. The panelists discussed various aspects of job creation, the quality of jobs, and integrating vulnerable populations into the workforce.
Bernard Haven underscored the interconnection between job creation and macroeconomic issues, advocating for more foreign direct investment (FDI) and a favorable business environment. He emphasised the critical role of boosting productivity and investing in human capital to enhance worker and firm productivity.
Haven also highlighted the need for better firm management, support for women’s labor force participation, reduced migration costs, and expanded social safety nets to ensure a more inclusive and productive workforce.
The seminar concluded with a call to action for South Asian countries to adopt comprehensive policy reforms to address the persistent challenges of jobless growth and fully leverage their economic potential.
34% of Bangladesh's revenue spent on debt repayment: CPD
Bangladesh finds itself in a precarious fiscal position, with a significant portion of its revenue dedicated to debt repayment, as revealed by Dr. Debapriya Bhattacharya, a distinguished fellow at the Centre for Policy Dialogue (CPD).
According to Dr. Bhattacharya, two-thirds of the government's total debt originates from domestic sources, bringing the per capita debt to an approximate $850.
CPD wants adjustment in capacity charges instead of raising power tariff to reduce subsidy
During a seminar on Thursday, titled “Bangladesh’s External Borrowings and Debt Servicing Scenario: Are There Reasons to be Concerned?” organized by CPD in partnership with The Asia Foundation – Bangladesh, Dr. Debapriya shed light on the complexities of Bangladesh's debt structure. The event took place in a hotel in Gulshan, Dhaka, with Prime Minister's economic adviser Dr. Mashiur Rahman as the chief guest.
Dr Salehuddin Ahmed, former governor of Bangladesh Bank; Dr. Fahmida Khatun, Executive Director of CPD; Kazi Faisal Bin Seraj, Country Representative, The Asia Foundation—Bangladesh; Kamran T Rahman, President, Metropolitan Chamber of Commerce and Industry (MCCI), among others, spoke at the event.
Dr. Debapriya emphasized the gravity of the situation, stating, "34 percent of Bangladesh's revenue expenditure till July has been allocated to debt repayment." This figure, he noted, includes 28 percent for domestic debt and 5 percent for foreign debt, marking a significant increase from 26 percent to 34 percent in just three years.
All but AL want to end capacity payments in power sector: CPD
The acceleration of borrowing trends since 2018-19, attributed to the Covid-19 pandemic and the Russia-Ukraine war, has raised concerns about Bangladesh's debt servicing capacity. The revenue budget is now so stretched that it cannot finance a single penny for development projects, he highlighted.
Reflecting on the broader implications of debt repayment, Dr. Debapriya criticized the dismissive attitude of policymakers towards economists' warnings. He recounted his own predictions made two years ago about the challenges facing Bangladesh in 2024, emphasizing the anticipated discomfort in debt repayment starting from 2025 and escalating in 2026.
Bangladesh needs to introduce social insurance for all, not social safety net: CPD
He also pointed out the significance of private sector debt, noting that government loans account for 80 percent of total borrowing, with the private sector comprising the remaining 20 percent. He stressed the impact of private-sector loans on the country's liability and exchange sector, calling for greater scrutiny of personal loans and their utilization, whether domestically or abroad.
Combining foreign and domestic debts, Dr. Bhattacharya underscored the burden of per capita liability, which stands at $310 for foreign debt alone and escalates to approximately $850 when domestic debt is factored in. This comprehensive analysis of Bangladesh's debt scenario underscores the urgent need for fiscal prudence and strategic planning to navigate the challenges ahead.
BDBL to merge with Sonali Bank while BKB with RKUB
State-run Bangladesh Development Bank is set to merge with Sonali Bank, while Rajshahi Krishi Unnayan Bank will be taken over by Bangladesh Krishi Bank as part of disciplining the banking sector.
The move follows the merger of private sector Padma Bank with Exim Bank.
The primary decision of latest merger of banks was taken at a meeting between Bangladesh Bank (BB) governor Abdur Rouf Talukder and the managing directors of the respective banks at the BB headquarters on Wednesday.
A deal will be signed on Monday (April 8) between Bangladesh Krishi Bank and Rajshahi Krishi Unnayan Bank at BB in this regard.
Md Shawkat Ali Khan, managing director of BKB told UNB that the central bank called a meeting with the chairmen of both banks and discussed the overall situation of the banks.
On the merger of state-owned banks, on behalf of the government the BB will take a final decision regarding the merger issue, he said.
However, the BB official confirmed that a deal signing between BKB and RKUB is scheduled to be held on Monday.
The government took the decision in principle to merge BDBL with Sonali Bank. But it will take some time to reach a deal between Sonali Bank and BDBL, said an official of BB.
Grameenphone ensures robust network re-engineering for Eid commutes
Grameenphone, the smart connectivity provider in the country, is all geared up to ensure uninterrupted connectivity for its customers ahead of the Eid-ul-Fitr celebrations.
With a steadfast commitment to delivering superior customer experience, Grameenphone has implemented cutting-edge data and AI-driven solutions to optimize its network performance, solidifying its position as the No.1 network provider in the country.
Grameenphone's relentless pursuit of innovation and customer-centricity remains at the core of its mission to connect people to what matters most to them.
To ensure seamless connectivity during the joyful occasion of Eid, the company has implemented a dynamic capacity setup to enhance lives.
This setup enables proactive decision-making driven by AI, leveraging forecasts of people's movements and usage needs.
By anticipating and meeting customer demands effectively, Grameenphone provides uninterrupted services and an enhanced experience, whether in bustling cities or the remotest areas.
Harnessing the power of data and AI-driven decision-making, Grameenphone has designed its network solutions to deliver a seamless data and voice experience.
Mohammad Sajjad Hasib, Chief Marketing Officer, Grameenphone, said, “At Grameenphone, our driving force lies in empowering communities through the transformative power of connectivity. We are unwavering in our commitment to delivering an unparalleled customer experience. With advanced AI technology, a robust infrastructure, and a customer-centric approach, Grameenphone is dedicated to providing uninterrupted data and voice services during the festive season, enabling customers to stay connected and share the joy of Ramadan and Eid with their loved ones. With steadfast focus on modernization, superior technology, and investment into building a future-ready network, Grameenphone is ensuring superior customer service and strengthening our position as the No.1 network provider. We are working towards our vision of a Smart Bangladesh, where connectivity is the cornerstone of progress."
Furthermore, in preparation for the festivities, Grameenphone has identified hotspots across the country where additional capacity enhancements are necessary. Through strategic resource allocation, Grameenphone aims to provide enhanced network coverage in areas like shopping malls, highways, and transport hubs, ensuring a smooth customer experience. This ensures that customers can rely on Grameenphone’s robust network infrastructure, even during peak times.
Recognizing that weather conditions can sometimes pose challenges to network performance, Grameenphone has factored it in to preemptively address any potential disruptions and minimize impact on customer experience. This proactive approach and preparedness demonstrate Grameenphone's commitment to maintaining a resilient and uninterrupted network service, ensuring ease and comfort for Eid commutes.
Metro rail journey to get costlier as 15% VAT to be imposed from July
Metro rail passengers will have to bear additional cost as the National Board of Revenue (NBR) is going to impose 15 percent VAT on its tickets from July 1.
There is currently a VAT waiver on Metrorail tickets, which will expire on June 30. DMTCL requested NBR to extend the period but the revenue board expressed unwillingness to extend the exemption period.
The second secretary of NBR's VAT Division Barrister Md. Badruzzaman Munshi sent a letter to the managing director of Dhaka Mass Transit Company Limited (DMTCL) in this regard.
According to the letter, VAT exemption on metro rail tickets will expire on June 30.
In the letter, the revenue board said that various development activities are going on in the country with the goal of attaining the status of developed country by 2041.
The government has to constantly provide money to carry out those development activities, which is mainly collected through direct and indirect taxes.
Tax exemptions are given to various sectors on different occasion with the aim of promoting domestic industries, reduce import dependence and developing small and cottage industries, etc, said the letter.
That is why tax exemption benefits are being gradually withdrawn from various sectors.
Besides, freedom fighters and children of three feet height can travel free of charge, and people with special needs can travel on metro rail at a 10 to 15 percent discount.