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Sri Lanka's N-able expands business footprint to Bangladesh
Sri Lanka's technology solutions provider N-able (Private) Limited has expanded its footprint to extend design consultancy and engineering services to customers in Bangladesh.
N-able will partner with solutions providers in Bangladesh and act as the solutions partner to design and implement end-to-end solutions in the domains of infrastructure-centric and application-centric solutions.
The company plans to draw from its prior experience in serving different international markets.
Also read: Setting Up Facebook Business in Bangladesh: Detailed Guideline
N-able CEO Asanka Bimal Rajasinghe said: "We are excited to make Bangladesh an initial part of our global expansion drive, as we seek to strengthen our regional business presence."
Sameera Viraj Kodituwakku, the company's head of operations, said: "We see Bangladesh as a market of great potential for business growth. We intend to support the growing and demanding business needs, which have emerged as a result of the thriving economy of Bangladesh, from a technology solutions perspective."
Established in 2008, N-able has positioned itself as a unique provider of information and communications technology services, enabling businesses to create enhanced value for their customers and stakeholders in the telecom, banking and financial, government, and enterprise sectors, according to a media statement.
RMG's sustainable growth: BGMEA for exploring new markets
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has highlighted the need for exploring new markets for the apparel industry to ensure sustainable growth of the sector.
"To increase our export share to non-traditional markets and explore untapped the opportunities of high-end items in our major markets, we continuously need to promote the industry by highlighting our strengths and capabilities," BGMEA President Faruque Hassan said Monday.
He was addressing the inaugural ceremony of the first virtual edition of the "Sourcing Bangladesh 2021" organised by the Export Promotion Bureau (EPB).
Also read: Technology upgradation crucial for RMG industry to stay competitive: BGMEA
Commerce Minister Tipu Munshi inaugurated the event as chief guest.
Considering the importance of promoting trade amid Covid-19, Faruque lauded the EPB for holding the seven-day long sourcing fair on a virtual platform is commendable.
"We applaud the initiative of the Ministry of Commerce because it will not only play an important role in increasing the export of the country but also will help to achieve a sustainable growth of the industry in the upcoming days," he said.
Also read: BGMEA shares RMG success stories at IAF meeting
Bangladesh, UAE identify 12 fields to enhance cooperation
Bangladesh and the United Arab Emirates have specified 12 fields of bilateral cooperation at the 5th joint commission meeting between the two countries in Dhaka.
The meeting, held in Dhaka, was co-chaired by Finance Minister A H M Mustafa Kamal and UAE State Minister of Foreign Affairs and International Cooperation Ahmed Ali Al Sayegh. The ministers joined the meeting virtually, while senior officials of both sides attended it physically.
Read:Role of accounting profession important for fair spending: Mannan
The fields identified for bilateral cooperation are i) Bilateral Trade and Economic Development , ii) Labour, Employment and Consular Relation, iii) Civil Aviation, Tourism and Culture, iv) Investment Opportunities, v) Increased support of Abu Dhabi Fund for Development (ADFD), vi) Power, Energy and Mineral Resources, vii) Information and Communication Technology (ICT), viii) Education, Science and Technology, ix) Marine Environment Development, x) Agriculture, xi) Health Services & Health Education, and xii) Humanitarian & Charitable Areas.
The discussions were held in the spirit of understanding, friendship and mutual respect, meeting sources said.
Read:Bangladesh Bank announces 4 pc export subsidy on bicycle, cement sheet, and MS steel
The ministers virtually signed the agreed minutes of the meeting on behalf of their respective sides.
Both sides agreed to hold the sixth meeting of the Joint Commission in Abu Dhabi. The date of the next meeting will be fixed later.
Rainbow Paints introduces 3 new products
RFL Group's Rainbow Paints has introduced three new products – anti-bacterial interior, all-rounder interior paints and damp proof cellar.
RN Paul, managing director of RFL Group, launched the products in the capital recently.
Read Pran-RFL bags 5 national export trophies
"We hope customers will be able to protect their walls from any interior problem by using our new paints and cellar," he said.
The paints are made with a special type of emulsion and can protect the wall from harmful bacteria, said Kamrul Hasan, chief operating officer of Rainbow Paints.
Read RFL exports gas stoves to Samoa
"Rainbow Damp Proof cellar can protect the wall from developing cracks and keep it free from damp."
Daraz 11.11 campaign 2021 goes live
Online marketplace Daraz's one-day sale campaign 11.11 started Thursday.
Daraz, a concern of Alibaba Group, hosted the campaign for the fourth time in a row with discounts, prizes, and offers.
The online festival was celebrated across the world – including in Bangladesh, Sri Lanka, Nepal, Myanmar and Pakistan – where Daraz operates.
Cricketer Tamim Iqbal inaugurated the campaign at 12am on "Daraz 11.11 show."
The one-day sale event offered more than 25 million products at big discounts, according to a media statement.
Syed Mostahidal Hoq, managing director of Daraz Bangladesh, said: "The previous 11.11 campaigns have been extremely successful for us, and we are confident for this one as well."
Read: Daraz all set for biggest One-day Sale Campaign
"We hope to offer the customers an enhanced online shopping experience with the unique campaign and discount opportunities."
The diamond sponsors of the 11.11 campaign were Apex, Dettol, Esquire Electronics, LUX, realme, and Studio X.
Bata, Dekko, Fabrilife, Harpic, Lotto, Motion View, P&G, and Parachute Naturale Shampoo were platinum sponsors.
The gold sponsors were Bruno Moretti, Fantech, Focallure, Godrej, Haier, Lee Cooper, Logitech, Ribana, Rongon Herbals, SSB Leather, TP-Link, and Transcend.
Role of accounting profession important for fair spending: Mannan
Planning Minister M.A. Mannan emphasized on developing skilled accounting professionals in the country to meet growing demand in this sector.
He also highlighted the role of cost and management accounting (CMA) professionals in terms of fair spending and management of large as well as multinational companies.
Read:Bangladesh Bank announces 4 pc export subsidy on bicycle, cement sheet, and MS steel
The minister was addressing a discussion meeting on the occasion of “International Accounting Day” organized by the Institute of Cost and Management Accountants of Bangladesh (ICMAB) on Wednesday) night.
Comptroller and Auditor General of Bangladesh (CAGB) Mohammad Muslim Chowdhury and A. K. M. Delwer Hussain FCMA, President SAFA, Past President and Council Member, ICMAB attende the program as special guests.
Muslim Chowdhury said that the accounting profession is facing challenges and hoped comprehensive reporting system will come soon.
The new generation has to take up the challenges and adopt at modern accounting, he said.
Marking the day, the ICMAB arranged a get together in its office building in Dhaka where former presidents, council members, members, students and institutes employees attended in this occasion.
Read: Soaring gas prices: Demand and supply management ‘getting tough’
AKM Delwer Hussain sought the cooperation of the government in expanding the scope of cost audit.
Abu Sayed Md. Shaykhul Islam FCMA said that the accounting reports have to be transparent. It also needs to understand the Digital Transformation.
Biggest Sale of Daraz 11.11 begins
The most awaited biggest one-day sale 11.11 of Daraz, country’s largest online marketplace Daraz Bangladesh(daraz.com.bd) began on Thursday.
Bangladesh-a concern of Alibaba Group and country's largest online marketplace is hosting the one-day shopping campaign, 11.11, for the 4 th time in a row with amazing discounts, prizes, and lucrative offers, said a press release.
The online festival is being celebrated across the world, including in five South Asian countries - Bangladesh, Sri Lanka, Nepal, Myanmar and Pakistan -- where Daraz operates.
Read: Daraz all set for biggest One-day Sale Campaign
Daraz is offering unique discount opportunities, vouchers, best deals, flash sales, and many more attractive features through the 11.11 campaign. The former captain of the Bangladesh National Cricket Team, Tamim Iqbal inaugurated the campaign today at 12:00 AM on “Daraz 11.11 show”. The one-day sale event will provide a great shopping experience with more than twenty-five million products at massive discounts. The noteworthy attractions include Mystery Box, Surprise Voucher, Shake Shake, Seller Double Taka Voucher, Flash Sale, and 11 O'clock Deals.
The best 5 deals of 11.11 are:
1. Realme C25S -4GB/128GB only at BDT 14,918
2. Amazfit GTS 2 Smart Watch only at BDT 11,990
3. Sharp Washing Machine only at BDT 24,490
4. Sharp SJ-EK341E-Top Mount Refrigerator-272 Litre silver only at BDT 53,010
5. Samsung Microwave Oven only at BDT 7900.
Read Daraz 12:12 campaign: 'Realme becomes top-selling smartphone brand' Daraz 12:12 campaign: 'Realme becomes top-selling smartphone brand'
Exclusive Launch:
There will be an exclusive mobile launch during the 11.11 campaign. Realme Narzo 50i launching Flash
Sale will start on 11th Nov at 12.01 am. The market price of the phone is BDT 10,990 but the customers can get the phone at BDT10,090 exclusively only on Daraz. They can avail an additional 20% off on Pre-payment (T&C Apply).
Hourly Attractions and Vouchers:
During the campaign, 11 O'clock Deals will only be available at 11:00AM and 11:00PM. There will be the “I Love Voucher” offer for the shoppers, which can be obtained to buy products with discounts ranging from BDT 50 to BDT 7500 all day during the campaign. Fashion mega vouchers will be available from 1:00PM to 2:00PM where customers will get 250Tk off on 3000 Tk (minimum purchase). From 2pm to 3pm there will be Global collection vouchers where customers can get upto 1000 TK discount (minimum purchase BDT 1000). From 3:00PM to 4:00PM there will be a Daraz Mall voucher where customers can get up to 1500 TK discount (minimum purchase 1000). From 4:00PM to 5:00PM there will be a Surprise Voucher with limited quantity. The most awaited 11TK Mystery Box will be available at 5:00PM to 6:00PM. “Buy More, Save More” consists of a 10% discount (maximum 1200 TK) on selected products which will be available from 6:00PM to 7:00PM. In addition, consumers can also win prizes like realme C25Y phone HungryNaki 25% off voucher, hoichoi subscription and seller double taka voucher by simply shaking their phones between 7:00PM to 8:00PM. Flash Voucher is available from 8:00PM to 9:00PM where there will be an 8% discount up to 1000 TK.
Read Daraz all set for biggest One-day Sale Campaign
Moreover, from 9pm to 11pm there will be a Happy Hour segment consisting of up to 5,800 TK discount.
Moreover, using these vouchers will help to avail more discounts on already discounted products. Customers can purchase their favorite products from the Daraz app by using these vouchers at their convenience।
Payment partner discount -
Customers can avail further special offers during the campaign which are solely offered by our payment partners. The payment partners of this year’s 11.11 campaign are bKash, BRAC Bank, City Bank, Eastern Bank, HSBC, LankaBangla Finance, Prime Bank, Southeast Bank, and Standard Chartered Bank.
On this occasion, Syed Mostahidal Hoq, Managing Director, Daraz Bangladesh, said, “The previous 11.11 campaigns have been extremely successful for us, and we are confident for this one as well. We hope to offer the customers an enhanced online shopping experience with the unique campaign and discount opportunities.”
Read Daraz 12.12 campaign: Realme announces up to 12% discount
The diamond sponsors of the 11.11 campaign are Apex, Dettol, Esquire Electronics, LUX, realme, and Studio X. Bata, Dekko, Fabrilife, Harpic, Lotto, Motion View, P&G, and Parachute Naturale Shampoo are the platinum sponsors of the campaign. The gold sponsors are Bruno Moretti, Fantech, Focallure, Godrej, Haier, Lee Cooper, Logitech, Ribana, Rongon Herbals, SSB Leather, TP-Link, and Transcend. Additionally, Binge, Xtra gift cards, Tourison, Novem Eco Resort, Robi Elite, MyGP, and MyBL are the event partners of the campaign.
Bangladesh Bank announces 4 pc export subsidy on bicycle, cement sheet, and MS steel
Bangladesh Bank has announced 4 per cent cash subsidy on exporting cement sheet, bicycle and its parts, MS steel and tea to encourage exporters.
The exporters of Specialized Zone (BEZA, BEPZA and Hi-tech Park) will enjoy the facility under this programme, said central bank notification on Wednesday.
Read: Bad loans bite Bangladesh banks hard
The exporters will get 4 per cent subsidy for exporting products of which local minimum value addition margin is not less than 30 per cent.
The subsidy would be provided on the basis of product shipment during fiscal 2021-22. The exporters would get the money from the Authorized Dealers (Ads) bank after submitting dues documents. They have to apply separately for separate chalan and shipment.
All the products will be eligible to get export subsidy when 30 per cent of them is made at company’s own factory, the circular stated.
The exporting firm or any individual can claim the cash benefit by submitting applications within 180 days of receiving the export proceed in the nostro accounts.
Read:Bangladesh Bank tops Cyber Drill 2021
At present, some 38 locally-produced items have been get the cash incentives against the export at different rates one per cent to the highest 20 per cent. The current incentives for these items will continue.
Economists believe that the latest initiative will help increase export volume of Bangladesh.
But they said the desired target would not be achieved without a fair distribution method of export cash subsidy.
CPD for reinstating previous fuel prices
The Centre for Policy Dialogue (CPD) has suggested the government to reinstate the earlier prices of fuel considering it ‘a strategic commodity’.
“We recommend the government to reinstate the previous rates of fuel as an immediate step to maintain stability,” said Dr Fahmida Khatun, executive director of CPD, said at a press briefing on Wednesday.
Read:Fuel price hike a fresh blow to Covid-hit economy: Experts
The social think-tank body arranged the press briefing on the impacts of petroleum fuel price hike.
Fahmida said that the hike in fuel prices has pushed the masses towards an unbearable situation and created a pressure on overall stability as many things are linked to fuel prices.
CPD distinguished fellow Prof Mustafizur Rahman, director Dr Khondaker Golam Moazzem and other directors spoke on the occasion.
Prof Mustafizur Rahman said the decision to raise fuel prices is unethical from all points of views-economic, social and political.
“People have been struggling to survive the Covid-19 impacts as their incomes have come down. At this stage, such a step is not a positive move for the economy,” he told reporters. He also said the 26.5 percent increase in bus fares against the 23 percent rise in fuel price is totally unjustified when fuel covers only 40 percent of the total cost of a bus.
In that calculation, maximum 10 percent bus fare could have been increased, he added.
Dr Golam Moazzem said the government could easily cover its possible losses of Tk 7,200 crore without increasing the prices by withdrawing 34 percent taxes on petroleum import.
Read:Fuel price hike: transporters to go on indefinite strike from Friday
He noted that the government has a plan to earn Tk 7808 revenue from the taxes on import of petroleum fuel.
“If the taxes are withdrawn, the income will not come. Otherwise, there will be no loss on the part of the government, but people will get a big relief,” he added.
Soaring gas prices: Demand and supply management ‘getting tough’
The escalating price of liquefied natural gas (LNG) has put the Energy and Mineral Resources Division into a “trouble” over its demand and supply management following the diesel and kerosene price hike.
According to official sources, top policymakers are now weighing different options, including further upward adjustment in gas price, enhancing LNG import from long-term contracts and increasing local gas production.
Also Read: Bangladesh faces biggest challenge in managing affordable fuel: Experts
"But There’s no easier option for the government to find a suitable solution to manage the situation, particularly in 2022,” said a top official at the Energy and Mineral Resources Division, wishing not to be named.
Eminent energy expert Dr M Tamim, a professor at Petroleum and Mineral Resources Engineering Department of Bangladesh University Engineering and Technology (Buet), said there is little option for the government to pursue without an upward readjustment in the gas price as there is an indication that the higher energy price will continue in the coming days until the end of 2022.
“There should have been a thorough analysis of energy prices. Also, steps like increasing the LNG import from long-term contracts should have been taken much earlier. But the policymakers missed those opportunities when the LNG price was much lower on the international market,” he told UNB.
Official sources said the government is planning to send a team, headed by senior secretary of the Energy and Mineral Resources Division, to Qarar and Oman to manage the increasing import of LNG from long-term contracts.
The government has long-term contracts with the two nations to annually import 2.5 million metric tons of LNG from Qatar and 1.5 million MT from Oman. It also imports another 1.5 million MT from the international spot market to meet the growing demand for natural gas.
Also Read: Private operators’ LPG: Price goes up again
Currently, the sources said, the import of LNG from long-term contracts is preferable for the government as its cost is about $10 per million MMBtu, which is almost static, while the import from spot market cost $36.60 MMBtu which is dynamic or fluctuating.
They said the government wants to increase the LNG import by 2.2 million MT annually from a long-term contract to raise the total import to 7.2 million MT from the current 5 million MT.
“It’ll result in a daily increase of imported LNG to 1,000 MMCFD in place of the current 640.7 MMCFD,” said a source as the country’s re-gasification capacity is 1,000 MMCFD.
Bangladesh’s current demand for natural gas is 4,000 million cubic feet per day (MMCFD) while it could supply a maximum 3041.1 MMCFD. Of this, local production is 2400.4 MMCFD and imported gas (LNG) is 640.7 MMCFD.
On the other hand, the sources said, the government is trying to increase the local production by 100 MMCFD from three gas fields—Koilashtila, Bianibazar and Haripur -- by conducting exploration and work-over wells, said Petrobangla director (planning) Ali Iqbal Md Nurullah.
“We’re making our best efforts to enhance local gas production by at least 100 MMCFD,” he told UNB.
Dr. M Tamim is, however, not that much hopeful of Petrobangla's immediate success in boosting local gas production. “This is a very time-consuming step which is unlikely to make any headway.”
Meanwhile, the Energy and Mineral Resources Division has asked its officials to calculate the financial loss and its possible impact from the LNG import at a much higher price.
Also Read: Hamid says fuel prices to fall in line with global market
The government had to import LNG at $36 per million MMBtu last month which was below $10 per MMBtu early this year.
Official sources said the Energy and Mineral Resources Division has also asked Perobangla and its subordinate gas distribution companies to prepare a proposal on readjustment of gas price.
They said the proposal will be discussed with top policymakers and then, if any green signal is found from top level, it will be sent to the Bangladesh Energy Regulatory Commission (BERC) for public hearing.
About this move, Dr Tamim said, now the government has actually no more option but to readjust the gas price as it already raised the prices of diesel and kerosene.
It was not a pragmatic decision to hike diesel and kerosene prices as it will have multiple effects on many sectors, including transport, power and agriculture, as they are dependent on such primary fuel. “It’s not a good step at this point of time when the economy has just started making a recovery,” he said.
The price of natural gas was last increased on June 30, 2019 when the monthly price of gas for household users was raised Tk 975 from Tk 800 for double burner users and Tk 925 from 750 for single burner users.
The price of gas for pre-paid household consumers was increased to Tk 12-60 per cubic meter while the price of CNG was fixed at Tk 43 per cubic metre.
The gas price for power plants and fertilizer factories was fixed at Tk 4.45 per unit while the rate was fixed at Tk 23 per cubic meter in the commercial consumers, Tk 13.85 per cubic meter for captive power plants, Tk 10.70 per cubic meter in industries and tea gardens and Tk 17.04 per cubic metre in small and cottage industries.