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Undistributed dividends must be deposited with CMSF, says its chairman
Cairman of the Capital Market Stabilization Fund (CMSF) Md. Nojibur Rahman on Sunday said undistributed dividends of different company shareholders must be deposited with the CMSF paying a 2.5 percent surcharge after June 30.
He said the Bangladesh Security and Exchange Commission (BSEC) had completed preparations to audit the listed companies and then the identified undistributed money would be deposited to CMSF as per rules.
Nojibur Rahman said this while speaking as the chief guest at a discussion on the capital market stabilize funding, organized by the Capital Market Journalist Forum (CMJF) in its Palton office in the capital on Sunday.
He said the volume of the CMSF stood at Tk1270 crore. So far undistributed and unclaimed shares worth Tk710 crore and cash of dividend Tk 560 crore have been deposited in the CMSF.
In reply to a query Nojibur Rahman said, “We refunded dividends to 1,170 investors. Among them, cash claims 755 people and 391 claim bonus shares.”
HSIA launches Web Portal, call centre, CRM software for passengers
The authorities of Hazrat Shahjalal International Airport (HSIA) launched three digital services to provide better facilities to its passengers on Thursday.
The services include a dynamic web portal, 24/7 hotline call centre and customer relationship management software (CRM), according to officials.
Air Vice Marshal M Mafidur Rahman, chairman of Civil Aviation Authority of Bangladesh (CAAB), inaugurated the services this afternoon.
Read: Groundhandling contract for Terminal 3 will go to Japan: CAAB chairman
"A passenger can be informed about the flight schedule, check-in time through the newly launched web portal (www.hsia.gov.bd)," Mafidur Rahman said.
Apart from this, list of duty-free products of tourism corporations and other organizations, airport information service, answers to any airport-related questions, list of customs duty officers, all babysitting services, immigration police services, security services and first aid services information. There are also airport help desk protocol services, wheelchair services, lost and found services, banking and money exchange services, hotel information as well. In case of emergency, the phone numbers of all officials on duty at the airport will be found in this software.
Read: 77.5% work of Dhaka Airport's 3rd Terminal done, should be operational by 2024: CAAB Chairman
The HSIA 24/7 hotline call centre (09614-013600) will provide services to the passengers through representatives in both Bengali and English language.
"Our honourable passengers can share their service related complaints through the call centre. They can also enquire about related information through these services," said the Caab chairman.
SAUDIA expands international flights incorporating Bangladeshi travelers
Saudi Arabian Airlines (SAUDIA) continues to implement its operational plan for Summer 2023 by providing over 7.4 million seats for domestic and international routes, including Bangladesh during July- August, a 10 percent increase compared to the same period in 2022.
The airline will operate more than 32,400 flights, reflecting a 4 percent increase. These measures aim to meet high demand during peak seasons and ensure smooth operations, efficient reservations for scheduled and seasonal destinations, and streamlined processes at airports.
Read: NBR earned highest Tk1.25 lakh crore from VAT in FY23
For international flights for Bangladeshi travelers, SAUDIA is providing more than 4.2 million seats, achieving a 16 percent increase. Additionally, the airline is introducing over 14,800 flights, reflecting a 15 percent increase.
On domestic routes, over 3.2 million seats will be available through 17,600 flights. The operational plan for the summer of 2023 is continuously monitored by a dedicated team from Saudia Aerospace Engineering Industries (SAEI) to evaluate its performance.
Captain Ibrahim Koshy, CEO of SAUDIA, emphasised the airline's extensive experience in managing operations throughout the year, especially during peak seasons.
Read: Salim Osman reelected BKMEA president
The plan includes increasing flights, seat capacity, and introducing seasonal destinations to meet guests' needs while providing excellent services for their Bangladeshi customers.
He also acknowledged the various challenges in the aviation industry, which included managing the departure of Hajj pilgrims from Makkah. The airline implemented comprehensive procedures and prepared the necessary facilities to ensure a successful summer season and Hajj pilgrimage.
Read: BGMEA president urges Australian businesses to invest more in Bangladesh
With its fleet of 164 world-class aircraft, SAUDIA group has cemented a firm reputation globally for its service, comfort, safety, and reliability, notching many enviable industry awards along the way.
Recently, SAUDIA has advanced 11 positions in the "SKYTRAX" airlines ranking of the World Best Airlines 2023.
NBR earned highest Tk1.25 lakh crore from VAT in FY23
The National Board of Revenue (NBR) has achieved big success with 92 percent VAT collection in 2022-23 fiscal year.
The Value Added Tax (VAT) Division of the NBR earned Tk1.25 lakh crore with 17 percent growth in FY23, which was Tk1.8 lakh crore in FY22.
The Finance Division, a wing of the Ministry of Finance, has termed this achievement as 'exceptional' in the annual performance report despite the multi-faceted challenges in the economy.
Read: NBR Chairman defends min Tk 2,000 tax for TIN holders
According to the information received from the VAT department of the NBR, the revenue has collected Tk17,004 crore more VAT in the just-concluded financial year compared to FY22.
Among these, the achievement of the NBR in the last month of the fiscal year, June, was notable. The amount of VAT collected in June is Tk 15,614 crore with a growth of 17.70 percent.
Cigarettes accounted for the highest revenue from VAT collected in the recently concluded fiscal year. The amount of which is Tk 32,818 crores. Then there is the position of mobile phone operators. From which Tk9438 crores of VAT has been collected.
Member of VAT implementation and IT department of NBR Moinul Khan told UNB that there was a lot of adverse situation in FY23. VAT was not received from several projects due to cost containment policies.
Read: NBR-private sector partnership crucial to achieve high revenue target: DCCI President
Traders said that many companies could not open LCs regularly and import raw materials for products and could not carry out normal production.
Besides, some daily essential products including edible oil have to be exempted from VAT. Despite these challenges, “I think the 17 percent growth in VAT is a big achievement.
BB reduces interest rate on export credit to 9 percent
The Bangladesh Bank (BB) has cut interest rates by 1.0 percent to 9.10 percent for pre-shipment loans in the export sector.
The Banking Regulations and Policy Department of the central bank issued a circular on Thursday reducing the interest rate considering the global challenges for the export sector due to the Russia-Ukraine war.
The circular stated that determining the interest rate on pre-shipment export credit, interest rate shall be determined by adding a maximum margin of 2 percent to the 'SMART' system.
Read: Bangladesh Bank working to normalise inflation and dollar crisis despite geopolitical challenges
The BB implemented the new structure of interest calculation on July 1. In this system, banks can calculate interest on loans by adding a maximum of 3 percent with 'SMART' (SMART-six-month moving average rate of 182-day treasury bills). However, it has been reduced to 2 percent for pre-shipment export credit.
Read: Bangladesh Bank asks banks to set up booths in cattle markets to detect fake notes
According to the BB, the average rate of 182-day treasury bills is 7.10 percent. If the banks add 2 percent of the pre-shipment export loan to this, the maximum loan interest rate will be 9.10 percent.
The central bank on Thursday sent this instruction to the banks and asked for immediate implementation.
Read more: Bangladesh Bank introduces 'market-based' dollar exchange rate with rate cap
Salim Osman reelected BKMEA president
AKM Salim Osman has been reelected (unopposed) president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) for the tenure of 2023-25.
With this, he has been elected president of BKMEA's board of directors for the seventh consecutive time.
Mohammad Hatem has been elected executive president, Mansur Ahmed sr. vice president for the same period.
Read: BKMEA wants Tk 1500cr govt assistance to pay workers’ Eid bonus, salaries
Besides, the elected vice presidents are Fazle Shamim Ehsan, Amal Poddar, Gaohar Siraj Jamil, Morshed Sarwar Sohel (finance), Akhtar Hossain Apurva and Mohammad Rashed, said a press release.
Earlier on July 20, the last day for submitting nomination papers for the 25 directorship posts, the same number of candidates submitted their nomination papers under the leadership of Salim Osman.
As an equal number of nominations were received against the prescribed posts, no election was required under Section 17 of the Trade Organizations Act-1994.
Read: Allow Eid holidays for RMG workers in phases: Quader to BGMEA, BKMEA
As a result, AKM Salim Osman, Managing Director of Wisdom Attires Ltd, was elected president for the 7th consecutive term on July 25. At the same time, the election board also announced the names of 24 other directors for the board of BKMEA.
Former Senior Vice President of FBCCI Mohammad Ali served as the Chairman of the Election Board. Narayanganj Chamber of Commerce and Industry president Khaled Haider Khan Kajal and former director of FBCCI Prabir Kumar Saha are members of the board.
Tannery workers demand decent working conditions, scope for growth
The tannery workers demanded a better working environment in the tannery industries hub at Savar and a dedicated hospital for treatment of diseases from occupational hazards in the tannery.
They said the absence of a dedicated hospital for immediate treatment exacerbates situations, leaving workers to bear various long-term sufferings.
The demand came from a joint consultation meeting among the tannery workers’ union (TWU) and Bangladesh Labour Rights Journalists Forum, held in a hotel at Dhanmondi in Dhaka on Monday.
Read: BGMEA president urges Australian businesses to invest more in Bangladesh
The workers also alleged that lack of regulations, a minimum requirement of labour rights including appointment letters, decent work environments, medical facilities, housing, and recreational activities are absent.
Though these requirement are essential for ensuring productivity and well-being of labor in export-oriented industries, absent due to the lack of direct regulation of the state.
Furthermore, the lack of residential facilities, school, and other facilities workers are forced to travel daily from Hazaribag to Savar Tannery Estate, wasting four to five hours on the way, they said.
Read: Steps required to increase incomes, minimize inequality: Dr Farashuddin
Despite being the second-largest foreign currency earning sector, most of the workers miss the opportunity for skilled development due to inadequate training institutions. To address this issue and to cope with the automation systems, workers are now demanding a training center to improve their skills.
Coca-Cola appoints Vijay Bathija as VP of Southwest Asia franchise operations
Coca-Cola has announced the appointment of Ajay Vijay Bathija, as Vice President of Franchise Operations for Southwest Asia (SWA).
Ajay's extensive career journey with The Coca-Cola Company spans nearly 24 years and encompasses a distinct combination of marketing and franchise expertise.
In 1999, Ajay embarked on his professional journey with the Hindustan Coca-Cola Beverages Pvt. Ltd. (HCCBPL) Front Line Sales team and demonstrated consistent growth steadily advancing across different roles and positions within the organisation.
He was the Region Manager for the Mekong Delta Region at SabCo Vietnam, in 2005, said a media release on Monday.
Read: Coca-Cola partners with Bidyanondo to share 4000 meals everyday
In this pivotal role, he led sales operations and route-to-market strategies to drive volumes.
He returned to India as Director Marketing for Colas and spearheaded the ground-breaking "Share a Coke" campaign. He successfully, introduced Coca-Cola Zero sugar for the first time in the INSWA (India and Southwest Asia) markets. He was also instrumental in rejuvenating ThumsUp through integrated marketing campaigns, resulting in enhanced brand love.
Read: Coca-Cola Foundation, WaterAid working to enhance water security in BangladeshAs the Country Manager for Bangladesh from 2018-2020, Ajay worked closely with the Bottling Partners to bring Bangladesh amongst the top 3 markets in Coca-Cola TM, within The Coca-Cola Company (TCCC) globally. In 2020, he transitioned to Senior Director - Front Line Marketing, where he aligned portfolio strategies, facilitated seamless commercial and marketing execution, and successfully launched the most celebrated musical franchise of the Company, ‘Coke Studio’ in Bangladesh. His pioneering "Is Cooking" Coke with meals experience platform, particularly "Kolkata is Cooking," boosted Coca-Cola TM’s brand love and consumer engagement.
Commenting on the appointment, Sanket Ray – President, India, and Southwest Asia, said “With his understanding of business, and growth mindset, Ajay has a proven track record of taking business to newer heights. We are hopeful that with his astute business acumen and collaborative approach he will further the organization’s purpose in the Southwest Asia region.”
Ajay has successfully completed his Masters in Marketing Management from NMIMS, Mumbai. He is a Commerce graduate from HR College of Commerce and Economics.
Read more: Coca-Cola Bangladesh releases maiden Sustainability Highlights 2020
BGMEA president urges Australian businesses to invest more in Bangladesh
BGMEA President Faruque Hassan has called on Australian investors to explore business potentials and investment opportunities available in Bangladesh.
With a young population, growing infrastructure, and favorable business policy and climate, Bangladesh is an attractive and ideal place for investment, he said.
He made the call while speaking at a networking event organized by the Bangladesh High Commission in Australia on the occasion of a visiting delegation of BGMEA at the Four Seasons Hotel in Sydney recently.
Australian businessmen, investors, buyers and other stakeholders attended the event where they were briefed by the BGMEA delegation about potential trade and investment opportunities in Bangladesh, BGMEA said today.
Read: BGMEA delegation meets Australian Chamber of Commerce to discuss means of enhancing bilateral trade
Bangladesh High Commissioner to Australia M Allama Siddiki also spoke at program where he emphasized on the need for further strengthening collaboration between Bangladesh and Australian to translate trade and investment opportunities into reality.
BGMEA Vice President Shahidullah Azim, former Vice President Md. Moshiul Azam Shajal, Chair of BGMEA Standing Committee on Press, Publication and Publicity Shovon Islam, Chair of BGMEA Standing Committee on Foreign Mission Cell Shams Mahmud, CEO of HSBC Bangladesh Md Mahbub ur Rahman and Director of Rose Intimates Limited Sanjay Kumar Naha were also present at the event.
In his address, BGMEA President Faruque Hassan said Bangladesh has transformed itself from an aid-dependent to a trade-dependent economy, and actively looks forward to broadening trade horizons through strengthening partnership with foreign traders and investors.
As the economy of Bangladesh is expanding, opportunities have increased in different industrial sectors such as ICT, electronics, light engineering, textile, leather etc, he added.
Read : Austrade, BGMEA discuss ways to boost trade, investment
Asif Ashraf, Director, BGMEA, made a presentation on the readymade garment industry of Bangladesh with focus on how the sector has made vast progress in workplace safety, environmental sustainability and workers’ wellbeing.
He also shared with the audience how the industry has invested in technology upgradation and skills development to develop capabilities in manufacturing high-value products, especially those made from MMF and technical textiles.
The BGMEA president also urged Australian buyers to increase sourcing of apparels, especially high-end segment from Bangladesh.
Read more: Singapore delegation meets BGMEA leaders to discuss trade potential
BGMEA delegation meets Australian Chamber of Commerce to discuss means of enhancing bilateral trade
A meeting was held between the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and the Australian Chamber of Commerce and Industry (ACCI) in Canberra, Australia on July 22.
President Faruque Hassan headed the BGMEA side while ACCI was represented by its Chief Executive Officer Andrew McKellar along with Head of Business Development and International Affairs Chris Bames.
Bangladesh High Commissioner to Australia M Allama Siddiki was present at the meeting which was also attended by BGMEA Vice President Shahidullah Azim, Director Asif Ashraf, Chair of BGMEA Standing Committee on Press, Publication and Publicity Shovon Islam, Chair of BGMEA Standing Committee on Foreign Mission Cell Shams Mahmud and CEO of HSBC Bangladesh Md Mahbub ur Rahman.
Austrade, BGMEA discuss ways to boost trade, investment
They had discussions about different issues including investment opportunities, potential partnership, joint ventures, policy supports offered by the governments to facilitate trade and investment.
They also talked about ways of fostering collaboration to identify promising areas of trade and investment and make use of the opportunities to reap mutual benefits.
During the meeting, they stressed on the importance of enhancing industry connections between the businessmen of Australia and Bangladesh to further strengthen bilateral trade.
They expressed keenness to collaborate on bringing traders of both countries closer for business interactions to help them to explore trade and investment opportunities.
BGMEA, Green Power sign MoU to support garment factories to become greener, more energy efficient
In the meeting, BGMEA President Faruque Hassan gave an overview of the RMG industry of Bangladesh with focus on its growth potential, particularly in the Australia and New Zealand markets.
He also mentioned that Bangladesh is a potential market for Australia’s cotton and wool.
Besides, Australia could also explore investment opportunities in infrastructure, energy, mining and ICT sector, he added.
Singapore delegation meets BGMEA leaders to discuss trade potential