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Islami Bank Jashore zone holds agent banking conference
Jashore Zone of Islami Bank Bangladesh PLC organized “Agent Banking Business Development Conference” and “Workshop on Prevention of Money Laundering & Terrorist Financing”.
The event was held at the Sheikh Hasina Software Park (IT Park) on Saturday, according to a press release.
Mohammed Monirul Moula, Managing Director and CEO of the Bank addressed the conference as Chief Guest.
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Md Altaf Hossain, Additional Managing Director and Kazi Md Rezaul Karim, Deputy Managing Director addressed the conference as special guests.
Md Maksudur Rahman, Senior Executive Vice President presided over the function while Md Shafiul Azam, Head of Jashore Zone, AKM Mahbub Morshed, Executive Vice President, Kazi Mohammad Ismail and Syed Kamran Ahmed, Assistant Vice Presidents of the Bank addressed different sessions of the conference.
Head of branches and proprietors of the agent banking outlets under the zone attended the conference.
FBCCI standing committee urged tax reforms and long-term tax policy business growth
Business leaders and entrepreneurs have urged the government to keep the tax ratio at a logical and manageable level in the next national budget.
Besides, they have drawn the government's attention to formulate long-term tax policy to bolster sustainable growth.
Entrepreneurs and business leaders made this call during a standing committee meeting on income tax at the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).
The first meeting of the Standing Committee on Income Tax was held on Thursday evening at FBCCI's office in Motijheel. It was presided over by the director-in-charge of the committee and Director of FBCCI Tapan Kumer Majumder.
During the meeting, entrepreneurs emphasized the importance of maintaining a manageable tax burden in the upcoming national budget, asserting that excessive taxes could discourage business and trade activities.
They called upon the government to formulate comprehensive, long-term tax policies to facilitate informed decision-making in business, trade, and investment sectors.
FBCCI Vice President Md. Munir Hossain, Director Hafez Harun, Alhaj Azizul Hoque, Kausar Ahmed, Md. Amir Hossain Noorani, Syed Md. Bakhtiar, FBCCI Panel Advisor and Partner of Snehasish Mahmud & Co Snehasish Barua FCA, Dr. BM Dulal, and other dignitaries attended the meeting.
Sprezzatura, a world class standard crafted men’s upscale clothing brand, opens its outlet in city
Sprezzatura, a world class standard crafted men’s upscale clothing brand outlet, has formally opened its outlet in the city's Banani area on Thursday.
Though Sprezzatura was established in 2020 to serve all categories of valued customers, particularly those who care about precision fitting and workmanship quality of their attires, Mirza Faisal Ahmed, Founder and Chief Executive Officer of Sprezzatur, formally inaugurated the brand which has been made its formal journey from today (Thursday).
M Flawlessness is the word that can be used to describe Sprezzatura, a brand name of a delicately crafted men’s upscale clothing brand.
The craftsmanship of the men’s wear is world-class and in many aspects, Sprezzatura’s products exceed many international brands in terms of quality. A shirt bought from Sprezzatura could be compared beyond question with high-end shirts manufactured by some international brands.
“Opening a high-end clothing brand was a passion for me. In fact, my love for Sprezzatura comes as a challenge for me. I noticed that in Bangladesh there are many who are doing quality attire business but the focus on quality of flawless fitting and stitching is missing to many extent,” said Mirza Faisal Ahmed, Founder and Chief Executive Officer of Sprezzatura.
“Majority of my guests buy clothes straight from the racks,” Ahmed added .
For the rest of the guests additional tailoring services are done by our master craftsmen who focus on matching body shape and design patterns, explained Ahmed.
Ahmed, a creative businessman who already had been exposed to 30 years of experience in the international garments industry in Bangladesh and abroad, describes the evolution of his brand as ‘local goes global.’
He dreams of leading his brand one day in the Western world. A perfectionist while manufacturing his own brand, Ahmed also refuses to compromise with quality.
“I will never compromise with quality of my products as I know very well what a slightest deviation means to our guests. We intend to live up to our good reputation and surely many of our guests would testify how we maintain the quality,” said Ahmed.
Sprezzatura plans to introduce blazers in the near future. It also plans to introduce women’s and children’s attire to widen variety of choices while it continues to stay engaged in Research & Development (R&D).
Robi bags record earnings amidst leadership in 4G and new subscriber additions
Long-term sustained investment by Robi is beginning to produce the desired results as the company closed 2023 with record earnings.
This stellar performance reflects the level of trust Robi’s subscribers have placed on its country-wide strong network.
The magnitude of Robi’s financial performance gets clearer when you consider that the company has registered the highest revenue growth among all telecom operators in the Asia Pacific region in the second and third quarters of 2023.
Robi disclosed this information while publishing its financial performance for 2023, according to a media statement.
Propelled by the best video streaming service in the industry, the company has retained leadership in 4G service. Besides, it has added the highest number of new subscribers in the industry in 2023.
Robi’s significant investment in network expansion over the last year has helped to reduce the call drop rate to only 0.2%, which is way lower than the parameters set by the International Telecommunication Union (ITU). This indicates that Robi consistently ensured its quality of services across the country.
Robi makes Tk 106cr profit in Q3 of 2023
Including Tk 2,511.2 crore revenue in Q4’23, Robi’s total revenue for 2023 reached Tk 9,942 crore. This was the highest ever in Robi’s history. Besides, including Tk 148.6 crore profit after tax (PAT) in Q4’23, Robi closed 2023 with 321 crore taka PAT.
Compared to 2022, Robi’s earnings increased by 15.8% in 2023. Compared to Q4’22, the company’s revenue has gone up by 11.4% in the same quarter of 2023. Meanwhile, voice revenue has increased by 9% in 2023.
On the other hand, revenue from data service has increased by 28.2% compared to 2022 and compared to Q4 of 2022, data revenue has increased by 31% in Q4 of 2023. Including the capex investment of Tk 550 crore in Q4 of 2023, the total capex investment of Robi reached Tk1,903 crore at the end of 2023.
With 61% of the total subscribers being 4G users, Robi finished 2023 as the leader in 4G service. Besides, more than 76% of Robi’s total subscribers were data users, which again is the highest in the industry. Robi has ensured 4G coverage for 98.8% of the population with more than 16,800 4G sites across the country by the end of 2023.
Having added 43 lakh new subscribers in 2023, Robi’s subscriber base reached 5.87 crore at the end of the year, which was 31% of the country’s total mobile phone subscriber base.
Robi secured the first position in the industry in terms of the number of new subscribers that had joined the operator in 2023.
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The data subscriber base reached 4.47 crores after having gone up by 8.9% in 2023 compared to 2022; Robi’s 4G subscriber base reached 3.57 crores after having increased by 23.7% in 2023 compared to 2022.
Robi’s Earnings Before Income Tax, Depreciation and Amortization (EBITDA) in Q4 of 2023 was Tk 1,292.2 crore with 51.5% margin.
The company’s EBITDA for the whole of 2023 reached Tk4,599 crore with a 46.3% margin, which was higher than in 2022 by 19.3%.
Including Tk1,509.4 crore contributed to the Government exchequer in Q4 of 2023, the total amount Robi contributed to the Government exchequer in 2023 was Tk 5,661.2 crore.
The company contributed 60% of its revenue in Q4 of 2023 and 57% of the revenue for the entire year of 2023, to the Government exchequer.
The company’s Earnings Per Share was 0.28 taka in Q4 of 2023 and 0.61 taka for the whole of 2023. Robi’s Board of Directors have recommended cash dividend at the rate of 10% (i.e. BDT 1.00 per share), which represents 165.6% of the PAT for 2023. The decision was taken at the Board Meeting held on 15th February 2024. Robi’s 28th Annual General Meeting is scheduled to be held on 24th April 2024.
Robi’s Managing Director and CEO, Rajeev Sethi said: “Robi’s record-setting revenue for 2023 was driven by the supreme confidence our subscribers had on our network. The high level of confidence in our network also encouraged the highest number of subscribers (43 lakhs) to join Robi among all operators in 2023. When you find that our data experience improved by 130% and the voice quality improved by 50% in 2023, you know that our success is a recognition of our service quality from our subscribers. Besides, our continued leadership in 4G service shows that Robi is winning the battle for digitalization in the market.”
He urged the Regulator to reform the regulatory framework and applicable processes to facilitate substantial and speedy contributions towards the Smart Bangladesh vision from the mobile operators.
He underlined the need to ensure that the Regulator doesn’t take a decision that offers a special advantage to any single operator because it will further distort the fragile market competition landscape in the industry.
Grameenphone CEO Yasir Azman elected as AMTOB president
Grameenphone CEO Yasir Azman has been elected as the president of the Association of Mobile Telecom Operators of Bangladesh (AMTOB).
The decision was made at the Annual General Meeting (AGM) of AMTOB held at its office in Banani on Monday, according to a press release issued on Thursday.
Azman will succeed Banglalink CEO Erik Aas and assume the role for a two-year term, effective from April, it said.
In addition to Yasir Azman's appointment, the board also elected Rajeev Sethi, CEO and Managing Director of Robi, and Erik Aas, CEO of Banglalink as the senior vice president and vice president respectively.
High officials from companies including Banglalink, Grameenphone, Robi, Teletalk, as well as associate member companies such as Ericsson and Huawei, actively participated in the AGM.
Yasir Azman expressed his gratitude and shared his vision for AMTOB, stating, "I am honoured to be entrusted with the responsibility of serving as the President of AMTOB. AMTOB, as a collective voice of the telecommunications industry, plays a pivotal role in accelerating our journey towards a digitally inclusive, sustainable, smart Bangladesh. I hope and believe, together with the regulators and industry stakeholders we will be able to unlock the true and full potential of the industry by catering to the evolving digital needs of the customers and contributing to fostering a thriving ecosystem that benefits the industry and the nation. Together, we will strive to promote innovation, enhance connectivity, and contribute to the socio-economic growth of our nation."
AMTOB looks forward to the collective expertise and leadership of its newly elected President and Board members in further advancing the mobile telecom sector's growth and development in Bangladesh.
Bangladesh garment industry turning around rapidly: Salman F Rahman
Prime Minister's Private Industry and Investment Adviser Salman F. Rahman on Thursday said that the country's garment industry is turning around rapidly after the Covid pandemic and the Russia-Ukraine war.
The Awami League government under the leadership of Prime Minister Sheikh Hasina also intends to expand business scope in Bangladesh because of the greater stability and continuous development, created in the context of its return to power, he said.
Salman said this during a meeting with Walmart’s executive vice president Andrea Albright held at his office in Gulshan.
Senior officials including Paul Dyke, vice president of Global Affairs and Business Diplomacy of Walmart were present.
Salman called on Walmart to work with Bangladesh in the manufacture of clothes based on man-made fibres in addition to natural fibres.
In response, Walmart’s delegation expressed their interest in working together in this regard.
Salman also said that many of Bangladesh's garment factories have passed the world's highest standards of testing. As a result, the garment industry of the country is rapidly turning around.
Andrea Albright said Bangladeshi clothing has a reputation around the world. Walmart has long been involved in the import of clothing in this country. The purchase order decreased a little during the COVID-19 pandemic, but hopefully, it will increase now.
She said that along with the producer, the buyer organisations should also play a proper role in complying with the compliance.
BB introduces US dollar and currency (Taka) swap for commercial banks
The Bangladesh Bank (BB) has introduced US dollars and currency (taka) swap between the central bank and commercial banks for a minimum of seven days to a maximum of 90 days.
The Foreign Exchange Policy Department (FEPD) of the central bank issued this notification on Thursday. The BB said the new system will be considered effective immediately.
The central bank said that if commercial banks have surplus dollars, they can now borrow the equivalent amount by depositing it in the BB. Both the BB and commercial banks will benefit from this system, stated the central bank notification.
Under this deal, the banks will get instant money against surplus dollars. Again, by returning the money after the specified time, the commercial banks will get an equivalent amount of dollars from Bangladesh Bank.
According to the related sources, currently, commercial banks exchange dollars and money with each other for their own needs. Now the facility of swap with the central bank has started.
The central bank said that a minimum $50 million or its equivalent can be exchanged under this system.
To take advantage of currency exchange, the central bank will have an agreement with the interested banks.
According to that agreement, the day commercial banks deposit dollars in the BB, they will get an equivalent amount of money as the dollar exchange rate of that day. Similarly, after the specified time, banks can deposit the money and withdraw the dollar.
Meeting a 30-40% working capital shortage is a big challenge for industry: DCCI President
The President of Dhaka Chamber of Commerce and Industry (DCCI) Ashraf Ahmed on Tuesday said that there is a 30-40 percent working capital shortfall in the industries due to the rising exchange rate of the US dollar with the local currency.
As a result, the entrepreneurs involved in trade and commerce have to arrange additional money to operate the business, otherwise, the cost of business would have to be reduced.
The DCCI said this at the 'CMJF Talk' programme, organised by Capital Market Journalists Forum (CMJF) in the capital on Tuesday.
He said meeting the demand for additional working capital is a big challenge for business.
“If it is not possible to meet this demand of additional capital, the impact of that will reduce production, shrink employment,” he added.
The DCCI President thinks that the biggest challenge is to maintain the private sector through loan growth this year.
Ashraf said, “We can work with the government to implement various policies. In the present reality, many new types of industries are developing in the country. If the capacity is increased with Smart Bangladesh Vision, it is possible to raise the country's economy to one trillion (one lakh crore) dollars.”
The program was organized by the organization's general secretary Abu Ali at the old Paltan CMJF office in the capital.
CMJF President Golam Samdani Bhuiyan and Secretary Abu Ali also spoke at the function.
The Coca-Cola Foundation, Cordaid launch plastic ‘Buy-Back’ center in N’ganj
Cordaid’s plastic waste management project RESILIENT in Dhaka North City Corporation and Narayanganj City Corporation marks a new milestone with the launch of one of the key components of the initiative, Buy-Back Centre (Plastic Bazar) in Narayanganj, according to a press release.
The project was made possible due to a grant from The Coca-Cola Foundation, it said.
By establishing Buy-Back Centers, the project aims to elevate two waste collectors to the level of aggregators, creating green entrepreneurs and enhancing plastic waste collection methods to eliminate plastic waste from ecosystems.
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These centre act as community recycling facilities, where recyclables like plastics, paper, cans, glass, and PET bottles are purchased, sorted, and resold to aggregators and recyclers. This system allows 400 local waste collectors and approximately 11,000 community members to earn an income by selling their recyclables.
Mohammad Zakir Hossain, Chief Executive Officer of Narayanganj City Corporation inaugurated the centre.
In addition, Abul Kalam Azad, Program Director, Cordaid and Md Firoz Alam, Project Manager – RESILIENT, Cordaid Bangladesh were present at the time, among others.
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One of the key contributors behind the thought process of the Buy-Back center, Narayanganj Mayor Dr Salina Hayat Ivy said that, “The City Corporation has been working tirelessly to make Narayanganj city green, clean, vibrant, and pollution-free. Creating green Narayanganj has always been our dream. In line with this, innovative approaches like Plastic Buy-Back Centers will further accelerate our work. This is a commendable initiative and it will financially enable the waste workers, especially female waste workers. I appreciate everyone associated with this initiative, including the residents of the city, and urge everyone to work together to tackle the issue of plastic pollution more effectively.”
While Buy-Back Centres offer transformative benefits for all waste collectors, women are more encouraged to participate and benefit from this initiative as they are less privileged in this sector. These centres provide a more formalized and stable platform for selling recyclable materials, potentially leading to consistent and higher incomes, added the release.
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Cordaid, with support from The Coca-Cola Foundation, is implementing the RESILIENT project (Recycling for the Environment by Strengthening Income and Livelihood of the Entrepreneurs) in Dhaka North City Corporation and Narayanganj City Corporation.
This project aims to enhance plastic waste management through capacitating both formal and informal plastic waste actors and collaborating with local service providers, city corporations, civil society organizations, and the private sector. The project focuses on at-source segregation of plastic waste in targeted clusters, ensuring the recovery of unsoiled plastic for increased income and livelihood opportunities.
The Coca-Cola system in Bangladesh and The Coca-Cola Foundation are playing a significant role in supporting Bangladesh to achieve Sustainable Development Goals (SDGs) set by the United Nations. Local initiatives of the company’s global initiatives such as Plastic collection, Water Stewardship and Women Business Centre actively contribute to community development.
High-level delegation of ADB meets LGRD minister
A high-level consultation mission of the Asian Development Bank (ADB) met Local Government, Rural Development and Cooperatives Minister Md Tazul Islam on Monday.
South Asia Department (SARD) Director General Takeo Konishi, ADB Bangladesh Resident Mission Country Director Edimon Ginting and other important department Heads were present at the meeting.
During the meeting, issues of mutual interest were discussed between the two parties.
The delegation wants to understand the ministry’s demands, identify the key issues on ADB’s portfolio, and establish a strong pipeline for the next three years, in order to better support the ministry’s development.
In the meeting, the delegation discussed climate resilient projects related to climate change, the possibility of launching municipal bonds for internal resources mobilization, improving the rural sewerage system, river bank erosion projects and investing in primary health care projects. Also, there was a discussion about protecting the navigability of rivers around the capital Dhaka.
The feasibility of a project to protect the pollution, encroachment and navigability of the river circling Dhaka was discussed.
Considering the continual rapid and the associated need for basic urban infrastructure as well as the priorities, ADB's main pillars of support will remain water supply and sanitation (sanitation, waste) were discussed.
ADB will support the city in improving urban planning and providing more resilient urban services. Efforts will be to develop "model" towns that can be replicated, the ADB team told the LGRD Minister.