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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.
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.
Shabab Choudhury appointed BATB’s Corporate and Regulatory Affairs Head
BAT Bangladesh has appointed Shabab Ahmed Choudhury as the Head of Corporate and Regulatory Affairs, with effect from April 1, 2024.
In his 15 years at BAT Group, he has served in key positions across multiple countries, including the UK, Pakistan, Indonesia, Papua New Guinea, and Bangladesh. Most recently, he has performed the role of Head of Commercial Finance-DBS based in the UK.
Shabab joined BAT Bangladesh as a Finance Management Trainee in 2009. He obtained a Bachelor of Business Administration degree from North South University.
His inclusion to the BAT Bangladesh leadership team is expected to add value as he brings with him cross-market knowledge and commercial acumen.
"I'm honoured to rejoin BAT Bangladesh. With a 114 years’ legacy, our company has been supporting the government as a partner in the country’s development journey,” he said, reiterating the company’s commitment to working for ‘A Better Tomorrow for all’.
Govt to import 3 cargoes of LNG to raise gas supply
The government will import 3 cargoes of liquefied natural gas (LNG) as part of its move to raise the gas supply to meet the growing demand.
Cabinet Committee on Government Purchase (CCGP) in a meeting approved three separate proposals of state-owned Petrobangla.
Finance Minister Abul Hassan Mahmood Ali presided over the meeting while the Energy and Mineral Resources Division moved the proposals under the Speedy Increase of the Supply of Power and Energy Act, 2010, on behalf of its subordinate body.
As per the proposals, Switzerland-based Total Energy and Power Ltd will supply an LNG cargo at a cost of Tk 427.77 crore with each unit at $9.89 while Singapore-based Gunvor Group will supply an LNG cargo at a cost of Tk 410.65 crore with each unit at $9.65.
The remaining LNG cargo will be supplied by Vitol Asia (Pte) Ltd, Singapore at a cost of Tk 418.59 crore with each unit LNG at $9.68.
LPG price slashed by Tk 3.34 per kg
The Bangladesh Energy Regulatory Commission (BERC) on Wednesday lowered the price of liquefied petroleum gas (LPG) by Tk 3.34 per kg, setting the new rate at 120.18 per kg, down from previous Tk 123.52.
This price change will be effective from 6:00pm today, indicating a decrease in household and commercial expenses.
BERC at a press briefing said that the price for a standard 12kg LPG cylinder will now be Tk 1442, down by Tk 40 from the previous price of Tk 1,482.
This adjustment follows a rational scale across various LPG cylinder sizes, ranging from 5.5kg to 45kg, addressing the need for a proportional price revision across different consumer segments.
Furthermore, the price for "auto gas", the LPG variant used in motor vehicles, has also seen a lower rate at Tk 66.21 instead of the previous price of Tk 67.68 per litre.
Notably, LPG prices marketed by the state-owned LP Gas Company will remain unchanged. This exception is attributed to its local production and the company's minimal market share, which is less than five percent.
The decision to adjust LPG prices comes in the wake of declining costs in the international market, specifically tied to the increase in the Saudi CP (contract price), which serves as a benchmark for local operators importing LPG primarily from the Middle East.
Export earnings exceed $5 billion for fourth straight month in March
Bangladesh exported goods worth $5.10 billion in March 2024, a growth of 9.88 percent over the same month last year, according to data of the Export Promotion Bureau (EPB) released on Tuesday.
It was the fourth straight month that Bangladesh's exports earned above $5 billion, i.e. since December.
Exports robust, August earnings rise to $4.78 billion
In the current fiscal year 2023-24, Bangladesh exported goods worth $43.55 billion in 9 months, up 4.39 percent on the same period of the last fiscal year.
According to EPB data, exports of ready-made garments, agro-processed products, and plastic products have increased so far in the current fiscal year.
Bangladesh earned $50.52 billion from exports in 11 months of FY23: EPB
On the other hand, exports of leather and leather products, jute and jute products, home textiles, and engineering products have declined.
As a result, the growth rate of overall product exports is slightly lower.
Bangladesh’s exports worth $4.60bn in Aug, up by 36.18%: EPB data
From July to March of FY 24, ready-made garments worth $37.20 billion have been exported. This export is 5.53 percent more than the same period last year. Garments remains 85% of total exports
Apart from this, leather and leather products worth $790 million have been exported. This export is 13.65 percent less than the same period of last fiscal year.
In the last fiscal year 2022-23, a total of $55.56 billion worth of products were exported. In the current financial year, the government has set a target of $60 billion for export of goods.
However, despite the growth of exports in recent months, at the end of March, the export of goods is 5.86 percent behind the target.
Bank mergers could be counterproductive without international best practices: World Bank
The World Bank said that without assessing asset quality, the forced initiative of bank mergers might be counterproductive.
The World Bank said this at a press conference in its Dhaka office at the launch of "Bangladesh Development Update" on Tuesday.
No Padma Bank employee will lose job: Exim Bank Chairman says after signing merger
“A consolidation process will require careful assessment and prudent implementation of procedures to avoid weakening good banks and acquiring bad banks; an assessment of the asset quality of weak banks will be required,” said the World Bank.
World Bank Country Director for Bangladesh and Bhutan, Abdoulaye Seck, its Chief Economist for South Asia Region, Franziska Ohnsorge, and its Senior Economists, Bernard James Haven and Rangeet Ghosh, spoke at the event.
Padma, Exim Bank to sign MoU for merger Monday
The observation comes weeks after Shariah-based Exim Bank agreed to take over the stressed Padma Bank as part of the Bangladesh Bank's plan to rein in the runaway defaulted loans to a reasonable level and bring good governance to the banking sector.
The WB said before initiating any merger processes, detailed guidelines on mergers and acquisitions need to be issued, giving banks a clear idea of the process involved.
Weak banks could merge with good ones by Dec, or central bank to decide their fate
Such guidelines can be based on international best practices and provide alternative merger mechanisms for banks to choose from depending on the status of the banks or non-bank financial institutions deciding to merge.
Bank mergers will also require an evaluation of internal systems, branch networks, staffing levels, the adequacy of management arrangements, impacts on banks' cross-border business, and international risk ratings, a World Bank observation said.