local-business
Pran-RFL distributes food among 11,000 low-income families
Pran-RFL Group distributed food items to the low-income people, who have been hit hard by the lockdown put in place to curb the spread of Covid-19.
The group distributed food items, including rice, dal, vermicelli (semai), oil, noodle and UHT milk, among 11,000 families in various parts of Dhaka city and Gazipur, Narsingdi, Rajshahi, Natore and Jhenaidah districts from July 23-30.
READ: Pran Drinking Water gives food to the needy in Ramadan
"We are extending our support to the low-income working people of various professions as part of our corporate social responsibility," Pran-RFL Marketing Director Kamruzzaman Kamal said.
Islami Bank holds board of directors' meeting
A meeting of the board of directors of Islami Bank Bangladesh was held Saturday on a virtual platform.
Professor Md Nazmul Hassan, chairman of the bank, presided over the meeting.
READ: IBBL Rangpur holds business development conference
Md Shahabuddin, vice-chairmen of the board of directors, Dr Areef Suleman, foreign director and representative of Islamic Development Bank, joined the meeting.
Mohammed Monirul Moula, managing director and CEO of Islami Bank, and JQM Habibullah, deputy managing director and company secretary, also attended the meeting.
READ: IBBL Dhaka Central holds business development conference
The meeting approved the second quarter unaudited financial statements of Islami Bank. It also discussed the business performance of the bank and took some key policy decisions.
Investment Guide: How Bangladeshi Youths Can Invest money and Create Wealth?
Most young people in first-world countries want to do something new. It is normal to be an entrepreneur there. But most of the young people in Bangladesh want to get a job. Not everyone thinks of themselves as entrepreneurs.
This is due to some conventional social ideas, and some lack of enthusiasm of the youth. Traditionally we think Jobs are better than business, respectable. And if you do business, you have to run after investments. That's why we have to declare to be an entrepreneur. However, this does not mean that it is bad to have a job. Some will work, some will be entrepreneurs. There is no conflict between the two.
Read How to Restart Your Career after a Break?
We do not try to understand that the entrepreneurs will lead Bangladesh. But you have to have the vision to be an entrepreneur. A dream, concentrated pursuit, and passion are needed. Moreover, you must have to be stubborn. And we especially need the knowledge-based thinking of today's age. So, how can you invest to create wealth at a young age? Read on to know the ways.
Why should the youths think about Wealth Creation?
About 22 lakh youths enter the job market in the country every year. Even after being sent abroad, with government-private jobs and being involved in various informal activities, about 1 million boys and girls cannot afford a decent job for themselves every year. Needless to say, if even 10 percent of these 22-lakh youth can be turned into entrepreneurs, then they will be able to provide employment to the rest.
According to a World Economic Forum report, the invention of new technologies has created more new jobs in the market. That will still be the case. But the preparation for that must be revolutionary!
Read What makes a Great Manager: Know the Qualities and Skills
Apart from studying, you should also focus on problem-solving, core skills, public management skills, and communication. All these together will help a student to become an entrepreneur, at the same time make themselves ready for the job market too.
Nevertheless, Bangladeshi jobs are saturated, and getting a job is becoming harder day by day. Moreover, getting qualified candidates is even harder. So, the youth should think of alternative ways to build their career and focus on wealth creation from a young age. This is because the Bangladeshi economy is growing. As per the recent report by HSBC Global, “Bangladesh is likely to be the biggest mover in the global gross domestic product rankings in 2030, becoming the 26th largest economy in the world from 42nd now.”
Furthermore, the per capita income was also raised. Despite these favorable conditions, people are still wary of investing. The young generation should focus more on building their empire using all the favorable economic conditions. Because wealth cannot be built overnight. Therefore, starting from a young age is the prime time. It is because an early start gives the opportunity to have more time, and eventually, time leads to building wealth.
Read Traits of the Smartest and Most Efficient Employees
Furthermore, at a young age, people tend to take more risks and the risk tolerance level is also high. At a young age, you can cope up with a failure and can start over again. On the other hand, it is not possible in the older age or even in middle age.
As you get older, you will have more financial responsibilities on your shoulders. Besides, with the growing responsibilities, your risk-taking character diminishes. But these things don’t matter if you are young. At a young age, you can start with a small investment. Over the period, the small investment will generate substantial wealth if you act right.
Thinking about Investing
You might not have enough money to invest or you might have some savings to invest. In both cases, a proper plan can get you the gem. Furthermore, a mindset is also an important element before investing. It can increase your earnings. However, if you spend your earnings without a plan, you will find difficulties keeping track.
If you want to be rich and successful in life, you don't just have to spend wisely. You will also need to work hard. What else you might need?
Let’s find them out.
It is very important that you have a deep attachment to the work you are doing. You have to have a love for your work, you have to enjoy your work as well as work hard.
Read Saving vs. Investing Money: Know the Pros and Cons
There are always different types of people around you, many of whom are people who have no purpose in life. It is better to stay away from people of this nature. Stay In touch with those who set their own goals, those who are constantly working to reach success. You will also have the desire to achieve success. This is one of the best ways to achieve success quickly.
However, you can also find an investor if you have a profitable business plan. In this case, just as you have to have a clear idea about your business model, the general issues like income expenditure, profit-loss should be at your fingertips. Usually, investors try to find out the real situation by asking questions about various aspects of the business. Business capital can be matched if you can satisfy the investor with the requirements.
When you think about investing in anything, keep in mind that investments come with risk too. In fact, you should be prepared for the loss too.
Read Renowned online payment gateways in Bangladesh for domestic, international transactions
Upay holds 1st AGM
The first annual general meeting (AGM) of mobile financial services (MFS) provider upay was held Thursday.
Upay is the MFS brand of UCB Fintech, a subsidiary of United Commercial Bank.
Read: Upay, Falcon sign agreement on salary disbursement
Anisuzzaman Chowdhury, chairman of the board of directors of UCB Fintech, chaired the AGM.
Members of the board of directors Mohammed Shawkat Jamil, Bashir Ahmed, ATM Tahmiduzzaman; Independent Director Ashraf Bin Taj, and Managing Director of UCB Fintech Sydul H Khandaker and senior officials of upay were also present at the AGM.
Read: upay, Guardian Life Insurance sign agreement
UCB Fintech was established on July 30, 2020, as a subsidiary of United Commercial Bank to provide mobile financial services to everyone.
The company launched its commercial operation on March 17, 2021.
New mobile financial, payment service 'tap' launched
New mobile financial and payment service Trust Axiata Pay, "tap," was launched Wednesday.
Chief of Army Staff General SM Shafiuddin Ahmed, who is also the chairman of Trust Axiata Digital – the company that owns tap, announced the commercial operation of the country's newest mobile financial and payment service at the Trust Bank head office in Dhaka.
"In this technological era, mobile financial services or MFS is a very fitting and useful technological tool. So, Trust Bank – a company of the Army Welfare Trust – has partnered with Axiata Digital Services to launch the Trust Axiata Pay or tap," General Shafiuddin said.
Read: Mobile financial service providers must inform customers about service charges: BB
Humaira Azam, managing director and chief executive officer of Trust Bank, said: "Trust Bank aims to provide the best banking services to the people. That is why we have teamed up with Axiata Group. I believe digital transaction services can reach new heights through this partnership."
Trust Axiata Digital was founded in May last year as a mobile financial services company.
The company is a joint venture between Bangladesh's Trust Bank and Malaysia's Axiata Digital Services.
Read: Fintech MFS: Best Mobile Financial Services in Bangladesh
Formed under the Bangladesh Mobile Financial Services Regulations, 2018, Trust Axiata Digital will operate as an MFS and payment service provider (PSP).
Tap will cater to all customers; corporate and government payments like merchant shopping, bill payment, fund transfer, cash-out from agent, add money from bank, insurance bill, passport fees, utility bill, NID fee, tuition fees, mobile recharge and e-commerce.
IBBL Rajshahi holds business development conference
Islami Bank Bangladesh Limited (IBBL) Rajshahi Zone recently organised a business development conference on a virtual platform.
Mohammed Monirul Moula, managing director and CEO of the bank, addressed the programme as chief guest.
READ: IBBL Rangpur holds business development conference
IBBL deputy managing directors Abu Reza Md Yeahia, Md Mostafizur Rahman Siddiquee; senior executive vice-presidents Mohammad Jamal Uddin Mazumder, Salim Anwar, Mohammad Sayeed Ullah and GM Mohd Gias Uddin Quader also joined the programme.
READ: IBBL Dhaka Central holds business development conference
Md Mizanur Rahman Mizi, head of Rajshahi Zone, presided over the programme, according to a press release.
IBBL Cumilla holds business development conference
Islami Bank Bangladesh Limited (IBBL) Cumilla Zone recently organised a business development conference on a virtual platform.
Mohammed Monirul Moula, managing director and CEO of the bank, addressed the programme as chief guest and Md Omar Faruk Khan, additional managing director of the bank, as special guest.
READ: IBBL Rangpur holds business development conference
Taher Ahmed Chowdhury, deputy managing director, and Mohammad Ali, chief risk officer, also joined the programme.
Senior executive vice-presidents Md Siddiqur Rahman, Mohammed Shabbir, Md Mahboob Alam, and Assistant Vice-President AM Shahidul Amran spoke at the conference as well.
READ: IBBL Dhaka Central holds business development conference
Md Mahbub-A-Alam, head of Cumilla Zone, presided over the conference, according to a press release.
Robi maintains strong growth momentum with 47 crore taka profit
Robi ended the second quarter of the year with profit after tax (PAT) of 47 crore taka. Supported by steadily rising revenue and efficient cost management, the company’s PAT for the first half of the year reached 81 crore taka. Robi’s financial results for Q2’21 was released today at a virtual press briefing event.
Compared to Q1’21, Robi’s 4G subscriber base grew by 7.5% in Q2’21, but compared to the same quarter last year, its 4G subscriber base grew by 65%. Out of a total subscriber base of 5 crore 18 lakhs, close to 2 crore are 4G subscribers. Besides, 72.4% of the company’s subscribers are now data users, which is highest in the industry; per user data usage per month is also rising rapidly- it now stands at 3.9GB, indicating that Robi’s strong 4.5G network is winning the confidence of the digitally savvy customers.
Read: Robi partners with SKS to help Covid-hit low-income people
Although the subscriber base grew by 8.1% compared to the same quarter last year, compared to the last quarter, Robi’s subscriber base declined marginally by 0.2% in Q2’21. Robi’s subscriber market share stood at 29.4% at the end of Q2’21.
Despite the pandemic related lockdown, Robi’s revenue reached 2,031 crore taka following a rise of 2.5% in Q2’21, compared to the last quarter. Compared to the same quarter last year, Robi’s revenue rose by 15.2%. Voice revenue grew by 1.4% in Q2’21, compared to the last quarter, but compared to the same quarter last year, voice revenue grew by 13.7%.
Data revenue on the other hand have been speeding up at a faster rate with 3.6% growth in Q2’21, compared to the last quarter. Compared to the same quarter last year, Robi’s data revenue grew steeply by 21.9%.
Robi’s EBITDA in Q2’21 stood at 854 crore taka, following a rise of 5.2% compared to the last quarter, but compared to the same quarter last year, EBITDA declined by 3.2%. EBITDA margin at the end of Q2’21 stood at 42.1%.
Read: Robi, DNCC sign deal 'to build a smart Dhaka'
The company’s earnings per share (EPS) at the end of Q2’21 reached 0.09 taka, following a rise of 36% compared to last quarter, compared to the same quarter last year, the underlying EPS growth rate was 17.8%. Steadily rising EPS is the result of organic EBITDA growth.
Robi made capex investment of 584 crore taka in Q2’21 to expand its 4G network. The company had 13,545 4G sites at the end of Q2’21 ensuring 98% population coverage; it was the first company to deploy 4G technology in 100% of its network. Robi paid 1,138 crore taka to the Government exchequer which was 56% of its revenue for the quarter.
Commenting on the financial performance of the company, Robi’s Managing Director and CEO, Mahtab Uddin Ahmed said: “We are very happy to see that our digital vision has already begun to contribute significantly to our financial performance. We are efficiently managing our cost while continuing with experiments with innovative digital technologies to future-proof the company.
Reflecting on the company’s role in the pandemic situation, he added: “We are proud to be supporting the national call center, 333, which has been repurposed to serve the citizens as the Covid helpline. 333 is also enabling digital service delivery to citizens at their doorsteps. With Robi-10 Minute School, we are providing quality educational content to more than 3 million students of all ages every day.”
Read: Robi deploys 4.5G technology in all its network sites
But the regulatory landscape continues to concern Mahtab. Citing the lack of effective implementation of the SMP regulation, he observed that the overall competitive distortions are pushing the market to the brink of failure, and such fragile state of the competitive landscape is making it difficult to achieve the condition of economic efficiency.
Mahtab noted that distorted price mechanism and distribution system are undermining consumers’ interest and weakening the telecom industry to the detriment of the Digital Bangladesh vision. He stressed that for a market to operate efficiently, no single entity should be allowed to dictate the price and output decisions. However, in our market, the presence of significant monopoly power is discouraging the competition from investing in innovative digital technologies that are crucial to the future of the country, he quipped.
Nagad to issue BDT 5 billion zero-coupon bond
Nagad is set to issue a zero-coupon bond of Tk 5 billion with a face value Tk 7.5 billion at the end of its five-year maturity, in a first for a mobile financial services provider in Bangladesh.
Strong interest from many foreign investors has already been sighted since the announcement of the bond for the DFS disruptor in Bangladesh.
Reportedly, Kiu Global, a US-based digital services company, already expressed interest to subscribe an amount equivalent to USD 30 million of the mentioned bond., said a media release Tuesday.
Read: Nagad’s interim licence gets renewal for another 3 months
The announcement of the landmark issue was made Monday at New York during an investor show titled “The Rise of Bengal Tiger: Potentials of Trade & Investment in Bangladesh”.
It wasorganized by the Bangladesh Securities and Exchange Commission (BSEC).
Nagad, one of the key partners of the event, received initial approval from the BSEC for the bond issue.
Read: Regional financial intuitions' leaders praise Nagad's PPP model
Riverstone Capital is acting as the arranger of the bond wherein Green Delta Capital will be the trustee.
Nagad, will use the proceeds from the bond subscription for future readiness of the company’s digital infrastructure; development of network, hardware and the digital financial service platform; purchase IT equipment; marketing and promotional activities; and working capital financing.
All these are aimed at accelerating the Digital Bangladesh initiative of Honorable Prime Minister Sheikh Hasina and will be an integral part of it, the release also said.
Read Nagad wins 'Best Innovative Digital Financial Services Brand' award
Tanvir A Mishuk, managing director and co-founder of Nagad, said, “With the development of the capital market in Bangladesh, the bond market has also become vibrant in recent past. We consider this as a better source to raise investment. Moreover, Nagad has always been innovative and that is why we chose bond market over traditional financing.”
Professor Shibli Rubayat-Ul-Islam, Chairman of BSEC, said, the BSEC, in collaboration with our ecosystem of regulators and stakeholders, is working towards the development of Bangladesh’s capital markets, particularly debt market, which will be vital for financing long-term needs of our industries and infrastructure.
He hoped that Nagad’s issue will encourage greater participation of our leading corporates, state-owned enterprises, municipalities in the debt capital, devising optimal financing strategies that will help them grow and prosper sustainably. Nagad’s initiative of issuing its first corporate bond is commendable and will contribute towards setting the right direction for the capital market.
Read Healthcare payments: Nagad offers discounts of up to Tk2,350
The BSEC organized this investment roadshow with the view to showcasing the strength and opportunities of business and investment in Bangladesh for foreign investors. High-level delegates from Bangladesh and the US, along with business conglomerates and investors were attending different seminars in New York, Washington DC, Los Angeles (California) and Silicon Valley (Santa Clara), said the release.
CEO of financial institution needs BB permission before going abroad
From now on, the chief executive officer (CEO) of any financial institution has to take permission from the Bangladesh Bank before leaving the country.
Bangladesh Bank in a circular on Monday made this mandatory provision. Earlier, a similar provision was made for the CEOs of the banks operating across the country.
Also read: Bangladesh Bank orders freezing bank accounts of ex-deputy governor SK Sur, his wife
The central bank circular, issued by the Financial Institutions and Market Department, said that if any CEO of a financial institution stays outside the country for a long period of time for official work or enjoying personal leave, it may create potential management and operational risk including financial loss alongside decreasing overall institutional pace which is not expected anyway.
Against this backdrop, the BB said, the CEOs of the financial institutions are advised to avoid staying outside Bangladesh for a long period of time as far as possible.
Read Unilever Bangladesh appoints Zaved Akhtar as CEO, MD
“The CEO of a financial institution operating in Bangladesh, if required to travel abroad, has to take the approval of Bangladesh Bank before leaving the country. In this case, the CEO will apply to Bangladesh Bank for the approval before 15 days of the travel attaching a copy of the decision of the board of directors of the concerned institution.
The application must have necessary and detail information about the applicant including his and his institution’s names, national ID number, passport number, purpose of the visit, approximate expense of the travel, proposed time of the travel, address in abroad, and the information of last traveling.
Also read: BB sets new transaction timing for banks from July 15
If the application is approved by the Bangladesh Bank, the CEO will inform the secretariat of Bangladesh Bank Governor and Financial Institutions and Market Department as who will act as acting CEO during his absence mentioning his name, position, official phone number, cell phone number, email address, said the BB circular.