In a proactive move aimed at boosting operational efficiency and reaffirming its dedication to superior client service, United Commercial Bank PLC (UCB) held a pivotal business meeting for the managers overseeing the Khulna, Barisal, and Faridpur regions. This significant gathering, held at a distinguished local hotel in Khulna on Wednesday, united key stakeholders to deliberate on the bank's performance, strategic trajectory, and forthcoming endeavours. BCI demands special fund to finance young entrepreneurs in upcoming budget With Arif Quadri, Managing Director & CEO of UCB, the meeting was participated by officials of the bank, including Md. Shah Alam Bhuiyan, Deputy Managing Director of UCB. The core agenda of the meeting was a comprehensive appraisal of UCB's performance across the Khulna, Barisal, and Faridpur regions. Deliberations revolved around evaluating existing strategies and identifying opportunities to augment service quality and product diversity, thereby better aligning with the evolving demands of clientele. Mr. Quadri expressed sanguinity regarding the meeting's outcomes, underscoring the significance of strategic coherence and collaborative endeavours in propelling sustainable growth and delivering value to stakeholders. He reiterated UCB's unwavering pledge to innovation, customer-centricity, and operational prowess, thus reaffirming the bank's stature as a vanguard financial institution in Bangladesh. The Khulna, Barisal, and Faridpur regions business meeting epitomizes UCB's broader strategy to engage with regional teams, harness localized insights, and capitalize on synergies to fulfil its organizational imperatives.
Bangladesh Chamber of Industries (BCI) has demanded for creating a special fund to finance young entrepreneurs across the country in the upcoming national budget for next fiscal year 2024-25. The leaders of the BCI, the lone chamber body industrial sector, placed the demand while holding a pre-budget meeting with Chairman of the National Board of Revenue (NBR) Abu Hena Md Rahmantul Munim on Wednesday. The BCI delegation, led by its President Anwar-ul Alam Chowdhury (Parvez), placed a number of recommendations for the government to facilitate the industrial sector for capacity building of micro, cottage and small scale industries sector and encouraging young industrial entrepreneurs. Trade between Bangladesh-India through Hili land port suspended The recommendations include providing bonded-warehouse facilities to 2 to 3 sector-wise organizations to promote export-oriented enterprises consisting of small scale industries and women entrepreneurs and phasing out the existing cash incentives and subsidies on exports and instead introducing alternative incentives to promote export. In regard to income tax, the BCI said that high tax rates discourage new investment. It urged for setting a business-friendly and sustainable corporate tax rate to increase domestic and foreign investment. The BCI observed that the corporate tax rate in Bangladesh is much higher than that of neighboring countries and proposed to introduce corporate tax at 25 percent for private limited companies and 20 percent for publicly traded companies. Empowering the Future: Prioritization of Skills Development and Welfare for Women Workers Stressed for the Sustainable Growth of Bangladesh's Apparel Industry "This will encourage businesses at the local level and also investment in the country which will play a supporting role", it said, recommending a minimum 5 years tax holiday for micro, cottage and small scale industries and young industrial entrepreneurs. The BCI proposed a source tax of 3 on import of industrial raw materials and raising the tax-free income limit to Tk 5 lakh for the individual. DCCI seminar urges sustainable policy reforms for trillion dollar economy It said that in view of inflation and cost of living, the current personal tax exemption limit and the existing income tax rate should be revised for the next fiscal year 2024-2025. BCI leaders Abul Kalam Bhuiyan, Zia Hyder Mithu, MA Razzak Khan, Ruslan Nasir, Nazmul Anwar, Md Khair Mia and Md Mahfuzur Rahman, among others, were present in the meeting.
The Oikya panel won most of the directors' posts in the biennial election of Real Estate and Housing Association of Bangladesh (REHAB), for the 2024-26 term. The vote was held on Tuesday peacefully. The election was being held after 10 years. REHAB election to be held on Tuesday After the counting of votes, the REHAB Election Board announced the result. The Oikya panel of Dhaka won 25 director posts out of 29 in Dhaka and Chattogram. Md Wahiduzzaman and Liaquat Ali Bhuiyan won 23 out of 26 directorships in Dhaka. REHAB election on Feb 27 In Chittagong they have won two of the three director posts. After counting the votes, the Chairman of the Rehab Election Board and Joint Secretary of the Ministry of Commerce, Subrata Kumar Dey announced the results. Candidates contested the election in four panels. These are the former general secretary of the organization and managing director (MD) of Japan Garden City. Wahiduzzaman-led 'Business Oikya Pannel', Century Realty chairman MGR Nasir Majumdar's 'Developers' Forum', Rehab's former vice-president and Biswas Builders Limited's managing director Nazrul Islam Dulal led 'Nabojagaran panel and former senior vice-president and Hamid Real Estate Construction MD Intekhabul Hamid led 'Joyer Dhara' panel.
Bangladesh Institute of Islamic Finance (BIIF) held the graduation ceremony for its first Batch of Professional Course in Islamic Banking (PCIB) in the conference hall of BIIT on Tuesday. Humaira Azam, Managing Director and CEO, Trust Bank Ltd; was the chief guest at the event, according to a press release. Muhammad Ali Qayyum, Director General, Institute of Islamic Banking and Insurance (IIBI), UK was the Guest of Honour. They handed over the certificates to the graduating trainees of PCIB, it said. Professor Mahbub Ahmed, Former Professor at Department of Accounting and Information System, University of Dhaka, Founder-Chairman of BIIF & BIIT Trust; presided over the ceremony where Dr M Abdul Aziz, Founder Director, BIIF delivered the opening speech. Prof Dr Shamsuddin Ahmed, Professor at IUT; Prof. Dr. Mohammad Omar Farooq, Professor of Economics at United International University; Dr. Mahmood Ahmed, Former DG, IBTRA; Dr. Md. Mizanur Rahman, Former Director, IBTRA, IBBL; Dr. Md. Golzare Nabi, Director (Research), Chief Economist’s Unit, Bangladesh Bank, spoke in the event, among others. They extended their congratulations to the graduating trainees for their achievements throughout their study journey, said the release.
Padma Bank PLC and Bangladesh Bank have signed an agreement to provide loans to small and marginal entrepreneurs and communities. The agreement was signed at the Bangladesh Bank headquarters in Motijheel recently. Under the agreement, Padma Bank will provide collateral-free loans at a maximum interest rate of 7 percent and up to taka 5 lakh to marginal/landless farmers, low-income professionals, and small businesses with accounts of Tk 10, Tk 5 and Tk 100. Trade between Bangladesh-India through Hili land port suspended The loans will be provided through all branches and sub-branches of Padma Bank across the country. The agreement is expected to increase access to finance for small and marginal entrepreneurs and communities, thereby stimulating economic activities and promoting overall economic growth in Bangladesh. Dr. Mohammed Emtiaz Uddin, Deputy Managing Director and Chief Business Officer of Padma Bank PLC, and Mr. Md. Amir Uddin, Executive Director (Director, F.I.D) of Bangladesh Bank, signed the agreement on behalf of their respective organisations. Abeda Rahim, Additional Director of Bangladesh Bank, and Md. Riazul Islam, EVP and Head of SME and Agriculture Banking Division of Padma Bank, were also present at the signing ceremony.
Banglalink, the country's innovative digital operator, has announced that it has won the Ookla® Speedtest Award™ for the "Fastest Mobile Network" in Bangladesh, a distinction maintained consistently over the past four years. This recognition underscores Banglalink's unwavering commitment to delivering unparalleled network performance and reliability. Banglalink secured the top spot in Ookla's Speedtest Report for Q3-Q4 2023, achieving an impressive Speed Score™ of 32.65 Mbps, making this win 8th time in a row. Drawing from daily results gathered through the Ookla Speedtest® app each day, it gives the most accurate and comprehensive view of worldwide network performance, quality, and accessibility, according to a media statement. Banglalink unveils latest postpaid package ‘SELECT’ Erik Aas, CEO of Banglalink, said, "Our steadfast commitment to a customer-centric ethos is demonstrated through the delivery of the nation's fastest internet. We have undertaken a significant expansion, doubling our network reach, to empower our customers with unparalleled connectivity. By unleashing the power of the fastest internet, Banglalink is actively paving the way for a Smart Bangladesh, setting the industry standard for internet excellence." "After conducting an in-depth analysis of consumer-initiated tests taken with Speedtest, Banglalink has been named the Fastest Mobile Network in Bangladesh by Ookla's Speedtest Awards, making this win 8th time in a row," said Stephen Bye, president and CEO of Ookla, a division of Ziff Davis. "This award is given to mobile network operators that demonstrate exceptional speed and performance in comparison to other major mobile networks in the market for Q3-Q4 2023. We are thrilled to acknowledge Banglalink for this achievement, which is the result of their unwavering focus on delivering a superior network experience to their customers, Stephen added. Banglalink declares winners of ‘7th Banglalink Ennovators’ This accomplishment is particularly significant for its growing subscriber base of 43 million and a network supported by 16,000+ towers spread across the nation, featuring the highest spectrum allocation per customer in the industry.
Export-import between Bangladesh and India through Dinajpur’s Hili land port remained suspended on Monday on the occasion of the holy Shab-e-Barat. However, movement of travellers through the land port remained normal. Mostafizur Rahman, general secretary of Hili Land Port Importer-Exporter Group, said trade through the border remained suspended due to the public holiday on the occasion of Shab-e-Barat. The trade through the land port will resume from Tuesday, he said. Sheikh Ashraful, Officer-in-Charge (OC) of Hili Immigration Check Post, said although the trade between the countries was suspended passenger movement remained as usual.
The voting for the biennial committee of the Real Estate and Housing Association Bangladesh (REHAB) for session 2024–26 will be held in Dhaka on February 27. The election will start at 10 am and continue till 4 pm without any break at the pre-scheduled venue, Farmgate Krishibid Institution Bangladesh (KIB), according to a media release signed by the REHAB DGM Md A Rashid Babu. A total of 86 candidates are contesting for 29 director posts in Dhaka, while seven candidates are contesting for three director posts in Chattogram. A total of 476 voters were elected from the members.
Warren Buffett credited his longtime partner — the late Charlie Munger — with being the architect of the Berkshire Hathaway conglomerate he's received the credit for leading and warned shareholders in his annual letter Saturday not to listen to Wall Street pundits or financial advisors who urge them to trade often. Buffett said he always writes his letter with smart, long-term investors like his sister Bertie in mind and tries to tell them what he thinks they'd like to know about Berkshire. “She is sensible – very sensible – instinctively knowing that pundits should always be ignored,” Buffett wrote about Bertie. “After all, if she could reliably predict tomorrow’s winners, would she freely share her valuable insights and thereby increase competitive buying? That would be like finding gold and then handing a map to the neighbors showing its location.” Buffett told investors that Berkshire is a safe place to park their cash as long as they don't expect the “eye-popping performance” of its past because there are no attractively priced acquisition targets out there big enough to make a meaningful difference in the Omaha, Nebraska-based company's results. But he said Berkshire will be ready to swoop in with its $167.6 billion whenever the casino-like stock market seizes up. Private US spacecraft is on its side on the moon with some antennas covered up, the company says Investor Cole Smead of Smead Capital Management said Buffett is reassuring investors that “we'll be ready to buy things when things finally get rational” while warning about the dangers of Wall Street that “is like a denizen of thieves, and they'll sell you what they can sell you.” Munger, Buffett’s longtime investing partner, died in November at age 99 — taking away one of the key sounding boards Buffett relied on over the decades as Berkshire acquired companies like See’s Candy, Geico insurance, BNSF railroad and others to reshape the failing textile mill they took over in the 1960s into the massive eclectic conglomerate Berkshire is today. Buffett already devoted part of last year’s annual letter to Berkshire shareholders to a tribute to Munger, but this year’s version led off with even more praise for the revered curmudgeon’s contributions to Berkshire over the years. Buffett said “Charlie was the 'architect' of the present Berkshire” who realized early on that it was better to buy wonderful businesses at fair prices. “Charlie never sought to take credit for his role as creator but instead let me take the bows and receive the accolades,” Buffett wrote. “In a way his relationship with me was part older brother, part loving father. Even when he knew he was right, he gave me the reins, and when I blundered he never – never – reminded me of my mistake.” Munger’s death served as yet another reminder that Berkshire will one day have to move forward without the 93-year-old Buffett at the helm. US and EU pile new sanctions on Russia for the Ukraine war's 2nd anniversary and Navalny's death Berkshire has established a succession plan and said that Vice Chairman Greg Abel will one day replace Buffett as CEO while the company’s two other investment managers will take over the stock portfolio. Abel has already overseen all of Berkshire’s many noninsurance businesses since 2018, and managers at those companies say investors shouldn’t worry about Abel’s ability to lead the company. To a great extent, Berkshire lets its companies run themselves on a day-to-day basis while headquarters decides where to invest all the cash they generate. Buffett told investors in his letter that Abel “in all respects is ready to be CEO of Berkshire tomorrow.” Edward Jones analyst Jim Shanahan found that comment about Abel comforting, but the question is whether he'll be ready to take advantage of a big opportunity when there is a financial panic because Abel might be afraid that his first big investment would be a dud. “I have no doubt. given his operational background, that he can step in and run Berkshire today, but I don’t know if he’s ready to commit a huge amount of capital,” Shanahan said. Buffett also recounted how Berkshire's insurance businesses thrived last year, but its massive utilities and BNSF railroad disappointed. He also told shareholders how he never plans to sell its stakes in nearly 30% of Occidental Petroleum and 9% of five large Japanese trading houses, but he reiterated that he has no plans to buy the oil producer outright. Berkshire's eclectic mix of businesses, combined with the strong performance of its investments, delivered a profit of $37.57 billion, or $26,043 per Class A share, in the fourth quarter. That's more than double the $18.08 billion profit, or $12,355 per Class A share, that Berkshire reported a year earlier. Shamima Begum loses appeal over removal of her UK citizenship But Buffett cautioned that investors should largely ignore those bottom line figures because they are swayed so much by the paper value of its investments. Instead, he has long urged investors to pay attention to Berkshire's operating earnings that exclude investments. By that measure, Berkshire reported a 28% jump in operating earnings to $8.48 billion, or $5,878.21 per Class A share. That's up from $6.63 billion, or $4,527.06 per Class A share. The three analysts surveyed by FactSet Research predicted that Berkshire would report quarterly operating earnings of $5,717,17 per Class A share. Berkshire’s stock has set a series of new records in recent weeks, most recently peaking at $632,820 per Class A share Friday morning as investors eagerly anticipated Buffett’s letter. Buffett is revered for his remarkably successful track record and the sage advice he has offered over the decades. His annual letter is always one of the best-read reports in the business world. Berkshire also spent $2.2 billion repurchasing its own shares in the fourth quarter, bringing the total to $9.2 billion for the full year. But the cash continues to pile up to record levels at Berkshire because Buffett can't find any huge investments at reasonable prices. One of the biggest acquisitions Berkshire did make recently was the purchase of the last 20% of the Pilot truck stop business it hadn’t already bought as part of a 2017 deal. But that transaction with the Haslam family got messy last year with both Berkshire and the Haslams accusing each other of trying to manipulate Pilot’s earnings to affect the price Berkshire had to pay. The dueling lawsuits over that deal generated headlines with bribery allegations and other alleged misdeeds before being settled in January. Berkshire completed the purchase of the nation’s largest truck stop operator last month for only $2.6 billion. Buffett didn't directly comment on that deal, but he may have been hinting at it when he recounted classic advice from 1863 urging all banks to “never deal with a rascal” that he said he's learned the wisdom of over the years. “People are not that easy to read," Buffett said. "Sincerity and empathy can easily be faked. That is as true now as it was in 1863.”
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and MAQI Technology Group Co Ltd have entered into a strategic partnership aimed at elevating the capabilities and competitiveness of the ready-made garment (RMG) industry through the integration of cutting-edge technology and advanced machinery and developing skills of workers. The partnership, announced at a ceremony held at Radisson Blu in Dhaka on Saturday, aims to enhance the skills and expertise of RMG workers in operating advanced machines. BGMEA President Faruque Hassan attended the event as the chief guest. BGMEA organizes first-ever Bangladesh Heritage Festival 2024 to promote culture, heritage Focused on providing comprehensive training programs, the partnership seeks to empower RMG workers with the latest skills required to excel in garment sewing. Leveraging Euromac's state-of-the-art machines and technology, the initiative aims to establish modern lab facilities where aspiring sewing workers can hone their craft under the guidance of experienced instructors. BGMEA president meets textiles minister to discuss further development of the sector Euromac will provide advanced machines and technical support to both BGMEA and the BGMEA University of Fashion and Technology (BUFT) to develop the skills and knowledge of both workers in the industry and students at BUFT, empowering them to thrive in the rapidly evolving landscape of garment manufacturing. BGMEA President Faruque Hassan highlighted the industry's emphasis on leveraging technology, skills, and innovation to diversify products and capture higher-value segments of the global fashion market. He highlighted the pivotal role of technology and skills development in ensuring the industry's relevance and sustainability in the face of evolving market dynamics.