Business
Manufacturing of hydro-accumulators of Rooppur NPP underway
Installation of internals into half bodies hydro-accumulators for unit-2 of Rooppur Nuclear Power Plant has begun in Petrozavodsk Branch of AEM-Technologies in Russia.According to a press release of Rosatom, the Russian contractor of the Rooppur NPP, the half bodies were also manufactured in the same facility. These accumulators are part of passive core flooding system (PCFS).Eight hydro-accumulators are to be installed in each unit of the plant.
Read: Despite surplus electricity, contracts of 10 rental power plants extended in four monthsEach hydro-accumulator has a capacity of 120 cubic meters is made of stainless steel. It has three shells and two heads.
Ladders and maintenance platforms as well as other internals are installed into the body.PCFS refers to the second level of NPP passive safety systems.It is intended for removal of the residual heat of the coolant in reactor’s primary circuit.
Read Rooppur NPP: Installation of outer containment dome at unit-1 in OctoberAn aqueous boric acid solution heated to a temperature of approximately 60 degrees Celsius is stored inside the hydro- accumulators during operation of the plant.If the pressure in the primary circuit falls below a certain level due to some accident, the fluid automatically flows into the reactor and the active core is cooled down.Rooppur NPP is being designed and constructed under a Russian project.
Read Belarus national found dead at Rooppur Nuke Plant areaThe Engineering Division of Rosatom State Corporation is responsible for design and construction of the facility.The plant will consist of two power units with VVER-type reactors which life cycle is 60 years with a possibility to extend the life cycle by another 20 years.
The capacity of each unit will be 1200 MW. AEM-Technologies is manufacturing the major equipment of the reactor hall for two power units.
Read: Mild heat wave sweeps over four districtsAccording to Bangladesh Atomic Energy Commission, the implementing authority of the RNPP, the first unit of the power plant was scheduled to start operation in 2022 and second one in 2024.But recently the first unit’s operation of Rooppur Nuclear Power Plant was rescheduled to 2024 and second unit to 2025.
SANEM publishes latest findings from study on garment workers
January of this year was the busiest month for garment workers in Bangladesh since the beginning of the COVID-19 pandemic.
Workers spent 295 hours on average in the factory during the 27 working days in January, which is higher than usual.
This was revealed in a research of South Asian Network on Economic Modelling (SANEM), in collaboration with USA-based non-profit organization, Microfinance Opportunities (MFO), on the quality of life of garment workers in Bangladesh.
Also read: Inflation rate is double than the BBS data, says SANEM in a report
Around 1,300 selected garment workers are surveyed every week since April 2020 under the project “Garment Worker Diaries”.
These workers are employed in factories spread across the five main industrial areas of Bangladesh (Chittagong, Dhaka City, Gazipur, Narayanganj, and Savar).
Three-quarters of the survey respondents are women, which roughly represents the composition of labour force in the RMG sector as a whole. This press release has been prepared from the survey data collected in January and February of 2022.
Also read: Female labour force participation lagging in Bangladesh: SANEM webinar
Excluding the one-hour lunch break, the workers worked 268 hours on average in January.
Female workers worked 267 hours on average, while male workers worked 270 hours, excluding the one-hour lunch break.
In the 24 working days of February, the workers spent 259 hours on average in the factory. Workers worked 235 hours on an average in February, excluding the one-hour lunch break.
Read Duchess of Cambridge Kate Middleton wears garment made in Bangladesh
Among them, female workers worked 234 hours on an average and male workers worked 235 hours on an average.
In both January and February, half of the surveyed workers worked more than the legally allowed 10 hours, which accounts 8 regular hours and 2 overtime hours.
For the work in December, female workers got a salary of Tk 12,000 on average in January, while male workers got salary of Tk 12,500 on average.
Read BGMEA urges BEZA to expedite garment village construction at Mirsarai
For the work in January, female workers got salary of Tk 12,000 on average in February, the same as in January.
Male workers got a salary of Tk 13,000 on average, a Tk 500 increase over the January amount.
In February, 54 percent of workers were paid through mobile financial services (bKash, Nagad, Rocket, etc.) and 46 percent were paid in cash.
Read Embrace employees with disabilities, garment industry urged
About 20 percent of the garment workers reported that at least one member of their household was ill during February.
This illness rate was 26 percent in January.
DBH: Shareholders approve 25% dividend, propose for name change
The shareholders of Delta Brac Housing Finance Corporation Ltd. (DBH) unanimously approved a 25% dividend (15% cash & 10% Stock) for the year ending December 31 last year as proposed by the Board of Directors, says a press release.
The shareholders also approved two special resolutions for changing its name from ‘Delta Brac Housing Finance Corporation Ltd.’ to ‘DBH Finance PLC’ and increasing its authorized capital from Tk. 200 crore to Tk. 400 crore.
Also read:B’Yeah: Shaping up the Youth Entrepreneurship Prospects in Bangladesh
The approvals were given at the 26th annual general meeting (AGM) of the company held on Sunday by using a digital platform with its Chairman, Nasir A Choudhury in the chair.
In the meeting, Managing Director and CEO Nasimul Baten highlighted the achievement of the highest credit rating ‘AAA’ for the 16th consecutive year with lowest level of Non-Performing Loan.
He also mentioned that as a specialized housing finance institution, DBH registered 18% growth in Operating Profit in 2021 compared to previous year. The NPL ratio is only 0.63% of the total loan portfolio, which is one of the best in the country's financial sector.
Besides, the chairman of the company Nasir A Choudhury said that the profit after tax of the Company reached to Tk. 104 crore for 2021 which is 17% higher than previous year, mentioning that Company’s total assets increased to Tk. 6,028 crore.
Also read:'Seeds for the Future 2022 Bangladesh' inaugurated
Expressing satisfaction over the performance of DBH, Nasir Choudhury said despite the difficult operating conditions and overall slowdown in the economy due to Covid-19, the company’s performance demonstrated its resilience and strength.
The initiatives undertaken by the management to improve the risk management and service quality contributed positively to continue its profit, he said, hoping that this trend will continue in future also.
B’Yeah: Shaping up the Youth Entrepreneurship Prospects in Bangladesh
Entrepreneurship is a key ingredient for economic growth and development. However, it is often difficult to start and grow a new business in developing countries like Bangladesh due to several factors, including the lack of capital, access to resources, and poor infrastructure. These challenges often lead to low rates of entrepreneurship and slow economic growth. To overcome these barriers and promote entrepreneurship Bangladesh Youth Enterprise Advice & Help Centre (B'Yeah) has been working with the young generation of Bangladesh.
However, the entrepreneurship scene in Bangladesh has grown significantly over the last decade. Stimulated by a growing generation of young entrepreneurs, the concept of entrepreneurship has become more popular in recent decades. Further, the startup culture has boosted in Bangladesh, with many new ventures seeking to take advantage of the emerging technologies. Government involvement also accelerated this trend. Further, many non-government organizations are also helping startups.
Additionally, Small and medium-sized enterprises (SMEs) are also getting a boost from various organizations such as B'Yeah. This article will go through the details of Bangladesh Youth Enterprise Advice & Help Centre and how they are helping the youth.
Read How to Become an Entrepreneur without Money or Skills?
What is B'Yeah?
Bangladesh Youth Enterprise Advice and Help Center (B'Yeah) is a non-profit organization that aims to convert job seekers into an entrepreneur and create more jobs in the job market. B'YEAHhelps entrepreneurs' ideas into a reality through a one-stop supporting platform.
B’Yeah was founded in 2007. It is one of the most prominent organizations supporting young entrepreneurs through training, access to capital and mentorship, and more.
B’Yeah works with teenagers and young adults aged 18 to 35 who wish to establish or expand their business but lack the education and necessary training. The organization has developed a plan of holistic support to help young people start businesses by providing them with education, mentorship, financing solutions, business development support, and many others.
Read Entrepreneur Vs Wantrepreneur: 8 Ways to Tell Them Apart
Background, History, and Purpose of B'YEAH
In spite of the apparent improvements, running a business is not easy in Bangladesh. Many individuals face numerous challenges. Further, the global economic situation is not favorable toward aspiring young business people. Access to knowledge and other resources is often a challenge. This is where B'YEAHcomes in.
A number of prominent organizations have been working in Bangladeshi entrepreneurial development in the past several years. In the last several years, some of the organizations have helped accelerate the Bangladeshi economic system as a whole. Unlike other organizations, B’Yeah doesn't focus on all types of entrepreneurships. Instead, they focus on youth entrepreneurship in Bangladesh.
The history behind the B'YEAHwas simple. Bangladesh doesn't have a great ecosystem to start any business. Hence, newcomers don't find enough confidence to deploy their ideas and don't want to start a business. As a result, the young generation tends to seek employment in a saturated job market. As a consequence, the number of unemployed young adults increased over time. B’Yeah just wanted to help those people who have impressive ideas to start a business.
Read The SWAP story of Bangladesh's first reCommerce startup
How is B’Yeah Helping Boost Youth Entrepreneurship Scene in Bangladesh?
B’Yeah continues to develop methods and solutions by taking into account the obstacles and complexities that young business people face. Keeping those in mind, they systemize the efforts at empowering young businesspeople.
While the majority of entrepreneurship programs and initiatives work with urban entrepreneurs, B’Yeah works with the marginalized and opportunity-deprived young people.
The first step in the intervention is reaching out to potential people who are engaged in either improving their own business or wish to start their new business with an eye to reaching disadvantaged populations. B'YEAHemploys strategic alliances with organizations like UCEP, The Hunger Project, BEST, and others to support its outreach campaign. Hence, the reach out allows B'YEAHto talk to young entrepreneurs and successfully empower them to turn into successful entrepreneurs.
Read Mushroom farming: The story of a jobless youth becoming an entrepreneur in Jashore
Through B’Yeah outreach, young people can participate in workshops that teach the basics of business planning, give them a basic understanding of business plan preparations, and more. The aspiring young entrepreneurs can fill out the free workshop forms to enlighten themselves.
B’Yeah has put together in-person workshops and a series of hands-on training courses that explore the many facets of entrepreneurship. In addition to its initial workshops, the training programs teach the core knowledge required to start and implement a business.
The training programs are most in business development, business plan, growth, marketing, finance, management, networking, legal aspects, and more. Moreover, to educate the entrepreneurs on the acquisition of knowledge and access to guidance, the B’Yeah has created an industry-specific mentorship program, where mentors work directly with young entrepreneurs. The program has quite strongly supported young entrepreneurs.
Read ShopUp Raised $75 million, Largest Series B Funding for a B2B E-Commerce Platform in South Asia
Over time, B’Yeah has developed several determined trainers, advisors, stakeholders, founders, business professionals, and mentors. B’Yeah has also been working to develop programs and interventions to help young aspiring entrepreneurs gain knowledge and the capacity to access markets, finance, and funding.
Over the years, they have helped around 4200 young people, trained more than 2000 potential entrepreneurs, helped create more than 300 business plans, created a work environment for 250 businesses, and created more than 1500 new employment opportunities. Moreover, the network has built more than 100 volunteers and created over 1400 market linkage opportunities for different businesses.
What are the Future Plans of B’Yeah ?
The B’Yeah states that while it scales its ongoing training and mentorship programs, it goes deeper into offering more comprehensive support to startup founders at all levels, including the leaders of social enterprises and environmentally friendly enterprises.
Read Common Challenges faced by Startups in 2022
In order to encourage young entrepreneurs in Bangladesh to address the UN Sustainable Development Goals (SDGs), B’Yeah has introduced a business competition called Bangladesh Youth Enterprise Competition and an impact incubator program, the B’Yeah Impact Incubator and Accelerator. The organization aims to offer such training frequently for betterment of the entrepreneurs’ future.
Final Words
Despite the positive contributions that the B’Yeah has made over recent years, they have a long way to go as they need to focus on building a sustainable action plan.
Chinese yuan strengthens last week
China's yuan strengthened against a basket of currencies last week, according to the China Foreign Exchange Trade System (CFETS).
The CFETS yuan exchange rate composite index, which measures the yuan's strength relative to a basket of currencies, edged up 0.21 points from the previous week to 105.08, according to the CFETS.
Also Read: China to commit 1.5 bln yuan to initiate Kunming Biodiversity Fund: Xi
The index compares the yuan with the value of 24 currencies, including the U.S. dollar, euro and Japanese yen.
Last week also saw an index that measures the yuan against the Bank for International Settlements currency basket up 0.15 points from the previous week to 109.53.
The index measuring the yuan against the Special Drawing Rights basket fell 0.02 points week on week to 102.95.
Also Read: China's Single's Day sales hit 10 bln yuan in 96 seconds
'Seeds for the Future 2022 Bangladesh' inaugurated
"Seeds for the Future 2022, Bangladesh," a CSR programme by Chinese telecom giant Huawei for aspiring science, technology, engineering and mathematics (STEM) and non-STEM students was inaugurated in the capital Sunday.
It aims to inspire ICT talents and help them gather industry-oriented knowledge.
To initiate the programme, roadshows are being arranged at the participating universities this month.
Also read: Huawei holds campus recruitment event at IUT
This year Dhaka University, the Bangladesh University of Engineering and Technology, Chittagong University of Engineering and Technology, Islamic University of Technology, Khulna University of Engineering and Technology, Rajshahi University of Engineering and Technology, Brac University, East-West University and Ahsanullah University of Science and Technology will take part in Seeds for the Future.
In the next stage, the winners will participate in the global platform along with other successful participants from different countries.
Also read: Akij sets up rooftop solar plant with Huawei's technology
At the inauguration ceremony, Deputy Minister for Education Mohibul Hasan Chowdhury said: "Many technology companies from different countries are doing business in Bangladesh. But very few have come out from that business domain and assisted our youngsters, our next generation to be skilled. So, I want to thank Huawei."
Pan Junfeng, CEO of Huawei Technologies Bangladesh, said: "We keep organising different programmes to open up new avenues and platforms for the youth to gather knowledge and develop insights. Seeds for the Future is one such programme where the participants get to know about the industry practices directly from the experts and can put their calibre to the test."
Read 'Seeds for the Future 2022 Bangladesh' starts with roadshows
Launched in Bangladesh in 2014, Seeds for the Future has been nurturing ICT talents since its inception and become popular among academics as well as students.
Islami Bank board meeting held
A meeting of the Islami Bank Bangladesh board of directors was held in the capital Sunday.
Professor Md Nazmul Hassan, chairman of the bank, presided over the meeting.
Dr Areef Suleman, foreign director and representative of the Islamic Development Bank, Mohammed Monirul Moula, managing director and chief executive officer of Islami Bank, Md Shahabuddin, vice-chairman, and JQM Habibullah, deputy managing director and company secretary, also joined the programme.
The Islami Bank is a joint venture public limited company engaged in commercial banking business based on Islamic shariah.
Established in 1983 as the first Islamic bank in southeast Asia, it is listed on the Dhaka Stock Exchange and Chittagong Stock Exchange.
SCB holds roadshow to showcase Bangladesh’s investment prospects
Standard Chartered Bangladesh hosted an International Investors and Lenders Roadshow to help Bangladesh businesses build lasting relationships with leading investment and lending institutions from the Middle East, Europe, and Asia.The roadshow was organised in collaboration with Standard Chartered’s regional Financing Solutions and Distributions Team, according to a SCB media releaseAs part of the roadshow, designated speakers outlined recent business developments, shared outlook for high-potential sectors, and showcased notable success stories in Bangladesh.All the speakers reflected on how despite current challenges, Bangladesh has maintained steady growth while exhibiting high levels of resilience and grit.
Also read: SCB launches Green Zero-Coupon Bond in BangladeshChief Executive Officer of Standard Chartered Bangladesh Naser Ezaz Bijoy said that as a nation, Bangladesh is at a point of inflection. Stable macroeconomic indicators in conjunction with strong post-pandemic recovery measures have established our nation as one of two Asian economies delivering constant growth – despite current market uncertainties.“The future is rife with opportunities for growth and transformation. As the only international bank with universal capabilities, Standard Chartered Bangladesh is uniquely positioned to work with local actors, international stakeholders, and the Government to secure LDC graduation by 2026, and begin the journey towards becoming a high-income economy by 2041.”Managing Director, Client Coverage, Head of Corporate, Commercial & Institutional Banking, Standard Chartered Bangladesh Enamul Huque focused on the lucrative potential of investing in and lending to various sectors, all of which have demonstrated tremendous growth in recent years.These sectors include ready-made garments and textiles; light engineering; pharmaceuticals and active pharmaceutical ingredients (APIs); agriculture; power and energy; and the financial sector.
Also read: SCB’s Covid-time support has helped RMG overcome challenges: Press ReleaseHead of Loan Syndicate & Distribution, South Asia, Standard Chartered Virendra Dhir spoke about the nation’s current opportunity spectrum pointing out that Bangladesh strikes the right balance on the risk reward scale.Managing Director & Head of Financial Markets, Standard Chartered Bangladesh Muhit Rahman reiterated that as a market, Bangladesh is primed for great success, and is full of exciting new opportunities.He also discussed that the nation’s external debt-to-GDP ratio is one of the lowest in the region, providing Bangladesh with sufficient room for external borrowing in foreign currency to support the country’s development agenda.This was the first virtual iteration of Standard Chartered’s International Investors and Lenders Roadshow.Some 121 individuals, representing various lending organisations and institutional investment bodies from the Middle East, Europe and Asia, were present.
Halt road construction works for 14 days to ease Eid travel: FBCCI
FBCCI wants road construction work to be put on hold for 14 days to facilitate the Eid journeys of the homebound people.
FBCCI senior vice-president Mostafa Azad Chowdhury Babu made the request on Sunday for putting the ongoing construction and repair of roads on hold for a total of 14 days before and after Eid to alleviate the suffering of home goers.
He made the call at the first meeting of the FBCCI Standing Committee on Transport and Communications (Railways, Roads and Highways) held at FBCCI.
Also read: FBCCI President urges Canadian companies to invest in Bangladesh’s waste management
The senior vice-president said that the speed of vehicles slows down due to repair and construction work on roads and highways resulting in huge traffic jams.
The FBCCI Senior Vice President urged the government to put a hold on the construction work from April 27 to May 10 to make the Eid journeys smoother.
He also called for the deployment of highway police at heavy traffic zones.
“The higher authority of the Bangladesh Police should take strict action to stop extortion on the roads,” he said.
The Senior Vice President said that FBCCI will send a letter to the Minister of Home Affairs and IGP requesting to stop extortion.
The senior vice-president also called for increasing the number of ferries and ferry trips to shorten the long queues of the buses and trucks at Mawa and Aricha Ferry Ghat.
Earlier, raising the issue of the financial loss due to traffic jam FBCCI vice-president and director-in-charge of the committee Md. Aminul Haque Shamim informed that the heavy jam at Tongi costs financial loss worth Tk 10 crore daily.
Despite being the most affected sector, the public transport sector, which remained shut down for 18 months, received no government assistance, he mentioned.
In addition, the owners have to pay regular bank installment to avoid being defaulted even if they have no income.
In this situation, he urged the government not to impose any further tax or duty on tires, tubes and other parts in the next budget.
President of the Bangladesh Bus Truck Owners Association and Chairman of the committee Ramesh Chandra Ghosh said that law enforcement members illegally collect money every night at Joykali Mandir and Ittefaq intersection in the capital.
He sought help from police authority to end this situation.
Identifying the public transport sector as the most affected sector during the Corona period, Ramesh Chandra Ghosh called for policy protection for the next three years.
Also read: Self-reliance in seed production essential for food security: FBCCI
In their speeches, other members of the committee said that the longevity of vehicles is being declined due to the potholes and broken roads.
To reduce traffic congestion and bring discipline to the roads, integrated transport management system and decentralization of services and proper implementation of BRTA were stressed at the meeting.
They demanded to stop bribery and extortion in the name of fitness certificates. FBCCI director Bijoy Kumar Kejriwal, Former Director Abdul Haque, Secretary General Mohammad Mahfuzul Hoque, Standing Committee Co-chairmen Eng. Md. Jahangir Alam, M. Humayun Kabir, Faruk Talukder Sohel, Engr. Golam Kabir, G. Rahman Shohid, Bazlur Rahman Ratan and others members of the committee were present in the meeting.
Exporters want green signal for commercial cultivation of King Prawn
Bangladesh should go for commercial cultivation of vannamei species of shrimp or king prawn to capture the global market.
The king prawn currently accounts for 80% of global market share, where Bangladesh has no presence.
Bangladesh is falling behind as commercial cultivation of the species is still far away. It's now mostly in the stage of pilot projects.
Also read: Govt determined to end shrimp production & exportation problems: Rezaul
This subject was discussed on Sunday by shrimp exporters and cultivators in a seminar at the Khulna’s Shrimp Tower.
At the seminar, they demanded that commercial cultivation of vannamei be allowed instead of running pilot projects.
Exporters and cultivators are thus unable to get loans, they said.
Also read: Shrimp farmers count losses from cyclone in Koyra
Speakers at the seminar said that there is no alternative to vannamei as the production of tiger shrimp and prawn are decreasing in the country. To save the waning shrimp industry, government’s intervention is needed along with the permission to cultivate vannamei commercially.
Bangladesh Frozen Foods Exporters Association has been appealing to the government for the last 20 years to allow the cultivation of vannamei shrimp to keep the shrimp industry alive.
As a result, the government allowed the pilot cultivation of this variety of shrimp in September 2019. The project is being piloted at the Paikgachha Saltwater Center in Khulna under the Department of Fisheries and the Fisheries Research Institution. The average production is more than 9 tons per hectare.
Read Shrimps inflated with jelly seized in Jashore
The association provided statistics that show the average production of tiger shrimp in Bangladesh is 341 kg per hectare. In neighbouring India, the average production of vannamei is 7,102 per kg hectare. This means that the production of vannamei is 6,761 kg more per hectare than that of tiger shrimp.
Vice President of Bangladesh Frozen Food Exporters Association S. Humayun Kabir said that due to lack of raw material (shrimp), only 28 out of 105 frozen fish processing and exporting companies in the country are operational and remaining have closed. The production is meeting only 10-15 per cent of the capacity of the companies and as a result, the processing cost is also increasing.
This industry has come to the brink of collapse. To revive this industry, there is no alternative to increasing production by cultivating vannamei. Fourteen other Asian countries have been exporting vannamei, he said.
Read Crocodile rescued at Bagerhat shrimp enclosure freed in the Sundarbans
He demanded that permission be given for commercial production of vannamei shrimp and save the industry.