Business
Average US gas price rises 22% in two weeks to record $4.43
The average U.S. price of regular-grade gasoline shot up a whopping 79 cents over the past two weeks to a record-setting $4.43 per gallon (3.8 liters) as Russia’s invasion of Ukraine is contributing to already-high prices at the pump.
Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday the new price exceeds by 32 cents the prior all-time high of $4.11 set in July 2008. But that’s still quite a ways from the inflation-adjusted record high of about $5.24 per gallon.
Read:Yet another 4-decade inflation high is expected for February
The price at the pump is $1.54 higher than it was a year ago.
Lundberg said gas prices are likely to remain high in the short term as crude oil costs soar amid global supply concerns following Russia’s invasion of Ukraine.
Prices at the pump were rising long before Russia invaded Ukraine as post-lockdown demand has pushed prices higher. Crude prices plummeted in early 2020 as economies around the world shut down because of COVID-19 — the price of futures even turned negative, meaning some sellers were paying buyers to take oil. Prices rebounded, however, as demand recovered faster than producers pulled oil out of the ground and inventories dried up.
Then, the price increase accelerated after war began.
Energy prices are also contributing to the worst inflation that Americans have seen in 40 years, far outpacing higher wages.
Nationwide, the highest average price for regular-grade gas is in the San Francisco Bay Area, at $5.79 per gallon. The lowest average is in Tulsa, Oklahoma, at $3.80 per gallon.
Read:Asia stocks mixed after Wall St falls, US bans Russian oil
According to the survey, the average price of diesel also spiked, up $1.18 over two weeks, to $5.20 a gallon. Diesel costs $2.11 more than it did one year ago.
Bangladesh keen to sign FTA with South Korea, Tipu Munshi tells Ambassador
Commerce Minister Tipu Munshi on Sunday urged the South Korean ambassador to Dhaka for more investment from his country in Bangladesh, whereby they can take advantage of the abundant and therefore cheap human resources here.
“We have long-standing trade and economic relations with Korea as an important business partner and now Bangladesh would like to sign a free trade agreement (FTA) with the country,” he said.
The commerce minister made the remarks when Korean ambassador to Dhaka Lee Jang-Keun called on him at his Secretariat office on Sunday.
Also read: Bangladesh can achieve fame in global market exporting gold jewellery: Tipu Munshi
In response Lee said Korea is working to set up a car-manufacturing plant in Bangladesh as Korea considers the country an important partner for increasing trade and investment.
Bangladesh has made unprecedented progress in the last ten years which is now visible, said Ambassador Lee.
“Korea's bilateral trade with Bangladesh is now at its peak. A number of Korean companies are working in various sectors of Bangladesh, including readymade garments and electronic products,” he added.
The Korean Ambassador said that Bangladesh has successfully tackled the Covid-19 situation.
Korean investors, mostly from their private sector, have invested in garment, electronics and other sectors in Bangladesh, operating several companies, which brings an opportunity to increase this investment and trade, Munshi said.
Md. Hafizur Rahman, additional secretary (Export), Nur Md. Mahbubul Hoque, Additional Secretary (FTA), first secretary of Korean embassy Youngmin Seo, among others, was present in the meeting.
Also read: CIP cards awarding: Businesses should prepare to compete in post-graduation period-Tipu Munshi
Bangladesh exported goods to Korea worth USD $398.66 million in the fiscal year 2020-21, at the same time imported goods of $ 1126.60 million.
Stimulus for CMSMEs: BB asks banks to complete loans disbursement by June
Bangladesh Bank (BB) has instructed banks to speed up disbursement of stimulus funds among businesses in Cottage, Micro, Small and Medium Enterprise (CMSME) sector to achieve disbursement target by June.
The central bank asked the top executives of banks to ensure all-out support and enhance monitoring of stimulus loans disbursement for CMSME sector.
Read: BB asks banks to stop SWIFT payments with Russian entities, urges caution on LCs
The central bank fixed the deadline after seeing slow pace in stimulus loan disbursement to CMSMEs in the last 8 months (July-February) of the fiscal year (FY) 2021-22.
Md. Serajul Islam, executive director and spokesperson of BB, told UNB on Sunday that a special cell of the central bank jointly with Sonali Bank is monitoring the disbursement of stimulus loans to CMSMEs.
Besides, lead banks (selected for leading loans disbursement in specific districts) are working in combination with other banks to bring pace in stimulus loans disbursement, he said.
The spokesperson said that the central bank provides credit guarantee against all types of loans for CMSME sector entrepreneurs.
The government declared a Tk 20,000 crore stimulus loans package to help the CMSMEs from to overcome the financial shock due to the Covid-19 pandemic.
Read: BB working on alternatives to SWIFT for trade with Russia
In the first phase, the loan disbursement rate was 77 percent of the target in eight months (July-February) in the last fiscal year.
In the second phase, the banks disbursed Tk 7,117 crore loans among businesses in CMSME sector in the first eight months of the current financial year (July-February) which is 36.80 percent of the target.
Wrong Career Path: Signs and What to Do?
A wrong career is one that does not fulfill you. It may be something that you are good at, but it does not make you happy. Some people may feel like they are not in the right career if they are unable to utilize their natural talents and abilities. While some other people can feel like being occupied by the wrong career when they are not passionate about their work. It is important to listen to your gut instinct and make changes when you feel like you are trapped in the wrong career. Here are 10 signs that can help you understand whether you are in the wrong career.
Signs You Picked the Wrong Career
You are not passionate about your work
You may be in the wrong career if you are not passionate about your work. A study by Gallup found that only 13% of employees are engaged in their work. This means that they are passionate and enthusiastic about their work. Passion is one of the most important traits you can have as you progress in your career. It is closely linked to creativity, as well as a desire to make a difference. Those who are passionate about their work tend to be more productive. If you don't feel any passion, it is time to rethink your career.
Read Personal Branding: How to Brand Yourself the Right Way
You dread weekdays and feel excited for the weekend
It is typical for people to dread weekdays and feel excited for the weekend. For most people, this is a sign that they are in the wrong career. The reason for such a tendency is that people typically look forward to going home to relax after a long day of work. On the other hand, people who love their job typically look forward to going to work because it is something that they enjoy doing.
You feel like not making any difference
In today's society, it is often difficult to find a career that makes you feel like you are doing something significant. You might have been working in a certain field for years, but still you can feel like you are not getting in the right direction. You may feel like just spinning your wheels. Many people feel like they are not making a difference in their career, and this can be a sign that they are in the wrong career.
Read Reciprocity Ring: How can it improve an organization and individual career?
You do not like your boss or colleagues
In theory, you should like your boss and colleagues. They are the people with whom you work most closely, after all. But what if you do not get along with them? Maybe you do not like your boss because he or she is a micromanager. Or maybe your colleagues are always talking about their personal lives, and it's driving you crazy. If this sounds like you, it might be time to re-evaluate your career.
Now restaurants may have to run after TCB trucks!
Restaurant owners have demanded the government provide them essential commodities at discount rates through the Trading Corporation of Bangladesh (TCB).
They said excessive price hikes have put their business at risk of folding.
The demand for buying through TCB came from a meeting of the central executive committee of Bangladesh Restaurant Owners Association (BROA) at the Institution of Diploma Engineers Bangladesh (IDEB) on Saturday.
Also read: TCB to procure huge sugar, chickpea, lentil and edible oil for Ramadan supply
With BROA president Osman Gani, the meeting was addressed by secretary general of the organization Imran Hasan, vice presidents Shah Sultan Khokon, M Rezaul Karim Sarkar Robin, chief adviser and former president Ruhul Amin, first joint secretary general Firoz Alam Sumon, organizing secretary Syed Mohammad Andalib, treasurer Taufiqul Islam Khan and other members.
'Product quality, competitive price driving Walton's export success'
Product quality and competitive price are driving Walton's export success, Bangladesh Securities and Exchange Commission (BSEC) Chairman Shibli Rubayat-Ul-Islam said.
Walton, one of the top electronics products manufacturers of Bangladesh, has a billion-dollar turnover, he added.
Read: IBBL Bogura holds agent banking conference
The BSEC chairman was addressing the second session of "Investment Flash Mob: Networking Dinner" in the United Arab Emirates (UAE), Abu Dhabi Thursday.
BSEC arranged the flash mob in Dubai and Abu Dhabi to encourage non-resident Bangladeshis and foreign investors to invest in the capital market and other potential sectors of Bangladesh.
Walton sponsored programmes.
IBBL Bogura holds agent banking conference
Bogura Zone of Islami Bank Bangladesh Limited (IBBL) recently organised the "Agent Banking Business Development Conference" and "Workshop on Prevention of Money Laundering and Terrorist Financing."
At a Bogura city hotel, Md Omar Faruk Khan, additional managing director of IBBL, addressed the conference as chief guest Wednesday.
Read IBBL relocates its Rampura Branch
Md Rezaul Islam, head of Bogura Zone, presided over the programme.
Executive vice-presidents ASM Rezaul Karim and Md Shamsuddoha also spoke at the event.
AAFA, BGMEA sign MoU to increase trade access for Bangladesh to US market
The American Apparel & Footwear Association (AAFA) has signed a Memorandum of Understanding (MoU) with the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) to support Bangladesh in promoting its trade interests in the US market.
The two groups will explore opportunities and work together to increase trade access for Bangladesh, improve purchasing practices, build on the great work already done by the Bangladeshi industry on sustainability, and expand the strong partnership between the U.S. and Bangladeshi industry.
AAFA President and CEO Steve Lamar and BGMEA President Faruque Hassan shared the pen in Washington, D.C. during the annual AAFA Executive Summit which convenes the AAFA Board of Directors and industry leadership, said the BGMEA on Saturday.
BGMEA Vice President Miran Ali, Directors Abdullah HilRakib and Barrister Vidiya Amrit Khan, Chairman of BGMEA Standing Committee on Foreign Mission Cell Shams Mahmud and Director of Mahmud Group Gazi Mahbubul Aalm were present at the meeting.
Read: DCCI recommends corporate tax cut by 2.5% from 22.5 pc, tax free income limit 4 lakh
“Together, we aim to unlock potential of Bangladesh’s RMG sector by enhancing competiveness through building capacities and embracing innovations and technologies, and facilitating trade access to the US market. We also aim to develop joint programs that train workers and mid- and top- management, explore new CSR initiatives to support the well-being of the workers and communities, and more,” said BGMEA President Faruque Hassan.
AAFA’s comprehensive work ensures the continued success and growth of the global apparel and footwear industry, its suppliers, and its customers. With this in mind, agreements with strategic partners around the world help reduce trade barriers, encourage sharing of ESG best practices, and promote innovation on behalf of our members, said AAFA President and CEO Steve Lamar.
“Today’s collaboration marks increased capacity building to support joint practices and trainings to advance supply chain sustainability, expand trade opportunities, improve the buyer-supplier partnership.”
Personal Branding: How to Brand Yourself the Right Way
Developing a personal brand might seem like an arduous endeavour. And the simplest way to get disoriented throughout the process is to be unsure where to begin. Even experts started by iterating their approach, transforming their voice into one of the world's most prominent personal brands.
Self-branding is both beneficial and vital to stand out while looking for jobs or establishing your own business, given our look-at-me cultural change and shifting employment market. Everyone should have a personal brand.
What is Self-Branding?
Personal branding is the strategies and the process of building a brand around an individual as opposed to a commercial unit. Personal branding is used to advance people's careers by establishing them as industry experts. By building a personal brand, an individual may enhance their social following, which can help them acquire a better job, sell more things in their company, and advance their career chances.
Read Reciprocity Ring: How can it improve an organization and individual career?
Building a personal brand is not a quick process; it may take months of preparation and effort to see results; sometimes, you may need to improve your personal brand in response to criticism. This sort of branding is also referred to as self-branding, and the terms will be used interchangeably throughout this text.
DCCI recommends corporate tax cut by 2.5% from 22.5 pc, tax free income limit 4 lakh
The Dhaka Chamber of Commerce & Industry (DCCI) proposed to reduce corporate tax at a rate of 2.5 per cent for both listed and non-listed companies which are now 22.5 percent in order to make businesd competitive in the region.
“Slashing tax on income of corporate dividend from existing 20 per cent to 10 per cent will encourage the local investors to re-invest as well as boost efficiency in the stock market,” said Rizwan Rahman, president of DCCI.
Rizwan handed over the Chamber’s budget recommendations to the Chairman of NBR Abu Hena Md. Rahmatul Muneem at a pre-budget discussion meeting held at NBR Building at Segunbagicha on Thursday.
The DCCI placed 40 recommendations for the upcoming national budget of FY 2022-23 to NBR.
Rizwan proposed to increase the tax free income limit for the individual taxpayer from existing taka 3 lakh to taka 4 lakh considering the increasing inflation and cost of living.
He said that about 27 lakh tax payers regularly submit their returns on an average every year which is very nominal for an economy like Bangladesh.
DCCI chief also said that NBR should take a long term strategic plan to increase the number of taxpayers up to at least 8 million in the next 10 years. He also underscored the importance of full automation of the overall taxation system.
Currently businesses that have an annual turnover of taka 3 crore are exempted from VAT. But he recommended to increase this turnover limit to taka 4 crore in the next budget and also requested to impose turnover tax based on product’s value addition or profit margin.
Read: IBBL Rangpur holds agent banking conference
Rizwan also recommended minimizing the lengthy process of getting bond licenses for the leather goods and footwear industry.
Moreover, he suggested giving bond renewal facilities for at least 3 years to these sectors like the RMG sector. He also demanded tax exemption on locally produced machinery and components for electric vehicle charging stations in the country in order to promote sustainable and environment friendly automobile industry within the country.
Lastly the DCCI President Rizwan stressed on an easy and business friendly taxation system, increasing tax and vat net, full automation of tax management, product diversification, encouraging local industrialization and an investment friendly environment aiming to attain the goal of economic development.
In response the NBR chairman said that trade organizations can arrange knowledge sharing activities to make their members aware of various policies that NBR takes related to revenue and duty structure.
“Before LDC graduation our private sector has to enhance their capacity because after graduation many facilities that they are enjoying now will not be available then. To create a business friendly environment in the country NBR is relentlessly working and NBR is simultaneously trying to increase the tax net,” he said.
In the last two years the government was more flexible in terms of tax rate to boost GDP and employment generation and this year the budget will be made considering macro policy perspective, he said.
Senior NBR officials and DCCI leaders also present in the pre-budget discussion.