Business
Banks, offices, courts to open on April 15 after Eid, Pahela Baishakh holidays
After 6 days of Eid and Pahela Baisakh vacation, offices, courts, banks-stock markets are set to open on Monday.
The holidaymakers are arriving in the capital after celebrating Eid-ul-Fitr on Thursday, the biggest religious festival of the Muslim community.
On the occasion of Eid, April 10, 11, and 12 (Wednesday, Thursday, and Friday) were public holidays. After Eid, there was a weekly holiday on Saturday, April 13, and a Bengali New Year holiday on the occasion of Pahela Baishakh on Sunday, April 14. As a result, employees are enjoying holidays from 10th to 14th April.
After six consecutive days of holidays, all will join work on Monday.
However, many of the government and private sector workers who have gone outside Dhaka for Eid have taken optional leave. As a result, it will take a few more days to start the proceedings in full swing in the offices, courts, banks, and stock market.
Besides, schools and colleges will also open next week. Then the capital will return to normal.
In previous years, it has been seen that on the first working day after the Eid holiday turnout remains poor.
Grameenphone’s Shopno Jabe Bari goes beyond borders in Malaysia
Grameenphone's iconic campaign, Shopno Jabe Bari, has evolved into more than just a song and television commercial.
It has become a soulful anthem, representing the universal longing for homecoming resonating with millions of people and symbolizing the deep emotions and warmth of reuniting with loved ones, on the joyous occasion of Eid, according to a press release.
This year, the campaign extends its reach beyond borders, touching the lives of Bangladeshis residing in Malaysia.
With millions of Bangladeshis working tirelessly overseas, celebrating Eid together with their families remains a distant dream. While they strive abroad, their families eagerly await their return to Bangladesh, keeping the flame of hope alive.
Recognizing this bittersweet reality, Grameenphone has now taken a remarkable step to carry the love and emotions of families beyond borders. Grameenphone embarked on a heartfelt journey to collect the untold emotions and capture the unspoken sentiments of the cherished family members of Bangladeshis residing in Malaysia, sharing them with their loved ones in Malaysia during the joyous occasion of Eid.
The compiled video of these messages of love, longing, togetherness, and affectionate Eid wishes was displayed across Malaysia on a van equipped with large LED screen, surprising the expatriate community who least expected to see their families on large screens in a foreign country.
"While Shopno Jabe Bari began as a campaign by Grameenphone, its message transcends borders and resonates universally" said Mohammad Sajjad Hasib, Chief Marketing Officer of Grameenphone.
He added, "In a world where millions of non-resident Bangladeshis yearn to return home, Grameenphone acknowledges their sacrifices and dreams. This effort in bringing families closer and instilling a sense of belonging during Eid embodies our brand values of inclusiveness, delivering superior customer experiences and making a meaningful difference in the lives of Bangladeshis both at home and abroad. By extending Shopno Jabe Bari beyond borders, we exemplify our dedication to connecting people, bridging distances, and spreading joy.”
Through this extraordinary initiative, Grameenphone aims to bridge the gap despite the physical distance and make the expatriate community feel connected and cherished on this special day, giving them a sense of closeness to their families back home.
ADB forecasts Bangladesh's GDP growth at 6.1% in FY 2023-24, anticipates rise to 6.6% next year
Riding on exports, Bangladesh’s economy is projected to grow at 6.1 percent in the fiscal 2023-24, according to the Asian Development Bank (ADB).
Bangladesh's gross domestic product (GDP) growth is expected to be 6.1 percent in the fiscal year 2023-24 while it may go up 6.6 percent in the next fiscal year, said the Manila-based lender in the Asian Development Outlook on Thursday.
Developing economies in Asia and the Pacific are expected to expand by 4.9% on average this year as the region continues its resilient growth amid robust domestic demand, improving semiconductor exports, and recovering tourism.
Growth will continue at the same rate next year, according to the Asian Development Outlook (ADO) April 2024, released today by ADB.
Inflation is expected to moderate in 2024 and 2025, after being pushed up by higher food prices in many economies over the past two years.
Stronger growth in South and Southeast Asia—fueled by both domestic demand and exports—is offsetting a slowdown in the People’s Republic of China (PRC) caused by weakness in the property market and subdued consumption.
India is expected to remain a major growth engine in Asia and the Pacific, with a 7.0% expansion this year and 7.2% next year.
The PRC’s growth is forecast to slow to 4.8% this year and 4.5% next year, from 5.2% last year.
“We see strong, stable growth for the majority of economies in developing Asia this year and next,” said ADB Chief Economist Albert Park.
“Consumer confidence is improving, and investment is resilient overall. External demand also appears to be turning a corner, particularly with regard to semiconductors,” he said.
Policymakers should remain vigilant, however, as there are a number of risks. These include supply chaindisruptions, uncertainty about US monetary policy, the effects of extreme weather, and further property market weakness in the PRC.
Inflation in developing Asia and the Pacific is expected to decline to 3.2% this year and 3.0% next year, as global price pressures ease and as monetary policy remains tight in many economies. However, for the region excluding the PRC, inflation is still higher than before the COVID-19 pandemic.
Rice prices have contributed to higher food inflation, especially for import-reliant economies. Prices for rice are likely to stay elevated this year, according to ADO April 2024. Reasons include crop losses due to adverse weather and India’s restrictions on rice exports. Increased global shipping costs, due to attacks against ships in the Red Sea and drought in the Panama Canal, may also add to inflation in Asia, according to the report.
To tackle surging rice prices and protect food security, governments can give targeted subsidies to vulnerable populations and enhance market transparency and monitoring to prevent price manipulation and hoarding.
In the medium to longer term, policy should focus on establishing strategic rice reserves to stabilise prices, promoting sustainable farming and crop diversification, and investing in agricultural technology and infrastructure to raise productivity.
Regional cooperation can also help manage rice prices and their impact, the report says.
All factories have paid March salaries and Eid bonuses: BGMEA President
SM Mannan, the newly elected president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), has expressed profound gratitude toward garment factory owners for successfully disbursing workers' salaries and bonuses in full before the Eid-ul-Fitr festivities.
In a press release, Mannan highlighted the commendable efforts of the factory owners, ensuring that garment workers could enjoy the upcoming Eid celebrations with their loved ones.
The BGMEA president extended his appreciation to various stakeholders, including the government, law enforcement, labour leaders, and the media, for their integral roles in facilitating this smooth financial transition.
Mannan specifically acknowledged the critical surveillance over 450 factories deemed at risk of delayed payments. Direct intervention in 26 critical cases by BGMEA was crucial to achieving this landmark success, he stated.
Mannan proudly announced that, as a result of these concerted efforts, all factories had fulfilled their obligation of paying March salaries and Eid bonuses. A minimal number of factories are finalising their disbursements, expected to conclude by day's end.
The role of the financial sector was also emphasised, with Mannan thanking the Bangladesh Bank and various scheduled banks for operating on government holidays in areas dense with garment factories. This exceptional measure played a pivotal role in ensuring timely and complete payment to workers.
Looking ahead, Mannan urged the government to prioritise safety during the Eid holiday season, specifically calling for measures to prevent overloading of buses, trains, and boats.
Urban areas hit harder as Bangladesh's inflation reaches 9.81% in March
The Bangladesh Bureau of Statistics (BBS) reported on Tuesday that the nation's inflation rate reached 9.81% in March, up from 9.67% in February.
The latest BBS figures reveal increases in both food and non-food inflation for the month. Food inflation escalated to 9.87%, while non-food inflation increased to 9.64%. In comparison, February's figures were 9.44% for food and 9.33% for non-food inflation, respectively.
MoU signed between BTRC and BIGF
Urban areas experienced a higher inflationary impact than rural regions, with urban inflation hitting 9.94% compared to 9.68% in rural areas. Urban food inflation reached 9.98%, and non-food inflation was 9.71%, whereas rural figures stood at 9.86% for food and 9.41% for non-food inflation in March.
Dr. Ahsan H. Mansur, a former senior economist at the IMF, highlighted that the country has been grappling with high inflation for over 18 months, heavily impacting those with limited incomes.
In response, the Bangladesh Bank has implemented several strategies, including an increase in the policy interest rate. Consequently, the bank loan interest rate has soared to over 13.55%. However, Dr. Mansur noted that these measures have yet to show significant economic impact due to delays and bureaucratic hurdles.
Petrobangla now plans to invite int’l bidding for onshore blocks for hydrocarbon exploration: Chairman
Economists point to an unregulated market system and rising product prices as the primary culprits behind the persistent high inflation rate.
MoU signed between BTRC and BIGF
A Memorandum of Understanding (MoU) has been signed between the Bangladesh Telecommunication Regulatory Commission (BTRC) and the Bangladesh Internet Governance Forum (BIGF).
On Tuesday morning, director of the Systems and Services Division of the Commission, Lt. Colonel SM Rezaur Rahman, and the Secretary General of BIGF, Mohammad Abdul Haq, signed the agreement on behalf of their respective organisations at the BTRC office at Agargaon, Dhaka, according to a press release.
According to the MoU, the organisations will collaborate on activities related to raising public awareness about internet governance, exchanging views with stakeholders, and Bangladesh's position on the "Summit for the Future" and the "Global Digital Compact" conferences.
BTRC Chairman Engineer Md Moinuddin Ahmed said at the event that BTRC has been assisting BIGF in various activities related to internet policy governance in recent years and that the signing of this MoU will further accelerate and make these activities more meaningful.
BIGF Chairperson Hasanul Haq Inu said that the signing of the MoU has created further opportunities to work with BTRC on the implementation of the "Summit for the Future" and the Digital Compact and on internet policy issues.
The event was moderated by the Director General of the Systems and Services Division of BTRC, Brig Gen Mohammad Khalil-ur-Rahman, and was attended by the Vice-Chairman of the Commission, Mr. Aminul Haq, Commissioner of the Spectrum Division, Engineer Sheikh Riaz Ahmed, Commissioner of Finance, Accounts and Revenue Division, Dr. Mushfiq Mannan Chowdhury, Commissioner Mr. Md. Delwar Hossain, all Directors General of the Commission, and senior officials of BTRC and BIGF.
Banglalink launches campaign to boost 4G, 5G smartphone adoption
Telecom operator Banglalink has launched a campaign to boost 4G and 5G smartphone adoption, enabling a comprehensive digital lifestyle experience for all.
Under this campaign, tailored to suit every budget and preference, Banglalink has a range of smartphone offers, according to a press release.
The campaigns include six months of free internet, 50 percent bonus internet on data packs above Tk 100, Toffee subscription, and trial access to several innovative digital and Value-Added Services including Islamic Service, Banglaflix and Caffe Adda with complimentary trials. By dialing *121*701# customers will enjoy this free offer.
Additionally, customers can now enjoy the nation's Ookla®️ certified fastest 4G network, along with six months of free 9GB internet.This includes 4GB free in the first month and 5GB per month for the subsequent five months, each valid for 7 days.This attractive bundle offer is available on 4G & 5G smartphones from major brands like Samsung, Vivo, Xiaomi, itel, Tecno, Infinix, Oppo and can be availed from brand outlets and Banglalink Customer Care Centers.
Mehedi Al Amin, Banglalink's Marketing Operations Director, stated, “As Bangladesh's fastest 4G service provider, our aim is to provide our valued customers with seamless digital experiences. We are delighted to build strong partnership with all major smartphone brands and enable customers to get the best possible utilization from their smartphone by experiencing digital lifestyle through banglalink offering. Banglalink is continuously working to empower users embracing digital ecosystem, accelerating progress towards our goal of a Smart Bangladesh.”
Govt's silence about capital market loss suspicious: AB Party
Leaders of Amar Bangladesh Party, AB Party, on Monday criticised the silence of the government on the drastic fall in share price of a large number of companies.
They said groups of influentials have looted people's money by gambling with the share prices, and the market regulators and the government remained silent on the issue to give a safe space to smugglers.
Stock markets end on high note Sunday amid price increase
The AP said this in a briefing held at its office at Kakrail in Dhaka on Monday. AB Party leader Barrister Asaduzzaman Fuaad, and Prof. Dr. Abdul Wahab Minar, among others, spoke in the briefing.
Petrobangla now plans to invite int’l bidding for onshore blocks for hydrocarbon exploration: Chairman
After floating bids for offshore oil and gas exploration, Petrobangla now plans to invite international bidding for onshore hydrocarbon exploration.
“We’re now working on preparing the bidding documents for onshore oil and gas exploration,” said Petrobangla Chairman Zanendra Nath Sarker while speaking at a workshop of the energy reporters at Petrocentre in the city.
He noted that his organisation will appoint a foreign consultant to assist Petrobangla in attracting the international oil companies (IOCs).
Petrobangla organised the workshop for the members of the Forum for Energy Reporters Bangladesh (FERB) to inform them about the technical and financial issues of the “Oil and Natural Gas Exploration Under Bangladesh Offshore Bidding Round 2024”.
Gold price goes up by Tk 3,499 per bhori over just two days
Earlier, Petrobangla, the oil, gas and mineral corporation, floated the offshore bidding on March 10 this year inviting international oil and gas companies to explore in Bangladesh's maritime area in the Bay of Bengal.
The tender, named “Oil and Natural Gas Exploration Under Bangladesh Offshore Bidding Round 2024”, was published in local newspapers and websites of concerned government entities including Bangladeshi missions abroad on Sunday giving six months time until September 9, 2024 for submission of the bids.
As per the floated tender, a total of 24 offshore blocks — of which nine are shallow blocks — and 15 deep sea blocks are available for the bidding round.
The nine shallow sea blocks are SS-01, 02, 03, 05, 06, 07, 08, 10 and 11) and 15 deep sea blocks are DS-08, 09, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21 and 22.
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The bidder, singly or in association with other companies, can bid for one or more blocks.
Contracts will be signed with the successful bidders in line with the Bangladesh Offshore Model Production Sharing Contract 2023, said the tender.
The country has a total of 48 gas blocks of which 26 are offshore and 22 onshore blocks.
The Petrobangla officials informed that some 11 onshore blocks will be placed for bidding as currently two international companies remained engaged in 11 onshore blocks.
Gold price goes up by Tk 3,499 per bhori over just two days
Bangladesh Jewellers Association (BAJUS) has hiked the price of gold today to a historic peak, increasing it by Tk 1,750 per bhori (11.664 grams), thereby setting the price of 22-carat gold at Tk 117,573 per bhori.
This adjustment reflects the fastest pace of growth in the global gold market and marks the highest pricing for gold in the nation's history.
Following the global trend, BAJUS announced the price increment on Monday, effective from 4 pm the same day, as detailed in a press release. This announcement came closely after a similar increase was instituted on Saturday, cumulatively elevating the gold price by Tk 3,499 per bhori over just two days.
Under the new pricing regime, gold of various purities will see revised rates: 22-carat gold is now priced at Tk 117,573 per bhori, or Tk 10,080 per gram; 21-carat at Tk 112,208; 18-carat at Tk 96,228; and traditional gold is set at Tk 80,190 per bhori.
While the cost of gold has seen significant adjustments, the price of silver remains constant, with 22-carat silver priced at Tk 2,100, 21-carat at Tk 2,006, 18-carat at Tk 1,715, and traditional silver at Tk 1,283 per category.
This upward trajectory in gold prices aligns with the global market trends, where the price per ounce (31.103 grams) has escalated to US $2,329, a stark rise from prices below $2,000 observed on February 14.
The surge in gold prices on the international stage is largely attributed to anticipations of a policy interest rate cut by the Federal Reserve of the USA, sparking a rapid increase in gold investments. This phenomenon has significantly influenced the pricing strategy of gold in Bangladesh, reflecting the interconnected nature of global financial markets and commodities.