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Envoy Textiles’ 28th AGM held, Shehrin Salam dismissed from board, Tanvir re-elect MD
Envoy Textiles Limited has conducted its 28th Annual General Meeting (AGM) amid critical outcomes for its leadership and board structure.
Tanvir Ahmed was emphatically re-elected as Managing Director (MD) for another term of five years, receiving a unanimous vote of confidence from the shareholders. He got a total of 10 crore 63 lakh 83 thousand 178 votes in his favour.
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The AGM, held in a hybrid format at Gulshan Shooting Club, Dhaka, on Thursday, was chaired by Kutubuddin Ahmed, the founder and chairman of Envoy Textiles Limited.
A major reshuffling of the board occurred during the meeting. An overwhelming 99.97 percent of shareholders opposed the re-election of Shehrin Salam Oishee as a director, leading to her removal from the board.
Sunil Daulatram Daryanani, nominated by Epic Garments, was elected as a new director. Furthermore, the AGM reinforced the company’s strategic direction by unanimously re-electing Kutubuddin Ahmed and Sumayyah Ahmed as directors, ensuring a continuity of strong leadership.
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Adding to the backdrop of these decisions, in a previous Extra-ordinary General Meeting (EGM) held on March 2, 2024, Shehrin Salam Oishee was also not elected as Deputy Managing Director (DMD), indicating a significant shift in the company's executive leadership dynamics. These developments underscore a period of transition and strategic realignment for Envoy Textiles Limited.
Govt has no complete list of public services against which it levies fees or charges: Finance Ministry document
The government of Bangladesh has no complete list of public services against which it levies fees or charges.
“There are thousands of public services against which the government levies fees or charges, but there is no complete list of such fees and charges and when those were imposed,” according to an official document of the Finance Ministry.
According the official document titled ‘Medium Term Macroeconomic Policy Statement (2023-24 to 2025-26)’ of the Finance Division of the Finance Ministry, the government has partially set up an online database of all non tax revenue (NTR) items with the fees, charges or prices and their dates of imposition.
“This partial database has opened scope with the hope of increasing NTR income manifolds from administrative fees,” it said.
On the other hand, the government is not only focusing on enhanced revenue mobilisation from NTR by raising fees or charges, but also putting its best effort to ensure efficient and satisfactory service delivery.
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The government has taken numerous initiatives to make service delivery systems paperless and to minimise human deployment in this system. This is one of the key features to building Smart Bangladesh by 2041, the document said.
The government has multiplied public investment during the last one and a half decade, of which the SOEs/Autonomous Bodies (ABs) have enjoyed capital support either in the form of loans or equities.
Loans are registered under government accounts through Subsidiary Loan Agreements (SLAs) and thereby interest is charged.
“However, there is no consolidated database for equity investments of the government and therefore there is no precise estimate for dividend income,” the official document said.
The government has taken the initiative to create an exhaustive database for equity investments in the SOEs/ABs as well as establish a Financial Reporting Council for setting standard financial statements to ensure proper assessment of these organisations.
According to the ‘Medium Term Macroeconomic Policy Statement (2023-24 to 2025-26)’, With the economic advancement of the country the scope and volumes of public services have evolved and expanded.
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Government organisations are engaged in delivering various new services in new forms to the public.
The government has taken initiatives to explore such novel and voluminous services against which fees/charges may be collected through organising stakeholders’ consultation workshops, seminars, etc.
As per the Medium Term Macroeconomic Policy Statement (2023-24 to 2025-26) of the Finance Division, some Tk 5343 billion will come from tax revenue sector in the 2024-25 fiscal year and Tk 6463 billion in 2025-26 fiscal year.
In the next two fiscal years, the National Board of Revenue (NBR) will provide Tk 5095 billion and Tk 6171 billion.
From the Income Tax wing, the collection will be Tk 1753 billion for the next fiscal while Tk 2123 billion for 2025-26 fiscal, and the collection from import duties will be Tk 1511 billion and Tk 1830 billion respectively.
From the VAT and supplementary Duties, the revenue collection will be Tk 1831 billion and Tk 2218 billion respectively.
The non-NBR tax for the 2024-25 fiscal and 2025-26 fiscal will be Tk 248 billion and Tk 292 billion respectively with non-tax revenue collection will be Tk 529 billion and Tk 634 billion respectively.
The target for running 2023-24 fiscal is Tk 5000 billion with Tk 4500 billion from tax revenue. Of the total amount, Tk 4300 billion will come from NBR through Tk 1480 billion from income tax, Tk 1275 billion from import duties, Tk 1545 billion from VAT and supplementary duties. Some Tk 200 billion will be collected from the non-NBR sector while Tk 500 billion from the non-tax revenue sector.
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Banks’ CSR spending down by 18 percent in 2023: Bangladesh Bank
Banks’ spending in Corporate Social Responsibility (CSR) has decreased by 18 percent to Tk 924.32 crore in 2023, compared to the previous year.
Bangladesh Bank (BB) report on CSR of 2023 released on Wednesday saw that banks spent Tk 924.32 crore in 2023, which was Tk 1129 crore in 2022. It shows that banks’ spending in the CSR sector decreased by 18 percent or Tk 204.67 compared with the previous year.
According to the report, the highest expenditure in 2023 was in the health sector followed by education and environment and climate change issues.
According to the BB guidelines, 30 percent of the total CSR expenditure of banks and financial institutions should be spent on education, 30 percent on health, and 20 percent on environment and climate change mitigation and adaptation. The remaining 20 percent is directed to be spent on income-generating activities, disaster management, infrastructure development, sports and culture, and other sectors.
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According to the report, 61 scheduled banks have spent Tk 924.32 crore in 2023. Out of this, the health sector spent the most 31.26 percent or Tk 289 crore of the total expenditure.
The spending on the education sector is 17.65 percent or Tk163.10 crore, and the expenditure on the environment and climate sector is 7.38 percent or Tk68.17 crore of the total expenditure. Apart from this, the expenditure on other sectors is 43.72 percent or Tk404 crore of the total expenditure.
According to the CSR report, among the 61 scheduled banks operating in the country, 5 banks did not spend a single taka on CSR in 2023. These are Basic Bank, Bengal Commercial Bank, Citizens Bank, ICB Islamic Bank, and National Bank.
On the other hand, 9 banks did not earn net profit in 2022. They are Basic Bank, Bangladesh Krishi Bank, Rajshahi Krishi Unnayan Bank, Bangladesh Commerce Bank, Bengal Commercial Bank, Citizens Bank, ICB Islamic Bank, Padma Bank and National Bank of Pakistan.
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However, 5 of these 9 banks spent on CSR in 2023 despite not earning net profit. The banks are Bangladesh Krishi Bank, Rajshahi Krishi Unnayan Bank, Bangladesh Commerce Bank, Padma Bank, and National Bank.
The 13 banks licensed after 2013 have a requirement to spend at least 10 percent of the previous year's net profit on CSR in the following year. If a bank cannot make a net profit, it cannot spend on CSR.
In analysing the report found that 6 banks of the fourth generation --South-Bangla Agriculture and Commerce Bank Limited, Midland Bank Limited, Madhumati Bank Limited, Shimanto Bank Plc, NRB Commercial Bank Plc, and Global Islami Bank Plc-- have failed to comply with the conditions of the central bank during the discussed period.
Islami Bank Bangladesh Plc has spent the highest CSR among the banks. In 2023, the bank has spent about Tk 100 crore in this sector. Dutch-Bangla Bank spent the second highest amount of Tk 94 crore and Jamuna Bank is in the third position by spending Tk 56.73 crore in the CSR sector.
Summit Group’s 3 power plants receive nod for further 5 years extension
Three gas-fired power plants, each having 10 MW capacity, of Summit Group received the nod of the Cabinet Committee on Government Purchase (CCGP) for further extension of existing agreements for next 5 years.
Finance Minister Abul Hassan Mahmood Ali presided over the CCGP meeting.
Power Division moved the proposal to the CCGP meeting.
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The power plants, located in Ashulia, Madhabdi and Candina, were set up as independent power plants (IPP) in 2003 under 15 years power purchase agreements (PPAs) with Dhaka Palli Biduyt Samity -1, Narshingdi Palli Biduyt Samity -1 and Cumilla Palli Biduyt Samity -1 of the Bangladesh Rural Electrification Board (BREB).
The PPAs were first expired in 2018 and the government expended their tenure for 5 years until August 2023.
“This time the agreements were extended for next five years on “No electricity, No Payment” basis,” said an additional secretary of the Cabinet Division who briefed reporters about the decision.
“The new levelised tariff for the plants were settled at Tk 5.82 per kilowatt hour which is Tk .07 lower than the existing bulk power supply tariff”, he added.
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However, it was not mentioned in the proposal of the Power Division what was the previous tariff.
It is mentioned that the non- fuel component of the tariff is Tk 1.75 and fuel component tariff is Tk 4.07.
The government will buy electricity worth Tk 546.795 crore over the next 5 years from the three power plants of the Summit Group.
Currently Summit Group has been the largest owner of private power plants having 15 plants with about 975.96 MW from which the government has been purchasing electricity.
Chinese company Song Shin Leather to invest US$ 6 million in Cumilla EPZ
Chinese company Song Shin Leather (BD) Limited will set up a Leather processing industry in Cumilla EPZ.
An agreement to this effect was signed between Bangladesh Export Processing Zones Authority (BEPZA) and Song Shin Leather (BD) Co. Limited at BEPZA Complex, Dhaka on Wednesday.
The company will invest US $6 million to produce annually 8 million square feet of ‘Cow Finished Leather’ and ‘Buffalo Finished Leather’, creating job opportunities for 100 Bangladeshi nationals.
In the presence of BEPZA Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman, Member (Investment Promotion) of BEPZA Ali Reza Mazid and General Manager of Song Shin Leather (BD) Co. Limited Wang Jingzhao signed the agreement on behalf of their respective sides.
Bangladesh to import 50,000 MT onion from India
Bangladesh will import 50,000 metric tons of onion from India.
Cabinet Committee on Economic Affairs in a meeting on Wednesday approved in principle a proposal of the Commerce Ministry in this regard.
Finance Minister Abul Hassan Mahmood Ali presided over the meeting.
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As per the proposal, state-owned Trading Corporation of Bangladesh (TCB), a subordinate body of the Commerce Ministry, will import the onion from Indian National Cooperative Export Limited on G-to-G basis.
However, the price of the onion was not disclosed in the meeting as the proposal will again come to the Cabinet Committee on Government Purchase for approval.
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“At that time, the rate of the onion might be disclosed,” said an additional secretary of the Cabinet Division who briefed reporters about the decision.
Malaysia’s Silverlake Group to form partnership with Nagad
Malaysian Silverlake Group is forging a partnership with mobile financial service provider Nagad.
After learning about Nagad and studying its related case studies, Silverlake Group founder Goh Peng Ooi expressed his interest to form the partnership. This will mark Silverlake Group’s first partnership initiative in South Asia, according to a media release.
Tanvir A. Mishuk, founder and CEO of Nagad Ltd, recently met Goh Peng Ooi in Malaysia.
Impressed by Nagad’s customer-friendly innovations, acquisition of over 9 crore customers within just five years, and its unique business model, Goh expressed his interest. During this courtesy call, Mishuk also invited him to Nagad Ltd, the release said.
Founded in 1989, the Silverlake Group delivers cutting-edge tech and financial solutions, and currently provides support to more than 400 banks operating in over a hundred countries. Almost all banks in Singapore, including its two main banks United Overseas Bank (UOB) and Oversea-Chinese Banking Corporation (OCBC), are heavily dependent on Silverlake Group’s technology. The leading tech solution provider’s business collaborations extend across Europe, America, Australia, Africa, and Asia.
During the meeting with Tanvir A. Mishuk, Goh Peng Ooi said that they had previously received multiple proposals from different companies based in several South Asian countries, including Bangladesh and India, but they hadn’t found sufficient reasons to integrate them with Silverlake. However, they perceive Nagad differently in the realm of financial entities.
According to the proposal, Silverlake Group will offer Nagad the opportunity to utilise its most advanced banking technologies. Nagad believes that this initiative will not only benefit Nagad but will also bring significant changes to the entire banking sector in Bangladesh.
Talking about Goh Peng Ooi and Silverlake Group’s interest in partnering with Nagad, Nagad CEO Tanvir A. Mishuk, said, “I think this is not only good news for Nagad but also for the entire Bangladesh, as it creates the possibility of a drastic change in the country’s banking landscape. We believe it will eventually play a transformative role for millions of people in the country.”
Trade through Benapole land port suspended due Dol Yatra, Independence Day holidays
Trade between Bangladesh and India through Benapole-Petrapole land port remained suspended since Monday morning due to India's Dola Yatra and Bangladesh's Independence Day holidays.
Though export and import have been suspended, the unloading of goods and other activities of the port remained uninterrupted.
Karthik Chakraborty, general secretary of Petrapol C&F Staff Welfare Association of India and Sajedur Rahman, general secretary of Benapole C&F Agent Staff Association confirmed the matter.
Kamruzzaman Biswas, Officer-in-Charge (OC) of Benapole Checkpost Immigration Police, said though trade will remain suspended for two days the movement of passengers will be normal.
Rezaul Karim, Director of Benapole Port, said export and import though the land port will resume from Wednesday morning.
BGMEA president visits Adamjee EPZ; seeks comprehensive support for factories
President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Faruque Hassan on Sunday visited the Adamjee Export Processing Zone (EPZ) and urged the EPZ authority to provide comprehensive support to the factories operating within the EPZ.
During his visit, Faruque Hassan held a meeting with Moshiuddin Bin Mesbah, Executive Director of the Bangladesh Export Processing Zones Authority (BEPZA).
Highlighting the pivotal role of EPZs in driving industrial development, Faruque Hassan emphasized the importance of facilitating a favorable industrial environment for garment factories.
Accompanied by Directors of Giant Group - Sharmeen Hassan Tithi, Azfar Hassan, and Ashaab Adeeb Hassan, Faruque Hassan toured various factories within the Adamjee EPZ.
He actively interacted with both workers and employers, gaining valuable insights into their perspectives and concerns.
Faruque Hassan highlighted the sound relationship between workers and employers within the Adamjee EPZ, underscoring its positive impact on productivity and fostering a harmonious work environment.
The BGMEA President called upon workers and entrepreneurs to stand united and work collaboratively for the development of the ready-made garment sector in Bangladesh.
He emphasized the significance of collective action in addressing challenges and seizing opportunities for sustainable growth and prosperity.
Faruque Hassan mentioned the ongoing efforts of BGMEA to promote sustainability in the RMG sector of Bangladesh.
BGMEA is actively engaged in raising awareness about the crucial role of tree plantation in protecting the environment and the planet.
He recalled the campaign undertaken by BGMEA in 2021 to plant trees in different areas including in garment factories.
After taking over the charge of BGMEA in 2021, Faruque Hassan, as part of the tree plantation program, planted saplings at the different factories in Adamjee EPZ in Narayanganj.
He requested the Adamjee EPZ authority to support and encourage tree plantation in the EPZ area.
Offshore banking law to boost flow of foreign currency: Finance Minister at BIDS seminar
Finance Minister Abul Hassan Mahmood Ali on Sunday reiterated that the recently passed offshore banking law will boost the flow of foreign currency in the country.
He said this while speaking as the chief guest at the second session of the seminar on ‘Unpacking the Economic Manifesto of the Awami League: Trends and Challenges for Tomorrow Bangladesh’ organized by the Bangladesh Institute of Development Research (BIDS), the government think-tank, held at its auditorium in Agargaon in the capital.
He said the foreign depositors and investors have already started responding in Bangladeshi banks after the offshore banking law was passed.Depositors said that they are pleased with the new offshore banking law in Bangladesh, according to Mahmood Ali. Savings from abroad will rise soon, increasing the flow of foreign currency into the country, the finance minister pointed out.
Planning Minister Major General Abdus Salam, (retd), MP was the chief guest in the morning session of the seminar.
Dr Mashiur Rahman, Economic Affairs Adviser to the Prime Minister, Dr Tawfiq-e-Elahi Chowdhury, BB, Power, Energy and MR Affairs Adviser were present as the special guests.Dr Binayak Sen, Director General of BIDS, moderated the event.
Several research papers were present in the seminar on socio-economic development of Bangladesh including macroeconomic stability.