local-business
BASIC Bank to merge with City Bank in strategic consolidation move
In a significant development within Bangladesh's banking sector, BASIC Bank is set to merge with City Bank, following a decision made during a Monday meeting between Bangladesh Bank Governor Abdur Rouf Talukder and top officials from City Bank.
The meeting saw the presence of Aziz Al Kaiser, Chairman of City Bank, and Mashrur Arefin, the bank's Managing Director and CEO, discussing the future of this strategic consolidation with the central bank's governor.
A source from the central bank revealed that the merger between BASIC Bank and City Bank will be carried out on a voluntary basis. This decision comes after City Bank's board recommended the merger on March 19, which was subsequently discussed with BASIC Bank's board and officials from both banking institutions.
Despite the merger, it has been decided that for the next three years, the two banks will continue to report their financials separately, according to sources close to the matter.
Mezbaul Haque, Executive Director and spokesperson for Bangladesh Bank, commented on the broader context of bank mergers in the country. He noted that several banks are currently engaging in discussions with the central bank on various issues, including potential mergers. Haque assured that the public would be informed once a final decision is reached on these matters.
This move comes amidst a trend of bank consolidations within Bangladesh, highlighted by the recent agreement for Padma Bank to merge with EXIM Bank in March, signaling a wave of strategic mergers aimed at strengthening the country's banking sector.
Bangladesh's example of how fast a good economy becomes weak to be taught in textbooks: Prof Mustafiz
Distinguished fellow of Centre for Policy Dialogue (CPD) Professor Mustafizur Rahman said Bangladesh’s example of how fast a strong economy can become a weak one will be placed in the textbooks.
He said Bangladesh’s economy was in a good position even 18 months ago, but now the situation is very uncertain.
Prof Mustafiz said this while spraking as the key speaker in a seminar titled ‘Macro Economy Stability and Next Budget’ organised by Economic Reporters’ Forum (ERF) in its auditorium on Sunday.
34% of Bangladesh's revenue spent on debt repayment: CPD
Waseqa Ayesha Khan MP, State Minister for Finance was present in the seminar as the chief guest. ERF President Mohammad Refayet Ullah Mirdha in the chair, Former BGMEA President Anwar-Ul-Alam Chowdhury (Parvez), business leader Shams Mahmud also spoke in the event.
The State Minister Waseqa Ayesh said that initiatives have been taken to reduce tax deductions in the next budget.
“The National Board of Revenue (NBR) is scrutinizing sectors in this issue. Now there is no need for tax breaks in so many sectors. Priority projects will be given importance in the next budget as well,” she said.
Apart from this, discussions are going on to increase private sector investment, said Waseqa.
She further said that universal pension system will be taken to all people in the next budget.
CPD’s Fellow Mustafiz also said, “If there is a problem in the economy, it will be the first to suffer. Then it’s bleeding. Later gangrene occurs. In the end, surgery is required. So it is better to solve the problem of the economy in the beginning.”
CPD wants adjustment in capacity charges instead of raising power tariff to reduce subsidy
He said, “A businessman travels abroad in business class 10 times a year. Drives a Mercedes Benz all year round. But looking at the income on his tax records, it looks like he needs a charity. Sometimes he is a bank loan defaulter.”
The challenges of the 21st century cannot be met with 20th century institutions. So the institutions and regulators should be reformed and allowed to work independently, said prof Mustafiz.
Broiler chicken price up by Tk100 per kg in Chattogram
People are suffering because of the sudden increase of chicken prices just before Eid in the port city.
The chicken that was sold at the price of Tk 170 per kg during the month of Ramadan is now being sold at Tk 270 per kg.
Prices of meat, chicken and egg rise on Friday
Abdul Jabbar, a buyer of the Chawkbazar area of Chittagong city, said that the price of broiler chicken was high throughout the year. “Now it’s gone out of reach ahead of Eid,” he added.
“Sellers remained silent regarding the sudden price hike. Some, however, claimed that the farmers have raised the price of chicken due to the increase in demand compared to the supply in the market.”
Alamgir, a chicken trader in the city's Riazuddin Bazar, said, "Due to the increased demand, the suppliers are charging higher prices. If the demand increases, the suppliers increase the price. So, we also increase it.”
Another trader wishing to remain anonymous said, "There is no control in the baby chicken market. The price of chicken feed and medicine is high. All the impact of production costs has fallen on the market. That’s why buyers are suffering."
Broiler and Sonali chicken prices increase by Tk 10-30 per kg in a week
It was seen from the market that broiler chicken weighing more than 2 kg is being sold at Tk 270 per kg which was sold last week for Tk 205-210. Layer and golden breed chickens are being sold at 310 to 330 per kg, and domestic chickens are being sold at Tk 500 to 550 per kg.
Mohammad Sattar, a chicken seller at Kazi Deuri market, said that the price of chicken may increase further ahead of Eid. The demand for chicken will increase around Eid. Even the suppliers will not be able to meet the demand.
The chicken market was crowded on Saturday. The buyers are buying 5 to 10 kg of chicken before Eid due to the fear of price increases.
Haji Abdul Hamid, a buyer of Riazuddin Bazaar, said, "Every year when Shabbat Qadr comes, the sellers increase the price of meat. The price of chicken has not come under Tk 200 for the last month. So I'm buying a little earlier before Eid."
The poor and middle-class people mostly consume chicken during Ramadan. However, due to the increase of chicken prices in the weeks around Sob-E-Qadr and Eid, it is now out of reach for many families.
Prospects of Safe Broiler Chicken Farming
SM Najer Hossain, Vice President of Consumers Association of Bangladesh (CAB), said that baby chicken prices or feed prices have not increased. So, there is no reason for the abnormal increase in chicken prices. “Due to the lack of proper monitoring by the administration, the buyers are suffering and the syndicate traders are cutting the pockets of the people,” he added.
Bangladesh requests Brazil to supply cattle during Eid-ul-Azha: State Minister
State Minister for Commerce Ahasanul Islam Titu on Sunday said he requested Brazil to supply sacrificial animals to Bangladesh before Eid-ul-Azha.
Prices of meat, chicken, and fish soar while vegetables and fruits decrease on Friday
He told reporters after a meeting in Dhaka with visiting foreign minister of Brazil Mauro Vieira.
Titu said animal protein was in focus in the bilateral meeting. Brazil in particular an exporter of meat at very low prices.
Prices of meat, chicken and egg rise on Friday
“They talked about it. We requested them in this regard. If it is cheaper. We will look at the possibilities to import cattle or meat,”said the state minister.
Meat and eggs to be sold in trucks at fair prices in Dhaka during Ramadan
Currently, Bangladesh is not importing animal protein or chicken. If Bangladesh imports these items, then a study will be required in this regard, Titu said.
Newly elected Board of Directors led by S. M. Mannan (Kochi) take charge of BGMEA
The newly elected Board of Directors of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) led by its President S. M. Mannan (Kochi) took charge of the trade body for the term 2024-2026.
Outgoing Board of Directors handed over the responsibility to the new Board at the 41st Annual General Meeting (AGM) held at BGMEA Complex in Uttara on April 6.
The audited accounts of BGMEA for the year 2022-2023 were adopted and the budget for the year 2023-2024 was approved in the AGM.
The new Office Bearers of BGMEA are -- Syed Nazrul Islam, First Vice President; Khandoker Rafiqul Islam, Senior Vice President; Arshad Jamal (Dipu), Vice President; Md. Nasir Uddin, Vice President (Finance); Miran Ali, Vice President; Abdullah Hil Rakib, Vice President; and Rakibul Alam Chowdhury, Vice President.
The other Board of Directors from Dhaka are -- Shahidullah Azim, Asif Ashraf, Md. Imranur Rahman, Shovon Islam, Haroon Ar Rashid, Mohammad Sohel Sadat, Ashikur Rahman (Tuhin), Anowar Hossain (Manik), Mesbah Uddin Khan, Shams Mahmud, Rajiv Chowdhury, Abrar Hossain Sayem, Md. Shahadat Hossain, Md. Jakir Hossain, Nusrat Bari Asha, Md. Mohiuddin Rubel, Shehrin Salam Oishee, Md. Nurul Islam, Saifuddin Siddiquie Sagar, and Md. Rezaul Alam (Miru), while Directors from Chattogram are -- Mohammed Musa, Amzad Hossain Chowdhury, M Ahsanul Hoque, Mostafa Sarwar Riyadh, Mohammed Rakib Al Naser, Gazi Md. Shahid Ullah, and Md. Absar Hossain.
The Sammilito Parishad, led by S. M. Mannan (Kochi), achieved a clean sweep by securing all 35 directorship positions – 26 in Dhaka and 9 in Chittagong -- in the BGMEA elections for the 2024-26 term, held on March 9, 2024.
Nurul Hoque congratulates new BGMEA President
S. M. Mannan (Kochi) has formally taken over the charge as the President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) for the term 2024-2026.
Former First Vice President of the BGMEA S. M. Nurul Hoque on Saturday congratulated the newly elected BGMEA committee led by S. M. Mannan (Kochi).
The new committee took over charge at the BGMEA`s annual general meeting held on April 6.
On March 14, the Election Board of the BGMEA declared the names of the new BGMEA Office Bearers, President and seven Vice Presidents.
Among other elected members, Syed Nazrul Islam has been elected First Vice President and Khandoker Rafiqul Islam has become Senior Vice President.
Arshad Jamal (Dipu) has been elected Vice President and Md. Nasir Uddin got the post of Vice President for Finance while Miran Ali, Abdullah Hil Rakib and Rakibul Alam Chowdhury have been elected Vice Presidents.
Trade through Sonamasjid land port to remain closed for seven days for Eid and Pahela Baishakh
Export-import between Bangladesh and India through Chapainawabganj’s Sonamasjid land port will remain suspended for seven days beginning from April 8 on the occasion of the holy Eid-ul-Fitr and Pahela Baishakh, the first day of Bangla calendar.
However, movement of travellers through the land port will remain as usual.
Harun-Or-Rashid, president of Sonamasjid Land Port C&F Agents Association, confirmed the matter saying that all kinds of business activities through the land port between the countries will remain halted for a week.
The trade through the land port will resume from April 15, he said, adding that India’s Mahdipur Land Port Exporters Association was informed about the matter.
He also said that passenger movement through check posts will remain normal despite suspension of trade.
BDBL to merge with Sonali Bank while BKB with RKUB
State-run Bangladesh Development Bank is set to merge with Sonali Bank, while Rajshahi Krishi Unnayan Bank will be taken over by Bangladesh Krishi Bank as part of disciplining the banking sector.
The move follows the merger of private sector Padma Bank with Exim Bank.
The primary decision of latest merger of banks was taken at a meeting between Bangladesh Bank (BB) governor Abdur Rouf Talukder and the managing directors of the respective banks at the BB headquarters on Wednesday.
A deal will be signed on Monday (April 8) between Bangladesh Krishi Bank and Rajshahi Krishi Unnayan Bank at BB in this regard.
Md Shawkat Ali Khan, managing director of BKB told UNB that the central bank called a meeting with the chairmen of both banks and discussed the overall situation of the banks.
On the merger of state-owned banks, on behalf of the government the BB will take a final decision regarding the merger issue, he said.
However, the BB official confirmed that a deal signing between BKB and RKUB is scheduled to be held on Monday.
The government took the decision in principle to merge BDBL with Sonali Bank. But it will take some time to reach a deal between Sonali Bank and BDBL, said an official of BB.
Grameenphone ensures robust network re-engineering for Eid commutes
Grameenphone, the smart connectivity provider in the country, is all geared up to ensure uninterrupted connectivity for its customers ahead of the Eid-ul-Fitr celebrations.
With a steadfast commitment to delivering superior customer experience, Grameenphone has implemented cutting-edge data and AI-driven solutions to optimize its network performance, solidifying its position as the No.1 network provider in the country.
Grameenphone's relentless pursuit of innovation and customer-centricity remains at the core of its mission to connect people to what matters most to them.
To ensure seamless connectivity during the joyful occasion of Eid, the company has implemented a dynamic capacity setup to enhance lives.
This setup enables proactive decision-making driven by AI, leveraging forecasts of people's movements and usage needs.
By anticipating and meeting customer demands effectively, Grameenphone provides uninterrupted services and an enhanced experience, whether in bustling cities or the remotest areas.
Harnessing the power of data and AI-driven decision-making, Grameenphone has designed its network solutions to deliver a seamless data and voice experience.
Mohammad Sajjad Hasib, Chief Marketing Officer, Grameenphone, said, “At Grameenphone, our driving force lies in empowering communities through the transformative power of connectivity. We are unwavering in our commitment to delivering an unparalleled customer experience. With advanced AI technology, a robust infrastructure, and a customer-centric approach, Grameenphone is dedicated to providing uninterrupted data and voice services during the festive season, enabling customers to stay connected and share the joy of Ramadan and Eid with their loved ones. With steadfast focus on modernization, superior technology, and investment into building a future-ready network, Grameenphone is ensuring superior customer service and strengthening our position as the No.1 network provider. We are working towards our vision of a Smart Bangladesh, where connectivity is the cornerstone of progress."
Furthermore, in preparation for the festivities, Grameenphone has identified hotspots across the country where additional capacity enhancements are necessary. Through strategic resource allocation, Grameenphone aims to provide enhanced network coverage in areas like shopping malls, highways, and transport hubs, ensuring a smooth customer experience. This ensures that customers can rely on Grameenphone’s robust network infrastructure, even during peak times.
Recognizing that weather conditions can sometimes pose challenges to network performance, Grameenphone has factored it in to preemptively address any potential disruptions and minimize impact on customer experience. This proactive approach and preparedness demonstrate Grameenphone's commitment to maintaining a resilient and uninterrupted network service, ensuring ease and comfort for Eid commutes.
Metro rail journey to get costlier as 15% VAT to be imposed from July
Metro rail passengers will have to bear additional cost as the National Board of Revenue (NBR) is going to impose 15 percent VAT on its tickets from July 1.
There is currently a VAT waiver on Metrorail tickets, which will expire on June 30. DMTCL requested NBR to extend the period but the revenue board expressed unwillingness to extend the exemption period.
The second secretary of NBR's VAT Division Barrister Md. Badruzzaman Munshi sent a letter to the managing director of Dhaka Mass Transit Company Limited (DMTCL) in this regard.
According to the letter, VAT exemption on metro rail tickets will expire on June 30.
In the letter, the revenue board said that various development activities are going on in the country with the goal of attaining the status of developed country by 2041.
The government has to constantly provide money to carry out those development activities, which is mainly collected through direct and indirect taxes.
Tax exemptions are given to various sectors on different occasion with the aim of promoting domestic industries, reduce import dependence and developing small and cottage industries, etc, said the letter.
That is why tax exemption benefits are being gradually withdrawn from various sectors.
Besides, freedom fighters and children of three feet height can travel free of charge, and people with special needs can travel on metro rail at a 10 to 15 percent discount.