Joel Ahmed

আসছে বাজেটে ব্যাংক হিসাবের ওপর আবগারি শুল্ক বাড়তে পারে https://www.youtube.com/watch?v=uwz7d6H5Shs

https://www.tbsnews.net/bangladesh/infrastructure/bangladesh-will-pay-enough-build-3-padma-bridges-capacity-payment-adani Eyamin Sajid 07 June, 2022, 11:00 pm Last modified: 08 June, 2022, 12:37 am Bangladesh will pay enough to build 3 Padma bridges as capacity payment to Adani Three Padma Bridges, nine Karnaphuli River Tunnels or four metro rails: that is how many mega infrastructures Bangladesh can build with the money it is paying to the Indian Adani Group as capacity payment under a power purchase agreement (PPA). Bangladesh will pay around $11.01 billion for importing 1,496 megawatts (MW) of electricity from Adani Godda 1,600 MW Thermal Power Plant over its 25 years of lifetime revealed a report co-published by the Bangladesh Working Group on External Debt (BWGED) and Indian Growthwatch. "The amount for the capacity charge is nine times higher than the budget of Karnaphuli River Tunnel and more than four times than the Dhaka Metro Rail," said Hasan Mehedi, an author of the report and member secretary of the BWGED. Since 2010-2011, Bangladesh Power Development Board (BPDB) has paid around $8.54 billion as capacity charges to independent power producers (IIPs) and rental and quick rental power plants owners. "This power plant will be a huge burden on the Bangladesh economy. It doesn't make any sense to import coal power from India when Bangladesh is experiencing around 60% overcapacity now," Mehedi said. On 2 June, at a citizen discussion held at the National Press Club, State Minister of Power Energy and Mineral Resources Nasrul Hamid, however, claimed that the country does not have overcapacity in electricity. He said apart from captive power, the total installed capacity of power is around 21,000MW. But the capacity stands at 16,000 MW to 17,000MW if 10% for derated capacity and 10% for scheduled maintenance is excluded, whereas the current demand is around 14000MW. Instead, we see capacity shortage if we consider 20% standby reserve margin. The BPDB signed an agreement with Adani Group in November 2017 to offtake 1,496 MW power from its Godda Coal Power Plant under the cross-border electricity trade arrangement. As per the agreement, the BPDB agreed to pay $0.038 or Tk3.26 per (kilowatt hour) kWh as capacity charge, higher than any other power plant in Bangladesh. As per the report estimates, the cost of electricity from the Godda power plant will be at least tk9.09 per kWh, which is 56% higher than other imported electricity and 196% higher than solar power in India. According to the BWGED and Growthwatch's report, the Adani Group may take $423.29 million as capacity charge per year, but the money will not benefit the Bangladeshi people. In addition to that, the cost of electricity from the Godda Adani Group will increase by 5.5% per year, while the cost of solar power will be decreasing at a yearly rate of 10%. At present, Bangladesh imports 1,160MW electricity from India through cross-border electricity trade agreements. The first unit of 1600 MW is scheduled to start commercial operation by this July while the second unit will come online by December this year. But the corresponding transmission line from Indo-Bangla border to Bangladeshi national grid has not been prepared yet. Sources at the BPDB said that Bangladesh won't be able to receive the electricity until December this year. Even if the transmission line were built by December 2022 according to the plan, Bangladesh will have to pay $141.10 million of capacity charges in four months only. Md Mizanur Rahman Sarkar, project director at Rahanpur to Monakasha Border 400kV Transmission Line, told The Business Standard, "The physical work of the Bangladesh part of the project is almost completed. But transmission line in the Indian side has yet not been completed." Sarkar, however, said that the power evacuation would be started within five to six months. For evacuating electricity from the plant, 134 km (30km in Bangladesh side and 104km in Indian side) transmission line construction project was taken by both countries.

https://thefinancialexpress.com.bd/national/japan-wants-to-sell-military-hardware-to-bd-1654591696 Japan wants to sell military hardware to BD Direct flight starts this year; FTA crucial to absorb post-graduation shock; Japan for free and fair election FE ONLINE REPORT | Published: June 07, 2022 14:48:16 | Updated: June 07, 2022 18:32:04 Japan wants to sell military hardware to Bangladesh, said Naoki Ito, Japanese Ambassador to Bangladesh, on Tuesday. Recently, a Japanese company came and met officials to assess Bangladesh’s interests in Japanese military hardware, the Ambassador informed while addressing the ‘DCAB Talk’ in Dhaka city. As Japan has relaxed regulations regarding exports of defense equipment, some private companies started to sell such equipment to some ASEAN countries. Mr Ito also disclosed that direct flights between Japan and Bangladesh will start this year. People of both the countries, especially the investors, will be closer after the introduction of the direct flights, he hoped. Asked about his country’s expectations about the next general election of Bangladesh, the Japanese envoy said that Japan wants to see a free, fair election. Expressing Japan’s concern about the last general elections, the envoy said that Japan expects that this time the election will be better. According to the schedule, the election in Bangladesh will be held at the end of the next year, but the media is talking about the election every day triggering interests among the diplomatic circle. “We have noticed some positive steps by the government in this regard including the enactment of the Election Commission law. We hope and [are] expecting that the government will take measures to hold free fair and better election compared to the previous elections” Mr Ito said. In this regard, he urged for ensuring freedom of media as the media has an important role to play to ensure that every single vote can be counted and every voter can have his or her say. “I am going to continue to raise this point” the Japanese Ambassador said. The Japanese envoy pointed out that Bangladesh is going to be an ideal investment destination for its impressive economic growth, rising exports, growing infrastructure and for the prospects of supply chain diversification. 68 per cent of Japanese investors are eager to invest in South Asian region and Bangladesh has the potentials to be one of the destinations, he added. Referring to the 3 billion aid package offered by Japan to Bangladesh recently, he said no country in the world has got such a dramatic increase in assistance in such a dramatic way. “We will continue to be engaged in the development process of Bangladesh.” On the issue of the Indo Pacific Strategy, he said that both Japan and Bangladesh share the same basic principles like democracy, market economy, rules-based international order and free Indo-Pacific which are also the vision of the IPS (Indo-Pacific Strategy). Responding to a question he said on the launching of the IPEF (Indo-Pacific Economic Framework), the Japanese Ambassador said the IPEF was launched by the US in Tokyo on the sideline of the Quad meeting. “This is a very timely initiative so we have joined the initiative,” he added. The documents of the recently concluded US-Bangladesh economic consultation meeting showed that Bangladesh had a certain level of interest in the IPEF, he noted. About the Japan-Bangladesh FTA, he said, this is important to help Bangladesh in absorbing the post-graduation shocks. Recently Japanese and Bangladeshi companies recommended broader economic partnerships and FTA between the two countries, Mr Ito said. He informed that Japan government is considering the Bangladesh's request for a feasibility study on FTA. Lauding recent steps in improving the investment climate, he said even during the pandemic the officials worked hard to ease doing business. But he pointed out that the investment climate needs to be further improved and issues like customs clearances remain hurdles for the investors. He said public-private economic dialogue between the two countries can be held this year, and the SEC is preparing to hold an ‘Investment Road Show’ in Japan soon. Expressing his country’s interest to recruit young people from this country the envoy said, “We need more skilled young Bangladeshis.” Referring to his recent visit to Bhasanchar Island, the envoy said he was impressed by the quality infrastructure of the island. But he stressed the need for better service delivery saying the international agencies and the government need to provide better services. The 30 thousand Rohingya refugees, who were relocated to the island, have high expectations, especially in getting economic livelihood opportunities. But, of course, the first and foremost priority is repatriation, the Ambassador said adding that Japan has been vocal about demanding improvement of the situation in Myanmar. “We have told the military government to end violence” he said hoping that the process of repatriation might start soon” Though political reality will not allow the overnight solution to the Rohingya problem, the stakeholders should gear up, he noted. According to the envoy, early repatriation is crucial to realise the Indo Pacific vision as the prolongation of the Rohingya stay may ‘destabilize the region’. Japan will continue to work with the Myanmar government to find a solution to the Rohingya problem, he assured. He said, in general, Japanese projects are doing very good in terms of quality, transportation and in maintaining timeline though some of the projects got delayed due to the pandemic, the envoy said. [email protected]

https://thefinancialexpress.com.bd/trade/mrt-5-to-cost-505-billion-adb-study-estimates-1654569186 MRT-5 to cost $5.05 billion, ADB study estimates FHM HUMAYAN KABIR | Published: June 07, 2022 08:33:06 | Updated: June 07, 2022 17:37:21 An Asian Development Bank (ADB)-funded feasibility study team has estimated US$5.05 billion cost for the proposed 17.40-km MRT line-5 (southern) route, insiders said on Monday. The team has showed that the MRT-5 route will require $4.04 billion as its construction cost and $1.01 billion as indirect cost, including the costs of environmental management, engineering services and project management. The Dhaka Mass Transport Company Limited (DMTCL) is going to undertake the MRT-5 (southern) route project for constructing the metro-rail line from Gabtoli to Dasherkandi in the capital, they also said. The MRT-5 (southern) route is an extension of the MRT-5 (northern) route, whose construction project has already started. The northern route will be built from Hemayetpur, the western part of the capital, to Vatara, the eastern part. The MRT-5 southern route will be the third initiative of the government after taking up the ongoing metro-rail projects, including MRT-6, MRT-1 and MRT-5 (northern) routes. The Manila-based lender ADB has already assured the government of financing the MRT-5 (southern) route. Japanese development partner -- the Japan International Cooperation Agency (JICA) -- is financing the ongoing MRT-5 (northern) route. The DMTCL has already started construction of the northern route at a cost of Tk 412.38 billion, which is expected to be completed by December 2028. According to the feasibility study, the DMTCL will split the proposed $5.05-billion cost MRT-5 (southern) route project into nine procurement packages to complete its construction works. It suggested two packages (CP-01 and CP-02) for depots, two packages for underground sections (CP-03 and CP-04), one package (CP-05) for elevated section, one package (CP-06) for electrical and mechanical systems, one package (CP-07) for rail system, one package (CP-08) for depot equipment, and one package (CP-09) for rolling stock procurement. The feasibility study suggested some 15 stations on the Gabtoli-Russel Square-Kawran Bazar-Hatirjheel-Niketon-Aftabnagar-Dasherkandi route. A DMTCL official said they are scrutinising the feasibility study report, submitted by the consultant. Based on the study, a detailed design will be carried out to select the route map and its necessary work-plan. "We have a plan to complete the MRT-5 (southern) route construction works by 2030." There is conflict (of the route) with other metro-rail lines and elevated expressway in some areas of the city, which has been addressed in the final feasibility study of the proposed project. The complexities at Tejgaon, Hatirjheel, Niketon and Aftabnagar have already been managed in the feasibility study, the DMTCL official added. The study has suggested constructing four station plazas - Shyamoly, Kawranbazar, Aftabnagar and Aftabnagar centre. It has also suggested setting up multimodal transport hubs as well as Gabtoli and Dasherkandi stations. Meanwhile, the DMTCL is also constructing two other metro-rails - the MRT-6 from Uttara to Motijheel and the MRT-1 from Airport to Kamlapur.

https://www.tbsnews.net/economy/govt-halve-borrowing-saving-instruments-3-years-434650 Abul Kashem 07 June, 2022, 12:00 pm Last modified: 07 June, 2022, 01:29 pm Govt to halve borrowing from saving instruments in 3 years The govt eyes reducing loans from savings certificates to ease interest payment pressure The government is going to halve borrowing from savings certificates within three years to rein in interest payment, according to finance ministry officials. To this end, the finance ministry is likely to impose more restrictions to discourage investment in savings certificates. Although a reduction in borrowing from savings certificates could ease the government's interest payment pressure, economists fear the move may hurt the country's large middle class. Since the interest rate on savings certificates is almost double that of bank deposits, middle-class people invest in risk-free savings certificates. Many people, including pensioners, invest their entire savings here and make a living from it. The savers became interested in investing in savings certificates mainly due to fear of losses in the stock market and declining interest rates on bank deposits. As a result, investment in savings certificates has increased even during the Covid-19 pandemic. The revised budget for the current financial year has set a target of borrowing Tk32,000 crore from this sector, which could increase by Tk3,000 crore in the next financial year. And the reliance on low-interest foreign loans will go up by restraining investment in savings certificates in the next two fiscal years. In the last financial year, the government has spent about Tk70,600 crore on interest payments. In the revised budget of the current financial year, the allocation for interest expenditure has been fixed at more than Tk71,000 crore. In the next financial year, it will increase to more than Tk80,000 crore. Of this, more than Tk73,000 crore will be spent on repaying interest on internal loans including savings certificates. Finance ministry officials say such a huge amount of interest expenditure is creating an imbalance in the budget as revenue is not increasing at the desired level. Although a large part of the budget is supposed to be spent on development to boost economic growth, the expenditure on management is increasing due to interest expenditure. In fiscal 2024-25, operating profit is planned to be reduced to the size of the budget and a large portion of government expenditure will be spent on development. According to the finance ministry, over the last decade, 26% of the total deficit financing has come from foreign sources, while the remaining 74% has come from domestic sources. According to the finance ministry's plan, 45% of the deficit financing will be met from foreign sources in FY2024-25, which will reduce the risk of crowding out in the domestic market. Professor Mohammad Abu Eusuf, of development studies at the University of Dhaka, said in addition to simplifying the financial management of the government, the government had introduced savings certificates to encourage the common people to be interested in personal savings. "In recent times, restrictions have been imposed on savings certificates. If the government imposes more austerity in this regard, the tendency of people to save will decrease," he added. The economist said that if there are savings in hand, people can spend in any major disasters. And if there are no savings, the government has to come forward with help. Considering these aspects, savings certificates have a big role to play. Dr Fahmida Khatun, executive director of the Centre for Policy Dialogue (CPD), said the government's borrowing from savings certificates had exceeded the level a few years ago. The government's borrowing in this sector has decreased due to the recent introduction of automation and reduction of interest rates and restrictions on the timely purchase of savings certificates. In this situation, it would not be logical to reduce the interest rate in future to bring down the borrowing from savings certificates, she added. Dr Fahmida Khatun said that a large part of the middle class is dependent on interest on savings certificates. Even if they have some money, they cannot afford to do business. Since the real inflation rate is higher than the interest rate on deposits, the actual value of the money received with interest decreases even if the money is kept in banks. In this situation, she recommended not imposing big restrictions on savings certificates to keep the life of the middle class in order. She said it would be difficult in the future to meet the needs of the government by borrowing from foreign sources even if interest rates were low. "Although more than $50 billion has fallen into the pipeline, this money is not being released due to inefficiency in project implementation," she added. In the future, the country will have to borrow money from the International Bank for Reconstruction and Development (IBRD) - the commercial loan window of the World Bank - with extra interest, said the CPD executive director. Apart from that, after the removal from the list of least developed countries, foreign grants will stop and interest rates will increase, she added and called upon the government to consider these issues seriously in future financial management.

https://thefinancialexpress.com.bd/national/kuwait-can-recruit-more-health-staff-from-bangladesh-says-shahriar-alam-1654608511 Kuwait can recruit more health staff from Bangladesh, says Shahriar Alam Published: June 07, 2022 19:28:31 State Minister for Foreign Affairs Md. Shahriar Alam has said Kuwait can recruit more medical professionals including nurses, and medical technicians from Bangladesh. He discussed the issue when the outgoing Ambassador of Kuwait to Bangladesh Adel Mohammed AH Hayat met him at the Ministry of Foreign Affairs in Dhaka on Tuesday. The ambassador said Bangladesh has achieved tremendous development under the leadership of Prime Minister Sheikh Hasina, reports UNB. The envoy thanked the state minister for his support during his tenure in Bangladesh. Shahriar Alam appreciated the ambassador for his sincere efforts for strengthening bilateral cooperation between Bangladesh and Kuwait in manpower, trade, defense, energy, and development projects. The ambassador highlighted that Bangladesh and Kuwait enjoy excellent relations in a bilateral and multilateral forum. He expressed that in the coming days the relationship will be strengthened for the mutual benefit of Bangladesh and Kuwait.

https://www.tbsnews.net/economy/budget/govt-slash-source-tax-raw-material-4-435230 Jasim Uddin & Reyad Hossain 07 June, 2022, 11:10 pm Last modified: 07 June, 2022, 11:16 pm Govt to slash source tax on raw material to 4% The government is going to cut tax at source on supplies of raw materials to manufacturers from 7% to 4%, with a view to reducing production costs, according to sources at the finance ministry. Besides, the source tax rate on supplies of trading goods will be reduced to 5% from 7% and on supplies of books except those by the government to 3% from 7%. The existence of various rates of tax at source on different types of supplies causes excessive effective tax burden on business people in certain cases. So, the government is going to cut such a tax as it is committed to ensuring ease of doing business and maintaining a business-friendly environment, finance ministry officials said. Welcoming this move, Abul Kasem Khan, former president at Dhaka Chamber of Commerce and Industry, told The Business Standard, "Reducing tax at source on raw material supplies is our long-time demand. If it is met, our competitiveness will go up further, which will also help us cope with post-LDC challenges." The new budget for FY23 is also going to make mandatory submission of audited financial reports by all business entities, defined as companies under the Income Tax Act. According to the Income Tax Ordinance, any nationalised banking or other financial institutions, insurance bodies and industrial or business enterprises are deemed companies. From next fiscal year, business regulators, authorities and corporations will also have to submit audited financial reports. As of now, only the businesses registered with the Registrar of Joint Stock Companies and Firms are regarded as companies and they are to file audited financial statements. The government has taken this move to bring both companies and auditors under tax compliance and also stop submissions of fake financial statements, ministry officials said. Seeking anonymity, a chief financial officer at a business conglomerate said small business entities will see their costs rise if the submission of audited financial reports is made compulsory for them. In the meantime, contributions made to a company's Workers' Profit Participation Fund are also coming under the tax net. Currently, it is considered as expenditure and is exempted from tax. The government is taking this initiative to levy tax on such a fund in keeping with the labour law, said finance ministry officials, adding that as a company gives a portion of his annual profits to the fund, it is being brought under taxation. Abul Kasem said the imposition of tax on Workers' Profit Participation Fund will increase business costs. The new budget is also likely to propose slashing source tax rates to 10% from 20% on non-resident bandwidth payment to promote Digital Bangladesh. With a view to discouraging making payments of bills through illegal channels, the rate of collecting source tax from other service payments to foreign entities will be slashed from 30% to 20%.

https://bangla.dhakatribune.com/economy/2022/06/07/1654619100213 সর্বোচ্চ রেমিট্যান্স আসছে সংযুক্ত আরব আমিরাত থেকে এ বছরের মে মাসে সংযুক্ত আরব আমিরাত থেকে সর্বোচ্চ ৩৩ কোটি ৮৬ লাখ মার্কিন ডলার বৈদেশিক মুদ্রা দেশে এসেছে ট্রিবিউন ডেস্ক প্রকাশিত: ০৮:৪১ রাত জুন ০৭, ২০২২ মে মাসে সংযুক্ত আরব আমিরাতের প্রবাসী বাংলাদেশিরা সর্বোচ্চ রেমিট্যান্স পাঠিয়েছেন। দেশটি থেকে গত মে মাসে ৩৩ কোটি ৮৬ লাখ মার্কিন ডলারের সমপরিমাণ বৈদেশিক মুদ্রা এসেছে। মঙ্গলবার (৭ জুন) বাংলাদেশ ব্যাংকের সর্বশেষ প্রতিবেদনে এ তথ্য উঠে এসেছে। দেশটি থেকে আসা প্রবাসী আয়ের এই অঙ্ক এযাবতকালের মধ্যে সর্বোচ্চ। স্বাধীনতার পর সৌদি আরব থেকেই বাংলাদেশ সর্বোচ্চ রেমিট্যান্স পেয়ে এসেছে। এ বছরও সৌদি আরব থেকে দ্বিতীয় সর্বোচ্চ রেমিট্যান্স পেয়েছে বাংলাদেশ। গত মে মাসে দেশটি থেকে ৩২ কোটি ৯৯ লাখ ডলার রেমিট্যান্স এসেছে। অন্যদিকে, একই সময়ে তৃতীয়, চতুর্থ ও পঞ্চম সর্বোচ্চ রেমিট্যান্স এসেছে যথাক্রমে মার্কিন যুক্তরাষ্ট্র থেকে ২৭ কোটি ৩২ লাখ ডলার, যুক্তরাজ্য থেকে ১৬ কোটি ৬৫ লাখ ডলার এবং কুয়েত থেকে ১৪ কোটি ৭০ লাখ ডলার। প্রতিবেদন থেকে আরও জানা গেছে, এ বছরের মে মাসে বিভিন্ন দেশে অবস্থানরত প্রবাসী বাংলাদেশিরা মোট ১৮৮ কোটি ৫৩ লাখ মার্কিন ডলারের রেমিট্যান্স পাঠিয়েছেন।

https://www.tbsnews.net/economy/bangladesh-will-allow-bhutan-use-six-more-ports-435074 TBS Report 07 June, 2022, 07:50 pm Last modified: 07 June, 2022, 07:59 pm Bangladesh will allow Bhutan to use six more ports Bangladesh has agreed to allow Bhutan to use six more ports including Aricha, Chilmari, Sirajganj, Mongla, Chattogram and Payra Port under the port of call arrangement. The development came at a meeting between the Bangladeshi and Bhutanese delegation in Dhaka earlier last week, reports Bhutanese daily Kuensel on 1 June. A port of call is a place to stop for a while to load and unload consignments. These ports of call will be formalised upon the signing of the revised standard operating procedure (SOP) between the two countries, according to a press release from the Department of Trade (DoT) of Bhutan. The new provisions were agreed upon when the Bhutanese delegation met with the Ministry of Shipping and related stakeholders in continuation to the second Joint Technical Committee (JTC) meeting to amend the SOP for the memorandum of understanding (MoU) on the Use of Inland Waterways between Bangladesh and Bhutan. The Bangladesh delegation was led by the joint secretary of the Ministry of Shipping, ATM Monemul Haque and the Bhutanese delegation was led by the director general of the DoT, Sonam Tenzin. Bhutan has only one port of call as of today, which is Narayanganji in Dhaka. The Bangladesh government also agreed to consider Bahadurabad as an extended port of call for Chilmari, the DoT release stated. The press statement added that currently extended port of call at Bahaduradad has no custom services but the exporters can still facilitate loading and unloading after completing customs formalities at Chilmari. The agreement and the amendment of the SOP with the new ports of call are expected to provide alternative export and import transit routes and modes of transportation for the private sector, it added. It would also help to promote, facilitate, expand and deepen trade relations between Bhutan and Bangladesh and complement the Preferential Trade Agreement that will come into effect from July 1. The press release stated that the meeting finalised the text of the agreement and its protocol. "The agreement and protocol will be tabled at the Commerce Secretary Level Meeting of the two governments for endorsement and subsequently to the Parliament (Bhutanese) for ratification." Once ratified by the two respective countries, Bhutan can facilitate the movement of goods in transit (both imports and exports) through Bangladesh including the exit through the seaports of Mongla, Payra and Chattogram.

https://www.thedailystar.net/business/news/telecom-operators-owe-govt-tk-13068-crore-audit-objections-3041671 Telecom operators owe govt Tk 13,068 crore Star Business Report Tue Jun 7, 2022 08:14 PM Last update on: Tue Jun 7, 2022 08:34 PM The telecom operators owed Tk 13,068 crore to the government, Telecom Minister Mustafa Jabbar told parliament today. Of the amount, Grameenphone owes Tk 10,580 crore and state-owned Teletalk Tk 1,631 crore. The minister shared the information in response to a query from Jatiya Party Lawmaker Syed Abu Hossain Babla. The minister said the amount of Grameenphone's audit objection is around Tk 12,579 crore and it has so far paid Tk 2,000 crore to the government. In a scripted answer, the minister said, the amount of Robi Axiata's audit objection is around Tk 867 crore. Of the amount, Robi has cleared Tk 138 crore and now its arrear stands at Tk 729 crore. The minister also informed the House that Citycell owes around Tk 128 crore to the government. Cases were pending in the Supreme Court over the arrears of Grameenphone, Robi and Citycell, Jabbar said. In 2012, Bangladesh had 8.66 crore mobile subscribers, which has crossed over 18.34 crore this year, the telecom minister said in response to another query from Awami League Lawmaker Nazrul Islam Babu. The country now has 3.19 crore 3G subscribers and 7.54 crore 4G users, Jabbar said. The number of Bangladesh's internet subscribers was 2.89 crore in 2012, which is now hovering around 12.42 crore, he said. The country's teledensity—the number of telephone connections per 100 people in a specified geographic area—is now 105.85 per cent, which was 60.9 per cent 10 years ago. Internet density hit 71.57 per cent in 2022, up from 19.99 per cent in 2012. Grameenphone has a market share of 45.95 per cent, Robi 29.45 per cent, Banglalink 20.85 per cent and Teletalk 3.7 per cent in Bangladesh, Jabbar said. In reply to another question from ruling Awami League Lawmaker Nur Uddin Chowdhury, the minister said Grameenphone's market share is likely to increase further. At this situation, the application of a uniform call rate will give advantage to Grameenphone and the business of small operators will be hampered, he said. About call drop in response to a supplementary question from Syed Abu Hossain of the Jatiya Party, Jabbar said there is none in the country who has not ever been victim of a call drop. He said the operators did not take even one third of the required amount of radio waves in line with the number of their customers. "Under the pressure of the government, they (telecom operators) have increased their amount of radio waves last March. The problem will be solved if this wave is fully expanded by next December." An opportunity for taking actions against the operators will be created if they do not fully expand the wave within December, the minister added. He also expressed hope that Teletalk's network would be expanded across the country by 2023.

https://www.tbsnews.net/economy/budget/govt-lower-corporate-tax-12-non-rmg-sectors-434486 Reyad Hossain & Jasim Uddin 06 June, 2022, 11:10 pm Last modified: 07 June, 2022, 12:10 am Govt to lower corporate tax to 12% for non-RMG sectors The reduced rates will not be applicable for transport service, mobile telecommunication service and internet and internet-based services, said the ministry officials The government is going to introduce a 12% corporate tax for all export sectors – the same rate as the readymade garment industry is now enjoying – with a view to encouraging export diversification, according to foreign ministry sources. Besides, green industries exporting goods and services will be taxed at 10%. All sectors other than the RMG now pay a 30% tax for exports of goods and services. The massive cut in corporate tax will ensure a level-playing field for all other sectors. This type of export-friendly initiative will lower the trade deficit with other countries, according to sources at the foreign ministry. The deficit in the balance of payment in foreign currency will be minimised as well, they noted. The prevailing tax rate for export-oriented RMG factories stands at 12% and it is 10% for green ones. The reduced rates will not be applicable for transport service, mobile telecommunication service and internet and internet-based services, said the ministry officials. Welcoming this move, Shamim Ahmed, president at Bangladesh Plastic Goods Manufacturers and Exporters Association, told The Business Standard, "This will play a big role in boosting local and foreign investments." Moazzem Hossain Moti, president of Garments Accessories and Packaging Manufacturers and Exporters Association, said the RMG sector also gets extra facilities while availing customs-related services. If a level-playing field is ensured here too it will help non-RMG sectors go for more diversification. Dr Ahsan H Mansur, executive director at Policy Research Institute, said it is a very important decision to promote other industries and maintain equality with the export-oriented garment sector. This move will also be helpful for reducing the trade deficit to some extent, he also said. The economist suggested that the government provide duty-free access to raw materials for all exporters under a central bonded warehouse, he noted. Welcoming the government move, Abul Kashem khan, a trustee of Business Initiative Leading Development, said it will be a groundbreaking step to diversify the export basket. "Providing the same facility for all export sectors is our long-time demand, which will help them grow equally," he added. The government should consider the common bonded warehouse facility for all exporters, Abul Kashem, a former president of DCCI, also said. 10% source tax for Internet services coming The government is going to deduct a 10% tax at source on Internet services. Besides, the source tax on bandwidth payments made to foreign companies with no establishments in Bangladesh will be slashed to 10% from the existing 20%, according to finance ministry sources. There may also be a proposal in the next budget to consider the adjustable 5% tax collected from imports of beverage concentrate, exports of services, operations of inland ships and commercial vehicles as a minimum tax. At present, Children getting any gifts in the form of money, land and other properties from their parents are exempted from taxation. But tax is imposed on the gifts received by parents from their children. There will not be such taxation in the next fiscal year. No scope to invest black money in stocks The opportunity to whiten undisclosed money by investing in the capital market will go in the next fiscal year, with no expected response from untaxed money holders in the current fiscal year. In the current fiscal year, the untaxed money can be invested in the stock market, subject to paying 25% tax plus a 10% penalty on the payable tax. The government is also going to withdraw the opportunity to legalise undisclosed property, such as flats, bank deposits and savings instruments on similar conditions. Source tax on new services The new budget will also propose imposing a 5% source tax on rental value of waterbodies, which are not government property. At the same time, Internet service providers also will face a 10% source tax while receiving their payments. Finance ministry officials said the source tax will be revised to make it simple as the current rates for a service is divided based on the amount that does not exceed Tk25 lakh - if the amount is more the rate is higher. According to the new budget proposals, source tax on advisory or consultancy service, professional service, credit rating services, technical services and technical assistance fees will be deducted at a rate of 10% instead of the existing 12%. At the same time, catering service, cleaning service, collection and recovery service, private security service, manpower supply service, creative media service, public relations service, event management service, training, workshop, organisation and management service, courier service packing and shifting service will be taxed at the same rate. Finance ministry officials believe that if all such proposals get approval, economic activities in Bangladesh will continue to be vibrant, inflow of foreign remittance will increase with growth in the export sector, tax net and formal economy will expand, new entrepreneurs will grow and employment will generate, foreign investment will increase and business friendly environment will be ensured.

https://www.tbsnews.net/economy/padma-bridge-create-2-lakh-new-jobs-barishal-chamber-chief-434474 M Jahirul Islam Jewel 06 June, 2022, 11:05 pm Last modified: 06 June, 2022, 11:10 pm Padma Bridge to create 2 lakh new jobs in Barishal: Chamber chief Factory owners have also demanded that gas be brought through a pipeline from Bhola so that they can manufacture products in competition with Dhaka and Chattogram, said the Barishal Chamber chief A vast array of new employment opportunities will emerge from different sectors in Barishal division after the inauguration of the Padma Bridge, according to regional business leaders. Various manufacturing plants in ready-made garments, medicine, tourism, transportation, and commodity sectors are sprouting up fast in six districts of the division. "In my estimate, at least 2 lakh jobs will be created soon after the opening of the country's longest bridge. Many garment factory owners have already started building infrastructure at different spots by the highway connecting Barishal and Payra Port," Saidur Rahman Rintu, president of Barishal Chamber of Commerce and Industry said. Factory owners have also demanded that gas be brought through a pipeline from Bhola so that they can manufacture products in competition with Dhaka and Chattogram, said the Barishal Chamber chief. Around 50,000 people will get the chance to work in the apparel sector alone, while manufacturing plants of other companies will create opportunities for an additional 50,000 people, he said. "The tourism sector will also employ a good number of people as there are numerous tourist spots in the division which will now be easily accessible to visitors because of the bridge," Saidur Rahman Rintu added. Amir Hossain, the proprietor of Alex Shoes in Barishal, said that his factory production will be doubled once road communication with Dhaka improves. "At present, around 50 people are working here but the number of workers will go up to 200 after the inauguration of the bridge," he said. Tawhid Hossain Jamal, owner of Jim Food Products in Barishal BSCIC, said, "Around 150 people are working in my company now. The number will double after the bridge opens. I will have to ramp up production as sending products to the capital will take much less time and hassle." Mizanur Rahman, chairman of Fortune Group, has plans to open another agro-based factory in Patuakhali, where at least 1,000 jobs will be created. "I have taken a six-acre plot in the Jhalakathi BSCIC area for opening a technology company where 10,000 people will get employment opportunities," he said. Construction work on the factory will begin after the opening of the Padma Bridge as construction materials can be transported easily then," said Mizanur Rahman, who is also the president of the BSCIC Industry Owners' Association in Barishal. A good number of agro-based firms are coming forward to open their factories in Barishal because of improved communication with Dhaka, he said, adding that businessmen are thankful to the prime minister for constructing the Padma Bridge. "The number of public transports will increase five times in the Barishal region, which will require at least 10,000 more transport workers." said Kawser Hossain Shipon, secretary of the Barishal-Patuakhali Bus Minibus Owners Association, adding that the same situation will be seen in goods transportation. "Huge employment will be created in the tourism sector as more people will swarm the tourist spots in the division round the year, particularly in Kuakata," said Motaleb Hossain, secretary of Kuakata Hotel and Motel Owners Association. A number of new hotels and restaurants are under construction now and they will need more people for running their operations, he added. According to 20 factory owners in various sectors, the Padma Bridge has paved the way for boosting their production. With the bridge opening, job opportunities in the region will also increase by 30-50%. Payra Sea Port in Patuakhali will be more effective after the opening of the bridge, requiring more workers for maintenance work, according to businessmen concerned. "The demand for healthy salt will surge as the supply capacity will increase because of the bridge. The salt factories will recruit more workers to boost production," said Salek Ahamed Saleh, a salt factory owner and former president of Jhalakathi Chamber of Commerce and Industry.

https://www.jagonews24.com/m/probash/article/767619 মালয়েশিয়ায় অসামান্য অবদান সাইদুর রহমানের আহমাদুল কবির | প্রকাশিত: ০৬:৩৪ পিএম, ০৬ জুন ২০২২ মালয়েশিয়ায় অসামান্য অবদান রেখে চলেছেন, বাংলাদেশি অধ্যাপক সাইদুর রহমান। ময়মনসিংহ জেলার কৃতি সন্তান হিসেবে পরিচিত সাইদুর বাংলাদেশ প্রকৌশল বিশ্ববিদ্যালয়ের একজন সাবেক শিক্ষার্থী। মালয়েশিয়ায় মেধা ও প্রজ্ঞায় যারা নিজ দেশের ভাবমূর্তি উজ্জ্বল করছেন তাদের মধ্যে তিনিও একজন। সাইদুরের গবেষণাপত্র বিশ্বের অন্যান্য গবেষকদের কাছে খুবই সমাদৃত। গবেষণার প্রভাব, কর্মক্ষমতা ও বিশ্বব্যাপী র‌্যাঙ্কিংয়ে এটি গুরুত্বপূর্ণ ভূমিকা পালন করে। সম্প্রতি গুগল স্কলারের বিশ্লেষণ অনুসারে তার ১১৫টিতে এইচ-ইনডেক্সসহ ৫০ হাজারেও বেশি উদ্ধৃতি দেওয়া হয়েছে। ওয়েব অব সাইন্স ন্যানোফ্লুয়েড গবেষণায় তিনি বিশ্বের গবেষকদের মধ্যে প্রথম স্থানে রয়েছেন বলে জানা গেছে। ২০১৪ থেকে ২০২১ সাল পর্যন্ত তিনি বিশ্ব সেরা গবেষক হিসেবে নির্বাচিত হয়েছেন। তার গবেষণা মালয়েশিয়ার উচ্চ শিক্ষা মন্ত্রণালয়ে স্বীকৃতি পেয়েছে। ইউনিভার্সিটি অব মালয় তাকে অসামান্য অবদানের জন্য ২০১১-২০১৪ এর মধ্যে উদ্ধৃত গবেষকদের সম্মানিত করেছে। সানওয়ে ইউনিভার্সিটির প্রেসিডেন্ট প্রফেসর সিব্র্যান্ড পপ্পেমা প্রফেসর সাইদুরের উল্লেখযোগ্য অবদান তুলে ধরে বলেন, ২৪ ঘণ্টায় ৫০ হাজারের বেশি ভিউ হয়েছে। প্রেসিডেন্ট তার অসামান্য অবদানের জন্য গবেষণা সম্প্রদায় ও সোশ্যাল মিডিয়ার মধ্যে তার জনপ্রিয়তাও তুলে ধরেন। পাশাপাশি তার অসামান্য অবদানে মালয়েশিয়ায় অধ্যয়নরত বাংলাদেশি শিক্ষার্থী ও প্রবাসীরা আনন্দিত। তারা বলছেন, অধ্যাপক সাইদুর রহমান বিদেশের মাটিতে নিজগুণে দেশকে পরিচিতি করছেন। অধ্যাপক সাইদুর আমাদের গর্ব। সাইদুর রহমান ২০১৯ সালের ডিসেম্বরে মালয়েশিয়ার সানওয়ে বিশ্ববিদ্যালয় থেকে গবেষণায় পুরস্কারও পেয়েছেন। তিনি ল্যাঙ্কাস্টারের ইঞ্জিনিয়ারিং বিভাগের শক্তি প্রযুক্তি বিভাগ ও মালয়েশিয়ার সানওয়ে বিশ্ববিদ্যালয়ের ন্যানোম্যাটরিয়ালস অ্যান্ড এনার্জি টেকনোলজির অধ্যাপক। ল্যাঙ্কাস্টার জরিপে ২০২০ সালের সেরা চারজন গবেষকের নাম প্রকাশ করা হয়েছে। সেখানে মালয়েশিয়ার সানওয়ে বিশ্ববিদ্যালয়ের ন্যানোমেটেরিয়ালস ও এনার্জি টেকনোলজির প্রফেসর ড. সাইদুর রহমান রয়েছেন সেরা চারে। এক সাক্ষাতকারে সাইদুর রহমান জাগো নিউজকে বলেন, সঠিক গবেষণা কৌশল, গবেষণা সংস্থা ও তহবিল সংস্থার সমর্থনসহ, গবেষকরা উল্লেখযোগ্য উদ্ধৃতি এবং অন্যান্য গবেষণা প্রভাব তৈরি করতে পারেন। গবেষক/শিক্ষাবিদদের অত্যাধুনিক গবেষণার সঙ্গে বিশ্বব্যাপী বিশাল চ্যালেঞ্জিং গবেষণার ক্ষেত্রে কাজ করতে হবে, স্নাতকোত্তর শিক্ষার্থীদের কার্যকরভাবে তত্ত্বাবধান করতে হবে। স্থানীয় ও আন্তর্জাতিকভাবে সহযোগিতা করতে হবে, শীর্ষ মানের জার্নালে প্রকাশ করতে হবে, তহবিল খুঁজতে হবে, অত্যাধুনিক সরঞ্জামসহ গবেষণাগার স্থাপন করতে হবে। গবেষকদের তাদের যোগাযোগ, দল গঠন, নৈতিকতা, নেতৃত্ব ও জীবনব্যাপী শেখার দক্ষতাও উন্নত করতে হবে। গবেষণা সংস্থাগুলোকে তাদের গবেষকদের অর্থায়ন, গবেষণা প্রণোদনা, পুরস্কার, পদোন্নতি, প্রেরণা দিয়ে সহায়তা করতে হবে। সাইদুর রহমান বলেন, বিশ্বায়নের এই যুগে দেশের খ্যাতি ও সুনামকে বিশ্বের দরবারে তুলে ধরার জন্য দেশকে ব্র্যান্ডিং করতে হবে। এই ব্র্যান্ডিংয়ের মানে হচ্ছে দেশের আলোকিত দিকগুলো বিশ্বের কাছে তুলে ধরা। ব্র্যান্ডিংয়ের সুফল হচ্ছে, দেশের ইতিবাচক ব্র্যান্ডিং খাড়া করতে পারলে সঙ্গে সঙ্গে দেশের জনশক্তি, পর্যটন, দেশে তৈরি পণ্য, বিনিয়োগ ও অন্যান্য সেবা ও মানুষের কাছে বিশ্বাসযোগ্যতা অর্জন করে। সরকার, রাজনৈতিক দল, গণমাধ্যম, দেশ ও প্রবাসের বাসিন্দা সবাইকে একসঙ্গে কাজ করতে হবে জানিয়ে তিনি বলেন, বিশ্বের বিভিন্ন দেশে প্রায় এক কোটিরও বেশি প্রবাসী বাংলাদেশি রয়েছেন। যারা দেশের ব্র্যান্ড অ্যাম্বাসেডর হিসাবে কাজ করতে পারেন। বিশ্বের জনশক্তির বাজারে শুধু শ্রমিক রপ্তানির কথা না ভেবে দক্ষ জনশক্তি পাঠানোর উদ্যোগ নিলে বাংলাদেশের ইমেজ বদলে যাবে। তিনি আরও বলেন, সমস্যা আমাদের আছে ঠিকই, কিন্তু গন্তব্যস্থলে পৌঁছাতে হলে নীতিবাচক দিকগুলোকে পেছনে রেখে বিশ্বের কাছে দেশকে নিয়ে একটি সুন্দর বার্তা পৌঁছে দিতে হবে। যা বাংলাদেশকে নিয়ে বিশ্বের দৃষ্টিভঙ্গি পুরোপুরি বদলে দেবে। প্রফেসর সাইদুর ন্যানোম্যাটেরিয়ালের ওপর গবেষণা করছেন এবং শক্তি সঞ্চয়, তাপ স্থানান্তর, সৌর শক্তি, শক্তি দক্ষতার ক্ষেত্রে তাদের প্রয়োগ করছেন। অধ্যাপক সাইদুর বিজ্ঞানীদের সুবিধার জন্য অনলাইন সেমিনার, সোশ্যাল মিডিয়া পোস্টের মাধ্যমে তার ২৫ বছরের গবেষণার অভিজ্ঞতা শেয়ার করেছেন। এছাড়াও, তিনি অসহায় ও দরিদ্র তরুণ প্রতিভাবানদের সহযোগিতা করেন। অধ্যাপক সাইদুর ভবিষ্যতে আরও সামাজিক অবদান রাখার ইচ্ছা পোষণ করেন। এমআরএম/এএসএম

https://thefinancialexpress.com.bd/economy/bangladesh/bgmea-urges-eu-to-continue-duty-free-facilities-after-ldc-graduation-1654432627 BGMEA urges EU to continue duty-free facilities after LDC graduation Published: June 05, 2022 18:37:07 | Updated: June 06, 2022 17:48:49 Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has urged the European Union (EU) to continue GSP facilities for 10 to 12 years more after the country's graduation to a developing nation in 2026. A delegation of the BGMEA made the call while meeting with Parliamentary State Secretary (Deputy Minister) to the Federal Minister for Economic Cooperation and Development in Berlin Dr B"rbel Kofler on Thursday, reports BSS citing a press release. Ambassador of Bangladesh to Germany Md Mosharraf Hossain Bhuiyan was also present at the meeting held on Sunday. BGMEA President Faruque Hassan led the team while the other members were Vice President Miran Ali, Directors Barrister Vidiya Amrit Khan, Md Imranur Rahman, Neela Hosna Ara and Chair of BGMEA Standing Committee on Foreign Mission Cell Shams Mahmud. At the meeting, Commercial Counsellor of Bangladesh Embassy in Berlin Md Saiful Islam was present. They discussed possible ways of expanding Bangladesh's trade with Germany and further deepening the relationship between the two countries. They underscored the need for more cooperation and collaboration between Germany and Bangladesh to unlock trade and investment potentials. In his speech, BGMEA President Faruque Hassan informed that Bangladesh will graduate from LDC to a developing nation in 2026 and after that, the country will get Generalized System of Preference (GSP) facilities for three years. He requested EU to continue the facilities for more 10-12 years. The BGMEA president gave an overview of Bangladesh's RMG industry including the current situation, opportunities, challenges and future priorities. The RMG industry of Bangladesh is increasingly focusing on enhancing its capabilities particularly through technology upgradation, innovation and skills development, he said. He said the industry is also laying more emphasis on apparel made from synthetic fibers to meet the rising demand in the global market. The BGMEA President said Bangladesh aims to increase the share of its apparel export to Germany and accordingly seeks Dr B"rbel Kofler's cooperation in this connection. Terming Germany as an invaluable development partner, he said there is potential of more cooperation to expand further in the coming years. During the visit, the BGMEA team also met Director General of the German Federal Ministry of Economy Affairs and Climate Action (BMWK) Dominik Zusammenarbeit (GIZ). They also took part in a roundtable of Asia Pacific Business Association of the Hamburg, Germany.

https://www.tbsnews.net/economy/padma-bridge-opens-door-new-industries-employment-433914 Kazi Monirujjaman Monir 06 June, 2022, 01:45 pm Last modified: 06 June, 2022, 01:58 pm Padma Bridge opens door for new industries, employment The south-eastern districts of the country were isolated for a long time because of the Padma River and no industrial establishments were formed due to a lack of communication The Padma Bridge will not only connect two sides of the mighty Padma River it will also boost the country's economy with fresh industries and jobs, according to industrialists and locals. Some last-minute tasks are nearing completion to ready the much-awaited bridge for its formal flag-off on 25 June. The 6.15-km long bridge is expected to create huge economic opportunities as numerous public and private industries are being set up in the vast areas around the bridge. The construction of Sheikh Hasina Nakshipalli, apparel factories, cold storage, gas stations, and industrial parks are going on in full swing with promises of new jobs for the unemployed. Expanding local business and trade, the bridge is expected to significantly boost the national economy. The south-eastern districts of the country were isolated for a long time because of the Padma River and no industrial establishments were formed due to a lack of communication. Industry owners had little to no interest in building businesses in these districts because the Padma River had to be crossed by ferry. The ferry crossing is a nightmare for business communication as it involves a lot of suffering including being stranded at the ferry ghat for days, loss of goods, and cancellation of shipments. But industrialists started to rethink their plans once the progress of the Padma Bridge construction became visible. Several industry owners started buying land for the construction of factories in the area. After developing the land, they have now begun construction work of infrastructure. Sheikh Hasina Nakshipalli is being developed on 120 acres of land in the Naodoba and Kutubpur areas of Shibchar upazila at the Jajira end of Shariatpur. In the first phase, the construction of boundary wall and land development work is nearing completion at Tk307.45 crore. The infrastructure building will start in the second phase. Bangladesh Handloom Board is implementing the handloom village project intending to create employment for weavers, improve product quality, as well as boost the supply of textiles in the international market. Aside from building loom sheds, schools, mosques, and playgrounds will also be constructed under this project. Visiting the project area On Sunday, labourers and engineers were seen working in full force on both sides of the approach road of the Shariatpur-Naodoba Padma Bridge. The vast land was being levelled by filling sand with excavators, a long boundary wall is being constructed, and the construction of a building is progressing at a rapid pace. Chinmoy Sardar, project manager of Khokan Construction and Engineering Limited, said, "The sand filling work at Sheikh Hasina Nakshipalli would be completed by June. The work of the border wall is almost 50% complete. Now we are starting construction work of main structures." "Some 2,000 weavers would be rehabilitated here in the first phase. There are plans to increase the number of weavers step by step. Sheds will be built for the weavers' accommodation and markets," he added. Entrepreneurs also have plans to make sauces from Shariatpur tomatoes, process garlic into powder packets, and process the honey produced from black cumin in the region and export them abroad. Mubarak Ali Sikder, chairman of Mastrade International Garments Ltd, said thanks to Prime Minister Sheikh Hasina for providing immense economic opportunities to the people of South Bengal through the Padma Bridge. "I am creating an industrial park by taking advantage of the Padma Bridge. For that I have started working with 40 bighas of land in the first phase," he said. Badal Jamaddar of the Naodoba area said, "The Padma Bridge will draw a huge amount of vehicles from far and near. That is why I bought land to build a gas station with LPG and CNG gas support. Documents have been submitted for the license and the construction work will start after getting permission." Ayesha Begum, a resident of Naria upazila, said, "We earn a living by working. Girls and boys from our area go far and wide to work in garments. Now, garments are coming near our home. We don't have to go far for work."

https://www.dhakatribune.com/business/2022/06/05/losses-from-chittagong-depot-fire-mount-to-over-110m Losses from Chittagong depot fire mount to over $110m BGMEA claims apparel products worth over Tk1,000 crore may have been stored at the depot Tribune Desk June 5, 2022 5:31 PM Saturday night’s deadly fire at a private inland container depot (ICD) in Sitakunda upazila of Chittagong has caused economic losses estimated at over $110 million. According to the Bangladesh Inland Container Depots Association (BICDA), over 800 twenty-foot equivalent units (TEUs) of containers loaded with export items, mainly RMG products and frozen food, were caught in the blaze. Furthermore, 500 imported goods-laden containers and 3,000 empty containers were also affected by the fire. BICDA Secretary General Ruhul Amin Sikder said primary damage from the fire will surpass over $110 million as it has destroyed loaded export and import containers worth over $90 million and empty containers worth over $20 million. On Saturday, BM Container Depot at Bhatiari was holding around 4,300 TUEs of containers out of its capacity of 6,500 TEUs. Around 600 people work in the private depot. There are 19 inland container depots (ICD) in the country, also known as off-docks, which handle almost 100% of export goods shipments and 38 types of imported goods - including food items such as rice, wheat, mustard seed, chickpeas, pulse, and scraps. The ICDs work to help ease congestion at Chittagong port and facilitate the quick clearance of FCL (Full Container Load) cargo by allowing unloading or delivery from outside the port area. These ICDs have the capacity to hold 76,255 TEUs containers, while the Chittagong port yard has the capacity for 49,018 TEUs. Shahidullah Azim, vice president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said there may have been apparel products worth Tk1,000 crore or more in the depot, which could further increase the losses. The buyers of the burnt products included H&M and several other brands. Most of the products were shipped by Pran, Ananta Group, 4H, JSK Sweaters, Chaiti Garments, and others, he added. Azim further said that the tragic accident and the loss of more than 50 lives was the sole responsibility of the port authority, which issued operating licences to ICDs but did not supervise the containers that were filled with products that were beyond their knowledge, licenced or not. “The in-charge of inspectors of the authority did not conduct regular inspections, which led to the current situation,” he added. Asked what kind of action the authorities should now take , he said their main duty should be to stand by the victims. “We will discuss with the port authority later about why it happened and will also find out what steps can be taken to prevent the recurrence of such incidents in future,” he added.

https://www.newagebd.net/article/172488/startups-with-growth-potentials-to-be-allowed-to-go-public Startups with growth potentials to be allowed to go public BSEC frames draft rules Mostafizur Rahman | Published: 22:29, Jun 05,2022 A file photo shows investors looking at a computer screen displaying stock prices at a brokerage house in the capital Dhaka. The Bangladesh Securities and Exchange Commission has drafted rules, allowing loss-making start-ups having high potentials of business growth to be listed on the country’s stock exchanges under the small capital platform. — New Age photo The Bangladesh Securities and Exchange Commission has drafted rules, allowing loss-making start-ups having high potentials of business growth to be listed on the country’s stock exchanges under the small capital platform. To avail the loss-making but high potential business entity getting best price through an initial qualified investor offer (IQIO), the BSEC draft rules also allowed the intended company for determining premium price of shares on the basis of projected business growth. The BSEC published the draft BSEC (Qualified Investor Offer by Small Capital Company) Rules, 2022 recently and sought public opinions on the rules by June 10. The rules will repeal the BSEC (Qualified Investor Offer by Small Capital Company) Rules, 2018. The BSEC scrapped the fixed price and book building methods for raising funds through IQIO in the new rules, and reinstated methodology in accordance with public issue rules, 2006 under which a company could float shares at par value of Tk 10 or with premium per share. A company can make an appeal for a qualified investor offer of its securities, if its post QIO paid-up capital is at least Tk 5 crore but does not exceed Tk 50 crore. However, the requirement might be relaxed for the start-up companies subject to prior approval of the commission, the rules said. The general requirement is that the QIO intending company must have positive net profit after tax at least for the latest financial year. However, the requirement could be relaxed in special cases subject to prior approval of the commission, the rules said. BSEC executive director Rezaul Karim told New Age that the regulator kept the provision of allowing loss-making start-ups with huge business potentials on the stock market. The commission scrapped the book building method so that it can approve justified premium price for an IQIO with consideration of company’s business, he said. Currently, eligible investors set the cut-off price through bidding process where malfunctions and manipulations were observed, BSEC officials said. According to the new rules, if a company wants premium, it must give justification of the premium with reference to net asset value per share at historical or current costs, earnings per share calculated on the basis of weighted average of net profit after tax for immediately preceding five years. It can also set premium price on the basis of projected earnings-based-value per share calculated on the basis of weighted average of projected net profit after tax for the immediate next three accounting years as per the issuer’s own assessment duly certified by the auditor of the issuer. It may also consider valuation multiple of similar stock or industry average for IQIO and all other factors with justification which have been taken into account by the issuer for fixing the premium, it said. The premium on QIO must not exceed the amount of premium charged on shares issued (excluding the bonus shares) within immediately preceding one year. It is the first approach from the BSEC to list loss-making concerns on the country’s capital market. BSEC officials said that most of the startup firms were loss-making entities, but many of them had huge business potentials. Technology companies cannot be evaluated through traditional methods, they said. Earlier in March 2021, 12 startup firms, including Sheba.xyz and Chaldal, held a meeting with the securities regulator and expressed their interest to be listed on the market.

https://www.newagebd.net/article/172487/85pc-japanese-cos-want-fta-with-bangladesh-survey 85pc Japanese cos want FTA with Bangladesh: survey Staff Correspondent | Published: 22:28, Jun 05,2022 Eighty-five per cent of the Japanese companies operating in Bangladesh wants signing of a free trade agreement between Japan and Bangladesh to continue duty-market access even after the graduation of Bangladesh from the least developed country to a developing one in 2026, according to a survey. A survey on FTA or economic partnership agreement between Japan and Bangladesh, jointly conducted by the Japan External Trade Organisation and the Japan Bangladesh Chamber of Commerce and Industry also found that 87 per cent of Bangladeshi companies wanted an FTA between the two countries. JETRO and the JBCCI on Sunday revealed the outcome of the survey through an event held at the Lakeshore Hotel in Dhaka. The survey was conducted among 300 companies in August 5-October 14 in 2021. Out of 300 companies, 142 are Japanese companies operating in Bangladesh and 155 are local firms. Of the surveyed, 111 Japanese companies hope for the bilateral FTA and only one company in the readymade garment sector denied for the agreement because of incentives for garment factories housed in export processing zones, the survey report said. The Japanese companies said that bilateral FTA was mandatory as once the GSP was abolished after graduation, it would be difficult for Bangladesh to differentiate competitiveness with the neighbouring country India. If the preferential treatment is continued by the bilateral agreement, relocation from Bangladesh to other countries could be avoided, the report said. The survey found that if the FTA was not signed to retain the duty benefit after Bangladesh’s graduation, 20 per cent companies wanted to relocate from the country to other competitive countries like in countries in the Association of Southeast Asian Nations, China and India. Japan is one of the billion-dollar export markets in Asian for Bangladesh. Naoki ITO, ambassador of Japan in Bangladesh, said that both the countries were interested to conduct a joint study on feasibility of signing of the FTA between the two countries. He said that Japanese intra agencies, including foreign, commerce, finance and agricultural ministries, had started consultancy on signing of the FTA between Bangladesh and Japan. Bangladesh commerce minister Tipu Munshi said that Bangladesh was trying to sign FTAs, preferential trade agreements with some major trading partners, but so far only a PTA was signed with Bhutan in December in 2021. He said that the government was working for signing trade agreements with seven important trading partners like China, India, Japan and Russia. Senior secretary to the commerce ministry Tapan Kanti Ghosh, Bangladesh Trade and Tariff Commission chairman Mahfuza Akhter and Policy Exchange Bangladesh chairman Masrur Reaz, among others, spoke at the event.

https://www.tbsnews.net/economy/rmg/finesse-apparels-makes-splash-formal-wear-export-433438 Abu Azad 05 June, 2022, 03:20 pm Last modified: 05 June, 2022, 03:23 pm Finesse Apparels makes a splash in formal wear export Global market for formal wear is about $160b, while Bangladesh exports are worth $500m It was just four months away from the Covid-19 outbreak in the country, when the Chattogram-based Finesse Apparels started its journey, with just an export order from a US brand. Along with many others, the manufacturer at the Karnaphuli EPZ had to keep operations halted for nearly two years amid the high casualties caused by the deadly virus. But, in the following year, it set an example by making a splash in formal wear exports. "It was a big challenge, especially in the time of global reopening after the Covid-induced restrictions, for us to attain the trust of global buyers within the shortest possible time. We tried our best and we could do what needed to be done," said Sheikh Abdul Matin, chairman of the company, while talking to The Business Standard recently. The apparel maker now supplies dress pants, knitwear and other formal wear to the American brands Luis Raphael, Haggar Clothing, Kenneth Cole, Arrow and Habband. It also supplies clothing to different buyers in Sweden, Hungary and Spain as well as the Red Cross, the Hungarian State Railways and some other entities, noted Abdul Matin. According to sector insiders, the annual global market for formal wear is about $160 billion, while Bangladesh exports such items worth $450 to $500 million only. With its current capacity, Finesse Apparels is expected to ship formal wear worth $17 million this year. "In the current bullish market situation, we can envision ramping up shipments by at least 20%," said Finesse Apparels Managing Director Sheikh Mohammad Danial. The popular product of RMG maker is dress pants, which are used in Europe and America as formal or semi-formal wear. It is now making 2 lakh pieces of formal wear, mostly dress pants, worth $2 million per month and 2 lakh pieces of knitwear items such as trousers, jackets and uniforms worth $2 million. Some 15 other Bangladeshi RMG makers have been manufacturing and exporting formal wear for long. "Although we suspended production at the beginning of the pandemic, we continued communication with our potential buyers in a planned way," added Sheikh Mohammad Danial. "In the meantime, we have worked to make our factory fully green – environment and work-friendly – and trained our workers on new-technology machines imported from Japan, Germany and China, which contributed largely to our receiving substantial export orders amid the easing of the pandemic." Finesse Apparels Chairman Abdul Matin, who came to the apparel business in the 1980s, established two factories – Mirage Wear and Acme apparel – in the port city of Chattogram earlier. Learning from mistakes in the two projects, the entrepreneur invested Tk126 crore to set up the Finesse Apparels facility at the Karnaphuli EPZ. "The decision to close down the two companies and build a green factory was quite difficult. But we were committed to creating a work-friendly environment and sustainable production system by reducing environmental damage. So, I invested all my savings," said Abdul Matin. All-out effort to make the factory green A visit to the Finesse Apparels factory last week revealed a harvesting of rainwater in the factory to reduce dependence on supplied water. "In the rainy season, our Wasa bill remains zero. We carefully use the rainwater after purification. Even the toilets we have built in the factory are helpful in preventing water wastage," said Sheikh Mohammad Danial. The facility also uses its garment cutting waste to make steam that fuels cloth ironing boilers. "Most portions of the 130,000 square-feet factory are covered by special glass, which helps the inside atmosphere to remain cool," said Sheikh Mohammad Uzair, its deputy managing director. Besides, there is enough space among the 7 sewing lines on its floors. Chairman Sheikh Abdul Matin said they are now installing the solar system to make the facility a fully solar-powered one within the next two years.

https://www.tbsnews.net/nbr/source-tax-bank-deposit-interests-companies-double-next-year-433418 Jasim Uddin 05 June, 2022, 03:15 pm Last modified: 05 June, 2022, 03:17 pm Source tax on bank deposit interests of companies to double next year The government is going to double deduction at source from interests on bank deposits of companies from the next fiscal year with a view to thwarting any possible attempts to evade tax by keeping such savings unreported during returns submission, according to sources at the finance ministry. The new budget for FY23 is likely to propose raising the rate of source tax to 20% from the existing 10% from interests on savings deposits, fixed deposits or any term deposits maintained by company taxpayers with any banks or non-bank financial institutions interest, they also said. The deduction will remain at 10% for individual depositors and public universities or educational institutions whose teachers are enlisted for monthly pay order, while the current 5% source tax will continue to be levied on recognised provident fund, approved gratuity fund, approved superannuation fund or pension fund, ministry officials said. The companies, which are enjoying tax exemption, will remain out of the purview of the source tax. The source tax cut will not apply to any deposit pension scheme sponsored by the government or by a bank with prior approval of the government. If any person or a company fails to furnish proof of income tax return submission, the rate of deduction will be 50% higher, they added. Abul Kashem Khan, a trustee of Business Initiative Leading Development (BUILD), told The Business Standard that the NBR is going to double source tax on bank deposit interests to show higher revenue mobilisation before the tax year ends, but such a move will interrupt money flow of companies. The source tax hike on deposit interests on the pretext of reining in tax evasion, rather than strengthening its digital ecosystem for the purpose will be unjustified, he noted. Overregulation does not allow growth of any sectors, Abul Kashem, also a former president of DCCI said, citing an example of how the booming e-commerce sector has plunged into a fragile condition because of tough regulations following irregularities of some rogue companies, such as E-valy. Professor Mustafizur Rahman, distinguished fellow at the Centre for Policy Dialogue, said the source tax will put pressure on companies' total cash flow. So, doubling the source tax will not be logical. Dr M Masrur Reaz, chairman at Policy Exchange of Bangladesh, said deducting tax at source is contradictory with the basic principles of corporate income tax. Income tax should be realised after calculating all expenditure, but source tax is deducted at the early stage, he also said, adding that such tax deduction should be abolished. Source tax or advance income tax blocks a part of capital till it is adjusted after the filing of tax returns to the NBR, he further explained. In Bangladesh, a number of AITs are not adjusted for a long time, he also said, adding that total tax incidence is already higher in Bangladesh than in neighbouring countries.

https://www.dhakatribune.com/business/2022/06/05/confidence-infrastructure-inaugurates-new-geotextiles-plant-in-narayanganj Confidence Infrastructure inaugurates new geotextiles plant in Narayanganj Driven by the inspiration toward building a sustainable future for all and the betterment of people and the country, CIL has established this plant to manufacture geotextiles that will be marketed under the brand name ‘GEOCIL’ Tribune Desk June 5, 2022 3:10 PM Confidence Infrastructure Limited (CIL), a sister concern of the country’s one of the largest conglomerates Confidence Group, has inaugurated its state-of-the-art geotextiles plant in its factory premises in Narayanganj on Saturday. Driven by the inspiration toward building a sustainable future for all and the betterment of people and the country, CIL has established this plant to manufacture geotextiles that will be marketed under the brand name ‘GEOCIL,’ reads a press release. Engr Rezaul Karim, chairman of Confidence Group, has officially inaugurated the plant at the inauguration ceremony as the chief guest, in attendance with the Confidence Group’s Vice-Chairman Imran Karim and Managing Director Salman Karim, along with other top officials of the company. Geotextiles are a special type of polymer fabric that help conserve resources and protect the environment used to enhance soil to protect the people and establishment from natural disasters like floods, prevent river erosion, strengthen coastlines and riverbanks, and are globally used for embankments. At the same time, it is a cost-efficient technology to mitigate the impact of flooding in coastal areas as it provides strength and flexibility to the soil. “Bangladesh is one of the world’s most disaster-prone countries and highly vulnerable to climate change. People, especially those living in coastal areas, often struggle with natural disasters such as floods caused by heavy rainfall and river erosion. Therefore, to protect human lives, economic infrastructures, and maintain environmental stability, we are manufacturing geotextiles locally by setting up this plant with sophisticated technology available for manufacturing across all the production phases,” said Engr Rezaul Karim, chairman of Confidence Group, at the inauguration ceremony. “This new establishment will also help to improve the country’s manufacturing sector’s capacity.” Salman Karim, managing director of Confidence Infrastructure Limited, said on the occasion: “Our newly established plant will help the communities across the country by mitigating the risks of natural disaster. Simultaneously, it will contribute to expediting national economic growth as we are looking forward to creating more employment opportunities, improving people’s living standards, and exporting our products.” The plant has already started producing GEOCIL bags and Geo Mats with a dedicated group of highly skilled engineers and trained workers at the wheel, working with state-of-the-art European equipment and technology and advanced raw materials. GEOCIL is being produced in compliance with the specifications set by the Bangladesh Water Development Board, following all the national and international standards with the assurance of international quality through geosynthetic testing. The plant is aimed at serving both local and international markets. The factory sits on about 40 acres of land for the newly established Geotextile plant with other seven different product production facilities, and more than 3,000 people are working in the factory. The monthly production capacity of the newly established plant will be around 28,50,000 sq m or 11,50,000 bags. The annual turnover of Confidence Infrastructure Limited is around Tk1,200 crore. Confidence Infrastructure Limited is going to be one of the largest manufacturers of geotextiles with the virtue of its production capacity using European technologies. Now, the company has heralded a new dawn for the country’s manufacturing industry as it added a new dimension to its portfolio by setting up the new plant. Confidence Infrastructure Limited is a trusted name in Bangladesh’s tower, engineering, hardware, and steel structure sector. With its advanced technology and skilled resources, the company is significantly contributing to the growth of the country’s different sectors, including the electricity sector.

https://www.dhakatribune.com/business/2022/06/05/mtb-supports-in-upgradation-of-dus-remote-sensing-laboratory MTB supports in upgradation of DU’s Remote Sensing Laboratory This support will help the students of the department to apply their knowledge using the advanced and modern tools for research and generating new knowledge in the field of geo-informatics Tribune Desk June 5, 2022 5:01 PM Mutual Trust Bank (MTB), in its effort to promote quality education at the higher education level of the country, recently extended support to the Geography and Environment Department of the University of Dhaka to upgrade their Remote Sensing Laboratory. This support will help the students of the department to apply their knowledge using the advanced and modern tools for research and generating new knowledge in the field of geo-informatics, reads a press release. Managing Director and CEO of Mutual Trust Bank Syed Mahbubur Rahman attended the Upgradation Ceremony of the Remote Sensing Laboratory held at Rafiqul Islam Khan Auditorium, Geography and Environment Department, the University of Dhaka as chief guest while Alumni of Geography and Environment Department, DU & Financial Advisor of Energypac Group Syed Rafiqul Haq was present during the event as special guest. Professor Dr Naznin Afrose Huq, chairman of the Department of Geography and Environment, University of Dhaka hosted the event. Among others, Dr Shahidul Islam, professor and Dr Asib Ahmed, associate professor from Geography and Environment, University of Dhaka and Azam Khan, head of Communications Department of MTB along with other officials of the bank and faculties of the department were also present at the event.

https://www.thedailystar.net/business/organisation-news/news/singer-leases-land-rupganj-new-factory-3038236 Singer leases land in Rupganj for new factory Star Business Report Fri Jun 3, 2022 11:30 AM Last update on: Fri Jun 3, 2022 11:30 AM Singer Bangladesh CEO and Managing Director MHM Fairoz and Bangladesh Special Economic Zone (BSEZ) Managing Director Taro Kawachi exchange the documents after signing an agreement. Singer Bangladesh will invest Tk 680 crore and take 35 acres of land on lease at BSEZ in Narayanganj. Photo: Singer Bangladesh. Singer Bangladesh has entered into an agreement with Bangladesh Special Economic Zone (BSEZ) to take lease of 35 acres of land in Rupganj of Narayanganj to establish a manufacturing complex. The listed multinational electronics and home appliance maker yesterday informed shareholders of the agreement. The BSEZ is the first special economic zone developed by a Japanese company in the country in partnership with Bangladesh Economic Zones Authority. In last March, Singer Bangladesh approved a budget for establishing a new manufacturing facility in order to increase its manufacturing capacity. The land would be used for that purpose. The budget approved by the board of directors was of around €71 million, equivalent to Tk 680 crore, according to another disclosure posted on the Dhaka Stock Exchange (DSE) website that month. The investment will be financed from internal sources, bank financing and foreign and local borrowing. The company has reserves and surpluses of Tk 241 crore, according to the DSE data. The proposed manufacturing facilities would cater to the increasing local demand with a competitive price and would also contribute to the company's growth, it added. Singer's sales rose 6 per cent year-on-year to Tk 1,577.63 crore in 2021. Meanwhile, its profits however dropped 35 per cent to Tk 51 crore, according to its annual report. Stocks of Singer Bangladesh remained almost unchanged at Tk 167.50 yesterday.

https://today.thefinancialexpress.com.bd/last-page/meghnaghat-plant-may-miss-deadline-1654364745 Meghnaghat plant may miss deadline Expert fears a cost escalation in case of a delay in completion of the 718MW LNG-fired power plant SAJIBUR RAHMAN | June 05, 2022 00:00:00 Work on the Meghnaghat 718-megawatt gas-fired combined cycle power plant, operated by India's Reliance Power Ltd, may miss the completion deadline, thus indicating a delay in going into full-fledged operation within the stipulated timeline. Reliance Bangladesh LNG & Power Limited (RBLPL), a joint venture, is setting up the gas-based facility at Meghnaghat village under Sonargaon upazila (sub-district) in Narayanganj. The project has been programmed for completion by August this year. The progress in construction stands at 69 per cent as against the targeted 77.3 per cent until March 2022 reveals the latest monitoring report released by the Asian Development Bank (ADB). The report was unveiled in May 2022. The project is sited approximately 45 km off Dhaka airport, near the Meghna Road Bridge on the Dhaka-Chattogram highway and is around 2.0 km west from Dhaka-Chattogram highway. With regard to engineering, procurement, construction and commissioning in the project, the overall progress was delayed against the planned progress as of March 2022, unveils the ADB report. The overall progress of nearly 82.4 per cent was achieved by the engineering, procurement and construction (EPC) contractor as against the planned progress of 85.6 per cent, it cites. Progress in engineering work is now 98.6 per cent as against the planned 99.2 per cent while the procurement progress is reported at 98.7 per cent as against the targeted 99.8 per cent. There is a delay of around 3.2 per cent of the project mainly due to delay in delivery of the Steam Turbine component at site, it also reveals. The report was prepared by TRACTEBEL ENGINEERING Pvt Ltd (TEPL) for RBLPL and the ADB. The TEPL has been appointed as the financiers' environmental and social adviser for the project. Dr Shamsul Hoque, an infrastructure project specialist and a professor of BUET, fears that the project cost may rise automatically if the work of the LNG power plant gets lingered. The government will act prudently and instantly to remove the expected delay and to save the public fund, he told The Financial Express. The environmental and social monitoring progress reporting is done as an integral part of the planning and execution of the construction phase for the review period from January 01 to March 31, 2022. The project completion timeline is estimated to be 26 months from the date of NTP (Notice to Proceed), which was January 27, 2021. The project has been programmed for completion by August 2022. The natural gas required for the project will be supplied by Titas Gas Transmission and Distribution (Titas), a subsidiary of Petrobangla, from the nearby upcoming City Gate Station. The Bangladesh Power Development Board (BPDB) will purchase power from the plant for 22 years at a levelised tariff rate of 7.312 US cents (BDT or Tk 5.85) per kilowatt-hour with 82-per cent plant factor and 12-per cent discount factor as per the power purchase agreement. In September 2019, Reliance Bangladesh signed four agreements with the Bangladesh government to build, own and operate the power plant in the area. The company inked a total of four agreements with different entities of the government to implement the project. Of the agreements, the Power Division signed the implementation pact while state-owned BPDB made the power purchase agreement and land lease agreement and Petrobangla, state-owned national oil company, signed the gas supply agreement. [email protected]

https://thefinancialexpress.com.bd/trade/excel-telecom-erajcom-sign-mou-1654419603 Excel Telecom, Eraj.com sign MoU FE ONLINE DESK | Published: June 05, 2022 15:00:03 https://thefinancialexpress.com.bd/uploads/1654419637.jpg As a part of sustainable business and its continued expansion, Excel Telecom (Pvt.) Limited has signed a Memorandum of Understanding (MoU) with Eraj.com recently. Mr Mohammad Syfuddin Tipu, Director (Operations) of Excel Telecom and Mr Md. Rafiqul Islam Liton, General Manager (Business Development) of Eraj.com signed the agreement on Sunday last at the Head Office of Excel Telecom (Pvt.) Limited, according to a media release. Among others, Mr Fakhrul Islam, General Manager (Finance & Accounts), Ms Shadiya Tasnim, General Manager (B2B & Online Business), other officials from Excel Telecom and Mr Md Golam Kibria, Asst General Manager (IT), Mr A F M Rokonuzzaman, Manager (Operations) and officials from Eraj.com were also present at the signing ceremony. Excel Telecom (Pvt.) Limited is a sister concern of Labib Group and a National Distributor of Samsung and Eraj.com is one of the leading e-commerce platforms in Bangladesh. Both the companies are relentlessly contributing to the national exchequer through continuous development and creating employment opportunities in Bangladesh.