06-11-2022

SUNDAY, NOVEMBER 6, 2022
8
Social Islami Bank opened eighteen new agent banking outlets through virtual platform on 03
November at its head office. Dr. Md. Mahbub Ul Alam, Chairman of SIBL, inaugurated the agent outlets
as the chief guest while Zafar Alam, Managing Director and CEO of the Bank, presided over the
program. Abu Reza Md. Yeahia, Additional Managing Director, delivered welcome speech at the
event. Md. Shamsul Hoque and Mohammad Forkanullah, Deputy Managing Directors, Kazi Obaidul
Al-Faruk, Head of HRD, Md. Mosharraf Hossain, Chief Remittance Officer, Md. Moniruzzaman,
Head of Marketing and Brand Communication, and Md. Mashiur Rahman, Head of Agent Banking,
were also present among others. Managers of different branches, Agents, and local dignitaries also
joined the program virtually.
Photo : Courtesy
Rainbow starts manufacturing Spray Paint for first time in Bangladesh
Rainbow Paints, popular paint
brand of RFL Group, has
introduced 'Spray Paint' to the
market. RN Paul, Managing
Director of RFL Group,
unveiled the spray paint,
produced for the first time in
Bangladesh, through a
programheld at RFL office in
Badda in the capital on
Saturday, a press release said.
Although there are many
uses of spray paint, imported
spray paint were used in
Bangladesh. Now, Rainbow
Paints is producing and
marketing spray paint in its
own factory. Rainbow Spray
Paint in 400 ml can are now
available across the country at a
maximum retail price of Tk 150
through Rainbow showrooms
and authorized dealers.
Addressing the occasion, RN
Paul said, "RFL Group always
gives importance to quality and
demand of consumers in
manufacturing products. We
have received good response
from the customers within
short period of time for
manufacturing products
maintaining international
standard. Our effort is
continued to provide highest
service to the customers
through introducing new
products. We hope our brand
will be established as a leading
paint brand in Bangladesh very
soon."
He also said, "Consumers can
US sees strong job gains
in October as wages
move higher
WASHINGTON : US job gains topped
expectations in October, according to official
data released Friday, as hiring remained
resilient and wages moved ever higher,
underscoring the challenges in lowering
rampant inflation.
The data comes days ahead of critical
midterm elections, where decades-high
inflation has propelled economic issues to
the top of voters' minds and President Joe
Biden faces a battle to avoid losing control of
both chambers of Congress.
The figures will provide little comfort to the
Federal Reserve, which has been battling to
cool the economy, as policymakers fear high
prices will become entrenched and rising pay
will create an upward spiral-inflicting more
harm on families and businesses.
American employers added 261,000
workers last month, far more than
economists had forecast, though the pace
was lower than the 315,000 increase in
September, which was revised much higher
than originally reported by the Labor
Department.
The jobless rate rose two-tenths to 3.7
percent, according to the closely-watched US
employment report.
Biden cheered the data which showed 10
million jobs have been created since he took
office in January 2020, but he recognized the
hardship Americans face due to higher
prices.
"Inflation is our top economic challenge...
The global inflation that is raging in other
countries is hitting us as well," Biden said in
a statement on Friday.
He said policymakers will "do what it takes
to bring inflation down."
Average hourly earnings for private sector
workers jumped another 12 cents or 0.4
percent last month, to $32.58, the report
said.
Wages have increased 4.7 percent over the
last 12 months as firms have had to compete
to find and retain workers in the tight labor
market.
That pace is slightly slower than in
September, which the Fed will welcome, but
many employees are pushing for increases to
avoid losing ground to elevated consumer
costs.
US markets rallied following the latest
data, which raised hopes of a soft landing for
the economy. Major indices closed higher on
Friday, despite the Fed's pledge that interest
rates will need to rise further to quell
inflation.
Oil-rich Saudi launches first
electric vehicle company
RIYADH : Saudi Arabia announced on Thursday
the launch of its first brand of electric vehicles,
part of a broader push to diversify the economy of
the world's biggest oil exporter.
The company, known as Ceer, "will contribute
to Saudi Arabia's efforts towards carbon
emissions reduction and driving sustainability to
address the impact of climate change," the official
Saudi Press Agency said. It is a partnership with
Foxconn, China's biggest private sector employer,
which "will develop the electrical architecture of
the vehicles", SPA said.
Ceer "will design, manufacture and sell a range
of vehicles for consumers in Saudi Arabia and the
MENA region, including sedans and sports utility
vehicles," it said, adding the company was
expected to create "30,000 direct and indirect
jobs". Ceer vehicles "are scheduled to be available
in 2025", SPA said. In April, Saudi Arabia
announced a deal with US-based Lucid Motors,
which is setting up a factory in the kingdom, to
purchase up to 100,000 electric vehicles over the
next decade. Like the Lucid deal, Ceer is backed
by the Saudi sovereign wealth fund chaired by
Crown Prince Mohammed bin Salman, whose
Vision 2030 reform agenda depends on rapid
economic diversification. "Saudi Arabia is not just
building a new automotive brand, we are igniting
a new industry and an ecosystem that attracts
international and local investments, creates job
opportunities for local talent, enables the private
sector, and contributes to increasing Saudi
Arabia's GDP over the next decade," Prince
Mohammed said Thursday.
achieve maximum satisfaction
by using the new product of
Rainbow Paints. We have a
plan to export this product after
meeting demand in
Bangladesh."
Kamrul Hasan,Executive
Director of Rainbow Paints,
said, Rainbow Spray Paint is
acrylic based paint, which can
be used on many surfaces
including metal, wood, glass,
ceramics and plaster. The paint
dries quickly, is easy to use even
anyone can apply it to the
desired surfaces.
Saleh Ahammad
Chowdhury, General Manager
(Research and Development)
of Rainbow Paints, SohelRana,
Head of Operation, Shajahan
Sunny, Head of Sales and
Pranab Kumar, Head of
Marketing, among others, were
present on the occasion.
There are different categories
of paints are available in
Rainbow's product line
including decorative, floor
coating, marine, car, powder
coating, industrial and wood
coating. Customers can
purchase Rainbow Paints
across the country through 280
outlets and authorized dealers
across the country.
Thousands rally
in Spanish capital
for pay hikes as
costs soar
MADRID : Thousands of
people took to the streets of
Spain's capital on Thursday
to demand higher pay to
cope with soaring inflation
and energy costs.
Protestors waved red
union flags and banged
drums as they made their
way to the Spanish capital's
landmark Plaza Mayor
square behind a large banner
that read: "Salary or
Conflict".
Police estimate some
25,000 people took part in
the demonstration, which
was called by Spain's two
main unions, the CCOO and
UGT.
"Either there is a rise in
salaries or work conflicts will
increase exponentially in our
country over the next year,"
CCOO secretary general Unai
Sordo told reporters at the
protest.
Like other countries, Spain
has been struggling with
soaring inflation as a result of
the fallout from the war in
Ukraine and the reopening of
the economy after pandemicrelated
lockdowns.
Inflation in Spain peaked
this summer at 10.8 percent
in July, its highest level in 38
years, before moderately
slowing to 7.3 percent in
October-still well above
normal levels.
"Salaries are still super
low" while the cost of
"essentials" has soared,
Maria Luisa Ortega, a 57-
year-old service sector
worker, told AFP at the
protest.
She said salary raises must
match the rise in inflation.
The protest comes as
Spain's leftist government is
negotiating with unions and
business groups a new
increase in the minimum
wage, which is currently set
at 1,000 euros ($987) a
month.
RMG exports rise
in Oct despite
overall decline
DHAKA : The Export
Promotion Bureau (EPB) data
show that, despite an overall
drop in export earnings,
Bangladesh's apparel sector
recorded a 3.27 percent
increase in revenue in October
compared to the same month
of the previous year.
In October of the current
fiscal year, total export
revenues fell 7.85 percent to
$4.35 billion from $4.72
billion in the corresponding
month of the fiscal year (FY)
2021-22.
However, earnings from
apparel exports increased to
$3.67 billion from the $3.65
billion reported in October of
FY22.
According to EPB,
Bangladesh's apparel exports
during July-October of FY23
rose 10.55 percent year-onyear
to $13.95 billion. During
the same period last year,
RMG exports brought in
$12.62 billion for the country.
"Although readymade
garment shipments were
expected to drop in October,
this
encouraging
development is welcome,"
Mohiuddin Rubel, director of
the Bangladesh Garment
Manufacturers and Exporters
Association, said.
"However, as global retail
markets are struggling and
buyers are taking cautious
steps in placing new orders
and managing inventory, as
an entrepreneur in the
apparel sector I am not
optimistic about the trend of
work orders and the sector's
growth in the coming
months."
Bangladesh doesn't need to
borrow from IMF if
dignity is sacrificed: FBCCI
DHAKA : Federation of
Bangladesh Chamber of
Commerce and Industry
(FBCCI) President Md.
Jasim Uddin has said,
Bangladesh does not need to
borrow money from the
International Monetary
Fund (IMF) if the country's
dignity is sacrificed, reports
UNB.
He also opposed hiking
the current lending interest
rate.
Jasim said this while
speaking at 'ERF's Dialogue'
as the chief guest, organized
by Economic Reporters'
Forum (ERF), at its
auditorium in Dhaka on
Saturday.
"Bangladesh is not in such
a dire situation that loan
must be taken under any
condition from IMF. Hiking
lending interest rate will
drive up production costs as
well as become a burden for
consumers," he added.
Jasim said businesses do
not believe that all problems
will be solved through hiking
interest rate. He, however,
favoured increasing the
capacity of banks.
"When the interest rates
were reduced, a lot of
investors invest here...
research firms have different
agenda for raising lending
rates... whether the industry
will survive the impact is
what needs to be
considered," he said.
In response to a question
about money laundering
during the election year, he
said, since Bangladesh Bank
says that they have found
proof of up to 200 percent
excess prices under the guise
of imports, they should
bring those involved under
the law. If not, you need to
stop making tall claims just
for popularity's sake, he said.
He said those who launder
money
through
manipulating invoices
should be caught, and that
FBCCI wants the
government to take
disciplinary action in this
regard.
In response to a question
on the Prime Minister's
statement regarding a
possible impending famine,
Jasim said if there is a
famine, it will impact the
whole world, not just
Bangladesh.
"We need to maintain
austerity. Apart from this,
we must work on the
agriculture sector." He
added.
He also emphasized on
uninterrupted power and
energy supply to industries
and favoured cutting
household gas supply for the
greater interest of the
nation.
ONE Bank Limited recently signed an agreement with SSL Wireless (Software Shop Limited) for
introducing Virtual Debit Card in OK Wallet platform for the first time in the country. Through
this agreement, OK Wallet customers will be issued a UnionPay Virtual Debit Card to avail debit
card features. Md. Monzur Mofiz, Managing Director of ONE Bank Limited and Ahmed Kamal
Khan Chowdhury, Group Advisor of SSL Wireless signed the agreement on behalf of their
respective organizations. Masud Raihan, Country Director, UnionPay along with the high officials
of the both organizations were also present.
Photo : Courtesy
Standard Chartered’s Digital Trade Counter wins
‘Digital Experience of the Year : Banking’
Standard Chartered's Digital
Trade Counter (DTC)
recently won the title of
"Digital Experience of the
Year - Banking" at the Asian
Experience Awards 2022.
Launched in 2021, the Bank's
Digital Trade Counter
became the first solution of
its kind in Bangladesh.
Through the Digital Trade
Counter, clients are
empowered to upload and
track documents and trade
financing applications at any
time and from anywhere, a
press release said.
Standard Chartered's
Digital Trade Counter
exemplifies the Bank's
commitment to creating a
best-in-class digital banking
experience for clients and
stakeholders. As an online
drop-off solution, available
on Straight2Bank
NextGen,the DTC serves
tosimplify the document
submission and status
tracking process for both
local and international
businesses. Operating on a
single online platform,
Standard Chartered's
Digital Trade Counter
significantly improves upon
a client's trade document
submission experience, and
in doing so allows new and
existing clients to manage
all their trade application
needs with greater ease,
efficiency, security, and
transparency. The removal
of time intensive manual
processes promotes digital
adoption while making all
associated processes more
sustainable.
Naser Ezaz Bijoy, Chief
Executive Officer, Standard
Charted Bangladesh, said,
"Technology and digital
platforms are increasingly
enabling us to transcend
traditional
borders,connecting trade
corridors with seamless flows
and greater transparency -
resulting in an elevated
experience for all of our
valued clients. Solutions like
Standard Chartered's Digital
Trade Counter are yet
another step in our mission
to help create a more digital,
low-carbon, and innovationdriven
economy. We are
grateful to our clients,
regulators, and other
stakeholder for making this
accomplishment possible."
With over 117 years of
uninterrupted presence in
the nation, Standard
Chartered is the only
multinational universal bank
in Bangladesh. The Bank is a
committed partner in
progress to Bangladesh,
facilitating
major
investments in power,
Italy raises public
deficit forecast for
2023: govt source
MILAN : Italian far-right
Prime Minister Giorgia
Meloni on Friday raised next
year's public deficit forecast in
order to pour money into
measures to support families
and businesses, a government
source said.
Like other countries in
Europe, Italians will face a
tough winter with rising
interest rates, soaring
inflation and higher energy
prices.
Meloni, who came to power
last month, pledged during
the election campaign to
control expenditure in
country long plagued by low
growth and huge debt.
On Friday, after a cabient
meeting, the government
agreed to increase the public
deficit to 4.5 percent of GDP, a
source told AFP.
It is above the 3.4 percent
forecast by her predecessor
Mario Draghi in September,
but in line with what Italian
media had reported she would
do.
This means an extra 21
billion euros, according to an
economics roadmap adopted
by the cabinet Friday evening.
Meloni's government also
raised the forecast for
economic growth this year to
3.7 percent, up from Draghi's
prediction of 3.3 percent.
It comes after Italy posted
better-than-expected
quarterly growth on Monday.
Economy Minister
Giancarlo Giorgetti has kept
Draghi's forecast of 0.6
percent growth in 2023.
energy, transportation, and
urban development.
Standard Chartered
accounted for a major share
of all export and import
financing, respectively, last
year, as well as power
generation financing and
SME lending by foreign
banks. At the same time, the
Bank commands a leading
position in the retail finance
space. Standard Chartered's
commitment to support
Bangladesh's continued
journey of prosperity even in
the face of a global pandemic
saw the bank secure over 30
major international awards
in 2021.
The Asian Business Review
is a regional magazine
serving Asia's business
community.The Asian
Experience Awards are
organised by The Asian
Business Review. The Asian
Experience Awards
recognises projects and
initiatives that deliver
meaningful brand
experiences for stakeholders
across functions and
industries.