03-03-2022

THuRSDAY, MARCH 3, 2022
8
Mercantile Bank Limited donated Tk.10 lakh to Bangladesh Economic Zone Authority for tree plantation
in Bangabandhu Sheikh Mujib Shilpa Nagar at Mirsarai in Chattagram. Md. Quamrul Islam
Chowdhury, Managing Director & CEO of Mercantile Bank handed over the cheque to Shaikh Yusuf
Harun, Executive Chairman of BEZA in a program held at BEZA's head office in Agargaon recently.
In the first phase Mercantile Bank also donated Tk.10 Lakh more on 9th June 2021 as its social corporate
responsibilities. Abdul Azim Chowdhury, Executive Member (Administration & Finance),
Mohammad Hasan Arif, General Manager (Administration & Finance) from BEZA and FVP & Head
of Arambagh Branch Partha Sarkar and AVP & Head of ILM Division Tapon James Rozario from
Mercantile Bank Limited along with other officials from both organizations were also present in the
occasion.
Photo: Courtesy
World Bank announces more than
$1 bn in aid for Afghanistan
Brent oil breaks
$110 a barrel,
WTI up 5pc on
Ukraine conflict
HONG KONG : Brent crude
broke above $110 a barrel on
Wednesday and WTI was up
more than five percent as
Russia's invasion of Ukraine
continued to fan fears over
supplies of the crucial
commodity from the
resource-rich region, reports
BSS.
Brent climbed 4.88
percent to $110.09, while
WTI was up 5.06 percent at
108.64. Both are at more
than seven-year highs.
Vladimir Putin's incursion
into the neighbouring
country has seen world
powers impose strict, farreaching
sanctions on
Moscow in retaliation,
fuelling worries that exports
from Russia will be cut off.
Russia is the world's thirdbiggest
oil producer.
The conflict in eastern
Europe came as prices were
already soaring owing to
tight supplies and a strong
recovery in demand around
the world as economies
reopen from pandemicinduced
lockdowns.
Traders will be keeping a
close eye on a meeting of
OPEC and other major
producers, including Russia,
later in the day where they
will discuss whether to ramp
up output to temper the
price rises, which are helping
fan inflation.
Top oil producers likely to hold
course despite Ukraine war
VIENNA :Saudi Arabia, Russia and other top
oil producers are expected Wednesday to
agree to hold firm on only gradually opening
the taps despite Russia's assault on Ukraine
sending prices spiralling, reports BSS.
Both WTI crude and Brent broke above
$110 a barrel Wednesday. Brent is at a high
last seen in 2014, while WTI is at levels not
seen since 2013.
But analysts expect the 23-member
OPEC+ group at its monthly meeting
Wednesday to stick to a decision from last
year for an output target of 400,000 barrels
per day for April as well.
On Sunday, OPEC leader Riyadh
confirmed the commitment of the 13-
country group to the agreement with its 10
partners, led by Moscow, which faces
international criticism and sanctions over its
invasion of Ukraine.
Crown Prince Mohammed bin Salman
"affirmed the kingdom's keenness on the
stability and balance of oil markets,"
according to the Saudi Press Agency.
'Risk for disruptions' -
The gathering starts with a technical
discussion at 1:00 p.m. local Vienna time
(1200 GMT) followed by a formal meeting to
endorse any decision, scheduled for 1:30
p.m.
The meetings, held via video conference,
come a day after International Energy
Agency (IEA) countries agreed to release 60
million barrels of oil to stabilise global
markets. The United States will contribute
half of the amount, President Joe Biden
announced.
But the move has failed to assure markets,
and analysts have low expectations that
OPEC+ will take any decision to rein in
surging prices.
"The war in Ukraine is getting very ugly
and destructive and hostilities between the
West and Russia are intensifying. High risk
for disruptions to both crude and natural
gas," Bjarne Schieldrop of Seb said.
"Could OPEC help? Yes, but it will
probably choose not to," Ipek Ozkardeskaya
of Swissquote said.
'Paper promise' -
OPEC+ has so far resisted pressure from
major oil consumers, such as the US, to open
the taps more as some of its members,
including Nigeria and Angola, struggle to
meet quotas.
Between December and January, OPEC
members boosted their production by
64,000 barrels per day (bpd), far below their
400,000 bpd agreement, according to the
organisation's last monthly report.
"The pledge from OPEC+ to increase
supply is so far a paper promise... adding to
the shortness in the supply market and
further stoking the bullish price
environment," Louise Dickson of Rystad
Energy said.
The Organization of the Petroleum
Exporting Countries (OPEC), whose
secretariat is based in Vienna, had drastically
slashed production in 2020 as the Covid-19
pandemic began to spread through the
world, pummelling demand and prices.
Wednesday's meeting takes place at a key
moment as negotiations to revive the 2015
Iran nuclear deal are widely expected to
come to a head in the coming days.
The deal provided sanctions relief for
Tehran in return for strict curbs on its
nuclear programme but has been
disintegrating since former US president
WASHINGTON :The World Bank on
Tuesday announced more than $1
billion in humanitarian aid for
Afghanistan, stating the money will go
to UN agencies and international NGOs
while remaining "outside the control" of
the country's Taliban rulers, reports
BSS.
The reallocation from the Afghanistan
Reconstruction Trust Fund (ARTF)
follows the $280 million in ARTF funds
disbursed last December, and is aimed
at supporting the humanitarian
response over the critical winter
months.
The funds, to be delivered in the form
of grants, aim "to support the delivery of
essential basic services, protect
vulnerable Afghans, help preserve
human capital and key economic and
social services and reduce the need for
humanitarian assistance in the future,"
the Washington-based lender said in a
statement.
The bank suspended its aid to Kabul
late last August after the hardline
Islamist Taliban swept back into power.
ARTF is a multi-donor fund that
coordinates international aid to improve
the lives of millions of Afghans. It is
administered by the World Bank on
behalf of donor partners.
Until the Taliban took over, the ARTF
was the largest source of development
funding for Afghanistan, financing up to
30 percent of the government's budget.
Because the World Bank is unable to
provide money directly to the Taliban
regime-which is not recognized by the
international community-it has
redirected the funds to organizations
like UN childrens agency UNICEF in
response to the humanitarian crisis.
Afghanistan's population has faced
food shortages and mounting poverty
since the Taliban took over.
The objective of the new aid is to
"protect vulnerable Afghans (and) help
preserve human capital and key
economic and social services," the
World Bank said.
Toshiba CEO
resigns ahead
of vote on
spin-off plan
TOKYO : Toshiba's CEO
resigned on Tuesday, the
Japanese conglomerate said,
adding fresh uncertainty
after already revising plans
to split its businesses and
just weeks before a key
shareholder vote, reports
BSS.
Satoshi Tsunakawa had
been chief executive for less
than a year at the tech and
industrial giant, which has
lurched from crisis to crisis
in recent decades.
It comes ahead of an
extraordinary shareholder
vote on March 24 on
Toshiba's plan to spin off its
devices unit and sell "noncore"
business including
Toshiba Tec.
The proposal is a revision
of an earlier one to split into
three companies, which got
a mixed response, but
Tsunakawa's resignation
could spark another rethink
on the plans.
Toshiba said its new CEO
Taro Shimada would "lead
the company that will run
the energy and
infrastructure business"
after the electronic devices
segment is spun off in a
binding resolution to be
voted on in 2023.
Tsunakawa will continue
to serve as interim chair of
the board of directors,
Toshiba said in a statement.
The
sprawling
conglomerate dates back to
1875 and was once a symbol
of Japan's advanced
technological and economic
power, but it has been mired
in turmoil in recent years.
Having staged a recovery
after a series of scandals and
financial problems in the
2010s, it returned to the first
section of the Tokyo Stock
Exchange last year.
Al-Arafah Islami Bank Limited has started two-month Foundation training
Course for Management Trainee Officers (MTO) of 2nd batch titled
'Foundation Training Course on Overall Bank Management' on 1 March.
Managing Director and CEO of the Bank Farman R. Chowdhury inaugurated
the training course as chief guest. AIBTRI Director General Md. Abdul
Awal Sarkar presided over the program.
Photo: Courtesy
Oil tops $110, equities sink
on rising Ukraine war fears
HONG KONG : Crude surged past $110 a
barrel Wednesday and equities sank with
investors growing increasingly fearful about
the Ukraine war's impact on global energy
supplies and the economic recovery, reports
BSS.
Vladimir Putin's invasion of his neighbour
has sent world markets into a spiral over the
past week, further fraying nerves on trading
floors caused by runaway inflation and tighter
central bank monetary policies.
The crisis has seen numerous countries
hammer Moscow with a series of wideranging
sanctions that have isolated Russia
and threaten to crash its economy.
The measures have injected a huge amount
of uncertainty into markets with supplies of
crucial commodities including metals and
grains soaring. The price of global staple
wheat is sitting at a 14-year high-having risen
30 percent in the past month.
But the main source of unease on trading
floors is crude, which has rocketed since
Russia began preparing to invade. On
Wednesday Brent topped $110 for the first
time since 2014, while WTI moved closer to
that figure. Incoming sanctions have fuelled
worries that exports will be cut off from
Russia, the world's third-biggest producer of
the commodity.
The conflict in eastern Europe comes with
prices already elevated owing to tight supplies
and a strong recovery in global demand as
economies reopen from pandemic-induced
lockdowns.
Traders will be keeping a close eye on a
meeting of OPEC and other major producers,
including Russia, later in the day where they
will discuss whether to ramp up output to
temper the price rises, which are helping fan
inflation.
In his State of the Union address, President
Joe Biden said the United States would join a
30-country deal to release 60 million barrels
to help temper the surge in prices, though
analysts have warned such moves would
likely only have a limited impact. The oil
price surge has compounded fears about
inflation as it sits at a 40-year high in the
United States and hurts Americans in the
pocket even as the economy rebounds from
the pandemic shock.
Modhumoti Bank Ltd handed over a cheque under Bank's CSR program amounting Tk. 1Crore (Taka One Crore
Only)as the Title Sponsor of "Dhaka Mayor Cup-2022" DSCC 2ndInter Ward Sports Tournament organized by
Sports & Cultural Standing Committee, Dhaka South City Corporation. In presence of Barrister Sheikh Fazle
Noor Taposh, Mayor, Dhaka South City Corporation, Md. Shafiul Azam, Managing Director & CEO of
Modhumoti Bank Ltd handed over the cheque in the press conference & trophy unveiling program held on
Wednesday, 2nd March 2022 at Mayor Mohammad Hanif Auditorium, Nagar Bhaban, Dhaka South City
Corporation. The tournament will start from 5thMarch 2022 where Sixty Two (62) Football teams and Forty
Eight (48) Cricket teams will participate from75 Wards of Dhaka South City Corporation. Farid Ahmed, Chief
Executive Officer (Additional Secretary), Dhaka South City Corporation, Md. Mokaddes Hossain Zahid,
Councilor Ward no. 24 & President, Sports & Cultural Standing Committee, Dhaka South City Corporation,
Dhaka South City Corporation, Shahnawaj Chowdhury, Deputy Managing Director& COO ofModhumoti Bank
Limited along with high officials of both the organizations, Councilor's of different wards of Dhaka South City
Corporation and other elites were present in the program.
Photo: Courtesy
Walton brand enters into Iraqi market
Started TV and washing machine exports
Bangladesh's electronics giant
Walton has commenced
exports of television and
washing machine under its
own brand logo to the Iraqi
market, an another milestone
towards achieving its vision 'Go
Global-2030' that means
becoming one of the best global
electronics brand by 2030, says
a press release.
Walton authorities made this
export announcement at a
programme held at Walton Hi-
Tech Industries PLC's
Headquarter on Monday last
(February 28, 2022).
During his visit to Walton
factory, Iraqi Head of Mission
in Dhaka Abdulsalam Saddam
Mohaisen inaugurated the
exports of Walton brand TV
and washing machine to Iraq.
Along with him, Iraqi Deputy
Head of Mission in Dhaka
Mohanad Al Darraji was also
present.
Walton's International
Business Unit (IBU) officials
informed that a renowned Iraqi
company named 'Noor Ishtar'
joined hands with Walton as a
business partner to sale and
market Walton TV and
washing machine in the Iraqi
market.
The Iraqi delegation was
welcomed at Walton factory
with flower bouquet by Walton
Hi-Tech Industries higher
officials, including Deputy
Managing Director Md.
Humayun Kabir and Alamgir
Alam Sarker, IBU Presient
Edward Kim, Senior Executive
Directors Col. (Retd.) S M
Shahadat Alam, Yusuf Ali and
Walton TV's Chief Business
Officer Engineer Mostafa
Nahid Hossain and IBU's Vice-
President Syed Al Imran.
The delegation enjoyed a
corporate video documentary
on Walton at the headquarter
conference room and then they
visited Walton's well-decorated
products display center as well
as some production units,
including refrigerator,
television and washing
machine. While expressing his
reaction at the briefing, Iraqi
Head of Mission Abdulsalam
Saddam Mohaisen said, "We
are very pleased visiting Walton
factory. You (Walton) are
encouraging bilateral business
through exports to Iraq. In
future, I will see more exports
from Walton."
He also noted that they are
trying to establish business
console between Iraq and
Bangladesh aimed to facilitate
bilateral trade and investment.
Iraqi Deputy Head of
Mission in Dhaka Mohanad Al
Darraji said, 'Walton is very
good and big factory. They
installed advance technologies
machinery in the
manufacturing plants. Walton
are exporting electronics
products to the European
countries. We will support
Walton to increase its export
volume to Iraq.'
Iraqi Head of Mission in Dhaka Abdulsalam Saddam Mohaisen, Deputy
Head of Mission in Dhaka Mohanad Al Darraji and Walton's higher officials
is inaugurating TV and washing machine export to Iraq through cutting ribbon.
Photo: Courtesy