22-05-2018

ECONOMY & BUSINESS
BANGLADESHTODAY 10
THE
TUESDAY, MAY 22, 2018
UAE announces ownership, visa
reforms to lure foreign investors
The United Arab Emirates has
announced plans to allow 100 percent
ownership and visa incentives to
foreigners, in a bid to attract investors
to boost its slowing national economy.
The decision, taken by the UAE
cabinet Sunday night, aims to lure
"international investments and
exceptional talent", according to Dubai
ruler Sheikh Mohammed bin Rashed
Al-Maktoum.
The new measures come amid signs
of an economic slowdown in the oilrich
Gulf state on the back of lower oil
prices, with reports showing the vital
real estate and tourism sectors of Dubai
struggling.
The decision will allow foreign
investors 100 percent ownership of
companies, coupled with 10-year
residence permits for them and their
families, according to a cabinet
statement cited by WAM news agency.
The measures will come into force by
the end of 2018, the statement said.
The UAE leads all Arab countries in
terms of foreign direct investment,
attracting $11 billion last year-a jump of
22 percent on 2016 -- according to the
International Institute of Finance.
Although it is the most diversified
and open economy in the Middle East,
foreigners can only own up to 49
percent of companies unless they are
established in special free trade zones.
The new measures also grant 10-year
long residence permits to professionals
in the medicine, science, research and
technical fields.
Like other energy-rich Gulf
Cooperation Council (GCC) states,
foreigners working in the UAE must
have their residence permits made by a
national sponsor known as kafeel.
The International Monetary Fund
earlier projected that UAE economic
growth would fall from 3.0 percent in
2016 to 1.3 percent in 2017.
Iftar distribution program of Islami Bank Bangladesh Limited during the month of Holy
Ramadan was inaugurated on Sunday, 20 May 2018 in front Head Office of the Bank. Md.
Mahbub ul Alam, Managing Director & CEO of the Bank inaugurated the program as chief guest.
Mohammed Monirul Moula, Additional Managing Director, Abu Reza Md. Yeahia and JQM
Habibullah, FCS Deputy Managing Directors and other Executives of the Head office were present
on the occasion. Under this program, the Bank will distribute Iftar items among one lac
pedestrian fasting Muslims at 10 Traffic points including 7 in Dhaka City, 2 in Chittagong City
and 1 in Khulna City.
Photo: Courtesy
Meeting of the FBCCI Standing Committee
relating to Ministry of Railways held
China remains world's
largest developing
country: Russian expert
China is still the world's
largest developing country
despite its massive economic
and social achievements
over the past four decades, a
Russian expert has said.
China still lags behind the
United States in terms of
gross domestic product
(GDP), said Nataliya
Gribova, head of the
Research Planning and
Development Department
of the Russian Institute for
Strategic Studies.
"It can be said that
modern China in many
respects is both a developing
and developed country," she
told Xinhua in a recent
interview, because different
regions in China differ
sharply in terms of socioeconomic
development.
Gribova said the level of
some of China's eastern
coastal cities is comparable
to that of developed
economies, while the level of
some poorer provinces in
the west of the country is
comparable to that of
developing ones.
The share of services and
consumption in China's
GDP, although it is growing
at a rapid pace, is still at a
lower level than that of
developed countries, she
said.
Nevertheless, Gribova said
she was impressed by
China's economic growth,
which has allowed the
country to significantly
improve the living standard
of its population and lift
millions of people out of
poverty.
"After 40 years of reform
and opening-up, China has
d e m o n s t r a t e d
unprecedented growth from
a backward agricultural
country to the world's
second-largest economy and
the largest trader in goods,"
she said.
Gribova said that China is
now attaching greater
importance to the quality of
its economic growth.
"The fundamentally
important transition of
China from the stage of
quantitative growth to the
stage of high-quality
development will create, in
case of successful
implementation, a solid
foundation for the
sustainable growth of the
Chinese economy in the
future," she said.
S.Korea's producer
prices rise on
expensive crude oil
Prices for goods and
services among South Korean
suppliers rose last month on
expensive crude oil, central
bank data showed Monday.
The producer price index
stood at 104.13 in April, up 0.1
percent from the previous
month, according to the Bank
of Korea (BOK).
It was the rebound from no
change in March as crude oil
prices advanced last month.
Prices for industrial products
inched up 0.1 percent due to
higher prices of coal and oil
products, which jumped 3.1
percent.
Prices for agricultural
products declined 1.1 percent
in April, after dipping 0.9
percent in the previous
month. Lower farm goods
prices limited the producer
prices' further gain.
Fishery product prices
slumped 0.8 percent, but
those for livestock products
picked up 3.6 percent.
Mentioning the huge potential of
country's railway sector, the business
leaders emphasized on development of
this promising sector. In the context of
vast development activities, the
importance of railway sector has
increased, they added. The FBCCI
leaders, in this regard put emphasis on
more transport trains in different
routes of the country. They came up
with these suggestions at a meeting of
the FBCCI Standing Committee
relating to Ministry of Railways held
yesterday at FBCCI Board Room, a
press release said.
FBCCI Senior Vice President Sheikh
FazleFahim was present at the
meeting. Fahim, in his speech,
underscored the need for more
transport rails to match with the pace
of huge development activities in the
country. The FBCCI leader also
emphasized on expanding the
activities of Komlapur ICD (Inland
Container Depot).
The discussants at the meeting
emphasized on more trains in Dhaka-
Chottogram route, and to add
additional compartments for
transportation of goods. They also
emphasized on rapid service of
connecting rails with Chottogram port,
Mongla and Benapole. The business
leaders also supported the government
decision to launch bullet train in
Dhaka-Chattogram route in near
future.
S a r w a r W a d u d C h o w d h u r y ,
Chairman of the Standing Committee,
at the meeting, presented the detailed
future plan of the committee. FBCCI
Directors Md. RejaulKariemRejnu and
Hafez Harun-Or-Roshid also
participated in the discussion. Md.
Firoz Alam Sumon and Biplob Chand
Dugar,Co-Chairmen of the Committee
took part in the discussion. Members
from different sectors also attended.
Walton brings 55 new
models of fridge
The country's electronics
giant 'Walton' has brought
55 new models of fridges in
the local market aimed at
delivering most stylish
fridges with advanced
technologies to the
customers following the
upcoming Eid-ul-Fitr, one of
the largest festivals of
Muslims, says a press
release.
In addition, the local
brand set a target of selling
out about two lakh units of
fridges during the month of
Ramadan, which is about 30
percent higher than the sales
in previous Ramadan.
Along with the new
models, Walton is displaying
and selling more than 100
models of frost and nonfrost
refrigerators and
freezers in the local market.
To meet the increased
demand, which has been
boosted up due to the
extreme scorching weather,
the local brand has taken
massive preparation from its
production process to
marketing strategies.
Walton has already
increased fridge production,
built up stock to maintain
smooth supply along with
transporting the products to
different parts of the country
for 24 hours.
Sources said, blended with
attractive design and colors,
the new 55 models include
41frost, 8 non-frost
refrigerators and 6 freezers.
Among the frost fridges,
Tempered Glass Door
Refrigerator is remarkable.
In this Ramadan, Walton
supplied total of 16 new
models of frost refrigerators
with tempered glass door.
According to marketing
officials, Walton Glass Door
Refrigerators, priced
between Tk 24,500 and Tk
36,800, have turned into the
customers' prime attraction
for lucrative designs and
prices. Walton has brought
two new models of fridges of
50 liters and 107 liters at Tk
10,900 and Tk 14,200
respectively for the small
family and bachelors.
Among the new models of
non-frost refrigerators, there
are huge power efficient
inverter technology's threedoor
based refrigerators of
455 and 452 liters, one
model of side by side door
based refrigerator of 501
liters, one model of digital
display's refrigerator of 328
liters and two models of five
star energy rated
refrigerators of 328 liters.
Besides, Walton is also
marketing 14 models of
freezers between Tk 19,400
and Tk 31,290, of which 6
models are newly
introduced. There are also
29 models in the upcoming
list of Walton refrigerators.
Tapash Kumer Mojumder,
executive director of Walton
and chief of its Refrigerator
Research and Development
department, said Walton
refrigerators feature 9-layer
VCM door, which prevents
rust and scratches but
retains the brightness of the
doors ensuring long-life.
Eva Rezwana, executive
director and chief marketing
coordinator of Walton
Group, said, they are
manufacturing world-class
refrigerators and freezers
with the advanced
machineries at their own
factory. They are using
globally recognized
environment-friendly
R600a refrigerant in the
compressors of Walton
fridges. She said, the use of
Intelligent Inverter
technology, Nano
Healthcare and Anti-Fungal
Door Gasket technology,
one-year replacement
guarantee, ten years
guarantee for compressors,
maximum 36-month easy
installment facility,
achieving Five Star energy
rating from BSTI and
suitability with the local
weather conditions helped
Walton refrigerators to be at
the top of the customers'
choice.
Amdadul Hoque Sarker,
executive director of Walton
Group, said, Walton has set
the target of selling out
about 2 lakh units of fridges
in this Ramadan. He hoped
of exceeding the target if the
sales growth continues.
Mentionable, Walton is
delivering fast and quality
service to customers under
the ISO certified Service
Management System
through 70 plus service
centers across the
countryWalton is providing
customers home service for
fridges which already been
widely appreciated.
Customers can avail after
sales service all over the year
by just dialing 16267.
OPPO awarded In-Display
Fingerprint Sensor Patent
OPPO has been awarded a patent for
an in-display fingerprint scanner. The
State Intellectual Property Office of
China (SIPO) awarded the company
with the patent, and according to the
images that surfaced with the patent
filing, it would take up a fairly large
space above the bottom bezel of the
smartphone. Now the screens show it
on a smartphone with a physical home
button, but that is likely not how it will
be implemented when it launches in
the future.The documents were
coupled with plenty of images that
reveal the scanner might be used not
only for unlocking the device but also
for authorizing payments, a press
release said. The patent images show
the sequence of entering your
fingerprint and what parts of the actual
finger will be recognized. It is also seen
used while the screen is on, meaning
this technology is different to what
Synaptics developed - a sensor emitting
light underneath an OLED panel and
then reading the fingerprint crests.
Regarding the copyright of new
technology, the Managing Director of
OPPO Bangladesh Mr. Damon Yang
said, "OPPO as a youth centric brand
always focus on bringing the most
modern technology in for the users.
Recently we have successfully did a test
run on 3D video calling. We believe this
initiative of on screen fingerprint will
bring convenience for the users."