30-07-2018

ECONOMY & BUSINESS
BANGLADESHTODAY 10
THE
MONDAY, JULY 30, 2018
Caution, skepticism over unpredictable
EU-U.S. trade talks: News Analysis
Islami Bank Training and Research Academy (IBTRA) organized a training titled "Financial
Education for the Youth with a view to Implementing SDGs' at the academy premises recently.
Professor Md. Kamal Uddin, Ph.D, Director of the bank and Treasurer of University of Dhaka
addressed the closing session of the program as chief guest. Md. Mahbub ul Alam, Managing
Director and CEO of the bank inaugurated the daylong program. Presided over by Dr. Mahmood
Ahmed, Director General of IBTRA, the program was addressed by Dr. Md. Mizanur Rahman and
Muhammad Zillur Rahman Al-Mahmud, Senior Vice Presidents of the bank as special guest.
Students from different public and private universities took part in this program. Photo: Courtesy
Russia's Central
Bank keeps key
rate at 7.25 pc
The Bank of Russia has
decided to keep the key
rate at 7.25% per annum,
noting that monetary
policy is highly likely to
shift to a neutral stance in
2019.
"Though annual inflation
remains below the target, it
is tending to return to 4%,"
the regulator said in a
statement following its
board meeting on Friday.
"The balance of risks is
shifted towards
proinflationary risks.
Uncertainty persists over
how strongly the tax
measures may affect
inflation expectations and
how the external
conditions will develop,"
the statement said.
The decision was
expected as the majority of
analysts projected on
Thursday that the Central
Bank would keep its key
rate, waiting for the
business' reaction on the
upcoming VAT hike and
amid growing inflationary
expectations.
According to the
regulator, monetary policy
is likely to shift to a neutral
stance in 2019. "Given the
effect of the planned fiscal
measures on inflation and
inflation expectations,
monetary conditions
should remain to some
extent tight to limit the
scale of secondary effects
and stabilize annual
inflation close to 4% over
the forecast horizon," the
Bank of Russia said on
Friday.
Meanwhile, the balance
of risks is shifted towards
proinflationary risks,
which the regulator said is
related to uncertainty
persisting over how
strongly the tax measures
may affect inflation
expectations and how the
external conditions will
develop.
The regulator expects
consumer prices to grow by
3.5-4% per year at the end
of 2018, and annual
inflation to temporarily
overshoot 4% in 2019. "The
annual growth rate of
consumer prices is
expected to return to 4% in
early 2020," it said.
According to the Central
Bank, annual inflation
remains low. "It stood at
2.3% in June and is
expected to hold within the
2.5-2.6% range in July in
line with the Bank of
Russia's forecast," the
statement said.
The Bank of Russia
forecasts that in 2018 the
Russian economy will post
a 1.5-2% growth rate,
which corresponds to its
potential amid the
remaining structural
limitations.
"The FIFA World Cup
made a positive
contribution to the annual
GDP growth rate in Q2
(0.1-0.2 percentage
points)," the statement
said. The regulator's board
of directors will hold its
next key rate review
meeting on September 14,
2018.
Poland may
take Filipino
workers:
Minister
Poland, whose right-wing
government opposes taking in
migrants, may have to look to
Filipino workers to cover a
growing labour shortage
hurting the economy, a senior
official said Saturday.
"We are on course to
conclude an agreement. I
hope that in the autumn we
will be able to at least sign a
preliminary accord" with the
Philippine authorities, Deputy
Labour Minister Stanislaw
Szwed said according to a PAP
news agency report.
Szwed noted that Poland
and the Philippines were both
Roman Catholic countries
and so shared many cultural
values.
Poland was in particular
looking to attract qualified
workers, in the IT, medical
and construction sectors, he
added.
According to analyst
forecasts, Poland by 2030 will
be short of four million
workers, partly the result of
continued emigration of its
own workforce to other EU
countries and partly due to a
low birth rate.
Up to now, Poland has
relied on neighbouring
Ukraine to fill the gap, with a
million Ukrainians in the
country already and up to
another 300,000 expected in
the next few years.
Observers remain cautious and
skeptical after the European Union
(EU) and the United States claim to
have averted a trade war with an
agreement to "work together towards
zero tariffs."
The reasons are mainly related to the
U.S. President Donald Trump
administration's unpredictability, the
rough relationship endured by
Brussels and Washington lately, and
most importantly the fact that nothing
concrete has been agreed on.
On Wednesday, European
Commission President Jean-Claude
Juncker and Trump hailed a "new
phase" in relations during their
meeting at the White House.
For his part, Trump shelved a threat
to slap tariffs on European cars; whilst
in return, Juncker promised that the
EU would buy more liquefied natural
gas and soybeans from America.
But away from the back-slapping
and smiles, caution and skepticism
remain, as details of any firm
agreement are glaringly short in
supply.
"Of course you have to have the
caveat that the devil will be in the
details," European parliamentarian
Richard Corbett told Xinhua. "It's an
agreement to start a process and with
Trump you can never be sure whether
that will be followed up properly."
And given the Trump
administration's unpredictable trackrecord,
there are fears that any new
talks could quickly unravel. Despite
that, both Trump and Juncker vowed
to address the steel and aluminum
tariffs which kicked off the dispute
earlier this year.
"It was started unilaterally by Trump
without foundation really and using
the security argument on products
that really have nothing to do with
security. Taking unilateral action like
that is not the proper way of doing
things," Corbett said, adding that
Brussels and Washington had endured
an uncomfortable relationship lately.
"I can understand people feeling
uncomfortable when they are with
Trump," Corbett added.
Experts and commentators on both
sides of the Atlantic urged caution
after the talks, as Juncker arrived in
Washington without a specific trade
offer, nor was one agreed.
"Some of the heat seems to have
gone out of the situation for now, but
unfortunately with this president what
he says one week, might be
contradicted by what he says the
following week, so you can't really take
anything for granted," Chris
Horseman, a journalist specializing in
agriculture and trade policy, told
Xinhua.
"I don't think anything concrete has
been achieved, as of today the same
tariffs are in place throughout - it's
basically an agreement to talk, but it's
fairly loosely formulated. It's really just
a promise to talk rather than a
commitment to ultimately do
anything," Horseman added.
This year Mercantile Bank Limited awarded the Mercantile Bank Sommanona- 2018 to 5 eminent
persons. At a graceful program held yesterday on Saturday at Pan Pacific Sonargaon Dhaka, Tofail
Ahmed M.P., the Minister of the Ministry of Commerce of the Government of the People's Republic
of Bangladesh as the Chief Guest handed over the gold medals, crests, & cheques of Tk.3.00 lac each
to the awardees. Cultural Minister Asaduzzaman Noor, MP was present in the occasion as Special
Guest. Bank's Chairman A.K.M. Shaheed Reza presided over the program and Managing Director &
CEO Kazi Masihur Rahman delivered the welcome speech. In the chief guest's Tofail Ahmed M.P.
said that along with banking business, Mercantile Bank's recognition of the country's eminent personalities
is truly a praiseworthy effort.
Photo: Courtesy
Walton releases cassette type AC
Customers prefer ionizer and smart AC with inverter technology
The country's electronics
giant Walton has brought
cassette type commercial airconditioners
or AC in the
local market considering the
huge customers' demand.
Prices of Walton brand
42,000 BTU (British
Thermal Unit) and 52,000
BTU were fixed at Tk
1,35,000 and Tk 1,55,000
respectively, says a press
release.
According to Walton
sources, sales of Walton
brand air-conditioners were
gone up sharply across the
country. During the period of
January to June of the
current year, sales of Walton
air conditioners were jumped
up by more than 20 percent
compared to the sales of the
corresponding period of the
previous year. The 1.5 tons
and 2 tons Smart AC of
Walton, which was released
in the current year, pushed
the overall AC sales to go up.
Walton air conditioners
with ionizer, smart and huge
power efficient inverter
technologies, manufactured
at Walton Hi-Tech Industries
Limited at Chandra in
Gazipur, have been turned
into the customers' prime
attraction.
Walton ACs with ionizer
technology will ensure pure
and healthy air across the
room through filtering dusts,
smoke, bacteria and odor
from room air.
On the other hand, Walton
ACs with inverter
technology's compressor
would consume 60 percent
lesser electricity than the
general technology's ACs, he
added.
In addition, he noted that
Walton 'Smart AC' could
monitor the power
consumption units, daily or
monthly electricity bill of it,
compressors condition like
overload or normal, power
connection situation like on
or off, and high or low voltage
supply to it, in his/her mobile
phone from any corner of the
world.
Now, Walton is
manufacturing and
marketing 18,000 BTU's or
1.5 tons and 24,000 BTU's or
2 tons IoT and inverter
technology's Smart AC at Tk
65,000 and Tk 78,000
respectively in the local
market. In addition, people
can buy Walton brand's
inverter air-conditioners of
1.5 tons and 2 tons at Tk
63,500 and Tk 76,500
respectively. Prices of Walton
brand 1.5 tons and 2 ton AC
with ionizer technology are
Tk 49,900 and Tk 56,900
respectively. In addition,
Walton brand 17200 BTU
and 12000 BTU's AC are
priced at Tk 45,900 and Tk
35,900 respectively.
Engineer Md. Ishaque
Rony, chief operating officer
of Walton AC, said, Walton is
manufacturing and
marketing world-class airconditioners
with perfect
BTU (British Thermal Unit).
They added the world's latest
technologies and features to
Walton ACs like IoT based
Smart AC, Inverter and
Ionizer technologies ACs.
Walton for the first time in
Bangladesh applied 'Golden
Fin' technologies to Walton
ACs. The Walton airconditioners
have been
released in the local market
just after getting testing
certificate from the
Bangladesh Accreditation
Board authorized
international standard
NUSDAT-UTS testing lab.
Now, six-month
replacement guaranty is
offered on Walton ACs. Users
are offered up to eight years
guaranty on the compressor
of Walton ACs and 36-month
installment facility during
purchase.
Regal Furniture on Tuesday organised its dealers' conference at International Convention City
Bashundhara. More than 600 distributors, engaged to bed, sofa, almirah, wardrobe, dressing table,
chair, shoe rack and other products, took part at the conference. Ahsan Khan Chowdhury, Chairman
and CEO of PRAN-RFL Group, R N Paul, Managing Director of RFL Group, Dilip Kumar Sutradhar,
Chief Operating Officer of Regal Furniture, Debashish Sarker, Head of Marketing and Mohammad
Bidduth Molla, Head of Sales, were present at the function.
Photo: Courtesy
Arif Quadri, Managing Director (Acting) of United Commercial Bank Limited (UCB) inaugurated a
week long Workshop on Advanced General Banking at UCB Learning & Development Centre,
Gulshan, Dhaka Abul Ali Ahad, Head of Learning & Development and Senior Officials of the Bank
were present to grace the occasion.
Photo: Courtesy
UCB inaugurates a week long Workshop
Arif Quadri, Managing Director
(Acting) of United Commercial Bank
Limited (UCB) inaugurated a week
long Workshop on Advanced General
Banking at UCB Learning &
Development Centre, Gulshan, Dhaka
on Thursday, 26 July 2018. The week
long workshop aims at providing
advance level knowledge on General
Banking including case studies and
discussions on recent trends in
banking. Mr Abul Ali Ahad, Head of
Learning & Development and Senior
Officials of the Bank were present to
grace the occasion, a press release said.