28-02-2021

SUNDAY, FEBRUARY 28, 2021 8
United Commercial Bank Limited (UCB) launched STM (Smart Teller Machine), state of the art technology
for the first time in Bangladesh on 23 February 2021. Chairman of Executive Committee of
UCB Anisuzzaman Chowdhury Ronny inaugurated the STM as Chief Guest. Among others Managing
Director of UCB Mohammed Shawkat Jamil; Additional Managing Director of UCB Arif Quadri;
Deputy Managing Director of UCB N. Mustafa Tarek; Deputy Managing Director of UCB Md.
Abdullah Al Mamoon; Senior Executive Vice President & Company Secretary of UCB ATM
Tahmiduzzaman along with other senior executives were present at the event. Photo : Courtesy
Nagad sets daily accountopening
record
About 1.80 lakh new clients
are joining the network of
Nagad every day just by
pressing a couple of buttons
on their mobile phones,
thanks to an innovation that
allows them to open the
account of a mobile financial
service without filling out
any documents. This is a
record in opening accounts
and an example of boosting
the financial inclusion using
technology.
New clients are joining
Nagad, the digital financial
service of the postal
department, in droves after it
introduced the opening of
accounts through dialling of
*167# and the setting up
four-digit PIN. Besides,
people can open an account
through the app of Nagad
after having their national
identification number
verified, a press release said.
After introducing the
effortless account opening
process, recently the second
largest MFS carrier has also
launched some campaigns,
which also rushing users to
join the network of Nagad.
The download of Nagad app
has gone up to such a level
that it is in the top chart of
the Google Play Store among
the apps from Bangladesh.
Recently, Nagad has
signed agreements with all
mobile phone operators to
allow their subscribers to
open MFS
account by
dialling
*167#. As
mobile
phone
operators
have the
information
of a NID of a
subscriber,
whenever a
prospective
user dials
*167# to
express his
or her interest to open the
MFS account, their
information is instantly
verified against the NID
database and the process to
open the account is
completed. The innovation
of Nagad has already caught
the attention of many
countries and global
agencies.
Even in near past, people
had to spend a considerable
amount of time and money
to open an MFS account and
had to wait for days and even
for weeks. In order to
improve the
situation,
Nagad
introduced
country's first
digital KYC
(know your
customer).
Later, Nagad
took the step
to open MFS
accounts in
just a minute
through the
Porichoy app
of the
government of Bangladesh.
Now, a mobile phone user
can easily become an MFS
account-holder by dialling
*167# and set the PIN.
Only on February 17, about
1.85 lakh people joined the
Nagad platform. A similar
pace of client registration
was observed before and
after the day. On average, 1.5
lakh people registered with
Nagad every day in the last
two weeks. As a result, the
effective number of clients of
Nagad has gone past 3 crore,
a development that is
significantly contributing to
the financial inclusion in the
country.
Speaking about the
unprecedented success
Nagad's Managing Director
TanvirAMishuk said, "We
had wanted from the very
beginning that we would
take Nagad to the people
across the country very
easily. Aiming that we have
reduced the cost and ease the
account opening process and
through it we also have
ensured liberty of using
financial service. We already
are observing the result of
our endeavour. Hopefully,
we will become the most
popular MFS operator in the
country very soon."
Electric carmaker start-up Lucid
Motors to go public
SAN FRANCISCO : US electric
carmaker Lucid Motors announced
Monday that it will go public via a
merger with a company that values it at
$24 billion.
The California-based start-up has
chosen to go through a SPAC, or
"Special Purpose Acquisition
Company," which is a company with no
commercial activity whose aim is to
raise funds by going public, a press
release said.
The SPAC, Churchill Capital Corp IV
(CCIV), contributed $2.1 billion, and
Lucid also negotiated $2.5 billion from
investors including BlackRock, Fidelity
Management & Research LLC,
Franklin Templeton and Neuberger
Berman.
"The transaction values Lucid at an
initial pro-forma equity value of
approximately $24 billion," the
carmaker said in a statement, and will
bring in "approximately $4.4 billion in
cash."
IPOs via SPACs exploded in the
United States in 2020. They allow
companies to go public with a windfall.
"Lucid is going public to accelerate
into the next phase of our growth as we
work towards the launch of our new
pure-electric luxury sedan, Lucid Air, in
2021 followed by our Gravity
performance luxury SUV in 2023," the
automaker's CEO, Peter Rawlinson,
said in the statement.
The funds will also enable the Silicon
Valley-based company to expand its
Arizona plants, which are expected to
produce approximately 365,000
vehicles per year within the next few
years.
Lucid employs nearly 2,000 people
and hopes to hire an additional 3,000
by the end of the year.
Revzol Lubricants paid honor to family of language martyr Abduds Salam who died on February 21,
1952 during the great language movement. Mosaddek Hossain, Head of country operation, Revzol
Lubricants handed over the plaque of honor and donation to Subedar Abdur Rafiq, younger brother
of language martyr Abduds Salam at the award giving ceremony of language festival 'VASA UTSOB
2021' held on 21 February 2021 at Noakhali.Renowned language soldier Professor Abdul Gafur inaugurated
the festival, language soldier and freedom fighter ManjurulHaqueShikder was the key speaker.
Observing International Mother Language Day 2021 the festival had different events along with
inter school hand writing competition, book fair and cultural completion. These events were organized
in coordination of social welfare organization United Brothers Forum (UBF). Photo : Courtesy
Electric carmaker
start-up Lucid
Motors to go public
SAN FRANCISCO : US electric
carmaker Lucid Motors
announced Monday that it will
go public via a merger with a
company that values it at $24
billion, reports BSS.
The California-based startup
has chosen to go through a
SPAC, or "Special Purpose
Acquisition Company," which
is a company with no
commercial activity whose aim
is to raise funds by going
public.
The SPAC, Churchill Capital
Corp IV (CCIV), contributed
$2.1 billion, and Lucid also
negotiated $2.5 billion from
investors including BlackRock,
Fidelity Management &
Research LLC, Franklin
Templeton and Neuberger
Berman.
"The transaction values
Lucid at an initial pro-forma
equity value of approximately
$24 billion," the carmaker said
in a statement, and will bring
in "approximately $4.4 billion
in cash."
UK unemployment edges up
to 5.1% on pandemic fallout
LONDON : Britain's unemployment rate
edged up to 5.1 percent in the final quarter
of 2020, official data showed on Tuesday, as
coronavirus lockdowns slashed economic
activity.
The rate compared with 5.0 percent in the
three months to the end of November,
which was a 4.5-year high, the Office for
National Statistics said in a statement.
Analysts expect unemployment to surge
when the UK government's furlough scheme
paying the bulk of wages for millions of
private-sector workers comes to a stop - as
currently planned - at the end of April.
Finance minister Rishi Sunak on Tuesday
hinted at further employment support in the
coming months as England begins to exit its
third lockdown form early March.
Details are expected to come in his annual
budget next week.
"I know how incredibly tough the past
year has been for everyone and every job lost
is a personal tragedy," the chancellor of the
exchequer said in a statement.
"That's why throughout the crisis, my
focus has been on doing everything we can
to protect jobs and livelihoods.
"At the budget next week I will set out the
next stage of our plan for jobs and the
support we'll provide through the remainder
of the pandemic and our recovery."
British Prime Minister Boris Johnson on
Monday set out a four-step plan to ease
coronavirus restrictions, expressing hope
that life could get back to normal by the end
of June.
In a statement to parliament, he
outlined a "gradual and cautious"
approach to lifting curbs in England,
starting with the reopening of schools
from March 8 and non-essential retail
from April 12.
The ONS on Tuesday added that at 5.1
percent, the unemployment rate was 1.3
percentage points higher compared with
the final quarter of 2019.
The number of payroll employees
tumbled by 726,000 between February
and January 2021, it said.
"The rise in the unemployment rate… to
5.1 percent in December is another step up
on the climb towards the 6.5-percent peak
we expect by the end of the year," noted
Thomas Pugh, economist at Capital
Economics research group.
"But with the end of Covid-19 restrictions
now in sight, the jobless rate may be back
at 4.0 percent in 2023," he added.
Kwun Tong Apparels Ltd. of Adamjee EPZ and Lenny Fashions Ltd. & Lenny Apparels Limited of Dhaka
EPZ, the recently closed RMG factories, have paid dues to their workers. The relentless efforts of
BEPZA made it possible to pay the dues after the several rounds of discussions between the Executive
Chairman of BEPZA and the representatives of those companies. The British Virgin Island owned
Kwun Tong Apparels Ltd. had been operating business in Adamjee EPZ since 2006. But due to the global
economic downturn caused by Corona Pandemic, the company declared closed for not being able to
run the business. BEPZA asked Kwun Tong Apparels repeatedly to pay the dues of the workers of the
factory. In this context, the company recently paid Tk.18.58 crore to 5787 workers against their
Provident Fund (PF) and Gratuity. Hong Kong (China) owned Lenny Fashions and Lenny Apparels Ltd.
had been operating RMG industry in Dhaka EPZ since 1999 and 2010 respectively. At present, the
demand of the woven garments is decreased and the orders from the buyers is also stopped due to
Covid-19 situation. As a result, the two factories declared closed their business activities. Tk. 42.25
crore against the dues of 6730 workers have been paid due to tireless effort of BEPZA. Photo : Courtesy
Asian markets struggle
as inflation worries
offset recovery hopes
HONG KONG: Markets were
mixed Monday as investors
struggled to maintain an
initial rally, with falling
infection rates and more
good news on the vaccine
front playing off against
worries about high valuations
and inflation, reports BSS.
While the United States is
approaching 500,000
deaths, there is growing
optimism that there is light at
the end of the tunnel in the
Covid-19 crisis as
governments embark on
immunisation programmes
that will allow economies to
reopen.
Expectations that
President Joe Biden's vast
stimulus will be passed next
month are also keeping
spirits up, as a raft of data last
week on factory and services
activity indicated the
financial hit to the United
States and Europe might not
be as bad as feared.
News that the
Pfizer/BioNTech jab
appeared to prevent nine in
10 people from getting the
disease in Israel - which is the
most advanced in its rollout -
provided a positive
background. Israeli officials
also said the shot was 99
percent effective at preventing
deaths from the disease.
Foodpanda and Bidyanondo join
hands to reduce food wastage
Each year, an estimated one-third of all
food produced in the world is wasted.
Globally, this amounts to approximately
1.3 billion tons of food per year. In
Bangladesh alone, food waste comprises
most of all solid waste. Wasting food has
a cascading impact on all aspects of society:
it impacts food security for individuals
across the world, hampers economic
development, and intensifies the current
climate crisis. In an effort to minimize
food
waste, foodpanda
Bangladesh
has partnered
with Bidyanondo
Foundation,
a press release
said.
As part of this
collaboration,
volunteers from
the Bidyanondo
Foundation are collecting food items
from cancelled orders on the foodpanda
platform. These food items are being
collected from designated rider hubs
and distributed amongst the underprivileged.
This means that cancelled orders
will no longer go to waste. Beyond promoting
greater food security and reducing
food wastage, both the Bidyanondo
Foundation and foodpanda Bangladesh
pledge that all collected food is being
redistributed with food safety standards
and proper packaging in mind.
foodpanda also ensures that food
items returned by its riders to designated
hubs throughout the day will remain
fresh and safe for consumption, while
Bidyanondo Foundation volunteers
ensure that the stored items will be
picked up in a timely manner and distributed
among the needy in a way that
maintains proper hygiene.
"We're happy that Bidyanondo Foundation
has come forward to support us
in reducing food wastage. Through this
collaboration, not only will we be able to
reduce food wastage, but we will also
help feed vulnerable individuals over
time and
achieve better
sustainability
for the future.
We're hoping
that this initiative
will
help make a
p o s i t i v e
impact on the
c o m m u n i t y
and country
we love so much," said Ambareen Reza,
Managing Director and co-founder at
foodpanda Bangladesh.
Kishor Kumar Das, Founder and
Chairman of Bidyanondo Foundation
said, "Even after providing food to millions
of people in the One Taka Meal
program, we felt dissatisfied with food
charity for not being able to take any
effective action against food wastage.
The dream that we had for the last three
years by conveying the food quoted from
social events to the floating people, is
now starting its journey on a large scale
with foodpanda. Thanks to foodpanda
for joining this journey with Bidyanondo."