08-04-2021

THuRSDAY, APRiL 8, 2021 8
Brothers Furniture, one of the furniture brands, opened a showroom in Shylet Mira bazar.
Chairman of Brothers Furniture Limited Al-hajj Habibur Rahman Sharkar inaugurated the showroom
recently. Associate Elephant Road outlet Tanvir Ahmed, Assistant Manager Abdul Hi and other
officials of the organisation, among others, were present at the ceremony. Customers can avail 5 to
15 percent discount on all furniture purchases on the occasion of happy inauguration. The discount
offer will be available till 10 April 2021.
Photo : Courtesy
New small business
coalition targets Amazon
on antitrust
SAN FRANCISCO : A new
coalition of small business
groups on Tuesday launched
a campaign for tougher US
antitrust enforcement,
specifically calling for the
breakup of online commerce
titan Amazon, reports BSS.
The Small Business Rising
group includes the American
Booksellers Association,
National Grocers Association
and a number of local and
regional business
organizations.
The coalition website said
its goal is to "stop tech
monopolies, such as
Amazon, from cornering the
online market by breaking
them up and regulating
them."
The move comes amid a
growing backlash against
large technology firms which
have dominated key
economic sectors and seen
their influence grow during
the pandemic.
The new small business
group said it supported the
conclusions of a recent US
congressional report
highlighting the power of
tech platforms and calling for
tougher
antitrust
enforcement and new
legislation to make it easier
to dismantle some firms.
"By restoring competitive
markets, we can unlock the
potential of Americans to
grow successful businesses
and build an economy that is
more prosperous, equitable
Daraz set to carry on deliveries
with heavy protective measures
The new surge in the number
of COVID-19 cases has
confined the nation to
undergo a week-long
lockdown once again, with
much ambiguity regarding the
decision for the forthcoming
days. As this situation
continues to pose many
difficulties for all businesses,
the country's leading online
marketplace Daraz
Bangladesh
(https://www.daraz.com.bd/)
has prepared itself to continue
to serve its customers-this
time under heavier and more
responsible protective
measures, a press release said.
The exemplary e-commerce
platform faced obstacles
during the early phases of
and innovative," the group
said.
It specifically named
Amazon, saying the
company's "stranglehold
over online commerce is one
of the top threats facing
independent businesses."
The group said the
congressional investigation
"found that Amazon has
exploited its gatekeeper
power over online shopping
traffic to impose exorbitant
fees, demand oppressive
terms and extract valuable
data from independent
manufacturers and retailers
that depend on its platform."
Amazon pushed back at
the claim that it stifles
competition, arguing in a
statement that "self-serving
critics are pushing misguided
interventions in the free
market that would kill off
independent retailers and
punish consumers."
A company statement said
that "Amazon empowered
small and medium-sized
businesses to generate
hundreds of billions of
dollars in sales last year, and
their sales are growing
significantly faster than
Amazon's first-party sales."
Danny Caine, owner of the
independent Raven Book
Store in Lawrence, Kansas,
said Amazon was "writing
the rules of the game, and
they're playing the game at
the same time."
Caine supports moves by
COVID-19 but managed to
hang on through obtaining
timely recovery measures.
With a better understanding
of crisis management, this
time Daraz has already started
to implement preventive
measures like - ensuring the
use of protective equipment
like masks, gloves, and hand
sanitizers at all the DEX
facilities; consistent social
distancing by 6S; disinfectionbooth
at the entrance of the
facilities; measuring
employees' temperatures at
the entrance; carrying out
operations in shifts with 50%
HR capacity; cleaning the
entire facilities at 2-hour
intervals and more. Team
leaders at Daraz are strictly
President Joe Biden's
administration to rein in the
tech titans, and is hopeful
that legislation can receive
bipartisan support.
"It's like, neither party
particularly loves big tech
monopolies. And so I see an
opportunity there," Caine
told AFP.
According to Stacy
Mitchell, co-director of the
Institute for Local Self-
Reliance, five years ago
Amazon was taking an
average of 19 percent of
sellers' revenue - an amount
that has now risen to around
30 percent.
"That's a pretty big
increase in the small margin
world of retail," Mitchell said.
According to the group's
figures most sellers can't
make enough profit to
remain on Amazon for more
than five years.
Since a vast amount of
online shopping traffic starts
on Amazon, they "get to pick
winners and losers," she said.
"So it's really important
that we have regulations that
require that e-commerce
platforms be neutral and deal
fairly with the many
businesses that depend on
that infrastructure."
Gina Schaefer, who owns
13 hardware stores in the
greater Washington DC area,
is upset that when it comes to
online shopping it's "not a
level playing field."
monitoring the health
conditions of the
teammembers and are taking
actions with a slight display of
any COVID-19 symptoms in
anybody. No individual is
allowed to enter the workplace
premises without wearing
protective equipment.
Besides, the Daraz riders are
also trained and monitored to
maintain proper protective
equipment while on the roads
and completing deliveries.
For the pandemic to not
hamper regular consumption,
especially with Ramadan
around the corner, Daraz has
made sure there is a sufficient
supply of food and grocery
items, like - rice, lentil, flour,
TCB starts sale of
essentials in
Rajshahi division
RAJSHAHI : The Trading
Corporation of Bangladesh
(TCB) has been selling
essentials in open markets in
the city and eight other
districts under Rajshahi
division for keeping the
essentials' prices stable ahead
of the upcoming month of
Ramadan since the initial day
of this month.
The state-run trading is
selling at 30 important in
Rajshahi, Chapainawabganj,
Natore and Pabna districts.
The TCB launches the
selling operation ahead of the
holy month of Ramadan every
year to help the low-income
people deal with possible hike
in the prices of daily
commodities.
Senior Executive of TCB
Rajshahi Regional Office
Rabiul Murshed told BSS that
the government has been
giving essential commodities
to mark the month of
Ramadan. Sugar, Soybean,
lentil, date, gram and onion
are being sold.
An individual can buy a
maximum of two kilograms of
each of the goods from the
TCB sale centres. Rahima
Begum, who came for buying
TCB goods in Ranibazar area
today, terms the government
initiative as good. This step
will benefit many low-income
group people.
The dealers are selling
sugar, lentil and gram at Taka
55 per kg each, soybean oil at
Taka 150, date at Taka 80 and
onion at Taka 20 per kg.
Rabiul Murshed said that
they are selling different types
of consumer goods at fixed
prices through the appointed
dealers.
sugar, soap, sanitizer, etc. - for
its customers. Every
package is instructed to be
disinfected at the
customer's doorstep so that
a germ-free delivery is
confirmed. Besides, Daraz
is also encouraging
touchless delivery and
touchless transaction
among the customers for
their safety.
On occasion, Syed
MostahidalHoq, Managing
Director, Daraz
Bangladesh, said, "At
Daraz, we always put
people before profit. We
have declared Work-from-
Home for as many of our
employees as possible so
that they can lessen the
risks of COVID-19
contraction. But being the
most relied-on online
marketplace, we are also
compelled to caterto the
customers who have no
alternative. Hence, our
deliveries will continue
with hundred percent
disinfection precautions
safeguarded for each
package".
BB relaxes
private
importers
deferred
payment rules
DHAKA : The privatesector
businesses involving
foreign loan or supplier
credit would now get
deferred payment time
limit beyond one year.
"Any eligible importer
might submit an
application to the BIDA
(Bangladesh Investment
Development Authority)
for extension of usance
period or refinancing to be
allowed by suppliers or
lenders against permissible
deferred imports with
credit exposure to the
importers beyond one
year," as per a Bangladesh
Bank (BB) circular issued
on Tuesday.
Applications will have to
submit to BIDA (formerly
Board of Investment) at
least one month before
maturity of the deferred
imports concerned, the
circular added.
Earlier, importers used to
get such facility up to one
year.
High Commissioner of
Pakistan to Bangladesh
Imran Ahmed Siddiqui
hoped to work jointly with
BEPZA to increase more
Pakistani investment in the
EPZs. He made the remark
today (7 April 2021) during
his visit at BEPZA Complex,
Dhaka. The High
Commissioner wished more
success of BEPZA under the
visionary leadership of the
Honourable Prime Minister
Sheikh Hasina. He praised
the management of EPZ and
BEPZA's contribution to
overall development of the
country.
Executive Chairman of
BEPZA Major General Md
Nazrul Islam, SPP, ndu,
afwc, psc, G welcomed the
High Commissioner at his
office and briefed on overall
activities of EPZs, workers
rights & benefits including
other operational issues.
BEPZA always provides its
best services to the investors
to run their business
smoothly, he added.
The Executive Chairman
of BEPZA informed that
BEPZA Economic Zone,
Samsung Electronics forecasts 44.19pc
jump in Q1 operating profit
SEOUL : South Korean tech
giant Samsung Electronics
flagged a 44.19 percent rise in
first quarter operating profit
Wednesday, largely driven by
robust sales of smartphones
and the launch of its flagship
Galaxy S21 series.
The company said in an
earnings estimate that it
expected operating profit of
9.3 trillion won ($8.3 billion)
for January to March, up
from 6.45 trillion won a year
earlier.
Samsung Electronics is the
flagship subsidiary of the
giant Samsung group, by far
the largest of the familycontrolled
empires known as
chaebols that dominate
business in South Korea, the
world's 12th largest economy.
It is crucial to the country's
economic health - the
conglomerate's overall
turnover is equivalent to a
fifth of the national gross
domestic product.
The coronavirus has
wreaked havoc with the world
economy, with lockdowns
and travel bans imposed
around the globe for many
months.
currently being developed at
Mirsharai of Chattogram, is
expected to be operational
by this year. He also
informed the High
Commissioner that BEPZA
is going to establish three
more EPZs at the different
parts of the country. He
requested Pakistani
investors through the High
Commissioner to come
TOKYO : Toshiba has received
a buyout offer from a British
private equity fund and will
consider the proposal, it said
Wednesday, with reports
suggesting the deal could be
worth about $20 billion.
Trading of Toshiba shares
was temporarily halted on
Tokyo's stock exchange at the
open, after the Japanese firm
confirmed the offer first
reported hours earlier by local
media, reports BSS.
In a statement, Toshiba said
it "received an initial proposal
yesterday" by CVC Capital
Partners for a buyout deal.
"We will request detailed
information and carefully
discuss" the offer, the firm
added.
The Nikkei newspaper said
CVC was considering a 30
percent premium over the
Japanese industrial group's
current share price, valuing the
deal at nearly 2.3 trillion yen
($20.8 billion) based on
Tuesday's close. The financial
daily said CVC would consider
recruiting other investors to
participate in the deal.
The proposal would take
Toshiba private, with delisting
intended to produce faster
decision-making by Toshiba's
But the pandemic - which
has killed more than 2.8
million people worldwide -
has also seen many tech
companies boom.
Analysts say the the
company has had a particular
boost from rolling out its
Galaxy S21 series in January,
more than a month ahead of
the flagship product's usual
forward and explore the
investment potentiality of
Uttara, Ishwardi, Mongla
EPZ and BEPZA Economic
Zone as well to invest in
diversified products.
Among others, Member
(Investment Promotion) of
BEPZA Md. Mahmudul
Hossain Khan, General
Manager (Public Relations)
Nazma Binte Alamgir,
management, which has
clashed with shareholders
recently, reports said.
The move, if successful,
would allow the firm to
concentrate resources on
renewable energies and other
core businesses, reports added.
Toshiba CEO and President
Nobuaki Kurumatani told
reporters Wednesday that "we
received the proposal but we'll
discuss it in a board meeting."
Reports suggested the
discussions would begin on
annual launch schedule.
"Key to the success of this
latest flagship has been its
lower $799 starting price,"
tracker Counterpoint
Research said in a report.
"Lower cost coupled with
trade-in offers that essentially
make the S21 device free, is
helping increase demand for
these 'entry-level' flagships."
Pakistan eager to work jointly with
BEPZA: High Commissioner
German shares
almost unchanged at
the start of trading
on Wednesday
BERLIN : German stocks
were almost unchanged at the
start of trading on
Wednesday, with the
benchmark DAX index
growing by 8.55 points, or
0.06 percent, opening at
15,221.23 points.
The biggest winner among
Germany's 30 largest listed
companies at the start of
trading was carmaker
Daimler, increasing by 0.94
percent, followed by
automotive supplier
Continental with 0.91 percent
and Deutsche Bank with 0.70
percent.
Shares of Delivery Hero fell
by 0.75 percent. The German
online food delivery company
was the biggest loser at the
start of trading on
Wednesday.
Germany recorded a deficit
of 189.2 billion euros (224.7
billion U.S. dollars) in 2020,
the country's Federal
Statistical Office (Destatis)
announced on Wednesday. It
was the highest deficit since
the country's unification in
1990 and clearly showed the
"consequences of the corona
crisis for the public budgets."
China's forex reserves
fall in March
BEIJING : China's foreign exchange reserves shrank to 3.17
trillion U.S. dollars at the end of March from 3.205 trillion
dollars at the end of February, official data showed
Wednesday.
The amount fell by 35 billion dollars, or 1.09 percent, from
the end of February, according to the State Administration of
Foreign Exchange (SAFE). In March, China's forex market
functioned stably with supply and demand of foreign
exchange basically in balance, said SAFE spokesperson
Wang Chunying.
Affected by factors such as the COVID-19 pandemic, the
development of COVID-19 vaccine and expectations of major
countries' fiscal and monetary policies, the dollar index saw an
increase while bond prices of major countries fell last month,
Wang added. The spokesperson attributed the decline in forex
reserves to the combined effects of currency translation and
changes in asset prices. Wang, however, expects the scale of
China's forex reserves to remain generally stable, despite
uncertainties in the international financial market and global
economic recovery amid virus-induced risks.
General Manager
(Investment Promotion)
Md. Tanvir Hossain and
General Manager
(Enterprise Services) Md.
Khorshid Alam of BEPZA
and Commercial Secretary
of Pakistan High
Commission in Bangladesh
Muhammad Suleman Khan
were present during this
time.
Toshiba to weigh buyout
offer from UK fund
Wednesday, though Toshiba
did not immediately specify.
Toshiba has been hit by false
accounting scandals and huge
losses linked to its US nuclear
unit.
It was forced to sell its profitmaking
chip sector to make up
for huge losses.
Following painful
restructuring, its earnings
rebounded and the company in
January returned to the
prestigious first section of the
Tokyo Stock Exchange.
VAT realization: NBR
turns down Dhaka
Club's request
DHAKA : The National Board of Revenue (NBR) has turned
down the request of Dhaka Club Limited to stop activities of
realising Tk 33.74 crore as Value Added Tax (VAT) and
Supplementary Tax.
The revenue collecting authority in a letter recently
informed that there is no scope of waiver of VAT and
Supplementary Duty as per the VAT Law 1991 once it has
issued the demand notice following all legal procedures.
Second secretary of VAT Law and Policy Kazi Rezaul
Hasan issued the letter on March 29.
Earlier, the Dhaka Club requested the NBR to stop the
process to realise Tk 16,69,82,573 as VAT and Tk 7,04,53,658
as Supplementary Duty.