12-09-2022

MOnDAY, SepteMber 12, 2022
8
BEPZA starts paying salary's arrear of
Tk. 30 Crore to the workers of closed
Company Shine Fashion of DEPZ
Bangladesh Export Processing Zones
Authority (BEPZA) has started paying
the salary & other benefits arrears of the
workers of M/s. Shine Fashion
Company (PVT) Ltd., a closed factory of
Dhaka EPZ (DEPZ). The dues payment
activities started in a program organized
by DEPZ by which Tk. 30.02 crore
arrears would be paid to the workers in
phases yesterday, a press release said.
DEPZ Executive Director Abdus
Sobhan handed over pay orders to
some workers of their Salary & other
benefits arrears in the program. The
remaining workers' will get their
Tunisia food-makers
starved for supplies
amid crisis
TUNIS: Cash-strapped
Tunisia is facing a dearth of
imported foodstuffs from
dairy products to coffee,
forcing informal rationing at
supermarkets and
threatening some food and
beverage companies,
reports BSS.
For weeks, consumers and
businesses have been
struggling to find essentials
such as sugar, flour and
cooking oil-a crunch experts
blame on the dire financial
situation of the state which has
a monopoly on many staples.
Radhia Kamoun, CEO of the
patisserie chain Gourmandise,
says she is struggling to source
key ingredients, while those
that are available have surged
in price.
"When the sugar crisis
began, we started using less
of it, and the same with
coffee-but you can't make
pastries without butter," she
said from her office in the
capital's Ariana district.
Gourmandise, with 27
branches across the country,
has had to raise its prices
twice this year, she said.
The state has failed to
communicate and clarify
"what's going on and what's
going to happen", Kamoun
said, describing the situation
as the worst crisis since the
business was founded in
1976. "If it carries on, we'll be
forced to close shops, even
though we had an expansion
plan that had continued even
throughout the coronavirus
pandemic," she said.
Economists say the
problem stems from
Tunisia's woeful finances
and a trading system in
which the state has a
monopoly on imports of
commodities such as coffee,
sugar, tea and rice.
It buys the products either
on credit or with its foreign
currency reserves, then
releases them to local
markets, in some cases
heavily subsidising them.
But in March, ratings
agency Fitch downgraded
Tunisia's credit rating to
CCC, citing political
uncertainty and gaping
budget deficits.
Since then, "many
international suppliers have
stopped trusting Tunisia and
are demanding cash up front
for products and transport,"
said economist Moez
Hadidane. Tunisia has been
negotiating for months for a
bailout loan likely worth two
billion dollars from the
International Monetary
Fund, which is expected to
demand painful economic
reforms in return.
arrears by their bank accounts. The
workers are overwhelmed to
receive their arrears after almost
two years of the closure of the
factory. They thanked BEPZA
wholeheartedly for their
continuous efforts to settle the
dues payment. Mentionable, the
factory management announced
the closure of the factory in 2020
for the failure to pay the wages of
2,083 workers. BEPZA terminated
the land lease agreement with the
factory on 1 December 2020 and
assured that it would make
arrangements to pay all the dues of
the workers. After a long tireless
effort of almost two years, BEPZA
has been able to pay the dues of the
workers by selling the factory
through an auction.
BEPZA is always committed to
protecting the legal rights of workers
and paying their dues fairly. It is to be
noted that earlier BEPZA made
arrangements to pay the arrears to the
workers of a closed factory of Dhaka
EPZ, one of Chattogram EPZ, one of
Adamjee EPZ, and one closed factory of
Ishwardi EPZ.
MoU executed with NRBC Bank
for development of youth as
entrepreneurs: PM Sheikh Hasina
NRBC Bank is working with the government
to develop youth as entrepreneurs. Trained
youth are getting an opportunity to become
entrepreneurs by taking loans from NRBC
Bank without any collateral in partnership
with Department of Youth Development.
This venture is undertaken to eliminate
unemployment and create new
entrepreneurs, a press release said.
Hon'ble Prime Minister Sheikh Hasina
mentioned this initiative of NRBC Bank in
an event and said that an MoU
(Memorandum of Understanding) has been
signed with the Karmasangsthan Bank and
NRBC Bank to develop youth as
entrepreneurs. From here, our trained youth
can become entrepreneurs with Tk.5.00 lac
to Tk.10.00 lac loan as startup capital. A
special allocation has been kept for this
program in the budget. Prime Minister
Sheikh Hasina mentioned these at the
'Sheikh Hasina Youth Volunteer Award-
2022' ceremony which has been organized
for the second time by the Ministry of Youth
and Sports at the Osmani Memorial
Auditorium in the capital on Sunday,
September 11, 2022. Honorable PM Sheikh
Hasina virtually connected to this program
from her official residence Ganabhaban as
Chief Guest. The Prime Minister also said
that the youth are being given loans from the
Karmasangsthan Bank without any
guarantee so that they can become
entrepreneurs and create employment for
others. NRBC Bank is providing loans to
trained youth on easy terms and condition
under an agreement with Department of
Youth Development. Through this initiative
more youth will be able to avail loan facilities
up to Tk.10 lac from 4 percent to maximum
9 percent interest for creating selfemployment
and employment for others. To
become entrepreneurs, priority will be given
to women, third gender and people with
special needs.
Besides, NRBC Bank is disbursing loans
to the entrepreneurs under the CMSME
sector at only 7 percent interest. Recently,
NRBC Bank and Bangladesh Bank signed
an agreement in the presence of
Bangladesh Bank Governor Abdur Rouf
Talukder to provide this loan from the
Central Bank's refinancing fund of Tk.
25,000 crore.
NRBC Bank has already given loans to 25
thousand entrepreneurs who availed loan
facilities of Tk.4,600 crores. Tk. 175 Crore
loans were disbursed under the first and
second incentive package to entrepreneurs
of the CMSME sector for the coronavirus
crisis. 500 entrepreneurs availed this low
interest loan facility.
In addition, NRBC Bank has introduced
micro credit facilities for the marginalized
people at rural level. With the aim of creating
employment at home, Tk.1,500.00 crores of
loans have already been distributed among
36 thousand entrepreneurs.
British cinema chain Cineworld
files for US bankruptcy
LONDON : - Britain's Cineworld, the world's
second biggest cinema chain, announced
Wednesday that it has filed for bankruptcy
protection in the United States as it seeks to
restructure after facing low audience numbers,
reports BSS.
The group, which operates hundreds of
movie theatres in the United States, said in a
statement that it filed for Chapter 11 at a
bankruptcy court in Texas.
Chapter 11 of the US bankruptcy code is a
court-supervised restructuring process that
provides companies time to negotiate with its
creditors to reach a settlement on the reduction
of debts. Cineworld said it "will seek to
implement a de-leveraging transaction that will
significantly reduce the Group's debt,
strengthen its balance sheet and provide the
financial strength and flexibility to accelerate,
and capitalise on, Cineworld's strategy in the
cinema industry."
The statement said it hoped to emerge from
bankruptcy proceedings in the first quarter of
next year, and had $1.94 billion in financing
from existing lenders to help it through that
period.
China's car
sales rise the
most in a
decade
BEIJING : Sales of
passenger cars in China rose
28.9 percent on-year in
August-the most in a
decade-driven by a surge in
demand for electric vehicles,
a trade body said Thursday,
reports BSS.
A total of 1.87 million
vehicles were sold last
month, China's Passenger
Car Association said, with
sales of hybrid and electric
units doubling on-year in
the world's largest car
market.
Sales had contracted
sharply in May-shrinking by
17 percent on-year-and even
more in April, which saw the
biggest drop since 2020 at
40.4 percent.
The Chinese government
introduced a string of
measures, including a tax
break extension, in July to
stimulate sales of electric
cars against the backdrop of
an economic slowdown.
China's electric car market
is particularly competitive,
with manufacturers jostling
to take advantage of an
industry boosted in recent
months by generous
purchase subsidies from
local governments.
The measures are
supposed to support the
economy at a time when
sporadic Covid-19
lockdowns around the
country have dampened
consumer enthusiasm and
business confidence.
Apple unveils
new gadgets
despite supply
chain woes
CUPERTINO:Apple launched
new smartphones Wednesday
at prices similar to recent
models despite inflation and
supply chain woes, while
unveiling a premium digital
watch with a price tag to
match, reports BSS.
While a 90-minute
presentation at the
company's California
headquarters did not
include any surprise reveals,
the tech giant did unveil new
digital identification system
to obviate the need for a
physical sim card.
the same price as the
current version, while a
premium iPhone 14 Pro Max
will go for $1,100.
The set of updated
products, which also
includes new earbuds, is
designed to keep customers
loyal to its lucrative
technology ecosystem.
"Apple continued its
strong growth in the first
half of 2022, driven by
robust demand for the
iPhone 13 -- which was the
best-selling smartphone
worldwide," said Le Xuan
Chiew, an analyst at Canalys.
The ability to keep the
iPhone prices flat reflected the
benefits of diversifying the
supply chain to India after
China's zero-tolerance Covid
policies crimped production
there, the analyst said.
Wedbush analyst Dan Ives
said the launch event
underscored Apple's
logistics strength.
"Taking a step back,
launching 3 new core
hardware products within the
Apple ecosystem despite the
biggest supply chain crisis
seen in modern history is a
major feat for Cook & Co.
especially with the zero Covid
shutdowns in China seen in
April/May," Ives said.
Features of the new
iPhone 14 include a more
durable battery and new
photographic capacities to
capture "ultra wide" scenes
and low-light settings.
The phones also contain an
"emergency SOS" function to
enable messaging to
emergency services when
outside of Wifi coverage.
The iPhone 14 Plus comes
in a giant 6.7-inch (17-
centimeter) screen that offers
a better experience when
playing games or watching
videos.
400 Brand New Homes
in Dhaka from BTI
"As a leading real estate company bti always
cares for its customers and that is why bti is
going to organize a Grand Launching Event
where some very important matters such as
DAP, Wellness Communities & Healthy
Living will be discussed. This event is going
to add value to the prospective customers as
well as the landowners", thus opined by F R
Khan, the managing director of Building
Technology & Ideas Ltd (bti) in a press
conference held recently at their own
premise, bti Celebration Point in Gulshan.
bti is going to host two day long 'bti Grand
Launching Event 2022' on 16-17 September
2022, at Celebration Point, Gulshan-2. The
event will mark the occasion of launching
400 brand new apartments in the presence
of their customers, added by F R Khan.
The Chief Architect of bti mentioned that
under the Wellness Communities, we have
planned the homes for all age groups i.e.,
toddlers, adolescents, adults, and senior
The country's popular fast food retail brand
'Tasty Treat' is now all over Rajshahi city.
The retail chain shop, started its journey in
Rajshahi City with four outlets on Thursday,
a press release said.
Rajshahi City Corporation Mayor AHM
KhairuzzamanLiton inaugurated the outlets
at Kadirganj, Laxmipur, Uposhohor new
market and Shaheb bazar. Popular
actorRashedMamunApu, Ibrahim Khalil,
Head of Business at Tasty Treat, Amitav Roy
and MuhammodZiaulHaque, Senior
Manager (Operation) and Muhaiminul
Islam Tomal, Deputy Brand Manager were
also present there.
citizens. "Here your loved ones will be your
neighbors and your neighbors will be your
loved ones. We have focused on both your
physical and mental fitness while designing
the Wellness Communities", added by Ms.
Sabrin Zinat Rahman.
The day-long event will also hold two panel
discussions on the newly approved Detailed
Area Plan (DAP) and its implications, as well
as healthy living in wellness communities.
Project Director of DAP Md. Ashraful Islam,
other real estate experts, acclaimed health
experts, and international award-winning
architect Rafiq Azam will grace the panel
discussions with their presence, informed by
the managing director.
In this press conference along with Mr. F R
Khan, The Chief Architect, The Executive
Director of Brand and the General Manager
of Sales were present. It is a pre-registered
event and the registration for the event are
currently open.
Anger over bloated new
Sri Lanka government
COLOMBO: Sri Lanka added 37 new senior
posts to its government on Thursday,
sparking a social media backlash over
"useless" public spending in the middle of its
worst economic crisis on record, reports
BSS.
The country of 22 million has suffered
months of rampant inflation, severe
shortages of essential goods and widespread
protests, pushing it to default on its foreign
debt in April. The 37 new state ministers will
not accept their modest salaries, but they are
entitled to three cars each with fuel, state
housing, bodyguards, salaries for personal
staff and free stamps, the government said.
On social media, some Sri Lankans vented
frustration over the use of public funds.
"No pot to pee... but 37 state ministers!"
tweeted user Soraya Deen.
Mirhani Rahees added on the platform:
"Spending on these useless state ministers...
we have to tighten our belts. There goes my
tax money in flames."
Another user, Krishna Perera, accused the
government of having "no commitment to
human rights, economic reform, or
accountability". The new members all come
from the coalition of former president
Gotabaya Rajapaksa, who fled Sri Lanka in
July after protesters overran his official
residence, but he returned to the country last
week. Among the new ministers is
Rajapaksa's nephew, Sashindra, who takes
the irrigation portfolio. The 37 new posts are
in addition to the 20-member cabinet of
President Ranil Wickremesinghe, who took
over in late July following Rajapaksa's exit.
Wickremesinghe, a six-time prime
minister, has only one seat in the 225-
member parliament and depends on
Rajapaksa's Sri Lanka Podujana Peramuna
(SLPP) party, the largest bloc.
Officials close to Wickremesinghe said his
attempts to form a broad unity government
were yet to materialise as the main
opposition Samagi Jana Balawegaya (SJB)
had refused to join. Sri Lanka is in talks with
the International Monetary Fund to finalise
a $2.9-billion bailout that requires Colombo
to raise taxes and privatise loss-making state
enterprises-both politically unpopular
moves. In a new report released Tuesday, the
UN Human Rights Council urged
Wickremesinghe to prosecute those
responsible for economic crimes that
bankrupted the country.
Tasty Treat starts its journey
in Rajshahi with 4 outlets
Now, Tasty Treat has 262 outlets across
the country including Dhaka, Narsingdi,
Sylhet and Cumilla. Traditional and
birthday cakes, fast food, pastry, dessert
items, savory items, cookies and biscuits,
sweet items are available at the new
outlets.
Attending the program, Ibrahim Khalil
said, "Tasty Treat is committed to ensuring
healthy and hygienic foods at an affordable
price for the consumers. Now it is easy to
celebrate birthdays for people for the
standard and reasonable price of Tasty Treat
cakes. We are getting a tremendous response
from the consumers."