22-10-2021

FRIDAY, OCTOBeR 22, 2021
8
LafargeHolcim launches first of its kind
'Holcim Shokti' cement in Bangladesh
LafargeHolcim Bangladesh Limited (LHBL) one of the
leading cement manufacturers of the country has launched a
new cement brand 'Holcim Shokti'; the first rapid early
strength cement in Bangladesh market. The new brand was
unveiled at Radisson Blu Dhaka Water Garden, a press
release said.
Boom in construction due to rising income levels and
rapid urbanization has created the demand for high
strength cement and pronounced the need for faster
construction turnaround time. Based on market research
and customer feedback LafargeHolcim Bangladesh
carried out extensive research and trials to develop
'Holcim Shokti.
'Holcim Shokti' is the first rapid early strength cement
product in Bangladesh based on the 'Rapid Set' technology
that enhances early strength, ensures faster setting times and
uses optimum amount of water to ensurebetter workability.
It is a specialized cement that ensures 50 percent extra
Rich should pay
for greater carbon
footprint: study
PARIS : As rich people
have a greater carbon
footprint than the poor
they should pay more tax
to compensate, says a
study by the World
Inequality Lab (WIL)
published ahead of the
upcoming COP26 climate
conference in Glasgow,
reports BSS.
With carbon emission
levels returning to prepandemic
levels, most
recent data shows the
richest one percent of the
globe's population emitted
110 tonnes of CO2 per
head in 2019, study head,
Paris School of Economics
professor and WIL codirector
Lucas Chancel
said Wednesday.
That made their share a
hugely disproportionate 17
percent of the global total.
Moreover, whereas the
richest ten percent were
responsible for half of all
emissions, the poorest 50
percent accounted for just
a 12 percent share-at a per
capita average of 1.6
tonnes of carbon.
"Governments need new
sources of revenue to
invest in green
infrastructures," said
Chancel.
"One way to do so is via
progressive and ecological
wealth taxes. Such tools
are likely to be more
politically sustainable than
carbon taxes on
consumption, which hit
low-income groups hard
and don't do a great job at
reducing emissions of the
very wealthy."
The study found that the
burden of climate policies
in an attempt to limit
climate change has been
"disproportionately borne
by low-income consumers
over the past decades, in
particular via carbon and
energy taxes.
"More emphasis should
be placed on policy
instruments targeting
wealthier groups, via taxes
on the ownership of
polluting assets," such as
fossil fuel investments.
strength in two days. This can be used in RCC structure,
renovation and development of both residential and
commercial projects. Due to its rapid early strength, it will
save 15-25 percent time at the de-shuttering stage leading to
lower construction cost. It will save approximate 1400 taka
per tonne cement usage. This cement is available all across
Bangladesh in environment friendly BOPP bag which is
tamper & moisture proof and can be stored for four to six
months.
The company believes 'Holcim Shokti' will be able to attract
the customers due to its uniqueness, sustainability and cost
saving features and shall bring a different dimension in the
construction industry as a whole.
Professor Dr.Raquib Ahsan, from Department of Civil
Engineering, BUET presented the key note during the launch
where top distributors and prominent Structural Engineers&
Architects of different corporate houses along with company
officials were present.
Most Asia markets up, Hong Kong
swings as Evergrande sale fails
HONG KONG : Most Asian markets rose
Thursday following another strong Wall
Street lead as positive earnings continued to
smother inflation and taper worries, while
Hong Kong fluctuated and Evergrande
tumbled with the property giant resuming
trading after saying a unit sale had fallen
through, reports BSS.
Surging global prices have sent shivers
through trading floors for much of this year
as central banks are forced to tighten their
ultra-loose, pandemic-era monetary policies,
but a string of broadly on-target or forecastbeating
corporate reports have provided a
much-needed salve.
The Dow and S&P 500 closed within
spitting distance of record highs after the
latest results, while dealers brushed off a
Federal Reserve summary of the economy
that said transport constraints and shortage
of goods had led to "significantly elevated
prices" in most areas of the United States,
slowing growth.
The advances filtered through to most of
Asia with Sydney, Singapore, Seoul, Taipei,
Manila and Jakarta extending the week's
rally, though Tokyo and Wellington dipped.
Hong Kong swung in and out of positive
territory and embattled Evergrande tanked
more than 12 percent as it resumed trading
following a 17-day suspension after saying
the planned sale of its property services arm
had collapsed.
It also warned it could not guarantee it
would meet its debt obligations, days before
a 30-day grace period on an offshore bond
ends at the weekend, raising expectations it
will default and spark a massive
restructuring.
Justin Tang, of United First Partners,
warned that "without the infusion of cash
from the sale" of assets, the firm's share price
"is going to take the elevator down".
There had been hope that the $2.58 billion
sale of a 50.1 percent stake in Evergrande
Property Services Group would provide it
with much-needed capital to service its
debts.
Shares in the services arm fell more than
four percent, while Hopson Developmentthe
firm that had been in the buy-out talksrose
more than five percent.
The news will again raise worries about the
impact on the wider economy, with the
property sector accounting for a huge chunk
of gross domestic product and several other
developers recently failing to meet debt
payment deadlines.
Data this week showed the country's
economic growth was slower than expected
in the third quarter.
Still, investors have been calmed by
comments at the weekend from top officials
at the People's Bank of China who said the
fallout from the crisis could be contained.
Equity markets in Hong Kong appeared to
take the news in their stride in early trade,
with other property firms in positive
territory. Mainland Chinese markets were
also up.
Bitcoin was sitting around $65,000,
having broken Wednesday to a new record
high of $66,976 Wednesday after a financial
instrument dedicated to the unit made a
successful debut on the New York Stock
Exchange.
Bangladesh Krishi Bank (BKB) organized a virtual discussion meeting on
Sheikh Russel's 58th Birthday at the bank's head office recently. The Chairman
of the Board of Directors Md. Nasiruzzaman addressed the meeting as chief
guest. The Managing Director Shirin Akhter presided over the meeting while
the director of the bank Mrittyunjoy Saha noted his valuable speech on
different aspects of Sheikh Russel and his own belongings as negotiator. The
General Manager (Admin) Md. Azizul Bari, CBA President Md. Mominul
Haque and the leaders of different organizations of the bank also delivered
their speech. Among others, higher executives along with other officials were
connected virtually on the occasion.
Photo: Courtesy
First fund linked
to bitcoin futures
debuts on NYSE
NEW YORK : Bitcoin took
another step closer to
mainstream investing
Tuesday with the launch of a
new security on Wall Street
tied to futures of the crypto
currency, reports BSS.
To mark the occasion,
ProShares, leader in
exchange-traded funds, a
type of investment linked to
an index, rang the opening
bell of the New York Stock
Exchange on Tuesday.
The Bitcoin Strategy ETF,
trading under the "BITO"
ticker, rose 4.9 percent to
$41.94 in its first session, an
eagerly-anticipated event in
the world of crypto-money
that boosted bitcoin futures.
The arrival of the fund
helped propel bitcoin back
near its all-time high. Near
2030 GMT, the digital
currency stood a $64,313,
less than $600 short of its
April record.
Unlike mutual funds,
which are traded only once a
day, ETFs can be transacted
throughout the trading
session, making them more
like individual stocks and
increasingly popular with
everyday investors.
Rather than a direct
investment in the digital
currency, BITO will invest
"primarily in bitcoin
futures," ProShares said.
The Securities and
Exchange Commission has
repeatedly rejected ETFs
linked directly to bitcoin,
maintaining that they were
subject to market
manipulation. SEC Chair
Gary Gensler said futures
connected to bitcoin also
could be volatile, but noted
that the ProShares ETF is
linked to a futures contract
that has been regulated by
the Commodities Futures
Trading Commission since
2017.
"I think what you have
here is a product, it's been
overseen for four years,"
Gensler said on CNBC,
adding that the SEC has
jurisdiction over the ETF
under longstanding US law.
"So we have some ability
to bring it inside of investor
protection (but) it's still a
highly speculative asset
class," he said. "Underneath
this, it still has that same
aspect of volatility and
speculation."
Barclays bank reports profit
jump as economy recovers
LONDON:British bank Barclays on
Thursday announced a jump in profits
during the third quarter, extending its
recovery following the pandemic fallout,
reports BSS.
Barclays said net profit more than doubled
to o1.45 billion ($2.0 billion, 1.7 billion
euros) in the three months to the end of
September compared with one year earlier.
Profit after tax for the first nine months
stood at o5.25 billion, while the pre-tax level
of o6.9 billion was a record for the group.
Chief executive James Staley said the
group was "seeing evidence of a consumer
recovery and the early signs of a more
favourable rate environment".
Banks in the UK have started to raise
RFL launches awareness
campaign on water wastage
RFL Bathroom Fittings has launched a
month-long campaign to create awareness
among the common people on water
wastage. RN Paul, Managing Director of RFL
Group, inaugurated the campaign at the
head office of RFL Group at Badda recently,
a press release said.
Under the campaign, awareness message
is being spread through various medium to
make the general public aware as well as and
workshops are being organized in different
organizations. Moreover, anyone can win
attracting prize by sharing ideas on water
wastage. Details of the campaign can be
found on the RFL Bathroom Fittings
Facebook
page
(www.facebook.com/RFLBathroomFittings).
Addressing the occasion, RN Paul said,
"Most of the extracted water is wasted due to
our unconsciousness. It is possible to
prevent wastage of this precious water with a
Britain, New Zealand agree trade
deal, including haka clause
LONDON : Britain and New Zealand have
unveiled a comprehensive free trade deal,
including a commitment aimed at
preventing the revered Maori cultural
tradition of the haka, famously performed by
the All Blacks, from being misused, reports
BSS.
The in-principle deal was sealed in a video
call between British Prime Minister Boris
Johnson and his New Zealand counterpart
Jacinda Ardern, following 16 months of
talks. Johnson said it was a "big moment"
that strengthened Britain's friendship with
New Zealand and cemented London's ties in
the Indo-Pacific.
He likened negotiations for Britain's latest
post-Brexit trade deal to a rugby match.
"I'm absolutely thrilled that we seem to
have driven for the line, we've scrummed
down, we've packed tight and together we've
got the ball over the line," he said.
Ardern continued the sporting analogy,
saying Thursday that "unlike a rugby match,
I think we can literally both come off the field
feeling like winners".
London said the deal ends tariffs on British
exports such as clothing, footwear, ships and
bulldozers. It estimated that trade between
the two countries last year was worth o2.3
billion ($3.2 billion, 2.7 billion euros).
Tariffs on goods coming the other way,
such as wine, kiwifruit and meat, will also be
axed.
"It's one of our best deals ever and secured
at a crucial time in our Covid recovery,"
Ardern said. The New Zealand leader
praised provisions in the agreement aimed at
promoting Maori participation in trade and
addressing indigenous concerns.
They include a commitment by both
countries to "identify appropriate ways to
advance recognition and protection of the
haka Ka Mate".
The haka is best known as the spectacular
pre-match challenge issued by the All Blacks,
but it is also a revered cultural tradition
among New Zealand's Maori.
Indigenous communities-particularly the
Ngati Toa iwi (tribe) where Ka mate
originated-have long resented the footstomping,
eye-rolling challenge being
mocked or exploited for profit.
Over the years, haka parodies have been
used in Britain to sell everything from
menswear to alcopops-all without
permission and without a cent being paid to
the ritual's traditional owners.
The deal will encourage more cultural
sensitivity, with London agreeing to formally
recognise Ngati Toa's guardianship of the Ka
Mate haka.
IMF says chief economist
Gopinath to leave post in
January
WASHINGTON : IMF chief economist Gita
Gopinath will leave her post and return to
Harvard University's economics department
in January, the fund announced Tuesday,
reports BSS.
Harvard extended Gopinath's leave of
absence by one year, which allowed her to
serve at the IMF for three years, the
statement said.
She heads the International Monetary
Fund's research department which produces
the quarterly World Economic Outlook
report with its closely watched GDP growth
forecasts.
IMF Managing Director Kristalina
Georgieva praised Gopinath, who "made
history" as the first woman to serve in the top
economics post, for her critical analysis
during the pandemic.
"Gita's contribution to the Fund and our
membership has been truly remarkablequite
simply, her impact on the IMF's work
has been tremendous," Georgieva said in a
statement.
interest rates on their homes loans, as the
Bank of England prepares to increase its
main borrowing cost to tackle high inflation.
Barclays said that "although the
macroeconomic outlook has improved, the
level of uncertainty is relatively high".
It pointed to high unemployment, "with a
significant number of jobs at risk of
redundancy" as the UK, US and Germany
begin to withdraw financial support
measures put in place during the
coronavirus outbreak.
"To date, limited defaults have been
observed in response to the Covid-19
pandemic, but credit deterioration may
occur as support is withdrawn," Barclays
said.
little awareness. We are not just a business
organization, we are a corporate house. We
work for the country and its people. We seek
cooperation from everyone in this regard."
He also said RFL bathroom fittings uses
scientific valves and cartridges made of
100% brass, which ensures leakage-free
water. We will also start marketing sensorbased
and lever-type bathroom fittings soon,
which will play important role in preventing
water wastage."
Shariful Islam, Assistant General Manager
(Marketing) of RFL Bathroom Fittings, said,
"Pure water is declining due to daily wastage,
which is a big threat to our lives and the next
generation. We have launched campaign to
prevent water wastage by changing the
habits of all to face the threat."
Abdul Kuddus Miah, business in-charge of
RFL Bathroom Fittings, among others, was
present in the program.
EU says 'no taboos'
in budget rule review
STRASBOURG : The EU on
Tuesday launched public
consultations on reforming
its rules on debts and
deficits, with big fights
expected over how fast
countries must reduce
spending in the wake of the
pandemic, reports BSS.
The rules-calling for debt
to be capped at 60 percent of
gross domestic producthave
existed since 1992, but
are often broken. EU
member states have agreed
they need to be fixed.
At the end of last year, 14
member states had debts
over that limit, with France,
Belgium, Greece and Italy
with debt in excess of 100
percent of their GDP.
The process will involve
tough discussions among
member states with fiscal
hawks Germany and the
Netherlands reluctant to
make it easier for countries
to spend more.
France, Spain and Italy
believe that cutting spending
to pare debt can be
counterproductive as it rips
out the green shoots of
recovery before they achieve
long-term growth.
The European Commission,
the EU's executive in charge of
the debt monitoring, will
carefully sound out member
states, central banks and
others to find a consensus on
changing the rules.
"I am looking forward to
an open and frank debate in
the coming months, with
many contributions-and I
hope, no taboos," said EU
economy commissioner
Paolo Gentiloni.