27-06-2021

SunDAY, JunE 27, 2021
8
Growing together with Daraz
Seller Referral Program
Innovation and integration of
buyer/seller goodwill have been Daraz
Bangladesh's forte since day 1, and
now the leading online marketplace
has introduced a unique 'Seller
Referral Program' to boost their peer
engagements even more. The latest
seller referral program enables both
Bank of England torn between inflation
fears and Covid recovery
LONDON: The Bank of
England is forecast to keep
record low interest rates on
Thursday-the latest major
central bank to weigh fears of
spiking inflation against the
need to nurture economic
recovery from Covid, reports
BSS.
The British central bank will
announce the outcome of its
meeting at 1100 GMT, when it
is predicted to keep rates at 0.1
percent and maintain bondbuying
stimulus.
The US Federal Reserve and
European Central Bank kept
their own ultra-low rates and
economic support measures
intact in recent weeks,
insisting that high inflation is a
temporary side-effect from the
global rebound.
The Bank of England's ratesetting
monetary policy
Walton moves to expand TV export
to 20 European countries by 2021
Bangladesh's electronics giant
Walton has set a target of
widening its TV export
business to total of 20
European countries by the
year 2021 as the local brand's
manufactured and exported
'Made in Bangladesh' tagged
television in Europe has been
well accepted for its high
quality as well as reliability,
says a press release.
Despite the global trade and
economic slowdown following
the coronavirus pandemic
situation, Walton made a great
success in expanding its LED
TV exports to 10 European
countries, including Germany,
Greece, Ireland, Croatia,
Spain, Poland, Italy and
Romania. Walton's successful
market expansion in Europe
was resulted in increasing its
TV export 10 times more than
the previous year.
In addition, Walton's TV
exports to Europe in the year
2020 was exceeded in the first
five months of this year
Daraz customers and sellers to refer
new sellers to the Daraz platform and
enhance the overall business
modalities for both the platform and
the vendors, a press release said.
New sellers would have to use
certain referral codes while signing up
on Daraz, so the referees' primary
committee (MPC), chaired by
Governor Andrew Bailey, will
be eager not to snub out any
nascent economic recovery in
the second quarter by raising
rates too soon.
The BoE's chief task is to use
monetary policy as a tool to
keep the inflation rate close to
a 2.0-percent target, in order
to preserve the value of money.
Inflation last month hit 2.1
percent-the highest level since
before the pandemic-with
clothing, fuel and oil prices
rebounding as the economy
reopens. Policymakers will
also be mindful of retreating
unemployment, as the
economy gradually emerges
from lockdown.
"Inflation is rising and
unemployment is falling, but
the Bank of England isn't going
to do anything about raising
(January to May).
German Ambassador to
Bangladesh Peter Fahrenholtz
praised Walton's remarkable
achievements in expanding
TV export to Europe.
During a recent visit to
Walton Hi-Tech Park at
Chandra in Gazipur, the
German envoy was briefed on
the successful market
expansion of Walton products
in Europe.
Witnessing the use of
European technologies'
advanced machineries, the
ambassador also lauded
Walton's state-of-the-art TV
manufacturing factory.
On his reaction on the visit,
Peter Fahrenholtz said,
"Walton has developed so
well. I am very much
impressed. Walton has a
vision to be a global player
through producing quality
products. Today, I witnessed
that Walton invested good
enough on advanced
technologies' machineries
interest rates until it's sure
these aren't just transitory
factors emanating from an
economy that's gone from red
to green," said analyst Laith
Khalaf at stockbroker AJ Bell.
The labour market is being
helped also by the
government's temporary
furlough scheme, which pays
the bulk of wages for millions
of private-sector workers but
will be phased out by
September. The Covidravaged
economy grew by an
encouraging 2.3 percent in
April as the government began
to ease lockdown.
Bright survey data has
sparked hope of a rebound in
the second quarter or three
months to June, after
shrinking 1.5 percent in the
first quarter.
Private sector business
mostly from Germany to
produce quality products. I
hope that Walton would be a
global market player.'
The German envoy also
termed Walton as a showcase
of the the Bangladesh
tremendous progress in the
recent years.
Walton Hi-Tech Managing
Director Engineer Golam
Walton's higher officials is briefing German Ambassador to Bangladesh
Peter Fahrenholtz about the successful market expansion of Walton products
in Europe during his recent visit to the TV Manufacturing Factory at
Walton Hi-Tech Park in Chandra, Gazipur.
Photo: Courtesy
Murshed said, Walton wants
to bring the Bangladesh's flag
of Bangladesh to a unique
height in the world by securing
a strong brand position in the
world's consumer electronics
markets. That's why, Walton
has been moving forward with
the "Vision- Go Global 2030".
The vision implies Walton will
be emerged as the best and
leading global electronics
brand in the world by 2030.
Walton TV Chief Executive
Officer Mostafa Nahid
Hossain said, "We set a goal of
becoming one of the top five
global television brands in the
world. As a part of this goal, we
objective is completed. After a new
seller attaining a certain benchmark,
the referee shall receive a Daraz
voucher worth BDT 300 per refer as a
reward. A person can refer unlimited
sellers and will enjoy rewards for 5
new sellers and up to BDT 1500 per
month.
activity expanded at a nearrecord
pace in June, with
businesses taking on staff at a
record rate, data firm IHS
Markit said. The BoE expects
the economy to grow 7.25
percent this year. But markets
are increasingly anxious over a
global inflationary surge,
fuelled by consumers' pent-up
demand.
BoE chief economist Andy
Haldane, who will attend his
swansong MPC on Thursday,
has warned of a "dangerous
moment" for central bankers
and the broader economy.
"The inflation tiger is never
dead. While nothing is
assured, acting early as
inflation risks grow is the best
way of heading off future
threat. This is monetary policy
101," Haldane wrote in New
Statesman magazine.
target to widen Walton TV
export markets to all the
countries of the 5 continents
by 2023. In this case, the rapid
expansion of Walton TV's
export market in Europe will
play an important role.
He said Walton exported 10
times more TVs to Europe in
2020 than the previous year.
In the first five month of this
year (January to May), Walton
surpassed the export of 2020.
Walton TV's Head of
Business in Germany Tawseef
Al Mahmood said, they set a
plan to expand its TV export
markets to 20 European
countries by the end of 2021.
The 'Made in Bangladesh' TV
has be well accepted for ins
reliability and quality in
Europe and Walton want to
up hold this standard going
forward. This year, Walton are
going to launch 3 new models
with new Smart features with
regional software suitable for
Europe markets.
According to sources,
Walton is making TVs of
European standard at its own
factory at Chandra in Gazipur.
Walton has already been
recognized as a state-of-theart
Dolby and Google-listed
'licensed TV manufacturer'.
Walton is the only company in
Bangladesh to produce
Dolby's official sound quality
TV. The price of these TVs is as
affordable as it is the best. And
so Walton TV is now at the top
considering the market share
in the local market.
It is learned that besides
meeting the local demand,
Walton TV has been exported
to different countries of the
world since 2010. Walton is
currently exporting TVs
labeled 'Made in Bangladesh'
through more than 100
business partners in more
than 35 countries.
8th Annual General Meeting (AGM) of NRBC
Bank Limited held Through Digital Platform
The 8th Annual General
Meeting (AGM) of NRBC
Bank Ltdwas held on
through digital platform
'Zoom' recently. The AGM
was conducted through
virtual medium as per the
directive of the regulatory
body BSEC due to the ongoing
nationwide Corona
virus pandemic, a press
release said.
S. M. Parvez Tamal, the
Honorable Chairman of the
Board of Directors presided
over the meeting. All
Directors, Sponsors, a large
number of Shareholders,
Managing Director & CEO
Golam Awlia and External
Auditor of the Bank
attended the meeting on
virtual platform. Company
Secretary Md. Mozammel
Hossain conducted the
meeting. Chairman S M
Parvez Tamal presented the
Annual Report 2020 of the
Bank and Directors Report
before the Honorable
Shareholders. Shakib Al
Hasan, number one allrounder
of the world also
attended the meeting as a
distinguished share holder
of this bank.
The Shareholders present
in the AGM approved 12.5%
International Business
Forum of Bangladesh (IBFB)
and Bangladesh Enterprise
Institute (BEI) jointly
organized a webinar titled on
"The National Budget for
2021-22: Private Sector
Perspective" via ZOOM
video conference recently, a
press release said.
M. A. Mannan, MP,
Minister, Ministry of
Planning, Government of the
People's Republic of
Bangladesh graced the
webinar as Chief Guest.
Towfiqul Islam Khan,
Senior Research Fellow,
Centre for Policy Dialogue
(CPD) was the Key Note
Speaker at the webinar.
M.S. Siddiqui, Legal
Economist & Vice President,
International Business
Forum of Bangladesh
(IBFB), Dr. M. Masrur Reaz,
Chairman, Policy Exchange
of Bangladesh, Dr.
Muhammad Abdul Mazid,
Former Secretary and Ex-
Chairman, NBR &
Chairman, Finance
Committee, IBFB and Dr.
consisting of 5% stock and
7.5% cash dividend for the
year ended 2020. Apart
from that, adoption and
approval of last year's
Financial Statements,
retirement and reelection of
04 Directors and other
agenda were also approved
in the AGM by the votes of
the shareholders. NRBC
Bank experienced
Mohammad Mahfuz Kabir,
Research Director,
Bangladesh Institute of
International and Strategic
Studies (BIISS) spoke as
Designated Discussants.
Ambassador M Humayun
Kabir, President, BEI
delivered the welcome
remarks at the webinar and
Lutfunnisa Saudia Khan,
Vice President Finance,
IBFB delivered the vote of
tremendous growth in all
financial parameters in
2020 amid Corona Virus
pandemic situation. Bank's
deposit increased by 25 per
cent from Tk 7,185 crore to
Tk 9,017 crore in December
2020. Loans increased by
20.67 percent. At the end of
last year, the amount of debt
stood at Tk.7,483 crore; last
year it was 6,201 crore. Net
thanks at the webinar.
Humayun Rashid,
President, IBFB & Managing
Director & CEO, Energypac
Power Generation Ltd. was
the Chairperson of the
webinar.
Among others Hafizur
Rahman Khan, Immediate
Past President, IBFB and
Chairman, Runner Group of
Companies, Dr. Md. Ali
Afzal, Director, IBFB and
profit has increased from Tk
114 crore to Tk. 134 crore.
Earnings per share stood at
Tk 2.31. The bank's NPL rate
is only 2.93 percent. The
bank has shown financial
strength by saving 12.52
percent of its capital
adequacy Ratio (CAR) . It
was informed in the
discussion of the AGM that
NRBC Bank is a strong
partner of the government
for revenue collection.
NRBC Bank is lending
money to the people in an
easy process. Microcredit
schemes have been
introduced for this purpose.
Under this scheme in
partnership banking, loans
will be given to 1 lakh
marginalized people in the
next one year by they will be
able to become self-reliant
by arranging their own
work. In addition to the
banking activities, the bank
has stood beside Corona
affected people. NRBC Bank
has been termed as
'Humanitarian Bank' for its
various activities including
distribution of medicines,
PPE, masks, hand sanitizers,
hand gloves and distribution
of cash among the destitute
people.
Webinar on 'The national budget for
2021-22: private sector perspective'
IMF board approves
final Egypt loan
disbursal
WASHINGTON : The IMF
executive board on
Wednesday said it had
approved Egypt's request for a
$1.7 billion loan, its final
disbursement under a plan
aiding its recovery from the
Covid-19 crisis, reports BSS.
"The Egyptian authorities
have managed well the
economic and social impact of
the COVID-19 pandemic,"
IMF Deputy Managing
Director and Acting Chair
Antoinette Sayeh said in a
statement.
"Proactive economic
policies shielded the economy
from the full brunt of the
crisis, alleviating the health
and social impact of the shock
while maintaining
macroeconomic stability and
investor confidence."
IMF staff approved the
release of the funds last
month as part of a program
now valued at $5.4 billion and
set up in June 2020 to help
the country during the
pandemic, $2 billion of which
was disbursed immediately.
The Washington-based
crisis lender greenlit the
release of $1.6 billion in
December after concluding
Egypt's government was
managing the downturn well.
Managing Director,
Krishibid Group, Lt. Gen M.
Harun-Ar-Rashid, Bir Protik
(Retd.), Chairman,
Governmental Relation and
Advocacy Committee, IBFB,
Managing Director, Rashid
Krishi Khamar Limited and
Prof. Dr. Hosne Ara Begum
(Ashoka Fellow & PHF),
Founder Executive Director,
TMSS, Bangladesh spoke at
the webinar.
Standard Bank Organizes
BAMLCO Conference-2021
Standard Bank Limited (SBL) has organized
the BAMLCO Conference 2021 a day-long
forum of the Branch Anti Money Laundering
Compliance Officers (BAMLCOs) of the bank
at a virtual event recently. Senior
executives/head of divisions and officials of
concerned divisions of the bank participated
in the conference along with 138 BAMLCOs of
the bank, a press release said
Head of Bangladesh Financial Intelligence
Unit (BFIU), Abu Hena Mohd. Razee Hassan
graced the conference as the Chief Guest.
Highlighting the AML & CFT initiatives of the
government, BFIU and international
organizations, the Chief Guest spoke about the
responsibilities of the bank as a reporting
organization during his speech. He welcomed
the initiative of the bank for holding the
conference and urged everyone present to
remain aware and endeavor to contribute to
the fight against money laundering and
terrorist financing. General Managers of
BFIU, A.B.M Zahurul Huda and Md.
Shawkatul Alam attended the event as the
Special Guests.
Managing Director & CEO of Standard Bank
Ltd., Khondoker Rashed Maqsood advised the
BAMLCOs to strive further to mitigate the risk
of ML & TF by complying with the regulatory
instructions on AML & CFT.
Deputy General Manager, Muhammad
Mohsin Hossaini, Joint Director, Md. Rokon-
Uz-Zaman and Md. Jaynul Abedeen, Deputy
Director of BFIU were the resource persons of
the day-long conference. Additional
Managing Director & CAMLCO of SBL, Md.
Touhidul Alam Khan has moderated the
whole conference.