12-10-2021

TuESDAY, OCTObEr 12, 2021
8
IBBL inaugurates Palashbari
Branch in Gaibandha
Elon Musk says Tesla moving
headquarters to Texas
Islami Bank Bangladesh Ltd
inaugurated Palashbari Branch as its
375th Branch at Kalibari Bazar Road,
Palashbari, Gaibandha recently.
Mohammed Monirul Moula,
Managing Director and CEO of the
bank inaugurated the Branch as the
chief guest, a press release said.
Muhammad Qaisar Ali, Additional
Managing Director, Miftah Uddin,
Executive Vice President of the Bank,
AKM Moksed Chowdhury Bidyut,
Chairman of Palashbari Upazila, Md.
Kamruzzaman, Upazila Nirbahi Officer
and Md. Golam Sarwar Biplob,
Palashbari Poura Mayor addressed the
program as the special guest. Md.
Mahboob Alam, Senior Executive Vice
President of the Bank presided over the
function while Md. Abdus Sobhan,
Head of Bogura Zone of the bank
addressed welcome speech. Rabiul
Hossain Pata, President of Palashbari
German
industrial
output slumps
on supply
chain woes
FRANKFURT: German
industrial production fell
more sharply than
expected in August, official
data showed Thursday, as
supply chain frictions
weigh heavily on Europe's
biggest economy, reports
BSS.
Federal statistics agency
Destatis said industrial
output slumped by four
percent month-on-month,
after experiencing a
rebound in July, according
to figures adjusted for
seasonal swings.
Analyst surveyed by
Factset had predicted an
August decline of just 0.1
percent.
"Producers continue to
report about the
production being
constrained by a shortage
of supply of intermediate
products," Destatis said in
a statement.
Hardest hit was
Germany's flagship car
industry with a 17.5 percent
drop in output.
Like other automakers
around the world, German
manufacturers are
grappling with a shortage
in computer chips, spurred
by a pandemic-induced
surge in demand for
electronic devices.
Republican leader
offers temporary
fix to US debt crisis
WASHINGTON: The top
Republican Senate leader on
Wednesday proposed a truce to
squabbling in Congress that
risks pushing the United States
into what the White House and
industry leaders warn would be
"catastrophic" debt default,
reports BSS.
Senate Minority Leader
Mitch McConnell said
Republicans would allow
Democrats to vote for
temporarily lifting the debt
ceiling, which is about to expire,
triggering a government
default, "into December."
This would give Democrats
time to find a longer-term
solution and will "protect the
American people from a nearterm
Democrat-created crisis,"
McConnell said..
But the White House
response to the offer was
lukewarm, with Biden's
spokeswoman Jen Psaki calling
on Senate Republicans not to
"kick the can down the road"
when an immediate, long-term
solution was available.
Press Club, Md. Al Amin, proprietor of
Al-Amin Traders, Dholi Rani, woman
entrepreneur, Tajneen Sultana,
proprietor of Famous Fashion House
and Nirmal Chandra, businessman
addressed on behalf of clients. Mir
Rahmat Ullah, Head of Rangpur Zone,
Khaled Mahmud Raihan, FCCA, Senior
Vice President, A.M. Shahidul Amran,
Assistant Vice President, Head of
different branches of the bank, clients,
social elites were present on the
occasion.
Mohammed Monirul Moula in his
speech as the chief guest said, Islami
Bank is currently providing modern
technology-rich services to its clients
through 375 branches, 200 subbranches
and 2600 agent banking
outlets. Through improved and sincere
customer service, IBBL has become an
institution of trust and confidence of
the people of the country. He said
DHAKA : Swiss
entrepreneurs has
expressed their interest to
invest in Bangladesh's
leather industry, reports
BSS.
Ambassador of Switzerland
in Dhaka Nathalie
Chuard expressed his
country's interest in this
regard while meeting with
Industries Ministry Nurul
Majid Mahmud Humayun
at the latter's office at the
secretariat here today, a
press release said.
Islami Bank has been successfully
conducting investment activities in the
government-announced stimulus and
priority sectors, including providing
investment facilities to government
officials and employees. Income tax
and passport fees, government revenue
and fees are being easily paid through
all branches and sub-branches of IBBL
Automated Chalan System.
He added that Islami Bank is making
need-based investments for food
security, employment, poverty
alleviation and maximum utilization of
human resources. He directed the
officials to spread internet banking,
CellFin app and other technology-rich
services of IBBL. He called upon the
bankers to conduct banking activities
prioritizing business expansion and
entrepreneur development in
Palashbari area.
State Minister for Planning Dr Shamsul Alam is seeing compressors manufacturing
at Walton factory. WHIL's MD and CEO Golam Murshed are
also present.
Photo: Courtesy.
‘Walton plays a leading role in
the export-oriented industry’
State Minister for Planning Dr
Shamsul Alam opined that
Walton has been playing a
leading role in the efforts of
flourishing local exportoriented
industries. Walton is
now the leader of domestic
electronics industry. The others
could follow them. Walton
brand's one or more products
are available in the country's
every household. This is a great
success not only of Walton but
also of Bangladesh, a press
release say.
The government has been
providing all necessary
assistances to boosting the
local manufacturing industry,
he said and assured of
updating the public
procurement rules for giving
priority to the domestic
industries
during
government's purchase.
The state minister for
planning made the remarks
just after visiting Walton
factory at Chandra in Gazipur
on Monday. During his visit,
Dr Shamsul Alam witnessed
the unimaginable progress of
the domestic hi-tech goods
manufacturing industry.
Earlier in the morning,
Walton Hi-Tech Industries
Limited (WHIL) Managing
Director and also Chief
Executive Officer Golam
Murshed as well as Director
Sabiha Jarin Orona welcomed
the state minister at the
factory complex with flower
bouquet.
Among others, Additional
Deputy Commissioner of
Gazipur Abul Kalam, WHIL's
Deputy Managing Directors
Humayun Kabir and Alamgir
Alam Sarkar, Walton Digi-
Tech Industries Limited's
DMD Liakat Ali, WHIL's
Senior Executive Directors
Col. (Retd.) SM Shahadat
Alam, Uday Hakim, Sirajul
Islam, Firoj Alam, Yusuf Ali
and Easir Al-Imran, Executive
Directors Zahidul Islam,
Shahjada Salim, Shahjalal
Hossain Limon, Mohasin Ali
Molla and Media Adviser
Enayet Ferdous were also
present.
After the visit, the state
minister said, Walton factory
is very neat and clean. The
factory establishments are
built up in environmentfriendly
manner. The ETP
(Effluent Treatment Plant) is
kept run.
WHIL's Managing Director
and CEO Golam Murshed
said, the electronics industry,
is another potential export
sector as like the ready-made
garment industry. The
government has been working
with the vision of reaching the
list of developed countries by
2041.
Referring to the relations
with Switzerland since the
independence of
Bangladesh, Humayun
said that Switzerland has
been cooperating
continuously in the field of
human development of
SAN FRANCISCO : Tesla
chief Elon Musk told
investors on Thursday that
the leading electric vehicle
maker is moving its
headquarters from Silicon
Valley to Texas, where it is
building a plant, reports BSS.
"I'm excited to announce
that we're moving our
headquarters to Austin,
Texas," Musk said at an
annual shareholders meeting.
"Just to be clear, though, we
will be continuing to expand
our activities in California."
Musk said Tesla sales are
growing strongly, and the
company is ramping up
deliveries despite shortages of
computer chips and other
components.
Tesla aims to increase
production at its plant in
Fremont, California, by some
50 percent, Musk said.
But that plant is hitting its
limits on how much more it
can handle, he said.
"When we first went in
there it was it like a kid in his
parents' shoes; tiny us and
Chief trade
negotiators
from US, China
hold ‘candid
exchange’
WASHINGTON : US Trade
Representative Katherine
Tai spoke with Chinese Vice
Premier Liu He on Friday
evening to discuss Chinese
commercial practices that
Washington deems unfair,
reports BSS.
"During their candid
exchange, Ambassador Tai
and Vice Premier Liu
acknowledged the
importance of the bilateral
trade relationship and the
impact that it has not only
on the United States and
China but also the global
economy," the USTR said in
a statement.
This was the second
consultation between the
two countries' chief trade
negotiators after relations
were seriously damaged
under former US president
Donald Trump. The two last
spoke in May.
Friday's talk was "an
opportunity for the United
States and China to commit
to forging a trade
relationship that is managed
responsibly," a USTR official
said on condition of
anonymity.
Tai underscored US
concerns "relating to China's
state-led, non-market
policies and practices that
harm American workers,
farmers and businesses," the
USTR said.
The Biden administration
says China's massive state
subsidies for national
companies, intellectual
property theft and other
factors create a heavily
uneven playing field in
trade.
Swiss entrepreneurs keen to invest in leather industry
Bangladesh.
He said Switzerland is
investing in different
sectors, including
pharmaceutical,
infrastructure, technical
services and consumer
goods.
He called upon the Swiss
investors to invest more in
those sectors.
During the meeting,
Swiss envoy handed over
to the minister a letter
from a tannery industry
based in Zurich,
Switzerland, and
expressed interest in
visiting tannery in Savar.
The Industries Minister
thanked him and said that
Central Effluent Treatment
Plant (CETP) is being
constructed in the tannery
industrial city of Savar.
this giant factory," Musk said
of its inaugural plant in
Silicon Valley.
"Now, it's like a spam can.
We are hitting the sides of the
bowl."
He noted that the cost of
living in Silicon Valley is high
for workers, with home prices
putting them out of reach for
workers, who often wind up
with long commutes.
Musk has clashed with
regulators in California, and
is among high-profile tech
figures who personally left the
state for places with lower
income taxes and less
regulation.
"This was a smart strategic
move for Tesla," said
Wedbush analyst Daniel Ives.
"We believe this was the
first step towards Tesla
making Austin its domestic
and global foundational
location over the coming
decade with its recent
frustration with California
officials likely accelerating
this move."
A stockholder-submitted
Kraft' is a popular shoe brand in Chittagong. In
just one year, the company has become known
not only in Chittagong but all over the country.
And this has been possible because of the
online facilities. Through the website
www.kraft.com.bd, shoppers from all over the
country can buy shoes of their choice. The Kraft
list includes a collection of different designs for
Gas price spike sends stocks sliding
LONDON:A 25 percent
jump in European gas prices
to record peaks on
Wednesday fanned inflation
concerns, sending equities
sliding as investors worried
higher prices could choke
the global economic
recovery, reports BSS.
Frankfurt, London and
Paris equity markets lost
around two percent at one
point on worries that high
prices for gas along with oil
could accelerate inflation,
forcing tighter global
monetary policy that would
pull the rug out from the
global economic recovery
proposal to have Tesla
disclose more about diversity
and inclusion efforts at the
company won approval,
despite opposition from the
board of directors, according
to preliminary results.
It calls for comprehensive
breakdowns of Tesla's
workforce by race and gender,
along with insights into how
well efforts to improve
diversity are doing, to be
routinely disclosed to
investors.
"The business case for
diversity is clear," said Calvert
Research and Management
vice president Kimberly
Stokes, who spoke on behalf
of the proposal.
"As shareholders we are
concerned that Tesla's lack of
focus on equity, diversity and
inclusion could hinder the
company's ability to innovate
in the future."
Calvert's winning proposal
was one of four put on the
agenda by investors urging
Tesla to better protect worker
rights and well-being.
from the Covid-19
pandemic.
Equity markets also fell at
the start of trading in the US,
where concerns about the
pace of economic recovery
are being accentuated by
political deadlock that could
halt plans to step up
government spending and
even trigger a US debt
default.
Europe's Dutch TTF gas
price rocketed as high as
162.12 euros per megawatt
hour, while UK prices soared
to 407.82 pence per therm
before giving up their gains.
Gas demand is also
A California jury this week
ordered Tesla to pay a Black
former employee $137
million in damages for
turning a blind eye to racism
the man said he encountered
at the firm's Silicon Valley
auto plant.
"They awarded an amount
that could be a wake-up call
for American corporations,"
said civil rights attorney Larry
Organ, who represented the
former Tesla worker.
"Don't engage in racist
conduct and don't allow racist
conduct to continue."
Owen Diaz was hired
through a staffing agency as
an elevator operator at the
electric vehicle-maker's
Fremont factory between
June 2015 and July 2016,
where he was subjected to
racist abuse and a hostile
work environment, according
to the court filing.
Instead of a modern
workplace, the plaintiff
"encountered a scene straight
from the Jim Crow era," said
the suit.
Innovation in footwear
DHAKA :The customers' of
the Postal Department's
mobile financial service
Nagad can now enjoy up to 12
percent cashback for
shopping in superstores,
reports BSS.
From selected superstores,
customers can now enjoy up
to 12 percent cashback for
payment through Nagad.
The Nagad customers can
avail this offer once in a day
from Shwapno, Prince Bazar,
Agora, Meena Bazar, Daily
Shopping, Lavender,
Unimart, Wholesale Club and
Khulshi Mart.
During the campaign,
Nagad users can also avail the
offer maximum twice or Taka
200 instant cashback from
the selected superstores, said
a press release.
Besides, in another 22
superstores, Nagad users can
avail up to 12 percent or Taka
100 cashback offer which
could be redeemable once
during the campaign.
The instant cashback offer
of Nagad will continue until
men, women and children, a press release said.
Sohel Farid, the owner of Kraft, launched the
first outlet in Chittagong in 2020. "We have
been conscious of our product quality from the
beginning," he said. "And I can say this utmost
honesty and faith.
At the same time, our products are
affordable.
Nagad offers 12pc cashback
in superstores payment
October 31. Users can enjoy
the offer by doing merchant
payment through app, USSD
or scanning the QR code.
About the campaign, Nagad
Chief Marketing Officer
(CMO) Sheikh Aminur
Rahman said that Nagad is
working to bring any service
to the fingertip of the users
instantly.
heightened in Asia, and
particularly from China.
"Natural gas prices have
climbed to new peaks ... as
insufficient levels of
inventories ahead of the
winter season drive
concerns for a spike in
inflation and energy prices
for consumers," said XTB
analyst Walid Koudmani.
"These supply constraints
could translate into higher
costs of fuel moving into the
winter months, a prospect
which could further slow
down economic recovery
and worsen moods across
markets."