29-07-2022

FRIDAY, JULY 29, 2022
8
First Security Islami Bank Limited provided house construction materials and financial assistance to the
flood affected people of Ulipur Upazilla, Kurigram. Mohammad Rezaul Karim, Deputy Commissioner of
Kurigram was present as the Chief Guest in the program organized in this regard at DC office, Kurigram
on 27 July 2022 and Md. Rezaul Islam, Zonal Head of the Bank's Rajshahi Zone was present as the Special
Guest.Among others, Md. Shafiqul Islam, Manager of Ulipur Branch, Sish Md. Abu Hanifa, Manager of
Rangpur Branch of First Security Islami Bank Ltd. along with other officials were present in the occasion.
Photo: Courtesy
European
equities climb
after Fed hike
LONDON : European stock
markets advanced at the
open on Thursday, as
investors digested another
hefty US interest rate hike to
combat decades-high
inflation, and amid a flood
of corporate earnings,
reports BSS.
London's benchmark
FTSE 100 index climbed 0.3
percent to 7,368.81 points in
initial deals.
Frankfurt's DAX index
added 0.4 percent to
13,215.34 points and the
Paris CAC 40 rose by 0.5
percent to 6,290.48.
The US Federal Reserve
lifted US interest rates by
0.75 percentage points, in
line with expectations, in a
bid to tackle runaway
inflation.
There is a growing
concern that the sharp rise
in rates is bearing down on
the world's top economy
and could send it into a
painful recession.
All eyes are now on the
release of second-quarter
growth data later Thursday.
After a 1.6-percent
contraction in the previous
three months, another
negative reading would put
the economy into a
technical recession.
US GDP data due
with all eyes on
possible recession
WASHINGTON: The
United States is set to
release key data on
economic growth Thursday
and global investors are
watching closely as the
world's largest economy
flirts with recession-while
President Joe Biden walks a
political tightrope, reports
BSS.
Though Biden says he is
confident the US economy
is not suffering a downturn,
a report showing a second
consecutive quarter of
negative growth-meeting
one of the common
definitions of a recessionwould
increase fears of a
wider downturn.
Biden's critics would seize
on such a report as proof of
the veteran Democrat's
mismanagement of the
economy.
With crucial midterm
elections just over three
months away, the stakes
could not be higher, and the
Biden administration has
spent the past week talking
up the positive signs in the
US economy, including job
growth and solid consumer
spending.
It would be highly unusual
for an economy still adding
jobs at a rapid pace, and
with near record-low
unemployment, to fall into
recession.
The consensus forecast
among analysts is for an
annualized 0.5 percent
increase in the gross
domestic product in the
second quarter, after a 1.6
percent decline in the first
three months of the year.
Tokyo stocks open higher
extending US gains
TOKYO : Tokyo stocks opened higher on
Thursday, extending rallies on Wall Street
after the US Federal Reserve announced a
large interest rate hike, reports BSS.
The benchmark Nikkei 225 index was up
0.75 percent, or 209.14 points, at 27,924.89
in early trade, while the broader Topix index
advanced 0.42 percent, or 8.24 points, to
1,953.99. The Federal Reserve on
Wednesday again raised the benchmark
interest rate by three-quarters of a
percentage point in its ongoing battle to
tamp down raging price pressures that are
squeezing Americans.
While the Fed noted signs that the US
economy is slowing, it signalled plans to
continue to increase borrowing costs-and
Fed Chair Jerome Powell made it clear an
even bigger rate hike is possible.
However, Powell also said he did not
believe the US economy was in a recession,
and that he thinks the country can avoid one
while aggressively battling inflation.
"Japanese shares are seen starting with
gains following US rallies," Toshiyuki
Kanayama, senior market analyst of Monex,
said in a commentary. "In the US market,
buy-orders emerged after Fed Chair Powell's
comments... prompted speculation that the
speed of rate hikes would slow," he said.
The dollar also pulled back against its
major peers in a sign the Fed's stance was
seen as less hawkish than expected.
In Asia, the dollar fetched 136.26 yen
against 136.51 yen in New York and 136.93
yen in late Tokyo hours on Wednesday.
In Tokyo, Mitsubishi Motors soared 11.36
percent to 490 yen after it revised up fullyear
earnings forecast and reported that
first-quarter net profit expanded more than
six times year-on-year.
Nissan was up 2.22 percent at 520.7 yen
ahead of its earnings report due after market
close. Toyota was down 0.41 percent at 2,160
yen. Among others, Sony Group rallied 0.73
percent to 11,745 yen, shipping firm Mitsui
O.S.K. Lines added 0.42 percent to 3,565
yen, and Uniqlo operator Fast Retailing was
up 0.79 percent at 79,200 yen.
Asia's richest woman loses half her wealth
in China property crisis BEIJING, July 28,
2022 (BSS/AFP) - Asia's wealthiest woman
lost more than half her fortune over the past
year as China's real estate sector was rocked
by a cash crunch, a billionaire index showed
Thursday, reports BSS.
Yang Huiyan, a majority shareholder in
Chinese property giant Country Garden, saw
her net worth plunge by more than 52
percent to $11.3 billion from $23.7 billion a
year ago, according to the Bloomberg
Billionaires Index. Yang's fortune took a
major hit on Wednesday when the
Guangdong-based Country Garden's Hong
Kong-listed shares fell 15 percent after the
company announced it would sell new
shares to raise cash.
Yang inherited her wealth when her father-
Country Garden founder Yang Guoqiangtransferred
his shares to her in 2005,
according to state media.
She became Asia's richest woman two
years later after the developer's initial public
offering in Hong Kong.
But she is now barely holding onto that
title, with chemical fibres tycoon Fan
Hongwei a close runner-up with a net worth
of $11.2 billion on Thursday.
A Business Review Meeting-2022 was held at Training Institute of
Karmasangsthan Bank's Head Office on 28th July 2022 organized by Branch
Control Department. Md. Nurul Amin, chairman of the board of directors of
the bank and former senior secretary of the People's Republic of Bangladesh,
was present as the chief guest. Managing Director Shirin Akhter, General
Manager Goutam Saha, Meher Sultana were present as the special guest. The
discussion was held with the aim of reviewing the business of the previous
financial year and determining the plan of action for the current financial year
2022-2023 while General Manager Mahmuda Yasmin preside over the meeting.
All the Divisional DGM's, head of audit and regional managers of the bank
participated in the meeting. On this occasion, all Deputy General Managers of
the Head Office were present.
Photo: Courtesy
Asian markets track post-Fed surge
on Wall St, but caution urged
HONG KONG : Asian markets rose
Thursday following a surge on Wall Street
fuelled by hopes that the Federal Reserve
could slow its pace of inflation-fighting
interest rate hikes, reports BSS.
The dollar also struggled to bounce back
from a sell-off-sitting at a three-week low
against the yen-that came in response to
comments by bank chief Jerome Powell
suggesting its next super-sized increase
could be its last.
However, analysts cautioned that the
initial joy, which sent New York's three main
indexes soaring, could be short-lived as the
global economy continued to face several
headwinds and inflation would not likely
come down quickly.
As expected, the Fed lifted borrowing costs
75 basis points to a range of 2.25-2.5 percent,
close to the neutral level it considers neither
stimulating nor slowing economic growth.
Forecasts have rates going as high as 3.8
percent in 2023 as the bank tries to control
runaway inflation.
There is a growing concern that the sharp
rise in rates is bearing down on the world's
top economy and could send it into
recession.
Google and Kantar jointly released the "Kantar
BrandZ Chinese Global Brand Builders 2022
TOP 50" list, with realme
Google and Kantar jointly released the
"Kantar BrandZ Chinese Global Brand
Builders 2022 TOP 50" list, with realme,
a technological and trendsetting brand,
appearing on the list for the first time
and also winning the Special Award
"Best Newcomer for Balanced Growth".
realme is the youngest brand among the
TOP 50 list, a press release said.
Founded in August 2018, realme has
surpassed global sales volume of
100million just within 3 years, which
made it become the fastest emerging
smartphone brand to achieve this, and
became the TOP 6 smartphone brand in
the world in 2021. For realme, the list
means that realme has realized the shift
from a rising star to a brand with global
influence, and is preferred by young
people around the world.
Sky Li, founder and CEO of realme,
said that realme is a technology brand
for global youth. For the past 4 years,
realme sprawled laterally into market,
bringing high quality products with leapforward
performance and trendsetting
design to young users from 61 markets
globally. In next phases, realme will dive
into strategic markets to be more
influential.
BrandZ Chinese Global Brand
Builders Top 50 is based on the survey of
more than 1 million users in 11 countries
and the comprehensive analysis of the
brand power score that is calculated
based on consumer survey data and
search data. It is a scale to measure the
international influence of Chinese
brands and has the authority and
credibility in the world. According to the
report, realme is the youngest brand
among the Top 50 list.
realme's Brand Power grew by 20%
compared with last year in the 11
surveyed markets, the growth rate is
70% in the 7 surveyed developed
markets. In this year's list, realme,
established less than four years, made its
Chattogram South, Sylhet & Rangpur Zone of Islami Bank Bangladesh
Limited organized half yearly Business Development Conference on July
26, 2022 on virtual platform. Mohammed Monirul Moula, Managing
Director & CEO of the Bank addressed the conference as chief guest.
Muhammad Qaisar Ali & Md. Omar Faruk Khan, Additional Managing
Directors, J Q M Habibullah, FCS, Md. Mostafizur Rahman Siddiquee & Md.
Nayer Azam, Deputy Managing Directors, Md. Siddiqur Rahman,
Mohammad Jamal Uddin Mazumder, Engr. A F M Kamaluddin,
Mohammed Shabbir, Md. Mahboob Alam, Mohammod Ullah, Mizanur
Rahman & Md. Maksudur Rahman, Senior Executive Vice Presidents, Abu
Sayed Md. Idris, Sikder Md. Shehabuddin, Md. Mizanur Rahman Bhuiyan,
Ahmed Zubayerul Huq, Meah Md. Barkat Ullah & Miftah Uddin, Executive
Vice Presidents attended the program. Branch incumbents, Investment incharges
and Foreign Exchange in-charges of the branches under the Zones
attended the conference.
Photo: Courtesy
Nestle upgrades forecasts after strong first-half
ZURICH : Swiss food giant Nestle said
Thursday it would raise its full-year sales
forecast after price increases and cost-cutting
contributed to a strong performance in the first
six months of 2022, reports BSS.
"In the first half of the year, we delivered
strong organic growth," chief executive Mark
Schneider said in a statement.
"Our local teams implemented price increases
in a responsible manner. Volume and product
mix were resilient. "We limited the impact of
unprecedented inflationary pressures and
supply chain constraints... through disciplined
cost control and operational efficiencies,"
Schneider said.
Nestle said it booked group sales of 45.6 billion
Swiss francs ($48 billion) in the period from
January to June, an increase of 9.2 percent over
the same period a year earlier. At the same time,
net profit declined by 11.7 percent to 5.2 billion
francs as a result of one-off charges, higher taxes
and asset writedowns, the statement said.
On the basis of its first-half performance,
Nestle said it was now pencilling in full-year
sales growth of seven to eight percent, compared
with a previous forecast of five percent.
first debut with a brand power score of
294, ranking TOP13 in the Consumer
Electronics Category. This year, the
developed markets accounts for 50% of
realme's Brand Power.
The influence of emerging markets is
extensive, and the brand power of
developed markets is evident.
In recent years, realme's global
market share continues to grow, and its
product sales continue to rise. In the
first quarter of 2022, realme grew 13%
globally year-on-year, bucking the
trend in 14 markets. In some European
markets, such as Spain, Greece and
Czech Republic, the market share has
entered the TOP5, with an overall
growth rate of 177%. The south and
southeast Asia market has a good
performance, with India taking 16% of
the market share and entering the
TOP3 this year. South America, Middle
Asia and other markets have made
breakthroughs, with TOP5 market
share in the Morocco, Peru, Egypt and
other countries. realme brand has its
own DNA of globalization since its
establishment, and has an integrated
layout of multi-level, multi-circle and
globalization. In the future, realme will
continue to deepen its global layout
and gradually grow into a technological
and trendsetting brand with global
influence.
Ford profits rise
on strong Q2
sales, pricing
NEW YORK : Ford shares
zoomed higher Wednesday
as the US auto giant
reported increased secondquarter
profits on a surge in
auto sales that more than
offset the hit from higher
costs, reports BSS.
The Michigan company
had already disclosed a jump
in second-quarter US auto
sales that bucked the
declines reported at other
carmakers amid the ongoing
semiconductor shortage.
But on Wednesday Ford
also confirmed its 2022
profit targets, pointing to
continued strong vehicle
pricing as dealerships
contend with tight product
inventories.
Profits for the quarter
ending June 30 rose 19
percent to $667 million on a
50 percent surge in revenues
to $40.2 billion.
Vehicle demand "is-and is
expected to remain-strong,"
said Chief Financial Officer
John Lawler, while adding
that the pricing conditions
remained "dynamic."
Ford said it continued to
face cost pressures, with $4
billion in headwinds in 2022
related to higher prices for
metals and other
commodities.
The company also raised
its estimate for "other"
inflationary pressures to $3
billion for the year, up $1
billion from the prior
forecast.
Companies have been
contending with broadbased
inflation.
"50th Board of Directors and 69th Bi-monthly meeting of Primary Dealers Bangladesh Limited (PDBL)"
organized by Mercantile Bank Limited in Hotel Purbani of Dilkusha was held yesterday.Chairman of
PDBL Md. Ataur Rahman Prodhan, CEO & Managing Director of Sonali Bank Limited presided the meeting.
Md. Quamrul Islam Chowdhury, Managing Director & CEO of Mercantile Bank Ltd., Mohammad
Shams-Ul Islam, MD & CEO of Agrani Bank Ltd., Mohammed Rabiul Hossain, MD & CEO of Uttara Bank
Ltd., Mosleh Uddin Ahmed, MD & CEO of South Bangla Agriculture & Commerce Bank Ltd., attended the
meeting. Mati Ul Hasan, AMD & CRO of Mercantile Bank, Head of Treasury and dealers of different PD
banks were also present in the meeting.
Photo: Courtesy