05-10-2022

WEDNESDAY, OCTOBER 5, 2022
8
Bank Asia Limited has achieved the most prestigious Standard Information Security Certification namely ‘PCI
DSS’. Suresh Dadlani, President of ControlCase, handed over the Certificate on Monday in a certificate handover
ceremony at Bank Asia Tower, Karwan Bazar, Dhaka. Rumee A Hossain, Chairman of Board Executive
Committee of the bank, was the Chief Guest of the program. Enam Chowdhury, Ashraful Haq Chowdhury, Helal
Ahmed Chowdhury, Directors and Adil Chowdhury, President & Managing Director (CC) of the bank, were present
at the program. Deputy Managing Directors and Senior Officials from ICT, Cards and ADC Divisions along
with other High Officials of the bank, were also present. The Achievement of the certificate ensures that the
Store, Process and Transmission of Card Data and Customer Data are now more secure and trustworthy as per
international standard.
Photo: Courtesy
Dutch-Bangla Bank opened
its 225th Branch at Indira
Road, Farmgate, Dhaka
Dutch-Bangla Bank has opened its 225th
Indira Road Branch at Farmgate, Sher-E-
Bangla Nagar, (Manchester Plaza-1st & 2nd
floor, Holding No. 5/B, Indira Road), Dhaka
on October 04, 2022, a press release said.
Abul Kashem Md. Shirin, Managing
Director & CEO of the Bank formally
inaugurated the branch. A Dua Mahfil was
held seeking blessings of the Almighty Allah
for successful operation of the Branch,
prosperity of the business community,
depositors and stakeholders of the Bank.
Like other Dutch-Bangla Bank branches,
this branch will provide On-line Banking
Social Islami Bank Limited (SIBL) opened its 174th branch at Chakaria, Cox's
Bazar recently. Zafar Alam, Honorable MP of Cox's Bazar-1, was present as chief
guest while Dr. Md. Mahbub Ul Alam, Chairman of SIBL, was present as guest of
honor at the event. Zafar Alam, Managing Director and CEO of the Bank,
presided over the program. Fazlul Karim Saidee, Upazila Chairman of Chakaria
Upazila and Alamgir Chowdhury, Mayor of Chakaria Pourasava, were present
as special guests. Among others, Mohammad Forkanullah, Deputy Managing
Director, Sayed Md. Sohel, Zonal Head, Chattogram Zone, Md. Moniruzzaman,
Head of Marketing and Brand Communication and Saif Al-Amin, Head of BC &
GBD, bank officers, local businessmen, journalists, and dignitaries were also
present at the event. Manager of Chakaria Branch Md. Shahid Ullah expressed
thanks & gratitude at the end of the program.
Photo: Courtesy
South Korea's Naver to buy US
e-commerce site Poshmark
SEOUL :South Korean internet giant
Naver is buying Poshmark, a US online
marketplace for used clothing, for
roughly $1.2 billion, the companies said
Tuesday, reports BSS.
The deal-worth about $1.6 billion in
total when Poshmark's cash holdings
are included, according to Naver-is
expected to close by the first quarter
of 2023, the firms said.
Naver operates a highly influential
search engine and e-commerce
platform in South Korea, and is
paying $17.90 a share in an all-cash
deal.
"Poshmark is a natural fit for our
business-our two companies share a
common set of values and vision
around content, community and
empowerment," Choi Soo-yeon, chief
facilities including ATM & CRM services,
Retail, SME & Corporate loans, Credit Card,
Agent Banking, Mobile Banking and
Foreign Remittance services to the clients
from the opening day.
Local dignitaries, businessmen,
industrialists and other guests attended the
opening program. Among others, Shahidur
Rahman Khan, Deputy Managing Director &
CRO; Md. Abedur Rahman Sikder, Deputy
Managing Director & COO; Md. Ahteshamul
Haque khan, Deputy Managing Director &
CCBO of the Bank ware also present in the
program.
executive officer of Naver, said in a
statement.
"Bringing Naver and Poshmark
together will immediately put us at
the forefront of creating a new,
socially responsible, and sustainable
shopping experience designed
around sellers of all sizes and
interests."
Poshmark CEO Manish Chandra
called the South Korean firm "one of
the world's leading and most
innovative and successful internet
companies", and said the transaction
delivers "significant and immediate
value to our shareholders".
"As part of Naver, we will benefit
from their financial resources,
significant technology capabilities,
and leading presence across Asia to
Asian markets
swing as traders
eye US jobs,
earnings
HONG KONG : Stocks drifted
in Asia on Monday as investors
await key US jobs data, while
girding themselves for a
corporate earnings season
many fear will highlight the
impact of surging inflation and
interest rates, reports BSS.
A report showing prices rose
in the eurozone at a record pace
last month added concerns that
central bank tightening has a
long way to go, while Federal
Reserve vice chair Lael
Brainard said US officials
would not pull back too early.
Banks' battle against inflation
could also be made harder as
OPEC and other oil producers
consider a major output cut
owing to a plunge in prices
caused by demand worries.
Crude prices jumped more
than three percent in Asian
trade ahead of the possible cut.
Traders are also keeping an
eye on developments in Britain
as the ruling Conservatives
hold their annual conference a
week after new finance
minister Kwasi Kwarteng
shocked markets with a
massive borrowing-dependent,
tax-cutting mini budget.
All three main indexes on
Wall Street ended down again
Friday, registering a third
straight quarter of losses for the
first time since the global
financial crisis in 2009.
The release of US jobs data
on Friday will be closely
watched, with a strong reading
likely to give the Fed more
ammunition to unveil a fourth
successive bumper rate hike at
its November meeting.
Asian markets fluctuated at
the start of the week.
Hong Kong dipped along
with Sydney, Singapore, Taipei,
Jakarta and Wellington.
expand our platform," Chandra
added.
The resale market particularly saw
a pandemic-time boom as it
prompted those under quarantine to
clean out their closets and resell items
they no longer wanted.
The deal will allow Naver to
"capitalise on the increasing
consumer shift in fashion to online
re-commerce", the firms said.
Online clothing resale is an $80
billion market today in the US alone,
and is expected to grow annually to
$130 billion by 2025, according to
Activate Consulting.
The South Korean firm acquired
Wattpad, a Toronto-based online
storytelling platform, for about $600
million last year.
MetLife's 360Health app crosses over
3,00,000 downloads in Bangladesh
Within a few months of its launch, MetLife's
360Heath mobile app has been downloaded
by over 3.00,000 users, making it one of the
most useful and popular health and fitness
apps in Bangladesh, a press
release said.
An array of unique
features of 360Health
are helping users live
a healthier and
more fulling life.
Anyone can
download the app
for free from
Google Play Store
to access health
awareness and
disease prevention
tools like BMI (Body
Mass Index) calculator,
Covid-19 symptom
checker, individual health
risk assessment, diabetes
management, and the option to analyze one's
financial priorities to find suitable financial
protection solutions.
Based on specific insurance product
subscriptions, MetLife customers can unlock
exclusive features like free virtual
doctor consultations, special
discounts on diagnostic tests,
and preferential access to
specialists like Cardiologists,
Psychologists,
Nutritionists,
Gynecologists,
Gastrologists and
General Surgeons.
Customers are also
able to use the app to
order medicines and
other important health
management devices
online. In addition,
customers can get their policyrelated
information including
policy status, policy maturity date and
premium due date right from the app.
Australia hikes rates
less than forecast,
boosting stocks
SYDNEY : Australia raised interest
rates less than expected Tuesday,
boosting stocks and dragging the local
dollar lower, as officials grow
concerned about a slowing global
economy sparked by rising borrowing
costs and surging prices, reports BSS.
While the Reserve Bank of
Australia's 0.25 percentage point hike
took the cash rate to a nine-year high
of 2.60 percent, the increase was half
what had been forecast as it joins
others around the world in trying to
rein in runaway inflation.
In a statement the RBA noted it had
already increased rates "substantially
in a short period of time", though it
held its inflation estimate for the year
with a peak of 7.75 percent, before
dropping to just over four percent in
2023.
"As is the case in most countries,
inflation in Australia is too high," the
bank said in a statement.
It added that the surge in prices had
been driven by "global factors", along
with strong spending levels in
Australia.
The move highlights the tightrope
central banks have to walk in trying to
bring down inflation while at the same
time trying to cushion their economies
from a recession, a battle many
commentators warn they are losing.
The Federal Reserve and European
Central Bank have flagged further
hikes at their next meetings, while the
United Nations warned that the
tightening programmes could trigger
prolonged stagnation.
Sydney's ASX 200 soared 3.8
percent after the announcement,
while the Australian dollar dropped
from US$0.6510 to as low as $0.6451
though it edged back slightly.
City Index Senior Market analyst
Matt Simpson said the decision was
"telling" after Australia had to "play
catch-up with other central banks".
"Already that trajectory is dying
down. And as long as medium-term
inflation expectations continue to
behave, the case for a much higher
cash is fading," he said.
Federal Treasurer Jim Chalmers
said the rise and international
warnings of economic slowdowns
would shape his upcoming budget
announcement, which is due in three
weeks.
"The storm clouds are gathering
again in the global economy," he told a
news conference in Canberra.
"There's no use pretending that the
global situation hasn't deteriorated.
"There's no use pretending that
rising inflation isn't punching a hole in
family budgets."
Tokyo stocks
open lower
after US falls
TOKYO : Tokyo stocks
opened lower on Monday,
extending falls on Wall Street,
where fears grew that
monetary tightening could
lead to a global recession,
reports BSS.
The benchmark Nikkei 225
index was down 0.89 percent,
or 231.30 points, at 25,705.91
in early trade, while the
broader Topix index dropped
0.73 percent, or 13.48 points,
to 1,822.46.
The dollar stood at 144.83
yen, against 144.49 yen in
New York on Friday.
A key measure of US
inflation released Friday
showed the annual pace of
price increases slowed slightly
in August compared with the
prior month, but still
exceeded
analyst
expectations.
"In the United States, the
view strengthened that the
Federal Reserve's rapid rate
hikes will weaken the
economy, while fears
worsened over a slump in
business performance
following lacklustre earnings
from Nike," said Toshiyuki
Kanayama, senior market
analyst for Monex.
Crude prices rally
as top producers
mull big output cut
HONG KONG: Oil prices
jumped more than three
percent in Asian trade
Monday as OPEC and other
top producers considered
slashing output by a million
barrels a day, reports BSS.
WTI climbed 3.3 percent to
$82.12 and Brent also piled
on 3.3 percent to $87.94
ahead of a meeting of the
group this week in Vienna.
The jump comes after both
main contracts suffered hefty
losses in recent months on
demand fears caused by an
expected recession in major
economies. The reduction in
production-which delegates
to OPEC said had not been
finalised-would be the biggest
since the pandemic began,
when crude prices collapsed.
Officials will meet on
Wednesday. Suvro Sarkar, an
energy analyst at DBS Bank,
expected more gains were likely.
"It's only going to be a
matter of time before oil
returns to $100 a barrel,
especially with supplies set to
tighten toward the end of the
year," he said.
Southeast Bank Limited signed an agreement with KDS Group, Chattogram. Under this agreement,
Southeast Bank Limited will provide Payroll Service (Beton Card) to KDS Group for disbursement of
salary & wages to their RMG workers and staff. Nuruddin Md. Sadeque Hussain, Deputy Managing
Director of Southeast Bank Limited and Kamrul Hasan Siddiqui, Chief Financial Officer (CFO) of
KDS Group signed the agreement on behalf of their respective organizations. Other concerned officials
from both organizations were also present at the ceremony.
Photo: Courtesy
Islami Bank Bangladesh Limited inaugurated its 388th Branch at Askar Dighir Par Branch in
Chattogram on 4 October 2022, Tuesday. Major General (Retd.) Engr. Abdul Matin, Chairman of
Risk Management Committee of the bank inaugurated the Branch as chief guest. Presided over by
Mohammed Monirul Moula, Managing Director & CEO, Mohammed Shabbir, Deputy Managing
Director, Md. Maksudur Rahman & Miftah Uddin, Senior Executive Vice Presidents were present as
special guest. Meah Md. Barkat Ullah, Head of Chattogram South Zone of the bank addressed the
welcome speech and Kazi Md. Alamgir, Head of Askar Dighir Par branch thanked the audience.
Mohammed Gias Uddin, Panel Mayor of Chittagong City Corporation, Shaibal Das Sumon and
Anjuman Ara, Counselor, Sucharu Bikash Barua, Ex Principal of Chittagong College, Principal
A.N.M Delwar Hossain Al- Qaderi & Prominent business person Iftekarul Alam attended the program.
A.M Shahidul Amran, Senior Assistant Vice President along with Executives & employees of
the bank, clients, well wishers and local elites were present on the occasion. Photo: Courtesy