18-10-2022

TUESDAY, OCTOBER 18, 2022
8
SIBL signed on a trade facilitation
deal with Indian Exim Bank
Mercantile Bank Limited has recently been awarded ISO 27001:2013 certificate by a renowned certification
agency Bureau Veritas Certification Holding SAS-UK branch for its outstanding performance and fulfilling the
requirements of ISO standards. Md. Quamrul Islam Chowdhury, Managing Director and CEO of Mercantile
Bank Limited received the certificate from Mukut K. Barua, National Business Manager - Commodities, Industry
& Facilities Division of Bureau Veritas (Bangladesh) Pvt. Limited and Brig. Gen. (Retd.) Ali Ahmed Khan,
Chairman of iota (BD) Consulting Limited at Bank's Head Office in Dhaka. The authority certifies that Mercantile
Bank has been audited and found to be in accordance with the requirements for adopting and implementing
global standards and practices to ensure the effectiveness, efficiency, confidentiality, and integrity of its day-today
information security operations. The Information Security Management framework of MBL is now benchmarked
with international standards for ensuring enhanced service assurance to its customers and thus
strengthening its journey towards Secured Banking Services. Additional Managing Director Mati Ul Hasan,
Deputy Managing Directors Adil Raihan, Shamim Ahmed and Hasne Alam, CFO Tapash Chandra Paul, PhD,
SEVPs Ashim Kumar Saha, Shah Md. Sohel Khurshid, Mohammad Iqbal Rezwan, Company Secretary Abu
Asghar G. Haruni, CTO Muhammad Mahmud Hasan and Chief Information Security Officer Md. Faisal Hossain
from MBL and K.B.M. Tareq, Regional Sales Manager (Certification) from Bureau Veritas and Md. Golam
Kibria, Founder & CEO, Hasain Ahmed, Head of IT Services from iota (BD) Consulting Limited along with other
senior executives and officers were present on the occasion.
Photo : Courtesy
Marcel will be the best brand in Bangladesh: Electronics
traders at Cox’s Bazar distributor summit
The distributors of domestic
electronics brand Marcel
were optimistic that Marcel
would be the top electronics
brand of Bangladesh, says a
press release.
They expressed the hope at
the 'Marcel Distributor
Summit 2022' held at the
five-star hotel 'Sea Pearl
Beach Resort and Spa' in
Cox's Bazar on Saturday last
(October 15, 2022)
Around 1,000 electronics
traders from different parts of
the country took part in the
conference.
In the conference,
important discussions were
held about the business
strategies in the wake of the
ongoing global economic
slowdown post-Covid. Marcel
authorities and higher
Sterling rises with UK finance minister
set to unveil spending plans
officials provided necessary
guidelines to distributors
regarding the electronics
product business in the
changing circumstances.
The summit was
inaugurated by the company's
Vice-Chairman SM Shamsul
Alam, Director SM Ashraful
Alam, Managing Director and
CEO Golam Murshed.
Among others, Additional
Managing Director Abul
Bashar Howladar, Deputy
Managing Directors Nazrul
Islam Sarker, Amdadul
Hoque Sarker, Eva Rizwana
and Mohammad Humayun
Kabir, Plaza Trade's CEO
Mohammad Rayhan,
Marcel's Head of Sales Dr.
Md. Shakhawat Hossen
Senior Executive Directors
Md. Yusuf Ali, Md. Firoj
HONG KONG : Sterling rose
Monday as Britain's new
finance minister prepared to
announce new tax and
spending measures aimed at
calming markets after a
botched debt-fuelled budget
by his predecessor sent
shivers through trading
floors.
Jeremy Hunt was put in
place on Friday after Prime
Minister Liz Truss sacked
Kwasi Kwarteng as she
battles to save her political
career just weeks after taking
the keys to Downing Street.
Hunt is tipped to tear up
the previous plans and
warned at the weekend of tax
hikes as he dramatically
reversed course on rightwing
Truss' radical
programme.
"It does indicate that they
are moving back to some
degree of fiscal probity and
employing a slightly more
prudent fiscal outlook," said
Peter Kinsella, of Union
Bancaire Privee UBP SA.
The pound held above
$1.12, having sunk Friday
owing to the uncertainty in
Westminster, while a news
conference by Truss did very
little to reassure nervous
investors.
Bonds also rallied on the
first day without the Bank of
England support put in place
in response to turmoil caused
by Kwarteng's mini-budget.
"There is no question that
Alam, Anisur Rahman
Mollick, Mostafa Nahid
Hossain, Sohel Rana,
Mahfuzur Rahman and Al
Imran, Executive Directors
Md. Shahjada Salim,
Shahjalal Hossain Limon,
Abdullah Al Mamun, Monirul
Haque, Shahiduzzaman Rana
also attended the summit.
The event was moderated
by Marcel's Brand
Ambassador film actor Amin
Khan.
Addressing the summit, SM
Shamsul Alam said, "You
(distributors) should not be
afraid amid the present global
recession. Don't give up.
Don't lose faith. The world is
constantly changing. So, our
business strategy also needs
to change with time. And
thus, we have to apply
Best distributors were awarded at the 'Marcel Distributor Summit' by the company's
board of directors and higher officials.
Photo: Courtesy
recent events have shattered
confidence in the... current
government, and trust once
foregone is usually very
difficult to get back," said
CMC Markets' Michael
Hewson.
"The wider question now is
what happens next with
respect to any new budget,
and whether new Chancellor
Jeremy Hunt can stabilise
the ship at a time when global
interest rates are rising
anyway."
The calm also lifted
equities, with London in
positive territory in the
morning. There were also
gains in Paris and Frankfurt.
Asia started the week in
mixed fashion as Friday's
modern techniques in
business."
SM Ashraful Alam said,
"Marcel is the second largest
electronics brand in
Bangladesh. And it will be the
best brand of the country
soon. In this regard we will
provide all necessary
supports to you (distributors).
The domestic electronics
market is growing day by day.
Why should we give the
domestic market share to the
foreign brands? We will meet
the market demands with our
domestically produced goods
and will also be the top brand
in this market."
Golam Murshed said, "We
want distributors to be well. It
is our responsibility to solve
their problems. We have
always been beside them and
will be. Let's trust each other.
Problems and crises will
come. But you have to deal
with them with patience and
proper strategies. Amid the
global recession, our business
strategies have to be
modernized. And then our
business will be sustainable.
We hope that the present
global recession will be over
soon and the economic
conditions will return to
normalcy."
In the summit, the best
distributors of different
regions were awarded. The
summit was included various
joyful events such sea-beach
parties, splendid cultural
programs.
rally petered out.
The latest strong US
inflation reading ramped up
bets that the Federal Reserve
will hike borrowing costs by
75 basis points twice more
before the end of the year,
stoking concerns the world's
top economy will flip into a
recession.
All three main indexes on
Wall Street finished sharply
lower Friday.
There was a little
disappointment among
investors after Chinese
President Xi Jinping at the
weekend reasserted his
commitment to the zero-
Covid strategy of lockdowns
that has hammered the
economy this year.
Shahjalal Islami Bank Ltd
has signed an agreement with
Export Import Bank of India
under its Trade Assistance
program (TAP) for avail of
Export Import Bank of India,
Head Office, Mumbai Tarun
Sharma has inked on the deal
on behalf of their respective
organizations.
Under this agreement the
facility shall offer to Shahjalal
Islami Ltd. additional lines of
credit to support trade
transaction under which
Exim Bank shall issue
guarantees favoring
confirming banks for
confirming Letters of Credit
issued by the bank and
Credit Suisse to
pay $495 mn in
US to settle
securities case
ZURICH : Credit Suisse said
Monday it would pay $495
million to settle a row over
mortgage-backed securities
dating back to the 2008
financial crisis.
Switzerland's secondbiggest
bank said it had
agreed with New Jersey
authorities to make the
"one-time payment... to fully
resolve claims" for
compensation, and said it
had already provisioned the
amount.
In the claim filed in 2013,
Credit Suisse was criticised
for not having provided
sufficient information on the
risks relating to $10 billion
of mortgage-backed
securities.
Subprime mortgages,
credit granted to borrowers
often with poor credit
histories or insufficient
income, were packaged into
financial products and sold
to investors.
But as borrowers
defaulted on many of those
mortgages, investors had no
way of telling what portion
of the loans in the
derivatives were bad.
Those products were at the
heart of the 2008 financial
crisis, which sparked a
global recession and brought
the international financial
system to the brink of
collapse.
Credit Suisse said the final
settlement with the New
Jersey Attorney General
allowed it "to resolve the
only remaining RMBS
(residential mortgagebacked
securities) matter
involving claims by a
regulator and the largest of
its remaining exposures on
its legacy RMBS docket".
Shares rose after the
statement on the SMI, the
flagship index of the Swiss
Stock Exchange.
Speculation has been
growing ahead of an update
scheduled by the new chief
executive for later this
month.
extending buyers credit
against such instruments.
This is a strong step towards
widening the international
acceptability of the bank.
Among others, the
Additional Managing
Director & COO of Shahjalal
Islami Bank Ltd. M. Akhter
Hossain, the Head of
International Division of the
Bank Mohammad Abdul
Majid, the Deputy General
Manager, Head Office,
Mumbai PushpeshTyagi, the
Resident Representative
Priyanshu Tiwari and the
Chief Manager, Dhaka
Representative Office of
Export Import Bank of India
Alok Bora and other officials
of respective organizations
were also present in the
signing ceremony.
Southeast Bank Limited signed a Remittance Disbursement Agreement with Mondial
Bony Service S.p.A, an Italy based Money Transfer Company at Napoli, Italy for distributing
inward wage-remittance. Md Jahangir Kabir, Senior Vice President and
Head of International Division of Southeast Bank Limited and Dr. Salvatore Riccio,
President of Mondial Bony Service S.p.A, Italy signed the agreement on behalf of their
respective organizations. Under this agreement, Bangladeshi Expatriates from Italy
can send their hard-earned money through Mondial Bony Service S.p.A, Italy and
their beneficiaries can withdraw remittances from any branch, sub-branch and agent
out-lets of Southeast Bank Limited.
Photo : Courtesy
Tunisian protesters denounce ‘coup’,
demand president’s removal
TUNIS : Thousands of Tunisians
demonstrated Saturday in the capital Tunis,
denouncing a power grab by President Kais
Saied and demanding accountability for the
country's long-running economic crisis, AFP
correspondents said.
Saied staged a dramatic power grab in July
last year and later pushed through a
constitution enshrining his one-man rule, in
what critics have called a return to autocracy
in the only democracy to have emerged from
the Arab Spring.
Protesters in central Tunis chanted,
"Down, down", "Revolution against dictator
Kais" and "The coup will fall."
The march was organised by the National
Salvation Front, a coalition of opposition
parties including the Islamist-inspired
Ennahdha that had dominated Tunisia's
parliament before its dissolution by Saied.
Ali Laarayedh, Tunisia's former prime
minister and a senior Ennahdha official, told
AFP that the protest was an expression of
"anger at the state of affairs under Kais
Saied".
"We are telling him to leave."
Saied's power grab was welcomed by some
Tunisians tired of what they saw as a
fractious and corrupt system established
after the 2011 revolution that ousted late
dictator Zine El Abidine Ali.
But a worsening economic situation,
compounded by supply shortages in the
wake of Russia's invasion of Ukraine in
February, has agitated many in the North
African country of 12 million.
If Saied stays, "Tunisia will have no future,"
said Laarayedh, citing growing despair,
poverty and unemployment.
The National Salvation Front has
announced it will boycott a December vote to
elect a new parliament with limited powers.
Ennahdha's deep ideological rival, the
secular Free Destourian Party (PDL), also
organised a protest in the capital on
Saturday.
Saied "is doing nothing, and things are
only getting worse", said Souad, a pensioner
in her 60s at the secular party's
demonstration.
Some of the protesters carried empty
containers to symbolise the rising cost of
water due to inflation, which hit 9.1 percent
in September.
Around 1,500 people joined the
Ennahdha-led demonstration, while nearly
1,000 attended the PDL protest, the interior
ministry told AFP.
In public remarks, Saied has argued he was
working to "correct" economic troubles he
had inherited from Tunisia's post-Ben Ali
leadership.
Islami Bank Bangladesh Limited organized an orientation program for newly recruited 100 field officers under
Rural Development Scheme on Sunday, at Islami Bank Tower. Muhammad Qaisar Ali, Managing Director
(Current Charge) of the Bank was present at the program as the Chief Guest. Md. Omar Faruk Khan, Additional
Managing Director addressed the program in the closing session. Presided over by S. M. Rabiul Hassan,
Principal of Islami Bank Training and Research Academy, Mohammed Shabbir, Deputy Managing Director,
Mostafizur Rahman Siddiquee, Chief Human Resources Officer, A.S.M Rezaul Karim & Miftah Uddin, Senior
Executive Vice Presidents and Nazmus Sakib Md. Rezaur Rahman, Executive Vice President addressed the program
in different session. M. Zubayer Azam Helali, Head of Rural Development Division addressed the welcome
speech.
Photo : Courtesy