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Growth must be inclusive to reduce income gap

Business Report
 
Growth in South Asian countries is accelerating but income gap between the rich and the poor is growing faster instead of narrowing the gap. South Asian countries saw robust growth between 2000 and 2015 but inequality increased at the same rate raising the question whether the growth can be sustained in the face of people’s unrest.
Speakers at a seminar in the city last week said elite run political system is holding development captive to their own benefits while the poor are left in the sideline without much benefit from public expenditure. 
So growth is not enough, there must be equitable distribution and for that there must be distributive justice in the political thinking and system of governance. Bangladesh is one such country where income inequality is widening. Inclusive development and growth are different thing that need to be put in place if it wants to bring development to the common people.   
“It is puzzling why countries are performing well in social development indicators, but not in improving equality between the rich and the poor,” said Wahiduddin Mahmud, a noted economist.
He said inequality is widening in terms of per capita income at a session on managing growth for social inclusion at the second South Asian Network on Economic Modelling (Sanem) annual economists’ conference in Dhaka yesterday.
Rehman Sobhan, chairman of the Centre for Policy Dialogue, said, “addressing  inequality has significant instrumental value in promoting both growth and equality.”  He identified political influence as one of the major causes of increasing inequality. Elite  now get nomination for election; they participate in elections which is a kind of investment in political business.
They come to power and grab land owned by the government offers them scope to get rich overnight, The middle class lose their land to political influence, pushing inequality up, he added. Land acquisition around the city transfers land to the wealthy when the government bears the development cost. 
He said if the lands are recovered across the country and distributed among the poor, it will help reduce inequality. Rehman Sobhan blamed poor governance and unequal access to the market for increasing inequality.
He suggested the government should focus on education to minimise inequality as the marginal people have limited access to education.
Posh Raj Pandey, chairman of South Asia Watch on Trade, Economics and Environment of Nepal, said all South Asian countries, except Nepal and Pakistan, are doing better in inclusive growth but inequality is not shrinking.
Inequality should naturally fall with the maturity of the economy but it did not happen, which is a matter of concern, he said. “We should adopt such a policy that will reduce poverty with sustainable growth.”

Comment

Business Report
 
Growth in South Asian countries is accelerating but income gap between the rich and the poor is growing faster instead of narrowing the gap. South Asian countries saw robust growth between 2000 and 2015 but inequality increased at the same rate raising the question whether the growth can be sustained in the face of people’s unrest.
Speakers at a seminar in the city last week said elite run political system is holding development captive to their own benefits while the poor are left in the sideline without much benefit from public expenditure. 
So growth is not enough, there must be equitable distribution and for that there must be distributive justice in the political thinking and system of governance. Bangladesh is one such country where income inequality is widening. Inclusive development and growth are different thing that need to be put in place if it wants to bring development to the common people.   
“It is puzzling why countries are performing well in social development indicators, but not in improving equality between the rich and the poor,” said Wahiduddin Mahmud, a noted economist.
He said inequality is widening in terms of per capita income at a session on managing growth for social inclusion at the second South Asian Network on Economic Modelling (Sanem) annual economists’ conference in Dhaka yesterday.
Rehman Sobhan, chairman of the Centre for Policy Dialogue, said, “addressing  inequality has significant instrumental value in promoting both growth and equality.”  He identified political influence as one of the major causes of increasing inequality. Elite  now get nomination for election; they participate in elections which is a kind of investment in political business.
They come to power and grab land owned by the government offers them scope to get rich overnight, The middle class lose their land to political influence, pushing inequality up, he added. Land acquisition around the city transfers land to the wealthy when the government bears the development cost. 
He said if the lands are recovered across the country and distributed among the poor, it will help reduce inequality. Rehman Sobhan blamed poor governance and unequal access to the market for increasing inequality.
He suggested the government should focus on education to minimise inequality as the marginal people have limited access to education.
Posh Raj Pandey, chairman of South Asia Watch on Trade, Economics and Environment of Nepal, said all South Asian countries, except Nepal and Pakistan, are doing better in inclusive growth but inequality is not shrinking.
Inequality should naturally fall with the maturity of the economy but it did not happen, which is a matter of concern, he said. “We should adopt such a policy that will reduce poverty with sustainable growth.”

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MTB sign agreement with bKash
Business Report
 
Mutual Trust Bank Ltd. (MTB) has signed an agreement with bKash Limited, recently to provide ‘Cash Management’ services to the leading mobile financial service providers of the country. 
Under this agreement, MTB will provide services which include bill collection, from distributors, transfers and related services to bKash Limited through customized deposit slips via MTB’s network of 111 branches across the country. 
MTB’s Information Technology Services Division (ITS) has developed a web based API (Application Programming Interface) integration to provide bKash a customized MIS every day. 
Through this system, bKash will receive the necessary information at their end, automatically. This MIS will help bKash to promptly reconcile the day-to-day collections made at MTB branches.
Moinuddin Mohammed Rahgir, Chief Financial Officer of bKash Limited and Syed Rafiqul Haq, Deputy Managing Director and Chief Business Officer of Mutual Trust Bank Ltd. (MTB), signed the agreement for their respective organizations at a simple ceremony held at MTB Centre, Gulshan 1, Dhaka. 
Kamal Quadir, Chief Executive Officer of bKash Limited and Anis A. Khan, Managing Director & CEO of Mutual Trust Bank Ltd. (MTB), along with senior officials of both the organizations were also present at the event, a press release said.

Comment

Business Report
 
Mutual Trust Bank Ltd. (MTB) has signed an agreement with bKash Limited, recently to provide ‘Cash Management’ services to the leading mobile financial service providers of the country. 
Under this agreement, MTB will provide services which include bill collection, from distributors, transfers and related services to bKash Limited through customized deposit slips via MTB’s network of 111 branches across the country. 
MTB’s Information Technology Services Division (ITS) has developed a web based API (Application Programming Interface) integration to provide bKash a customized MIS every day. 
Through this system, bKash will receive the necessary information at their end, automatically. This MIS will help bKash to promptly reconcile the day-to-day collections made at MTB branches.
Moinuddin Mohammed Rahgir, Chief Financial Officer of bKash Limited and Syed Rafiqul Haq, Deputy Managing Director and Chief Business Officer of Mutual Trust Bank Ltd. (MTB), signed the agreement for their respective organizations at a simple ceremony held at MTB Centre, Gulshan 1, Dhaka. 
Kamal Quadir, Chief Executive Officer of bKash Limited and Anis A. Khan, Managing Director & CEO of Mutual Trust Bank Ltd. (MTB), along with senior officials of both the organizations were also present at the event, a press release said.

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Midland Bank’s refinancing scheme for milk producrs

Business Report
 
Midland Bank Limited (MDB) distributed loan of Tk 55.50 lac under Milk Production and Artificial Insemination Programme of Bangladesh Bank’s re-financing scheme. 
It will help building a cluster for a period of 48 months with a 14 month grace period directly involving 46 entrepreneurs both male and female person at an interest of 5 percent to purchase cattle. 
The loan distribution was held at a simple ceremony February 20 in Dhalla Union of Singair Upozila in Manikgonj district. 
Md. Ahsan-Uz Zaman, Managing Director & CEO of Midland Bank handed over the cheques as chief guest among 17 female and 29 male entrepreneurs in the programme. 
Md. Abadur Rahman Khan, Chairman, Singair Upozila Porishad, Sk. Zahidul Islam, UNO of Singair Upozila, Md. Zahidul Islam Bhuiyan, Chairman, Dhalla Union Parishad, and Dr. Md. Mahbubul Islam, Upozila Livestock Officer were present as Special Guests on the occasion. 
Village Association for Social Development (VASD), a local NGO, licensed by MRA will provide assistance to purchase the cattle with the follow service for proper utilization of the loan and its timely recovery.  
Among others, Mr. Mohammad Iqbal, Head of Emerging Corporate and Special Programmes Division, Md. Ahsan Jamil Hossain, Head of Agri Division, Imran Al Habib, Head of Hemayetpur Branch of MDB and Ms. Masuma Samad, Executive Director of VASD were present, said a press release.

Comment

Business Report
 
Midland Bank Limited (MDB) distributed loan of Tk 55.50 lac under Milk Production and Artificial Insemination Programme of Bangladesh Bank’s re-financing scheme. 
It will help building a cluster for a period of 48 months with a 14 month grace period directly involving 46 entrepreneurs both male and female person at an interest of 5 percent to purchase cattle. 
The loan distribution was held at a simple ceremony February 20 in Dhalla Union of Singair Upozila in Manikgonj district. 
Md. Ahsan-Uz Zaman, Managing Director & CEO of Midland Bank handed over the cheques as chief guest among 17 female and 29 male entrepreneurs in the programme. 
Md. Abadur Rahman Khan, Chairman, Singair Upozila Porishad, Sk. Zahidul Islam, UNO of Singair Upozila, Md. Zahidul Islam Bhuiyan, Chairman, Dhalla Union Parishad, and Dr. Md. Mahbubul Islam, Upozila Livestock Officer were present as Special Guests on the occasion. 
Village Association for Social Development (VASD), a local NGO, licensed by MRA will provide assistance to purchase the cattle with the follow service for proper utilization of the loan and its timely recovery.  
Among others, Mr. Mohammad Iqbal, Head of Emerging Corporate and Special Programmes Division, Md. Ahsan Jamil Hossain, Head of Agri Division, Imran Al Habib, Head of Hemayetpur Branch of MDB and Ms. Masuma Samad, Executive Director of VASD were present, said a press release.

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India plans $3 billion new investment

Business Report
 
Indian investors have so far made registration of IS$ 3 billion with Bangladesh Investment Development Authority (BIDA) to set up business here, said Harsh Vardhan Shringla, Indian high commissioner to Bangladesh, yesterday.
More investments in the power, liquefied natural gas and port sectors in Bangladesh are in the pipeline as there is great business potential here, he said at the inauguration of the three-day Indo-Bangla Trade Fair 2017 at Sonragaon Hotel in Dhaka.
Commerce Minister Tofail Ahmed opened the fourth version of the fair as chief guest. The India-Bangladesh Chamber of Commerce and Industry (IBCCI) organised the fair to display products and services from both countries to the customers.
Companies from both India and Bangladesh are also exploring new opportunities for investments and to set up joint ventures in each other’s countries, Shringla said.
Indian companies such as Marico, CEAT, Tata Motors, Godrej, Sun Pharma, Asian Paints have made substantial investments in Bangladesh. India has also been offered exclusive investment zones at Mongla and Chittagong.
Bangladesh is now India’s biggest trade partner in South Asia, he said.

Comment

Business Report
 
Indian investors have so far made registration of IS$ 3 billion with Bangladesh Investment Development Authority (BIDA) to set up business here, said Harsh Vardhan Shringla, Indian high commissioner to Bangladesh, yesterday.
More investments in the power, liquefied natural gas and port sectors in Bangladesh are in the pipeline as there is great business potential here, he said at the inauguration of the three-day Indo-Bangla Trade Fair 2017 at Sonragaon Hotel in Dhaka.
Commerce Minister Tofail Ahmed opened the fourth version of the fair as chief guest. The India-Bangladesh Chamber of Commerce and Industry (IBCCI) organised the fair to display products and services from both countries to the customers.
Companies from both India and Bangladesh are also exploring new opportunities for investments and to set up joint ventures in each other’s countries, Shringla said.
Indian companies such as Marico, CEAT, Tata Motors, Godrej, Sun Pharma, Asian Paints have made substantial investments in Bangladesh. India has also been offered exclusive investment zones at Mongla and Chittagong.
Bangladesh is now India’s biggest trade partner in South Asia, he said.

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Apparel summit opens in city on Saturday
Business Report
 
The second Dhaka Apparel Summit will be held in the capital on Saturday to discuss the future roadmap of the country’s main export earning sector.
Speakers from home and abroad will talk about business policy and the environment, responsible sourcing and the apparel sector’s transformation at the daylong summit at Sonargaon Hotel.
Prime Minister Sheikh Hasina is expected to inaugurate the event.
The event will also highlight the achievements the sector has made in the last three and a half decades, said Siddiqur Rahman, president of Bangladesh Garment Manufacturers and Exporters Association.
Bangladesh made foray into the apparel business in January 1980 with the first shipment of just 1.2 lakh pieces of boy’s shirts to German company MNR.
Currently, Bangladesh holds nearly 6 percent of the $450 billion global garment trade, standing just behind China in the export earnings rankings. In 2015-16, Bangladesh shipped clothing items worth $28.09 billion, up 10.42 percent year-on-year.
Rahman said the summit will also highlight the progress on factory inspection and the overall improvement in case of workplace safety since the Rana Plaza building collapse in 2013.
At the summit, the sector people will discuss issues related to achieving the $50 billion garment export target by 2021 when the country will celebrate its 50th year of Independence.
The sector needs a lot of investment, adequate supply of gas and power and improvements in infrastructure to reach the target in time, Rahman said.
Garment accounts for more than 80 percent of the country’s annual exports. The overseas sales need to grow by 12.25 percent per annum to reach the goal.

Comment

Business Report
 
The second Dhaka Apparel Summit will be held in the capital on Saturday to discuss the future roadmap of the country’s main export earning sector.
Speakers from home and abroad will talk about business policy and the environment, responsible sourcing and the apparel sector’s transformation at the daylong summit at Sonargaon Hotel.
Prime Minister Sheikh Hasina is expected to inaugurate the event.
The event will also highlight the achievements the sector has made in the last three and a half decades, said Siddiqur Rahman, president of Bangladesh Garment Manufacturers and Exporters Association.
Bangladesh made foray into the apparel business in January 1980 with the first shipment of just 1.2 lakh pieces of boy’s shirts to German company MNR.
Currently, Bangladesh holds nearly 6 percent of the $450 billion global garment trade, standing just behind China in the export earnings rankings. In 2015-16, Bangladesh shipped clothing items worth $28.09 billion, up 10.42 percent year-on-year.
Rahman said the summit will also highlight the progress on factory inspection and the overall improvement in case of workplace safety since the Rana Plaza building collapse in 2013.
At the summit, the sector people will discuss issues related to achieving the $50 billion garment export target by 2021 when the country will celebrate its 50th year of Independence.
The sector needs a lot of investment, adequate supply of gas and power and improvements in infrastructure to reach the target in time, Rahman said.
Garment accounts for more than 80 percent of the country’s annual exports. The overseas sales need to grow by 12.25 percent per annum to reach the goal.

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Islami Bank officials placed floral wreath at Shaheed Minar

Business Report
 
Islami Bank Bangladesh Limited paid tribute to the martyrs of language movement in observance on February 21 which is also the International Mother Language Day. Bank officers and employees placed floral wreath at Central Shaheed Minar on the occasion. 
Bank chairman Mr Arastoo Khan, member of Board of Directors Major General (Retd.) Engr. Abdul Matin, Chairman of Executive Committee, Freedom Fighter Md. Abdul Mabud PPM, Chairman of Risk Management Committee, Professor Dr. Qazi Shahidul Alam, Helal Ahmed Chowdhury were presenr on the occasion. 
Biorhan Uddin Ahmed, Freedom Fighter Md. Joynal Abedin and Md. Mizanur Rahman, Directors, Md. Abdul Hamid Miah, Managing Director & CEO, Deputy Managing Directors, top executives and officials of the Bank also took part in placing the wreath.

Comment

Business Report
 
Islami Bank Bangladesh Limited paid tribute to the martyrs of language movement in observance on February 21 which is also the International Mother Language Day. Bank officers and employees placed floral wreath at Central Shaheed Minar on the occasion. 
Bank chairman Mr Arastoo Khan, member of Board of Directors Major General (Retd.) Engr. Abdul Matin, Chairman of Executive Committee, Freedom Fighter Md. Abdul Mabud PPM, Chairman of Risk Management Committee, Professor Dr. Qazi Shahidul Alam, Helal Ahmed Chowdhury were presenr on the occasion. 
Biorhan Uddin Ahmed, Freedom Fighter Md. Joynal Abedin and Md. Mizanur Rahman, Directors, Md. Abdul Hamid Miah, Managing Director & CEO, Deputy Managing Directors, top executives and officials of the Bank also took part in placing the wreath.

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Mirza Salman Ispahani elected chairman of Ispahani Islamia Eye Institute

Business Report
 
The Management Committee of Ispahani Islami Eye Institute & Hospital Society has elected Mirza Salman Ispahani as the Chairman of the Society at a meeting on February 18. He is the younger brother of Mirza Ali Behrouze Ispahani who died recently.
Mr. Salman was recently induced in the Management Committee of the Ispahani Islamia Eye Hospital. The Management Committee also condoned the death of Morza Belhouze Ispahani on the meeting and expressed profound shock at the sad and sudden demise of their chairman on January 23. 
It recalled with gratitude the valuable services and contributions made by M.A.B. Ispahani to the development of Ispahani Islamia Eye Institute & Hospital (IIEI&H) and his active interest in promoting welfare of its employees.
The Management Committee put on record its deep appreciation of the inspiring leadership of its former Chairman in elevating IIEI&H to its present height noting that his absence would deprive it of his valuable stewardship.
 The members of the Management Committee prayed for the salvation of the departed soul and conveyed its condolences to the members of the bereaved family, said a press release.

Comment

Business Report
 
The Management Committee of Ispahani Islami Eye Institute & Hospital Society has elected Mirza Salman Ispahani as the Chairman of the Society at a meeting on February 18. He is the younger brother of Mirza Ali Behrouze Ispahani who died recently.
Mr. Salman was recently induced in the Management Committee of the Ispahani Islamia Eye Hospital. The Management Committee also condoned the death of Morza Belhouze Ispahani on the meeting and expressed profound shock at the sad and sudden demise of their chairman on January 23. 
It recalled with gratitude the valuable services and contributions made by M.A.B. Ispahani to the development of Ispahani Islamia Eye Institute & Hospital (IIEI&H) and his active interest in promoting welfare of its employees.
The Management Committee put on record its deep appreciation of the inspiring leadership of its former Chairman in elevating IIEI&H to its present height noting that his absence would deprive it of his valuable stewardship.
 The members of the Management Committee prayed for the salvation of the departed soul and conveyed its condolences to the members of the bereaved family, said a press release.

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Board meeting of Shahjalal Islami Bank Securities Ltd held

Business Report
 
A meeting of the Board of Directors of Shahjalal Islami Bank Securities Limited (SJIBSL) was held at the Bank’s Head Office recently with its chairman Mr. Anwer Hossain Khan in the chair, 
Vice-Chairman Mr. Md. Sanaullah Shahid a number of directors were present. Managing Director of the Bank Mr. Farman R Chowdhury, 
Deputy Managing Directors Mr. Md. Shahjahan Shiraj, Mr. M. Akhter Hossain and Mr. Abdul Aziz, SEVP and Head of Business Development and Marketing Division Mr. Mustaque Ahmed, attended the meeting. 
Company Secretary Mr. Md. Abul Bashar, VP and CFO Mr. Md. Jafar Sadeq and Chief Executive Officer of Shahjalal Islami Bank Securities Ltd. Mr. Md. Anwar Hossain were also present, said a press release.

Comment

Business Report
 
A meeting of the Board of Directors of Shahjalal Islami Bank Securities Limited (SJIBSL) was held at the Bank’s Head Office recently with its chairman Mr. Anwer Hossain Khan in the chair, 
Vice-Chairman Mr. Md. Sanaullah Shahid a number of directors were present. Managing Director of the Bank Mr. Farman R Chowdhury, 
Deputy Managing Directors Mr. Md. Shahjahan Shiraj, Mr. M. Akhter Hossain and Mr. Abdul Aziz, SEVP and Head of Business Development and Marketing Division Mr. Mustaque Ahmed, attended the meeting. 
Company Secretary Mr. Md. Abul Bashar, VP and CFO Mr. Md. Jafar Sadeq and Chief Executive Officer of Shahjalal Islami Bank Securities Ltd. Mr. Md. Anwar Hossain were also present, said a press release.

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