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WAGE ANOMALIES RESOLVED
Garment workers joined work as unrest ended in key areas
Business Report
 
Production resumed across the factories in Savar and Ashulia and Gazipur garment industries belt on Monday after workers returned to work abandoning almost three week protest over pay disparity in their new wage structure. 
In September last year, the government raised the minimum monthly wage for RMG workers by around 51 per cent to Tk 8,000 from Tk 5,300. The new wage took effect in December.
But when the workers drew their salary in January, they found huge disparity in the pay hike in most of the wage grades, forcing them to take to the street seeking remedy.
Meanwhile the government is suspecting third party intervention behind the unrest. It has set up a committee to look into the matter and deal the destructive forces in strong hand.
As the unrest was spreading all over in the industrial belt threatening peace at a time when the new government has just returned to power and was busy setting up the new administration, it felt the risk of wider destabilization and quickly intervened. 
It asked the workers and owners to sit for a review of the wage structure as the unrest entered the third week adding a sense of uneasiness within the government.  Earlier, on Sunday, a new wage structure was worked out removing the anomalies under the guidance of the government. It announced the new wage structure for apparel workers addressing pay hike disparity after rounds of discussion with the industry owners and trade union leaders.
The three sides agreed to a correction formula and as the trade union leaders agreed to it workers joined their workplaces amid tight security measures from Monday across the industrial belt. Heavy security deployment has also been reported in the industry-intensive areas in Gazipur.
Earlier the law enforcers arrested many union leaders and surprisingly they turned out flexible to their demands on release asking the workers to accept new wage rates though below their basic expectations.      
“Factories in Savar and Ashulia resumed full production on Monday following the government’s announcement of wage review. Over 95 per cent workers’ attendance was reported. We hope workers will again concentrate on their work as disparity in their wage structure has already been addressed,” said M Siddiqur Rahman, president of Bangladesh Garment Manufacturers and Exporters’ Association (BGMEA) on Monday.
He also urged the workers not to pay heed to any motivated campaign over the wage issue for maintaining peace and stability in the industry. “Peaceful working condition also prevailed in other key garment industrial belts across the country on Monday with no report of workers protest,” said M Siddiqur Rahman said.
He threatened to shut all garment factories in the country for an indefinite period earlier on Sunday if the protesting workers do not return to their workplaces by Monday.  He also said that many apparel units in Savar industrial zone remained shut following the workers’ protest causing a sudden financial loss to owners. It also causes harm to industry’s reputation globally.
Bangladesh is the world’s second biggest exporter of clothes after China and its apparel export crossed over US$ 30 billion mark in the last fiscal.
“Workers jointed their work in the morning without any report of agitation. Peaceful working condition also prevailed across the Savar industrial zone,” Shana Shaminur Rahman, Director of Industrial Police-1.
He said that additional police personnel were deployed in Savar and Ashulia industrial zone to avoid any untoward situation.
“We are happy that the government finally resolved the dispute over the new wage structure,” Shamima Nasrin, a labour leader, told The New Nation.
She said the peaceful working atmosphere will restore in the industry following the government’s move.
“Being a trade union activist, I never support chaotic demonstrations and act of vandalism by the workers. They should uphold peaceful working condition in the industry and not to be involved in irresponsible activities again for the interest of the country,” added Shamima Nasrin.
No unrest was reported anywhere from Dhaka, Ashulia or Savar from Monday last. Those regions saw te worst outbreak of unrest demanding correction of the anomalies. 
Instead of gathering anywhere, workers were seen entering factories early in the morning to join the daily work. All closed factories had reopened.
Sana Shaminur Rahman, superintendent of Dhaka Industrial Police told the media on Monday that the factories have opened and workers returned to work peacefully.
Additional police forces were seen outside most of the factories in order to avoid any untoward situation. Security was beefed up inside the factories as well.
Police were also announcing in loudspeakers, urging the workers to go back to work. “If you do not join work you will not be paid” they were saying.

Comment

Business Report
 
Production resumed across the factories in Savar and Ashulia and Gazipur garment industries belt on Monday after workers returned to work abandoning almost three week protest over pay disparity in their new wage structure. 
In September last year, the government raised the minimum monthly wage for RMG workers by around 51 per cent to Tk 8,000 from Tk 5,300. The new wage took effect in December.
But when the workers drew their salary in January, they found huge disparity in the pay hike in most of the wage grades, forcing them to take to the street seeking remedy.
Meanwhile the government is suspecting third party intervention behind the unrest. It has set up a committee to look into the matter and deal the destructive forces in strong hand.
As the unrest was spreading all over in the industrial belt threatening peace at a time when the new government has just returned to power and was busy setting up the new administration, it felt the risk of wider destabilization and quickly intervened. 
It asked the workers and owners to sit for a review of the wage structure as the unrest entered the third week adding a sense of uneasiness within the government.  Earlier, on Sunday, a new wage structure was worked out removing the anomalies under the guidance of the government. It announced the new wage structure for apparel workers addressing pay hike disparity after rounds of discussion with the industry owners and trade union leaders.
The three sides agreed to a correction formula and as the trade union leaders agreed to it workers joined their workplaces amid tight security measures from Monday across the industrial belt. Heavy security deployment has also been reported in the industry-intensive areas in Gazipur.
Earlier the law enforcers arrested many union leaders and surprisingly they turned out flexible to their demands on release asking the workers to accept new wage rates though below their basic expectations.      
“Factories in Savar and Ashulia resumed full production on Monday following the government’s announcement of wage review. Over 95 per cent workers’ attendance was reported. We hope workers will again concentrate on their work as disparity in their wage structure has already been addressed,” said M Siddiqur Rahman, president of Bangladesh Garment Manufacturers and Exporters’ Association (BGMEA) on Monday.
He also urged the workers not to pay heed to any motivated campaign over the wage issue for maintaining peace and stability in the industry. “Peaceful working condition also prevailed in other key garment industrial belts across the country on Monday with no report of workers protest,” said M Siddiqur Rahman said.
He threatened to shut all garment factories in the country for an indefinite period earlier on Sunday if the protesting workers do not return to their workplaces by Monday.  He also said that many apparel units in Savar industrial zone remained shut following the workers’ protest causing a sudden financial loss to owners. It also causes harm to industry’s reputation globally.
Bangladesh is the world’s second biggest exporter of clothes after China and its apparel export crossed over US$ 30 billion mark in the last fiscal.
“Workers jointed their work in the morning without any report of agitation. Peaceful working condition also prevailed across the Savar industrial zone,” Shana Shaminur Rahman, Director of Industrial Police-1.
He said that additional police personnel were deployed in Savar and Ashulia industrial zone to avoid any untoward situation.
“We are happy that the government finally resolved the dispute over the new wage structure,” Shamima Nasrin, a labour leader, told The New Nation.
She said the peaceful working atmosphere will restore in the industry following the government’s move.
“Being a trade union activist, I never support chaotic demonstrations and act of vandalism by the workers. They should uphold peaceful working condition in the industry and not to be involved in irresponsible activities again for the interest of the country,” added Shamima Nasrin.
No unrest was reported anywhere from Dhaka, Ashulia or Savar from Monday last. Those regions saw te worst outbreak of unrest demanding correction of the anomalies. 
Instead of gathering anywhere, workers were seen entering factories early in the morning to join the daily work. All closed factories had reopened.
Sana Shaminur Rahman, superintendent of Dhaka Industrial Police told the media on Monday that the factories have opened and workers returned to work peacefully.
Additional police forces were seen outside most of the factories in order to avoid any untoward situation. Security was beefed up inside the factories as well.
Police were also announcing in loudspeakers, urging the workers to go back to work. “If you do not join work you will not be paid” they were saying.

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Trade in Junk stocks alarmingly growing

DSE turnover hits 14-month high

Business Report

The Dhaka stocks went through a price correction yesterday while the turnover hit a 14-month high.

Turnover, one of the important indicators of the market, rose by 17.7 percent from the previous day to Tk 1,146.32 crore. On November 20 of 2017, the figure was Tk 1,158.49 crore.

Investors took home some profit, as most of the stocks gained in the last few days and the rising turnover means there is liquid money in the market, industry insiders said.

The DSEX, the benchmark index of Dhaka Stock Exchange, gained 642 points or 12.30 percent in the last one month.

Yesterday, the index dropped 23.98 points or 0.40 percent to close the day at 5,836.23.

Olympic Industries dominated the turnover chart with 14.58 lakh shares worth Tk 39.58 crore changing hands, followed by Khulna Power, BBS Cables, Singer Bangladesh and JMI Syringes.

The top three negative index contributors were Brac Bank, Square Pharmaceuticals and Islami Bank Bangladesh, according to data of IDLC Securities. Of the traded issues, 122 advanced, 197 declined and 21 closed unchanged.

Chittagong stocks also declined with the bourse’s benchmark index, CSCX, falling by 35.51 points or 0.32 percent to finish the day at 10,800.78. The bourse traded 1.15 crore shares and mutual fund units worth Tk 36.22 crore.

Business Report
 
As the stock market is bouncing back following election, trading in junk stocks is shooting with expectations of quick profits although these securities have failed to pay dividends to their shareholders for long, market analysts say.  These are unusual movement not corroborated by the companies capital base or market rating. 
But these stocks have continued to dominate the top gainers’ lists throughout last week and before election in many cases. Report said Savar Refractories for instance gained 9.95 percent on Monday while Emerald Oil 9.63 percent and Tallu Spinning 9.59 percent. In the last 15 days, the three stocks rose 70.58 percent, 49 percent and 33.33 percent respectively. 
Their peer Jute Spinners was the top gainer on Dhaka Stock Exchange (DSE) on Monday last rising 9.99 percent. It went up 9.84 percent in the last fortnight. Such trading is randomly picking up without visible reasons. Many believe speculators are having their hand behind it.    
Analysts sounded alarm, saying investors will lose money and, consequently, confidence in the market if the trend continues. “If investors pour money into water even knowing it’s a waste then how can anyone prevent them?” AB Mirza Azizul Islam, a former chairman of the Bangladesh Securities and Exchange Commission (BSEC) told the media last week. 
He said investors know that junk stocks are the riskiest securities to put money on and analysts warn investors not to invest on them, but many do not pay heed risking their money at any time.
Market insiders say a vested interest group spread rumours centring junk shares claiming upcoming changes in company ownerships or of decisions being taken for expansion. But the companies have informed the DSE that they have no undisclosed price sensitive information.
The insiders say if these stocks start falling, it will create a hue outcry in the market.
One of the junk stocks, Information Services Network (ISN) has again come to the DSE’s attention as the bourse on Monday last decided to review the company’s potential. The IT firm has failed to give any dividend in the last five years.
Mirza Azizul Islam said investors have to be careful about their investment as they would ultimately be the losers as the junk stocks will certainly fall at some point.
Speaking about the upward movement of the market, he said, “There are some reasons for the stock market to go up but it should not get inflated into a bubble like the one witnessed by the market in 2010.”
The DSEX, the key index of the bourse, On Monday last crossed the 5,800-point mark after it added 62.91 points, or 1.08 percent, to end the day at 5,860.21. Turnover, another important indicator of the market, rose 8.5 percent to Tk 973.94 crore.
BBS Cables dominated the turnover chart with 38.18 lakh shares worth Tk 42.76 crore changing hands, followed by Khulna Power Generation, Olympic Industries, CVO Petrochemical and Dhaka Bank. Top three index contributors were Brac Bank, Summit Power and LafargeHolcim Bangladesh.
Of the traded issues, 228 advanced, 76 declined and 40 closed unchanged. Chittagong stocks also rose with the bourse’s benchmark index, CSCX, advancing 109.38 points, or 1.01 percent, to finish at 10,836.29.

Comment

DSE turnover hits 14-month high

Business Report

The Dhaka stocks went through a price correction yesterday while the turnover hit a 14-month high.

Turnover, one of the important indicators of the market, rose by 17.7 percent from the previous day to Tk 1,146.32 crore. On November 20 of 2017, the figure was Tk 1,158.49 crore.

Investors took home some profit, as most of the stocks gained in the last few days and the rising turnover means there is liquid money in the market, industry insiders said.

The DSEX, the benchmark index of Dhaka Stock Exchange, gained 642 points or 12.30 percent in the last one month.

Yesterday, the index dropped 23.98 points or 0.40 percent to close the day at 5,836.23.

Olympic Industries dominated the turnover chart with 14.58 lakh shares worth Tk 39.58 crore changing hands, followed by Khulna Power, BBS Cables, Singer Bangladesh and JMI Syringes.

The top three negative index contributors were Brac Bank, Square Pharmaceuticals and Islami Bank Bangladesh, according to data of IDLC Securities. Of the traded issues, 122 advanced, 197 declined and 21 closed unchanged.

Chittagong stocks also declined with the bourse’s benchmark index, CSCX, falling by 35.51 points or 0.32 percent to finish the day at 10,800.78. The bourse traded 1.15 crore shares and mutual fund units worth Tk 36.22 crore.

Business Report
 
As the stock market is bouncing back following election, trading in junk stocks is shooting with expectations of quick profits although these securities have failed to pay dividends to their shareholders for long, market analysts say.  These are unusual movement not corroborated by the companies capital base or market rating. 
But these stocks have continued to dominate the top gainers’ lists throughout last week and before election in many cases. Report said Savar Refractories for instance gained 9.95 percent on Monday while Emerald Oil 9.63 percent and Tallu Spinning 9.59 percent. In the last 15 days, the three stocks rose 70.58 percent, 49 percent and 33.33 percent respectively. 
Their peer Jute Spinners was the top gainer on Dhaka Stock Exchange (DSE) on Monday last rising 9.99 percent. It went up 9.84 percent in the last fortnight. Such trading is randomly picking up without visible reasons. Many believe speculators are having their hand behind it.    
Analysts sounded alarm, saying investors will lose money and, consequently, confidence in the market if the trend continues. “If investors pour money into water even knowing it’s a waste then how can anyone prevent them?” AB Mirza Azizul Islam, a former chairman of the Bangladesh Securities and Exchange Commission (BSEC) told the media last week. 
He said investors know that junk stocks are the riskiest securities to put money on and analysts warn investors not to invest on them, but many do not pay heed risking their money at any time.
Market insiders say a vested interest group spread rumours centring junk shares claiming upcoming changes in company ownerships or of decisions being taken for expansion. But the companies have informed the DSE that they have no undisclosed price sensitive information.
The insiders say if these stocks start falling, it will create a hue outcry in the market.
One of the junk stocks, Information Services Network (ISN) has again come to the DSE’s attention as the bourse on Monday last decided to review the company’s potential. The IT firm has failed to give any dividend in the last five years.
Mirza Azizul Islam said investors have to be careful about their investment as they would ultimately be the losers as the junk stocks will certainly fall at some point.
Speaking about the upward movement of the market, he said, “There are some reasons for the stock market to go up but it should not get inflated into a bubble like the one witnessed by the market in 2010.”
The DSEX, the key index of the bourse, On Monday last crossed the 5,800-point mark after it added 62.91 points, or 1.08 percent, to end the day at 5,860.21. Turnover, another important indicator of the market, rose 8.5 percent to Tk 973.94 crore.
BBS Cables dominated the turnover chart with 38.18 lakh shares worth Tk 42.76 crore changing hands, followed by Khulna Power Generation, Olympic Industries, CVO Petrochemical and Dhaka Bank. Top three index contributors were Brac Bank, Summit Power and LafargeHolcim Bangladesh.
Of the traded issues, 228 advanced, 76 declined and 40 closed unchanged. Chittagong stocks also rose with the bourse’s benchmark index, CSCX, advancing 109.38 points, or 1.01 percent, to finish at 10,836.29.

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NEW GUIDELINES
No MNP tax for switching operators
Business Report
 
Under a new guideline mobile users will not be required to pay the SIM tax of Tk 115 for switching operators while retaining their existing 11-digit numbers following the waver of the charges by the revenue authority to encourage the mobile number portability (MNP) service.
Users will now count the service charge of Tk 57 for availing the MNP service, the new rue said.  The tax waiver comes more than three months after the government opened the scope for mobile users to switch operators without changing their numbers with a view to increasing competition and egging on operators to improve their service quality, the new system divulge.
“We think this new initiative will make more people interested in switching operators while retaining their existing number,” said Mohammad Zulfikar, chief executive officer at Infozillion Teletech BD, the lone MNP service provider in the country.
After much delays Bangladesh finally introduced MNP on October 1 — more than a decade after the service became available globally — becoming the 72nd country to do so.
Initially mobile users rushed to change carriers, but the service progressively lost lustre thanks to the charges of Tk 172.
As of yesterday, 1.05 lakh subscribers have swapped operators, with Robi being the biggest beneficiary. In the first three weeks after the introduction, Robi pulled in 16,916 customers to its network from its three rivals, according to a report of the telecom regulator.
Shahed Alam, head of regulatory and corporate affairs at Robi, expects the trend would reverse following the waiver of VAT and SD on MNP by the National Board of Revenue. “It is a very positive step,” he added.
Meanwhile, the Bangladesh Telecommu-nication Regulatory Commission (BTRC) yesterday published a report that showed 11,676 Grameenphone customers left the market leader by taking up MNP service. On the other hand, it drew 4,041 new customers from its competitors.
Robi, the second largest operator, lost 5,973 customers since the MNP was introduced on a trial basis.
To avail the VAT and SD waiver, operators will have to furnish reports on the first week of the following month to the field officer of NBR and BTRC on the total number of SIMs that were ported in and ported out during the month that passed.
Similarly, MNP service processing firms will have to submit the names of ported in and ported out subscribers, their mobile phone numbers and the names of the existing and previous operators to the field office of VAT and the BTRC. The revenue authority also warned that it could launch enquiry to see compliance of rules by firms enjoying the VAT and SD waiver on MNP.
“The waiver could be cancelled instantly if any rule is violated,” said the NBR in its notification.
The revenue impact would be high if the privilege is misused, said an official of the tax authority.
“That’s the reason we have attached some conditions,” he said.

Comment

Business Report
 
Under a new guideline mobile users will not be required to pay the SIM tax of Tk 115 for switching operators while retaining their existing 11-digit numbers following the waver of the charges by the revenue authority to encourage the mobile number portability (MNP) service.
Users will now count the service charge of Tk 57 for availing the MNP service, the new rue said.  The tax waiver comes more than three months after the government opened the scope for mobile users to switch operators without changing their numbers with a view to increasing competition and egging on operators to improve their service quality, the new system divulge.
“We think this new initiative will make more people interested in switching operators while retaining their existing number,” said Mohammad Zulfikar, chief executive officer at Infozillion Teletech BD, the lone MNP service provider in the country.
After much delays Bangladesh finally introduced MNP on October 1 — more than a decade after the service became available globally — becoming the 72nd country to do so.
Initially mobile users rushed to change carriers, but the service progressively lost lustre thanks to the charges of Tk 172.
As of yesterday, 1.05 lakh subscribers have swapped operators, with Robi being the biggest beneficiary. In the first three weeks after the introduction, Robi pulled in 16,916 customers to its network from its three rivals, according to a report of the telecom regulator.
Shahed Alam, head of regulatory and corporate affairs at Robi, expects the trend would reverse following the waiver of VAT and SD on MNP by the National Board of Revenue. “It is a very positive step,” he added.
Meanwhile, the Bangladesh Telecommu-nication Regulatory Commission (BTRC) yesterday published a report that showed 11,676 Grameenphone customers left the market leader by taking up MNP service. On the other hand, it drew 4,041 new customers from its competitors.
Robi, the second largest operator, lost 5,973 customers since the MNP was introduced on a trial basis.
To avail the VAT and SD waiver, operators will have to furnish reports on the first week of the following month to the field officer of NBR and BTRC on the total number of SIMs that were ported in and ported out during the month that passed.
Similarly, MNP service processing firms will have to submit the names of ported in and ported out subscribers, their mobile phone numbers and the names of the existing and previous operators to the field office of VAT and the BTRC. The revenue authority also warned that it could launch enquiry to see compliance of rules by firms enjoying the VAT and SD waiver on MNP.
“The waiver could be cancelled instantly if any rule is violated,” said the NBR in its notification.
The revenue impact would be high if the privilege is misused, said an official of the tax authority.
“That’s the reason we have attached some conditions,” he said.

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Uttara Finance and Investments Limited goes live with LEADS Core Financial Solution

Uttara Finance and Investments Limited has chosen LEADS BankUlitmus as their Core Financial Solution to standardize and streamline its operations.
Uttara Finance and Investments Limited has been operating as Financial Institution since 7th May 1995 under license from Bangladesh Bank (Central Bank). The company extends lease, loans and asset management services. Uttara Finance and Investments is one of the leading Non-Banking Financial Institutions (NBFI) in Bangladesh with strong presence all over the country. 
The agreement signing ceremony was held on 20th December, 2018 at the head office of Uttara Finance and Investments Limited in Tejgaon, A number of high officials from both companies were present in the agreement signing ceremony including Uttara Finance Managing Director Mr. S. M. Shamsul Arefin, Deputy Managing Director Mr. Md. Jakir Hossain, FCA, Senior Executive Vice President Mr. Anil Chandra Das. 
On behalf of LEADS Corporation Limited Chairman Mr. Shaikh Abdul Aziz, MD & CEO Mr. Shaikh Wahid, COO Mr. Rana Shohel, CFO Mr. Masud Parvez, General Manager Mr. B.E.M. Manjur-e-Khuda and General Manager Mr. Anisur Rahman Khan were also present.
LEADS' BankUltimus is a fully automated real-time Core Financial System which brings benefits in terms of maintaining accounts in real-time, adopting fully centralized business operation, producing instant reports for operation, management, audit meeting regulatory requirements with ease, helps carry out analysis with ease for making smarter decisions and all for providing effective and efficient customer service in the competitive market environment etc.
LEADS has been providing banking solution for several decades not only in the domestic market but also outside the country.
— Press Release

Comment

Uttara Finance and Investments Limited has chosen LEADS BankUlitmus as their Core Financial Solution to standardize and streamline its operations.
Uttara Finance and Investments Limited has been operating as Financial Institution since 7th May 1995 under license from Bangladesh Bank (Central Bank). The company extends lease, loans and asset management services. Uttara Finance and Investments is one of the leading Non-Banking Financial Institutions (NBFI) in Bangladesh with strong presence all over the country. 
The agreement signing ceremony was held on 20th December, 2018 at the head office of Uttara Finance and Investments Limited in Tejgaon, A number of high officials from both companies were present in the agreement signing ceremony including Uttara Finance Managing Director Mr. S. M. Shamsul Arefin, Deputy Managing Director Mr. Md. Jakir Hossain, FCA, Senior Executive Vice President Mr. Anil Chandra Das. 
On behalf of LEADS Corporation Limited Chairman Mr. Shaikh Abdul Aziz, MD & CEO Mr. Shaikh Wahid, COO Mr. Rana Shohel, CFO Mr. Masud Parvez, General Manager Mr. B.E.M. Manjur-e-Khuda and General Manager Mr. Anisur Rahman Khan were also present.
LEADS' BankUltimus is a fully automated real-time Core Financial System which brings benefits in terms of maintaining accounts in real-time, adopting fully centralized business operation, producing instant reports for operation, management, audit meeting regulatory requirements with ease, helps carry out analysis with ease for making smarter decisions and all for providing effective and efficient customer service in the competitive market environment etc.
LEADS has been providing banking solution for several decades not only in the domestic market but also outside the country.
— Press Release

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New CEO for MetLife

Business Desk
 
Michel A Khalaf, president for US business and EMEA at MetLife, has recently been appointed president and chief executive officer, effective from May 1. He has also been appointed to the MetLife board, the company said in a statement yesterday.
“Michel has brought deep knowledge of our industry, an entrepreneurial spirit, and strong leadership skills to each of the roles he has held during his successful career in the life insurance industry,” said Steven A Kandarian, the outgoing chairman, president and CEO.
Glenn Hubbard, MetLife’s independent lead director, will become the company’s non-executive chairman after the retirement of Kandarian.

Comment

Business Desk
 
Michel A Khalaf, president for US business and EMEA at MetLife, has recently been appointed president and chief executive officer, effective from May 1. He has also been appointed to the MetLife board, the company said in a statement yesterday.
“Michel has brought deep knowledge of our industry, an entrepreneurial spirit, and strong leadership skills to each of the roles he has held during his successful career in the life insurance industry,” said Steven A Kandarian, the outgoing chairman, president and CEO.
Glenn Hubbard, MetLife’s independent lead director, will become the company’s non-executive chairman after the retirement of Kandarian.

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