Friday, April 17, 2015 BUSINESS

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Skyrocketing Hilsa prices

Business Report

Last week Hilsha prices skyrocketed in the market in the run up to Pahela Baishakh festival that only reminded buyers of cattle herd market prior to Eid-ul-Azha celebration. Some people now tend to believe, a Hilsha may also make a good sacrificial animal and even as costlier than a lamb, may better please the God.
The heating up of Hilsha market prior to Pahela Baishak is noticeable, specially over the past several years. Vendors demanded Tk 40,000 for four pieces of Hilsha in the night prior to the New Year at a city markeet. The demand is high on the occasion for enjoying Hilsha-Pantha, a new hot item for celebration of the Bengali New Year in a section of society.   
Stakeholders also attribute the soaring prices to low supply at a time Hilsha fishing season is long over. Traders said production of Hilsa this year was low compared to that of previous years to the price hike.
They said that in previous years, an increase in Hilsa export around this time created a fall in supply, which caused prices to soar.
After visiting several fish markets in the capital, it appears that ban on Hilsha export now in force for quite some time is not effective as supply to Indian market continues unabated. On the contrary, banking on rising demand against falling supply, traders are charging exorbitant prices from their frozen stock or on imported Hilsha fish.
News report said although Hilsha prices had skyrocketed in Bangladesh prior to Pahela Baisakh although its prices were stable and at a fraction in other countries compared to what was noticeable in Bangladesh market.
The report said Hilsa weighing around 1,000 gram was sold between Rs 700 and Rs 1,000 (Tk 873 - Tk 1,248) in Delhi. It was Rs 500 to Rs 1,200 (Tk 624 - Tk 1,497) in Kolkata market. The prices do not usually fluctuate there.
In Australia, a Hilsa weighing between 1,400 and 2,500 gram was sold between Australian $25 - 35 (Tk 1, 473- Tk 2,063).
In the KSA, Hilsha weighing 1,500 gram sold at Saudi Riyal 55 which is equivalent to  Tk 1,141 in Bangladesh.

Comment

Business Report

Last week Hilsha prices skyrocketed in the market in the run up to Pahela Baishakh festival that only reminded buyers of cattle herd market prior to Eid-ul-Azha celebration. Some people now tend to believe, a Hilsha may also make a good sacrificial animal and even as costlier than a lamb, may better please the God.
The heating up of Hilsha market prior to Pahela Baishak is noticeable, specially over the past several years. Vendors demanded Tk 40,000 for four pieces of Hilsha in the night prior to the New Year at a city markeet. The demand is high on the occasion for enjoying Hilsha-Pantha, a new hot item for celebration of the Bengali New Year in a section of society.   
Stakeholders also attribute the soaring prices to low supply at a time Hilsha fishing season is long over. Traders said production of Hilsa this year was low compared to that of previous years to the price hike.
They said that in previous years, an increase in Hilsa export around this time created a fall in supply, which caused prices to soar.
After visiting several fish markets in the capital, it appears that ban on Hilsha export now in force for quite some time is not effective as supply to Indian market continues unabated. On the contrary, banking on rising demand against falling supply, traders are charging exorbitant prices from their frozen stock or on imported Hilsha fish.
News report said although Hilsha prices had skyrocketed in Bangladesh prior to Pahela Baisakh although its prices were stable and at a fraction in other countries compared to what was noticeable in Bangladesh market.
The report said Hilsa weighing around 1,000 gram was sold between Rs 700 and Rs 1,000 (Tk 873 - Tk 1,248) in Delhi. It was Rs 500 to Rs 1,200 (Tk 624 - Tk 1,497) in Kolkata market. The prices do not usually fluctuate there.
In Australia, a Hilsa weighing between 1,400 and 2,500 gram was sold between Australian $25 - 35 (Tk 1, 473- Tk 2,063).
In the KSA, Hilsha weighing 1,500 gram sold at Saudi Riyal 55 which is equivalent to  Tk 1,141 in Bangladesh.


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BPC set to earn record profit, not inclined to review prices downward

Business Report

When Bangladesh Petroleum Corporation (BPC) is set to whooping profits this year from the slide in oil price in the global market when buyers of fuel oil in local market are paying too much without adjustment to petroleum pricing.
BPC is making exorbitant profit of Tk 13 to Tk 36 per litre on petroleum products since June last year, business statistics said suggesting the need for price adjustment.
India has already reviewed prices of its petroleum products downward on two occasions in recent past, but Bangladesh government appears looking at huge profiteering, instead of giving some relief to users.  
BPC sources said the production cost of octane is Tk 56.85 per litre but customers are buying it for Tk 99, giving the state-run corporation a profit of Tk 35.49 per litre. The profit margin is Tk 13.77 per litre for kerosene, Tk 14.68 for diesel, Tk 19.57 for furnace oil and Tk 18.75 for jet fuel.
In other words, the state-run company is set to make more than Tk 2,000 crore in profits this fiscal year, said an official of the company. The latest price situation has prompted the World Bank to call for introduction of a system that makes automatic adjustment of oil prices in line with global market rates.
The system would then invalidate the need for petroleum subsidies to make available  resources meant for subsidies to invest on growth enhancing national sectors such as education, health and infrastructure.
For fiscal 2014-15, the government has set aside Tk 2,400 crore for petroleum subsidies, but of the amount only Tk 200 crore to Tk 300 crore is likely to be used in the end as per  finance ministry’s estimate.
Subsidies to energy and petroleum have remained sizable in recent years due to high international oil prices and inadequate adjustments in domestic prices; fuel prices were kept artificially low. The BPC subsidises fuel by selling it domestically at lower than the international prices.
The governments says it provides oil subsidies to support access to energy for the poor, but the WB said energy subsidies are neither pro-poor nor efficient across the world, including Bangladesh.
The WB said, while there is some element of truth to this argument, energy subsidies often disproportionately benefit wealthier segments of the society, given they use more energy.
“This is true in Bangladesh where the poor are mostly dependent on traditional bio-mass and have little access to electricity and other public utilities.”
More than 40 per cent of the population in Bangladesh does not have access to grid electricity.
The WB said energy subsidies also divert public funds from social programmes and welfare schemes that may be of greater benefit to the poor.
On Sunday, the WB said now is the perfect time for Bangladesh to go for automatic oil price adjustment, meaning the petroleum prices would go up if they go up internationally, and vice versa.
As a condition for obtaining $987 million in loans from the International Monetary Fund, the government has promised that if the gap in oil price between the local and international markets exceeds Tk 10, it will make price adjustment.

Comment

Business Report

When Bangladesh Petroleum Corporation (BPC) is set to whooping profits this year from the slide in oil price in the global market when buyers of fuel oil in local market are paying too much without adjustment to petroleum pricing.
BPC is making exorbitant profit of Tk 13 to Tk 36 per litre on petroleum products since June last year, business statistics said suggesting the need for price adjustment.
India has already reviewed prices of its petroleum products downward on two occasions in recent past, but Bangladesh government appears looking at huge profiteering, instead of giving some relief to users.  
BPC sources said the production cost of octane is Tk 56.85 per litre but customers are buying it for Tk 99, giving the state-run corporation a profit of Tk 35.49 per litre. The profit margin is Tk 13.77 per litre for kerosene, Tk 14.68 for diesel, Tk 19.57 for furnace oil and Tk 18.75 for jet fuel.
In other words, the state-run company is set to make more than Tk 2,000 crore in profits this fiscal year, said an official of the company. The latest price situation has prompted the World Bank to call for introduction of a system that makes automatic adjustment of oil prices in line with global market rates.
The system would then invalidate the need for petroleum subsidies to make available  resources meant for subsidies to invest on growth enhancing national sectors such as education, health and infrastructure.
For fiscal 2014-15, the government has set aside Tk 2,400 crore for petroleum subsidies, but of the amount only Tk 200 crore to Tk 300 crore is likely to be used in the end as per  finance ministry’s estimate.
Subsidies to energy and petroleum have remained sizable in recent years due to high international oil prices and inadequate adjustments in domestic prices; fuel prices were kept artificially low. The BPC subsidises fuel by selling it domestically at lower than the international prices.
The governments says it provides oil subsidies to support access to energy for the poor, but the WB said energy subsidies are neither pro-poor nor efficient across the world, including Bangladesh.
The WB said, while there is some element of truth to this argument, energy subsidies often disproportionately benefit wealthier segments of the society, given they use more energy.
“This is true in Bangladesh where the poor are mostly dependent on traditional bio-mass and have little access to electricity and other public utilities.”
More than 40 per cent of the population in Bangladesh does not have access to grid electricity.
The WB said energy subsidies also divert public funds from social programmes and welfare schemes that may be of greater benefit to the poor.
On Sunday, the WB said now is the perfect time for Bangladesh to go for automatic oil price adjustment, meaning the petroleum prices would go up if they go up internationally, and vice versa.
As a condition for obtaining $987 million in loans from the International Monetary Fund, the government has promised that if the gap in oil price between the local and international markets exceeds Tk 10, it will make price adjustment.


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BRAC Bank opens new branch at Gandaria

Business Report

BRAC Bank has opened a new branch at Gandaria in the capital to provide highly efficient banking services to customers in the older part of the city.
Chairman of City Group, Mr Fazlur Rahman opened the branch on Distillery Road on April 12. Managing Director and CEO of the bank Syed Mahbubur Rahman and other senior bank officials were present.
 Local elites, business people and a large number of customers attended the opening function. BRAC Bank branches including SME/Krishi Branches and SME Service Centers stand at 166, making it one of the largest online network in Bangladesh, said a press release.

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Business Report

BRAC Bank has opened a new branch at Gandaria in the capital to provide highly efficient banking services to customers in the older part of the city.
Chairman of City Group, Mr Fazlur Rahman opened the branch on Distillery Road on April 12. Managing Director and CEO of the bank Syed Mahbubur Rahman and other senior bank officials were present.
 Local elites, business people and a large number of customers attended the opening function. BRAC Bank branches including SME/Krishi Branches and SME Service Centers stand at 166, making it one of the largest online network in Bangladesh, said a press release.


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Islami Bank hosts reception to East Zone cricket team

Business Report

Islami Bank Bangladesh Limited gave reception to players, coaches and officials of Islami Bank East Zone Bangladesh Cricket League for wining the one-day tournament trophy. The reception was held on April 13 at Islami Bank Tower. 
Chairman of the Executive Committee of the Bank Engr. Md. Eskander Ali Khan, greeted the players as the chief guest. Managing Director of IBBL Mohammad Abdul Mannan presided over the event.
It was also attended by Md. Mahbub-ul-Alam and Md. Habibur Rahman Bhuiyan, FCA, Deputy Managing Directors, Abdus Sadeque Bhuiyan, Md. Shamsuzzaman, Nazrul Islam Khan, Md. Abdul Jabbar, Shafiqul Mowla, Abu Reza Mohd. Yeahia among others.
Islami Bank East Zone won champion for the first time in one-day tournament organized by Bangladesh Cricket Board (BCB) on April 12 at Sher-e-Bangla National Stadium beating BCB North Zone by three wickets.

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Business Report

Islami Bank Bangladesh Limited gave reception to players, coaches and officials of Islami Bank East Zone Bangladesh Cricket League for wining the one-day tournament trophy. The reception was held on April 13 at Islami Bank Tower. 
Chairman of the Executive Committee of the Bank Engr. Md. Eskander Ali Khan, greeted the players as the chief guest. Managing Director of IBBL Mohammad Abdul Mannan presided over the event.
It was also attended by Md. Mahbub-ul-Alam and Md. Habibur Rahman Bhuiyan, FCA, Deputy Managing Directors, Abdus Sadeque Bhuiyan, Md. Shamsuzzaman, Nazrul Islam Khan, Md. Abdul Jabbar, Shafiqul Mowla, Abu Reza Mohd. Yeahia among others.
Islami Bank East Zone won champion for the first time in one-day tournament organized by Bangladesh Cricket Board (BCB) on April 12 at Sher-e-Bangla National Stadium beating BCB North Zone by three wickets.


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Shahjalal Islami Bank organize “Managers’ Conference-2015”

Busines Report

Shahjalal Islami Bank Limited (SJIBL) organized “Managers’ Conference-2015” on April 11 in a city hotel. Managing Director and CEO of the bank Farman R Chowdhury opened the conference while its chairman  A. K. Azad was present as the chief guest.
The meeting evaluated business performance of last year and adopted strategies and an action plan to achieve the business target of the ongoing year. Among the participants 16 branch managers were  given crest and 28 others letter of appreciation for outstanding performance in the previous year.
Vice Chairman of the Board of Directors Alhaj Mohammad Younus and Alhaj Md. Abdul Barek and other directors were present.
Additional Managing Director Masihul Huq Chowdhury and Deputy Managing Director Md. Setaur Rahman were also present. The conference was also attended by executives and head of different divisional head and branch managers of 93 branches, said a pres release.

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Busines Report

Shahjalal Islami Bank Limited (SJIBL) organized “Managers’ Conference-2015” on April 11 in a city hotel. Managing Director and CEO of the bank Farman R Chowdhury opened the conference while its chairman  A. K. Azad was present as the chief guest.
The meeting evaluated business performance of last year and adopted strategies and an action plan to achieve the business target of the ongoing year. Among the participants 16 branch managers were  given crest and 28 others letter of appreciation for outstanding performance in the previous year.
Vice Chairman of the Board of Directors Alhaj Mohammad Younus and Alhaj Md. Abdul Barek and other directors were present.
Additional Managing Director Masihul Huq Chowdhury and Deputy Managing Director Md. Setaur Rahman were also present. The conference was also attended by executives and head of different divisional head and branch managers of 93 branches, said a pres release.


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Apple likely to boost watch production quickly

Reuters

Apple Inc is likely to quickly ramp production of the Apple Watch after strong pre-orders outstripped limited supply in the first weekend following its launch, some Wall Street analysts said.
According to shopping data firm Slice Intelligence, Apple booked nearly 1 million pre-orders for the Apple Watch in the United States on Friday last.
The Apple Watch, which allows users to check email, listen to music and make phone calls when paired with an iPhone, goes on sale officially on April 24. “Based on our observations and media reports, launch day supply was largely sold out within the first 10 to 30 minutes depending on model,” Piper Jaffray analyst Gene Munster said in a client note.
Munster, who expects Apple to sell 2.3 million watches in the April-June quarter, expects Apple to ramp production between mid-May and June. BofA Merrill Lynch expects Apple to ship 4 million smart watches in the quarter.
The Apple Watch is Chief Executive Tim Cook’s first new major product launch and the company’s first foray into the personal luxury-goods market. The company will sell the gadgets in Apple stores and online as well as in trendy fashion boutiques in Paris, London and Tokyo as part of a strategy to position the wearable computer as a must-have accessory.
Despite mixed reviews, which praised the watch’s styling but criticized its less-than-spectacular battery life and slow-loading apps, people flocked to Apple’s stores to get a close-up look.
“We think the Apple Watch will be highly disruptive to the traditional fashion watch market,” Pacific Crest analysts said.
The analysts said their checks showed that Apple appeared to be ordering components for the watch that would allow it to build well over 20 million watches this year. “While this represents just over 5 percent of the company’s iPhone user base, it would be nearly half of the total (more than) $200 watch market,” they said.
The brokerage expects Apple to likely have about 5 million Apple Watches available for delivery by April 24.

Comment

Reuters

Apple Inc is likely to quickly ramp production of the Apple Watch after strong pre-orders outstripped limited supply in the first weekend following its launch, some Wall Street analysts said.
According to shopping data firm Slice Intelligence, Apple booked nearly 1 million pre-orders for the Apple Watch in the United States on Friday last.
The Apple Watch, which allows users to check email, listen to music and make phone calls when paired with an iPhone, goes on sale officially on April 24. “Based on our observations and media reports, launch day supply was largely sold out within the first 10 to 30 minutes depending on model,” Piper Jaffray analyst Gene Munster said in a client note.
Munster, who expects Apple to sell 2.3 million watches in the April-June quarter, expects Apple to ramp production between mid-May and June. BofA Merrill Lynch expects Apple to ship 4 million smart watches in the quarter.
The Apple Watch is Chief Executive Tim Cook’s first new major product launch and the company’s first foray into the personal luxury-goods market. The company will sell the gadgets in Apple stores and online as well as in trendy fashion boutiques in Paris, London and Tokyo as part of a strategy to position the wearable computer as a must-have accessory.
Despite mixed reviews, which praised the watch’s styling but criticized its less-than-spectacular battery life and slow-loading apps, people flocked to Apple’s stores to get a close-up look.
“We think the Apple Watch will be highly disruptive to the traditional fashion watch market,” Pacific Crest analysts said.
The analysts said their checks showed that Apple appeared to be ordering components for the watch that would allow it to build well over 20 million watches this year. “While this represents just over 5 percent of the company’s iPhone user base, it would be nearly half of the total (more than) $200 watch market,” they said.
The brokerage expects Apple to likely have about 5 million Apple Watches available for delivery by April 24.


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MTB to collect DPDC electricity bills

Business Report

Mutual Trust Bank Ltd. (MTB) recently signed an agreement with Dhaka Power Distribution Company Limited (DPDC) for online collection of electricity bills. from the utility users through its branches all over the country. 
Managing Director of DPDC, Brig Gen. Md. Nazrul Hasan (Retd.) and MTB Managing Director and CEO, Anis A. Khan were present at the signing ceremony held at the DPDC office at Bidyut Bhaban in the city.
MTB Deputy Managing Director and Chief Business Officer, Syed Rafiqul Haq, Senior Executive Vice President and Head of MTB Banking Operations Division, Swapan Kumar Biswas, DPDC Company Secretary, Munir Chowdhury, Executive Director (Finance), Md. Ashaduzzaman and other senior officials on both sides  were present.

Comment

Business Report

Mutual Trust Bank Ltd. (MTB) recently signed an agreement with Dhaka Power Distribution Company Limited (DPDC) for online collection of electricity bills. from the utility users through its branches all over the country. 
Managing Director of DPDC, Brig Gen. Md. Nazrul Hasan (Retd.) and MTB Managing Director and CEO, Anis A. Khan were present at the signing ceremony held at the DPDC office at Bidyut Bhaban in the city.
MTB Deputy Managing Director and Chief Business Officer, Syed Rafiqul Haq, Senior Executive Vice President and Head of MTB Banking Operations Division, Swapan Kumar Biswas, DPDC Company Secretary, Munir Chowdhury, Executive Director (Finance), Md. Ashaduzzaman and other senior officials on both sides  were present.


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