Shops in Dhaka which are at risk of fire and accidents will be closed

Prime Minister’s Private Industry and Investment Adviser Salman F Rahman said that after Eid, some shops in Dhaka which are at risk of fire and accidents will be closed. According to a related source, the government is going to be strict against the markets, hospitals and buildings that are at risk of fire after Eid. The fire-prone building is currently under intelligence surveillance.  Salman F Rahman said, “We consider one or two shops unsafe and accidents can happen there.” We have to take strict action against them. Although Salman F. Rahman gave a message of strict action on behalf of the government, he did not name any market that will be closed.

 

Most of the buildings in the capital Dhaka have been constructed without fully complying with the fire service and civil defense instructions. There is no fire alarm system in these buildings. There is no adequate water and firefighting system. There are enough stairs but they are not open. Shops-warehouses have also been placed on stairs in commercial buildings. Even in the vicinity of the market-shopping mall building, there are hanging electrical cables and AC equipment connections. Altogether, 55 percent of Dhaka’s buildings are at risk. This information is available by reviewing a recently published fire service report. The report was prepared by inspecting various aspects of fire safety of buildings across the country from January 1 to December 31, 2022.

 

Recently, the dangerous market like Bangabazar in the capital was declared dangerous on April 10, 2019, but the building owners or businessmen did not pay attention to the notice of the fire service because they did not have the power to take punitive measures. And due to legal weakness, the organization could not take effective action against them. In the last few days, several big fires have shaken all quarters.

 

The fire service and civil defense have listed markets, shopping malls, hospitals, commercial and residential buildings in the capital that are at risk of fire. The list includes 1,305 markets and buildings including Gauchia Market, Noor Mansion, Rajdhani Super Market, Karwan Bazar Kitchen Market, Lily Plaza, Dhanmondi Hawkers Market. Of these, 450 buildings have been identified as high-risk. And there are more than four hundred hospitals including Dhaka Medical and Suhrawardy in this list.

 

The fire service has started sending warnings to these market authorities and building owners. All the owners of these buildings will receive warnings or notices, according to fire service sources. According to the fire service report, 24,102 fire incidents occurred in the country in 2022. 98 people were killed and 407 people were injured in these accidents. Among the dead are 13 fire service officials. According to the report, Tk 342.59 crore has been caused by fire in the year 2022. And the estimated value of recovered goods is Tk 1,808.32 crore. Besides, 9,517 fires were brought under control before going into operation.

 

The fire service inspected 5,869 buildings to prepare the report. It identifies 2,223 buildings as dangerous. Among them, there are 671 high-risk buildings and 1,606 vulnerable buildings. At the same time, satisfactory results are obtained in 3 thousand 96 buildings in fire safety. Dhaka has the highest number of 54.67 percent buildings and Mymensingh has the lowest number of 1.93 percent buildings under fire risk. 54.29 percent of buildings in Chittagong are at risk of fire. Besides, 29.62 percent in Barisal, 41.46 percent in Khulna, 24 percent in Rangpur, 19.76 percent in Sylhet, 14.97 percent in Rajshahi and 1.93 percent in Mymensingh are under fire risk.

Beximco acquires 5.25% stake at Shipping Corporation

Beximco Ltd has decided to ask for a directorship at the Bangladesh Shipping Corporation as the conglomerate acquired a 5.25% stake in the state-owned shipping line. The decision came at a Beximco board meeting.

Beximco earned revenue of Tk1,919 crore in the July-September quarter this year, which was Tk1,758 crore a year ago. However, because of increased costs including that of production, administration, distribution and finance, the company's net profit for the three months dropped to Tk369 crore, from Tk450 crore in the same quarter last year.

Quarterly earnings per share (EPS) stood at Tk3.83 this year, which was Tk4.11 a year ago.Beximco shares having a face value of Tk10 each closed at the floor price of Tk115.6 in the Dhaka Stock Exchange. Beximco Pharmaceuticals Ltd, the drag-making arm of Beximco Group, has seen its quarterly revenue grow to Tk979 crore, from Tk847 crore a year ago. But, rising costs reduced its EPS to Tk3.24 in the July-September quarter from Tk3.28 for the same period last year. The group's ceramic exporting wing Shinepukur Ceramics, on the other hand, secured a quarterly EPS of Tk0.10 each in the July-September quarter, which was Tk0.02 a year ago, while its quarterly turnover increased to over Tk49 crore from Tk36.4 crore in the previous year.

Salman F Rahman: Bangladesh gives advice on labor rights their due importance

PM's Adviser for Private Industry and Investment Salman F Rahman details steps government has taken to develop labor sector

Bangladesh considers the recommendations of the United States of America, European Union and the International Labor Organization (ILO) on labor rights with due importance, said Prime Minister's Adviser for Private Industry and Investment Salman F Rahman.

Speaking at the virtual meeting of the US-Bangladesh labor working group on Thursday, Rahman detailed the steps taken by the current government in the labor sector. The Prime Minister's Adviser for Private Industry and Investment and US Under Secretary for Economic Growth, Energy, and the Environment Jose W Fernandez led the Bangladesh and US delegations respectively at the inaugural meeting of the working group.

US team leader Fernandez praised the steps taken to develop the labor sector in Bangladesh and called for the full implementation of the recommendations of the International Labor Organization, said the Ministry of Foreign Affairs.

He pledged to provide necessary cooperation and work together for the further development of the labor sector of Bangladesh. Bangladesh and the US discussed "collaboration and assistance" to Bangladesh as it takes further steps to implement the requirements developed by Bangladesh for its International Labor Organization roadmap and adhere to internationally recognized labor rights.

The objective of the meeting was to support Bangladeshi implementation of commitments to improve labor rights protections and to further economic cooperation between the US and Bangladesh, according to the office of the Spokesperson, US Department of State.

Secretary to the Ministry of Labor and Employment Md Ehsan-E-Elahi, Bangladesh Ambassador to the United States Muhammad Imran, BIDA Executive Chairman Lokman Hossain Miah, Executive Chairman of BEZA Shaikh Yusuf Harun, Executive Chairman of BEPZA Major General Abul Kalam Mohammad Ziaur Rahman, US Ambassador to Bangladesh Peter Haas and high-level representatives from relevant departments joined the meeting.

On the other hand, the US delegation presented its observations on the revision of labor laws and regulations and the registration of trade unions. The representative of the Ministry of Commerce urged the US side to seriously consider the issue of providing duty-free facilities to Bangladeshi products in the United States.

Beximco Ltd finalised €32.5 million expansion plan

Bangladeshi conglomerate Beximco Ltd has finalised a €32.5 million expansion plan for its Knit Fabric Facility ING Bank and Germany's ECA-Euler Hermes are funding the project which is expected to fosters the expansion and upgrading of its vertically integrated Textile Manufacturing Plant. The loan agreement was signed by Anil Kumar Maheshwari, COO, on behalf of Beximco Ltd and Lukas Strauch, director and B Ponsioen, MD on behalf of ING Bank.

This milestone that furthered Beximco's international presence, actualised the import of advanced German and other textile equipment through a German exporter; sourcing competitive equipment financing from ING Bank, with an insurance-backed cover from Germany's Export Credit Agency (ECA).

The deal has aggregated 38 equipment suppliers in a single export contract through their international strategic financial advisor – M/s Blend Financial Services Ltd. On successful financial closure of this Euler Hermes backed transaction, Beximco's Group Director & CEO, Syed Naved Husain said, "This was a very distinctive transaction for us, and it has opened up various avenues for Beximco for its future expansion and growth plans and for the Bangladeshi Textile Industry as a whole towards international financing propelling its global presence to new heights."

Referencing the conglomerate's milestone, Vaibhavi Thakkar, co-founder, and CEO of Blend Financial Services Ltd said, "As a Co-founder & CEO of Blend, we are ecstatic to partner with Beximco in their growth journey that is committed to provide high quality products without compromising its sustainability goals and promoting Bangladesh on an international platform." Blend is well positioned to provide be-spoke solutions by rallying through its network across all the stakeholders, basis the requirement of the company. In this landmark transaction, Blend has cemented its position as an "Environment Conscious Global Advisor" wherein we partner with our clientele by providing a solution that are aligned to its goals & strategy, she further said.

World Bank’s continued support

The World Bank’s new Vice President for South Asia Martin Raiser has reaffirmed the World Bank’s continued support for the country’s green, resilient and inclusive growth. “Bangladesh is a development success story in South Asia, and the World Bank is proud of being a partner in the country's development journey for the past 50 years,” said Raiser.
 
“We remain committed to helping Bangladesh achieve its growth aspirations. This will require timely policy actions to build strong public institutions, improve competitiveness, ensure climate resilience, and strengthen external and fiscal buffers,” he said.

During his tour, Raiser met Finance Minister AHM Mustafa Kamal and commended the government for the rapid post-COVID recovery. They discussed the global economic outlook and the implications for economic policies. “To continue its growth trajectory and enhance macroeconomic stability amid uncertainties and rising inflation, Bangladesh needs to stay the course on the reform priorities set out in its national plans,” he added. During the visit, the World Bank Vice President also met with the Prime Minister’s Private Industry and Investment Adviser Salman F. Rahman, Bangladesh Bank Governor Abdur Rouf Talukder and senior government officials, as well as representatives from the private sector, civil society, and development partners.

The World Bank Group is preparing its new Country Partnership Framework (CPF) for Bangladesh, which will guide its support to the country from 2023-2027.

'Diversify export basket, lower import to stabilise currency'

Prime Minister's Private Industry and Investment Adviser Salman F Rahman stressed the need for diversifying the export basket and lowering imports to stabilise the currency. He said the austerity measures taken by the government and the central bank to contain the rising trend of import since early this year are paying dividends as import costs have already shrunk to US$6 billion from over $8 billion a month. Mr Rahman was addressing a business luncheon meeting titled 'BMCCI PowerLunch' organised by Bangladesh-Malaysia Chamber of Commerce and Industry on recent macroeconomic issues at a city hotel, said a press release.

He said the import bill used to be $8 billion a month, which came down to $7 billion last month and $6 billion this month. "I believe our issues will be resolved pretty soon." Mr Rahman said the prime minister took proactive initiatives to protect the economy in pandemic times and she did the same when the dollar prices began skyrocketing. Also, Bangladesh Bank has taken initiatives to reduce imports at the right time, he added. "When this government came to power we had about 4,000 MW capacity in electricity, but now it rose to 22,000 MW which reveals our potent energy situation."

Speaking on the occasion, BMCCI President Syed Almas Kabir said 'BMCCI PowerLunch' aimed for macroeconomic analysis which broadly focus on current economic situation and inform the overall health of economy, a comprehensive view of the recent global financial crisis within a framework and the factor concerning monetary and fiscal policy for crisis management. Malaysian High Commissioner to Bangladesh Haznah Md Hashim and acting CEO of Robi Axiata Ltd Riyaaz Rasheed also spoke, among others.

Salman F Rahman urges private sector to curb power consumption

Prime Minister's Adviser for Private Industry and Investment Salman F Rahman called on the private sector to reduce power consumption in a bid to support the government in tackling the ongoing energy crunch. "Private sectors should save electricity wherever they can," he said while addressing a seminar at the capital's Matijheel organised by the Dhaka Chamber of Commerce and Industry (DCCI).

Speaking as the chief guest at the event, he also said the measure will only be temporary. The businessman's request to the private sector comes a few days after the government instructed energy consumption in government offices to be reduced by 25% among other austerity measures to navigate through the crisis.

Government and private sector representatives were also present in the seminar titled 'Export of Pharmaceutical sector upon LDC Graduation: Strategies & Way Forward'.

An abnormal rise in fuel oil price in the international market is hampering fuel oil-based power production in the country. To tackle the situation, the government has taken several measures including closing shops after 8.00pm and daily rotating blackouts with timetables for specific areas.