Fu Wang Food reports a 55% increase in profit

According to a Euromoney Trade Finance Study 2023, The Hongkong and Shanghai Banking Corporation Limited (HSBC) is the “Market Leader” in Bangladesh.

In addition, the poll revealed that HSBC leads the world in trade financing and holds the top positions in Asia Pacific, Latin America, North America, and the Middle East.

Euromoney is an English-language monthly magazine focused on business and finance. The survey findings are based on a poll conducted among the businesses engaged in international trade, says a press release yesterday.

The chief executive of HSBC Bangladesh, Md. Mahbub ur Rahman, stated that the company aims to remain the top trade bank while meeting the demands of its clients and introducing them to a wide range of prospects.

A new sub-branch of HSBC Bangladesh has just opened in Tejgaon I/A of the city at Level 4, Shanta Western Tower, 186 Bir Uttam Mir Shawkat Road. According to a press statement, the sub branch, which will work under the Gulshan branch, is set up to serve both retail and business clients.

Surendra Rosha, co-CEO of HSBC Asia Pacific, Zaved Akhtar, CEO of Unilever Bangladesh, Md. Mahbub ur Rahman, CEO of HSBC Bangladesh, Tanmi Haque, head of Wealth & Personal Banking (Retail Banking), and other notable clients attended the sub-opening branch’s ceremony.

Tanmi Haque, speaking about this new addition, stated that HSBC is dedicated to creating a personalized banking experience that is seamless, convenient, and reachable – for both retail and business customers. HSBC is dedicated to being a vital part of the nation’s growth story and assisting clients in achieving their financial objectives as it continues to grow and develop.

Source for more insights:

The Business Standard

OpenRefactory, an application security company, has received a BDT 1 crore investment from Startup Bangladesh Ltd, the ICT Division’s flagship venture capital firm, in the Pre-Series A round, as per a press release. In an effort to create a thriving startup environment that supports digitalization, Startup Bangladesh has historically invested in Bangladesh’s most promising and significant firms. By funding OpenRefactory, it has continued this legacy.

The 1BIG Winner of the Bangabandhu Innovation Grant for 2021 is OpenRefactory.

Companies are shielded from software failure risks and security vulnerabilities by OpenRefactory. The main product of OpenRefactory, Intelligent Code Repair (iCR), accurately finds security, reliability, and compliance flaws in source code and automatically creates patches that are simple to implement. In addition, a Managed Security Audit service is also provided.

Source for more details:

The Future Startup

Dhaka stocks rose marginally on Monday following a two-day decline, but turnover remained low as most investors stayed away due to economic concerns in the country, according to market participants.

DSEX, the Dhaka Stock Exchange’s main index, rose 8.58 points, or 0.13 percent, to 6,243.57 points after falling 27.31 points in the previous two trading days.

Market operators reported that the market ended Monday’s session in the green zone, as some investors went out to acquire shares following a drop in the share prices of a number of companies. According to them, a group of investors made new investments in a few select companies since shares in over half of them were trading below their face value.

However, two-thirds of the companies’ share prices remained locked at their floor levels, as investors were hesitant to buy equities, they claimed.

Source for more details:

The New Age

Since strawberry growing has become more and more popular in the Rajshahi, particularly the huge Barind tract, during the past few years, both the wholesale and retail fruit markets have undergone diversifications. Only in the Rajshahi district has farming of the high-value cash crop grown on two hectares of land this year compared to last.

The interest of farmers is gradually growing, according to Mozder Hossain, Deputy Director of the Department of Agricultural Extension, because this industry has suitable production and marketing mechanisms. Farmers’ level extension of strawberry farming has started bringing a new horizon in the field of agriculture and economic sectors in the region.

The price of strawberries is currently between Taka 500 and 600 per kilogram at retail outlets. Farmers and consumers in general have both been embracing it cautiously. According to Professor Hossain, a senior instructor in the Department of Botany at Rajshahi University, this fruit will be a successful crop if it is grown on a wide scale. This very nutritious fruit will be affordable to the general public without import.

Source for more insights:

The Daily Sun

Due to a liquidity crisis, commercial banks have been unable to provide the government with the funds it needs, thus it has continued to borrow from Bangladesh Bank. Consistently borrowing from the central bank by the government could increase inflation, which has stayed high over the past year.

Between July 1 and March 2 this fiscal year, the government borrowed Tk 50,043 crore from the central bank, according to the BB data. It borrowed Tk 31,403 crore in the entire fiscal year of 2021-22.

According to Zahid Hussain, a former chief economist of the World Bank’s Dhaka office, borrowing from the central bank typically increases inflationary pressure because it is essential for generating money circulation. Policy makers are currently arguing that if the government takes out a loan from a commercial bank, the expansion of private sector credit will have difficulties, which will ultimately slow GDP development. The current level of the reserves is the lowest since the financial year of 2016-17 when it stood at $33.49 billion.

Source for more insights:

The Daily Star