Sugar market become more unstable

Tipu Munshi, the minister of commerce, urged people to buy their Ramadan essentials in smaller quantities and in accordance with their daily needs rather than in big quantities all at once. Bulk buying will lead to a market catastrophe and a shortage of everyday necessities. In light of the market’s current plenty of the commodities, there is no need for concern, he said.

According to the minister, global commodity prices are high now because of the aftereffects of the Russia-Ukraine war and the appreciation of the US dollar against the Bangladeshi taka. Strict legal action will be taken against the businessmen, who will stockpile the goods illegally to create an artificial shortage and increase their prices, he said.

Source for more insights:

The Daily Star

According to a top official of the poultry sector, operators and farmers in Bangladesh’s poultry industry utilize prebiotics, probiotics, and essential oils instead of antibiotics to help produce high-quality meat and eggs.

The poultry sector is no longer just a source of animal protein because farms now generate significant amounts of biogas, organic fertilizer, and even energy. Consumers firmly believe that farms and the chicken industry use antibiotics, while in fact, they employ prebiotics, probiotics, and essential oils instead. Consumers can now purchase eggs and chicken meat from the market with a guarantee if they want, claimed Moshiur Rahman, president of the Bangladesh section of the World’s Poultry Science Association (WPSA). He also said that the past three decades, Bangladesh’s poultry business has experienced considerable success.

According to him, the ongoing  Russia-Ukraine war has caused an abnormal spike in the price of raw materials for poultry feed, which has increased up the price of producing chicken meat and eggs in Bangladesh.

Source for more insights:

The Daily Star

Despite a record reduction in import taxes to keep the market steady before Ramadan, sugar prices in Bangladesh have continued to rise at both the wholesale and retail sectors.

The National Board of Revenue (NBR) removed the specific import duties of Tk 3,000 for raw sugar and Tk 6,000 for refined sugar on February 26 with immediate effect. It also cut the regulatory duty on the import of sugar to 25 per cent from 30 per cent. After the reduction, the overall import cost of raw and refined sugar is expected to decline by Tk 6,500 and Tk 9,000 per tonne at the import stage, respectively. Still, the price of sugar shows no sign of cooling down. Rather, it increased by Tk 130, or 3 per cent, per maund in the wholesale market

The price increase came amid continued supply shortage and a spike in demand for the kitchen item on the occasion of the fasting month when sugar is used in verities of items.

Source for more insights:

The Daily Star

Unilever Bangladesh Limited has been brought as the sustainability partner by Bangladesh Business Summit 2023. As the economy changes, new issues like waste management, ethical business practices, localized innovation, and community empowerment were also brought to light.

Unilever Bangladesh Limited (UBL) highlighted their varied approach toward sustainability agenda in this country. Sustainability is at the core of the business. The UBL booth highlighted their effort to reduce plastic trash, a significant environmental concern in Bangladesh. Due to the absence of source segregation and poor recycling value of flexible plastic waste, collection of post-consumption plastic waste, especially flexible plastic, is one of the most difficult stages of plastic waste management. They started the largest municipally supported plastic waste management effort in Bangladesh to strengthen the plastic waste value chain in order to address this.

The company is proactively working to improve the waste management system, including infrastructure and capability development, new business models, and creating a circular economy for plastic waste. Last year, UBL has collected over 4,000 tonnes of plastic waste, which is 44% of Unilever Bangladesh’s plastic footprint. Of the total collection, 63% is flexible packaging and 84% of the plastic got circularity.

Source for more insights:

The Financial Express

At Durgarampur in Bancharampur under Brahmanbaria on Monday, Bashundhara Foundation gave the 65th installment of interest-free loans to those in need and members of the most vulnerable classes. The Bashundhara Group Foundation, a non-profit platform for social development, provides unconditional loans to underserved groups in order to help them achieve economic independence.

Maynal Hossain Chowdhury, publisher of East West Media Group Ltd (EWMGL) and adviser to the Bashundhara Group, attended the 65th loan disbursement event as the chief guest. At the 65th loan payout, 700 borrowers in total, comprising 414 elderly and 286 new recipients, each received Tk 1,05,00,000.

The Bashundhara Foundation has been distributing loans since 2005 to 83 villages throughout 13 upazilas, one municipality, and Brahmanbaria district’s Bancharampur upazila, three villages in Nabinagar upazila, and nine villages in Homna upazila.

Source for more insights:

The Daily Sun

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