Markedium

India has reduced its development aid allocation for Bangladesh by 40% in the annual budget for the fiscal year 2024-25, presented in parliament on 23 July. This year, the Modi administration allocated 120 crore rupees for Bangladesh, which is a decrease of 80 crore rupees compared to the previous budget, reports The Daily Star. A significant portion of the Ministry of External Affairs' (MEA) development assistance budget of 4,883 crore rupees for 2024-25 has been designated for countries including Nepal, Sri Lanka, Bhutan, Maldives, Afghanistan, and Myanmar. Bhutan has emerged as the highest recipient of India's aid, receiving 2,068.56 crore rupees, less than last year's 2,400 crore rupees. Read more to generate a fully informed opinion: https://buff.ly/3Sn1aXp #India #Bangladesh #GlobalEconomy #Markedium

On Wednesday, the Bangladesh Bank reportedly directed banks and non-bank financial institutions to waive fines on late payments of loan installments, savings schemes like deposit pension schemes (DPS), and credit card bills due to general holidays, curfew, and an internet blackout amid nationwide unrest surrounding quota reform protests. The unrest resulted in a three-day general holiday starting on Sunday and an internet blackout commencing on July 18, which disrupted financial transactions. The circular specified that if customers settle their loan and credit card dues by July 31, no interest, penalty interest, additional interest, delay fees, or fines of any kind would be imposed. Additionally, payments for various savings schemes, including DPS, made by July 31 will not incur any delay fees or fines. Furthermore, no savings schemes should be canceled due to missed installments during this period. If a customer fails to pay the installments for any savings scheme within this timeframe, the scheme cannot be closed or canceled, and no interest or profit lower than the previously announced rate can be provided, reportedly as per the circular. Any interest, penalty interest, or delay fees already charged on loans, credit cards, or savings schemes must be refunded or adjusted, it reportedly stated. Read more to generate a fully informed opinion: https://buff.ly/3LFunsI #Banking #BangladeshBank #Industryupdate #Economy #Markedium

According to the Bangladesh Ship Breakers and Recyclers Association, as reported by The Business Standard, only 74 ships totaling 408,835 tonnes were imported in the first half of fiscal 2023-24 (July to December). In the second half (January to June), there was a slight increase with 91 ships totaling 566,260 tonnes. However, this is still lower than the 612,975 tonnes imported during the same period in 2023. Overall, fiscal 2023-24 saw the import of 165 ships weighing 975,095 tonnes. Despite a 65% decrease in ship-breaking activities, Bangladesh remained the top ship recycling nation in 2023, according to a United Nations Conference on Trade and Development report. The NGO Shipbreaking Platform reported that 446 ocean-going commercial ships and offshore units were scrapped in 2023, with 173 dismantled in Bangladesh. During the COVID-19 pandemic in 2021, 280 ships weighing 2,128,597 tonnes were imported. The following year, imports drastically decreased to 150 ships weighing 1,145,234 tonnes. Read more here to generate a fully informed opinion: https://lnkd.in/g5U3tBaK #ShipBreaking #Industryupdates #Bangladesh #markedium

Mobile internet services were blocked due to the current situation in the country, according to Zunaid Ahmed Palak, the state minister for telecom and ICT as the Daily Star Reports. 👉 He stated that there was no prior announcement for the shutdown and assured that services will resume once the environment and law-and-order situation are stabilized. 👉 Palak made these remarks while responding to journalists' questions about the mobile internet blackout during a program at the ICT division today. Read more here to generate a fully informed opinion: https://lnkd.in/ghJAjhAS #Internet #Industry #MobileInternet #Bangladesh #markedium

According to preliminary data from the International Data Corporation (IDC) Worldwide Quarterly Mobile Phone Tracker, global smartphone shipments increased 6.5% year over year to 285.4 million units in the second quarter of 2024 (2Q24). The preliminary market results show that Samsung Electronics captured the top position in 2Q24 with 18.9% share of shipments, thanks to a strategic focus on its flagships and a strong AI strategy. Apple finished the quarter in second place with 15.8% share with improved performance in China and other key regions. The leading companies both saw modest growth year over year. Xiaomi placed third in 2Q24 with 14.8% share while vivo and OPPO tied* for the fourth position with 9.1% and 9.0% share respectively. Xiaomi and vivo both saw double-digit growth with strong performances in emerging markets and China, while OPPO's 1.8% growth was due to a successful ongoing expansion outside China. #IDC #smartphone #shipment #2Q2024 #Global #Industry #Markedium

In a significant move in the local startup scene, Paperfly's co-founders have acquired the entire 82% stake from Indian investor Ecom Express Limited for an undisclosed amount. After overcoming a cash crunch that halted operations for several weeks last September, Paperfly now aims to regain market share and achieve profitability by the end of this September, according to founder Shahriar Hasan in a conversation with The Business Standard. Ecom Express had invested nearly Tk140 crore in total, with Paperfly receiving about Tk100 crore and the remaining amount used to buy out early-stage investors. #Startup #Paperfly #Brandupdates #Bangladesh #Markedium

The knitting industries across the country have called for an indefinite strike demanding a price hike for the raw materials they produce for the knitwear sector. Production will remain shut in the factories from July 15 and it will continue until further notice, Md Selim Sarwar, president of Bangladesh Knitting Owners Association (BKOA) said in a statement according to media reports. Over 700 knitting industries, which supply knit fabrics, collars, needles, buttons, and needle oil, demanded the raise because of increasing US dollar rates and gas and power prices. These industries supply nearly 70 percent of the fabrics that are used in export-oriented knitwear garment factories, said Mohammad Hatem, executive president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA). Read more to generate a fully informed opinion: https://lnkd.in/gedhcKDQ #RMG #Industry #Bangladesh #Markedium

For many Bangladeshis living abroad, sending money home can be a challenging task due to global economic fluctuations and rising exchange rates. Despite the availability of numerous remittance apps, international money transfers often remain costly and complex. Taptap Send emerges as a game-changer in this scenario. Designed with expatriate Bangladeshis in mind, it offers a straightforward, secure, and efficient method to send money to their families and relatives. With no additional fees and competitive rates, Taptap Send makes international remittance more accessible and affordable. Moreover, the app provides the flexibility of instant bank transfers and mobile wallet options, ensuring funds are delivered swiftly and safely. #TapTapSend #Remittance #Brandupdates #Bangladesh #Markedium

For the first time ever, Grameenphone Ltd launches an exclusive product for probashis/NRBs living outside Bangladesh. Why Choose Probashi Roaming Packs? 👉 Keep Your Number Active: Perfect for those leaving for work or study, now you can keep your GP connection live. 👉 Stay Connected: Receive all incoming SMS for 3 years (1095 days) or 5 years (1825 days) while abroad. 👉 Local Data Bonuses: Enjoy 3GB or 5GB of data (usable only inside Bangladesh) during the pack validity period. This innovative solution addresses a long-standing need for many customers living or moving abroad, demonstrating Grameenphone's commitment to listening and responding to customer needs. #Grameenphone #NewLaunch #Brandupdates #Bangladesh #Markedium

Beximco Pharmaceuticals Ltd. has secured a €24.9 million loan, equivalent to over Tk300 crore, from the German bank ODDO BHF SE to expand its production capacity and increase its footprint in both local and export markets. 👉 The agreement between Beximco Pharma and the German bank was signed in February, with the loan intended for the purchase of machinery and equipment by 31 December. The loan will primarily be used for replacing and maintaining machinery, with a portion allocated to expanding the company's manufacturing facility. 👉 According to the company’s disclosure, the loan, which will be paid directly to the machinery and equipment suppliers, carries an interest rate of 6-month Euribor (Euro Interbank Offered Rate) plus a 1.3% margin. 👉 Repayments will be made in half-yearly installments over five years, starting in June 2025. The 6-month Euribor is the interest rate at which a selection of European banks lend one another funds denominated in euros, with a maturity of 6 months. 👉 Previously, Beximco Pharma obtained a €19.05 million loan from the same bank for business expansion, which was fully paid off in January this year. #Beximco #Brandupdates #BeximcoPharma #Bangladesh #Markedium