BEIJING: China on Tuesday released weaker than expected economic data, with slowing retail sales growth pointing to shaky consumer confidence in the world second-largest economy.
A slew of disappointing figures in recent months has reflected a slump as China post-Covid rebound fades.
Retail sales, a key gauge of consumption, grew 2.5 percent year-on-year in July, the National Bureau of Statistics said on Tuesday, down from 3.1 percent in June and falling short of analyst expectations.
Chinese leaders have sought to boost domestic consumption in recent weeks, with the State Council last month releasing a 20-point plan to encourage citizens to spend more in sectors including vehicles, tourism and home appliances.
Mahbubul Alam has officially taken charge as the President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the apex trade organization of the country. The transition took place today as the outgoing Board of Directors (2021-23), led by Md. Jashim Uddin, handed over the responsibilities to the new board at the FBCCI Icon in the capital. Vice President of the outgoing board and Vice President of Bangladesh Textbook Printing and Marketing Association Md. Amin Helaly took charge as the Senior Vice-President of the new board. Khairul Huda Chopol, president of Sunamganj Chamber of Commerce and Industry, Mohammad Anwar Sadat Sarker, president of Gazipur Chamber of Commerce and Industry, and Joshoda Jibon Deb Nath, president of Bangladesh Chamber of Industry, have taken over as vice presidents from the chamber group.
South Korean company Dongwoo BD Limited is going to set up a shoe accessories manufacturing industry in BEPZA Economic Zone (EZ) with an investment of US$ 8.62 million.
Bangladesh Export Processing Zones Authority (BEPZA) today signed an agreement with the company to this effect at BEPZA Complex in the city, said a press release.
In presence of the Executive Chairman of BEPZA Major General Abul Kalam Mohammad Ziaur Rahman, Ali Reza Mazid, Member (Investment Promotion) of BEPZA and Kim Dong Kyu, Chairman of Dongwoo BD Ltd. signed the agreement on behalf of their respective organizations.
iFarmer, a full-stack agritech company in partnership with UCB (United Commercial Bank PLC), began a project last November to offer financial support to maize farmers using contract farming methods. Under the project, farmers opened bank accounts at UCB for BDT 10 and received financial facilities along with other agriculture-related support provided by iFarmer. Now, after a successful journey of maize harvesting and sales, the farmers have repaid the loan in full amount!
Under the collaboration between iFarmer and UCB, maize farmers were financed in the Char areas of Bogura, Sirajganj, and Gaibandha. They also received high-quality agricultural inputs, weather updates, and advisory services from iFarmer. Upon receiving the financing, farmers began working on the farms as iFarmer field force routinely monitored the farmers to ensure transparency throughout the whole project.
Amid challenges, farmers were able to produce a large quantity of maize. iFarmer purchased all the maize from the farmers through their supply chain and ensured the repayment. 535 farmers were given funding through the project totaling around BDT 20,759,000. iFarmer also facilitated funds to more farmers via retail financing. Besides, an internal survey by iFarmer highlights that farmers who previously availed financial services from other institutions last year saved about 50-67% of their cost of capital by availing low-cost finance under the guidance of iFarmer in 2023 through this project. The farmers generated 4033.12 metric tons of maize together.
Regarding the initiative, Fahad Ifaz, Co-founder and CEO of iFarmer said, “We have taken the initial steps for better financial inclusion of the farmers and the banks have played an important role. In the future we will continue to scale our efforts to reach more farmers”
ATM Tahmiduzzaman, Deputy Managing Director of UCB, said, “Our goal was to make financial services easily accessible to farmers. iFarmer played a pivotal role in driving the success of this project.”
Mohammed Golam Mostofa, a farmer hailing from the char area of Kazipur in Sirajganj, said about this initiative, “I was struggling with farming owing to financial constraints. Later, I came to know about iFarmer low-cost finance. I took financial support of BDT 50,000 from this project to do maize farming and cultivated 270 decimals of land. I could successfully produce 14,400 kgs of maize this year. The overall support from iFarmer has not only helped me earn a good profit, but I could also pay back the loan on time.”
It is mentionable that this was the first time the farmers of the Char areas came under financial inclusion via the project. The project will be revolving every year with plans from iFarmer end to scale up the Char belt significantly.