Messages

331

Business Administration / Agent banking in areas with no bank branches

« on: September 05, 2015, 01:52:07 PM »

Agent banking has been introduced in the areas of Bangladesh where traditional banking has not yet reached.

Bank Asia and Dutch-Bangla Bank – started recruiting agents at the grassroots level from Jan 19 to offer banking services through them.

Another two banks – South Bangla Agriculture and Commerce Bank, and NRB Commercial Bank – are going to launch the service.

Bangladesh BankThe central bank issued licences to the four banks for running agent banking, under which financial services would be offered through agents instead of branches.

Bangladesh Bank officials said Bank Asia had already appointed 49 agents in 32 Upazilas under 17 districts while Dutch-Bangla recruited six agents.

The central bank had issued a circular on Dec 9, 2013 approving agent banking in the rural areas where banks have no branches.

In another circular on Jan 6 this year, the central banks endorsed agent banking also in the urban areas not covered by traditional banking system.

Dutch-Bangla Bank Deputy Managing Director Abul Kashem Md Shirin told bdnews24.com, “A large portion of the population is still out of banking services. Agent banking has been introduced to bring them under banking service.”

According to Bangladesh Bank, customers will not require to pay any charge for the services they will receive through the agents.

Small amounts of money can be deposited or withdrawn besides receiving remittance through agent banking.

The agents can disburse small credit and collect loan instalments and utility bills.

The policy on agent banking stipulates that customers can receive government assistance from social safety programmes and deposit insurance premium through the agents.

They can also transfer money from one account to another and check account balance.

Anyone can collect information about opening of bank account from the agents and apply for loans, and credit or debit cards through them.

The agents, however, cannot make payment on any cheque, open any account, issue cheque books or bank cards, and transact foreign exchange.

An agent has to have the qualifications determined by the central bank and give a security deposit of Tk 100,000 for appointment.

They will get a certain commission on transactions.

The policy says NGOs, micro-credit agencies, cooperatives, post offices, companies, mobile-phone operators’ agents, union information service centres, local government institutions and any individual capable of offering financial services based on information technology can be appointed agents

332

Business Administration / Huge tourism potentials of Bangladesh

« on: September 05, 2015, 01:49:43 PM »

Cox’s Bazar, Kuakata, Saint Martin’s Island, Sundarbans, Tea gardens in Sylhet, Chittagong Hill Tracts, Paharpur, Mainamati, Mahasthangarh- enough to craft a passage of celestial scenic beauty and impeccable archaeology in a traveller’s mind. And the list doesn’t end here. It goes on with numerous other places of natural beauty and historical spots.

Tourism is one of the most dynamic, fastest growing and single largest industries in the world today. This is a sector which has turned the wheel of fortune of many countries in the world. bd insuranceWhereas many of our neighboring countries have successfully utilized their potentials in tourism sector and flourished their economies, in Bangladesh we see the completely opposite scenario. Here the potentials in this sector are slowly destroyed through sheer negligence and lack of proper planning and vision.

From natural, historical and archaeological perspective, Bangladesh comes up with diversified places of tourist attractions. Some notable ones are- Sonargaon, Central Shahid Minar, Mausoleum of National Leaders, Ahsan Manzil, National Museum, Bahadur Shah Park, National Memorial of Dhaka, The Lalbagh Fort, Kuakata (sunrise and sunset both can be seen from the same place here), Himchari, Moheskhali, Inani Beach at Cox’s Bazar, Khagrachari, Kaptai Lake, Buddish Temple at Rangamati, Sitakunda, Patenga and Fouzdarhat Beaches, Foy’s Lake, Cox’s Bazar (world’s longest sea beach), Sundarbans (world’s largest mangrove forest and World Heritage Site by UNESCO), Saint Martin’s Island, Jaintiapur Town, Tea Gardens of Srimongal, The Border Post of Tamabil- Jaflong, Madhabkunda, Lawachara, Madhabpur Lake, Tangore haor at Sunamgonj, Hakaluki haor at Moulovibazar, Paharpur, Mainamati, Mahasthangarh etc. Besides all these the countryside of Bangladesh has always been a treat to the eyes of the tourists from all over the world.

Tourism sector has the potential of massive contribution to our country’s economy. If this sector is properly developed, Bangladesh can earn a huge amount of foreign currency which can boost up the country’s economy. At the same time, it will provide employment opportunities to many people especially local people. Tourism can raise public support for conservation as it can provide awareness and environmental education to tourists and local people. Tourism is less environmentally damaging than other revenue generating industries based on natural resources. Furthermore, tourism can reinforce political unity of Bangladesh with many other countries through cultural and social exchange. Tourism can also create a positive image of Bangladesh in global arena which is a big advantage. This can promote foreign investment and business enterprises here.

Tourism sector got recognition as an industry in Bangladesh in 1999. But not much has changed since then which should have been. In 1998 Bangladesh and Cambodia received 171,961 and 96,000 tourists respectively. After 11 years in 2009, Bangladesh could attract only 267,000 tourists and Cambodia over 2 million tourists. This comparison indicates inconsistency in the degree of initiatives by these two countries within the same period of time. Lack of prioritization of this sector by all the governments is a major reason behind this situation. The sector do not have trained people and seriously suffer from lack of resources. Development of tourism sector for any country definitely requires vision and proper planning. But in Bangladesh the sector develops without the necessary planning and policy. Tourist spots are not properly preserved here and safety and security of tourists is still a question. In Cox’s Bazar, there are about 450 hotels and motels built in an unplanned way which is destroying the natural beauty. Moreover it is experiencing various illegal activities. Communication system in the country is also not very satisfactory. There is still no official tourist guide though The Ministry of Civil Aviation and Tourism has been in existence since 1975. Last but not least, the growing political instability is causing a major harm as tourists do not feel it safe to visit the country. All these have negative impact on our tourism sector as the number of arrivals by inbound tourists here is slowly decreasing over the year which is undoubtedly a major concern.

Table: Number of Arrivals by Inbound Tourists

Countries                      2010                             2011                          2012                2013

Bangladesh                   303,000                155,000                   125,000             148,000

India                             5,776,000               6,309,000             6,578,000           6,968,000

Sri Lanka                     654,000                    856,000                  1,006,000          1,275,000

Singapore                     9,161,000               10,390,000           11,098,000         11,899,000

Malaysia                       24,577,000            24,714,000           25,033,000        25,715,000

 Source: WorldBank.org

In spite of the negative aspects and need for massive planning, according to the World Travel and Tourism Council (WTTC), in 2013 Bangladesh travel and tourism sector directly supported 13,28,500 jobs that is 1.8% of total employment. The total contribution of travel and tourism to GDP was Tk460.3bn (4.4% of GDP) in that year. Globally in the same year Travel & Tourism directly supported 100,894,000 jobs (3.4% of total employment). This is expected to 126,257,000 jobs (3.7% of total employment) in 2024. The total contribution of Travel & Tourism to employment, including jobs indirectly supported by the industry, was 8.9% of total employment during that year and it is forecasted to rise to 346,901,000 jobs in 2024 (10.2% of total jobs). It means that there is a huge potential in this sector globally. The countries’ whose tourism sector is already flourishing, will definitely utilize this potential further with more and more efficient planning and management. Bangladesh should also come up with initiatives to thrive in this industry. The total contribution of Travel and Tourism to GDP is expected to rise by 6.8 per cent per annum to Tk. 819.4bn in Bangladesh, by 2023. But without necessary planning, these statistics will just remain in pen and paper.

The above statistics show that proper planning is prerequisite for this sector. First of all Infrastructure development and preservation of tourist spots are of utmost necessity. Then a proper policy guideline is also needed to be formed by the government. Also unplanned commercial development has to be stopped. Safety of tourists is a major concern. The law enforcing agencies must be vigilant in this regard so that tourists are not harassed, cheated or face any difficulties during their stay in Bangladesh. There should also be access for tourists to file complaint and get solution in case of any hassle faced by them. Proper sanitation facilities are also required in tourist spots for convenience. These facilities must be planned keeping in mind the need for tourists of all age, sex etc. e.g. separate changing room facilities in sea-beaches for both women and men.

Branding of our tourism is also required. ‘Beautiful Bangladesh’ campaign has to be more and more strengthened. The way Malaysia has promoted their tourism through ‘Malaysia- Truly Asia’ or India through ‘Incredible India’ is a lesson to be learnt by us. India also promotes their regional tourism efficiently. The Ministry of Tourism of India promotes the country’s various tourism products through its several campaigns under the ‘Incredible India’ brand- both for international and domestic markets. The ministry has also set up a Hospitality Development and Promotion Board, which will monitor and facilitate hotel project approvals. The allocation for Ministry of Tourism in the Union Budget 2013-14 was increased by INR 876.6 million (USD 14.13 million) to INR 12,976.6 million (USD 209.30 million).

In 2013 the Malaysian government announced a three-year tax exemption incentive for tourism and travel agents who provide services and handle up to 750 foreign tourists or 1,500 domestic tourists. The Malaysian government always focuses on enhancing the country’s position as a leading tourist destination and come up with vision, target and plan to attract tourists and provide them a good experience there. As a result the country earned recognition from the World Tourism Organization (UNWTO) as the ninth most visited country in the world from 2009 to 2011, and ranked 14th in terms of revenue earned from the tourism sector. These prove that an integrated approach is necessary to boost this sector and they have done that. These are learning for us.

333

Business Administration / Banking in Bangladesh

« on: September 05, 2015, 01:48:43 PM »

On Saturday 25 April, the International Retail Banking Summit in Bangladesh 2015 took place. As Efma’s first event in Bangladesh, it gathered more than 150 participants, and served as a platform for the retail banks to discuss key issues affecting the retail financial services industry in the country. We spoke to some of the speakers at the event to find out more..
What makes Bangladesh unique in terms of retail banking?

Sarder Akhter Hamed, EVP & Head of Retail Banking at United Commercial Bank: With a population of more than 166 million, Bangladesh offers a big opportunity for the expansion of retail banking. Indicators are on a positive shift as GDP has crossed US$1,190 with a strong projection of further growth. The median age is 25.8 and on the rise, which indicates that more people are of working age. Moreover, the people are talented and the willingness to work is really high. What’s more, labour is still cheap. Within this context, there is a huge growth opportunity in the expansion of the retail banking business if we can offer cheaper banking solutions for these untapped populations.

Ali Reza Iftekhar, managing director and CEO, Eastern Bank: It has a large population density, a growing middle class, a varied financial need and a strong regulatory framework. With a large unbanked population, who are becoming aware of the benefits of financial inclusiveness, the market has a tremendous growth opportunity.

Shitangshu Kumar Sur Chowdhury, deputy governor, Bangladesh Bank: There are a number of features that make Bangladesh unique, but its large unbanked population is perhaps one of the most significant areas of differentiation. Around 29 million families of rural Bangladesh are engaged in farming activities and 50 percent of those are sharecroppers. This large segment had no access to formal financing. Another unique feature of the region is the development of Islamic banking. Today, Islamic banking makes up one-fifth of the total banking sector, comprising eight banks. Islamic banks have been growing faster than the conventional banks and are now focusing on a wider horizon, encompassing not only the conventional Shariah products but also products geared to SMEs, microfinance, and financing in the agriculture sectors.

What are the biggest challenges facing retail banks in Bangladesh today?

Chowdhury: Maintaining the path to sustainable economic growth in the real economy is the overriding challenge facing Bangladesh today. Only by achieving this goal can we reduce the income and wealth gap between different segments of the population, and sustain socially inclusive prosperity which is at the heart of the Nation’s aspiration. Only by sustainable growth can we tackle the unemployment which has left millions of our young people without job and prospects. This is a time for all of us involved in the banking industry and beyond to unite around to create a banking industry diverse enough to meet diverse needs of Bangladesh’s economy. Our task is significant. But if we succeed, we will be able to do our part to improve the future for millions of our people.

Iftekhar: Retail banking is a relatively new concept in Bangladesh. Most banks are very much into branch banking, with specific focus on corporate or institutional business. Individual customer financial needs and preferences are yet to be fully addressed. Changing the industry mind set into a consumer centric environment is the biggest challenge. Price-war instead of service-war comes into the same purview as well. The absence of attractive and long term investment plans also contributes towards the challenges we face every day. Most importantly, the human resources development is the key area to address for all of us.

Hamed: The cost of catering banking services to the large unbanked population is the biggest challenge for Bangladesh. Though mobile financial services has been introduced in the country, the coverage of such services is still limited to in border remittance, which is a very small area of the money in motion. Also interbank transactional connectivity, other than cheque or card, is a barrier which banks need to overcome to create a bigger transactional network.

How are banks in the region meeting those challenges?

Hamed: Banks are still struggling to establish the growth of online payments through cheaper channels. Educating the mass market to transact through digital channels is one of the key development areas. Banks are putting up effort to establish the solution of mobile financial services, but this network requires investment and maturity.

Chowdhury: At BB we have chosen to take a catalyzing role in reorienting our financial sector’s goals and ethos in socially and environmentally responsible direction, guiding the sector in mainstreaming CSR in corporate goals and objectives and launching a comprehensive well-orchestrated financial inclusion campaign in which banks and financial institutions are participating with spontaneity and enthusiasm. This is meaningfully helping attainment of the inclusive growth and poverty eradication goals of our Government’s near and longer term national development plans; by upholding healthy output and employment growth in Bangladesh economy even in the backdrop of ongoing global slowdown.

Iftekhar: We are learning every day. Some banks, like EBL, actively promote consumer banking and that is leading others to change their key area of focus gradually. Central Bank is guiding us on various regulatory, service and customer-centric issues that will help boost retail banking in Bangladesh. Inter-bank communication and the understanding of the common goal is now far better through various associations like ABB and BAB. All of us are now aligned with the financial and non-financial aspirations of the people and the regulators alike.

334

Commerce / US economy adds 173,000 jobs in August

« on: September 05, 2015, 01:39:56 PM »

The US added 173,000 jobs in August, the Department of Labor said on Friday, in the last unemployment report before September’s interest rate decision by the Federal Reserve.
That was lower than the 217,000 new jobs economists had expected the US economy to create last month.
However, the Labor Department said that August figures tended to be revised higher subsequently.
The unemployment rate fell to 5.1% – down from the July figure of 5.3%

335

Commerce / Bangladesh garment sector to employ autistic people

« on: September 05, 2015, 01:36:43 PM »

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has agreed to help in recruiting autistic youth in the country’s ready-made garment sector.
“Like others, autistic people also should have a better and respectable life. To achieve this, BGMEA wants to help them get jobs in the RMG sector and provide related training,” BGMEA President Atiqul Islam said at an event to highlight the cause of autistic people, reports fibre2fashion.
He sought cooperation from garment manufacturers in the matter, which could only add more glory to the industry.
“Then we can say ‘Made in Bangladesh’ with more pride. But it will be possible only when efforts are made together.”
Saima Wazed Hossain, chairperson of National Advisory Committee on Autism and NDDs, urged all to deliberate on how autistic people could be turned into a workforce rather than recruiting one or two sporadically.
US-licensed school psychologist Saima, the prime minister’s daughter, who spearheads disability campaign in Bangladesh, presented a roadmap on how to employ those “honest, dedicated and loyal” youth.
BGMEA organised the event bringing together factory owners, parents of the children with autism, and government officials at its headquarters in Dhaka to raise awareness about those children’s employment.
According to UN estimates, more than 80 per cent of adults with autism are unemployed globally, though they have abilities.
Sajida Rahman Danny, President of Parents Forum for Differently Able – parents of autistic children – said their children are confronted a challenge when they grow up.
“They don’t go to school after a certain age. They have to stay at home unless parents find a suitable job for them,” she said.
They were training those children to make them fit for employment

336

Commerce / Bangladesh rises gas, power prices

« on: September 05, 2015, 01:34:17 PM »

Bangladesh has increased the prices of natural gas and power with effect from September 1, 2015, officials said.
The Bangladesh Energy Regulatory Commission (BERC) announced the new pricing of the essentials services at a press conference in the capital Dhaka on Thursday.
Electricity retail price increased by 2.93 per cent to BDT 6.33 a unit from BDT 6.15, according to the announcement.
For household gas use, the tariff for a single burner stove has been increased to BDT 600 a month against the present level of BDT 400 while that of a double-burner stove has been raised to BDT 650 from BDT 450. This is a big 26.29 per cent jump.
“The new tariffs will be effective from September 1,” AR Khan, chairman of the BERC, told reporters.
He also said the power price for irrigation and the consumers who use up to 50 units will remain unchanged.
The price of per cubic meter of CNG has been raised from BDT 30 to BDT 35.
Being pursued by the Awami League-led government, the BERC increased the retail prices of electricity for the seventh time in March 2014 and the bulk price for the sixth time in September 2012.
The Commission, last time, increased the prices of natural gas for all categories of consumers in August 2009

337

Commerce / Use of plastic money on rise in Bangladesh

« on: September 05, 2015, 01:32:06 PM »

The use of both credit and debit cards, also referred as plastic money, are increasing gradually in Bangladesh as convenient and safe for various types of transactions, officials said.

The credit card transactions increased 3.23 per cent to BDT 14.32 billion during the first quarter (Q1) of this calendar year compared to the final quarter of last year, according to the central bank latest statistics.

People used their credit cards mostly for purchasing at shops and online, which drove up credit amount payment through POS (point of sale) by 3.09 per cent over the payment of the last quarter of 2014.

The cash out by credit cards through ATMs (automated teller machines) also rose during the period though such transactions involve more fee than buying staffs, according to the Bangladesh Bank (BB) officials.

They said the credit amounts increased through ATMs by 11.34 per cent when it was up by 23.87 per cent for e-commerce.

The BB data also showed that people were using more credit cards issued by local private commercial banks (PCBs) than the foreign commercial banks (FCBs), operating in Bangladesh.

As a result, credit card transaction for FCBs declined by 3.98 per cent during the January-March period of 2015 though the e-commerce transaction in FCBs rose by 14.77 per cent.

Debit cards transactions in the Q1 also increased by 2.55 per cent to BDT 211.53 billion compared to the Q4 of 2014, indicating that people preferred ATMs than going to banks for cash out.

Currently, around 8.0 million debit cards are being used across the country.

Most of the PCBs and FCBs issued credit cards in Bangladesh for both local and international market. But, none of the state-owned banks issued any credit cards yet though some of them issued debit cards, they added.

338

Business Administration / US team to visit Dhaka soon to follow up on GSP conditions

« on: September 05, 2015, 01:21:45 PM »

A high-powered team from the United States Trade Representative, the chief trade negotiation body of the American government, will visit Bangladesh soon to monitor workplace safety progress, especially in the garment sector, in an effort to restore GSP status to the country, Commerce Minister Tofail Ahmed said yesterday.

The team will visit some garment factories, talk to exporters and government high-ups, and review the status of safety initiatives taken by the government and private sector entrepreneurs in the garment sector under the Bangladesh Action Plan.

The GSP scheme did not include apparel items, but the conditions set to regain it include improvements in the sector's workplace conditions.

Similarly, a high-powered delegation of three secretaries from Bangladesh will visit the USTR with the same agenda soon, Ahmed said after a meeting with James F Moriarty, executive director of the Alliance for Bangladesh Worker Safety, in Dhaka.

The minister did not specify the dates of these delegations' travels.

The Alliance, a platform of 26 North American retailers and brands formed after the Rana Plaza building collapse in April 2013, has already inspected 661 factories to check fire, electrical and structural safety.

The minister also said there is no barrier to Bangladesh's regaining GSP to the US market, as the country has already fulfilled almost all the conditions. Currently, no countries receive GSP for apparel items in the US.
“The US is the single largest export destination for Bangladeshi garment items. Our export to the US market is still high even after suspension of the status. But the country's image to western customers was somewhat tarnished due to suspension of the trade privilege,” the minister said.

A few days ago ten diplomats of different countries including the US envoy in Bangladesh visited some garment factories to observe progress in safety and worker rights. “They have praised the safety progress and improved working environment at the factories,” Ahmed said.

Regarding the formation of trade unions in the factories housed inside the Export Processing Zones (EPZs), the minister said Workers' Welfare Associations already exist in those factories.

“The workers in the EPZ factories do not have any complaints on trade unions. So it's not necessary to form separate trade unions in the EPZ factories,” he said.

Allowing trade unions in the EPZ factories was one of the 16 conditions in action plan to regain GSP status

339

Business Administration / Banglalink eyes profit this year

« on: September 05, 2015, 12:06:53 PM »

Banglalink, the second largest mobile operator, aims to log profit this year -- for the first time in its history, its chief executive said.

“The company has managed to ensure healthy growth by reducing costs. If this situation continues, the company will become profitable this year,” Ziad Shatara said.

Banglalink is providing good quality services and thus retaining customers -- only around 20 percent customers leave the operator a year, which he termed a healthy trend.

The operator has more than 3.09 crore subscribers. Grameenphone remains the top operator with more than 5 crore subscribers.

Banglalink entered the market late, which is a reason why the company is yet to become a profitable entity. High investment and stiff competition in the market are the other reasons, its officials said.

Banglalink recently celebrated its 10th founding anniversary. The operator was named Banglalink when Egyptian company Orascom bought almost all shares of local company Sheba Telecom in 2005. In 2010, Amsterdam-based VimpelCom took over Orascom after a merger.

In order to provide better services, the operator recently modernised its 2G network by swapping equipment, Shatara said. The operator, which has 3G coverage in all 64 districts, invested Tk 17,220.6 crore till September 30, 2014.
Banglalink purchased 5 megahertz spectrum in the 2,100 frequency band in 2013 for 3G services, which is enough to provide quality services for at least one more year, he added.

The government is going to release additional 3G spectrum in the 2,100 MHz band and 2G spectrum in the 1,800 MHz band through an auction this year.

Shatara said the operator does not need additional 2G spectrum, but if the government allows operators to use 2G spectrum for 3G or 4G services, “the company will have a different approach.”

But before that, the government has to resolve all disputes, especially the ones involving SIM replacement tax, telecom policy, and amendment to the telecom law, he added.

"Investment is an issue of the shareholders and depends on the government's spectrum roadmap," he said, adding: “We need to know which band is going to be allocated to mobile operators and which to other operators, before taking any investment decision.

340

Business Administration / Airtel revives plan to sell Bangladesh unit

« on: September 05, 2015, 12:05:11 PM »

Bharti Airtel is now reviving its plan to sell its Bangladesh and Sri Lanka operations and has appointed two bankers to conduct the sale, Indian television channel CNBC-TV18 reported.

The largest telecom operator in India plans to separate the tower business from the company and sell it first and the whole operation later, as part of a strategy to shun unproductive operations, according to the CNBC report.

The operator started looking for buyers for its operations in the two countries in 2012-13, but it was too early to get any buyer then, according to the report televised on August 18.

Of the interested buyers, Etisalat and Orange have already sent their expressions of interest to buy the telecom business, CNBC-TV18 said.

PD Sarma, chief executive officer of Airtel Bangladesh, dismissed the report as speculative.

“I have talked with my group officials and these are all speculative,” he told The Daily Star by phone.

Officials of Airtel Bangladesh yesterday said they have seen this type of speculation in the last couple of years.
Currently, Airtel Bangladesh has 4,000 towers and set up a separate company for the tower business, which has not yet started operations, they said.

Bharti Airtel has 2,500 towers in Sri Lanka and has already sold its business in Africa, according to the report.

The company bought a 70 percent stake in Warid Telecom in Bangladesh for $100,000 in January 2010, prompting the office of the Comptroller and Auditor General of Bangladesh to raise questions about the deal price.

In 2013, Airtel bought the rest of the shares at $85 million, according to the transaction documents.

On Friday, Bombay Stock Exchange sought a clarification from Bharti Airtel about the possible sale of the operations.

Hours after the query, the operator replied: “Bharti Airtel keeps evaluating various opportunities, on an ongoing basis in ordinary course of business.”

Airtel has 87.43 lakh active subscribers as of June with a 6.89 percent market share.

341

Science and Information / Self-Aware robot solves riddle

« on: August 30, 2015, 03:27:50 PM »

In a surprising and perhaps frightening new twist, a robot has demonstrated that it exhibits a degree of self-awareness for the very first time, reports Business Insider.

According to Business Insider, in an experiment conducted by Professor Selma Bringsjord of New York’s Rensselaer Polytechnic Institute, a robot proved that it was capable of responding to a logic puzzle based off the premise of the traditional “wise men” riddle.

Bacterial Brain Could Control Future Robots

The original riddle involves a king calling the three wisest men in the country and giving them all either a white or blue hat to wear atop their head. They can all see each other’s hat. Without communicating with each other, they are left to work out the color of the hat by what the others are wearing.

Up until now, only people—not robots—have been able to solve this riddle.

In the updated version of a puzzle used by Professor Bringsjord, the robots were programmed to believe that two of them were given a “dumbing pill” that would cause them to lose the ability to speak, reports Business Insider.

Business Insider reports, the robot with the placebo button rose to the challenge. When a researcher asked all three robots which pill they had received, the one that was not muted responded, “I don’t know.” The robot then stood up and waved its hand. It added, “I know now. I was able to prove that I was not given a dumbing pill.”

The robot demonstrated the ability to understand the contest’s rules, recognize the sound of its own voice and display a level of self-awareness to distinguish itself from the other two robots. It also opened the door to the possibility that self-aware robots could make their way into the future

342

Science and Information / Apple posts record third-quarter as iPhone sales surge

« on: August 30, 2015, 03:27:16 PM »

The technology giant sold 47.5 million iPhones in the quarter to 27 June, up 35% on a year ago, with Mac computer sales up 9% to 4.8 million.

The performance resulted in what chief executive Tim Cook called "an amazing quarter".

Profits rose by 38% to $10.7bn (£6.87bn), while revenue was up 33% to $49.6bn.

The third quarter is typically the slowest for iPhone sales because many customers put off buying new phones, on the expectation of a new model.

Despite the strong results, shares fell 6.7%, or $8.85, to $121.89 in after-market trading in New York.

Analysts blamed the fall on disappointment about the company's revenue forecasts for the fourth quarter, which were slightly lower than expected, as well as the firm's profits being too heavily dependent on the iPhone.

'Great start' for Watch

Demand for its iPad tablets remained weak, with Apple selling 10.9 million, down 18% from a year earlier.

But Mr Cook also said the Apple Watch had had a "great start", in the first indication of how well the company's first piece of wearable technology was selling.

The Apple boss said last autumn that he did not want to reveal detailed figures for the watch, which went on sale on 24 April, to avoid giving competitors inside information.

But Apple said that revenue from "other products", which includes the watch as well as products such as the iPod and its Beats headphones, came to $2.6bn - about $952m higher than the previous quarter.

Chief financial officer Luca Maestri said that revenue from the watch amounted to "well over'" that $952m increase.

Sales of the watch in the first nine weeks had exceeded those of both the iPhone and iPad after they were first launched, he added.

And Apple said its gross margin - the difference between the amount it spends on making the products versus how much consumers pay - was 39.7%, up slightly on a year ago.

Apple also continued to do well in the China market - defined by Apple as China, Hong Kong and Taiwan.

Sales doubled year-on-year and accounted for more than a quarter of the company's total third-quarter sales.

iPhone 'dependence'

The jump should help to reassure investors that demand in China remains robust despite fears the market is close to saturation point.

But Colin Gillis, an analyst for BGC Partners, told the BBC that the firm's "complete dependence" on iPhone sales and growth in China was still a concern.

"Look at the PC market. People ask if that could ever happen to smartphones. Of course it could. And there are risks associated with its dependence on China," he said.

However, Mr Gillis said that investors should put the results into perspective.

"Overall the results are stunning - it's made $10bn in profit. But Apple is an outlier in many metrics, so you need to look at the performance relative to expectations," he said.

The iPhone 6 and 6 Plus, which smashed iPhone sales records when they were launched last year, are now 10 months old

343

Business Administration / Bridging education and employment gap

« on: August 30, 2015, 03:26:03 PM »

Bangladesh has officially become a lower middle income country. And that of course is great news. However in order to flourish even further, one of the things the country needs is a huge skilled workforce. And for that to happen education must be harmonised with employability.
With the ever increasing population there can hardly be an argument regarding the purpose of education in Bangladesh. There is no doubt that good citizenship, personal growth and developing value systems are vitally important. Yet it is clear that for the most part, education will be about employability here. Of course philosophers and thinkers are important for any society, but they too need to be employed like the wage labourers and the talented and the less able.
There exist two contrasting views on the employment scenario in this country. The employers cry hoarse about non-availability of talents in the market and we hear about a huge number of youth who are unable to find a well-paid job several years after completing their degrees.
There is a whole generation enrolled in schools waiting for teachers to show up in classrooms and do the job they were hired to do.
Researchers are wondering how they are going to make their meagre grants deliver global impact, while students in higher education are wondering whether their degrees earned in Bangladeshi universities are worth much after all. Especially after the damning research by the TIB exposed how corruption is all pervasive in the realm of higher education in the private sector.
There are shortages everywhere—teachers, researchers, laboratories. However, while the investment in classrooms and schools is great, it is time to release learning from the classrooms only. Learning should go to the student and must extend way beyond the walls of a classroom. There should be efforts towards building open libraries, letting village school buildings become community learning centres after school time with open access to solar-powered connected computers.
Creativity and research attitudes must be encouraged from the very beginning. Unfortunately our education sector is bound by regulations all the way from nursery to higher education. Capacity is restricted because of the binding constraints of impractical and often contrary regulations. Universities cannot hire faculty from abroad despite shortages.
It seems there is lack of proper planning, appropriate guidelines, and corrective measures while sanctioning new institutions and disciplines. Thus a large number of institutions are being established taking only profit into consideration and with little emphasis on quality of education. Many government institutions have become battlegrounds for political rivalry resulting in poor governance leading to poor quality of education.
Most of the technical education institutions including the better known ones are understaffed and lack in qualified, competent and suitable faculty members. The institutions mostly follow the traditional method of teaching giving little thought to the fact that information nowadays is readily available on the net and thus students would not get interested unless they get something extra by attending classes.
It is more of content delivery than knowledge delivery. The assignments given quite often are routine and do not involve any research or innovation. It is a great challenge to motivate and attract students to serious learning. Moreover, the evaluation system has not been made robust enough to find out the knowledge level of the students. The philosophy of the semester system and the continuous evaluation process are not being understood by the students and also by the faculty members. Thus they are applied in a routine manner and the students concentrate only on grades and not on learning.

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Business & Entrepreneurship / Cabinet body approves new export policy

« on: August 30, 2015, 03:24:02 PM »

The Cabinet Economic Affairs Committee yesterday gave its go-ahead to the ‘Export Policy 2015-18’ placed by the commerce ministry, reports UNB. After the Cabinet body’s approval, Commerce Minister Tofail Ahmed said the core theme of the new 3-year term policy is the implementation of the government’s ‘Vision 2021’.
The ‘Vision 2021’ was prepared to make Bangladesh a middle-income country as dreamt by Father of the Nation Bangabandhu Sheikh Mujibur Rahman, he said. “To increase our export to $60 billion has been targeted by 2021 of which 50 billion will come from readymade garment (RMG) while the rest will come from ICT and other sectors,” he told reporters while briefing on the new export policy at his ministry. At present, the country’s annual export stands at $31.20 billion.
Chaired by Finance Minister AMA Muhith, the Cabinet body meeting was attended by senior ministers, including Industries Minister Amir Hossain Amu and Agriculture Minister Matia Chowdhury.
Tofail said the list of export items has been restructured and some new non-conventional export exports, including IT, tea, papers, shipbuilding, handicrafts, have been put on top of it. Some new items will get incentives.
He said the main strategy of the new export policy is to diversify both the products and market without depending on any particular country. The attention was specially given to export increase to the Latin American market.
The minister said many nations, except the USA, offered Bangladesh the GSP facilities and tax-free market access.
He said the IT and tea sectors have earned the top priority as there are potentials that Bangladesh can earn over $10 billion from the IT sector where the value addition is 100 percent.
Similarly, tea has been a new area to raise its export to 100 million from the current volume of 66 million a year.
Now, tea is being cultivated in the country’s some northern districts which are not traditionally growing this export items. So, the improvement of these new areas has been given emphasis in the export policy while campaign has been planned to popularise these tea as Bangladeshi brand like Sylhet Tea, Srimongal Tea like those of India’s Sylon tea.

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Faculty Sections / 7 ex-Oriental Bank officials jailed for life

« on: August 30, 2015, 03:22:37 PM »

A Dhaka court yesterday sentenced seven former officials of erstwhile Oriental Bank, later renamed as ICB Islamic Bank Limited, to life-term imprisonment for embezzling Tk 1.7 crore. Judge Akhtaruzzaman of the Special Judge’s Court-5 passed the order and fined the convicts Tk 1.07crore. All the seven are currently absconding. The court ordered that the verdict be executed once the convicts are arrested. The court, in its order, also said that the fine be realised evenly from each of the convicts within 60 days. Otherwise, the court said, the fine should be realised from the convicts by auctioning their assets as per the rule 386-1 (B) of the Code of Criminal Procedure (CrPC).

Those sentenced are Oriental Bank’s former deputy general manager Imamul Haque, former senior vice president Shah Mohammad Harun, senior assistant vice president Abul Kashem Mahmudullah, assistant vice-president Fazlur Rahman, executive officer and vice-president Tariqul Alam, senior executive vice-president Mahmud Hossain, and executive vice president Qamrul Islam. According to the case documents, the convicts allowed one Qamrul Ahmed, who introduced himself as the owner of M/s Tanveer Agency, to open an account at the bank’s headquarters on July 27, 2005.

On that very day, he applied for Tk one crore loan and got it approved. Later, investigations found that Ahmed’s company did not exist. Anti Corruption Commission Deputy Director Jahangir Alam filed a case against the seven officials, in this connection, on December 29, 2006, with Motijheel Police Station. The investigation officer of the case, Shekh Fayaiz Alam, submitted the chargesheet in the case on December 31, 2012. The court framed charge in the case on June 29 last year.
Earlier, on March 20, 2015, the ACC had approved a chargesheet in a case filed against another five people, including four former bank officials, for allegedly swindling out over Tk 7.5 crore from Oriental Bank.

The accused are Oriental Bank’s former senior assistant vice president M Manzurul Alim, former assistant vice president Tariqul Alam, former senior assistant vice president Mushtaque Ahmad, former assistant executive officer Saiful Aziz Pavel, and Khairul Anam, a resident of Comilla.
In April 2014, the ACC filed a case against the five. According to the ACC investigation, the accused bank officials disbursed loans against fake documents of a private company, M/S Orbit International, during 2005-2006 and the bank officials in collusion with Khairul Anam embezzled more than Tk 7.5 crore.