RFL expands Bizli Cables product line with new medium-voltage cable
RFL Group, widely known as Pran-RFL Group, one of the leading business conglomerates in the country, has introduced a new product category — medium-voltage power cable — to its popular cable brand Bizli Cables. The trial production of the cable has already begun at a newly constructed factory. The group’s concern, Rangpur Metal Industries Limited, which started its journey in 2013, runs the cable business under the brand name Bizli Cables. To produce medium-voltage power cables, Rangpur Metal has set up a fourth factory in its Habiganj Industrial Park establishment with a fresh investment of Tk60 crore. The new plant has a production capacity of 4,000 tonnes annually and has created employment opportunities for 200 people. RFL has so far invested around Tk220 crore in building four factories in the Habiganj region, where ten types of cables, including power cables, communication cables, enamel wire, copper strips, optical fibre, and fire resistance cables are produced. Currently, the size of the medium-voltage cable market approximates Tk1,000 crore. Some companies, including BRB Cables, BBS Cables and Partex Cables, are producing medium-voltage cables. Businesses have called for reducing duty on imports of raw materials to protect the local cable industry, while also calling for high duty to be imposed on imported cables.
Oil prices up 1%
Oil prices rose about 1 percent on Friday on signs of slowing US output, but both crude benchmarks also ended their longest weekly rally of 2023 on mounting concerns about global demand growth. West Texas Intermediate (WTI) crude futures gained 86 cents, or 1.1 percent, to settle at $81.25 a barrel, and Brent crude futures rose 68 cents, or 0.8 percent, to settle at $84.80 a barrel. Those concerns, spurred on by output cuts from the Organization of the Petroleum Exporting Countries and allies, helped oil prices gain for seven straight weeks since June. Brent crude gained about 18 percent and WTI gained 20 percent over the seven weeks ended August 11. Hatfield said he expects demand to hold up in China despite its slowing economy and forecast oil prices would trade between $75 to $90 a barrel over the coming months.
Mr. Helal Ahmed re-elected as independent director of Bank Asia
The Board of Directors of Bank Asia Limited recently re-elected Helal Ahmed Chowdhury as an independent director for another three-year term at its 500th board meeting. He started his career with Pubali Bank in 1977 as a Class-1 ofﬁcer through superior service examination and was promoted in course to managing director and CEO (2006-2014) in the same bank, said a press release. Under his dynamic leadership, Pubali Bank got transformed into an institutional role model of government turned private commercial bank and won the prestigious award “Best Financial Institution” of the country given by DHL and The Daily Star in 2009. A former supernumerary professor at the Bangladesh Institute of Bank Management, Chowdhury is the board member and vice-chairman of the Association of Bankers, Bangladesh and a board member of the Bangladesh Institute of Bank Management.