The Bangla-Post.com_English News

Business

2008-05-30

E-governance: A priority agenda for the government

From a recent report published in a local daily, it could be learnt that the Special Judge's courts set up on Jatiya Sangsad Complex to try high-profile corruption suspects have so far jailed 102 people including 75 involved in politics, and ordered confiscation of assets of about Tk 2.88 billion (288.00 crore) of the convicts in 84 cases since they began functioning on May 06, 2007. The 102 convicts include 27 Awami League leaders and their relatives, 47 BNP leaders and their relatives, one from Jamate-Islami, one from Islami Oikya Jote, 15 businessmen, three former bureaucrats, four former police officers and four other professionals. Some other cases are, however, under trail. The Anti-Corruption Commission (ACC) has so far filed more than 250 cases and working hard to investigate some other cases. Not only some former lawmakers and ministers have been arrested on charge of corruption but also two former Prime Minister (PMs), who are the chiefs of two leading political parties, have been detained on charge of corruption. Before this news was published, it appeared, seeing a number of news on graft cases in every day's daily newspapers, that the size of cases filed by the ACC on charge of corruption would be a huge one. But, is the size of cases filed really massive considering the size of our population (more than 140.00 million)? However, mass people of the country are in favour of this anti-graft crusade, no doubt. We want our country as a corruption-free land. Is it an ambitious target to free our country of corruption? Not at all. From different cases of the ACC, it appears to us that some, though not all, of the politicians, people backed by politicians or people having association with politicians, relatives of politicians, government officials or employees, businessmen, etc., are mainly involved in corruption. The size of people under these categories, whom we consider to be really under these categories, will not probably be more t

2008-03-18

GMG to buy six Boeings for $900m

GMG, the country's biggest private airline will buy six new Boeing aircraft for $900mn as part of a major route expansion, the company said Sunday. The country's oldest private carrier GMG will buy three Boeing 777-300ER and three 787-9 aircraft as part of its expansion drive in the Gulf, southeast Asia and Europe. New routes will include Saudi Arabia, Bahrain, Singapore, Hong Kong and London and will be started up over the coming two years, GMG said. "We've finalised the deal with Boeing. We're now fine-tuning some details with our financiers. We hope to sign the deal within the next six weeks," GMG chief executive officer Shahab Sattar said. Bangladesh's private airline sector has been booming since state-owned Biman cut domestic and international flights since 2006 to staunch losses totalling $220mn racked up over the past two financial years. GMG is negotiating with a Kuwaiti financing company and International Finance Corp, the World Bank's private-sector arm, to fund the purchase, Sattar said. GMG is the second Bangladesh carrier to announce a deal with Boeing recently. Boeing last week concluded a $1.26bn deal with Biman to supply four Boeing 777-300ER and four 787-9 aircraft. Boeing officials could not be immediately contacted for comment on the GMG deal. But a local consultant working for Boeing, who asked to remain unidentified, said the US company was in the final stages of signing the agreement. GMG currently operates six regional routes to Kolkata, Kathmandu, Bangkok, Kuala Lumpur, New Delhi and Dubai. Sattar said his 10-year-old company was making the purchase after posting its first profit on turnover of $43mn. He did not disclose the size of the profit but this year GMG's turnover is expected to total nearly $200mn, he said. "We want to emerge as a big regional player. We're going to double our international flights to 12 this year and wipe out our accumulated losses of over $6mn," Sattar added. GMG currently has a fleet of

2008-03-18

FBCCI election on Monday

Bangladesh Chambers of Commerce and Industry (FBCCI) election has been rescheduled to be held on Monday with the voters looking ahead to bring about a change in the very functioning of the trade body. Candidates, split into two panels, one led by former BGMEA (Bangladesh Garment Manufacturers and Exporters association) president Anisul Huq, representing the association group and the other led by the former FBCCI director Rouf Chowdhury from the chamber group. The election scheduled to be held on September 5 last Year but got postponed due to controversy over voters' list. In that circumstance, the commerce ministry extended the tenure of the then executive committee led by Mir Nasir Hossain until December 6 of last year. But getting no fruitful solution, the government appointed industrialist and former chamber leader Syed Manzur Elahi, the administrator of the apex body with the mandate to hold election within 120 days. On Monday's election, out of 38-director executive committee the two groups, association and chamber, would elect 12 each while the remaining 14 would be nominated by major chambers and associations in Dhaka and outside. The association group has 1,220 voters while the chamber group has 316 voters. A three-member election board comprises Prof Ali Asharaf as president and A S M Kamaluddin and Prabir Kumar Sinha as members. The board has disqualified four contestants on the ground that they have already served on three consecutive executive committees, totaling six years. The government circular requires one to take a break after three terms to make room for others. The disqualified candidates have filed writs before the High Court Division of the Supreme Court. The association group's presidential candidate Anisul Islam has also filed a writ challenging the presidential candidature of Rouf Chowdhury. He alleged that as Chowdhury served as director for more than six years. In all five petitions will come up for hearing at the High Court

2008-03-18

Prices of essentials rise further

Prices of a number of core food items including flour, lentil, sugar, edible oil, onion and rice soared again at the retail level in the capital during the past one week, market operators said. In the past one week, at the retail level one kilogramme (kg) of coarse flour was selling at Tk 45 against Tk 44 a week ago and Tk 37-Tk 38 per kg about two months ago. During the same period, prices of the finer variety of local lentil ranged between Tk 96 and Tk 100 against its previous rate at Tk 81 - Tk 85 per kg a week ago and Tk 78-Tk 80 per kg a month ago. Prices of Nepalese and Turkish varieties of lentil were Tk 88-Tk 90 in the last week against Tk 75-Tk 76 per kg two weeks ago and Tk 65-Tk 68 per kg about a month ago. In the past one week, non-brand sugar was selling at Tk 42-Tk 44 against Tk 38 - Tk 40 per kg a week ago and Tk 35 per kg about a month ago. At the wholesale level sugar price ranged between Tk 1950 and Tk 1960 against Tk 1740-Tk 1750 (50 kg) a week ago and Tk 1640-Tk 1650 (50kg) about three weeks ago. Prices of rice at wholesale level in the capital, during the last week, increased by Tk 40-Tk 70 per maund pushing up retail prices of the same. When asked, wholesalers at Badamtoli and Babubazar in the city said prices of rice varieties are unlikely to come down before Boro harvesting starts. Over the last week, retailers in the capital said, prices of coarse and finer varieties of rice were Tk 32-Tk 33 per kg and Tk 35-Tk 45 per kg respectively against Tk 30-Tk 31 and Tk 34-Tk 44 two weeks ago. In the past one week, at the wholesale level, Minicate variety of rice was selling at Tk 1472-Tk 1617 (37.320kg) against its previous rate at Tk 1417-Tk 1547 (37.320kg) per maund about a month ago. Nazirshail variety of rice was selling at Tk 1305-Tk 1413 per maund compared to its previous rate at Tk 1260-Tk 1343 per maund a month ago, coarse rice --Swarna -- at Tk 1055-1095 per maund compared to its previous rate at Tk 1000-1025 per maund a month a

2008-02-18

Bangladeshi footwear attracts global retailers

The world's renowned shoe retailers are increasingly in favour of importing footwear from Bangladesh as they want to reduce their dependency on Chinese suppliers mainly due to the environmental issues. China is the world's largest shoe exporting country accounting for around 62 per cent of the global demand. Now the elite shoes retailers are desperately want Bangladesh as their next destination following moderate facilities exists here with strong backward linkages. Besides, they do not want to import from Sri Lanka following problems there and India for bureaucratic tangles. Experts from Gucci of Italy, Nike of United Kingdom, Reebok of Germany, Timberland of the USA and the ABC-Mart Incorporate of Japan recently visited a number of local shoe factories and enquired about the existing infrastructures, shoe manufacturers said. The world's leading branded retailers mainly want to import sports shoes, ladies shoes and dress shoes from local manufacturers. A number of world's renowned shoe makers also want to produce shoes in joint venture in the country. Bangladesh currently produces around 200.20 million square feet leather while it exports finished leather, leathers goods including footwear worth $ 160 million

2008-02-18

''Global Mobile Award 2008'' goes for GP CellBazaar

CellBazaar, an innovative market-access service from Grameenphone Ltd. has won the 3GSMA Global Mobile Award 2008, in the category of ''Best Use of Mobile for Social & Economic Development'', a press release says on Wednesday. The award which is considered as the 'Oscars' of an industry was announced at a gala award dinner last night on the sidelines of the Mobile World Congress currently being held in the Spanish city of Barcelona. Grameenphone CellBazaar is a ''great initiative - full marks for self-sustainability. This grass root level initiative is not only for operators to make money but for rural folks to sell and trade their goods and increased price transparency and help for the illiterate is also available. It has clear environmental benefits through reduced travel,'' the Award Judges said in their citation. ''CellBazaar is a great example of Grameenphone's continued leadership in simple, smart and customer relevant innovation,'' said CEO Anders Jensen. He also congratulates CellBazaar and its excellent team for this achievement. The CellBazaar concept was developed by Kamal Quadir and he later founded a company to establish a partnership with Grameenphone. It has created a new era for the unwired rural population. The other four nominees in the same category with CellBazaar were: Grameen Foundation for Village Phone Direct; Motorola for solar & wind powered GSM macro cell site; Nokia Siemens Networks for Village Connection; and Safaricom for M-PESA. It is to mention here that last year in February; Grameenphone was presented with the 3GSMA Global Mobile Award 2007 for its HealthLine and was also awarded the ''GSM in the Community Award'' for its Village Phone program in February 2000

2008-02-18

Bangladesh likely to sign oil import deal with UAE company

The interim government is going strike a broad deal with a UAE-based company on supply of petroleum products for both short and long terms. "A process is underway to sign a long-term agreement with the Emirates National Oil Company (Emaret) for importing oils," an Energy Division official said. One of the main objectives of the current initiative is to diversify the country's source of petroleum import, the official added. "The signing of the proposed large deal will not only ensure availability of petroleum products in the long run, it will also reduce its dependency on few sources," said the official. According to official sources, the Emaret has already assured the government of signing a long-term fuel-supply agreement with Bangladesh. The Energy Division will soon send a proposal in this connection to the higher authority for approval, they mentioned. Officials, however, said the country imports nearly 40 per cent of its required oils from the Kuwait Petroleum Corporation (KPC).

2008-02-18

Overall trade deficit soars by over 80 pc

The country's overall trade deficit soared by over 80 per cent in the first five months of the current fiscal that has pushed the current account balance to a negative $153 million, Bangladesh Bank (BB) officials said. The overall trade deficit rose to $2.099 billion in July-November period of 2007-08 fiscal year against $1.162 billion of the corresponding period of the previous fiscal year, registering an increase of 80.64 per cent. The deficit escalated mainly due to higher import of food grain and gasoline. The trade deficit pulled the current account balance to a negative $153 million at the end of November 2007 although the country's overall balance of payments continued to maintain a surplus position. BB officials said they are not worried about the negative current account balance position as the country has 'a satisfactory level of foreign exchange reserve'. The foreign exchange currency reserve stood at $5.44 billion on Tuesday after selling of $25 million to the commercial banks on the same day. During the period, export earnings stood at $5.107 billion against the import payments of $7.206, according to the central bank statistics. ''Despite larger current transfers of $3.089 billion, current account balance recorded a deficit of $153 million during July-November, 2007 against the surplus of $265 million during July-November, 2006 due mainly to larger deficits in balance of trade,'' the BB said in its Major Economic Indicators: Monthly Update for February, 2008, released on Tuesday. The overall balance, however, recorded a surplus of $140 million at the end of November last as against a surplus of $157 million during the same time of the previous fiscal due mainly to a surplus of $368 million in the financial account, according to the Update. On the other hand, the flow of net foreign direct investment (FDI) came down to $329 million in the period under review from $343 million of the corresponding period of the previous fiscal. The p

2008-02-18

BB to decrease number of commercial banks

Bangladesh Bank, the central bank of Bangladesh, has taken initiatives to decrease the number of commercial banks. But the central bank will not issue any circular directly, sources in Bangladesh Bank said. The central bank has taken a policy to increase the capital amount of a commercial bank to Tk 400 crore which is now Tk 100 crore for each bank. As a result two or three banks will unite into one in order to increase capital and ultimately the number of banks will decrease normally. The Bangladesh Bank has made a proposal to increase amount of capital of the commercial banks to Tk 400 crore. The proposal is awaiting finance ministry's approval. After the approval, the central bank will issue a circular to increase the amount of capital, sources in the central bank said. "The number of banks we have is more than demand. To reduce the number of banks unification of the small banks is needed," said Dr Atiur Rahman, a prominent economist. The central bank's decision not to give license to new banks is correct but no circular should be issued for that, he said. At present the commercial banks have a capital of 100 crore taka each. With an ordinance issued on October 08, 2007 the amount was increased to 200 crore. The central bank ordered the commercial banks to make up the shortage of capital within June 2009. The given timeframe has not been finished yet and the decision to increase the capital to 400 crore is to come. Sources in the central bank said that the bank would not approve any new bank within next 10 years and it would not consider the application from the individuals and organizations within the last 3 or 4 years.

2008-02-18

AB Bank compensates 10cr for rules violating

Arab Bangladesh (AB) Bank has been fined Tk 10 crore by the Securities and Exchange Commission (SEC) on Monday for manipulating the market by providing excess loans to its employees and their relatives to purchase shares violating the rules. The financial market regulator officials said the merchant banking wing of the bank laundered more than Tk 66 crore from the market during a period of three months last year. The SEC also asked the bank to submit the fine to the commission through bank draft or pay order within next 15 days. If otherwise the Bank will have to face legal actions by the stock market regulator. An investigation by the SEC revealed that against a paid up capital of only Tk 57 crore, the AB Bank?s merchant banking wing had disbursed around Tk 528 crore more as credit mainly to its employees and their relatives to purchase shares.

2008-05-30

Price sensitive news in bangladesh stock market

corporatewatch Response to DSE query BIFC: In response to a Dhaka Stock Exchange (DSE) query, the company has stated that there is no undisclosed price sensitive information of the company for the recent unusual price hike of its shares. BD Finance: In response to a DSE query, the company has stated that there is no undisclosed price sensitive information of the company for the recent unusual price hike of its shares. Suspension of share trading AB Bank: Trading of the shares of the Bank will remain suspended on its record date on Sunday for the annual general meeting (AGM) and the extra-ordinary general meeting (EGM) both declared earlier. Meghna Petroleum: Trading of the shares of the company will remain suspended on its record date on Sunday. Union Capital: Trading of the shares of the company will remain suspended on its record date on Sunday. Nitol Insurance: Trading of the shares of the company will remain suspended on its record date on Sunday. Kay & Que: Trading of the shares of the company will remain suspended on its record date on Sunday for the annual general meeting (AGM) and the extra-ordinary general meeting (EGM) both declared earlier. National Tubes: Trading of the shares of the company will remain suspended on its record date on Sunday for the extra-ordinary general meeting (EGM) declared earlier. Trading of shares in spot market Mercantile Insurance: Trading of the shares of the company will be allowed only in the spot market and block/odd lot transactions will also be settled as per spot settlement cycle with benefit from June 1, 2008 to June 3, 2008. The trading of the shares of the company will remain suspended on its record date on June 4, 2008. Resumption of share trading Lafarge Surma Cement: Normal trading of the shares of the company will resume Sunday after its record date and there will be no price limit on the trading of the shares of the company on the sam

2008-02-12

Dhaka stocks open down amid Tk 1 billion turnover

Dhaka stocks opened downbeat on the first trading day of the week though turnover crossed the Tk 1 billion mark by midday. The market was expected to heat up as the regulatory body's withdrawal of restrictions on margin loans is effective from Sunday. Dhaka Stock Exchange started the day with a sharp decline on the general index. It witnessed some ups and downs in the midday sessions. At 12.34 pm the DGEN or general index was at 2994.51, down 5.65 points or 0.18 percent, while the DSI or all share price index fell 4.91 points or 0.19 percent to 2518.17. Turnover stood at Tk 1.79 billion from trading of 12,863,487 shares with 89 issues advancing, 106 declining and some 14 holding steady. AB Bank topped the turnover board at 12.39 pm, selling down at Tk 2879.75 from Thursday's Tk 2889.50. Meghna Petroleum was also selling down at Tk 350 from Tk 364.4. Grameen Mutual Fund One was selling low at Tk 119.7 from Tk 125 the previous day. State run Jamuna Oil also slipped to Tk 351 from Thursday's Tk 363.90. IFIC Bank was trading down at Tk 2818 from the previous week's closing price of Tk 2842.50. Among the other scrips on the turnover board, Summit Power and AIMS 1st Mutual Fund also fell. Fareast Life Insurance, BRAC Bank and Power Grid Company of Bangladesh gained.

2008-02-12

AKTEL offers Tk1 call rate

Mobile operator AKTEL has come up with a new offer of an exclusive low tariff of Tk 1/min to any mobile 24 hours a day. AKTEL customers are requested to register at AKTEL customer care centres and AKTEL designated registration points by February 16 to enjoy the offer, said a press release. To know the registration status, the customers just have to type REG and send to 4040 or call 123. Customers can also know their nearest AKTEL registration point by just typing first three letters of the thana then space and first three letters of the district and SMS to 8734. This offer will continue until further notice.

2008-02-12

Benapole land port paralysed by Indian strike

All customs activities at Benapole land port grounded to a halt at due to the Indian state-wide strike in West Bengal, a port official said. ?All export and import activities have been stopped since Wednesday morning,? said Didarul Alam, cargo supervisor at the Benapole border crossing. ?Several hundreds of trucks have been stranded at the port with the halting of all export-import.? Cargo trucks headed through West Bengal were prevented from reaching the Indian land port of Petrapole, while trucks waiting for customs clearance were unable to enter Bnapole from India, Didarul said. A strike over the killing of protesters by the police in eastern India shut schools, offices, and businesses in West Bengal Wednesday, bringing another political headache for a troubled communist-led state government. Protesters stopped trains and buses in the state capital, Kolkata, as the strike took hold, witnesses and the police said. The strike was called by the Forward Bloc, an ally of the state government, after police opened fire on their supporters in a northern district on Tuesday, killing at least six people.

2008-02-12

6th Barisal Int'l Trade Fair begins Feb 20

A month-long Barisal International Trade Fair is going to start at BIWTC Marine Workshop ground in Barisal on February 20. The 6th International trade fair will be organized by the Barisal Chambers of Commerce and Industries (BCCI). 130 stalls would be set up at the festival ground. Multi-national and international companies from several countries including Iran, Pakistan and local producers will take part in the fair with their commodities, the event organisers said. BCCI secretary MA Mannan said a three-member committee has been formed in this connection. Cultural programmes such as puppet show and circus would also be arranged to entertain the visitors

2008-02-18

UK crisis bank Northern Rock to be nationalized

Troubled British bank Northern Rock, which has been hit hard by the credit crunch, is to be nationalized UK finance minister Alistair Darling confirmed Sunday. Customers line up to withdraw cash from a Northern Rock branch during the height of the crisis. Darling, speaking at a hastily convened press conference in London Sunday afternoon, said he would introduce legislation to implement temporary public ownership Monday. Shares in the bank are to be suspended before the London Stock Exchange opens the same day. Northern Rock -- Britain's fifth-largest mortgage lender -- got into difficulties last September after becoming especially vulnerable to the fallout from the U.S. sub-prime mortgage crisis. It received an emergency loan from the Bank of England, leading worried Northern Rock customers to withdraw more than $4 billion in Britain's first bank run in more than a century. So far Northern Rock has received loans and guarantees totaling more than £55 billion ($108 billion) from the UK government. Darling said that a solution had to be found by March 17 to satisfy state aid regulations. Darling explained that two private sector bids -- an in-house management team and a consortium led by Richard Branson's Virgin Group -- did not deliver value for money for the taxpayer. "Both proposals involve a degree of risk for taxpayers and very significant implicit subsidy from the Treasury, involving a payment below the market rate to the Government for continuation of its guarantee arrangements and for the financing we would be putting in place," the finance minister said. Don't Miss Two bidders left for Northern Rock Deadline for Northern Rock rescue bids arrives Northern Rock chief exec resigns He added that Goldman Sachs had recommended that in the circumstances a temporary period of public ownership was the best option. Darling said that the bank would be managed "at arm's length" and still operate as a normal commercial business, wit

2008-02-21

Biman in trouble, 3 private airlines filling void

Aviation industry marks a boom with the launch of three private airlines in last eight months and another set to start commercial flights next month. Private airline operators say the industry is growing by 7.5 to 8 percent every year, adding, the market size of passengers is worth around Tk 3,500 crore. ''The aviation industry witnessed a 7.6 percent growth globally last year and it was also the same in Bangladesh,'' said Captain Tasbirul Ahmed Choudhury, chairman and managing director of United Airways (BD) Ltd, which started operation in July 2007. Apart from United Airways, Best Air made its debut in mid-January and Aviana Airways, with the brand name Royal Bengal, in late January, both on domestic routes so far. Earlier, GMG Airlines was the only private airline operating on domestic routes along with national flag carrier Biman Bangladesh Airlines Ltd. Anmole Albab Airlines Ltd, another local private airline, under the brand name of A2 Air is set to operate international passenger flights from Bangladesh in March this year. Initially, it will operate flights to the Middle East and Far Eastern countries. ''We have already completed all the procedures to collect two Boeing-747 aircraft to operate flights on international routes,'' said Wahidur Rahman Rana, chief financial officer of Anmole Albab Airlines. Retired employees of Biman also formed a body last year to float a new private airline. Non-resident Bangladeshis' contribution to the industry is significant as they, mostly from the UK and the US, have launched two of the four private airlines. These airlines are operating flights with 10 different aircraft. GMG has seven aircraft in its fleet with two Dash-8, three Boeing MD-80, one Boeing 737 and one Boeing 747. United Airways has one Dash-8-100, Best Air one Boeing 737, and Aviana Airways has one Dash-8-100. The private airlines are also planning to add more aircraft to their fleet so that flights can be expanded to international d

2008-02-19

Bangladesh likely to sign oil import deal with UAE company

2008-08-23

SC upholds HC order on Hasina`s Niko, power plant cases

SC upholds HC order on Hasina`s Niko, power plant cases The Supreme Court (SC) Wednesday upheld the High Court (HC) order staying the proceedings against former prime minister Sheikh Hasina Wajed in Niko and barge-mounted power plant graft cases. The five-member full bench of the Appellate Division, headed by Chief Justice Ruhul Amin, did not grant the leave to appeal filed by the government and the Anti-Corruption Commission (ACC) against the High Court order. The apex court also directed the government and the ACC to dispose of the HC rules that asked the government why these cases should not be quashed. Following the Appellate Division order, the two cases can not be run in the trial court till disposal of the HC rules, the lawyers said. On July 7, the HC stayed for two months all proceedings of the Niko and barge-mounted power plant cases filed by the ACC against Awami League President Hasina, who was freed on parole on June 11 and is now staying in the USA to receive better medical attention. The HC also issued separate rules on the day asking the government and ACC to explain within four weeks why the cases should not be quashed. On Tuesday Home Adviser MA Matin said that the court order, requiring Hasina to appear for charge framing in the MiG-29 case, would have to be examined before the next step is taken in this regard. He was referring to Dhaka Divisional Special Judge`s Court order that all the accused, including Hasina, to be present for charge framing in the case on

2008-02-19

Higher support for agriculture

Higher support for agriculture and agro-business needed for comprehensive development: WB Bangladesh can attain comprehensive development by increasing support to high-value agriculture and agro- business, a study of the World Bank and IFC-SEDF said. The study report titled “High-value agriculture in Bangladesh: An assessment of Agro-business Opportunities and Constraints” said the growing demand for high-value agricultural commodities can provide significant opportunities for greater rural employment and incomes. The report said climate change and increasing fuel price have been the main concerns. Demand for high-value agricultural commodities including fruits, vegetables, spices, fish and livestock products are increasing everyday. Bangladesh can utilize the growing demand of such products. The study found that by 2020 Bangladesh would need an additional 6.5 million metric tons of vegetables, 0.7 million tons of spices, 1.6 million tons of fruits, 1.9 million tons of fish, 1.4 million tons of meat and eggs, and 2.6 million tons of dairy products to meet domestic demand. The report also said in 2005 prices, this additional demand is valued at about US$ 8 billion and represents a farm-gate value of approximately US$ 5 billion. The report was presented as part of launching of World Development Report 2008 at the Sonargaon Hotel on Sunday. Mona Sur, senior economist of the World Bank and Zaki Uz Zaman, associate operations officer of IFC-SEDF presented the main features of the report at the function with Mohamed Toure, acting country director of World Bank in the chair. Moshiur Rahman, president of World Poultry Science Association, Dr Sattar Mandal of Bangladesh Agriculture University, Dr Alain de Janvry, co- director of the development report and Fakhrul Ahsan, joint chief (planning) of Agriculture Ministry were, among others, spoke at the function. The launching ceremony was followed by a panel discussion on ‘

2008-02-19

Finance Adviser asks ministries to evolve ways to implement ADP amid price hike of construction materials

Finance and Planning Adviser Dr Mirza Azizul Islam Sunday said he has already asked the ministries concerned to evolve effective ways to implement ADP, in the wake of increased cost of construction materials. “There are provisions to increase expenditure of a project within the framework of work orders,” he told reporters, after an extended meeting of Planning Commission at NEC conference room. The Advisor’s remarks came responding to a question over a concern Bangladesh Association of Construction Industries (BACI) raised last week. They said 80 percent of the development works remained freeze due to abnormal rise in the prices of construction materials while the rest 20 percent could face suspension any time. Only 21 percent of the total ADP allocation of Tk 26,500 crore has been spent during the first half of the current fiscal year. The Finance Adviser said today’s meeting discussed some amendment proposals to the formulation, processing and approval of Annual Development Programme (ADP). The meeting reviewed proposals included giving more power to ministries, imposing timeframe to implement development projects and giving priority to projects considering the target of PRSP and MDGs. “A set of new guideline in this regard will be forwarded to ministries, seeking their views in these regard by March 7 this year,” said an official, who attended the meeting. Secretaries and senior officials were present at the meeting chaired by the Finance Adviser.

2008-06-13

Urea fertilizer price up after 11 years

Bangladesh government has adjusted the price of urea fertilizer after 11 years in view of production cost, price hike in international market, and rationalization of the use of fertilizer. As per the adjustment, the price of per tonne urea at the factory point is Taka 10,000 that is Taka 10 per kilogram while the prices of the same quantities at the buffer end is Taka 10,700 and Taka 10.70 respectively. Special Assistant to the Chief Adviser for Industries Mahbub Jamil made the announcement at a press conference in the PID conference room at Bangladesh Secretariat on Wednesday. Agriculture Secretary M Abdul Aziz, Industries Secretary Dr M Nurul Amin and Principal Information Officer (PIO) Iftekhar Hossain were present at the press conference. Mahbub Jamil said the price of urea fertilizer was fixed for the last time on June 3 in 1997. Then the per tonne price at the factory point was Taka 4,800 while the production cost was 4,652. The price at the buffer end was Taka 5,300 and the import cost was Taka 8,086. He said the price of urea fertilizer was not adjusted in last 11 years despite the gradual rise in prices of natural gas, electricity, other inputs and wages and salaries. Urea is being sold at a price less than the production cost since 1998, resulting in serious financial constraints in the factories, he said and mentioned outstanding gas bill of Taka 211 crore and other financial setbacks faced by the fertilizer factories. The special assistant said despite the adjustment of urea price, the government will have to give Taka 5,405 crore subsidy for fertilizer. The government had to pay subsidy of Taka 6,052.31 crore for fertilizer import in last 11 years, he said and added the import cost of urea has been fixed at Taka 58,000 per tonne now which was Taka 8,086 only 11 years ago. Mahbub Jamil said the adjustment of urea price will not affect the agriculture sector as urea accounts for 1.86 per cent of the total production co

2008-05-03

Deadly 'Enterovirus 71' spreads in China, 21 children die

A deadly virus has spread rapidly in eastern China, killing at least 21 children and infecting nearly 3,000, Xinhua said on Friday. Enterovirus 71 began spreading in Fuyang in the eastern province of Anhui in early March but authorities only reported it publicly on Sunday, saying there had been 789 cases. By Thursday, the number had risen to 2,946, Xinhua said. Enteroviruses are spread mostly through contact with infected blisters or faeces and can cause high fever, paralysis and swelling of the brain or its lining. There are no vaccines or antiviral agents available to treat or prevent the virus. ''There was one more fatality on Thursday afternoon, so the latest death toll is 21,'' Xinhua said, citing Anhui's health chief. The delay in reporting the virus to the public has triggered heated discussion and criticism in the Chinese media, which said local government officials should be sacked. But the Health Ministry has come to the defence of the Fuyang government, saying the belated reporting was because medical teams were trying to work out what the illness was. Officials have said that almost all of those infected were children under the age of six and most were under two. A total of 879 children were still in hospital for treatment, with nine in critical condition, while 849 had fully recovered, Xinhua said. ''The majority of the new patients have shown only light symptoms and the rapid increase of infections is partly due to better reporting and public awareness,'' the Beijing News on Friday quoted an Anhui government spokeswoman as saying. Health officials said people could take simple hygiene steps to prevent the spread of the virus. Treatment for the viral infection focuses on managing its complications, which can include meningitis and heart failure, according to the World Health Organisation.

2008-05-03

Govt to ban non basmati rice export

The government will ban exports of non basmati rice to boost stocks as fears grow that the staple will be in short supply, Commerce Secretary Firoz Ahmed said on Thursday. Bangladesh is the world's fourth largest rice importer, but some local traders also export aromatic and non-aromatic rice to the United States, the United Kingdom, Gulf countries and Southeast Asia. Asian rice prices have almost trebled this year as export restrictions by leading suppliers fuel insecurity over food supplies. With only 30 million tonnes traded annually, government supply curbs, such as those from New Delhi and Hanoi, have spooked importers, such as Bangladesh, at a time when global stocks have halved since hitting a record high in 2001. The country exported rice worth $5.42 million in the first eight months of the fiscal year (July-June), up from $4.11 million the same period last fiscal year, officials said. The retail price of 1 kg of rice has now risen by 100 percent to 40 taka ($0.58) from early 2007, due to damage to 1.8 million tonnes of rice by two spells of floods and a devastating cyclone last year, along with global food price inflation. Bangladesh produces about 29 million tonnes of rice annually to feed its 140 million people, and also imports nearly 3 million tonnes, officials said.

2008-05-03

Bangladesh can earn $6.5b from call centre business by 2009

The country could earn around $6.5 billion from the call centres by 2009 as the global outsourcing business volume would reach $640 billion by this time, said Bangladesh Telecommunications Regulatory Commission (BTRC) chairman Manzurul Alam on Monday. ''The call centre business will reach $640 billion by 2009 from $400 billion now and we hope to grab 1 per cent of that business which will be around $6.5 billion,'' said the chairman of BTRC at a ceremony of the handover of call centre licences to private sector investors. BTRC handed over a total of 21 licences, of which 10 were for call centre, four for hosted call centre and seven for hosted call centre service provider categories. ''Call centre is the most potential sector in the telecom industry,'' the BTRC chief said, adding that the commission allowed call centres with setting easy conditions to create jobs and earn more foreign currency. Reazuddin Mosharaf, chief executive officer of Windmill Advertising Limited which got the first call centre licence from BTRC, said he would start the call centre soon to create more jobs and earn foreign currency. Initially, the company would employ 20 people and the number of employees would be increased gradually in line with the business growth, Reaz said. BTRC on April 9 invited applications from the individuals and businesses for setting up call centres in the country of three categories ? call centre, hosted call centre and hosted call centre service provider ? and the licence fee was fixed at Tk 5,000 for each category as one-time fee for an initial term of five years. After the expiry of 5-year term, the licences may be renewed for subsequent terms, each of 5 years' duration. Licences will be given to individuals, partnerships or local and joint venture companies that are formed and registered as per the existing laws of Bangladesh. The applications for licences will be received and scrutinised on the basis of first come, first served. A call centre,

2008-05-03

State-owned company to join shipbuilding soon

A state-owned company will soon join the country's newly emerging shipbuilding industry which has been witnessing a boom recently. Dockyard & Engineering Works Limited (DEWL), the country's oldest shipbuilder now being run by the Bangladesh Navy, will develop its existing infrastructure to international standard to lure export orders from overseas buyers, managing director of the company Captain Mahmud Ali said. ''We will enter into joint ventures with experienced local or international shipbuilders to develop our shipyard. We've already requested for expression of interests from several companies for entering into joint venture partnership with us,'' he said. ''I hope we will be able to do so within a couple of months. Then we will start development of our existing shipyard and bring it to world standard level to acquire ocean-going ship construction orders from the abroad,'' Mahmud Ali, a captain of Bangladesh Navy said. The DEWL, established in 1926, is situated in 22 acres of land at Sonakanda in Narayangaj district on the bank of Sitalakhya River. It has all the facilities for building Ro-Ro Ferry, Tug Boats, Inland & Coastal Vessels, Barges etc. It has also repair and maintenance facilities apart from equipment to produce industrial spares. The company is well equipped with slipway, workshops having facilities of lathe shear, press, drill, grinding, boring, milling, cranes, forklifts, jack, pulleys etc. The slipway measures 298'X290' with a capacity to dock vessels upto 300 feet in length and dead load of 780 tonnes. The state-owned DEWL, once operational, will be the seventh company in the country to enter into the booming shipbuilding industry, after the Ananda, Chittagong-based Western Marine, Fatullah-based Highspeed, Meghnaghat-based Khan Brothers and Meghna Group and Karnaphuli-based Rangs Group.

2008-05-03

Stocks gain over ICB MF price rise

Stocks closed up on Sunday mainly owing to rise in share prices of mutual funds of the Investment Corporation of Bangladesh, said market operators. The general index of the Dhaka Stock Exchange gained 7.76 points or 0.25 per cent to close at 3087.11, while its blue chips index, DSE20, advanced by 6.38 points or 0.27 per cent to close at 2401.25. A DSE stock broker said rise in the share prices of the mutual funds edged up the price indices of the market, which, otherwise, remained flat. According to the DSE official website, on the close of operation on March 31, the ICB mutual funds reported net asset value for First ICB MF of Tk 4543.76, Second ICB MF of Tk 1027.65, Third ICB MF of Tk 853.44, Fourth ICB MF of Tk 1012.99, Fifth ICB MF of Tk 1132.00, Sixth ICB MF of Tk 371.72, Seventh ICB MF of Tk 607.30 and Eighth ICB MF of Tk 425.12 per unit on current market price basis against face value of Tk 100 each. Chittagong Stock Exchange's selective categories index gained 26.59 points or 0.48 per cent to close at 5559.45, while its blue chips index, CSE30, advanced by 52.66 points or 0.71 per cent to close at 7507.70. Of the total 247 issues traded at the DSE, 85 advanced, 151 declined and 11 remained unchanged, and out of 165 issues traded at the CSE, 64 post gains, 97 dropped and four remained unchanged. Turnover at the DSE, however, decreased marginally to Tk 299.26 crore from the Thursday's Tk 302.60 crore and the CSE turnover went down to Tk 37.81 crore from Tk 39.94 crore. AB Bank topped the turnover leaders at the DSE with total transactions of Tk 24.93 crore. United Commercial Bank was the second biggest turnover leader and Delta Brac Housing Finance Corporation, which debuted on the bourse on Thursday, the third biggest. Other turnover leaders at the prime bourse were Square Pharmaceuticals, ACI, Jamuna Oil Company, Heidelberg Cement, Aims 1st Mutual Fund, IFIC Bank and S Alam Cold Rolled Steels.

2008-04-11

বিশ্ব বাজারে গমের দাম কমেছে কেজিতে ১০ টাকা

জাতিসংঘের খাদ্য ও কৃষি সংস্থার (এফএও) তথ্যমতে, গত ১৮ মার্চ থেকে ৬ এপ্রিলের মধ্যে আর্ন্তজাতিক বাজারে গমের দাম কমেছে প্রতি কেজিতে ১০ টাকা। বাংলাদেশে আমদানিকৃত সফট রেড উইন্টার হুইটের আন্তর্জাতিক বাজার দর গত ১৮ মার্চ ছিল টনপ্রতি ৪৫১ ডলার। এরসঙ্গে পরিবহণ ও আনুষঙ্গিক খরচ মিলে আমদানি খরচ পড়ে প্রতিকেজি প্রায় ৪১ টাকা। গত ৬ এপ্রিল এ দাম কমে হয়েছে ৩০৭ ডলার। সে হিসাবে আনুষঙ্গিক খরচ শেষে প্রতিকেজির দর পড়ছে ৩১ টাকা। ২০০৭ সালের এপ্রিলে গমের প্রতি টনের আন্তর্জাতিক বাজার দর ছিল মাত্র ১৫২ ডলার। এফএওর হিসেবে, ২০০৭-০৮ অর্থবছরে বিশ্বে গমের চাহিদা হচ্ছে ৬১৯ মিলিয়ন টন। উৎপাদন হয়েছে ৬০৩ মিলিয়ন টন। তবে গত বছরের তুলনায় এ বছর উৎপাদন বেড়েছে ১২ মিলিয়ন টন। বাংলাদেশে ২০০৭-০৮ অর্থবছরে ৩ লাখ ৭৪ হাজার হেক্টর জমিতে সাড়ে ১০ লাখ টন গম উৎপন্ন হয়েছে, যা কৃষি সম্প্রসারণ অধিদফতরের নির্ধ

2008-04-11

Stocks return from losses

After two days of slump stocks gained on Tuesday due to buying spree from the investors, said market operators.The general index of the Dhaka Stock Exchange (DSE) gained 27.98 points or 0.92 per cent to close at 3068.57, while its blue chips index, DSE20, advanced by 16.62 points or 0.72 per cent to finish at 2332.78. A DSE stock broker said buying from the investors pushed up share price indices. Rise in the share price of ONE Bank Ltd on its corporate announcement also contributed to the stocks rebound, he said. On Tuesday, ONE Bank informed the bourses that board of directors of the bank decided to increase its authorised capital to Tk 500 crore from the existing Tk 120 crore subject to approval of the regulatory authorities and subsequent extra-ordinary general meeting of the bank. The share price of ONE Bank gained 8.46 per cent to close at Tk 541.25 on Tuesday at the DSE. The bank?s 80,750 shares worth Tk 4.36 crore were traded at the prime bourse. Chittagong Stock Exchange selective categories index gained 44.72 points or 0.82 per cent to close at 5501.07, while its blue chips index, CSE30, advanced by 64.63 points or 0.88 per cent to close at 7389.23. Of the total 251 issues traded at the DSE, 154 advanced, 88 declined and nine remained unchanged, while out of 151 issues traded at the CSE, 89 posted gains, 56 dropped and six remained unchanged. Turnover at the DSE also increased to Tk 324.64 crore from the Monday?s Tk 306.97 crore and the CSE turnover went up to Tk 48.36 crore from Tk 46.24 crore. AB Bank topped the turnover leaders at the DSE with total transaction of Tk 19.29 crore. Other turnover leaders at the prime bourse were Aims 1st Mutual Fund, Square Pharmaceuticals, IFIC Bank, Power Grid Company Bangladesh, Grameen Mutual Fund One, Uttara Bank, LankaBangla Finance, Beximco Pharmaceuticals and Union Capital.

2008-04-19

DSE general index crosses 3100 points for first time

The general index of the Dhaka Stock Exchange on Wednesday strikes its record high of 3120.51 points mainly due to rise in share prices of the power, bank and pharmaceutical stocks, said market analysts. The DSE benchmark gained 22.27 points or 0.72 per cent. The index's previous high was at 3098.24 on Tuesday. ''Investors bought comparatively low-priced shares with a view to making capital gains,'' said Moin Al Kashem, senior vice-president of Prime Finance and Investment. He said that in recent times investors were quickly shifting their interest in the stocks of one sector from another expecting gains. The stock market analyst said it was a sign of inefficiency of the market. It, however, is not unusual in a market which faces dearth of securities, he added. The DSE blue chips index, DSE20, gained 21.56 points or 0.91 per cent to close at 2380.17 on Wednesday. Chittagong Stock Exchange's selective categories index gained 34.80 points or 0.63 per cent to close at 5566.83, while its blue chips index, CSE30, advanced by 56.58 points or 0.76 per cent to finish at 7471.22. Of the total 254 issues traded at the DSE, 147 advanced, 100 declined and seven remained unchanged while out of 159 issues traded at the CSE, 81 posted gains, 74 dropped and four remained unchanged. Turnover at the DSE, however, decreased to Tk 326.52 crore from the Tuesday's all-time high of Tk 412.27 crore and the CSE turnover went down to Tk 46.89 crore from Tk 62.46 crore. The Aims 1st Mutual Fund topped the turnover leaders at the DSE with total transaction of Tk 15.19 crore. Other turnover leaders at the prime bourse were Jamuna Oil Company, Meghna Petroleum, Beximco Pharmaceuticals, Dhaka Electric Supply Company, Square Pharmaceuticals, Keya Cosmetics, Apex Tannery, AB Bank and IFIC Bank

2008-04-19

DSE turnover sets new record

The turnover at the Dhaka Stock Exchange on Tuesday set record high at Tk 412.27 crore, beating its previous high of Tk 409.32 crore on March 11. Market operators said offloading of shares of the Jamuna Oil Company and the Meghna Petroleum in large volume pushed up the bourse's turnover. The increase in banking and pharmaceutical stocks also helped pull the turnover to the record high, they said. On Sunday, DSE turnover was Tk 363.08 crore. The turnover at the Chittagong Stock Exchange also went up to Tk 62.46 crore from the Sunday's Tk 53.66 crore. Stock prices, however, went mixed on Tuesday due to fall in share prices of the blue chips stocks, said the market operators. The DSE general index gained 20.72 points or 0.67 per cent to close at 3098.24. The bourse's blue chips index, DSE20, however, lost 4.93 points or 0.21 per cent to finish at 2358.61. The CSE selective categories index gained 18.99 points or 0.34 per cent to close at 5532.03. The CSE blue chips index, CSE30, however, lost 16.41 points or 0.22 per cent to finish at 7414.64. Of the total 243 issues traded at the DSE, 129 advanced, 105 declined and nine remained unchanged while out of 147 issues traded at the CSE, 85 posted gains, 59 dropped and three remained unchanged. Jamuna Oil Company topped the turnover leaders at the DSE with total transaction of Tk 23.27 crore. The other turnover leaders at the prime bourse were the Aims 1st Mutual Fund, AB Bank, Meghna Petroleum, Square Pharmaceuticals, IFIC Bank, Beximco Pharmaceuticals, Uttara Bank, Apex Adelchi Footwear and Keya Cosmetics.

2008-04-19

Biman's final deal with Boeing deferred for a week

The final deal between Biman Bangladesh Airlines and US aircraft manufacturer Boeing to procure eight aircraft for the national flag carrier at a cost of $1.265 billion was deferred for one week. ''We sought one week time from Boeing to sign the final deal that was scheduled to be initiated on April 15,'' said a high official of Biman. Biman earlier signed a MoU with Boeing representatives in Dhaka on March 15. Of the eight Boeings, the first consignment of four aircraft will be arriving here in 2013 while the second consignment in 2017. The first Boeing 777-300ER aircraft will cost $182.17 million while the other three $182.51 million, $183.20 million and $184.01 million. The initial selling price of this kind of aircraft is $272 million each. The first Boeing 787 aircraft will cost $132.83 million, while the other three will cost $133.08 million, $133.53 million and $133.81 million. The initial selling price of these planes is $167 million. Responding a query, the Biman official said that there was no chance to cancel the final deal with Boeing. ''We're having a good negotiation with them,'' he said. US-based Exim Bank will provide 85 per cent of the total cost at six per cent interest rate for a 12-year term while the remaining 15 per cent will be collected from local banks.

2008-04-19

Amin Bazar landfill project work to start in July

The work of Amin Bazar Sanitary Landfill Project is likely to start in July after approval of the Executive Committee of the National Economic Council. Officials at the Dhaka City Corporation said that they had already acquired 50 acres of land and constructed a boundary wall around it. ''We are hoping that the project will start in early 2008-2009 fiscal after getting the ECNEC approval by June,'' said Tariq Bin Yousuf, project director of the Landfill Improvement Project under Waste Management Division of the corporation. After the beginning of the project work, it will take two years to complete the landfill at Amin Bazar under Savar police area proposed cost of which is Tk 65 crore. As open dumping of solid waste pollutes groundwater, emits greenhouse gases, spreads bad smell, creates aesthetic disorder as well as causes health hazards, the corporation, with the technical assistance from Japan, has taken the sanitary landfill project for proper management of the solid waste, DCC officials said. The project works include covering the waste at the dumping ground to reduce the possibility of fire, prevent spread out of odour and breeding of vectors and insects, temporary access road to carry construction debris through the dump, construction of a boundary around the project land and a pond to contain leachate, the officials said. The other components of the project are drainage inside the dump for rainwater management, leachate control and gas ventilation facilities, installation of a weighbridge to measure the volume of waste dumped every day and car wash facility. The corporation inaugurated the Matuail Sanitary Landfill Project in October 2007. A total of 1,700 tonnes of solid wastes out of 3,200 tonnes generated in the 90 wards of the corporation every day are dumped at the Matuail dumping ground constructed at a cost of Tk 46 crore, DCC officials said. The remaining 1,500 tonnes are dumped at Amin Bazar unscientifically. The corporation in l

2010-06-02	Dhaka IT launched business in Bangladesh
DhakaIT.net has launched their business in Bangladesh. To provide various IT services.

2010-06-24

BP refits Gulf of Mexico oil cap after accident

BP was forced to remove the cap after an underwater robot bumped into the venting system.

Gas had risen through the vent that carried warm water down to prevent ice-like crystals from forming in the cap.

The cap has been partially containing the leaking oil and directing some of it to a surface ship.

The decision to remove the cap for repairs meant that oil was flowing unhindered into the ocean for about 10 hours on Wednesday.

Crude has been leaking at a rate of between 30,000 to 60,000 barrels per day, according to US scientists. The cap has been collecting roughly 16,000 barrels every 24 hours, BP says.

In a separate development, two workers involved in the clean-up operation died, Coast Guard Adm Thad Allen said.

One death, he said, appeared to have been a swimming pool-related accident, while the second one was an apparent suicide.

It was not immediately known when the deaths had occurred and which company either of the two victims had been working for.

Rig blast

The spill was caused by an explosion on the Deepwater Horizon drilling rig, which killed 11 workers.

At a press briefing in Washington, Adm Allen said BP had removed the containing cap after the underwater robot bumped into the venting system on Wednesday.

The "top hat" cap, which works by trapping leaking oil and then sending it up to a container ship, was removed for inspection after crews detected gas, he said.

"They indicated the problem was a remotely-operated vehicle had bumped into one of the vents," he said.

The slick has closed fishing grounds, killed hundreds of turtles and seabirds and dozens of dolphins and affected the coastlines of four US states.

Emergency workers and fishermen in Florida said the oil was now being washed ashore on Pensacola Beach.

"It's just a

2010-06-27

IDB keen to increase aid

The Islamic Development Bank (IDB) wants to increase their financial support to Bangladesh, finance minister AMA Muhith told reporters Saturday after returning from the 35th annual conference of IDB in Azerbaijan's capital, Baku.

During the meeting, he signed an agreement with IDB in which the Bank would provide financial aid around $206.5 million for four projects, including development of Chittagong Port, agriculture and rehabilitation of flood victims.

Muhith said that the IDB was keen on increasing aid but it will depend on "our efficient implementation".

The finance minister also said that it will provide $549 million in the next three years for different projects.

IDB is the fourth largest development partner of Bangladesh after the World Bank, Asian Development Bank and Japan.

It lends Bangladesh nearly $1 billion every year, primarily for purchasing petroleum products, at around 6.5 percent.

He met IDB president Dr. Ahmad Mohamed Ali and discussed about reducing interest rate on the loans for buying petroleum.

2010-06-27

80pct hike of RMG wage

Jatiya Party MP Anisul Islam Mahmud has urged the garment owners to increase the wages of the workers up to 80 percent of the existing remuneration.

While delivering his speech on the proposed national budget Saturday, the former foreign minister also urged the government to extract coal in Dinajpur by open mining method.

"I urge my worker brothers not to destroy the factory. You will be the victims if the industry goes," said Mahmood, who owns some garment factories.

In the same vein he also urged the factory owners: "you increase the wages of the workers by 70 to 80 percent".

The workers of the ready-made garments industry have been bargaining with the owners for increasing their existing minimum wage from Tk 1662.50 to Tk 5,000 per month.

The agitating workers last week went on a rampage in Ashulia, demanding hike of the minimum wage.

"I personally think the government should go for open mining instead of the tunnel method," said Mahmood, pointing out that the tunnel technology would give 35 percent coal while the open mining would produce 85 percent.

2010-06-27

No compromise on DAP

Housing state minister Abdul Mannan Khan has said that people who think they are more powerful than the state are actually out of their minds, reports bdnews24.com.
Pointing a finger at the real estate developers the minister also added that pubic property grabbers would not be spared.
"The government will not turn look the other way in anyone''s interest," the state minister said on Saturday at a programme titled on ''Megacity and Mufassil'' organised by Power and Participation Research Centre at the Dhaka Sheraton Hotel.
The government gazetted the Detailed Area Plan, for Dhaka metropolitan, on June 22.
The prime minister told the cabinet meeting last week that ''no one will be spared'' in the move to protect water bodies and arable land surrounding the capital.
She also said implementation of the detailed area plan was imperative for the city''s development.
Earlier on June 13 Bangladesh Land Developers Association president Sobhan, also known as Shah Alam, in a meeting on DAP, the capital''s real estate blueprint of sorts, developed by the city development regulator Rajuk, said that they did not accept the plan.
He also reprimanded the state minister for housing, Abdul Mannan Khan, that day which hit the media.
Mannan later said that they would implement the DAP at any rate.
He said on Saturday the DAP was introduced consulting with the city planners, technologists and architects.
The junior minister alleged that a group of people were confusing others over DAP.
"Some interested quarters who want to profit from illegally occupying public property, are against the Detailed Area Plan."
He said these people grab marsh lands and fill them and allure people with attractive advertisements.
"They are now nervous because they will not be able to do that kind of business

2010-06-27

SEC asked to take action against

The finance ministry has given a directive to the Securities and Exchange Commission to take legal action against the brokerage houses which will charge extra money from their clients for handling their Beneficiary Owner accounts, official sources said.
   The banking division of the finance ministry in a letter has asked the SEC to take stern action against the delinquent brokerage houses.
   ‘We have observed that the most of the brokerage houses in Dhaka city are exacting additional charges from their clients for handling their BO accounts,’ said a senior official of the banking division.
   It also alleged that some of the brokerage houses were charging Tk 1,200 to Tk 1,700 extra from their clients.
   Abul Kashem, a share broker, told New Age that around 80 per cent of the brokerage houses of the country’s share market take extra money for maintaining BO accounts.
   ‘Some of the brokerage houses were charging extra money from BO account holders as entertainment expenses,’ he added.
   According to SEC rules 2003, the annual charge of the brokerage houses is Tk 300 per year for maintaining BO accounts.
   Now, more then 26 lakh BO account holders are operating through electronic share transaction with the CDBL, the operator of central depository system.
   The country’s stock markets started transaction of company shares through demat system from 2004

2010-07-27

A volatile week at DSE

A volatile week for the capital market saw Dhaka stock’s benchmark index, turnover and market capitalisation fall because of new regulatory measures and likely passage of the national budget that would impose gain tax on institutional investors.
   The Dhaka Stock Exchange general index lost 109.89 points, or 1.74 per cent, to close the week at 6,189.85 points from 6,299.74 points with share prices of 199 issues out of 271 issues, that were traded, declined in the past week.
   Share prices of only 54 issues advanced, and two remained unchanged.
   The DSE all share price index also shed 75.84 points, or 1.46 per cent, to close the week at 5,134.52 points from 5,210.36 points.
   Weekly turnover at the DSE, however, was down by Tk 3,411.21 crore, or 31.58 per cent from Tk 10,800.43 crore to Tk 7,389.22 crore.
   Total market capitalisation in the week also decreased by Tk 1,494.39 crore, or 0.55 per cent at the DSE. The weekly market capitalisation, however, fell to Tk 271,266.92 crore from Tk 272,761.31 crore.
   Brokerage house officials said that fall of the share prices at DSE resulted from selling pressures, specially from the institutional investors, with nearing of the end of current fiscal year.
   They said that many investors offloaded shares as the parliament is likely to pass on June 30 the national budget that has proposed a provision to impose 10 per cent tax on gain by institutional investors.
   Finance minister AMA Muhith proposed introduction of 10 per cent gain tax on institutional investors in his budget speech on June 10. There will be an increase in brokerage house commission to 0.1 per cent from 0.025 per cent.
   Besides, the SEC decision restricting margin loan to buy shares with

2010-06-27

Bangladesh is considered as an investment destination

Bangladesh is considered as an investment destination to both foreign and local entrepreneurs and investment in garments sector should not only be for producing readymade garments, rather many entrepreneurs would make investments for setting textiles, spinning, washing, dyeing, printing, finishing and accessories units.

"Huge investments have already been made in clothing sector as it has been noticed that our manufacturers produce everything required for the sector," Abdus Salam Murshedy, President of Bangladesh Garments Manufacturers and Exporters Association (BGMEA) told BSS.

Bangladesh garments manufacturers do not require to import garments accessories and it meets 99 percent local demands for accessories from button to cartons and poly bags, he said adding other requirements are also being met since most of those are produced in Bangladesh.

A total of 20 to 25 denim mills have been setup in the country recently, he said, these investment made in garments and textiles indicates a growing interest and if encouraged, can be translated into a large scale investment in this mega sector.

But new investments are not coming now due to shortage of power and gas, he said adding government has also agreed to this. "I thank the finance minister as he declared that no new connection could be installed at this moment, which was an honest announcement as any investor after making investment would face obstacles if power and gas supply could not be established."

"I know about 30 new industries have installed huge machineries with approval from Board of Investment (BOI) but haven't yet got connections," he said. After receiving approval from BOI, any investor, either a local or an FDI, believes that all connections for that unit should be given, Abdus Salam Murshedy added.

"May be no new industry would be set up at this moment due