The New Nation - Internet Edition

A.T.M.Nurun Nabi

Prices of most of the essentials remained more or less unchanged from the last week despite the ravage of the coastal areas of Bangladesh by the severe hurricane on Thursday night. In view thereof, there were huge rush of the consumers in markets for purchase of the essentials as if all those things would disappear in a little while. Potato, the most fasvourite item, was selling at taka 22 per kilo unchanged from last week. Bean was available at taka 20, down from last week by taka four per kilo while purbal at taka 24.

A consumer said, "Perhaps this is the first time that the vegetable traders did not raise the price despite natural catastrophe. I praise their good sense and hope that it will continue for ever."

Prices of some other items were as under:

Green spinach taka 20, palk taka 24, calery 30, onion taka 56 (imported) and 65 (local), garlic taka 50, ginger taka 60, brinjal 24 to 28, bean taka 20, purbal taka 24, bitter gourd taka 28, radish taka 16 and green chili taka 50 to 60. A small size of cabbage was selling at taka 12 while a gourd of two and a half kilo at taka 35.

The cauliflower has arrived in the city markets in abundance. Many of them have already lost their freshness because of the retailers' lack of farsightedness. Generally consumers turn their faces if they find it attacked by virus. Watching it, the retailers abnormally raise the price of the remaining vegetables to adjust the price of the unsold item. Artificial crisis is, thus, engineered.

Yet the vegetables price is in average tolerable but the rice price hangs heavy on the bosoms of the consumers. The coarse rice still sells at taka 24 to 26 but the miniket variety increases by taka one with the nazisail variety remaining unchanged.

The finest quality of the miniket variety sells at taka 35 per kilo, up by taka three from the last week of October.

Abdur Rahman (not real name), resident of Motijheel, said, "The coming four months may be hard as the harvesting of boro begins in March 2008.

Staff Reporter

The Dhaka Stock Exchange (DSE) has continued to create new record during last trading week. Successfully following the previous week's session, all three Index in DSE on Thursday, closed their trading with moderate gains.

With additional 73 points, the DSE general index closed trading session for the week with record-breaking 3013 points, raising 2.48 per cent within a week.

Alike the previous week, shares of Banking and Insurance played major role in last week. These were normal year ending phenomena, as their yearly announcements are likely to be announced by coming December, said experts related to the Index Market.

Rumors about government's instructions to increase 'Paid up Capitals' in Insurance business, has attracted traders towards their shares. "It is however expected that the insurance companies would announce higher dividends this year," said experts while talking to the New Nation.

"Shares of Oil sector successfully joined in forward moves this week, following the Banks and Insurance," said Kazi Mansur Al Mannan from the LankaBangla finance. According to him, possible announcement of two government owned petroleum shares in market, namely the Meghna Oil and Jamuna Oil, has fuelled existing petroleum companies' shares in the market. Both the companies are expected to announce their market contribution through direct listing, within this month.

Regarding current higher market position, experts termed it sustainable, but might take in minor corrections by the beginning of next trading week. "For a equity market with over 70,000 crore market capitalization, Index level around 3,000 points is normal and likely to sustain," said market analyst Kazi Mansur Al Mannan. He, however, predicted a slower beginning in next trading week. "It is normal for the market trading, particularly after two consecutive weeks of gain," said the expert.

According to the weekly DSE announcement, the General Index opened trading week with 2940.15 points. The Index gained 104 points during the previous week's trading.

On the other hand, the DSE 20 Index gained total 73.33 points, closing the week at 2325.54 points. The Index was over 3.26 per cent at its closing from the week opening 2252.21 points.

Total 2.22 per cent growth was recorded in the DSE All Share Price Index, while it closed at 2549.34 points at the end of trading week. The Index opened business with 2494.01 points level and successfully closed with a net gain of 55.33 points.

At the weekend on Thursday (15th November 2007) total 7.26 crore shares from 280 companies were traded throughout the week, turning a trading volume of Tk 1226.74 crore. Within a week time, total turnover raised by 43.47 per cent as reported.

However, the DSE opened with total Market Capitalization of Tk 71344.07 crore and closed the trading week with Tk 72906.29 crore. The closing figure was 2.19 per cent higher than the opening.

A discussion meeting on corporatisation of Janata Bank was held on 14.11.07 at 2.30 PM at the banks conference room. Chairman of the Board of Directors Suhel Ahmed Choudhury was the chief guest while Managing Director of Janata Bank Md. Mukter Hussain presided over the meeting. Members of the Board of Directors Muhammad Abdul Mazid, Muhammad Al-Maruf Khan FCA, Masud Ahamed, Commodore M. Zarziul Islam (L) Psc BN, Md. Azizur Rahman, Habib Abu Ibrahimand Deputy Secretary, Finance Division, Md. Shahidullah Miah on behalf of Gov't were present on the occasion as the special guests. Besides, executives of the rank of DGM & above were also present there. Managing Director also participated in the discussion.

Chairman of the Board of Directors of bank Suhel Ahmed Choudhury delivered his directive speech regarding the process of corporatisation of bank.

In this respect, he mentioned that due to corporatisation, banks efficiency will increase decision-making process of bank, responsibility will also increase.

Transparency and Accountability of the employees, duties and dealings will also be more clear and apparent while performing the bank duties. Autonomy in the Bank's Activities will also increase. Lastly chairman advised to all to adopt utmost efforts for becoming the best bank of the Asia in future.

Presided over by the Chairman of the Board of Directors, the 1st Board Meeting of Janata Bank Limited was held at the Bank's Conference Room. The Chairman of the company, secretary were selected and auditor was also appointed on the meeting.

The formal Commencement ceremony for setting up the LAN, WAN & Internet System in Bangladesh Bank was held on 15 November 2007 at its Head Office.

Earlier Bangladesh Bank signed a contract on 25 October, 2007 with ST Electronics (Info-Software Systems) Pte. Ltd., the electronics arm of Singapore Technologies Engineering Ltd (St Engineering), worth about USD Ten (10) million to provide a local and wide area network infrastructure for Bangladesh Bank. This package is a part of the Central Bank’s strengthening project financed by the World Bank (IDA Credit Number 3792-DB). One of the major components of the project is automation of Bangladesh Bank. This procurement is going to contribute greatly to the automation and modernisation of Bangladesh Bank.

Under the contract ST Electronics will supply and implement the local and wide area network infrastructure for the bank over a period of 12 months, beginning November this year. Through this contract, ST Electronics will train the bank's staff on the usage and maintenance of the infrascturcture and network systems for a period of six years.

The wide area network will connect 10 locations (9 offices and BB Training Academy) in Bangladesh's major cities and will form the backbone of the Central Bank's upcoming administrative and financial applications. Various subsystems like power generators, cooling, humidity control, physical access, and fire protection will also be deployed to safeguard the critical equipment and network infrastructure of Bangladesh Bank for optimal business operating environment.

Triune Exhibition and Event Management Services (TEEMS) and Otobi Ltd. signed a Memorandum of Understanding (MOU) on November 12, in the office of the later under which Otobi Ltd. became the premium partner of MEDEXPO 2007.

Kazi Wahidul Alam, Managing Director, TEEMS and Md. Abu Tariq Zia Chowdhury, Head of Customer Relationship Management, Otobi Ltd., signed MoU on behalf of their respective sides.

Kazi Wahidul Alam, also Chairman, MEDEXPO 2007, paying rich tributes to Otobi's founder-Chairman Nitun Kundu said, "Otobi Ltd had been the premium partner of MEDEXPO since the inception of the event and the two had bee growing together. He hoped the partnership will continue in the days ahead."

Md. Abu Tariq Zia Chowdhury said, "MEDEXPO is an ideal medium for us to get across to the customers. This year we will be introducing many new items. Like the items introduced earlier, these will also be world class."

The Fifth International Medical Equipment and Healthcare Services Exposition MEDEXPO 2007 will be held at the Winter Garden of Dhaka Sheraton Hotel from December 6-8, 2007.

K.M. Zahid Uddin, from November 01, joined the century old Anwar Group of Industries as chief executive officer of the Group's Construction Material Division comprising Anwar Cement Limited, Anwar Ispat Limited, A-One Polymer Limited and Jamilabad Cement Sheet Limited. Mr. Zahid brings with him vast management and marketing experience to the group's rapidly expanding division.

Zahid has held Senior Management positions in several leading business conglomerates of the country including British American Tobacco, American Life Insurance, General Electric Co., British Crown Agents, Duncan Brothers, Nitol-Niloy Group and Heidelberg Cement Group.

Mr. Zahid is the only Bangladeshi with Associate Customer Service Honours Degree from the University of Atlanta, USA. Zahid also voted Rapport Bangladesh Limited's the best Marketing Manager for Bangladesh for the year 2001.

A Get-together and Discussion Meeting was held on November 13 (Tuesday) at Rabiul Plaza, Mirpur-1, Dhaka on the occasion of Darus Salam Branch shifting of Islami Bank Bangladesh Limited. Mominul Islam Patwary, Chairman Executive Committee of the bank was present in the function as the chief guest and M. Fariduddin Ahmad, Executive President was present as the special guest. Presided over by Md. Abul Bashar, Executive Vice President & Head of Dhaka Central Zone the welcome speech was delivered by Farid Ahmad, Assistant Vice President and Manager of the Branch. Professor Abul Kalam Azad, Borhan Uddin, Abdul Hakim & Ferdous Imtiaz addressed the function among the clients.

Monimul Islam Patwary in his speech as the chief guest said that the necessity of establishment of Islamic Banking & Financial systems is become essential because of the importance of transparency & accountability has been being felt in the current world.He said that Islami Bank is always prompt and determined about the clients' service. As the pioneer of welfare oriented banking, IBBL gives priority to the customers satisfaction through all kinds of modern facilities.

M. Fariduddin Ahmad in his speech as the special guest said that Islami banking is proceeding faster than the convential banks. He called upon the clients to realize and abide by the principals of Shari'ah.