The New Nation - Internet Edition

A.T.M.Nurun Nabi

The opening of letters of credit (L/C) has geared up during the first five months of the current fiscal, but it does not mean that the price of a thing will shortly come down if the L/Cs so opened are not retired in time and then marketed. According to a report released by Bangladesh Bank, L/Cs for $ 8762.85 million were opened while L/Cs for $ 7500.99 million were retired. In contrast, L/Cs for $ 7261.30 million were opened during the corresponding period of the last fiscal while L/Cs for $ 6480.02 million were settled. It indicates from the statistics that the importers now feel comfort in doing import & export business and have overcome the past fears.

The report further suggests that the importers opened letters of credit for $ 1294.31 million during the first 19 days of December and settled for $ 1047.47 million. In this regard, there is a question as to why does not the price of a thing come down to tolerable level despite opening of L/Cs for huge amount? The answer is simple. The importers do not market the imported items immediately after the retirement paying tax, customs and VAT. They store those either in their own godowns, or in the bank godowns if they take loan from banks while retiring. And every one knows that hoarding or storing for a long time creates a very bad impact on the market price. As such, care should be taken in this respect.

However, in opening letters of credit, the major items in terms of value during the first 19 days of the month of December in million dollars were: Rice 46.10, wheat 52.55, palm oil 48.60, raw cotton 91.93, back-to-back fabrics 94.68, accessories 35.43, fertiliser 76.00, POL (crude) 65.38, refined 141.75, capital machinery 85.19 and yarn 28.28 only.

And in settlement, the major items in terms of value during the same period were: Rice 38.26, wheat 27.57, palm oil 20.99, onion 12.14, raw cotton 59.22, back-to-back fabrics 81.41, yarn 27.06, accessories 26.60, fertiliser 84.98, POL (crude) 149.12 and capital machinery 62.76 only.

The report further reveals that an amount of $ 6365.87 million has been lying outstanding as on June 30 2007 of which letters of credit for $ 76.02 against is against rice, 69.42 against wheat, 133.17 against sugar, 48.98 against milk food, 72.27 against edible oil, 67.05 against palm oil, 50.61 against lentil, 18.60 against gram, 312.42 agianst cotton yarn, 897.36 against fabrics, 230.55 against yarn and 825.28 against capital machinery. The outstanding amount demands from every importer to retire the bill of exchange at the earliest to bring down price of the merchandises.

A Memorandum of Understanding (MoU) between Bangladesh Atomic Energy Commission (BAEC) and Department of Fisheries (DoF) on Mutual Cooperation in the field of Testing, pesticides, heavy metals and non-metals etc. in aquaculture products and water, ice etc. signed was on 8th January 2008 in the Committee Room of Ministry of Energy.

Dr. C.S. Karim, Advisor, Ministry Agriculture, Dr. Shafiqul Islam Bhuiyan: Chairman, Bangladesh Atomic Energy Commission (BAEC) and Md. Mokammel Hossain, Director General of Department or Fisheries (DoF) Whaid-uz-Zaman, Secretary, Ministry. of SICT, Sayed Ataur Rahman, Secretary, Ministry of Fisheries & Livestock. Dr. Fand Ahmed, Member (Physical Science), and Dr. Shahana Afroz, Member (Bio-science) of BAEC were present in the occasion.

It is noteuorthy that Chemistry Division of BAEC and Agrochemical and Environment Research Division of IFRB, AERE, Savar are providing analytical services to different govt private organisations since long using their exting services different got/private organisations since long using their exiting laborator Facilities. Present MoU signed as a part of their service programme.

In the signing ceremony Dr. C. S. Karim said there was a demand of EC countries to test fish products under a reputed scientific organisation in the country before exporting signing will materialise their demand. Secretary Fisheries and Livestock said that fish is the second largest exportable product after garments of the country. With this signin MoU Bangladesh Atomic Energy Commission will play a vital role. TapanChowdhuryin his speech said BAEC will lay significant role to increase quality of fish products of the country. Wahid-uz-Zaman, Secretary, MOSICT said that this type of MoU will help to strengthen interministerial activities.

The signing of MoU will help increae international acceptance of our products.

IFIC Bank donates taka 50.00 lac for cyclone victims

The Chairman of IFIC Bank Limited Mohammad Lutfar Rahman handed over a cheque for Taka Twenty five lac on befhalf of the Bank to the Chief Adviser of the Caretaker Government Dr. Fakhruddin Ahmed on Monday as donation towards the Chief Adviser's Relief and Welfare Fund to mitigate the sufferings of the people affected by the devastating 'Cyclone Sidr'.

It may be mentioned that earlier last month another cheque for Taka Twenty five lac was handedover by the Chairman of IFIC Bank Limited Mr. Mohammad Lutfar Rahman to the Chief of Army Staff General Moeen U. Ahmed as donation for the cyclone victims.

Merit and competency based education is indispensable in the job market under globalization-said Dr. M. Anwar Hossain, Vice Chancellor of Ahsanullah University of Science and Technology (AUST) at a seminar titled 'Development in Structural Design for Process and Power Industries and Trends of Outsourcing’ organised by Civil Engineering Department of the university on Tuesday in the seminar room of the varsity’s Tejgaon campus.

He further said, in the modern world, it is possible to do outsourcing staying in the country. We must, utilise this opportunity. For this, students of engineering must attain proficiency in professional fundaipental knowledge.

Civil Engineering Head Professor A M Sadullah delivered the welcome address. Engineer Saddam Ahmad, PE, Supervising Engineer, civil, Structural and Architectural Department, Technip USA, Inc. Houston TX prosecuted the key-note paper.

Engr. Saddam commented, the traditional idea about structural design has seen rapid change with the development of science and technology. Multi-dimensional development has occurred in the structural design of chemical and electrical industries to keep pace with the changing of knowledge.

The seminar divided into two sessions had presentation followed try a open discussion.

A group of 21 employees from Chevron Bangladesh Dhaka office have recently participated in a two-day house building programme run by Habitat for Humanity with the underprivileged to build low-cost but durable homes. This programme took place on December 27 -28, and was a part of the company's community engagement drive.

This year's location of the house-building programme was in the village of Roghurampur in the district of Mymensingh, 120 km away from Dhaka. The volunteers assisted the professional builders and home owners in three different sites to help build houses for underprivileged families. The spontaneous and sincere participation of the employees to build houses was a demonstration of Chevron's commitment to the objective, which is to promote leadership quality and safe work practices as well as to build efficiently. Chevron employees have been participating in house building programmes since 2001 to lend support to Habitat volunteers and so far worked in about 25 sites in Mymensingh, Haluaghat and Tangail.

Habitat for Humanity is a nonprofit international organisation that builds partnerships with volunteers, families, and the communities to transform lives and revitalize neighborhoods by enabling families in need to earn and own an affordable home. In Bangladesh, Habitat's building activities have so far been centered on Mymensingh, Modhupur of Tangail, Durgapur, Phulpur, Dhobaura, Savar, Kaliganj, Brahmanbaria, Jessore and Satkhira. Over 1000 houses have been built by Habitat in Bangladesh since 1999.

Chevron Bangladesh, the local entity of Chevron Corporation, has been active in oil and gas exploration and production in Bangladesh for a number of years, predominantly in Blocks 12, 13 and 14 in the Greater Sylhet region. The company is currently producing natural gas from Jalalabad and Moulavi Bazar and Bibiyana fields.

Chevron Corporation is one of the world's leading integrated energy companies. We have approximately 58,000 employees, and our subsidiaries conduct business across the entire energy spectrum - exploring for, producing and transporting crude oil and natural gas; refining, marketing and distributing fuels and other energy products and services; manufacturing and selling petrochemical products; generating power; and developing and commercialising the energy resources of the future, including biofuels and other renewables. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com