The New Nation - Internet Edition

AFP, New York

The dollar steadied yesterday after the prior day's bashing as the market weighed the prospect of a fresh cut in US interest rates and a jump in the US trade deficit.

Traders said the disappointing US trade data, which would normally be negative for the dollar, was shrugged off, meaning the US unit had probably benefited from a technical bounce.

The euro was at 1.4775 dollars around 2200 GMT, down from 1.4807 dollars late Thursday. The dollar was at 108.81 yen, down from 109.27 Thursday. In late New York trade on Friday, the dollar was at 1.1012 Swiss francs, down from 1.1028.

The pound was at 1.9564 dollars, down from 1.9613.

The dollar picked up from the battering it took Thursday after Federal Reserve chairman Ben Bernanke signaled the US central bank would lower interest rates to dampen the negative impact of a mortgage-related credit crunch on the world's largest economy.

Meanwhile his counterpart at the European Central Bank, Jean- Claude Trichet, warned that rates could be raised to counter inflationary pressures.

"We continue to believe that the Fed has already completed much of the rate cutting that will be needed as the US economy slows," said Patrick Fearon at AG Edwards.

The market appeared to ignore the US Commerce Department's report that showed the US trade deficit in November swelled 9.3 percent to 63.1 billion dollars, its highest level in 14 months, owing to record crude oil prices.

Sterling hit a new all-time low against the euro and 10- month trough versus the dollar on expectations of another interest rate cut from the Bank of England at its next meeting in February.

The factor apparently driving the foreign exchange market is the US Federal Reserve, which is expected to cut interest rates soon.

Many traders are banking on a half percentage point cut in the federal funds rate, to 3.75 percent, at a Fed meeting scheduled for January 29-30.

Rate cut expectations continued to trouble sterling on Friday, as the euro struck a record peak of 75.86 pence. The British pound meanwhile slumped to 1.9484 dollars-the lowest point since March 2007.

Two-day-long Annual Branch Managers' Conference of Islami Bank Bangladesh Limited was inaugurated on Friday in Multipurpose Hall of the Institute of Diploma Engineers, Bangladesh. Principal Moulana Zainul Abedin, Vice Chairman, Board of Directors of the bank, inaugurated the conference as the chief guest. Presided over by M. Fariduddin Ahmad, Executive President of the Bank, the inaugural session was addressed by Mominul Islam Patwary, Chairman, Executive Committee & Kazi Harun-ar-Rashed, Chairman, Audit Committe as the special guests while welcome speech was delivered by Mohd. Shamsul Hoque, Deputy Executive President of the Bank.

Present and former Directors, Members of Shari'ah Council, top Executives, Zonal Heads and Branch Managers of the Bank were present in the e6nference. The main theme of the conference was "Integrated Banking for Advancement".

It was disclosed in the conference that Islami Bank Bangladesh Limited has been able to hold the leading positions in deposit, investment and handling foreign exchange business in private banking sector. The total deposit reaches Tk. 16,663 crore on 31 December 2007; showing the growth rate of 25% against the same period of the last year. The total Investment reaches Tk. 17,443 crore showing the growth rate of 41 % against the same period of the last year. The Bank handles foreign trade amounting to Tk. 28,792 crore showing the growth rate 43% against the same period of the previous year including imported of Tk. 13709 crore, exported of Tk. 6669 crore and collected remittance of Tk. 8414 crore showing growth rate of 42%, 30% and 56% respectively against the same period of the previous year.

Principal Moulana Zainul Abedin said in his speech as the chief guest that the image of the bank has brightened internationally through its continuous success and urged upon the branch managers to uphold the bank to international standard. He suggested the participants of the Bank to achieve higher professionalism, acquire knowledge and to develop the leadership.

He called upon the Branch Managers to provide quality service and make themselves as role model by acquiring ranking efficiency in this present competitive financial era. He also laid emphasis on performing banking activities on the basis of Shari'ah.

Mominul Islam Patwary said in his speech as the special guest that Islami Bank is the reflection of the spontaneous urge of the people of our country.

This Bank has launched its activities cherishing the pledge of materialising the norms of Islamic Shari'ah. All the officials of the bank should continue their duties to ensure the highest standard of service and ideology. In this context he urged the branch managers to play the vital role.

M. Fariduddin Ahmad said in his presidential speech that the officials of the Bank are working hard to implement a noble mission and vision. He called upon all to work with sincerity and professionalism using the modern technology in the banking arena.

Mohd. Shamsul Haque in welcome speech repeated the promise of Islami Bank and urged them to work for the betterment of the people of the country.

AKTEL, a leading telecom service provider in the country, has signed a Memorandum of Understanding with APS Bangladesh, an alternative prepaid service provider, in the city recently.

Chief Financial Officer of AKTEL, Nora Junita Hussaini and Director of Business Development of APS Global, S, Goutham Kumar signed the MoU on behalf of their respective organisations, said a press release.

APS is the leading provider of prepaid solutions that may utilise the Visa®, MasterCard®, American Express®, closed networks or EFT and ATM networks to deliver any consumer prepaid concept. Their solutions are powered by flexible proprietary processing platforms specifically designed for the prepaid market and similar types of programme.

Under the deal, APS would be providing AKTEL talk time through the most innovative and revolutionary process to all AKTEL subscribers, This user friendly recharge facility would actually work via exclusive kiosk machines or ATM booths where all AKTEL subscribers can have access to, for recharging AKTEL talk time twenty-four hours a day, The booths would be available throughout the country. Through APS prepaid cards, other value added services such as Bill Payment, Remittance, Payroll, Customer Loyalty & incentives, Gift Programmes and Travel Ticketing Solutions would also be available to all AKTEL subscribers in the near future.

Annual research review meeting of Bangladesh Rice Research Institute (BRRI) begins in Gazipur on Monday.

Adviser for Agriculture Dr CS Karim will inaugurate the five-day-long meeting as the chief guest while Agriculture Secretary Md Abdul Aziz, NDC, Executive Chairman of Bangladesh Agricultural Research Council Dr M Nurul Alam, Director General of the Department of Agricultural Extension (DAE) Md Samsul Alam will be present as special guest. RRI Director General Dr Md Nur-e- Elahi will preside.

Among other agenda of the function, Shahidul Islam, Director of DAE, will present a paper entitled 'Needs and expectations of rice research from BRRI " perspective of farmers and extension' and Dr M A Salam, Director of BRRI, will present another paper entitled 'Research Achievements 2006-07.'

About three hundred scientists, extensionists, officials from government and from -government organisations and farmers will attend the meeting.

Important research papers for 2006-07 will be presented in the meeting. Slide shows, discussions on various aspects of food security, agriculture, especially on problems and prospects of rice cultivation after flood and Sidr in Bangladesh and related modern technologies will be the main features on the occasion.

“Engineering students have been urged to come up with latest technology to stop environment pollution,” said Dr. M. Anwar Hossain, Vice Chancellor, Ahsanullah University of Science & Technology, on January 10 as the chief guest in a seminar titled "Power Generation in a Carbon Constrained World" organised by Electrical and Electronic Engineering (EEE) Department of the University at the seminar Hall of AUST permanent campus at 141-1-142, Love Road, Tejgaon Industrial Area, Dhaka. He further said, electricity is vital for development and observed that as the natural gas reserve in the country is limited, use of coal has become important in the use of electricity generation.

Presided over by Departmental Head of EEE, Environment Director DG, Dr. Khandakar Rashedul Haque was present as special guest while Engr. Natalie Shamsun Hossain, Environmental Affairs Department. Lower Colorado River Authority (LCRA) Austin, USA presented the keynote paper.

Natalie Shamsii Hossain focused on various effects of different components of emission, CO2 in particular, on environment in power generation by using fossil fuels. She highlighted various technologies some of which are in research stage, for extraction or trapping of CO2 and reuse or dumping it.