The New Nation - Internet Edition

Rice price remains unchanged, vegetables cheap

Business Reporter

The rice price remains unchanged in the city markets despite inclement weather that lasted for two days. The finer quality of rice is selling at between taka 42 and 45 per kilo while the coarse rice around taka 30, 31 only. BRI-29 is selling at taka 34-35 only, signaling that the possibility of rice price coming down to the level of holy Eid ul Azha is little.

A retailer said, if the boro target is achieved and if the government continues to import, the price of the coarse rice may not further go up but it may not have any favourable impact on the finer quality of rice. At Faridpur Thana under Pabna district, the finer quality of rice (not miniket or nazirsail) is selling at taka 35 and the coarse rice at taka 27-28.

However, the price of vegetables is really cheap. Potato sells at taka 14 per kilo in the city markets, bean at taka 12 to 16, cucumber at taka 12, brinjal at taka 12 to 16, a large size cabbage at taka 10 to 12 and a medium size cauliflower at taka 8 to 10. Abdullah (not real name), a resident of Mohammadpur said, it is true that the vegetables price is cheap, but we need rice more importantly. As the present price level is much higher than what it should be, we find no comfort in it exclusively.

The edible oil price has crossed one hundred marks. Rupchanda brand of edible oil now sells at taka 105 per liter and Teer brand at taka 102 only. A housewife on condition of anonymity said, I have minimised the use of edible oil to adjust the increased price. There is no second choice.

The coarse flour sells at taka 43 per kilo, making it difficulties for the members of the middle-income group to adjust. "Our income has remained the same. In contrast, the household expenditures have increased by over 40 percent considering the rice, edible oil and coarse flour price," said a consumer on condition of his name not to be disclosed.

Channeling remittances: 3 banks sign deal with Bahrainian counterparts

Business Desk

Three private commercial banks of the country have signed agreements with their counterparts in the Gulf country Bahrain for channeling its expatriates' remittances through Bahrain's companies.

Bangladesh is participating in the "Bahrain Autumn Fair-2008" at Bahrain International Exhibition and Convention Center in Manama.

Three commercial banks, two life insurance companies and one housing company are showcasing their service-oriented products in the nine-day annual trade show that started on January 22 and will close on January 30, local media reported quoting a message received in Dhaka Saturday.

A total of 31 countries are participating in the fair, where the "huge market potential of Bangladeshi products and services has been found," the message said.

Up until January 24, Pubali Bank Limited has so far already finalised deals with Zain Exchange and Bahrain Exchange Company and Mutual Trust Bank Limited finalised deal with ICIC Bank for remittance earning through banking channel. Prime Bank Limited has finalised a deal with two leading Bahrain exchange companies. They will sign agreements after arrival of their Deputy Managing Director Ruhul Quddus Md Forkan in Bahrain, said Sk Matiur Rahman, Vice-President of Prime Bank Limited, at the fair stall.

Market turmoil fuels new gold rush

AFP, Sydney

Turbulence on world stock markets has fuelled a new gold rush, sending high-tech traders in search of the same "barbaric" treasure mankind has lusted after for millenia.

It was British economist John Maynard Keynes who called gold a "barbaric relic" early last century, but modern investors are showing the same enthusiasm for the precious metal as the grizzled prospectors of legend.

"We have to put gold into perspective right now with the meltdown in the financial system," Warwick Grigor, chairman of Far East Capital, told AFP.

"There's great fear out there, and gold stands out as a safe haven. When there's fear of inflation gold is something investors want to purchase because there is a very limited supply-you can't flood the market with gold".

"Governments can print money-that creates inflation. Paper money is just a promise and that promise gets abused constantly by governments."

Gold hit an all-time peak of 923.73 dollars an ounce on the London Bullion Market on Friday after a week in which global stock markets plunged on fears of a recession in the United States.

To staunch the bloodbath on the markets, the US Federal Reserve intervened with a surprise 75 basis points cut in interest rates, a move Grigor described as a short term fix which would push up inflation.

While gold's rarity is cited as the main reason it will maintain its value in volatile times for stocks and paper money it also seems to wield a primitive fascination beyond its worth.

"Gold may not be rational but human beings are not necessarily rational either," said author and analyst Trevor Sykes.

"Gold has been around for about 3,000 years whereas paper money has been around for only a couple of hundred years and the way things are going I would back gold to outlast most of the paper money in this world.

"It does make nice jewellery, it's very attractive, it appeals to our primeval urges and it looks like it's got a terrific future."

It has been used for centuries as a symbol of wealth in anything from jewellery to gold bathroom fittings or even the coffin of Egyptian Pharaoh Tutankhamun, who died more than 3,000 years ago.

EC of Bangladesh Spine Society formed

Spine surgeons from all over the country met in the conference room of the Department of Orthopaedic Surgery, BSMMU, Dhaka and discussed in the matters of spine surgery. In course of discussion, an unanimous consent was given for the formation of the Bangladesh Spine Society.

This new organisation designed its mission to improve spine health country-wide. The Society will enable the interested doctors to communicate more effectively, share their expertise and experience and thus improve the service given to their patients. Moreover, communication on the international level as well as sharing of technologies with the more developed countries will both increase through this Society.

From time to time, the members of the Society plan to hold seminars, symposiums, workshops and scientific conferences all over the country in order to educate doctors about spine care. In these conferences; national and international faculties will be invited, resulting in greater dissemination of knowledge amongst all.

Later, an executive committee was formed. The 19 members committee included Dr Khan Abdul Awal Rizvi as President and Dr. M Idris Ali as General Secretary while Dr Mainul Haque Sarker as Treasurer.

DBBL holds workshop on Relationship Banking

Dutch-Bangla Bank Limited organised a day-long workshop on "Customer's Confidence: Relationship Banking" for designated officers of concerned divisions and branches of the bank at its training centre held on January 26. Md. Yeasin Ali, Managing Director of the Bank inaugurated the workshop as chief guest while AHM Nazmul Quadir, Additional Managing Director was present as special guest.

The workshop aimed at familiarising the participants with the conceptual aspects of customer care with good dealings and relationship banking.

In his inaugural speech, Yeasin Ali exhorted the participants to put their acquired knowledge and experience into practice with sincerity and devotion so as to meet the ever growing business needs of the clientele. He also underscored the need of training for providing better customer services. Dutch-Bangla Bank has always put special emphasis on development of its human resource through continuous training programme, Yeasin Ali pointed out. While addressing, Nazmul Quadir underscored the need of creating confidence in customers through developing the intensive relationship. He also added that training has no substitute to enhance skills and knowledge.

Among others, Deputy Managing Director (Operation) K. S. Tabrez, Deputy Managing Director (Administration) Abul Kashem Md. Shirin and Head of Human Resources Division Md. Shams-Uddin Ahmed were also present in the workshop.

HSBC signs agreement with IFIC Bank

The Hong Kong & Shanghai Banking Corporation (HSBC) Limited in Bangladesh recently signed a correspondent banking agreement with the IFIC Bank Limited to expand HSBC's collection and payment channel across the country.

Mashiur Rahman, Managing Director of IFIC Bank and Steve Banner, Chief Executive Officer of HSBC Bangladesh signed the agreement on behalf of their respective organisations.

Mohammad Abdullah, Deputy Managing Director of IFIC Bank, S.M. Abdul Hamid, Executive Vice President Head of Finance & Accounts of IFIC Bank and Zahed Chowdhury, Division Head, Global Payments & Cash Management, Muhammad Shohiduzzaman, Division Head Institutional Banking & Securities Services of HSBC Bank, and other senior officials of the two banks were also present on the occasion. The agreement will facilitate transactions of the clients of HSBC Bangladesh through the branches of IFIC Bank Limited across the country.