The New Nation - Internet Edition

Oil below 89 dollars in Asian trade

AFP, Singapore

World oil traded lower in Asia on Monday after concerns for the US economy appeared to outweigh the impact of OPEC's decision to hold output steady, dealers said.

In afternoon trade, New York's main contract, light sweet crude for delivery in March, was 13 cents lower at 88.83 dollars a barrel.

On Friday the contract plunged 2.79 dollars to close at 88.96 dollars per barrel, after briefly rising following OPEC's widely- expected decision to leave its output quotas unchanged.

It was the first time this year that the New York benchmark contract closed below the psychological 89-dollar level.

Brent North Sea crude for March delivery was down a penny at 89.43 dollars a barrel after settling 2.77 dollars lower at 89.44 dollars a barrel in London on Friday.

At its meeting in Vienna on Friday, the Organisation of the Petroleum Exporting Countries (OPEC), which pumps 40 percent of world oil, held its official daily output at 29.67 million oil barrels.

Shortly after OPEC's announcement, fresh US data led to renewed fears for economic growth in the world's biggest energy consumer.

A US government report showed the economy lost 17,000 non- farm jobs in January. It was the first jobs loss in more than four years and indicated the strains from a housing crisis and a related credit crunch were spreading through the world's biggest economy, analysts said.

The market may also be already looking ahead to an easing of demand at the end of the Northern hemisphere winter next month, Moore added.

US President George W. Bush, expressing worries over the global economic impact of high oil prices, had said he hoped OPEC would increase output.

Explaining its decision, the 13-nation cartel said stockpiles of crude were likely to increase in the first half of this year. The group also noted "the projected economic slowdown".

The International Energy Agency, which represents the interests of oil- consuming countries, Friday tacitly accused OPEC of increasing pressure on a vulnerable world economy by its refusal to pump more oil to help bring down crude prices.

Since striking a high above 100 dollars at the start of the year, New York oil prices have slid owing to fears of a US recession and a global economic slowdown.

Beximco Pharma holds annual sales conference

Beximco Pharmaceuticals Ltd. ("BPL" or the "Company"), the leading pharmaceutical manufacturer and the largest pharmaceutical exporter of Bangladesh recently held its Annual Sales Conference 2007 at Hotel Sea Palace, Cox's Bazar, a company statement said today.

The entire sales and marketing teams participated in the daylong conference. Chief Executive Officer of Beximco Pharmaceuticals Ltd. Nazmul Hassan inaugurated the congregation and delivered the opening speech.

In his speech Hassan said, "We have planned for aggressive performance benchmarks in 2007. Despite the repeated natural calamities (e.g. flood two times, SIDR etc), inadequate letter of credit (LC) limit and an abrupt behavior of local pharma market due to unstable business environment, we tried to deliver our promises to our stakeholders.

Notably, our overseas business achievement was significant, as we entered into eleven (11) new international markets, including countries in Middle East and Central America."

He added, "capitalizing on the strengths of our people we are now looking forward to a solid business performance in 2008, with a particular view to establishing BPL as a true international company with much improved performance in both the domestic and international markets."

Hassan also commented that BPL is proud to have the most accomplished sales team of the country. He then thanked the employees of BPL for their excellent effort and congratulated them for their outstanding contribution.

He also expressed his earnest gratitude to the customers and to all stakeholders for supporting BPL throughout 2007.

On the same occasion, Rabbur Reza, Director Marketing of Beximco Pharmaceuticals Ltd. presented and explained the strategies for domestic and international markets with a view to transform BPL into a truly global player in 2008. Zakaria S Chowdhury, Director Sales of Beximco Pharmaceuticals Ltd. also spoke on the occasion and illustrated the sales strategies of BPL for 2008. The conference ended with an air high enthusiasm and was followed by a colorful cultural programme.

DBBL holds workshop on credit risk management

Dutch-Bangla Bank Limited organised a day-long training course on Credit Risk Management and Documentation for the designate officers of concerned divisions/ branches of the bank at bank's training centre, Dilkusha, Dhaka on February 02, AHM Nazmul Quadir, Additional Managing Director of the bank inaugurated the training course.

Nazmul Quadir underscored the need for establishment of a structured framework of risk management in-line with regulatory guidelines on Core Risk Management in banking.

The workshop airmed at familiarising the participants with the conceptual aspects of credit risk grading system and its regulatory requirements to be put into work for improving the quality of loan portfolio in banking. A total of 30 (thirty) executives and officers from the Concerned Divisions of Head Office and Branches attended the workshop.

Abul Kashem Md. Shirin, Deputy Managing Director (administration) and Md. Shams-Uddin Ahmed, Head of Human Resources Division & Training Wing of the bank were also present in the inaugural function.

Bangladesh in Consumexpo-2008 fetches export order of US $ 37,50,000

Bangladeshi companies received total export order of US$ 37,50,000 by participating in the Consumexpo-2008 for consecutive 2nd year held in Moscow, Russia in January (15-19) Ten Bangladeshi Companies under the umbrella of Export Promotion Bureau participated in the fair. The products like jute and jute goods, Handicrafts, leather goods, ceramics, sanitary wares, home textile, RGM, knitware, sweater were exhibited in the fair. As many as 655 entrepreneurs from 29 countries in the world took part.

The Main objective of Bangladesh's participation in the fair was to familiarise Bangladeshi products with the Russian people and other international buyers and importers with a view to enhance export market to Russia and other neighbouring countries.

Bangladesh pavilion played a significant role in drawing attention of a huge number of visitors and buyers of Russia and other different countries to Bangladeshi quality products. They all shown their keen interest in Bangladeshi products. Mrs Rezina Ahmed, Charged' Affaires, Mehdi Hasan, Counsellor, Mohammed Abdul Quadir, Commercial Counsellor of Bangladesh Embassy in Russia and high officials of Russian Chambers of Commerce, fair authority and other participating countries also visited the Bangladesh pavilion.

The Bangladesh Companies had a series of business meeting and exchanged views with a large number of buyers, importers and made business contact with them. As a result spot orders of an amount of US$4,70,000 and potential orders of US$ 32,80,000 could be achieved out of our participation in the fair.

It is expected from the participation in the fair that Bangladesh would be able to significantly enhance her export to Russian market to narrow down trade gap between Bangladesh and Russian Federation.

IIBL Shariah Council meeting held

The 28th meeting of the Shariah Council of Islami Insurance Bangladesh Limited was held recently in the Head Office of the Company at "BITWA Bhaban" Motijheel C/A. Dhaka. The meeting was presided over by Chairan of the Shariah Council, Principal Moulana Kamaluddin Jafri and was attended by other members of the Shariah Council, viz. Moulana Mohiuddin Khan, Shah Abdul Hannan, Mufti Shamsuddin (Zia), Hafez Maulana Abdus Samad, Hafez Maulana Zakaria and Syed Julfikar Jahur. Some members of the Board the of Directors of the company were also present on special invitation.

The meeting had a discussion about conductiong business of the Company on the basis of Shariah and also discussed some important issues on formation of Takaful Act for Islamic Insurance Business in Bangladesh giving some valuable advice in this connection.

Apollo Hospitals signs deal with First Security Bank

Apollo Hospitals Dhaka recently signed a corporate agreement with First Security Bank Limited to provide medical services and special corporate benefits to their staff. Shahjahan Majumder, Director-Finance of Apollo Hospitals Dhaka and AAM Zakaria, Managing Director of First Security Bank Limited signed the agreement on behalf of their companies. Senior Executives from both sides were also present.

MH Chowdhury new BASIC Bank GM

MH Chowdhury (Samir) has been promoted as General Manager of BASIC Bank Ltd. Prior to his promotion, he worked as Deputy General Manager of the bank’s head office. Apart from above he worked at different capacities as In-charge of different branches. He is associated with many organisations and social activities. He participated in some training programmes home and abroad. He comes of a respectable family of Feni.

Int’l trade fair ends on Thursday

Nearly 395 organizations put their goods in 262 stalls and 10 restaurants.The EPB sources said that the turnover at the fair has already exceeded taka 20 crore. Shopping spree with an overwhelming crowd through out the month-and-a- week long 13th Dhaka International Trade Fair (DITF).

Four days to go, more than a hundred thousands of visitors-women, children, aged ones are now daily thronging at the fair to enjoy the last moment's shopping. Flavor of spring also noticed in the ground of international trade fair. Men and women came trade fair wearing yellow shares and Punjabi. Owing to an extension of one week, this year's DITF ends on 07 February, Thursday. Fifteen organizations from seven countries, including India, Pakistan, Singapore, Japan, Turkey, Thailand and the USA are foreign participators at the fair jointly organized by Commerce Ministry and Export Promotion Bureau (EPB) with Thailand as this year's partner country.

Almost of the stalls are now offering 15 pc to 20 pc price off over their goods with one free over buying of one product. Stalls selling consumer products, handicrafts, home appliances, cosmetics and electronic goods are drawing more attention than the rest.

The fair remains open from 1000 hours to 2100 during working days. The entry fee has been fixed at Tk 10 for each adult and Tk 5 for every infant.

HKI, Bangladesh undertakes post-flood rehabilitation programs

Helen Keller International (HKI), Bangladesh has undertaken post-flood rehabilitation programs and has already distributed 60,000 (Sixty thousands) of different fruit saplings among 10,000 (Ten thousands) households in northern char areas of Bangladesh. As part of the rehabilitation program HKI distributed vegetable seeds and seedlings among hundreds of Homestead Food Production Program (HFPP) beneficiaries at Hatsherpur union of Sariakandi upazila recently. Zalaluddin, Sariaknadi upazila Agriculture Officer inaugurated the program while Gram Unnayan Kormo (GUK), a partner organization of Helen Keller International arranged it. Rejwanul Karim Anik, Program Manager, Aminuddin, Deputy Program Manager, Abdul Baten, Program Coordinator of HFPP, Mobarok Hossain Talukder, Consultant GUK and Mokhlesar Rahman, acting Head Master of Khudrodbalail High School was present at the occasion.

Since 1990, Helen Keller International, Bangladesh implemented food based interventions to provide micronutrient-rich food at the household and community level. Nutrition education and women empowerment are key components to achieve increased utilization and integration of key food production and marketing practices. Within two decades, since its inception the Homestead Food Production Program reached over five million beneficiaries in Bangladesh.