The New Nation - Internet Edition

Bangladesh votes for Emirates

ECONOMIC REPORTER

Emirates, one of the fastest-growing airlines of the world, has begun the year on a high triumphant note, its teeming trophy cabinet now making space for four more major awards.

In Bangladesh, the airline scooped up the 'Airline of the Year,' 'Best In-flight Entertainment', 'Best Business Class' and 'Best Long Haul Airline' accolades at the Monitor-AKTEL Airline of the Year 2007 awards ceremony on February 16.

Hanif Zakaria, Emirates' Area Manager Bangladesh, received the awards on behalf of Emirates at a gala presentation ceremony held at The Westin Dhaka. The event was attended by over 200 prominent personalities from Bangladesh's aviation and travel industry.

The awards were given following the country's first frequent flyer poll conducted by Bangladesh Monitor, the highest circulated travel publication in the country in association with leading cell phone operator AKTEL.

Hanif Zakaria said: "We cherish every award we receive, and these in particular represent a powerful endorsement from the discerning business travelling community and our travel trade partners. Emirates owes its success to a well-rounded package of service and product quality, and to a dedicated team of professionals in Bangladesh."

"We will continue to focus on innovation, superior customer service and network enhancements, as these factors have clearly won the hearts of Bangladeshis."

Since its launch in 1985, Emirates Airline has received more than 300 international awards in recognition of its efforts to provide unsurpassed levels of customer service.

Emirates flies to Dhaka twice daily from Dubai.

Chinese Goldtex Limited to invest $76m at DEPZ: 3,000 Bangladeshis to get employment opportunity

ECONOMIC REPORTER

Chinese (Hong Kong) company Messrs Goldtex Limited will set up a textile industry at the Dhaka Export Processing Zone (DEPZ) spending US$ 75.735 million and creating employment opportunity for 3,000 Bangladeshis.

This 100 per cent foreign owned company will produce textile fabrics The company will also create employment opportunity for 3,000 Bangladeshi nationals.

An agreement to this regard was signed between the Bangladesh Export Processing Zones Authority and the Messrs Goldtex Limited in BEPZA Complex, Dhaka recently.

Kort York Nam, Executive Director of Messrs Goldtex Limited and AZM Azizur Rahman, General Manager (Investment Promotion) of BEPZA, signed the lease agreements on behalf of their respective organisations.

The Executive Chairman of BEPZA and other officials were present on this occasion.

Pubali Bank MD calls for achieving business target

ECONOMIC REPORTER

Managing Director of Pubali Bank Limited Helal Ahmed Chowdhury has called upon all the managers of the bank to increase deposit, advance and export-import business to achieve the target fixed for the current year. He was addressing the Managers' Conference-2008 (Dhaka Central, Dhaka North and Dhaka South Region) of Pubali Bank Limited held at bank's head office on February 16 last.

Helal Ahmed Chowdhury said Pubali Bank recently launched a new credit product, styled 'Non-Resident Credit Scheme' for foreign going job-seekers. 'Anyone who goes abroad for employment can take financial help through this scheme,' he said.

Chowdhury also mentioned that with a view to expanding and promoting foreign remittance business from Bangladeshi expatriates, Pubali Bank Ltd would make agreements with some exchange companies of Bahrain and Kuwait if permission is accorded by Bangladesh Bank.

He stressed on selecting potential borrowers and trying to enhance bank business. At the same time, he emphasised on recovery of overdue, classified and write off loans on priority basis.

The Managing Director advised regional heads and branch managers to keep close vigilance by intensive supervision and close monitoring so that newly disbursed loans might not become overdue or classified.

Besides, he advised all to work hard to increase remittance rendering best customer services. He underscored the need for increased utilisation of the modern information technology for qualitative improvement in the overall customer services of Pubali Bank as the bank has to operate in a highly competitive banking sector.

Moreover, the Managing Director called upon the officials to increase overall foreign exchange business in order to cope with the changes in the competitive global banking environment.

He emphasised to explore and expand foreign exchange business by maintaining regular contacts with the importers and exporters and applying modern IT solutions in order to keep the pace of advancement of business in the present competitive scenario. He advised all officers to abide by the rules and regulations of Bangladesh Bank and other regulatory bodies.

General Managers from the head office, Regional Heads and Branch Managers from Dhaka Central, Dhaka North and Dhaka South Region attended at the conference.

Performance of the branches also evaluated in the meeting and necessary strategies and plans were taken to achieve the target fixed for the year 2008.

Month-long festival at Nandan Mega Shops

A month-long festival has begun at all the branches of Nandan Mega Shop, the largest superstore in Dhaka city, on the occasion of its fifth founding anniversary.

Badruzzaman Quraishy, Director, NRB of Nandan Group, inaugurated the festival at the new branch of Nandan Mega Shop at Update Tower at Sector No. 6, Uttara in the city by cutting ribbon at a simple ceremony on February 14 last.

Masrur Chowdhury, Chairman and CEO of Nandan Group, Shamsul Haque Chowdhury, General Manager of Nandan Food and Beverage Industries Ltd and senior officials of Nandan Mega Shop were present.

On the occasion of the fifth founding anniversary, a customer will receive a coupon if he or she purchases products worth Tk 1,000 at any branch of Nandan Mega Shop. Customers can get brand new cars, gold ornaments, electronics, crockeries and many other attractive gifts in the coupons.

If the customer buys goods worth Tk 5,000 he or she will receive a scratch card. Rubbing the scratch card customer can get LCD TV, air ticket, microwave oven, dinner set, two persons' dinner at a five-star hotel, air-conditioner, fridge, mobile phone set, crockeries set, computer, colour TV, DVD player, toaster and cash gifts. The festival will continue up to March 15.

Citi awarded 'Best Bank in Asia' by Asset Magazine

ECONOMIC REPORTER

Citi was awarded the Best Bank in Asia by the editors of the Asset Magazine for 2007. This is the eighth year in a row that Citi has picked up best bank from the Asset Magazine, one of Asia's leading monthly financial markets magazines.

'Citi has shown leadership across a broad spread of banking activities including corporate finance, investment banking, advisory, financing and structuring. Citi has built a franchise in all these areas that is unmatched by its peerstit has stood behind its clients in the region, offering them the opportunity to realize their business goals,' read the editorial write up on the Best Bank Awards

In 2007, Citi raised over US$30bn for its Asian clients across the region from debt and equity capital markets and was also involved on 102 announced M&A transactions worth close to US$250bn.

Many of these transactions also picked up awards, including best deal in India, best deal in Thailand, best convertible bond, best bond, new bond, corporate bond, best investment grade bond, best liability management, best syndicated loan and best domestic securitization. Citi also picked up best Asian bond house and best Asian leveraged finance house at the annual awards.

'This recognition from the Asset Magazine is testament to the dedication and performance of our employees across the region. To be awarded best bank eight years in a row is a great honour, especially as Asia becomes ever more competitive. I would also like to thank our clients, who place their trust in us-this award would not be possible without their support,' said Robert Morse, CEO Asia Pacific Markets & Banking at Citi.

South Korean envoy meets DCCI leaders

ECONOMIC REPORTER

South Korean Ambassador to Bangladesh Suk-bum Park visited the Dhaka Chamber of Commerce & Industry (DCCI) on February 17 last.

During his visit he held a meeting with DCCI Acting President Salauddin Abdullah. DCCI Vice-President Khandaker Shahidul Islam and other directors of the chamber were present.

In his opening speech the Senior Vice-President of the Chamber welcomed the Korean Ambassador and his deputy and highlighted areas of the present business conditions of Bangladesh and gave figures of the trade imbalance between the two countries. He mentioned that in 2006-2007 fiscal year Bangladesh's export to South Korea was US$79.63 million and import from South Korea was US$552.71 million. He stressed on the need of reducing the huge trade gap amounting US$473.08 million and sought cooperation from the Korean side in this regard. After his address, the members present at the meet introduced themselves and took part in short deliberations.

The speakers stressed the need to reduce trade gap between the two countries and suggested to activate the Korean business centers to be more responsive to Bangladesh queries.

They also focused on the facilities available at DCCI and the prospects of business in Bangladesh. They also mentioned about the training institute of the DCCI and sought Korean cooperation in further advancement of the training cell.

Ambassador Suk-bum Park gave a patience hearing and appreciated the approach and suggestions put forward by the DCCI leaders.

In his brief address, he expressed his desire to improve the trade conditions.

He said he would like to promote more trade visits between the two countries and also arrange one to one meet between members of the business communities of two countries.

He also suggested frequent meetings with the members of the DCCI that would help in better understanding of business of two countries.

He also expressed his intentions to take part in Better Business Forum activities to help develop business between the two countries. Later the Ambassador went round the DCCI business institute.

Annual Marketing Conference of Butterfly Marketing Ltd held in Malaysia

The Annual Marketing Conference of Butterfly Marketing Limited, a well-known marketing organisation of electronic home appliance was held at the Malaysian tourist resort of Apamosa recently.

Presided over by Chairman & Managing Director of the Company MA Mannan, the conference was attended by 165 delegates including the Directors and Show Room Managers of the company from all over the country. In his presidential address MA Mannan reviewed the marketing activities of the company over the past year and gave guidelines for future marketing.

On this occasion awards were distributed among the best performers in marketing. During the 5-day conference Malaysian Tourism Ministry offered a reception to this delegation of the Butterfly Marketing Limited. A cultural show as also held in the connection.

StanChart concludes first EUR/USD derivative deal with Square Yarns

Standard Chartered Bank, Bangladesh has continued to lead the way by successfully closing the first EUR/USD derivative deal in Bangladesh with Square Yarns Ltd. Square Yarns Limited, a concern of Square Group, was exploring an innovative product to hedge their exchange risk against underlying Euro exposure.

Global Markets, Standard Chartered Bank, Bangladesh structured EUR/USD Zero Cost Option to hedge their exchange risk. Zero Cost Option/Range Forward provides the customer with more flexibility by fixing a range of exchange rate. Derivative is currently the most preferred product in the foreign exchange market for hedging exchange risk.

Vibrant derivatives market in neighbouring countries has provided wide array of risk management tools and played a pivotal role in overall financial market development. The deal demonstrates the commitment of Standard Chartered Bank, Bangladesh in developing the FX market in Bangladesh. Standard Chartered Bank has always pioneered new risk management solutions in the country.

Premier Leasing gets 'The Industry Business Award'

Premier Leasing & Finance Limited was honoured with 'The Industry Business Award 2007' for being the best leasing company on the occasion of 16th founding anniversary of the weekly 'The Industry' held on January 15, 2008 at the conference lounge of National Press Club in the city.

Managing Director of Premier Leasing & Finance Limited Kazi Emdadul Hoque received the award on behalf of the company from the chief guest former minister and chairman of the Centre for Development Research, Bangladesh Dr. Mizanur Rahman Shelley. Distinguished persons of the corporate sector were present on the occasion.

Aarong Milk celebrates 10 years

BRAC Dairy & Food Project (BDFP) celebrated its 10 years of operation through a programme held at its Gazipur Factory premises on Tuesday last. Fazle Hasan Abed, Founder and Chairperson of BRAC formally inaugurated the programme cutting the anniversary cake and distributing crests among the employees who passed their 10 years at BDFP.

The Chairperson emphasised on the importance of quality assurance of Aarong Milk in his speech as chief guest. He mentioned that we have to ensure fair price to the farmers to get good quality milk. He expressed his dream of discovering Aarong Milk in number one position in the liquid milk market. Dr. Mahabub Hossain, Executive Director, BRAC, Muhammad A.(Rumee) Ali, Managing Director, BRAC Enterprises & Ms. Tamara Abed, Director, Aarong, AAF & BDFP were also present in the programme. The inauguration ceremony was followed by cultural programme organised by the staff of BDFP and other popular artists of Bangladesh.

First BSRS Mutual Fund announces Net Asset Value

As per the Securities & Exchange Commission (Mutual Fund) Rules 2001, FIRST BSRS MUTUAL FUND on the basis of provisional accounts announced its Net Asset Value (NAV) at the close of business on January 31, 2008 of each certificate of Tk. 100.00 as follows:

NAV on the basis of Cost Price : Tk. 113.66

NAV on the basis of Market Price : Tk. 468.88