The New Nation - Internet Edition

Prime Finance First Mutual Fund offering on the cards: ICB to act as custodian to Tk 20 cr fund

BUSINESS REPORTER

Aiming to meet the growing needs of Bangladeshi investors, Prime Finance First Mutual Fund is likely to offer a Tk 20 crore mutual fund to investors this year.

The fund designed to meet the growing needs of Bangladeshi investors was formed following a trust deed between the sponsors, Prime Finance and Trustee, Investment Corporation of Bangladesh (ICB) with the signing of trust deed recently.

Prime Finance, a leading Bangladeshi merchant bank, is sponsoring 20 per cent of the fund worth Tk 4 crore, while another 30 per cent worth Tk 6 crore will be raised through private placement.

The rest 50 per cent equivalent to Tk 10 cr will be raised from the general public through initial public offerings (IPOs).

ICB will act as trustee and custodian to the fund while ICB Asset Management Company Ltd will be responsible for managing the fund.

Announcing the launching of the fund, Managing Director of Prime Finance Md. Akter H Sannamat said: "Recent market situation has boosted investor demand for products which gravitate towards safer investment."

"Hence, it is timely for us to introduce this fund now to respond to market needs, as well as to provide more choices for investors," he said.

Sannamat said the main objective of the fund is to protect the capital of the investors by investing in high quality securities and generate capital appreciation by investing in equity and equity related instruments listed on the bourses.

He said the fund will be seven years closed ended mutual fund which has been registered by signing and registration of trust deed with ICB recently.

Sannamat said the ICB Asset Management Company Ltd will soon submit a prospectus with the capital market regulator - the Securities and Exchange Commission (SEC) - to invite public subscription with the consent of the regulatory body.

The Tk 20 crore shares have been divided into 2 crore shares valued at Tk 10 each. Every market lot will comprise of 500 shares which will be offered to the investors at face value.

HSBC organises musical evening: Hundred years of Bangla songs enthrall audience

BUSINESS REPORT

Hundreds of audience were enthralled by some three dozens of popular Bengali songs performed by eminent singers from both Bangladesh and West Bengal at Bangladesh-China Friendship Conference Centre in the city on Friday evening.

The Hongkong and Shanghai Banking Corporation Limited (HSBC), which is popularly known as the 'World's Local Bank,' arranged the musical evening, dubbed 'Shatabarsher Gaan' under the third phase of its '100 Years of Bengali Music' programme that enthralled the audience up to four hours.

Nobel laureate Rabindranath Tagore, rebel poet Kazi Nazrul Islam, poet Dwijendra Lal Roy and Atulprashad were the lyricists and composers of these classic songs.

Inaugurating the musical evening and welcoming the guests, Steve Banner, chief executive officer of HSBC in Bangladesh, said the HSBC was very proud to organise such a musical function in Bangladesh.

He also expressed the hope that such an initiative would help advance the tradition of Bengali songs and culture among people.

Speaking on the occasion, Mahbubur Rahman, Head, Corporate Banking of HSBC, said the previous century was a great period for the Bengali speaking people. With many historical events, the best creations in Bengali songs also happened during the period.

Rahman said they had received unprecedented responses from audience organizing two such musical evenings of '100 Years of Bengali Music' earlier.

The HSBC Bank categorized the Bengali songs of past hundred years into three phases. The songs under the first phase--from 1905 to 1950 and the second phase-from 1950 to 1970, and the third phase-from 1970 to 2005.

Dr Karunamaya Goswami and Professor Abdullah Abu Sayeed selected the songs reviewing the Bengali songs of past 100 years.

The third round of the 'Shatabarsher Gaan' began with the national anthem, which was performed by the artistes of cultural organization Chayanaut. Afterward, singer Srikanta Acharya of West Bengal came to the dais and sang Tagore song 'Sudhu Tomaar Baani.'

He sang another five songs including his popular 'Amaar Sarata Din,' 'Amaye Prosno Korey' and 'Badhua Amaar Chokhe Jol Enechey.'

Renowned singers like Runa Laila, Sabina Yasmin, Haimanti Shukla, Abdul Jabbar, Shahnaj Rahmatullah, Mitali Mukherjee, Zahir Alim, Mita Huq, Laisa Ahmed Lisa, Anup Barua, Mohiuzzaman Moina, Farhana Aktar Shaal and Ronti Das enthralled the audience by singing their hit songs.

Haimanti Shukla sang her hit songs 'Ami Sukhi Hole Dukkhoi Jodi Pao Tumi,' 'Amaar Bolar Kichu Chilona,' and 'Ogo Brishti Amaar.' Runa Laila enthralled the audience by singing popular songs 'Gaanere Khathay Saralipi Likhey,' 'Anek Brishti Jhore Tumi Ele,' 'Ayre Megh Ayre,' and 'Amay Gethe Daona Maago.'

Sabina Yasmin sang her evergreen songs like 'Mon Jodi Bhenge Jai,' 'O Amaar Bangla Maa Tor,' and 'Sondharo Chaya Name Elomelo Hawa,' while Abdul Jabbar sang her popular song 'Tumi Ki Dekhecho Kabhu Jiboner Porajoy.

Shahnaj Rahmatullah sang her patriotic song 'Amaaro Deshero Matiro Gondhe,'and modern song 'Khola Janalay.'

Cultural Affairs Adviser Rasheda K Chowdhury, Bangladesh Bank Governor Dr Salehuddin Ahmed, Deputy Governor Murshid Kuli Khan, chief executive officers, managing directors and senior officials from different banks, eminent cultural personalities, including artistes, singers, media personalities attended the HSBC's musical evening of 100 years of Bengali songs.

Prices of edible oil increase further

BUSINESS REPORT

Prices of some essential commodities including edible oil increased again while prices of rice, sugar and flour that marked sharp rise recently remained almost unchanged at the retail shops in the city markets during the last one week, market sources said.

In the past one week, they said, prices of fish and meat that went up to some extent due to the impact of the bird flu have also remained unchanged.

Price of poultry birds that came down to Tk 75 from Tk 85-Tk 90 per kg about a month ago following lower demand because of news of outbreak of bird flu remained also unchanged in the last one week. Price of eggs (four pieces) which declined by Tk2 was Tk 15.

Beef and mutton were selling at Tk 180-Tk 190 per kg and Tk 240-Tk 250 per kg respectively with slight increase from their previous prices. Traders said prices of varieties of local and imported fish went up sharply following their higher demand during the last one week.

Prices of large-size 'ruhi' (local) were Tk 200-Tk 220 per kg against Tk170-Tk180 a week ago. In the last one week, prices of canned edible oil of different brands of five litres ranged between Tk525 and Tk530 against Tk 515-Tk 516 a week ago and Tk 495-Tk 505 three weeks ago, traders said.

They said prices of non-brand edible oil including soybean and super palm oil went up last week after the government fixed the prices of the same.

During the last one week, non-brand sugar was selling at Tk38 per kg against Tk35 per kg about two weeks ago. At the wholesale level sugar price ranged between Tk 1740 and 1750 (50 kg) against the previous rate at Tk 1640-Tk 1650 (50kg) about a week ago.

At the retail level one kilogramme (kg) of packet coarse flour was selling at Tk 42 remaining unchanged from its previous price a week ago.

In the past one week, prices of rice remained almost unchanged at the retail shops in the capital, as there was not any change in prices of the same at the wholesale level, wholesalers at Badamtoli and Babubazar said.

Over the last week, retailers said, prices of coarse and finer varieties of rice were Tk 31-Tk 32 per kg and Tk 34-Tk 44 per kg respectively in the capital remaining almost unchanged from their previous price a week ago.

During the last week, at the wholesale level, Minicate variety of rice was selling at Tk 1437-Tk 1577 (37.50-38 kg) against its previous rate at Tk 1417-Tk 1547 (37.50-38 kg) per maund two weeks ago. Nazirshail variety of rice was selling at Tk 1270-Tk 1373 per maund compared to its previous rate at Tk 1250-Tk 1343 per maund two weeks ago, coarse rice--Swarna--at Tk 1020-1055 per maund compared to its previous rate at Tk 1000-1025 per maund two weeks ago and Paijam (Pari) at Tk 1040-Tk 1074 per maund compared to its previous rate at Tk 1020-Tk 1044 per maund two weeks ago.

During the last week best quality eggplant was selling at Tk 20-Tk25 per kg against Tk 18-Tk 25 a week ago. Green chilli and coriander leaf were selling at Tk 30-Tk 35 per kg.

Price of potato which increased by Tk1-Tk2 was Tk 14-Tk 15 per kg. Price of a small piece of cabbage or cauliflower was Tk 18-Tk 20, traders said.

They said prices of local onion ranged between Tk18 and Tk20 per kg while Indian one remained unchanged at Tk16-Tk18 per kg.

Price of the finer variety of local lentil remained unchanged at Tk80-Tk 82. Prices of Nepalese and Turkish varieties of lentil, however, also remained unchanged at Tk 72-Tk 75 per kg and Tk 65-Tk 68 per kg respectively.

Market operators said prices of powder milk of different brands that on an average went up by at least Tk 10-Tk 35 recently remained almost unchanged over the last one week.

53 candidates to contest FBCCI election

BUSINESS REPORT

A total of 53 candidates--26 from association group and 27 from chamber group--will vie for directorship of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) after four candidates withdrew their nominations from the election race on Friday.

Following the withdrawal, the Election Board of the FBCCI on Friday published the final list of candidates for the biennial election scheduled to be held on March 17.

The each two candidates from the association group and chamber group who withdrew their nominations are MA Motaleb of Bangladesh Auto Biscuits & Bread Manufacturers Association, MA Momen of Bangladesh Ink Manufacturers Association, Ahmed Jamal of Faridpur Chamber of Commerce and Industry, and Chowdhury Afroza Jahan of Kurigram Chamber of Commerce and Industry.

According to the FBCCI constitution, 24 directors--12 from chamber group and 12 association group--are elected through direct voting. The elected and nominated 38 directors enjoy voting rights and also become eligible for the posts of president and vice-presidents of the apex trade body.

Nandan Megashop's Uttara outlet opened

BUSINESS REPORT

Nandan Megashop, one of the renowned superstores chain in the country, opened its third outlet at Uttara in the city on Thursday.

Cultural Affairs Adviser Rasheda K Chowdhury formally inaugurated the outlet at Update Tower, Shahjalal Avenue in Sector No. 6 at Uttara.

Mashrur Chowdhury, Chairman and CEO of the Nandan Group, Syed Gias Hossain, Director (Finance), Shamsul Huq Chowdhury, General Manager of Nandan Food and Beverage Industries Limited and noted businessmen and high officials of Nandan Group were present on the occasion.

Customers will receive the same facilities under one umbrella as Nandan's provides in its other outlets.

Nandan confers some special offers to its clients in the successful completion of the fifth year into their business that started from February 14 and will run up to March 15.

If a customer buys items worth Tk 1,000 he will receive a cupon that will offer many lucrative gifts items, while if a customer buys Tk 5,000 items he will receive a scratch card which will ensure either cash prize or many more prizes.

Late AKM Fazlul Huq (Mowla) scholarship in insurance academy

BUSINESS REPORT

To uphold the memory of their late father, renowned insurance personality A.K.M. Fazlul Huq (Mowla), his children, Anwarul Huq, Chairman of IDLC Finance Ltd and Honorary Consul General of Greece, Dr. Rokeya Huq and Rabeya Khan have donated BOT 1 million to introduce a scholarship program for students studying in the Bangladesh Insurance Academy (BIA). Dr. Rokeya Huq and Rabeya Khan recently signed a MOU, in this regard, to launch the AK.M. Fazlul Huq (Mowla) Scholarship program, on behalf of the family, with BIA Under the program, BIA will offer scholarships to students studying Chartered Insurance Institute and Actuarial Science courses. The Director of BIA will chair a committee, which includes IDLC Finance Limited's CEO & Managing Director to manage the scholarship fund.

Late A K. M. Fazlul Huq (Mowla), born in Faridpur on October 11, 1906, was a distinguished person in society. Having completed his graduation, he opted for a career in the insurance sector, when hardly anyone from this region ventured forth for such a profession. He took a leading role in motivating a number of persons to take positions as leading figures in insurance companies. In 1960, he was instrumental in establishing a co-operative insurance society by the name of East Pakistan Co-operative Insurance Society. Thereafter, he floated another insurance company, National Insurance Company of Pakistan Limited. He was then elected as the Chairman of Insurance Association of Pakistan. After liberation in 1971, the insurance sector was nationalized and the Government formed four corporations of which two were general and the other two were life. The Government also established Jatiya Bima Corporation to control and supervise the activities of these four corporations of which Late Fazlul Huq (Mowla) was made an Executive Director. He died on January 23, 1978.

On behalf of the family, Anwarul Huq handed over the cheque to M. Abu Bakar Siddique, Faculty Member of BIA Among others, leading jurist and renowned lawyer Dr. Kamal Hossain, senior officials of BIA, family members of late AK.M. Fazlul Huq (Mowla) and distinguished personalities were present at the simple ceremony.

Training course on 'Export Promotion' at FBCCI held

A training course on 'Export Promotion' organised under the project entitled "Capacity Building of the Federation· of Bangladesh Chambers of Commerce and Industry (FBCCI)" funded by Government of Bangladesh (GOB) was held at FBCCI Conference Centre during 26-28 February 2008.

Around 30 (thirty) representatives from chambers, trade associations and other organisations participated in the course. The three-day course was designed to impart knowledge about export formalities. It included modules on Compliance of Import Requirements of Major Export Market, Role of International Fair and impacts on Promotion of Export, Duty Free and Quota Free Market Access, Shipment, Export Finance & Insurance, Export Diversificaiton, Export Promotion: Planning & Strategy etc. Experts from various training institutions and senior officials of FBCCI conducted the courses.

Mir Muniruzzaman, Secretary of FBCCI distributed the certificates to the participants at the closing ceremony on Thursday. He thanked the participants for attending the programme and hoped that the trainees would improve their knowledge due to this training.

Among others, Anwarur Rahman, Deputy Secretary, FBCCI & Coordinator of the course and other officials of FBCCI were present.

Australia offers scopes for jobs, study

BUSINESS REPORT

Australia with its booming economy, low crime rate and low unemployment rate offers great and wide opportunities for both education and employment for Bangladeshis, students and professionals alike, speakers said at a seminar organised at a city hotel Friday.

The seminar on 'Levitt Robinson Migration' was organised by Global United Corporation and was attended by the Director of Levitt Robinson Migration in Australia Stewart Levitt as the guest speaker.

Executive Director of Global United Corporation Tarique Khan and Director of Levitt Robinson Migration in Sidney, Australia Satya Shah also attended the event.

"Education sector is the second biggest export earner for Australia followed by mining," Levitt said.

"Studying there offers the Bangladeshis a great scope to develop skills and expertise that they can utilise there or back in their own country," he added.

"We here at Levitt Robinson are to assist you in exploring and acquiring the wide opportunities that the island nation possesses," Levitt said.

"At the same time it's a way of strengthening ties between the two countries," he added.

Satya Shah conducted the seminar and briefed the students about different aspects of the study opportunities there.