The New Nation - Internet Edition

50MW power plant, tyre industry to be set up: American company to invest $70m in KEPZ

BUSINESS REPORT

Leviathan Global Corporation, an American company, expressed their interest to invest US$ 70 million to set up a 50 MW power plant and a tire industry in Karnaphuli Export Processing Zone (KEPZ).

The US company will invest US$ 45 million for the power plant which will provide uninterrupted power to enterprises operating in

Karnaphuli EPZ and adjoining areas during peak and off-peak hours.

Leviathan Global Corporation will install this plant on 6010.14 square meter of allotted space within the KEPZ. The plant will go into operation within two years.

The US company will also invest US$ 25 million in a tire industry in

KEPZ which will create employment opportunity for more than 300

Bangladeshi workers and six foreign nationals.

An agreement was signed in this connection yesterday (Sunday) at Bangladesh Export Processing Zones Authority (BEPZA) complex.

Select potential borrowers, enhance bank's business: Pubali Bank Ltd Managing Director Helal Ahmed Chowdhury asks branch managers in Chittagong

BUSINESS REPORT

The Branch Managers' Conference-2008 of Chittagong region of Pubali Bank Limited was held at General Manager's Office, Chittagong recently.

Managing Director Helal Ahmed Chowdhury was present as the chief guest. General Manager of GM Office, Chittagong Mohammad Firoz Khan presided over the conference.

In his speech, Helal Ahmed Chowdhury stressed on selecting potential borrowers and trying to enhance bank's businesses.

He emphasised on recovery of overdue, classified and writing off loans on priority basis.

Chowdhury advised regional head and branch managers to keep close vigilance through intensive supervision and close monitoring so that the newly disbursed loans could not become overdue or classified.

The Managing Director also said Pubali Bank has recently introduced 'Non-Resident Credit Scheme.' One can take financial help through this scheme who goes abroad for employment.

He advised all to work hard to increase remittance rendering best customer services.

Chowdhury underscored the need for increased utilisation of the modern information technology for qualitative improvement in the overall customer service of PBL as the bank has to operate in a highly competitive banking sector.

The Managing Director impressed upon the officials to increase overall foreign exchange business in order to cope with the changes in the environment of the global banking sector.

He emphasised on 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.

Chowdhury advised all officers to abide by the rules and regulations of Bangladesh Bank and other regulatory bodies.

Moreover, he urged all managers to achieve the target fixed for the year 2008 and outlined necessary strategies and plans.

Regional Head of Chittagong North Region Md. Humayun Kabir, Regional Head of Chittagong South and Hill Tracts Region Moazzem Hossain Majumder, Branch Managers of Chittagong North, South & Hill Tracts Region also attended the conference.

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

Aktel incurs Tk 73.7cr loss

ECONOMIC REPORTER

Aktel, one of the country's leading mobile phone operators, has incurred a loss of Tk 73.7 crore after tax in 2007, largely due to the compensation paid to the government for its involvement in illegal international call transfer through Voice over Internet Protocol (VoIP) technology.

The Telekom Malaysia International owns 70 per cent of Aktel, the third largest mobile phone operator in the country.

Aktel in its fourth quarter report released last week said it paid the telecom regulator Tk 145 crore as compensation for involvement in illegally transferring international call bypassing the state-owned Bangladesh Telegraph and Telephone Board network.

Besides compensating the government, the company also attributed lower average revenue per user and increased cost for aggressive network expansion as other reasons for the loss despite registering a 25 per cent growth in subscriptions.

Aktel's annual revenue, however, slightly increased to Tk 1,440 crore from Tk 1310 crore corresponding period in 2006.

The company, 30 per cent of which is owned by local AK Khan Group, claimed that its customer base reached to 7.2 million in 2007 from 5.8 million in 2006 which grossly mismatched with the figure released by the Bangladesh Telecommunications Regulatory Commission (BTRC) in January.

The BTRC's statistics, which was based on the figure provided by the respective mobile operator said Aktel's number of subscribers reached 6.40 million at the end of 2007.

The fourth quarter report also said the company was facing challenges which include uncertain policy and regulator decisions due to change in national leadership.

Earlier, the country's largest wireless carrier Grameenphone reported 33 per cent decline in operating profit because of the lower ARPU and increased cost in subscriber acquisition.

DBBL provides Brail books for visually disabled students

BUSINESS REPORT

Dutch-Bangia Bank Limited (DBBL) extended financial support to Bangladesh Society for Disabled (BSD) to print out study materials for the blind students of the country.

Md. Yeasin Ali, Managing Director of DBBL has distributed Brail books among 50 visually disabled students at a simple ceremony held at the bank's training centre in Dhaka recently.

Referring to the activities carried out by the bank for underprivileged groups, the Managing Director mentioned that, Dutch-Bangla Bank over and above its regular financial activities always reaches to the destitute and helpless people of the country by way of carrying out a wide range of community-based activities from which is at last benefited.

Among others, Md. Shams-Uddin Ahmed, Head of Human Resources Division and Training Wing, Dr Mozammel Hossain Khan, Coordinator of Dutch-Bangla Bank Foundation and different NGO personalities also spoke at the function.

Premier Bank holds workshop on BASEL-II

BUSINESS REPORT

Premier Bank Limited Training Institute organised a two-day workshop for its officials on BASEL-II in the city recently.

The bank organised the workshop to cope with global banking standard and also in response to Bangladesh Bank's instruction in connection with BASEL-II awareness programme.

Managing Director of the bank Khondker Fazle Rashid was present as the chief guest on the occasion, said a press release.

Senior officials of the bank took part in the workshop.

Speaking on the occasion, the managing director advised the participants to maximise their knowledge by taking part in such workshops.

The managing director said the bank always goes ahead with global issues like BASEL-II.

He also advised the participants to accept the workshop from an expert's point of view as BASEL-II would change the entire banking operational system in the field of risk management. Among others, Additional Managing Director of the bank Md Mokhlesur Rahman spoke on the occasion.

122nd board meeting held: Standard Bank Ltd takes decisions on investment policy

BUSINESS REPORT

The 122nd Board Meeting of Standard Bank Ltd. was held on February 27 last in the board room of head office of the bank. The Chairman of the Board of Directors Kazi Akramuddin Ahmed presided over the meeting. It was attended by Vice-Chairman Alhaj Mohammad Shamsul Alam, Directors Kamal Mostafa Chowdhury, Abdul Allad and Ferdous Ali Khan. Among others, Managing Director Mosharraf Hossain, DMD S.A. Farooqui and EVP & Board Secretary AFM Nizamul Islam Chowdhury were present in the meeting.

The Board took various important decisions regarding the bank's investment policy in the field of trade, commerce and industries and approved proposals received from different branches in respect of financing of working capital for industries and other import, export and commercial trading businesses.

Thailand Exhibition 2008 begins March 5

BUSINESS REPORT

The Royal Thai Embassy and the Thai Trade Centre in Dhaka will jointly organise a four-day 'Thailand Exhibition 2008' on March 5-8 at Sheraton Hotel in the city, a Thai embassy press release has said. The press release also said at least 43 companies will feature their 11 categories of products, including chemicals products, construction materials, hardware and machinery, auto parts and accessories; electrical appliances, food and beverages; garments, textiles and fashion accessories; gift and decorative items; health and beauty; household and kitchenware products; leather products and footwear, textiles and garments during the exhibition.

Chinese motorcycle to enter country's market

BUSINESS REPORT

Chinese motorcycle is to enter Bangladesh's market from this month, a distributor said yesterday. AAK & Zak Company, distributor of Chinese motorcycle in Bangladesh, said it has already obtained certificates from different government agencies.

"We are set to start commercial sales of the fuel-efficient motorcycles that can run on CNG to capture substantial share of its growing market," said Masum Faad, General Manger of AAK & Zak Company. He said several hundreds of Chinese motorcycles are now on way to the southeastern Chittagong port and will be showcased at the AAK & Zak Company's sales centre in Dhaka.

Indian Hero Honda, marketed by state-owned Atlas Bangladesh Ltd, and Bajaj motorcycles, brought in by Uttara Motors, are now dominating Bangladesh's market, accounting for 60 per cent of the market share. In Bangladesh, more than 120,000 units of motorcycle were sold in 2007.

IBBL enters HK clearing account with ICICI Bank

BUSINESS REPORT

Islami Bank Bangladesh Limited (IBBL) entered into an agreement with ICICI Bank Ltd for account clearing.

An accord signing ceremony was held at the bank's head office recently.

Sudhir Dole Senior General Manager, Global Head-International Financial Institutional Group ICICI Bank, Syed Aminul Kabir acting chief representative ICICI Bank Ltd Bangladesh, Shah Alam Khan Senior Relationship officer, ICIC Bank, Md Habibur Rahman Deputy Executive President and Head International Division, Islami Bank Bangladesh Limited, Md Munirul Alam Al-Mamoon, Assistant Vice President and Md. Siddiqur Rahman, Assistant Vice President were present on the occasion.

Bengal Group launches plastic pallets in market

BUSINESS REPORT

Bengal Group's ware unit launched a new product "Plastic Pallets" in the market recently. Regulatory Reforms Commission member MA Rouf Chowhdury was present at the launching programme as the chief guest.

Bengal Group Chairman Morshed Alam presided over the programme. Vice Chairman of the company Md Jashimuddin and Director Humayun Kabir Bablu spoke on the occasion.

Senior business leaders and officials of the company were present on the occasion. The new plastic pallets have a wide range of advantages including economical, environment-friendly and recyclable. It will also meet the demand of the clients.

Abdul Kuddus appointed as DMD of First Security Bank

First Security Bank Ltd., has appointed, senior bank executive, Md. Abdul Kuddus as Deputy Managing Director (DMD).

Before joining the First Security Bank Ltd, he was serving in the City Bank Ltd as Senior Executive Vice President.After completion of MSC (Hons) and Master in Economics, he joined the Rupali Bank Limited in 1977 as Officer Class 1.

Later, he shouldered the responsibility of different important departments in IFIC Bankand the City Bank Limited during his stay there. During his long 30 years of active life he obtained training on various important issues of bank at home and abroad.

70th Branch of IFIC Bank opens at Banani

The 70th Branch of IFIC Bank Limited was opened on 26th February, 2008 at "Glowing Stone". House No. 54, Road No. 11, Block-C, Banani. The Branch was inaugurated by the Honourable Chairman of the Bank Mohammad Lutfar Rahman. The Directors, Abu Tahir Mohammad Golam Maruf, Didarul Alam and Syed Monjurul Islam, Managing Director, Mashiur Rahman, the Deputy Managing Director, Mohammad Abdullah and senior executives of the Bank were present at the opening ceremony. Prominent businessmen and elite of the locality also attended he inaugural function.

On this occasion speeches were delivered by the Honourable Chairman Mohammad Lutfar Rahman, Director Didarul Alam and the Managing Director Mashiur Rahman. From amongst the distinguished guests AK Azad, Chairman, Hamim Group, Engr. Khalid H. Khan, Vice Chairman, Spectra Group and Md. Ekramul Haque, Managing Director, Bell Construction also addressed the gathering.