The New Nation - Internet Edition

Govt refixes edible oil prices again today: Both soyabean, palm oil prices may go up

BUSINESS REPORT

Common people have become frustrated as prices of essentials going up everyday in markets. Sufferings of people continue to increase with the rising prices of essentials. The government's initiative of controlling prices of essentials has broke down.

In spite of the fixing of selling prices of edible oil by the government, prices of soybean and palm oil have increased as many as seven times. The wholesalers have already informed the retailers that prices of soyabean and palm oil may increase once again in the next week.

The Ministry of Commerce at a meeting with importers and wholesalers on February 25 last fixed the prices of soyabean oil highest at Tk 106.50 per kg and palm oil highest at Tk 99.50 per kg. At the same time, Commerce Adviser Dr Hossain Zillur Rahman said the prices decided at the meeting would remain effective till today (March 9). The Commerce Adviser also informed that the prices of edible oil would again be re-fixed at a meeting with the leaders of Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association today. So, the oil importers and wholesalers were aware that the prices of both soyabean and palm oil would again be raised by the government. Dr Hossain Zillur Rahman said special emphasis was given on controlling the prices of essential items, including rice, edible oil, wheat and lentil. A high-level committee was also formed to monitor the prices of essentials in the market. Apart from monitoring the essential prices, the committee was asked to make prior plans to arrest the price hike of essentials. A special office is also being set up for this. But in reality there is no reflection of the government's initiative to control price hike of essentials. Mosaddeq Hossain, a trader of Karwan Bazar said the government is supposed to take the responsibility if the prices of edible oils would not go down. "How long we would get involved in altercations with customers,' he asked.

Visiting three kitchen markets of the city, it was found that the soyabean oil and palm oil were not selling at the prices fixed by the government. Non-packed soyabean was selling at Tk 110-115 per kg while plastic bottles of different brands containing 900 milliliters of soyabean oil each was selling at Tk 115-122.

In the last one week, prices of canned edible oil of different brands of five litres ranged between Tk 525 and Tk 530 against Tk 495-Tk 505 a month ago, traders said.

Apart from edible oils, prices of onion, lentil, sugar and powdered milk marked sharp increase in the market. Price of potato remained unchanged at Tk 14-Tk 15 per kg, while prices of onion shot up by Tk 7-8 per kg. Prices of local onion ranged between Tk 20 and Tk 22 per kg while the prices of Indian one remained unchanged at Tk 17-Tk 18 per kg.

Price of the finer variety of local lentil ranged between Tk81 and Tk 85 per kg against its previous rate at Tk 80-Tk 82. Prices of Nepalese and Turkish varieties of lentil also increased by Tk 2-Tk 3 per kg.

Retailers said though prices of powdered milk of different brands that on an average went up by at least Tk 10-Tk 35 recently remained almost unchanged during the last one week, a baby food item of Nestle increased by Tk 35 since March 1.

Prices of a number of key commodities including flour, sugar, rice and lentil soared again while prices of edible oil that marked sharp rise recently remained almost unchanged at the retail shops in the capital during the past one week, retailers said.

Price of poultry birds that came down to Tk 75 from Tk 85-Tk 90 per kg following lower demand because of news of outbreak of bird flu remained almost unchanged in the last one week.

Beef and mutton were selling at Tk 180-Tk 190 per kg and Tk 240-Tk 250 per kg respectively, unchanged from their previous prices a week ago.

Traders said prices of varieties of local and imported fish maintained an upward trend following their higher demand during the last one week.

Prices of large-size 'ruhi' (local) were Tk 200-Tk 220 per kg against Tk 170-Tk180 a week ago.

Citycell joins hands with SAARC Women's Association

BUSINESS REPORT

Citycell recently came forward to help the underprivileged children of the country. Citycell CEO Michael Seymour handed over the cheque worth Tk. 4, 90,000 to Ms Amna Rahman, President, SAARC Women's Association at a fund raising programme 'The Crystal Ball' in this regard. The donated money will facilitate Dhaka Shishu Hospital to maintain 14 non-paying beds in its malnutrition unit. This fund raising program was organized recently by SAARC Women's Association at Radisson Water Garden Hotel where Citycell took part as one of the sponsors.

SAARC Women's Association is a non-profit organization involved in promoting cultural and educational exchanges within the SAARC countries. It is engaged in different projects for helping the disadvantaged community of the society.

A raffle draw was organized at 'The Crystal Ball' where Citycell gave one Huawei 5320 handset and two Alcatel Music handsets with connections as raffle prizes.

Kym Goldsworthy, Head of Operation Support, Dr. Anand Rajasingham, Head of Marketing, Md. Tarikul Hasan, Chief of Customer Care, Taslim Ahmed, Manger, Regulatory and Corporate Affairs of Citycell and Ms. Sarwari Rahman, Founder President, Ms. Sonya Panni Tondorf, Secretary of SAARC Women's Association were also present in this program.

Persistent food price hike can be devastating for poor: WB

BUSINESS REPORT

Persistent increase in the prices of staple foods could be devastating for the poor people of Bangladesh, especially who often spend more than half their incomes on food, cautioned the World Bank (WB) in a report.

"… A low-income family, say in Bangladesh, that might pay 20 cents for a kilogram of rice one year and 30 cents the next," the WB said.

It said: "For poor people who often spend more than half their incomes on food, unrelenting increases in the price of staples can be devastating."

While the urban poor are most affected, it is worth remembering that most rural people are buyers rather than sellers of food, the World Bank said, adding that there could well be severe effects for landless rural workers whose subsistence wages may not increase apace with food prices.

Referring to a recent statement of the UN Food and Agriculture Organisation (FAO), the report said 36 countries, including Bangladesh, were in crisis as a result of higher food prices and will require external assistance.

The WB report, however, revealed that food prices have increased globally in response to many factors -- higher energy and fertiliser prices, increased demand for biofuels, especially in the U.S. and the European Union; and droughts in Australia and other countries.

World grain stocks are at record lows and next year's prices depend on the success of the next harvest in the northern hemisphere, it mentioned.

Wheat prices (US$) have increased by 200 per cent, and overall food prices (US$) have risen by 75 per cent since the turn of the century, it said.

It further said adjusting for exchange rates and domestic inflation reduces the price increases faced by developing countries, but these increases are still severe for millions of poor consumers.

"The increases in grain prices are not caused by short-term supply disruptions, as is the normal case, and it will likely take several years for supplies to increase to rebuild stocks and allow prices to fall," a leading WB economist, Don Mitchell, said.

BGIC holds annual meet of managers

BUSINESS REPORT

Bangladesh General Insurance Company Ltd (BGIC) held an annual review meeting of its branch and zonal managers at BGIC's office in the city recently.

BGIC's Managing Director A.K. Azizul Huq Chaudhuri presided over the meeting.

Towhid Samad, Chairman of the company was present as chief guest at the concluding session.

A.K. Azizul Huq Chaudhuri in his speech highlighted various technical issues encompassing underwriting, claims, re-insurance, etc and demonstrated how proper matching and balancing of these issues are contributing to the well-being of BGIC vis-a-vis its clients

He made clarion call to all the members of the staff, irrespective of field or office, to continue to participate in future progress of the company by applying their utmost dedication, sincerity and talent.

In his speech, Towhid Samad, chairman of BGIC, expressed his total satisfaction on achieving commendable growth of the company in the year 2007 by upholding stringent business norms and ethics in spite of acute competition in the market, and for this he congratulated each and every member of the staff, particularly in the development sector, but for whose contribution this progress would not have been possible. He particularly emphasised that the name and fame BGIC has enviably earned over the years must be maintained by our deeds and service.

The meeting ended by praying for the salvation of the departed soul of M.A. Samad, founder Managing Director and ex-Chairman of BGIC.

Additional Managing Director (Marketing) KM Masum, DMD (Marketing) Abul Hasnat Jaigirder, Principal Adviser Khorshed Alam and Financial Consultant Anisuz Zaman Chowdhury were present, among others.

Square holds Meril Night

BUSINESS REPORT

'Meril Night -2008' organised by Square Toiletries Ltd (STL) was held in a city hotel on Friday.

The annual event honoured the successful retailers, who participated in the winter promotional campaign across the country.

Managing Director of STL Anjan Chowdhury welcomed the retailers and wished them success for the future.

A total of 347 retailers were selected by way of lottery to attend the programme.

Among the participating retailers, two of them were elected for trips to Kolkata and Nepal separately. Twenty-one other retailers received colour television sets along with other attractive prizes.

Among others, director of accounts and finance Md. Mahmudul Hoque, deputy general manager of sales Mohammad Tarek, senior sales manager Abu Tayeb Siddique, head of marketing Malik Mohammad Sayeed and other officials of STL were present on the occasion.

BKMEA polls on Apr 12

BUSINESS REPORT

Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) executive committee's elections for 2008-09 will be held on April 12.

Sources at the BKMEA told The New Nation yesterday that a total of 27 directors will be elected to the executive committee. BKMEA will then seek nomination papers for election to the posts of president and four vice presidents.

"We have received 84 nomination papers for 27 director posts until Thursday, the last date for submission of candidature," said an official of the secretariat of the BKMEA.

The official said the last date for withdrawal of candidature has been set for March 12.

BKMEA, formed in 1996, has now over 1322 members and emerged as a body of the country's top exporters. The thriving knitwear industry is entirely supporting the spinning, fabric, and dyeing industry of the country. A good number of printing factories remains dependent on knit sector as well.

Of the total members, 793 including 499 from Narayangonj and 294 from Dhaka and Chittagong region will cast their vote for electing 27 directors.

Siemens donates two X-ray machines for Sidr victims

BUSINESS REPORT

Siemens Bangladesh Limited (SBL) has donated two Mobile X-ray machines to help the Cyclone SIDR affected people.

'As a part of the Corporate Social Responsibility, Siemen's always tries to work for the nation with warm hearts,' says Rudolf P. Klink, Managing Director and CEO of SBL while handing over two Mobile X-Ray machines to Health and Family Planning Secretary A.K.M. Zafar Ullah Khan at Bangladesh Secretariat on February 28 last. Hafizur Rahman, General Manager of SBL was also present on the occasion.

Earlier, Siemens donated 20 water purification filters worth Tk 1.20 crore which were placed at the cyclone affected areas and being maintained by the Bangladesh Army. The newly donated X-Ray machines will also be used for the health check-up of the victims in the Cyclone SIDR affected area by the Ministry of Health and Family Welfare. These units would be placed at the hospitals in the affected areas where there is a dire necessity of such units in the post-cyclone period. As these units are mobile, they can be taken to different locations easily for patients.

Siemens Bangladesh Limited has a long history in Bangladesh being 51 years in the country and always shares the responsibility to stand by its people whenever a need is felt. It assures to be an integral part of the development of the country.

New office bearers of Ctg branch council of ICMAB

A meeting of Chittagong Branch Council was held on March 1, 2008 at CMA Bhaban, Agrabad Chittagong. The Council unanimously elected Md. Shaifur Rahman Mazumdar, FCMA as the Chairman and Mr Imtiaz Alam, ACMA as the Secretary of Chittagong Branch Council of ICMAB for the year 2008. The Council also selected Mr. M. Mahfuzul Haque. ACMA and Md. Mostafa Kamal, FCMA as the Vice Chairman and the Treasurer of CBC accordingly. The meeting was presided over by Mr. Mohd. Rafiqul Alam, FCMA, past Chairman, Chittagong Branch Council of ICMAB.

It is to be mentioned here that Md. Shaifur Rahman Mazumdar, FCMA is serving as Executive Director, Meenhar Group of Companies and Mr Imtiaz Alam, ACMA is the Regional Head, Operations Finance, Warid Telecom International Ltd. The Vice Chairman Mr M. Mahfuzul Haque, ACMA is the Finance Manager & Company Secretary, Padma Oil Company Ltd. and the Treasurer Md. Mostafa Kamal, FCMA is the Assistant Professor, Chittagong University of Engineering & Technology (CUET).