The New Nation - Internet Edition

Dr Yunus opens Grameen America in New York

Fakir Selim, New York

Bangladesh's noble laureate and Grameen Bank Chairman Dr. Muhammad Yunus inaugurated the Grameen America at Jacksion Height in New York yesterday (Friday).

The Grameen America would provide small loans among poor people in different ethnic communities in New York through this organization. While inaugurating the program, Dr. Yunus said the success of micro-financing has not only gained world wide fame; it changed the lives of hundreds and thousands of people in Bangladesh.

He strongly believes the program would be well accepted and gain absolute popularity among the enthusiastic entrepreneurs in New York. HE said that he was happy to hear that the people of different ethnic communities in America showed their interests to get involved in Grameen America's program.

Althong primarily the Grameen America started its activities in one center in Jacksion Heights, New York; its target is to make at least a thousand members in one year.

Shah Newaz, coordinator of the Grameen America said no security documentation would be needed to take loan from the Graeen America except providing the proof of legal status in United States. Additionally, the borrower would have to prove him or herself as the member of low income group.

The organization representatives would decide the loan amount of the borrower between 500 and 3000 dollars according his or her income and need.

After inaugurating the office of Grameen America, Dr. Yunus gave a short speech at Delhi Palace restaurant at Jacksion Height. Among others, the program was attended by M Shamsul Hoque, Consule General of Bangladesh in New York.

Few borrowers of the project, people of different ethnic communities and media personnel were present on the occasion.

Later, Dr. Yunus had a courtesy visit to Muktadhara in Jacksion Height.

BASIC Bank Ltd declares Tk 6.273cr cash dividend

BUSINESS REPORT

BASIC Bank Ltd has declared cash dividend of Tk 6.273 crore for 2007 in addition to stock dividend to its sole shareholder, the Bangladesh government in its 19th Annual General Meeting held on April 24 last.

The AGM was presided over by Chairman of the Board of Directors of the bank Dr Md Nurul Amin, Secretary, Ministry of Industries.

Mohammad Mahbub Ahmed, Director and Additional Secretary, Ministry of Finance, Mahbubur Rahman, Director and Chairman, BSCIC and Managing Director AH Ekbal Hossain also attended the meeting.

Md Nazrul Islam, Deputy Secretary and Md Shawkat Mostafa, Senior Financial Analyst attended the meeting as the representatives of Ministry of Finance. M Maniruzzaman, FCA, Partner ACNABIN, the external auditors of the bank, was present in the meeting.

It may be mentioned that BASIC Bank Ltd earned an operating profit of Tk 132 crore in 2007 keeping the non performing asset to a minimum level of 3.25 per cent with healthy capital adequacy ratio of 12.91 per cent.

It is also worth mentioning that the bank since its inception has been earning profit with high growth. Though the bank started with small amount of paid-up capital Tk 8 crore its present capital and reserve stands at Tk 294.79 crore. Besides, the bank so far paid cash dividend Tk 53.8 crore and income tax Tk 279.10 crore to the Bangladesh government.

The bank is very much on track towards fulfillment of its mandate in financing small and medium" industries. More than 60 per cent finance of the Bank accounts for small and medium industries while 91 per cent of total finance is for small and medium enterprises. Employment opportunity for more than threelakh persons has been created so far through establishing more than 1,000 small and medium industrial projects. The bank is also providing loans to urban/semi urban poor people through NGOs for poverty alleviation.

HSBC environment champions enjoy environmental field trip

BUSINESS REPORT

The Hongkong and Shanghai Banking Corporation (HSBC) Limited in Bangladesh recently took the 10 winning students who took part in the final round of the 'HSBC Environment Champions' to an environmental field trip at Lauachara National Forest Preserve in Srimongol in Sylhet.

The students were shown around the parts of the national forest preserve and learned about the ecosystem there. In addition, they visited the local indigenous village and saw firsthand the living conditions and livelihoods of the local people.

The students, who were accompanied by HSBC staff as well as their families returned back to Dhaka the same day.

HSBC Environment Champions was organised to raise awareness about the environment among the students of Bangladesh. Students of class 8 to 10 from schools across the country were asked to submit their ideas and thoughts about conserving the environment. The programme received a huge response with 194 essays sent from all corners of the country including Khulna, Bandarban, Sylhet, Kurigram and many other areas.

The essays covered a wide range of environmental issues, including electricity and gas consumption, air pollution, carbon dioxide emission reduction and bio gas. Conservation ideas were provided covering a vmiety of fields. The 10 best ideas were selected for presentation in the final round. The students briefly presented their opinions and ideas about conserving the environment in front of a panel of judges. At the end of the presentations, HSBC Bangladesh CEO Steve Banner handed over prizes to the first, second and third prize winners based on the judgment of the panel of judges.

Surobhi Saha Roy from Mohammadpur Preparatory School was the first prize winuer.

She presented her idea of bio-textile technology to prevent soil erosion. The second and third prize winners were Sohel Rana from Rani Bilashmoni Boys High School, Gazipur and Zahidur Rahman from Uttara High School respectively. Sohel Rana presented his idea on proper waste management and Zahidur Rahman presented the effect and solution of "Jhum" cultivation in the Chittagong Hill Tracts.

Coarse rice prices increase again

BUSINESS REPORT

Prices of coarse varieties of rice, onion, soyabean oil and poultry birds marked rise while prices of flour declined to some extent at the retail and wholesale shops in the city markets during the past one week, traders said.

They said prices of many other commodities including lentil, sugar and powder milk that skyrocketed recently remained almost unchanged over the past one week.

During the past one week, prices of some coarse varieties of rice that started to decline increased again by Tk30-Tk40 (37.30 kg) per maund from their previous prices a week ago, traders at Badamtoli and Babubazar in the city said.

Traders said prices of coarse varieties of rice increased slightly due to shortfall in supply. But they expressed the hope that prices of coarse rice would show again a declining trend.

In the past one week, retailers in the capital said, prices of coarse and fine varieties of rice were Tk 35-T36 per kg and Tk 36-Tk 47 per kg respectively against Tk 34-Tk35 per kg and Tk 38-Tk 48 per kg a week ago.

In the past one week, at the wholesale level, Minicate variety of rice was selling at Tk1295-Tk 1628 (37.300 kg) against its previous rate at Tk Tk1330-Tk 1658 two weeks ago. Nazirshail variety of rice was selling at Tk 1313-Tk 1600 per maund compared to its previous rate at Tk 1342-Tk 1690 per maund two weeks ago, coarse rice --Swarna -- at Tk 1195-Tk1232 per maund compared to its previous rate at 1170-Tk1230 per maund a week ago and Guti at Tk 1180- Tk1238 per maund compared to its previous rate at Tk 1150- Tk1230 per maund a week ago.

Prices of poultry birds, however, increased by Tk5 per kg. Poultry birds were selling at Tk120 per kg against the previous price at Tk115 per kg a week ago. The prices of eggs both at wholesale and retail levels declined to some extent. A dozen of eggs were selling at Tk53-Tk55 at the retail level.

During the past one week, price of coarse flour was Tk42-Tk 43 per kg against Tk 45 a week ago and Tk46 a month ago.

During the same period, prices of the finer variety of local lentil ranged between Tk95 and Tk105 per kg against its previous rate at Tk81-Tk 85 per kg about two weeks ago and Tk78-Tk 80 per kg two months ago. Prices of Nepalese and Turkish varieties of lentil were Tk88-Tk90 in the last week against Tk75-Tk76 per kg about a month ago and Tk65-Tk68 per kg about two months ago.

In the past one week, non-brand sugar was selling at Tk38-Tk40 per kg unchanged from the previous. At the wholesale level sugar price ranged between Tk1950 and Tk1960 remaining unchanged from its previous price a week ago.

In the last one week, prices of canned edible oil of different brands of five litres ranged between Tk565 and Tk570 against Tk 514-Tk520 a week ago.

A litre of non-brand soybean oil was selling at Tk 112-Tk 116 at retail level, whereas the price ranged between Tk110 and Tk 108 in the beginning of the last month.

Prices of some fresh vegetable items marked rise to some extent while prices of most others remained unchanged from their previous prices a week ago, traders said.

They said prices of local onion were Tk24-Tk25 against Tk18-Tk20 per kg a week ago while the price of the Indian one was Tk18-Tk20 per kg against Tk17-Tk18 per kg previously.

During the last week, some widely sold summer vegetables such as ladies-finger, large size cucumber and cowpea were selling at Tk 20 per kg, Tk16 per kg and Tk20 per kg respectively. Green chilli and green banana were selling at Tk25-Tk35 per kg and Tk15 (four pieces) respectively.

Remaining unchanged from previous prices a week ago, the price of potato was Tk13-Tk14 per kg.

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.

DBBL's workshop on Credit Risk Management and Documentation

BUSINESS REPORT

Dutch-Bangla Bank Limited organised a day-long workshop on Credit Risk Management and Documentation for the designated officers of concerned Divisions/Branches of the Bank at its Training Centre, Dilkusha in the city on April 26. Md Yeas in Ali, Managing Director of the Bank inaugurated the workshop.

Yeasin Ali 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 aimed 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.

In his address, Additional Managing Director AHM Nazmul Quadir said that training is a force of knowledge which is power to be required to enhance skills for achieving the goal of any organization. Dutch-Bangla Bank has always put special emphasis on development of its human resource through continuous training programs, Quadir said.

A total of 30 executives/officers from the concerned divisions of head office and branches attended the workshop.

Md Shams-uddin Ahmed, Head of Human Resources Division & Training Wing of the bank also spoke in the workshop.

CRAB, PFIL sign credit rating deal

BUSINESS REPORT

Credit Rating Agency of Bangladesh Limited (CRAB) recently signed an agreement with Prime Finance and Investment Limited (PFIL).

CRAB Managing Director Mashiur Rahman and PFIL Managing Director Akter Hossain Sannamat signed the agreement on behalf of their respective organisations.

Also present at the signing ceremony were PFIL Consultant Nozmul Haque, CRAB Vice-president HS Sohrawardi and PFIL Vice-president Mizanur Rahman.

Under the agreement, CRAB, the leading credit rating agency of the country, would provide its professional service to the PFIL.

Besides conducting rating of the entity, CRAB would also be involved in the rating of any future debt instrument offered by the PFIL.

Celebrating Centres of Excellence at Apollo Hospitals Dhaka

Apollo Hospitals Dhaka (AHD) continues celebrating its Centres of Excellence with the 3rd day-long event for community doctors from different healthcare organizations to commemorating 3rd anniversary, at the AHD auditorium.

The program starts with the speech of Dr Shenoy Robinson, DMS, Apollo Hospitals Dhaka highlighting the services and facilities of AHD.

Dr. Anil Bhaya, Coordinator and Consultant Radiology and Imaging and Prof Dr Kazi Mesbahuddin Iqbal, Coordinator and Consultant Anaesthesia, delivered speeches on Centres of Excellence in their respective departments. Dr Lutful Aziz, Coordinator and Consultant--Critical Care and Professor Dr Tareak-AI-Nasir, Coordinator and Consultant--Histopathology delivered their speeches on Critical Care and Lab services respectively. The day-long event ended with a vote of thanks by Dr. Ed L. Hansen, CEO, AHD.

German business team now visiting Dhaka

BUSINESS REPORT

Christopher Conzen, Managing Director of Miles Fashion GmbH along with Roger Hubert, Managing Director of Alster International, Norbert Gaensslen, Purchasing Manager of Miles Fashion GmbH and Birgit Lang, Production and Buying Manager of Greystone Textihandels GmbH have arrived on a two-day visit to Bangladesh liaison office of Alster International Trading Co Pte Ltd in Dhaka. They are very keen to expand garments business in Bangladesh.

They will inaugurate the newly renovated Alster International Trading Pte Ltd [Bangladesh Liaison Office] at Banani, Dhaka today (Sunday). It is expected that president of BGMEA & BKMEA will attend the inauguration ceremony. Besides, many garment entrepreneurs and fabric suppliers are likely to be present on the occasion.

Ctg port's operational activities to be privatised

UNB, Chittagong

Chittagong Port Authority Chairman Commodore M Faruk Saturday said the operational activities of the port would gradually be handed over to private management.

"But the port machinery would not be allowed to be used by the private management after the privatisation," Commodore M Faruk said while talking to journalists on the occasion of the port's 121st founding anniversary. After the privatisation, he said, the port authority would only monitor the port activities as a regulatory body.

Referring to the port's enhanced efficiency, the port chairman said the average stay of ships in the port was 12 days in October 2006 and it is now only two and half days following the 1/11. "Efforts are on to bring down it to two days," he said.

About the steps taken for modernisation of the port, Commodore Faruk said, "We want to see it as one of the world's modern ports by 2010."

Ericsson Q1 Asia sales grows 30pc sans Bangladesh, Australia, Japan

STOCKHOLM (Thomson Financial)- LM Ericsson AB's chief executive Carl-Henric Svanberg said the company's first quarter sales in Asia grew by 30 percent with the eclusion of Bangladesh, Australia and Japan.

'Sales were up 30 pct excluding these countries, with China and India particularly strong,' said Svanberg.

He attributed the weaker sales performance in Bangladesh to political turmoil, and in Australia and Japan to tough comparisons from the first quarter of last year.