The New Nation - Internet Edition

CSE closes higher yesterday

UNB, Chittagong

Trading at Chittagong Stock Exchange (CSE) closed higher yesterday though the losers dominated the gainers.

The CSE All Share Price Index (CASPI) gained by 0.73 percent to close at 8719.14 points. The CSE-30 Index also rose by 1.62 percent to close at 7823.78 points. A total of 143 issues were traded today. Of them, 54 gained, 88 declined and only one remained unchanged. Some 2,395,560 shares and debentures worth Tk 35.62 crore changed hands today.

Japan warns rising food prices could lead to unrest in Asia

AFP, France

Soaring prices for food staples, especially for rice which have tripled over the past year, could lead to social unrest in Asia, Japanese Finance Minister Fukushiro Nukaga warned yesterday in Spain.

"The recent hike in the price of rice will hit Asian countries particularly hard. The ones who are most affected are the poorest segment of the population including the urban poor," he said at a meeting of the Asian Development Bank.

"It will have a negative impact on the living standards and also affect their nutrition. Such a situation may lead to social untrust and unrest and therefore safety nets addressing the immediate needs of the poorest are needed," he added.

Prices for the benchmark Thai variety of rice, a food stable across much of Asia, are at about 1,000 dollars a tonne, up threefold from the last ADB annual meeting held in Japan one year ago.

Global food prices have nearly doubled in three years, sparking riots last month in Egypt and Haiti, protests in other countries and restrictions on food exports in Brazil, Vietnam, India and Egypt.

Nukaga warned that export restrictions lead to higher prices while food subsidies to help the poor deal with surging prices could place a tremendous burden on state budgets.

"Export restrictions will no only distort the proper functioning of markets in price formation but further exacerbate the price hikes in international markets," he said.

"Subsidies that are intended to keep food prices under control have the risk of becoming a significant burden to budgets and are not sustainable over time," he added.

Food subsidies in Bangladesh, one of the poorest nations in Asia, are estimated to double in the current fiscal year and reach over 1.5 billion dollars (973 million euros) in the current fiscal year.

The ADB announced Saturday on the opening day of its four-day annual meeting that it will provide soft loans to help Asian countries subsidise the price of food staples for the poor.

It will also provide two billion dollars in 2008 and 2009 in loans to finance agriculture infrastructure projects such as irrigation systems and rural roads aimed at boosting farm output in the region.

Rising use of biofuels, trade restrictions, increased demand from Asia to serve changing diets, poor harvests and increasing transport costs have all been blamed for the price rise.

WB to give $206m for cyclone rehabilitation projects

BUSINESS REPORT

The World Bank has assured the Bangladesh government of providing US$206 million additional funds for rehabilitation projects in the cyclone-hit southwestern coastal areas of the country, a government official said.

The WB last month completed negotiation for lending the fund tothe government by June this year to reduce the pressures on fiscal management that has been badly affected by cyclone Sidr.

'The Bank last month sent a mission from its headquarters to explore the possibility of extending their support to Bangladesh. The team had separate talks with the concerned government agencies and has given green signal for giving the 206 million U.S. dollars additional funds," an official from the finance ministry said.

He said, "The proposed fund by the World Bank will be utilised for restoring the damaged agriculture, reconstruction and improvement of cyclone shelters, rehabilitation of coastal embankment and to address long-term disaster risk.'

Following a donor-government damage, loss and need assessment carried out jointly on the effects of cyclone Sidr, the global lender has assured Bangladesh of giving 206 million U.S. dollars fund for rehabilitation programs in the cyclone-hit areas.

The joint assessment said Bangladesh needs US$300 million for immediate recovery, US$1.075 billion for medium-to-long term recovery and another US$4 billion for long-term disaster risk reduction.

The government in December last year urged the donors to provide US$400 million as budgetary support, US$457.76 million for immediate rehabilitation of the cyclone-affected areas and US$ 1.35 billion for sustainable protection against any future natural disasters.

The cyclone Sidr battered Bangladesh's southern and southwestern coastal districts on Nov. 15, last year, claiming thousands of lives and causing more than 2 billion U.S. dollars economic loss.

Bank Alfalah's exclusive offer on savings account

BUSINESS REPORT

Bank Alfalah announced 6 per cent profit on daily balances, credited to the account at of the month to savings account holder with Tk 10,000 only with a free Zahi royal connection of Warid Telecom (conditions apply).

This exclusive offer from Bank Alfalah is known as 'unmatched savings account'. In this summer offer apart from enjoying the best post-paid package in town as subscribers can relax as Warid takes care of bill payment through an auto debit facilities from Bank Alfalah and they can still enjoy Tk 1000 credit limit on their connection. The joint campaign is launched at Bank Alfalah consumer centre on Wednesday. The occasion was graced by the valued customers, Country Head Majedur Rahman, Head of Consumer Banking Tarique Afzal, Head of Cards Md Arshad Khan, CEO Paper Rhyme AZM Saif, Head of Dhamondi Branch Mizanur Rahman, Head of Gulshan Branch Quarnruzzaman, Head of Motijheel Branch Salahuddin, Zahir Raihan National Manger, corporate sales, Rahat Khan, Manger, Corporate Sales of Warid Telecom were present.

United Airways to fly to Kolkata

BUSINESS REPORT

United Airways, Bangladesh's private airline, plans to begin its Dhaka-Kolkata flight from the first week of July.

'We are hopeful about starting a flight on the Dhaka-Kolkata route from the first week of July this year. We will seek permission from Indian authorities this week,' said Jilanee F.R. Chowdhury, director-in-charge of marketing and sales of the airline.

It will be the fifth airline, after Biman Bangladesh Airlines, GMG Airlines, Air India and Jet Airways, to fly between Kolkata and Dhaka.

The carrier, a venture of non-resident Bangladeshis in Britain, is set to go beyond the border after flying for about a year on domestic routes.

United Airways unveiled the plan after the government allowed the carrier to operate flights to Kolkata, Kathmandu, Bahrain, Kuala Lumpur and Dubai.

'Some 200,000 passengers fly on the Dhaka-Kolkata route every year with 75 percent of them Bangladeshis. There is a very good prospect,' said Jilanee.

Industry people said pilgrims, patients, students and tourists mainly travel on the route and the number of passengers is growing by around 10 percent a year.

Starting operations in July last year, the carrier has purchased two 37-seater Dash 8-100 aircraft to grab the potential of Bangladesh's aviation market that is growing by around 7.5 percent annually.

The airline has also planned to procure two wide-bodied aircraft in order to run competitively on the international routes.

Jilanee said the carrier will run daily flights to Kolkata. 'But we want to operate two flights a day later on,' he said.

Ismail R. Chowdhury, vice president of GMG Airlines operating on the route for the last couple of years, observed that the entry of United Airways to the route will help boost the market.

LEIC and Breeders' Association of Bangladesh against bird flu

BUSINESS REPORT

The Local Enterprise Investment Centre (LEIC) has signed a contribution agreement with the Breeders Association of Bangladesh to assist them in creating awareness among the stakeholders and consumers, to follow required bio-security measures to prevent Avian Influenza (AI) or Bird Flu.

This will help to revive the poultry sector of Bangladesh, suffering from huge loss leading to unemployment, business shut down, bank default and other disasters due to Bird Flu. This awareness campaign will lead to company specific capacity development programmes and develop trainers for sustainability of the much needed poultry sector.

LEIC, a private sector development project funded by the Canadian International Development Agency (CIDA) and managed by IDLC Finance Limited, is working with a special focus on facilitating inter-company long-term alliances.

Islami Bank opens Kanchpur branch

BUSINESS REPORT

Kanchpur Branch of Islami Bank Bangladesh Limited was inaugurated as its 190th branch on Sunday at Kassaf Shopping Centre, Siddirganj, Narayanganj.

On the occasion of the inauguration a function was held at the branch premises where Aziz Hasan, Divisional Commissioner of Dhaka inaugurated the branch as the chief guest, while AMA Rahman, Deputy Commissioner of Narayanganj, Md Ehsane Elahi, Upazila Nirbahi Officer of Narayanganj Sadar and Alhajj Abdul Matin Pradhan, Administrator, Kanchpur Municipality were present as special guests.

Presided over by Mominul Islam Patwary, Chairman, Executive Committee of the bank the function was addressed, among others, by M Fariduddin Ahmad, Managing Director and Abu Taher Mohammad Saleh, Executive Vice President and Head of Dhaka South Zone of the bank.

Md Zakir Hossain, Comissioner of Shiddhirganj Municipality and Maulana Moeen Uddin Ahmed, Chairman, An-Noor Society Narayanganj addressed the function from among the local people.

Aziz Hasan said Islami Bank has been playing a vital role in the economy of the country. He also said that Islami Bank is giving services to the people of the country in different sectors.

Other speakers in the programme said Islami Bank could set an example by investing in education sector including establishing medical colleges, technical institutes and other educational and healthcare establishments. They said Islami Bank should invest among small businessmen. The speakers urged IBBL to introduce new products to extend its activities.

Emirates posts record profit

The Emirates Group Wednesday reported its 20th consecutive year of net profit' notching a new profit record despite soaring oil prices and challenging business conditions in the second half of its 2007-08 fiscal year, says a press release.

Group net profits increased 54.1 per cent to AED 5.3 billion (US$ 1.45 billion) for the financial year ended March 31, 2008, on revenues of $ 11.2 billion compared to the previous year's $8.5 billion. The group's net margin improved to 13.2 per cent from 11.4 per cent in the previous year.

The group also retained a robust cash balance of $3.8 billion, compared with $ 3.5 billion of the previous year. Emirates will pay a dividend of $ 272.5 million to its owner, the Government of Dubai. In 2007-08, the group estimates a direct contribution of $ 6 billion, and another $ 6.8 billion in indirect contribution to the UAE economy.

The 2007-08 Annual Report of the Emirates Group - comprising Emirates Airline, Dnata and subsidiary companies was released in Dubai on the day at a news conference hosted by Chairman and Chief Executive of Emirates Airline and Group Sheikh Ahmed bin Saeed AI-Maktoum.

Saudi contribution to IUT

Sami Jamil A Al Hindi, Charge d'Affaires of the Kingdom of Saudi Arabia in Bangladesh, handed over a cheque for US$ 326,775 to Prof Dr M. Imtiaz Hossain, Vice-Chancellor, Islamic University of Technology (IUT) while he called on him at his office on April 27 as full settlement of Saudi Arabia's contribution to the budget of IUT, a subsidiary organ of the Organisation of the Islamic Conference (OIC) for the financial year 2008.

The Vice-Chancellor thanked the Charge d'Affaires and the Government of the Kingdom of Saudi Arabia for this as well as for previous contributions and generous voluntary donations. The Vice-Chancellor described the various academic and other activities and programmes of the university which are in progress and have the participation of students from different member states of the OIC.

The Charge d' Affaires appreciated the commendable role being played by IUT in the development of human resources and assured the Vice-Chancellor of continued help and assistance from the Kingdom of Saudi Arabia to this prestigious university of the Organisation of the Islamic Conference for its overall development.

Quality Timber Industries entering Japanese market

BUSINESS REPORT

Quality Timber Industries Ltd, a most modern 100 per cent export-oriented timber processing industry, is entering the Fareast market of Japan after conquering the most modern markets of France and some other EU countries. The company received the 1st L/C for export of teak and Keruing Wooden Floorings, through Messrs Bengal Commerce Corporation of Japan.

Latif Real Estate's Baishakhi Flat Fair

Latif Real Estate Ltd has arranged a flat fair for people of different professions within their desire and income limits. With this objective, Latif Real Estate has been holding a Baishakhi Flat Fair at its main office at Mansurabad, Shyamoli since April 14 last. It will continue up to May 15.

Interested customers can see the offers from 9am to 7 pm everyday. Latif Real Estate Ltd is a traditional housing company. It has four to five attractive projects at Mirpur,

Kallayanpur and Uttara. These are wide spaced and surrounded by green environment. There playground for children, separate gymnasium for ladies and gents and mosque are available. The company offers split type air conditioners on booking the flats. These are not end of the facilities, rather 20 thousand taka monthly installment is also offered. But these facilities will continue during the fair only. Moreover 10 per cent bank loan facility considering the income of the cause of income limitation flat of 725 sq ft to 1800 sq ft are arranged by Latif Real Estate Ltd. These ready flats are situated at Mansurabad at Shyamoli, Mirpur Road, Baitul Aman Housing, Katasur, Mirpur-13 and Kalayanpur. Latif Real Estate Ltd has taken an initiative to make beautiful apartments at Dhanmondi, Gulshan, Baridhara, Mirpur, DOHS, Shyamoli, Iqbal Road and Mohammadpur in the capital soon.

The fair was inaugurated on Pohela Baishakh by Deputy Managing Director Aktar Biswas.

Director (Sales) Nasrin Khan and General Manager Kamrul Islam were present during the ceremony.

Interested persons are requested to contact over phone (01726058981-04) for any information.

It may be mentioned that Latif Real Estate Ltd, which has been enjoying a great reputation in the country's real estate sector, has so far handed over 400 flats among the customers of different professions since its establishment in 1986.