The New Nation - Internet Edition

Stock market operation moving to major cities

The Dhaka Stock Exchange (DSE) is moving out its business to major cities to facilitate the expansion of trading to a greater number of people. "The move is aimed to make the capital market firmly rooted in common people," DSE Chief Executive Officer (CEO) Prof Salahuddin Ahmed told a press briefing yesterday in the conference room of the bourse. Newly elected DSE Chairman M Abdul Haque and Vice Chairman Saiful Islam also spoke on the occasion. The CEO said the capital market is steadily growing and taking over the charge of financing corporate business which was so long heavily dependent on bank loans. Referring to the huge growth of remittance by expatriate Bangladeshis over the recent time, the CEO said time has come to channel this huge money to the country's capital market. Prof Salahuddin said the government sponsored mutual funds and debentures can provide the depth and wider coverage to the country's capital market but there is a distinctive shortage of such instruments in the bourse.

Australian aid to Bangladesh to benefit women and children

BUSINESS REPORT

Australia is expanding its aid to Bangladesh with a four-year Tk 520 crore donation to lift the extreme poor out of poverty and improve the health of women and children.

Richard Moore, visiting Deputy Director General for the Australian Government's aid agency, AusAID, on Wednesday signed the agreements in Dhaka with representatives from partners BRAC and UNICEF.

"This contribution further strengthens and expands a long term commitment and partnership Australia has with Bangladesh to sustainably address the needs of the poor. These new programs will change millions of lives for the better, and help to prevent many thousands of maternal and child deaths," Richard Moore commented.

Along with other donor countries, Australian funds aim to lift over four million people out of extreme poverty by providing Taka 236 crore to BRAC over four years. The programme will provide grants to enable poor women to set up small enterprises - such as owning livestock, poultry or growing vegetables - thus improving their family's resilience to price shocks as the cost of staple foods continues to increase. The program will also provide modest income support while they establish their business and will facilitate their access to health care.

AusAID, in partnership with other donors, expects to double the number of women who receive quality obstetric care in ten districts, through the 'Maternal, Newborn and Child Survival project', implemented through BRAC and UNICEF. Australian funds will also provide a package of care expected to support critical millennium development goals including ensuring 85 per cent of children under the age of one are protected with valid immunisations, and 50 percent of newborn babies receive essential newborn care. Australia will provide Tk. 284 crore to carry out both these programs, helping mothers, new born babies and young children to survive and to remain healthy and well-nourished. This will be achieved by training health care workers, improving mothers' awareness about safe pregnancy and infant care, expanding the coverage of immunisation, and nutritional supplementation. The programs will be implemented in close collaboration with the Ministry of Health and Family Welfare.

The Executive Director of BRAC and Acting Representative of UNICEF were also present at the ceremony.

Netherlands to continue support to help promote Bangladesh's goods

BUSINESS REPORT

Ambassador of the Netherlands to Bangladesh, Ms Bea Ten Tusscher yesterday said that her country would continue to extend all-out support and cooperation to the Bangladeshi entrepreneurs for promoting their products at the international level.

Speaking as the chief guest at a two-day training workshop on 'Market Research for Export to EU' at the Dhaka Chamber of Commerce and Industry (DCCI) auditorium yesterday, she expressed the hope that business people from Bangladesh would visit the Netherlands to promote their businesses.

The workshop has jointly been organised by the DCCI Business Institute (OBI) and the CBI, a business support organisation of the Netherlands.

Ms Bea Ten Tusscher also expressed her happiness to see the enthusiasm among the trainees at the workshop.

She also assured her country's continuous support for Bangladesh and lauded the role of DCCI for its efforts to promote international trade and business.

The Ambassador also said more trainers from her country would come to Bangladesh in future to help build a strong entrepreneurship base.

Inaugurating the workshop, President of DCCI Hossain Khaled welcomed the guests and trainers from the Netherlands and the trainees taking part in the workshop.

He said the workshop would help participating entrepreneurs and business executives find out information sources, search techniques, primary research, country selection and other tools and techniques to explore EU market.

The DCCI President said, "We believe in skilled entrepreneurship, executives and employees. We acknowledge the cooperation and support of may organisations like, ITC, GTZ, SEDF and CBI for their generous support to us in developing and bringing OBI to its present stage. We also acknowledge the support of CBI in regularly supporting DCCI by training other employees in Europe in the last few years."

He said that this year the OBI had taken up this market research training to promote knowledge and in disseminating information to potential exporters to Europe.

Khaled said that Bangladesh largely depends on export of readymade garments to a few countries representing 80 per cent of our total export earnings. "This," he pointed out, "was a vulnerable situation and the need to broaden our market base cannot be ignored."

Senior and mid-level executives from various sectors like education, garments, pharmaceuticals, IT, service industry and banking have been taking part in the workshop.

Two trainers from the Netherlands Joost van der Kooij and Onno Roukens have been conducting the workshop. The workshop will conclude today (Friday).

DCCI Vice-President Khandaker Shahidul Islam and other directors were present on the occasion.

World famous Schneider electric products launched

BUSINESS REPORT

TecAdvantage Ltd, the all low voltage electrical solution provider, which is a concern of Energypac, launched the world famous Schneider electric products on May 15 at Bangladesh China Friendship Conference Centre in the city.

TecAdvantage Ltd is now the authorised distributor of Schneider's famous Merlin Gerin and Telemecanique brands Variable Speed Drives, Control and Signaling Units, Busbar Trunking System, Motor Drives, MPCB, MCB, MCCB, SPD, Magnetic Contactor, etc. for office, home and industry.

Sheikh Humayun Rashid, Managing Director of TecAdvantage Ltd, Rezwanul Kabeer, CEO and Director of TecAdvantage Ltd, Oliver Blum, Managing Director of Schneider India, Surrorat, Country Manager of Schneider Bangladesh, SS Kamal, Vice-President of FranceBangladesh Chamber of Commerce and Industries, Charley Causeret, Ambassador of France Embassy HE, Trade Comissioner of France Embassy and other directors of Energypac were present at the product launching ceremony.

IPDC oakys 5pc cash, 10pc stock dividends

BUSINESS REPORT

Industrial Promotion and Development Company of Bangladesh Limited (IPDC) yesterday approved five per cent cash dividend and 10 per cent stock dividend for the year 2007 at its 26th annual general meeting (AGM) held at the BDR Darbar Hall in the city.

Secretary to the Ministry of Industry and IPDC Chairman Dr Md Nurul Amin attended the AGM as the chief guest and approved the cash dividend and bonus share for the outgoing year.

Managing Director and Chief Executive Official (current charge) of IPDC Mominul Islam, Director Altaf Hossain and Company Secretary Mousumi Yasmin also spoke on the occasion.

Besides, a huge number of shareholders of the company were present at the meeting.

Addressing the AGM, Dr Nurul Amin said the company's operating profit for 2007 increased by 78 per cent because of the new investments and better cost management. The net profit for the company, however, decreased by 21.5 per cent due to the absence of one-off non operating income made in 2006 and higher level of reserve created against the loans and advances, he said.

"With a higher level of reserve, the company's quality of assets has improved significantly and thus the future risks are now more covered than previous years. This ultimately means that the company is now better positioned for long term growth and profitability," he said.

He said the IPDC was still not interested to go to the secondary market.

It is not true that a company owned or partially owned by the government could not make high profit, he observed.

He also mentioned that the company would be placed under a good management soon after overcoming various obstacles and problems.

Managing Director (cc) Mominul Islam said IPDC disbursed Tk 1,050 million in 2007, up from Tk 275 million only from the preceding year. The new investment would help to increase its revenue in 2008 and beyond, he added.

He said the gross revenue has decreased since 2006 by 17.45 per cent due to divestment from some riskier portfolio and regular repayment by the borrowers.

The Managing Director also said IPDC launched its first ever branch in July 2007 at Dhanmondi with an aim to expand the retail business.

IPDC of Bangladesh Ltd is the first private sector financial institution in the country owned by the Government of Bangladesh (22 per cent share), the Aga Khan Fund for Economic Development (51 per cent share) and general public (27 per cent share) with an aim to foster private sector industrialisation of the country.

The company commenced its operation in 1983 and issued public share in 2006.

Dano Vitakids Gold Formula launched

BUSINESS REPORT

The Arla Foods yesrterday launched its new product styled 'Dano Vitakids Gold Formula,' a nutritional milk powder for children.

Addressing the launching ceremony at Sonargaon Hotel in the city yesterday, Azim Uddin Ahmed, Chairman of Mutual Group and local agent of Arla Foods in Bangladesh, said the new Dano Vitakids Gold Formula is specially designed to meet the specific nutritional needs of children aged between two and six years.

"The Arla Foods of Denmark had launched its Dano products in Bangladesh 46 years ago. The best quality powdered milk of the company has been well received by the consumers of this country as it is produced from the milk of its own firm," he said.

He said the Chinese government imports huge milk powder of the Arla Foods for their children every year.

Azim Uddin Ahmed called upon the government to reduce tax on the imported milk powder considering the nutritional food requirement of children of the country.

Ahmed Kabir, Country Manager of Arla Foods Bangladesh, said the Dano Vitakids Gold Formula contains all required nutrients for optimal physical growth, good health and mental development.

It is also enriched with cere IQ system, a unique combination of important nutrients, formulated to give children the optimal conditions for their cognitive development, he added

He further said that fatty acids, zinc and choline, are important for child's mental and visual development and these ingredients are present in Dano Vitakids Gold Formula.

Dano Vitakids also contains pre-biotic fiber to strengthen the immune system and support a healthy digestive functions for children, he noted.

Aminul Islam, Brand Manager of Arla Foods Bangladesh, also spoke on the occasion.The retail price of each 400 gram packet of Dano Vitakids Gold Formula has been fixed at Tk 295.

City Bank's training on Financial Analysis, Loan Structuring held

BUSINESS REPORT

The City Bank Limited, one of the largest private commercial banks of the country, has recently organised a four-day long training programme at Gulshan in the city. Themed on 'Financial Analysis and Loan Structuring', the programme was conducted by Pang Chee Seng of Impact Consultancy & Training Pte. Ltd, Singapore.

Some 30 participants from the bank's Credit Risk Management (CRM), Corporate and Investment Banking and SME Divisions took part in the programme while Amplitude Solutions Limited was the co-organiser of the session.

K. Mahmood Sattar, Managing Director and CEO formally inaugurated the programme, while Sohail R.K. Hussain, DMD (Business), Yusuf Saeed, EVP and Head of Corporate and Investment Banking, B. Choudhury, EVP and Head of SME and Shakeeb Junaed of Amplitude Solutions Limited were present, among others.

In the concluding day, Raihan-UI-Ameen, DME (Operations) handed over certificates among the participants.

IBBL opens Kerani Hat branch in Chittagong

BUSINESS REPORT

Kerani Hat Branch of Islami Bank Bangladesh Limited was inaugurated as its 192nd Branch on May 21 at Sun Moon City, Satkania, Chittagong.

Kazi Harun-ar-Rashed, Director and Chairman, Audit Committee of the Bank inaugurated the branch as the chief guest while Maulana Mohammad Qutubuddin, Chairman of Shari'ah Council of the bank was present as special guest.

Presided over by Md Habibur Rahman, Deputy Managing Director of the bank, the function was addressed, among others, by Abul Hossain, Executive Vice President and Head of Chittagong Zone, Md Shawkat Osman, Manager of Kerani Hat Branch and among the local elites Dr Azizul Haque, Md Nizam Uddin and Principal Moulana Kazi Mustafizur Rahman.

Mentioning different welfare-oriented schemes, Kazi Harun-ar-Rashed in his speech said, IBBL is sincere to provide service to the people of the country.

He said Islami Bank has become the largest bank of the country receiving people's love.

Moulana Mohammad Qutubuddin said, Islami Bank is the first interest free bank of the country. He mentioned that Islami Bank was established with a view to free the people of the country from the curse of interest.

Ross Sweets launch special offers

Ross Sweets has launched special offers in this honey month. It is offering household items as gifts. Have you ever heard that TV, fridge is offered if sweet is bought? If you have not heard it, Ross is giving these. If luck favours these gifts can be obtained. The taste of Ross is separate because it is made of pure cow's milk of own farm. These offers can be obtained from any of the nine branches in the capital. This is not end or the news of Ross. Ross produces diabetic sweets and bread. Diabetic patients can eat these without any harm which is certified by science laboratory after a lot of experiment.

The gaoan ghee of Ross Sweets has attracted customers too, Tk 100 reduction is offered per kg ghee. Sweet for milad sells at Taka 29 only. This summer offer will continue upto next 2 months. Ghee toast, Ross cham, irani bhog, cream zam, kheer kadam, lancha, chhana, amriti, raj bhog and many others are produced, cannot be imagined if you don't go to their show room. Ross Sweets has conquered the buyers' mind by offering gifts in this honey month or Jaistha.