The New Nation - Internet Edition

CSE closes lower yesterday

UNB, Chittagong

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

The CSE All Share Price Index (CASPI) enhanced by 0.45 percent to close at 8851.64 points.

The CSE-30 Index also increased by 0.25 percent to close at 7760.64 points.

A total of 158 issues were traded today. Of them, 84 gained, 71 declined and three remained unchanged.

Some 4,101,841 shares and debentures worth Tk 57.39 crore changed hands yesterday.

Govt likely to raise fuel oil prices this week

BUSINESS REPORT

The government is likely to raise fuel oil prices any moment this week in the wake of growing losses incurred by the state-owned Bangladesh Petroleum Corporation (BPC).

Sources at the Ministry of Energy and Mineral Resources told The New Nation yesterday that the government would announce shortly about the price hike of fuel oils as the BPC, the sole oil importer and distributor, has proposed fuel price increases of 37-80 per cent..

'We are examining the proposal regarding the extent of the price hike and the decision will be taken at the highest level very soon,' said Dr M Tamim, Special Assistant to the Chief Adviser for the Ministry of Energy and Mineral Resources.

He said that without a price hike, the government would have to dish out about $1.5 billion to cover its oil company's losses in the 2007-2008 fiscal year. The government, however, would try to soften the impact on its farming sector with around Tk 20 billion ($292 million) in farm subsidies, Tamim said.

Sri Lanka, another South Asian nation, on Sunday raised fuel oil prices to contain mounting losses at state-owned oil retailers, just a day after Indonesia raised fuel prices to cap ballooning fuel subsidies.

India, Asia's third-largest economy and the world's second most populous nation, is considering such a move.

Sri Lanka raised kerosene, petrol and diesel prices by between 14 and 47 percent.

Governments across Asia have tried to soften the impact of a global surge in food and energy prices on their populations by keeping domestic prices of fuel and food staples below international levels.

But with oil powering to fresh records almost every week, the last one above $135 a barrel, several nations feel they can no longer fully subsidise consumers or cover soaring losses of state-controlled oil importers and retailers.

The chairman of Sri Lanka's Ceylon Petroleum Corp. said that this weekend's fuel price increase would allow the company merely to halve its losses from 175 million Sri Lanka rupees ($1.62 million) a day.

"Even after the increase we are still in the negative t. what we have done is we basically brought it to levels that we can manage," Ashantha de Mell told Reuters.

Oil retailer and subsidiary of Indian Oil Lanka IOC also raised diesel and fuel prices this week.

Both Bangladesh and Sri Lanka grapple with double-digit inflation and swelling trade deficits driven by increasingly costly food and oil imports.

Best Air goes international

BUSINESS REPORT

The Best Aviation Limited has stepped to the international aviation industry through the launching of its international flights from ZIA International Airport yesterday.

The aircraft with passengers on board left Dhaka for Bangkok Subarnavum International Airport, Thailand at about 12:00noon.

Secretary of Civil Aviation and Tourism Ministry Syed Mohammad Zobaer formally inaugurated the launching of the Best Air's maiden international passenger flight.

Wichai Chingchama, Charge de Affaires of Royal Thai Embassy in Dhaka, V Tacorda Rabago, Ambassador of the Philippines, Hassan Farazandeh, Ambassador of Iran, M Haider Uzzaman, Chairman of the Best Air, Farhad Hossain, Director, Marketing and Sales, other members of the Best Air team, patrons and journalists were present on the occasion at the ZIA.

Best Air launched its Dhaka-Bangkok-Dhaka flight to promote two-way trading and traffic between Bangladesh and Thailand with four-frequencies (Sunday, Monday, Wednesday and Thursday) a week.

Best Air's Dhaka to Bangkok (5Q 666) flight departs from Dhaka at 11:00am and reaches at Bangkok at 2:35, while the flight departs from Bangkok to Dhaka (5Q 667) at 15:35 and arrives Dhaka at 05:10 every scheduled day.

Secretary Syed Mohammad Zobaer said the government would facilitate and promote the private aviation company to come forward for the development of the aviation sector.

The government is trying to create a congenial environment to develop the private aviation service, he added.

Chairman of the Best Air Haider Uzzaman said his personal experiences in the services for over two decades have given an ample scope for him to plan different benefits packages for the passengers which is the right choices for passengers as they are paying for.

Haider hoped for a positive growth of the Bangladesh tourism industry and business with the reforms taking place currently allowing the tourist to look at Bangladesh as a destination.

However, he said that a lot of promotion on Bangladesh itself needs to be done internationally to attract tourists and investments.

He also said Best Air would try its best to attract the foreign tourists by offering "Destination Bangladesh" package which will include all the tourist attractions of Bangladesh.

Best Aviation Limited also plans to start the flights to Kolkata, Chennai and Kualalampur in July next, while Middle Eastern gateway point Dubai flight would be started in August 2008, Haider said.

Using B-737 advanced aircraft with single class configuration of 118 all economy seats, Best Air has already earned its position operating in the lone domestic sector Dhaka-Chittagong-Dhaka with premium quality flight services.

Best Air started its journey in 1999 as the pioneering helicopter operation and the freighter operation. The company also entered in the passenger market from the beginning of the 2008 with an ambition plan of launching its flight services to different destinations out of Bangladesh including Kualalampur of Malaysia, Kolkata, Chennai-India, Dubai-United Arab Emirate, Kuwait, Bahrain, Kunming-China and plans to connect Colombo and Male with its flight service to Chennai.

Best Air currently has a fleet of 2 HS-748 freighters and 1B-737-200 advanced and 2 more B-737-200 advanced are planned to be delivered in June 2008.

Workshop on 'Market Research for Export to EU': DCCI holds certificate awarding ceremony

BUSINESS REPORT

A two-day training workshop on 'Market Research for Export to EU' was held during May 22-23, 2008 at DCCI, jointly organised by DCCI Business Institute (OBI) and Centre for Promotion of Imports from Developing Countries (CBI), the Netherlands.

DCCI Vice-President Khandaker Shahidul Islam was the chief guest in the certificate awarding ceremony of the workshop held on May 23.

The DCCI Vice-President in his speech mentioned that the EU is the largest export market for Bangladesh.

He said that the knowledge, tools and techniques of market survey learnt during the workshop would be useful for the participants, respective organisations and also for the national economy.

He also said that if anyone could apply this knowledge in actual problem-solving for business development, then the DCCI's efforts would be successful. Dhaka Chamber always helps the entrepreneurs and business executives to become professionals and competitive through its training services.

So, OBI always welcomes to participate in the training courses suitable for employees or professionals. He informed that DCCI expects to continue its joint cooperation in expanding and deepening trade and economic relations between Bangladesh and EU in the days ahead.

Executive Director, OBI Md Hossain Ali mentioned that local industries have to produce quality products and market them at competitive prices to face the challenges of globalization at home and abroad. He added that it is very important for the business executives to know products, prices and customers by identifying market segments in EU as well as all over the world.

Knowledgeable and trained person are necessary to run a modern business. Joost Van der Kooij, Partner, Facts Figures Future (FFF), Netherlands and Consultant, CBI and Onno Roukerns, Partner, Facts Figures Future (FFF), Netherlands and Consultant, CBI were present on the occasion.

The course aimed at familiarizing the following topics: Find the essential market information, trade statistics, market reports and vertical portals, price database" e-markets, trade fair database, interview, tips and tricks, find a buyer, explore online business directories, search engines and generic porters, country selection, find the essential market access requirements, use the market access database, international market research process, research plan, process planning and budgeting etc.

Senior and mid level executives from various sectors like: education, garments, pharmaceuticals, IT, service industry, banking took part in the training.

Number of tourists in country may exceed 13 lakh by 2020

BUSINESS REPORT

The number of tourists visiting Bangladesh may exceed 13 lakh by 2020, if proper tourism infrastructure is built here, attractive tourism products are developed, and vigorous marketing is launched.

At the same time, eradicating the prevailing mismanagement in the country's aviation sector, and instilling the culture of true professionalism to boost its continuous growth must also be ensured.

These were observed at a meeting, organised by Switzerland-Bangladesh Business Forum (SBBF) on "problems and future of tourism and aviation in Bangladesh", in the city on Saturday.

Josef Guntern, head of cooperation of the Embassy of Switzerland in Dhaka, was present in the programme as the chief guest. Kazi Wahidul Alam, editor of the Bangladesh Monitor, was the keynote speaker of the meeting.

In his speech Guntern said there is a greater scope of sharing and cooperation between Bangladesh and Switzerland in the field of tourism. "Switzerland with its 150-years-old rich tourism industry can share its experience, knowledge and skill to aid Bangladesh in developing the sector," he said.

Guntern also emphasised the need of investment, entrepreneurship, infrastructure development, developing proper channel of information, and employing a strong expertise base in the sector for boosting its potentiality.

While tourism is a major source of earning foreign currency for most of the countries in the present world, the number of international tourists visiting Bangladesh along with the level of tourist expenditures are quite low until now, Wahid said.

He also pointed at the prevailing negative image of the country abroad, inadequate infrastructure, and lack of support from the government as the main hurdles to develop the sector.

"The country registered a total of 2,71,270 visitors, the highest number in its history, back in 2004. However, the number stood at 1,73,749 in 2007," he said.

"Simultaneously, all the areas of aviation sector have registered growth between 1990 and 2007," he observed. Passenger traffic posted an average annual growth of 9.81 per cent, while cargo traffic registered 28.74 per cent, he informed.

"Zia International Airport has also gone through a number of important refurbishments in the recent years. But with a fleet size of one or two aircrafts, most of the private airlines are yet to be on solid foundation, and lack of professionalism is also apparent in their management," he opined.

SBBF President Ashfaque ur Rahman and Vice-President Saiful Islam also addressed on the occasion.

Air Arabia to introduce flights to Dhaka from June 8

BUSINESS REPORT

Air Arabia, the first and largest low-cost carrier in the Middle East and North Africa, announced on Sunday that it would launch service to Dhaka, Bangladesh starting June 8.

It will be Air Arabia's 40th destination worldwide and the 17th destination in South Asia.

Flights will initially operate four times per week between Dhaka and Air Arabia's hub in Sharjah.

Dhaka marks Air Arabia's second destination in Bangladesh, the other being Chittagong, which was introduced June last year.

Air Arabia will fly to Dhaka four times per week on Mondays, Wednesdays, Fridays and Sundays.

Air Arabia is a low-cost airline based in Sharjah in the United Arab Emirates. It operates scheduled services to 32 destinations in the Middle East, North Africa, the Indian subcontinent and Central Asia. Its main base is Sharjah International Airport. Air Arabia is a member of the Arab Air Carriers Organization.

Air Arabia was established on February 3, 2003 by an Ameeri decree issued by Dr. Sheikh Sultan Bin Mohamed Al Qassimi, the Ruler of Sharjah and Member of the Supreme Council of the United Arab Emirates becoming the first low-fare airline in the region. The airline started operations on October 28, 2003 with the first flight from Sharjah, UAE to Bahrain International Airport. It issued a successful initial public offering for 55% of its stock early in 2007. Based in Sharjah International Airport, Air Arabia's passengers benefit from quick access to Dubai, low congestion and access to many other commercial carriers served at the airport.

The Air Arabia fleet consists of the following aircraft as of October 2007: 16 Airbus A320-200. One of them is leased from Vueling Airlines from 15/03/2008 and for about one and half year. It's registration is A6-ABZ. It has also ordered for 28 more A320s aircraft.

Marico chairman due in Dhaka today

Harsh C. Mariwala, Chairman and Managing Director of Marico Limited, is due today in Dhaka on a three-day visit to Bangladesh.

He will be accompanied by Vijay Subramaniam, CEO of Marico International Business Group.

During his stay in Dhaka, Harsh will meet with business leaders and CEOs of other leading companies operating in Bangladesh. He will also meet high officials of Marico Bangladesh Ltd.

Marico Bangladesh Ltd, marketers of Parachute Coconut Oil, Aromatic and Camelia soaps--is currently the fastest growing FMCG multinational company in Bangladesh.

Globally, Marico is a leading group in consumer products and services in the beauty and wellness space. Marico's products and services in hair care, skin care and functional foods generated a turnover of US$477 million during 2007-08.

Marico markets well-known brands such as Parachute and Saffola. A specialised skin enhancement service is provided through Kaya Skin Clinics (65 in India and The Middle East). A prestige range of Ayurvedic solutions are offered through the Sundari range of spa skin care products in the USA and other countries. In addition to these, Marico is the marketer of Sweekar, Hair and Care, Nihar, Shanti, Mediker, Revive, Manjal, Aromatic, Camelia, Fiancee and HairCode.

Over the last three decades Marico has seen transformation of a traditional commodity driven business to a leading blue-blooded FMCG business focusing on value-added products and reaches out to more than 20 countries including the Middle East, South-East Asia, USA, South Africa, Egypt.

BATB gets national afforestation award

BUSINESS REPORT

British American Tobacco Bangladesh (BATB) got the national afforestation award for their forestation drive in Chinttagong Shah Amanat International Airport.

BATB Managing Director Nicholas Hales received the award from Raja Debashih Roy, Special Assistant to the Chief Adviser, in-charge of the Ministry of Environment and Forest, at a function held at the Bangladesh-China Friendship Conference Centre in the city on Saturday.

BATB planted and have been maintaining 20,925 trees in 18 acres of land in the airport area since 2003 for which they received this prestigious award.

BATB has been driving its nationwide afforestation project since 1980, which is the largest private sector afforestation programme in Bangladesh.

More than 55 million saplings had already been distributed across the country over the years.

Shahjalal Islami Bank's new EC chairman, vice-chairman

Md Towhidur Rahman and Abdul Halim have been elected the chairman and the vice-chairman respectively of the executive committee (EC) of Shahjalal Islami Bank Ltd.

The election was held at the 92nd meeting of the board of directors of the bank at its board room in the city recently. The meeting was presided over by founder chairman of the bank Sajjatuz Jumma, said a press release.

Towhidur Rahman, a renowned industrialist and businessman, hailed from Patuakhali district. After obtaining his engineering specialist qualification from Europe, he worked for various government organisations for five years as executive engineer. Thereafter he started business and became engaged in export of sea foods and frozen foods. He is the chairman and the managing director of Libas Textiles Ltd, Fresh Foods Limited, Sea Fresh Limited and MTS International.

Abdul Halim, also a renowned businessman, hailed from Bangshal of the old city of Dhaka. He started his business in 1968. He is the chairman of Excellent Motors Ltd, Halim & Brothers, Kornophuli Motors, Motor Cycle Bitan & Rupsha trading Corporation.