The New Nation - Internet Edition

Iran keen to expand cooperation with Bangladesh in energy sector

Iran has evinced keen interest to expand cooperation with Bangladesh in the energy sector for which there is great potential. Iranian Ambassador to Bangladesh Hassan Farazandeh made the remarks during a meeting with Foreign Adviser Dr Iftekhar Ahmed Chowdhury who received the envoy in his office yesterday morning. They also discussed potentials of bilateral cooperation. The Ambassador handed over to the Foreign Adviser a letter of invitation from the Iranian Foreign Minister Manouchehr Mottaki to attend the Non-Aligned Ministerial Conference that will be held in Tehran on July 29-30. The envoy also apprised the Foreign Adviser about the latest package of proposals for comprehensive negotiations with the international community on political, security, economic and nuclear issues. "Bangladesh's friendship with Iran is deep and traditional, and our bilateral relations reflect our desire to forge greater partnership with the Islamic Ummah," Dr Iftekhar Chowdhury said.

US banking chain Wachovia opens office in Dhaka

ECONOMIC REPORTER

Wachovia Corporation, one of largest banking chains in the United States, yesterday opened its Bangladesh Representative Office in Dhaka, demonstrating Wachovia's increasing commitment to Bangladesh.

The Bangladesh Representative Office is situated at People's Insurance Bhaban at 36, Dilkusha Commercial Area in the city.

Michael P. Heavener, Executive Vice President, Global Financial Institutions and Trade Services Group of Wachovia Bank, N.A, who is now visiting Dhaka, formally inaugurated the Bangladesh Representative Office.

Mr Heavener previously served as executive vice president and head of First Union's International Group prior to its merger with Wachovia; and as head of CoreStates' International Group before its acquisition by First Union.

Wachovia Corporation (NYSE:WB) is one of the largest diversified financial services companies of the United States, with assets of $808.9 billion and market capitalization of $53.8 billion on March 31, 2008. Wachovia provides a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services to customers through 3,300 retail financial centers in 21 states from Connecticut to Florida and west to Texas and California, and nationwide retail brokerage, mortgage lending and auto finance businesses. Globally, clients are served in selected corporate and institutional sectors and through more than 40 international offices. Our retail brokerage operations under the Wachovia Securities brand name manage more than $1.1 trillion in client assets through 18,600 registered representatives in 1,500 offices nationwide.

On this occasion, Chuck Silverman, Managing Director and Area Head for the Asia South region, said, "We have been doing business in Bangladesh since 1999, and we are extremely excited about expanding our presence in this important country."

"Bangladesh is a growing and vibrant market for international trade, and supporting our correspondent banking clients is consistent with Wachovia's global strategy of providing payment, collections, trade and capital markets solutions to financial institutions," he said.

Wachovia's Bangladesh Representative Office will be led by Yusuf S. Saadat, who joins as Wachovia's chief representative, and Shahnaz Sultana, deputy chief representative.

"With our expanded physical presence, we are well-positioned to continue providing excellent coverage to our correspondent partners in Bangladesh," said Saadat.

In celebration of the opening of Bangladesh Representative Office of Wachovia Corporation, a reception was arranged at Radisson Water Garden Hotel yesterday evening.

Senior government officials, high officials of the Bangladesh Bank, the central bank of the country, and others banks attended the reception.

British Chevening Awards for Bangladeshi Fellows

Staff Reporter

The British Acting High Commissioner to Bangladesh, Duncan Norman MBE (5th from left), hosted a lunch at his Residence on June 4 last to present certificates to five Bangladeshi Chevening Fellows who participated in the 2007-08 British Chevening Fellowship courses.

Chevening Fellowships are awarded globally by the UK's Foreign and Commonwealth Office and aim to provide Fellows with a positive, professional development opportunity through a 12-week subject-immersion course in the UK with a challenging programme of academic, practical, policy and political exposure.

The British Acting High Commissioner said, "We are proud that the UK co-operates closely with Bangladesh on education; there are real benefits to be had in terms of development, cultural exchange and improving governance. The British High Commission, Department for International Development (DFID) and British Council all play a part. The Chevening programme promotes excellence in leadership, and we expect those that have participated to take the expertise that they have gained in the UK and go on to make a positive impact in Bangladesh".

This year, five Fellows received Certificates following completion of courses in 'Managing Migration', 'Government Relations with NGOs and Civil Society', 'Democracy, the Rule of Law and Security', and 'Economic Governance and Reform'.

The Fellows are successful mid-career and senior professionals in positions of leadership, authority and influence, active in the subject area of their Fellowships. These Fellowships offer intensive professional development through a 12-week subject-immersion course in UK universities, with a challenging programme of academic, practical, and policy study and debate. They provide an opportunity to engage internationally with experts in their respective fields, sharing in the latest research and thinking on issues and applying this in ways that benefit both them personally, and Bangladesh.

The British High Commission also runs a Scholarship scheme under the Chevening programme for postgraduate studies or research at UK Institutions of Higher Education. The scheme is open to first class degree holders only wishing to undertake one year's Masters study or equivalent level study in the United Kingdom.

EHL arranges accommodation facilities for 2,50,000 families

BUSINESS REPORTER

The Eastern Housing Limited is a unique name in the real estate and housing sector of our country. In order to mitigate the housing problem of this country EHL is working sincerely for ages. It has already achieved the trust of the common people. This organization is established in 1964 by late Jahurul Islam, the pioneer in expanding the trade and business of this country. His goal was to provide a clean piece of land for people where they can find a secure address. Where people won't to be deceived and harassed. REHAB, the Real Estate Developers Association has given EHL the honour of being the role model in housing sectors and awarded the 'REHAB Padak 2006' to late Jahurul Islam as an official recognition of his contribution. Following the footsteps of his father, the present chairman of EHL Manjurul Islam is contributing to the housing industry with honesty, efficiency and righteousness.

The EHL remains extremely cautious while the sale and purchase of land so that the land owners and plot owners do not get deceived or deprived. With the trust of the countrymen and the buyers EHL has already provided housing facilities to more than two lakh fifty thousand families.

Thousand of families got employment. EHL is thus contributing to the national economy. The trust of the people on EHL is so deep rooted that no delusive propaganda can cause any harm to its reputation. Case and charges are very obvious in land related matters properties. 80% of the cases in our country are land-oriented.

Our policy is to be loyal to the law and respect the decision of the court. EHL doesn't believe in causing damage to anyone. As a member of Dhaka Stock Exchange EHL has already achieved the trust and believe of the shareholders for its transparency and responsibility. EHL is a constructive and progressive organization. It is still following the ideology of the late Chairman Jahurul Islam and committed to carry on accordingly.

Unilever Bangladesh holds distributor think tank

BUSINESS REPORTER

Unilever Bangladesh Limited (UBL) organised a daylong workshop with its leading distributors under the banner of 'Distributor Think Tank' at Spectra Convention Centre in the city on June 2.

The Distributor Think Tank is a forum for UBL's valued business partners where they discuss and agree some on some of the key issues that will facilitate growth.

Rakesh Mohan, Chairman and Managing Director of UBL was present at the workshop. Also present on the occasion was Mizanur Rashid, Customer Development Director and Customer Development Managers from different regions.

At the forum, the distributors also discussed and shared best practices so that all other distributors could benefit from them.

It may be mentioned that the Distributor Think Tank is a pioneering concept of Unilever Bangladesh to better engage with its partners.

This is the second such session where Distributors have come together to discuss and highlight problems that they face and find possible solutions that will benefit their businesses as well as that of UBL.

Celebration of 8th founding anniversary Jamuna Bank hosts 'Customer Night'

BUSINESS REPORTER

Jamuna Bank Limited, a leading private commercial bank of the country, celebrated its 8th founding anniversary hosting a 'Customer Night' at Bangladesh-China Friendship Conference Centre in the city on Wednesday night.

Chairman of Jamuna Bank Limited Md Tazul Islam, who is also the Managing Director of Fabian Group of Industries and a former Member of Parliament, was present at the function as the chief guest.

Besides, Vice Chairman of the bank Kanutosh Majumder, Chairman of the Executive Committee of Board of Directors Al-Haj Nur Mohammed, Directors Sakhawat, Abu Khair Mohammad, Mohammad Nurul Alam, Sponsor Directors Golam Dastagir Gazi, Bir Protik, Engr Atiqur Rahman, bank's Managing Director Mohammed Lakiotullah, Additional Managing Director Md Motiar Rahman, Deputy Managing Directors MA Salam and Md Alauddin Al-Azad, EVP and Company Secretary Md Anwar Hossain, Senior Vice Ptesident and Head of the Human Resources and Public Relations Department Shahedul Alam Khan and other senior officials of the bank were present.

A large number of clients and well-wishers attended the 'Customer Night.'

At the function, 44 premier customers were awarded with Business Excellence Award 2007.

Standard Bank celebrates 9th anniversary

BUSINESS REPORTER

Standard Bank Limited organised a colorful social evening on June 3 last in celebration of its 9th founding anniversary at Sonargaon Hotel in the city.

Chairman of the bank Kazi Akramuddin Ahmed attended the function as the chief guest while the Vice Chairman Alhaj Mohammad Shamsul Alam was present as special guest.

Mrs Khaleda Akram, wife of the Chairman of the bank inaugurated the function by cutting a cake.

Kamal Mostafa Chowdhury Executive Committee Chairman was present as guest of honour. SA Farooqui, Managing Director(CC) of the bank presided over the function.

Directors Ferdous Ali Khan, Farzana Yousuf, Md Ziaul Haque Khondker and Shaikh Mesba Uddin and Sponsors Mohd Nurul Islam, Ferozur Rahman, Harun Rashid Chowdhury, SAM Hossain, Mohammed Abdul Aziz, Harun-or-Rashid, DMDs of the bank Md Nazmus Salehin, clients, promoters, prominent industrialists, business personalities of the country, stakeholders, executives and officers of the bank were present on the occasion.

Chairman of the bank Kazi Akramuddin Ahmed, Vice Chairman, Managing Director(CC), Deputy Managing Director, on behalf the valued clients of the bank KM Ahsan Shameem, Director, United Group, Sufi Mohd Mizanur Rahman, Chairman, PHP Group, ASM Shaikhul Islam, Finance Director, Radiance Group, Ahsan Chowdhury, DMD, RFL Pran Group and SAJ Rizvi, MD, Ocean Container Ltd spoke on the occasion highlighting the bank's services and invited all to avail the qualitative services of the bank.

Bangladesh-Malaysia sign jt venture deal on halal food

BUSINESS REPORTER

A joint-venture agreement has been singed recently in Kuala Lumpur between Bangladesh and Malaysia for the production of 100% Halal Food like "My Pizza", "My Satay" and other bakery products at the 5th Malaysia International Halal Showcase (MIHAS-2008) between Allmax Food Services (Malaysia) Pvt. Ltd. and MIS R.A. Trade International of Bangladesh.

The joint-venture agreement is signed by Md. Ruhul Amin, Managing Director of R.A Trade International of Bangladesh and Yassir Farid Abdur Rahman, Executive Director of Allmax Food Services (Malaysia) SDN BHD. At the singing ceremony, Salim Saparman, Vice-President of SME Bank of Malaysia, Dr Md Rejaul Bashar Siddique, First Secretary (Commercial) of Bangladesh High Commission in Malaysia, Tuan Hj. Syed Ahmed Tuan Tamerang, Managing Director of Allmax Food Services (Malaysia) SDN BHD, and Mrs. Hajah Hazizah Hazi Awarg, President of Epictips SDN. BHD were present.

It may be noted that the above project will be established in Bangladesh at a cost of US$2 million. The products of the project will also be exported to the Middle-Eastern countries. Once implemented, about 100 Bangladeshi workers will be absorbed in the project. The project is the first joint venture between Bangladesh and Malaysia on halal food.

ATM security guard rewarded for integrity and courage

The management of Dutch-BangIa Bank Limited has rewarded Md Monzu Miah, a security guard deployed at DBBL ATM booth located at Bangabazar, Gulistan in the city for his integrity, intelligence and courageous step.

Mentionable that, two miscreants entered the DBBL ATM booth to break the ATM machine for looting money at 8:30 pm. on June 2. Sensing their evil motives, the security guard tried to close the shutter of the ATM booth and shouted for help. Finally the two miscreants were caught and handed over to the police. Md Monzu Miah is a security guard deployed by the Elite Force (a security service company).

SM Jahangir Akhtar, Head of IT Division of Dutch-Bangla Bank handed over Tk 10,000 to Monzu Miah as reward in a simple ceremony held at the ATM booth premises on June 4. Among others, Abul Kashem Md Shirin, Deputy Managing Director of DBBL and Brigadier (Rtd) Sharif Aziz, Managing Director of Elite Force were also present.

Hefty duty on imported sugar sought to save industry

Bangladesh Sugar and Food Industries Corporation (BSFIC) has proposed to the government a huge increase in duties on imported sugar in the upcoming budget to cut down on the losses incurred by the sugar mills of the country.

BSFIC Chairman Mokhles Ur Rahman told a group of reporters at his office on Tuesday that his corporation has already sent the proposal to the Industries Ministry seeking the increase in specific duties both for raw sugar and imported sugar.

The BSFIC has proposed increase of the specific duty on raw sugar from existing Tk 4,000 to Tk 9,500 and on imported sugar from Tk 5,000 to 15,000.

"There will have to be a tariff adjustment for a balanced competition. The sugar industry needs all the government support. If the market price is balanced, the industry will survive," the BSFIC chairman said.

He said the marketing of local sugar is under threat amid existing "uneven competition."

He said that at present the production cost of one kilogram of sugar in the mills is Tk 38, while the selling price is Tk 31. "If the production cost does not go down, the amount of loss will increase."

Mokhles said the 15 state-owned mills in the country could produce 1.6-1.67 lakh metric tons of sugar against the demand of 12-13 lakh metric tons.

Emphasizing on government support, he said some 15,000 labourers and 500,000 farmers are directly involved with the industry. "It is said that about 5 million (50 lakh) people are indirectly involved with the industry."

Replying to a question, the BSFIC chairman said the total dues of the sugarcane cultivators, which was Tk 32.45 crore, has already been paid.