The New Nation - Internet Edition

ASA disburses Tk 86.13cr micro-credit in Rajshahi

BSS, Rajshahi

ASA, one of the leading NGOs in the country, has so far disbursed over Taka 86.13 crore micro- credit among 1,61,114 poor and marginal people in the district till last March. This was revealed at a views sharing meeting on 'ASA's Loan Activities in Poverty Reduction' with journalists and members of the civil society at its office here yesterday. ASA District Manger SM Belal Hossain and Additional District Manager Saiful Islam addressed the meeting as focal persons and said the loans were disbursed through 560 workers in 13 field offices located in both urban and rural areas. They said all the remote villages of the district were brought under the micro- credit and development programmes and the rate recovery is 100 percent. Terming employment generation as the tested means of poverty reduction they said ASA has been implementing different micro- credit programmes aimed at creating small entrepreneurs.

Export earning grows by 15pc

The country's export earning rose to US dollar 11.37 billion in the first 10 months of the current fiscal year [2007-08] showing a 14.66 percent growth over the corresponding period in the last fiscal.

The target of export earning in the July-April period of fiscal 2007-08 was US$11.65 billion.

According to Export Promotion Bureau (EPB) statistics, the export earning in April stood at $1.21 billion against $875.04 million in the same month last year.

Knitwear, the prime foreign currency earner, fetched $479 million in April, while $4.39 billion was earned from exports of the item in the July-April period, registering a 20 percent growth over last year's earning.

In July-April period, woven garment products worth $4.19 billion was exported against the target of $4.34 billion, registering a 9.73 percent growth over the corresponding period of the last fiscal. The government set a target of woven export at $5.4 billion for fiscal 2007-08.

Business sources said return of foreign buyers to Bangladesh after a pause for various reasons accounts for the growth in export earning. Foreign buyers are coming back to Bangladesh to import low priced basic garment items.

The lengthy winter season in the West is another reason for the country's good export earning.

There was no lean period for sweater production this fiscal. Generally December-March is a lean period of sweater manufacturing, but this year there was no such lean period, according to business sources.

BRAC Bank to give support to Jamuna Money Exchange

BRAC Bank Limited signed a Memorandum of Understanding (MoU) with Jamuna Money Exchange (UK) to provide secured remittance facility from United Kingdom to Bangladesh.

From now on, Bangladeshis who are living in United Kingdom can send their money without any risk to Bangladesh at their convenience through Jamuna Money Exchange (UK) at a short span of time. They can also invest their hard earned money in the various attractive savings schemes of BRAC Bank Limited. Currently, BRAC Bank has 36 Branches, 415 SME Unit Offices and more than 1800 Remittance Delivery Points across Bangladesh.

Fazle Hasan Abed, Chairperson, BRAC and Founder Chairman of BRAC Bank Limited inaugurated the service providing activities of BRAC Bank Limited through Jamuna Money Exchange in the United Kingdom.

Naushad Hussain, Head of Probashi Banking Service of BRAC Bank Limited; Faisal Omar, Head of International Distribution of Probashi Banking Service of BRAC Bank Limited, local Senior Officials of BRAC, local elites among foreign Bangladeshis were also present in the ceremony.

Islamic Finance and Investment approves 15pc cash dividend

BUSINESS REPORT

The 7th Annual General Meeting of Islamic Finance and Investment Limited (IFIL) was held on June 16 last at BDR Darbar Hall in the city.

The meeting was presided over by Rezakul Haider, Chairman, Board of Directors of IFIL.

Vice-Chairmen Anis Salahuddin Ahmad and SM Bakhtiar Alam and Managing Director Md Rabiul Islam, other directors, sponsors, officials and staff of the company were present at the meeting.

In his speech, the chairman expressed his satisfaction about the overall performance of IFIL.

He mentioned that the outstanding investment rose to Tk 215.18 crore at the end of 2007 which showed 14 per cent growth. In the year 2007, IFIL earned profit before tax of Tk 6.197 crore.

The AGM approved 15 per cent cash dividend for the year 2007. As per Articles of the company, one third (3 directors) of the directors are retired. KBM Moin Uddin Chisty was elected new director and Rezakul Haider and Anwar Hossain Chowdhury were re-elected at the AGM.

Citycell customers to enjoy special service from JBFH

BUSINESS REPORT

Japan Bangladesh Friendship Hospital (Pvt) Limited and Citycell signed a 'Telehealth Services Agreement' on Wednesday at Citycell Head Office, Mohakhali in the city.

Under this agreement, Citycell customers will be able to contact specialised doctors of Japan Bangladesh Friendship Hospital (Pvt) Ltd for 24-hour health advice by dialing 10600 from their Citycell phones.

Dr Sarder A Nayeem, Chairman of Japan Bangladesh Friendship Hospital (Pvt) Ltd and Citycell CEO Michael Seymour signed the agreement on behalf of their respective organisations.

They expressed their appreciation and mutual interest in taking this initiative further. Both parties agreed that this arrangement would pave the way for developing more diverse and customer-friendly solutions by merging telecommunication technology with medical services to reach people living in even the remotest parts of the country.

Dr Jonaid Shafiq, Managing Director, Mahbubul Alam Babu, Executive Director of Japan Bangladesh Friendship Hospital (Pvt) Ltd and Md Mahfuzur Rahman, Deputy Chief Technology, Ms Sania Mahmood, General Manager, Marketing Communications and Branding, MBM Lutful Hadee, Deputy General Manager of Taxation, Legal and Company Affairs of Citycell and other officials of both the organisations were present at the signing ceremony.

Al-Arafah Islami Bank holds 10th EGM

BUSINESS REPORT

The 10th Extra Ordinary General Meeting (EGM) of Al-Arafah Islami Bank Ltd was held at Trust Milanayatan, Cantonment, Dhaka on June 19 last.

The EGM approved amendment of a clause of Articles of Association of the bank. Alhaj Md Anowar Hossain, Chairman, Board of Directors of the bank presided over the meeting.

Vice Chairman of the bank Alhaj Mir Ahmed Sowdagar, Directors Ali Md Harun-ar-Rashid Khan, Alhaj Ahmed Ali, Alhaj Nazmul Ahsan Khaled, Alhaj Abdul Malek Mollah, Alhaj Hafez Md Enayetullah, Alhaj Kazi Md Mofizur Rahman, Alhaj Badiur Rahman, Alhaj Abdus Samad, Alhaj Kh Meshbahuddin Ahmed, ex-Director Alhaj AZM Shamsul Alam, Managing Director MA Samad Sheikh, Additional Managing Director ATM Harun Ur Rashid Chowdhury, Executive Vice Presidents, Company Secretary, executives, officers and a large number of shareholders were present in the meeting.

Alhaj Md Anowar Hossain thanked the shareholders for their participation and confidence entrusted on the Board of Directors.

Bright prospects for green gram cultivation

BSS, Rangpur

Research findings of a Non- Government Organization (NGO) shows bright prospects for expanded cultivation of green gram (mug daal), which will meet the country's demand for pulse side by side with bringing huge profits for the farmers in northern Bangladesh.

Rangpur-Dinajpur Rural Service (RDRS) revealed this information here today based on its commendable success in conducting filed level research works on pulses and farming of green gram in the region over the past few years.

RDRS conducted the research works jointly with Bangladesh Agriculture Research Institute (BARI) and Bangabandhu Sheikh Mujibur Rahman Agriculture University (BSMRAU), officials said. While narrating their success, Agriculture Coordinator of RDRS and a PhD student of Jahangir Nagar University M G Neogi told BSS that green gram could be cultivated in larger scale in only two months everywhere in Bangladesh.

Quoting from the research results, he said green gram could be one of the most profitable major cash crops especially in the Monga-prone greater Rangpur and Dinajpur districts as its cultivation is more profitable than that of other crops.

"Over 70 percent of the total cultivable lands having better dewatering facilities are fit for cultivating the green gram," Neogi said madding, the farmers after harvesting potato can sow green gram seeds in the same land by March and get the crop within only 60 days.

He also said that the farmers could cultivate T-Aman paddy in the same land in June/July by adopting the 'Aman-Potato-Gram rely-method cropping pattern.'

Prime Finance to operate investors' custody accounts

Prime Finance and Investment signed a Custody Depository Participant agreement with Central Depository Bangladesh Limited. As a result, Prime Finance has become eligible to operate investors' custody accounts as well as clearing accounts of stock brokers and stock dealers. Md. Akter Hossain Sannamat FCA, FCS, Managing Director of Prime Finance, and Mohammed Habibus Samad FeA, Managing Director and CEO of Central Depository Bangladesh Limited, signed the agreement on behalf of their respective organizations.

Among others, AKM Nozmul Haque, Consultant, Md. Ahsan Kabir Khan, Senior Vice President, Moin Al Kashem, Senior Vice President, Md. Rezaul Haque, Vice President of Prime Finance and Investment Limited and Ms. Feroza Ahmed, Executive, Legal affairs of CDBL were also present in the occasion.

Prime Finance and Investment Limited, one of the leading financial institutions licensed by Bangladesh Bank under the Financial Institution Act" 1993, has been operating in the country with a special focus on capital market operation. Prime Finance is also a full-fledged merchant bank licensed by Securities and Exchange Commission. Being a leading merchant bank, Prime Finance has been offering issue management, underwriting, portfolio management and financial advisory services. Prime Finance has been operating in Bangladesh since 1996. Its core competencies cover lease finance, term finance, real estate finance, public issue of shares, portfolio management, margin loan, share trading etc. Recently the company has launched 'Prime Finance Housing Deposit Scheme', a monthly deposit scheme for different periods, which is designed to assist people with limited income to purchase their own dwelling place through a guaranteed financing facility.

BNVS Healthcare customers to get insurance coverage from ALICO

BUSINESS REPORT

BNVS Healthcare Ltd and American Life Insurance Company (ALICO), Bangladesh recently signed a Memorandum of Understanding (MoU), whereby ALICO will extend insurance coverage to the customers of BNVS Healthcare Ltd.

Zafar Iqbal Chowdhury, Chairman of BNVS Healthcare Ltd, and Akhlaqur Rahman, Chief Operating Officer of ALICO, signed the agreement on behalf of their respective companies. Senior officials of both the organizations were present on the occasion.

ALICO is a subsidiary of American International Group, Inc (AIG).

Budget analysis symposium held to encourage youth voice

A 'Budget Analysis Symposium' was organised in the conference hall of Faculty of Business Studies, University of Dhaka on June 16 last. The programme was jointly organised by Dhaka University Management Club and Profile of Bengal, a rapidly growing website which aims at archiving the region's history and evolution.

The symposium invited presentations from students of various private and public universities, and seven teams from Department of Management and Institute of Business Administration of Dhaka University; Social Science Department and James P Grant School of Public Health of BRAC University, and University of Liberal Arts Bangladesh presented their analyses on different aspects of the newly proposed National Budget 200809. The panelists were a diverse group consisting of scholars, journalists and politicians: Shawkat Hossain Masum, Business Editor of The Daily Prothom Alo; Sheikh Shahariar Zaman, Senior Staff Correspondent, New Age; Dr Abu Eusuf, Associate Professor, Dept of Development Studies, University of Dhaka; and Zunayed Saki, Politician made comments on the presentations made by the students.