The New Nation - Internet Edition

Tk 25.06 crore budget of Bagerhat Municipality announced

UNB, Bagerhat

A Tk 25.06 crore budget of Bagerhat municipality for 2008-2009 financial year has been announced without imposing any new tax. Pourashava chairman Khan Habibur Rahman placed the budget through a press conference at local press club on Thursday.

In the proposed budget, Tk 3.80 crore has been shown as income from revenue sector while Tk 21.26 crore from development sector. Revenue expenditure has been estimated at Tk 3.40 crore while development expenditure at Tk 21.15 crore in the budget.

GMG to start Dhaka-Karachi flight from Aug

AVIATION REPORT

Private sector airline GMG has announced to start its flight between Dhaka and Karachi from mid August 2008.

Addressing a press conference at Travel Agent Polani Group of International in Karachi, Pakistan, Executive Director GMG Airline for Middle East and African Region, Varendra Natyal and Country Manager for Pakistan Misbahuddin Mehmood said that the airline would also provide cargo facility to customers.

They said that the airline would start its service to Karachi via Delhi. They said that GMG is a well-known international private airline of Bangladesh, operating its services between four Saarc countries and Dubai since 2004.

They said that the company has decided to start its service for Karachi via Delhi seeing increasing traffic and bright prospect of business. The company also intends to start its service up to Lahore soon, they added. Initially the airline will start three flights per week. They company has 7 most modern MD 82, MD 83 and 67 Boeing aircraft.

The company will also establish its office in Karachi. They said that the company has appointed Travel Agent Polani Group of International as its agent in Pakistan.

Rules & Procedures of VAT and Income Tax concludes in DBI : "Proper VAT and Income Tax calculation a must for success of business"

A five-day training course on "Rules & Procedures of VAT & Income Tax" was organised by DBI during June 21-25, at DCCI Business Institute (DBI). DCCI Director Rafiqul Islam Khan, FCA graced the closing ceremony as chief guest on 25 June 2008. He told that under the present competitive global market, the proper knowledge of Income Tax laws, VAT Rules & Regulations are needed for smooth running of Business organisations. He added that VAT has been introduced and imposed on the organisation in Bangladesh in a very short period of time. This has resulted in complicated accountability and financial difficulty for many business organisations, specially SME's. He stressed that evasion of tax is a crime, but avoidance of taxes as per rules & regulations is necessary to become competitive. For this knowledge of different rules & regulations of VAT & Income Tax are necessary for a business.

Khan urged the participants to use the ideas and knowledge, gained through the training course and disseminate the same among their colleagues, management with a view to enhancing skills for calculation and payment of VATI income Tax.

Executive Director, DBI Hossain Ali mentioned that DBI has been offering 40 short-term need based training courses for entrepreneurs and business executives. Ali told that DBI is the only Authorised Examination Body (AEB) of International Purchasing and Supply Chain Management (IPSCM) course of International Trade Centre (ITC), UNCTAD/WTO, Geneva. DBI has been conducting International Certificate/ Diploma Courses & Examinations on IPSCM in Bangladesh and invited all concerned to avail of the opportunity to acquire this most modern knowledge of management. Resource person of the course Lutfor Rahman was also present on the occasion.

The course on VAT and Income Tax aimed at familiarising the following topics:

Introduction to the Value Added Tax (VAT) and Salary Tax systems in Bangladesh; Registration and Record Keeping procedures of VAT; Calculation of VAT (Valuation); Credit Mechanism of VAT System; Return Submission and Demand, Salary Tax Assessment, Company Tax Assessment, Submission of Tax Returns etc. Well-experienced resource persons of OBI conducted the course in which a total of 35 participants from reputed business organisations attended.

Korea to invest US$ 45 million in Karnaphuli EPZ

M/s. Pungkook Chittagong (Pvt.) Co., Limited, a Korean company will set up a Bags, Packs and. Luggage Manufacturing Industry in the Karnaphuli Export Processing Zone.

This 100% foreign owned company will invest initially about Taka 315 crore in setting up their plant and will produce annually 8 million pcs, all kind of Bag and Carrying Case. The company will also create employment opportunity for 2000 Bangladeshi including 04 foreign nationals.

An agreement to this effect was signed between the Bangladesh Export Processing Zones Authority and the M/s. Pungkook Chittagong (Pvt.) Co., Limited in BEPZA Complex, Dhaka Prasanta Shushan Barua, Member (Investment Promotion) of BEPZA and Sang Hyup Lee, Managing Director of Mis Pungkook Chittagong (Pvt.) Co., Limited signed the agreement on behalf of their respective organisation.

Brig General Jamil Ahmed Khan, ndc, psc, Executive Chairman of BEPZA and other officials from respective organisations were present on the occasion.

Dubai's low cost Airline named 'Fly Dubai’

Dubai's new low cost airline has been named "FlyDubai". The brand identity and livery or FlyDubai will be unveiled in the coming months.

HH Sheikh Mohammed bin Rashid Al-Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, has approved the name FlyDubai from a shortlist presented by HH Sheikh Ahmed bin Saeed Al-Maktoum, Chairman of the new low-cost airline.

Sheikh Ahmed said: "FlyDubai is a simple, yet powerful call to action. It makes an immediate link to our core business, which is providing no-frills flights to bring people to and from Dubai. The name also carries a strong association with the city of Dubai, itself a brand synonymous with excellence, reliability and an international, pro-business approach.

"FlyDubai's operations will potentially cover an area of some two billion inhabitants. It will support Dubai's commercial and tourism sectors by serving a new set or travellers, and providing them with affordable air links to popular, high-demand destinations. A lot of ground work has been done thus far, and I'm pleased to note that FlyDubai is on track to launch its first flights by mid-2009."

FlyDubai will initially focus on regional flights within the GCC area and sounding countries. Its operations will be entirely separate from Emirates Airline and Group.

Ghaith al Ghaith, Chief Executive, Fly Dubai said: "Since the government announced the formation of Dubai's new low cost airline in March, it has been all systems go. We are recruiting for key positions, evaluating aircraft options and routes, working out our pricing and distribution strategy, and putting in place the structure and operational resources for the business.

"Efficiency is the pillar of our business model. In terms of our customer proposition, we will focus on keeping things simple and flexible. We want to make it easy for our customers to interact with us, and to have more control in how they book, purchase and select value-added services to their basic flight experience.

"It has been a busy time, but everything is going to plan. The selection of a name for the airline is only the first of many milestones to come, and we look forward to announcing more details over the coming months."

Habitat looks into paradigm shift approach in Bangladesh

BUSINESS REPORT

A three-day conference of Habitat For Humanity International ended on Saturday with a clarion call to enhance urban housing solution in Bangladesh as well as in South Asian countries.

Habitat is looking into a paradigm shift approach in Bangladesh in only rural to urban and peri-urban housing solution, said the top leaders of HFHI while explaining the outcome of the three-day conference at a press briefing session held at Dhaka Regency Hotel and Resort.

Jonathon Reckford, CEO, HFHI, Atlanta, USA, Kyle Scott, Regional Programme Manager, HFHI South Asia, Kelly Koch, National Director (incoming), HFHI Bangladesh and Emelda S. Mullick, PR and Resource Development Manager of HFHI Bangladesh, addressed the press briefing.

"We are expecting 5,000 distressed families of Bangladesh to be benefited through the housing solution activities in next five years, the HFHI chief said.

Considering natural calamities and disaster the HFHI has undertaken specialised project in Bangladesh named Disaster Response Project he added. 280 houses will be built in two major Sidr heat areas named Mirjagonj and Bakerganj, Mr Reckfor informed.

Kyle Scott said, study shows that a high rate of internal migration in Bangladesh. 'So we are looking into a paradigm shift approach in only rural to urban and peri-urban housing solution. RMG workers who are living in very unhealthy environment in the urban areas are going to be the major target group of HFHI activities," Scott said.

The conference began on Thursday with the theme of 'Scaling up urban housing solution in South Asia' was participated by more than 100 representatives from 12 countries of the world mainly from Asia.

Major report issued: UNICEF reveals principles for success against iodine deficiency

BUSINESS REPORT

UNICEF yesterday issued a major report on Iodine Deficiency Disorders (IDD), the single greatest cause of preventable mental retardation, which looks at progress made in preventing the problem over the past two decades, lessons learned and guiding principles for future success.

In a press release, UNICEF says that IDD results from a diet low in iodine, which is particularly damaging during early pregnancy because it retards foetal development, especially brain development, causing a range of intellectual, motor and hearing deficits. However the problem is easily and inexpensively prevented by iodizing all salt for human and animal consumption, highlights the report, Sustainable Elimination of Iodine Deficiency.

"This report shows how governments, the salt industry and communities, with UNICEF support, have made great progress over the past 20 years in eliminating iodine deficiency through universal salt iodization," said Werner Schultink, Associate Director of Nutrition, UNICEF. "But there is still much to do to ensure every child is protected."

Partnerships have been crucial for this achievement. Organizations such as the International Council for the Control of Iodine Deficiency Disorders, Kiwanis, the Micronutrient Initiative, Global Alliance for Improved Nutrition, Centers for Disease Control have all worked in partnership with governments and the salt industry, supported by donor governments and organizations.

"Thirty-four countries have achieved universal salt iodization however there are still 38 million children born every year at risk of brain damage because of iodine deficiency so there's no room for complacency in our efforts to combat the problem," added Mr. Schultink.

Along with those countries that have achieved universal salt iodization, two global regions are also close to this target, namely Latin America and the Caribbean where 85 per cent of households consume adequately iodized salt, and East Asia and the Pacific, where the figure is 84 per cent.

Nevertheless other regions face severe challenges and the report outlines five guiding principles based on the lessons learned over the past 20 years for successfully completing the global fight to eliminate IDD:

·Secure political commitment: Robust, continuous government commitment and industry motivation are essential.

·Form partnerships and coalitions: Partnerships between governments and donors, between governments and salt producers, and among all those supporting elimination efforts need to be strengthened at all levels.

·Ensure availability of adequately iodized salt: The salt industry must recognize iodization as a fundamental responsibility; governments must work with salt producers to improve their capacity; and producers must maintain and improve this capacity.

·Strengthen monitoring systems: A continuous and effective monitoring system is essential. Three types of monitoring are needed, covering the salt iodization process from the factory to the household, the impact on a population's iodine levels, and the overall sustainability of the programme.

·Maintain education and communication: Communication efforts should articulate concrete accountabilities and include specific messages tailored to the entire range of audiences, including national leaders, the salt industry, the media, technical and professional groups, teachers and families.

VORTEX introduces SAT119

SAT119 - a liquid throw type fire extinguisher has just been launched in Bangladesh. A successful demo of the product was recently shown to high officials of leading Garment and Apparel Industries, Banks, Insurance companies, Real Estate companies, Hospitals and Fire Service and Civil Defence office.

SAT 119 is a Japanese invention which has already gained market and significant popularity in Japan, South Korea, United Kingdom and Greece. SATl19 is a powerful extinguisher compared to the conventional fire extinguishers and its use is also very easy. Using a SAT 119 does not require any formal training, as it just needs to be thrown into the origin of fire - that's it! SATl19 can be used in Office, Factory, Home and in Apartments. SATl19 is marketed in Bangladesh and neighbouring countries by 'VORTEX' which has offices in Chittagong and Dhaka.

Singapore GP Season revs up for fun and excitement in Sept

An exciting season of top-notch lifestyle experiences, the inaugural Singapore GP Season, with its range of adrenal in-inducing performances and endless entertainment, is set to complement the historic 2008 Formula One ™ SingTel Singapore Grand Prix, giving visitors more reason to stay that extra day in Singapore for a complete Uniquely Singapore race experience.

Held over three weekends from 20 September to 5 October, the Singapore GP Season is anchored by more than 10 lifestyle events and premium experiences that include the Singapore River Festival, Opera Gallery's Master's Formula - The Artistic Drive, Amber Lounge and The Bulgari Watch Exhibition amongst many others. Visitors and locals can also look forward to a host of dining and retail promotions and late night shopping opportunities for a complete lifestyle experience.

"The Singapore GP Season will help entrench Singapore's standing as a world class events and entertainment capital and position Singapore as a top-notch lifestyle destination, providing unique experiences to complement the first ever night race in Formula One History," said Ms Margaret Teo, Assistant Chief Executive (Leisure), Singapore Tourism Board.

A key highlight of the Singapore GP Season is the inaugural Singapore River Festival, The Singapore Beer Festival ,Master's Formula - The Artistic Drive will showcase monumental sculptures of contemporary masters including Fernando Botero, Arman Fernandez, Robert Combas, Jean Dubuffet and Niki de Saint Phalle at two key tourism precincts - Orchard Road and Singapore River. Art lovers can also look forward to paintings and smaller sculptures of modern art superlatives like Pablo Picasso and Henri Matisse at Opera Gallery in Ngee Ann City. Amber Lounge, the ultra-exclusive party synonymous with the exhilarating action of the Formula One ™ race, is where race drivers, team principals, team sponsors, models and celebrities congregate to party from dusk to dawn. To be held at Millenia Waterfall, near Conrad Centennial, partygoers will be able to experience what former Formula One ™ driver Michael Schumacher termed" t the only place to celebrate after a Grand Prix"

Industries still shunning capital market: Tamim

bdnews24.com, Dhaka

The chief adviser's special assistant M Tamim says industries are still shunning the capital market despite its huge liquidity inflow.

"Industries are still dependant on banks for capital," the special aide said Thursday at a projection meeting on Titas Gas Transmission and Distribution Company ahead of its listing on the capital market, organised by Dhaka Stock Exchange. The state-owned company is going to offload shares worth Tk 215 crore on the capital market by direct listing. Trading will start on July 2. Tamim said the government's move to offload Titas shares came to make the capital market more strong. He however expressed concern over what he said was uncontrolled growth of the market. "Uncontrolled growth creates the collapse of the body." On Titas's direct listing, the chief adviser's special assistant said it was so far the highest investment in the capital market. "The listing will create more accountability within the organisation." Securities and Exchange Commission chairman Faruq Ahmad Siddiqi said the listing came at a time when the market was in need of liquidity. "As investors took interest in the market, demand and supply have found themselves in a mismatch. So issues are overpriced and the market is facing risks. The listing will ease the problems," he said.

Dhaka Stock Exchange's chief executive Salahuddin Ahmed urged Tamim for arrangements to enlist Bangladesh Petroleum Exploration and Production Company. "BAPEX cannot run explorations due to a shortage of funds. I would ask the government to take steps so that the company can raise capital from the market."

Power secretary Mohammed Mohsin, DSE president Abdul Haque also spoke.

SEC plans to bar MFs from issuing right shares

bdnews24.com, Dhaka

The Securities and Exchange Commission plans to bar mutual funds from issuing any right or bonus share, an official said Thursday. The capital market regulator will seek public opinions for the decision through a media announcement, SEC executive director Farhad Ahmed told reporters in his office. Asked the reason behind the move, Farhad evaded a direct answer but said: "There are some ambiguities in the law about MFs. We are trying to remove the ambiguities." Meanwhile, mutual-fund operators said they had no problem with the decision as close-end mutual funds cannot issue stock dividends by definition. "Close-end mutual funds by definition can only increase its paid-up capital through revised redemption. So there's no scope to issue stock dividends," Yaweer Sayeed, CEO of a private asset management company told bdnews24.com. He however said investors might not view the regulatory move positively. "Any review just two days before the closing of accounts of mutual funds may not be viewed as investor-friendly," said Sayeed, who operates two mutual funds. The top official of AIMS of Bangladesh reiterated that they had no problem if the decision was in force. The stock market regulator approved the IPO of Standard Insurance worth Tk 9 crore. The company's authorised capital is Tk 30 crore, while its paid-up capital is Tk 6 crore. "Net asset value (NAV) and earnings per share (EPS) of the issue is Tk 126.70 and Tk 19.52," said Farhad Ahmed.

The SEC also approved another IPO worth Tk 8 crore of Mack Son Spinning Mills. The company received regulatory nod to float 80 lakh shares each at Tk 10. NAV and EPS as of Dec 31, 2007 of the company are Tk 11.74 and Tk 10.69. ICB Capital Management is the issue manager for both IPOs.