The New Nation - Internet Edition

CSE closes lower yesterday

UNB, Chittagong

Trading at Chittagong Stock Exchange (CSE) closed lower yesterday (Monday) with the losers dominating the gainers.

The CSE All Share Price Index (CASPI) declined by 0.68 percent to close at 9044.95 points.

The CSE-30 Index also shed 1.39 percent to close at 8087.18 points.

A total of 131 issues were traded yesterday. Of them, 39 gained, 89 declined and three remained unchanged.

Some 3,010,852 shares and debentures worth Tk 25.02 crore changed hands yesterday.

Bangladeshis abroad boost economy by $7.9b dollars

Overseas Bangladeshis have pumped a record 7.9 billion dollars back into their home economy in the past financial year, thanks to an increase in expatriate workers, officials said yesterday, reports AFP.

The amount, to the year ended June 30, 2008, grew by two billion dollars on the previous year, pushing the foreign exchange reserve to a comfortable six billion dollars, central bank governor Salehuddin Ahmed said.

"We've received a record 7.939 billion dollars remittance in the outgoing fiscal year, which is up by more than 33 percent on the previous fiscal year," Bangladesh Bank general manager Nabagopal Bhowmik told AFP.

"It's the biggest increase we have ever seen since our people started going abroad with jobs. If the trend continues, we will receive around 10 billion dollars of remittance in the 2008-09 fiscal year," he said.

Bhowmik said that as well as a rise in the number of people working abroad, the introduction of strict anti-money laundering laws had also boosted the inflow of money through legitimate banking channels.

The country's overseas employment ministry said nearly 832,000 people got jobs abroad in 2007 -- almost double the number the previous year -- mainly in oil-rich Gulf countries like Saudi Arabia, and Southeast Asia.

In the first six months of 2008, a record 489,312 people -- up 43 per cent on the same period last year -- got jobs abroad.

Many of those were now working in new European destinations such as Romania, Poland and Russia, which were increasingly employing Bangladeshi workers, ministry director Salim Reza said.

Officials count the number of Bangladeshis working and living abroad at five million, but unofficially the number is estimated to be eight million if those who have left through illegal channels are included.

Bangladesh, with a population of 144 million, counts on the inflow of foreign exchange to fund its imports.

The economy grew by a healthy 6.2 per cent to the year ended June 30, 2008, despite a sluggish investment climate due to a state of emergency, severe flooding and a devastating cyclone.

Essential prices continue to rise after oil price hike

BUSINESS REPORT

Prices of almost all daily essentials including rice, edible oil and eggs have increased by 5-15 per cent following the latest price hike of fuel.

The government raised the prices of fuel products on July 1 by 36 per cent which had an impact on the prices of essentials.

Talking to The New Nation, traders in the city's different kitchen markets attributed the essentials price increment to the rising of transportation cost.

"After the price hike of oil products like octane, petrol, diesel, the transportation cost has gone up accordingly, so it leads to the rising of essential prices," a trader said.

The price of per dozen chicken eggs has gone up from Tk 67 to Tk 75.

The price of edible oil has gone up from Tk 110 per kg to Tk 120 per kg.

The traders fear the prices would go up more in the days to come as increased production and transportation cost is yet to fully hit the consumers.

Shahjalal Islami Bank officials asked to ensure best services for customers: Chairman suggests bankers to contribute to nat'l economy by creating entrepreneurs, businesses

BUSINESS REPORT

The Half Yearly Business Conference 2008 of Shahjalal Islami Bank Limited (SJIBL) was held at Bangladesh-China Freindship Conference Centre in the city on Sunday.

The inaugural ceremony of the conference was presided over by the bank's Managing Director Muhammad Ali, while Akkas Uddin Mollah, Chairman of the Board of Directors was present as the chief guest.

Among others, Founder Chairman of the bank Sajjatuz Jumma, Vice Chairman of the Board Mohammad Farooq, Chairman of the Executive Committee Engr Md Towhidur Rahman, Chairman of the Audit Committee Mohd Solaiman, Directors Abdul Halim and Khandoker Sakib Ahmed, Sponsor Shareholders Anwar Hossain Khan, Mohiuddin Ahmed, Tofazzal Hossain, MA Mannan, Deputy Managing Directors Md Jillur Rahman and Md Mukhter Hossain were also present on the occasion.

Chairman of the Board Akkas Uddin Mollah stated that the bankers should increase their efficiency and ensure best of services to the clients.

He suggested the bankers to contribute to the national economy by creating new entrepreneurs as well as other businesses. Referring to the country's existing defaulting culture, the chairman urged the bankers to be more careful in selecting borrowers. Managing Director Muhammad Ali emphasised on accelerating growth and sustainable development of the bank with concurrent consolidation thereof.

The Managing Director gave necessary guidelines to the officials and branch managers towards strengthening the financial base of the bank.

He also advised the participants to be more sincere and dynamic to increase overall business including import and export.

He expressed his satisfaction for the popularity of deposit and investment schemes of the banks and stressed upon the need for taking necessary measures for further popularization of the schemes.

The meeting evaluated the performance of the last six months of the current year and adopted necessary strategy and action plan to achieve the target for the current year.

High officials of the bank and 27 branch managers took part in the discussion.

Arunachal, Meghalaya favour trade ties with Bangladesh

As India is intensifying its efforts to broaden trade ties with South East Asia, two northeastern states have pitched for opening of border trading posts with neighbouring countries, including Bangladesh, reports PTI.

Notwithstanding Beijing's claim over his state, Arunachal Pradesh Chief Minister Dorjee Khandu said opening of border trade posts with the communist nation would bring prosperity to the people of the state.

"We want opening of trading posts along our borders with Bhutan, China and Myanmar," Khandu told PTI here.

Meghalaya Chief Minister Donkupar Roy said New Delhi should look at the immediate neighbours of the Northeastern states as it would be more beneficial for them.

"Bangladesh is our immediate neighbour. The central government should explore the possibilities of expansion of trade with that country," Roy said.

Arunachal Pradesh is pitching for opening of traditional trade points with China at Bumla and Kenzamane in Tawang, Mechuka in West Siang, Gelling in Upper Siang and Kibithu in Anjaw districts.

It has also already sought security clearance from the Union Home Ministry for development of traditional trade routes to revive border trade with Bhutan and Myanmar.

Roy said Meghalaya, which currently has a trading post along the Bangladesh border at Dawki, would be happy to see more such posts coming up in the near future.

The opening of the proposed Dongsengmang-Bleeting road will reduce the travel time between Bhutan and Arunachal Pradesh significantly. Besides trade, the road link is expected to help increase the tourist inflow.

Govt slaps restriction on meat import

BUSINESS REPORT

The government has imposed restrictions on the import of meat as a precautionary measure amid global concerns of mad-cow disease outbreak, officials concerned said yesterday.

Customs authorities were alerted against the possible risks from meat imports from countries already affected by or exposed to the disease as the fisheries and livestock ministry slapped the restriction earlier this week.

"The restriction was enforced as Bangladeshi traders will risk losing export opportunities of animal bones, horn, hoof and so on if any meat consignment proved mad cow positive," an official of the ministry told The New Nation yesterday.

Currently, animal bone exporters are required to take mad-cow-free clearance certificates from the World Organisation For Animal Health.

Bangladeshi importers so far required no prior permission for meat imports, mainly for five-star hotels and a few fast-food chain shops.

Scientifically called Bovine Spongiform Encephalopathy, the mad cow disease has already affected several countries including US, resulting in cancellation of export orders from countries like Japan.

It is a fatal, neurodegenerative disease for the cattle and causes harm to brains and spinal cords of human beings in case of consumption of meat of affected animals.

The disease had claimed 163 lives in Britain and 37 elsewhere till April 2008, according to reports that forecast further rise in the casualties because of the long incubation period of the disease.

Officials said some 2,000 samples of cattle heads have so far been examined at Bangladesh Agriculture University, but no mad cow disease was detected but the importers were asked not to import meats from mad cow disease-affected countries.

Premier Bank holds 16th foundation training course

BUSINESS REPORT

Premier Bank Training Institute ended its 16th Foundation Training Course for the newly recruited officers on July 6 which started on June 17.

Vice Chairman of the Board of Directors of the bank BH Haroon was present at the concluding session as the chief guest, while Managing Director Khondker Fazle Rashid spoke on the occasion.

Additional Managing Director Md Mokhlesur Rahman, SEVP and Head of Corporate Dewan Anwarul Latif, EVP and Head of Credit Sahdat Hossain and Principal of the Training Institute Ashoke Bandhu Das were also present on the occasion.

Twenty-two participants completed their basic training on general banking, credit management and international trade finance etc.

Mizanur Rahman new MD of BSRS

BUSINESS REPORT

Md Mizanur Rahman, Managing Director of Bangladesh Shilpa Bank joined as Managing Director of Bangladesh Shilpa Rin Sangstha (BSRS) in addition to his present duties on July 6, 2008.

He joined Sonali Bank in 1978 and discharged various important duties in different banks. He was the CEO of Sonali Bank, Kolkata Branch, India. Subsequently, he served more than three years in Sonali Bank, Local Office, the largest branch of Bangladesh.

Mr. Rahman participated in various banking related training courses and seminars both at home and abroad. He obtained M.Sc (Ag) Degree in Economics from Bangladesh Agricultural University in 1976.

Mr Rahman was born in Meghna thana of Comilla district.

Apollo Hospitals organise health and mental care counseling

Apollo Hospitals Dhaka recently organized health and mental care counseling on Adolescent issues at Marie Curie School on behavioral patterns of the students, emotional crisis, physical changes and relationship with teachers/parents/peers. At the program, knowledge and guidelines were disseminated on how to handle the Adolescent issues on daily school activities to the section heads and student affair teachers. In addition, the program was aiming to raise the awareness level of adolescent healthcare issues to ensure the proper upbringing of the adolescents of our society. Dr. Abu Iqbal, Consultant-Neonatology and Paediatrics and Counselor Ms. Farhat Hasan of Apollo Hospitals Dhaka conducted the Program.

BDRCS, Swiss Red Cross sign MoU

STAFF REPORTER

A memorandum of understanding (MoU) was signed yesterday between the Bangladesh Red Crescent Society and Swiss Red Cross to implement a post-Sidr rehabilitation project in the cyclone affected Bagerhat district of the country.

Under the project, a total of 650 air resistant houses, 650

slab latrines and 34 drinking water sources would be installed in the Sundarbans union of Mongla upazila of the district at a cost of Tk 5 crore.

Shafiul Alam, secretary general of Bangladesh Red Crescent Society and Peter Pritchlar, representative of Swiss Red Cross, signed the MoU on be half their respective organisations.

Good response in Moulavibazaar FM's free seminar going on in Sylhet

The first of the free seminars of FM Method now covering the Sylhet division was held on Sunday in Moulavibazaar district drawing a good number of participants. The second will take place in Sylhet metropolitan city today. Popularly known as a widely acknowledged modal for easy learning of English, FM method is offering enthusiasts learners in the division with a couple of free seminars that started today from the district.

Today's free seminar in Moulovibazaar started around 11 am at the district municipality auditorium. Principle Mohammad Feroze Mukul, researcher-cum-inventor of FM Method conducted the seminar in an auditorium packed with interested participants mostly students who boasted a good degree of enthusiasm for learning the international mother tongue. The seminar drew a very positive response, organizers said.

Tomorrow's free seminar will be held (Monday, July 7) at the M Saifur Rahman auditorium of Sylhet metropolitan city at around 3 pm. It is to be followed by next one in Sunamganj (on Tuesday July 08), then in Nabiganj (on Wednesday, 9 July) and the last one for the zone to be held in Habiganj (on Thursdday July 10).

Any individual interested to attend the seminar, is requested to contact Mr. Khaled Hossein, divisional director of F M Method, Sylhet zone. His contact numbers: 0171-184799 and 0155-2439909. For further inquiry contact: Farmgate Campus: 9130290, 9144334, 0173-0050200