The New Nation - Internet Edition

Executive Director of US AFL visits Dhaka EPZ

Visiting executive director of US-based American Federation of Labour (AFL)-Confederation of Industrial Organisation Miss Alli Kiel Larsen yesterday visited Dhaka Export Processing Zone (DEPZ)..

Bangladesh Export Processing Zones Authority (BEPZA) Chairman Brigadier General Jamil Ahmed Khan briefed Larsen about investment, exports and working environment in DEPZ. Larsen discussed, among others, the matters related to interest of workers.About workers' unions and their electoral process, the BEPZA chairman said an excellent relations is prevailing between the owners and workers in DEPZ. Larsen expressed her satisfaction over the initiatives taken by BEPZA for protecting the rights of the workers in EPZs of Bangladesh. Later she monitored CBA elections in two factories in DEPZ and expressed her satisfaction over the free and peaceful election atmosphere.

Hydrocarbon exploration in Bay of Bengal: ConocoPhillips of US set to get 8 offshore gas blocks

BUSINESS REPORT

The government is expected to award US company ConocoPhillips eight offshore blocks to explore for oil and gas in the hydrocarbon rich Bay of Bengal, an official said yesterday.

State-run oil and gas giant Petrobangla made the selection after evaluating bids from seven companies including Chinese giant CNOOC, Australia's Santos and the Korean National Oil Corporation.

Irish company Tullow has been selected for another offshore block. "The Petrobangla has evaluated offers from all seven companies. ConocoPhillips have qualified for eight offshore blocks and Tullow for one block," Pertrobangla chairman Jalal Ahmed told reporters.

"We have submitted the evaluation report to the Ministry of Energy and Mineral Resources today (Sunday). We hope they will make the final selection within October," he said.

The selection by Petrobangla has all but assured the two companies the rights to hunt for oil and gas in the hydrocarbon rich Bay of Bengal unless there is any major dispute or objection by the government.

Earlier, the Petrobangla invited bids for offshore exploration in February this year after dividing its sea territory in the Bay of Bengal into 28 blocks.

Experts have forecast major reserves of gas in the Bangladesh part of the Bay of Bengal, after huge discoveries were made in the Myanmar and Indian areas of the bay.

The country needs to urgently locate new sources of energy as the government forecasts the nation's current gas reserves will run out by 2014-15 at present consumption rates.

The country's economy has been growing at an average of six per cent since the 2003-4 fiscal year, the highest rate of growth since its independence in 1971.

Booming industry has resulted in a daily shortage of 150 million cubic feet of gas, forcing Petrobangla to suspend gas supplies to new industries in the port city of Chittagong.

The government has said the country needs at least 7.7 billion dollars worth of investment in gas exploration and development to sustain projected annual economic growth of seven percent until 2025.

Al-Arafah Islami Bank declares 20pc bonus dividend: Achieves 45.05pc growth in deposit, 31.47pc in investment last year, compared to 2006

BUSINESS REPORT

Al-Arafah lslami Bank Ltd approved 20 per cent dividend in the form of bonus share for the year ended on December 31, 2007 at its 13th Annual General Meeting (AGM) held yesterday at BDR Darbar Hall, Peelkhana in the city.

Alhajj Md Anowar Hossain, Chairman of the Board of Directors of the bank, presided over the meeting.

Vice Chairman Alhajj Mir Ahmed Sowdagar, Directors Alhajj Md Harun-ar-Rashid Khan, Alhajj Ahmed Ali, Alhajj Nazmul Ahsan Khaled, Alhajj Abdul Malek Mollah, Alhajj Hafej Md. Enayetullah, Alhajj Kazi Md Mofizur Rahman, Alhajj Badiur Rahman, Alhajj Ahamedul Haque, Alhajj Abdus Samad, Alhajj Kh Mesbahuddin Ahmed, Ex Director Alhajj AZM Shamsul Alam, Alhajj Badsha Meah, Ex Alternate Director Alhajj Niaj Ahmed, Chairman of Shariah Board Moulana Md Siddiqur Rahman, Managing Director MA Samad Sheikh, Additional Managing Director, Executive Vice Presidents, Company Secretary, executives, officers and a large number of shareholders were present on the occasion.

The house considered and adopted the Directors' Report, statement of accounts for the year 2007 along with Auditors' Report and also appointed the auditors of the company for the term until the next Annual General Meeting.

The bank achieved growth of 45.05 per cent in deposit, 31.47 per cent in investment, 43.68 per cent in import and 39.07 per cent in export during the year 2007, compared to 2006. The bank also reduced its classified investment to a large extent. At the end of 2007 classified investment of the bank stood at 3.72 per cent.

The shareholders participated in the review of the overall performance of the bank and expressed their satisfaction. They made some valuable suggestions for improvement of performance and image of the bank.

The Chairman of the bank Alhajj Md Anowar Hossain thanked the shareholders for the confidence entrusted on the Board of Directors.

Horlicks comes to market with new formula

Economic Reporter

A new formulation of Horlicks that is proven to make children 'taller, stronger and sharper' was re-launched in the city yesterday.

It has been proven in an extensive and robust clinical study conducted by an independent group of nutritionists and scientists in India. Results from this study have established that the group of children who drank Horlicks became significantly 'taller, stronger, sharper' than those children in the control group, who did not get the Horlicks micronutrients, it was told at the re-launching ceremony held at Sonargaon Hotel in the city.

Speaking as chief guest, Mahbub Jamil, Special Assistant to the Chief Adviser said the country's wheels of economics would be activated if the selling of Horlicks increased. It would be good for the country if Horlicks could bring up healthy children, he said.

Azimuddin Ahmed, Chairman of Mutual Group, Meharban Singh, former professor and Head of Department of Paediatrics and Neonatology Division in All India Institute of Medical Sciences and Debashis Mukherjee, Country Manager of SmithKline Beecham Bangladesh also addressed the re-launching conference.

Debashis Mukherjee mentioned that Horlicks now comes with an innovative packaging change.

The pack will now carry a new logo stating the proven claim that Horlicks is "Now Proven-Taller, Stronger, Sharper." An extensive 360-degree communication plan would also effectively promote the brand's new promise to children, he added.

Meharban Singh gave a presentation on "Effect of Micronutrients on Health and Nutritional Status of School Children-NIN Study".

Among others, Arup Ray, GM of Eastern India GSK, Ashesh Bose, Head of Medical Detailing GSK, Iftekhar Azim, Director of Mutual Group and Akhtaruzzaman, Deputy General Manager of Mutual Group were also present at the programme.

The new Horlicks bottle was unveiled amidst a brilliant display of fire spinning and a dramatic laser show that left the audience spellbound.

Western Union's money transfer service thru' postal dept launched

BUSINESS REPORT

Western Union's Money Transfer Service through Bangladesh Postal Department was launched yesterday, making an easy way for the expatriates to send home money from abroad.

This facility will be available initially at 450 post offices across the country enabling people to receive remittances easily and quickly. The service will be extended to other post offices of the country in phases.

Special Assistant to the Chief Adviser for Social Welfare and Posts and Telecommunications Brig Gen (Retd) MA Malek formally inaugurated the service by handing over the money sent by an expatriate from Malaysia to his beneficiary.

Postal Department Director General Mobashsher-ur Rahman, Bangladesh Bank Governor Dr Saleh Uddin Ahmed, Posts and Telecommunications Ministry Secretary Iqbal Mahmud, Western Union Country Director Ratish Kumar and Country Manager Syed Mohammad Kamal and Additional DG (postal services) AKM Rafiqul Alam was present at the function.

Bank Alfalah Limited rated AA2 by CRAB

BUSINESS REPORT

Bank Alfalah Limited, the financial arm of the Dhabi Group, UAE, for the year ending 2007 has been awarded 'AA2 Rating' in the long-run by the Credit Rating Agency of Bangladesh Limited (CRAB). Besides, an 'ST-1 Rating' for the short-run was also endowed on Bank Alfalah by the CRAB.

The Ratings Award and Detailed Report were handed-over to Majedur Rahman, Country Head for Bank Alfalah Limited by Hamidul Haq, Managing Director of CRAB at the Bank Alfalah Country Office at Gulshan in the city on July 10 last at a simple ceremony.

HS Swhrawardi, Vice-President, CRAB, Enam Al Quddus, Senior Financial Analyst, CRAB, Shahab Khattak, Head of Operations, Bank Alfalah Limited, Mubasher Ahmed, Head of Credit, Bank Alfalah Limited and Wasim Alam, Officer, Asset and Liability Management, Bank Alfalah Limited were present.

SIBL holds half yearly business conference

Social Investment Bank Limited (SIBL) held its Half Yearly Business Conference-2008 at Jamuna Resort Ltd at Bhuapur in Tangail Friday.

SIBL Chairman Abdul Awal Patwary was the chief guest and directors of SIBL were present as special guests on the occasion.

Managing Director KM Asaduzzaman presided over the conference.

Deputy Managing Director Abu Sadek Md Sohel gave vote of thanks.

The chairman appreciated the branch managers for their achievement and success. He said the bank made tremendous success in the year 2007 and in the 1st half of 2008.

He advised the managers to work hard for boosting business and to achieve the targets set for rest of 2008 so that the bank can become one of the best private banks of the country.

He said that SIBL has taken initiatives to implement the Basel-II directives to safeguard the interest of the depositors.

The managing director, in his speech, advised the branch managers to work with total commitment to achieve the business targets for the year 2008. He also stressed on the need for participation of all officers and employees of the bank in all activities so that the target is achieved. He asked the branch managers to mobilise more deposits and earn more profit.

Managers of 24 branches and senior executives of the bank were present at the conference.

Eskayef exports first medicine consignment to Indonesia

BUSINESS REPORT

Eskayef Bangladesh Limited has exported their first consignment to Indonesia as the first medicine export to Indonesia by any pharmaceutical company of Bangladesh.

On the success, Eskayef Bangladesh Managing Director AM Faruque said, "Indonesia is a regulated market and they have a very strong pharmaceutical base. Due to our high quality standard, we have got the approval and started exporting medicine to Indonesia as the first Bangladeshi pharmaceutical company."

The managing director had visited Indonesia in April 2006, accompanied by Head of International Business of the company Mahmud Hasan. First Secretary and Head of Chancery of Indonesian Embassy in Bangladesh Hendra P Iskandar facilitated the tour.

The visitors met top officials of Indonesia's Ministry of Foreign Affairs, Ministry of Health and Drug Administration Authority and pharmaceutical companies.

Following by their visit, a business delegation from Indonesia visited the Eskayef factory in May 2007. They were impressed seeing the quality standard of Eskayef Bangladesh Ltd and subsequently signed an agreement for importing medicine from Eskayef.

AM Faruque added, "We have already been exporting our products to many countries across four continents. This is yet another feather in our cap as our company increases its exporting network all over the globe."

Indonesia, with a population of 237 million people, is a very potential export market for the Bangladeshi pharmaceutical products, concerned sources said.

Supreme Pharamaceuticals holds field managers confce

Country's pharmaceutical industry has attained the capacity of meeting some 95 per cent of the local requirements of medicines. In addition, the industry is currently exporting to about 70 countries of the world.

Muhammad Shams-ul Haque, Chairman, Shams Group and Chief Adviser of Supreme Pharmaceuticals Ltd (SPL) said this while inaugurating a conference in the Head office on July 11.

He said the objective of the pharmaceutical companies should not be merely to earn profit but to contribute to the welfare of suffering humanity by producing quality products being strictly adhered to the WHO standards of GMP.

Muhammad Shams-ul Haque also handed over mobile sets to the managers for implementing the latest communication system through SMS-Plus business automation programme for effective monitoring and control of overall field activities.

The meeting was presided over by AKM Shahjahan, Managing Director of Supreme Pharmaceuticals Ltd, while Abdul Hai Kamal, General Manager (M&S), Sales Manager Md Akhtaruzzaman, pharma market analyst Mrs Kohinoor Begum, Regional Managers and Field Managers of Supreme Pharmaceuticals Ltd attended the conference.

SIMARCH holds Basel-II workshop for BB officials

SIMARCH Asia in cooperation with one of its partner organisations, FMO Netherlands, organised a 5-day workshop on 'Risk Management and Basel-II' in the city recently for the officials of Bangladesh Bank (BB). SIMARCH ASIA Pte Ltd Singapore Managing Director Md Akhtaruzzaman conducted the workshop.

SIMARCH has been conducting training programmes and workshops for banking personnel in Bangladesh Since 2003. It is currently working in more than 40 countries in Europe, Africa, Latin America and Asia.

In the workshop, regulation impacts of Basel-II on the banking industry of Bangladesh had been described. Also the parallel calculations for Basel-II capital requirements were being done with the real data of a bank in Bangladesh. Bangladesh Bank officials from Basel-II Implementation Cell, Banking Regulation and Policy Department, Department of Off-Site Supervision, Foreign Exchange Policy Department, Forex Reserve and Treasury Management Department, Department of Banking Inspection, Department of Financial Institutions and Markets, Human Resources Department, Department of Currency Management and Payment Systems and Accounts and Budgetary Department participated in the workshop.

RAKUB board meet held

Our Correspondent, Rajshahi

The 320th meeting of the board of directors of Rajshahi Krishi Unnayan Bank (RAKUB) was held at the board room of the bank on July 10. RAKUB Chairman Mohammad Yeahea Mollah presided over the meeting. A decision was taken in the meeting to introduce new types of loan programmes including deposit schemes, consumer loans, recurrent loans, vegetable villages, fisheries villages and milking cow villages programmes in various areas under SME (small and medium entreprises) project from 2008-2009 financial year.

The meeting also discussed the process of introduction of necessary programmes aiming at development of socio-economic condition of the people of north-western region of the country.