The New Nation - Internet Edition

Japanese language speech contest held at DU

BSS, Dhaka

A Japanese language speech contest was held here today in the auditorium of Institute of Modern Languages (IML) of Dhaka University (DU).

The Department of Japanese Language of IML organised the contest to help improve proficiency of students in Japanese language.

IML Acting Director Professor Abdur Rahim attended the function as the chief guest while head of Department of Japanese Language Ansarul Alam presided over the prize giving ceremony.

Munna, Alok elected JUJA President, Secy

BSS, Savar

Khairul Hasan Munna of Bangladesh Sangbad Sang-stha (BSS) and Rafiqul Islam Alok of the daily Sangbad have been elected president and general secretary respectively of Jahangirnagar University Journalists' Association (JUJA) for 2008.

The elected seven-member executive body of the association was declared on Friday after an election held at the university administration building, a JUJA press release said.

Professor Dr Muzammel Haque of Archaeology Department conducted the election as the chief election commissioner.

Other elected JUJA office bearers are Vice President Roknuzzaman Pias, Joint Secretary Shafiul Alom Saju, Treasurer Rezaul Haque Kawshik, Office and Publicity Secretary Mukimul Ahsan Himel, Executive Member Sazzad Biplob.

Call to create gender awareness among people

BSS, Dhaka

A three-day book fair began at British Council here on Friday.

The Department of Women and Gender Studies of Dhaka University (DU) organized the 'Gender Book Fair' in association with British Council.

DU Vice-Chancellor Professor Dr SMA Faiz inaugurated the fair as the chief guest.

Dean of Faculty of Social Sciences Professor Harun-Ur-Rashid and former president of Convention on Elimination of all forms of Discrimination Against Women (CEDAW) Committee Salma Khan joined the function as the special guests.

Gender-related books, journals and articles have been put on display. About 50 publishing houses and NGOs are participating in the fair with more than 3,000 books and journals.

The objective of the fair is to create gender awareness among the people.

'Prices of essentials cheaperat BDR-run sale centres'

BSS, Dhaka

The essential commodities were sold at cheaper prices in BDR-run sale centres and markets compared to those in the city's ordinary markets yesterday, said a BDR market survey released here on Friday.

Flour in a kg packet was sold between Taka 38 and 40 per kg in the different city markets while it was Taka 35 in BDR-run sales centers and Taka 39 in BDR- run open markets and in Kolkata it was equivalent to Taka 22.95.

Coarse rice was sold between Taka 33 and 35 per kg in different markets in the city. Rice was sold at Taka 36.50 at BDR- run open markets and Taka 34 at BDR- run sales center while the item is being sold at equivalent to Taka 29.50 in Kolkata markets.

Lentil (imported) was sold in different city markets at Taka 86 to Taka 94 per kg which is Taka 74-80 at BDR-run sale centres and Taka 84 at BDR-run open markets while lentil is being sold at Taka 86.88 in Kolkata markets.

Onion (imported) was sold in different city markets ranged between Taka 20 and 25. Onion was sold at Taka 22 at BDR run open markets. The item is available in Kolkata at Taka 11.47.

Potato was sold in different city markets at Taka 16 to Taka 20 per kg, while it was Taka 16 at BDR-run open markets and Taka 10 at BDR-run sale centres. In Kolkata, the price of the item is Taka 11.47.

Sugar is being sold at Taka 34 to 36 per kg in different city markets against Taka 33 at BDR-run open markets. In Kolkata, its price stands at Taka 26.22.

Salt was sold at Taka 12 and Taka 14 per kg in different city markets, while it was sold at Taka 9 to 10 per kg at BDR-run sale centers and Taka 15 at BDR run open markets. The item is available in Kolkata at Taka 14.65, the report said.

Soybean oil was sold between Taka 115 and Taka 122 per liter in the ordinary markets, while it is available at Taka 122 at BDR-run open markets. In Kolkata, the price of soybean oil is equivalent to Taka 124.59 per liter.

Palm oil was sold at Taka 104 to Taka 107 per liter in the ordinary markets, compared to Taka 109 per liter at BDR-run open markets and Taka 98 at BDR run sale centres. In Kolkata, the price of palm oil is equivalent to Taka 110.65 per liter.

Besides, Hilsa fish was sold in different markets at Taka 350 to Taka 370 per kg on Thursday, the release added.

Citigroup reports second quarter revenues of $18.7 bln

BSS, Dhaka

Citigroup Inc on Friday reported second quarter revenues of US$18.7 billion while Citi estimated a net loss for the 2008 second quarter of US $2.5 billion, based on 5,287 million shares outstanding.

The net loss was primarily due to fixed income write-downs and higher consumer credit costs in North America, according to an announcement made by Citigroup in New York, said a Citibank Bangladesh press release issued here on Friday.

But the results improved substantially from that during the first quarter of 2008 due to lower write-downs and good performance in the core franchise, it said.

Revenues during the second quarter were $18.7 billion, down 29 percent, largely driven by continued write-downs in Securities and Banking sub-prime related direct exposures in fixed income markets and a downward credit valuation adjustment related to exposure to monoline insurers. Revenues were stable across other businesses. The net interest margin increased 34 basis points versus first quarter 2008 to 3.18 percent.

Citi's operating expenses during the second quarter were $15.9 billion, up 9 percent, primarily due to $446 million in repositioning charges and the absence of a $300 million litigation reserve release recorded in the prior-year period.

Expense growth also reflected the impact of recent acquisitions. Expenses declined for the second consecutive quarter, due to continued benefits from re- engineering efforts. Credit costs of $7.2 billion primarily consisted of $4.4 billion in net credit losses and a $2.5 billion net charge to increase loan loss reserves.

Net credit losses increased $2.4 billion, primarily driven by residential real estate lending in North America and Global Cards. The incremental net charge to increase loan loss reserves of $2.0 billion was mainly due to residential real estate in North America.

The effective tax rate on continuing operations was 52.2 percent versus 29.8 percent in the prior-year period. The increase in the tax rate was due largely to higher tax rates in the jurisdictions where the losses were incurred.

During the current quarter, Citi further strengthened its capital position by issuing $4.9 billion of common stock and $8.0 billion of preferred stock. Tier 1 capital ratio was 8.7 percent at quarter-end.

"Despite the negative factors in the broader markets, we continue to see strong momentum throughout the organization with robust volumes in many of our products and regions," said Vikram Pandit, Chief Executive Officer of Citigroup Inc, according to a press release from Citibank Bangladesh.

"As part of our efforts to improve capital and balance sheet efficiency, we reduced legacy assets substantially during the quarter. We continue to be focused on building the strongest team by attracting world-class leaders to Citi and developing our current talent. This, combined with a sharp focus on customer relationships in all regions and an ongoing commitment to our strategic targets, will drive our earnings power going forward," said Pandit.