The New Nation - Internet Edition

BKB Narsingdi realizes classified loan

BSS, Narsingdi

Bangladesh Krishi Bank (BKB) in Narsingdi region has achieved success in realizing outstanding and classified loan during the last fiscal year.

The BKB during the period realized Taka Taka 78.88 crore including classified loan of Taka 7.71 crore against the target of realization through its 16 branches in the region.

The realization of outstanding loan from the farmers has exceeded the target. The percentage of realization of loan stood at 117 percent on June 30.

Sources said the success was achieved due to close supervision and all out efforts of loan recovery by the bank management.

GDP rises over 16pc in last year

ECONOMIC REPORTER

Country's gross domestic product (GDP) rose more than 16 per cent to $79 billion in the fiscal year to June 2008, despite double digit inflation, huge losses by state-run enterprises and natural disasters, a senior official said yesterday.

Per capita income also rose 15 per cent to $599, Mohammad Rafiqul Islam, deputy economic adviser, said.

The total value of the GDP and per capita income for the 2006-07 were $68 billion and $520 respectively.

"Repeated natural calamities, abnormal hikes of import bills and demand-driven upward inflation were the major challenges during the fiscal year," Islam told reporters.

Through the year the inflation was almost 10 per cent due to external price shocks, he said.

Owing to price hikes for imported goods and depreciation in the local currency, overall losses of state-run enterprises jumped 131 percent higher from 2006-07 to reach 53 billion taka ($774 million) in 2007-08.

Total losses incurred by 44 state enterprises were nearly 23 billion taka ($336 million) in 2006-07, said the government's annual economic review released on Wednesday.

Two state-run enterprises in the energy sector alone incurred 73 billion taka ($1.1 billion) losses, about 109 percent more than the previous year.

"Despite all the challenges, we enjoyed an improved external sector with relatively stable exchange rate, positive current account balance and higher foreign exchange reserves at the end of the just-ended fiscal year," Islam said, as he presented the review.

Healthy growth in export earnings, remittances inflow from expatriates, revenue income from the domestic sources, bumper production of boro rice, stable growth of capital market and overall stable growth in manufacturing and service sectors helped the economy to grow moderately, he said.

Bangladesh's more than 5 million expatriate workers sent home a record $7.94 billion in the fiscal year of 2007-08, nearly 33 percent higher than in previous year.

Also, export earnings in July-May, the first 11 months of 2007-08 financial year, grew 15.3 percent to $12.64 billion.

Bangladesh's tax revenues rose nearly 27 percent in the 2007-08 fiscal year from a year earlier to 472 billion taka ($7 billion).

Foreign exchange reserves stood at $6.15 billion at the end of June, 2008, the central bank said.

WB Country Director visits BEPZA office

BUSINESS REPORT

Country Director of World Bank Xian Zhu paid a visit to BEPZA Complex in Dhaka and met with Executive Chairman of Bangladesh Export Processing Zones Authority (BEPZA) Brig General Jamil Ahmed Khan. The Executive Chairman warmly received the Country Director.

The BEPZA chief briefed him about the entire gamut of BEPZA including the activities and development project.

He informed him about the establishment of own power plant for un-interrupted power supply and central effluent treatment plant for protection from environmental hazard.

He also reiterated about, the success of BEPZA which lies in the congenial relationship between the workers, the owners and excellent production oriented environment.

Xian Zhu expressed his deep satisfaction at the present activities and success of BEPZA and also conveyed the confidence pertaining to their future plan on infrastructure development strategy.

The World Bank Country Director assured all possible cooperation and assistance about the implementation of Comilla EPZ extension and refurbishment of closed government plants/complexes and make it operational as production zones under the supervision of BEPZA.

IBBL customer services must be improved to sustain successes: Managing Director tells officials at 'Business Promotion Meeting' in city

BUSINESS REPORT

Islami Bank Bangladesh Limited (IBBL) organised a 'Business Promotion Meeting' at Institute of Diploma Engineers in the city on July 22.

Presided over by M Fariduddin Ahmad, Managing Director of the bank the function was addressed, among others, by Mohd Shamsul Haque, Mohammad Abdul Mannan and Md Habibur Rahman, Deputy Managing Directors of the bank. Executives, officials and staff of all segments of the Head Office, Dhaka Central, South and North Zones and IBRTA attended the function.

M Fariduddin Ahmad in his speech as the chief guest upheld the achievement of the bank and suggested that customer services should be improved to sustain the success achieved so far.

He called upon the officials to receive the best training course in the light of globalisation to serve the purpose.

Fariduddin Ahmad urged to convey the facilities of deposit schemes of the bank to the doors of the mass people.

He said the people of the country should be made aware of the positive aspects of the bank.

He specifically laid emphasis on Mudaraba Waqf Cash Deposit Account, Mudaraba Muhr Savings Account, Mudaraba Hajj Savings Account.

He urged all to work concertedly to achieve the aim of establishing Islamic economic system.

The Managing Director mentioned about the multi-dimensional investment of the bank and opined that investment facilities should be disseminated keeping the sector, size, purpose, geographical areas and security of the investment into consideration.

He said Islami Bank is a bank of Shari'ah compliant. We are committed to implement Shari'ah in all sectors of the banking transactions. He stressed upon recovering overdue and classified investment.

He called upon to recuperate business and commerce of the country through establishing relationship with new investors and exporters. In this context, he mentioned about the modernisation of international commerce & industry

He emphasized upon the professional expertise and specialization of the bankers.

He said, we all should work together relentlessly to promote Islami Bank as a model bank.

Pubali Bank achieves satisfactory half-yearly business performance : Chairman emphasises on expansion of foreign remittance business thru' better customer, modern banking services

ECONOMIC REPORTER

The 2nd Conference 2008 of Regional and Corporate Branch Managers of Pubali Bank Limited was held at the bank's head office yesterday.

Hafiz Ahmed Majumder, Chairman, Board of Directors of Pubali Bank was present as the chief guest, while Managing Director Helal Ahmed Chowdhury presided over the meeting.

Directors Giasuddin Ahmed, Monzurur Rahman and Fahim Ahmed Faruk Chowdhury were present as special guests.

In his speech, Hafiz Ahmed Majumder emphasised on expansion of foreign remittance business through better customer and modern banking services. He also advised all to work hard, look for new business avenues and adopt diversification and to take concerted efforts for achieving the target fixed for the year 2008.

In their speeches, the directors underscored the need for increased utilisation of the modern Information Technology for qualitative improvement in the overall customer service of PBL as the bank has to compete in a highly competitive banking sector.

In his speech, Managing Director Helal Ahmed Chowdhury expressed his satisfaction at the half-yearly performance of the bank and said this has been possible due to professional approach and diligence practice by all.

He stressed on selection of potential borrowers and try to enhance bank business.

The Managing Director advised all to keep close vigilance through intensive supervision and close monitoring so that newly disbursed loans might not become overdue or classified.

At the meeting, business performance of the past six months of the current year was evaluated and necessary strategies were adopted for the next six months.

General Managers and other senior executives of the Head Office were present at the conference.

AHM Badrul Alam, GM of General Services and Development Division delivered welcome speech at the conference.

Agrani Bank introduces on-line remittance service

Foreign remittance has been palying a pivotal role in minimising the widening trade gap due to price hike of oil and commodities in the international market.

Agrani Bank Ltd has given highest priority on expatriate inward remittances. Agrani Bank Ltd has introduced on-line remittance service through its own software to deliver the hard earned foreign exchange of the expatriates to their relatives. At present under this system remittances come from Saudi Arabia through Alraji Banking and Investment Corporation, are credited within 24 hours to the account of the beneficiaries of Sylhet and Sunamganj districts. Customers throughout the country would enjoy this facility through 866 branches of Agrani Bank Ltd very soon.

Besides these, through this system remitters would be able to remit money from any comer of the globe including Malaysia, Singapore, Middle East and Europe.

Syed Abu Naser Bukhtear Ahmed, Managing Director and CEO of Agrani Bank Ltd inaugurated this service on July 20 last in a simple ceremony. Syed Abdul Hamid, DMD-l, Mohammed Fayekuzzaman, DMD-2 and other executives and officers of the bank were present on the occasion.

In his inaugural speech, the Managing Director and CEO emphasised on swift and safe delivery of the remittances to the respective beneficiaries.

The bank is going to introduce Money-Gram and other Instant Payment System very shortly to send the remittances to the customers instantly. Apart from these, the bank also is going to launch 'Remittance Card System' to facilitate 24 hours payment against remittances.

The bank has established 'Remittance Information Desk' in the Head Office to advise and help the remitters and beneficiaries regarding the way of sending remittances easily and quickly and how to invest the hard earned money properly.

Aktel announces Tk 1 per minute for postpaid customers

ECONOMIC REPORTER

Aktel yesterday announced attractive offers Tk 1 per minute for 24 hours, Tk 68 paisa per minute to any five FnF numbers, including the BTTB and Tk 25 paisa per minute for one partner number for the postpaid customers.

Aktel, one of the leading mobile phone operators of the country, announced the offers for the postpaid customers seven days after announcing the new tariff rates for its prepaid customers.

Addressing a meet the press programme in the city, Jefri Ahmad Tambi, Chief Executive and Managing Director of Aktel said, apart from these attractive offfers under the package, the postpaid customers would be provided free Internet, free missed call alert, free line rent and free insurance services. There would be a minimum call set up charge for outgoing calls, he added.

Jefri Ahmad said, "We are committed to provide our customers with the best possible mobile services and facilities in the country. Our postpaid customers are one of the most valuable stakeholders in our portfolio. In this respect, we are responding to long-awaited expectations from postpaid customers to provide something extra to them."

The free Internet service would be available from 12:00am to 8:00am where miscall alert service would be provided for 24 hours for the postpaid customers.

The customers who will use the postpaid line for three months can be applied for death insurance at free of cost and in case of any accidental death his or her beneficiaries would get Tk 1 lakh.

Among others, Bidyut Kumar Basu, Chief Commercial Officer, Nora Junita Hussaini, Chief Financial Officers, Javed Tariq, Head of Corporate Affairs, Zafrul Hassan, Head of Marketing were present at the programme.

Bidyut Kumar Basu said, "Based on the feedback and expectations from the postpaid customers of the industry across the country- we are making this simple and attractive postpaid offer. We want to listen more from our customers."

He said that the Aktel would provide advanced customer care services and establish widespread network in the country.

Transcom Electronics Ltd hails Dhoom offer winners

BUSINESS REPORT

Transcom Electronics Ltd (TEL) are promoting their marketing offer names 'DHOOM.' This offer includes a scratch card for buying appliances from any global brands like Philips, Whirlpool, Changhong, Samsung, and General. Anyone can get Taka 500, 1000, 2000, 5000 even a free Philips LCD TV by scratching these cards. Moreover, 10 per cent discount is also offered on all domestic appliance products. TEL is already distributing prizes among the winners. Till now the winners are namely, Ziauddin from Jessore (Philips LCD TV), Gazi Md. Zamat from Rajshahi and Moazzem Hossain from Chittagong (Tk 5000 off) and Sazzad Hossain from Comilla (Tk 2000 off). Also Mahmudul Haque from Dhaka, Md Emon and Tanvina Haque from Chittagong, Zumman Khan from Jessore and Rafiqul Islam from Khulna, all of them got Tk 1000 off. TEL informed that this offer closes on August 15.

BASF at the top of world’s chemicals ranking

BASF Bangladesh Limited is a subsidiary at BASF SE, Germany.

As per cent publication of FORTUNE GLOBAL 500, BASF maintains its 1st place in the global chemical market and 73rd largest company ranking in the world (based on 2007 sales figure). Every year US-based Fortune magazine ranks world's 500 largest companies covering all segments.

In another survey jointly conducted by the 'Hay Group' and Fortune Magazine, BASF stand 4th place in the 'World's 50 most admired companies" and was again voted one of the world's top 50 companies. This particular survey was done with 16,000 international managers and analysts from 26 countries.

BASF is the world's leading chemical company: The Chemical Company. Its portfolio ranges from oil and gas to chemicals, plastics, performance products, agricultural products and fine chemicals. As a reliable partner BASF helps its customers in virtually all industries to be more successful. With its high value products and intelligent solutions, BASF plays an important role in finding answers to global challenges such as climate protection, energy efficiency, nutrition and mobility. BASF has more than 95,000 employees and posted sales of almost €58 billion in 2007. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN).