The New Nation - Internet Edition

Onion prices go up suddenly: Prices of rice continue to rise

BUSINESS REPORT

Prices of different varieties of rice went up by Tk 2-Tk 4 per kg in the last one week compared to the prices of the preceding week.

Traders at Kawran Bazar said Minicate variety of rice was selling at Tk 44-Tk 45 per kg and Nazirshail at Tk 42 -Tk 44 per kg against Tk 42-Tk 44 and Tk 38-Tk 41 respectively a week ago.

Coarse varieties of rice, especially BR-28, were selling at Tk 39-Tk 41 per kg against Tk 38-Tk 39 per kg in the previous week.

At wholesale level, the Minicate variety of rice was selling at Tk 1570 -Tk 1580 per maund (37.300 kg) and the Nazirshail variety of rice was selling at Tk 1600-Tk 1620 per maund during the last week, unchanged at their previous rates.

Besides, BR-28, widely consumed by low-income people, was selling at Tk 1350-Tk 1400 per maund, unchanged from the prices of the previous week at the wholesale level.

Traders said prices of the finer variety of local lentil and imported Nepalese and Turkish varieties remained unchanged at their previous rates in the local markets.

In the past one week, traders said prices of coarse flour remained unchanged at their previous rates at Tk 39-Tk 40 per kg.

Some traders in the city's retail markets said prices of non-brand soyabean oil and super palm oil declined by Tk 2-Tk 3 per kg in the retail market, which were selling at Tk 120-Tk 122 per kg and Tk 106- Tk110 per kg respectively against the previous rates of Tk122-Tk 125 per kg and Tk 110-Tk 112 per kg respectively in the city's retail markets.

Traders at the wholesale markets of Karwan Bazar and Naya Bazar said soyabean oil and super palm oil were selling at Tk 118 per kg and Tk 104 per kg respectively.

During the same week, edible oil of different brands in five-litre cans was selling between Tk 600 and Tk 610.

In the past one week, the price of non-brand sugar was Tk 36 per kg, unchanged at its previous rate. At the wholesale level, sugar price ranged between Tk 1650 and Tk 1680 (50 kg) in the last week.

Prices of both local and imported varieties of onion increased by Tk 6 per kg last week on an average while prices of non-brand edible oil declined by Tk 2-Tk 3 per kg. Prices of other essential commodities, including rice, remained almost unchanged in the city's retail markets, traders said yesterday.

Prices of onion, both local and imported, rose significantly in the city's retail markets due mainly to shortage in supply because traders were hoarding the item for upcoming Ramadan.

A number of traders in the city's retail markets said a section of businessmen increased the price of onion taking the advantage of shortfall in supply.

According to the traders of city's retail markets, prices of a number of vegetables, including ladies' finger, brinjal and cowpea were Tk 28 per kg, Tk 48 per kg and Tk 30 per kg respectively, unchanged from their previous rates.

HSBC opens new retail branch at Banani

BUSINESS REPORT

HSBC in Bangladesh on Thursday opened a new retail banking branch at Banani in Dhaka.

HSBC Asia Pacific Head of International, Paul Leech, officially inaugurated the new branch.

The new branch is designed according to the HSBC Group's new retail store concept and will provide a better customer experience.

Inaugurating the new branch, Mr Leech said, "The new branch is part of HSBC's ongoing commitment to expanding its footprint in Bangladesh, with a view to providing customers with the highest possible standard of service."

The incoming CEO of HSBC in Bangladesh, Sanjay Prakash added, "The new branch will cater to the needs of the people in Banani and adjacent areas."

The new branch is HSBC's 10th office in Bangladesh covering Dhaka, Chittagong and Sylhet and brings the total number of ATMs serving customers in the mentioned areas to 27.

Outgoing CEO, Steve Banner, Head of Personal Financial Services, Shafquat Hossain, and other HSBC staff were also present at the new branch opening ceremony.

EBL Card holders to receive discount on Best Air tickets

BUSINESS REPORT

Best Air Ltd, a leading private airline of the country is to offer exclusive priority services to all EBL Card holders including attractive 5 per cent discount on domestic and 7 per cent on international air tickets.

Eastern Bank Ltd (EBL) under its customer benefit programme titled 'EBL Advantage' has signed an agreement with Best Air Ltd in Dhaka recently.

EBL Head of Marketing, Nazeem A Choudhury and Best Air Head of Sales and Marketing Farhad Hossain signed the agreement on behalf of their respective organisations.

Among others, senior officials from both the organisations were present on the occasion.

Jamuna Bank adopts strategies for overall development

BUSINESS REPORT

The Half Yearly Branch Managers' Conference-2008 of Jamuna Bank Limited was held recently at Sonargaon Hotel in the city. The conference was inaugerated by Md Tazul Islam, Chairman of the Board of Directors.

Kanutosh Majumder, Vice Chairman of the Board of Directors, Alhaj Nur Mohammed, Engr AKM Mosharraf Hossain, Md Nurul Alam, and AlHaj MA Khayer, Director of the Board of Directors, Mohammed Lakiotullah, Managing Director of the bank, Additional Managing Director Md Motior Rahman, Deputy Managing Director MA Salam and Md Alauddin Al-Azad, Executives from the Head Office and all the Managers of the branches were present at the conference.

The progress of the bank's operation were reviewed in the conference while short-term and long-term strategies for the overall development of the bank were also adopted.

The Managers of 35 branches of the bank put forth the opinions and suggestions on the operational development programmes of the bank. They vowed to play effective role for augmenting income of the bank having reviewed the profitability of the preceding year.

In the conference discussions were held on policy matters and strategies of business for future were determined in consideration of the real life situation.

Country’s tax revenue up by 27pc in 2007-08

BUSINESS REPORT

The country's tax revenue earnings increased by some 27 per cent in the outgoing 2007-08 fiscal year to Tk 472 billion (US$7 billion), slightly above the official target, the National Board of Revenue (NBR) said.

The government originally set a revenue target for 2007-08 of Tk 438.50 billion and later raised it to Tk 459.70 billion.

The result marked the first time that the NBR had fulfilled its revenue target, a senior board official said.

The government has set a revenue target of Tk 545 billion for the current fiscal year of 2008-09 that began in July.

Tax-reforms and a concerted drive against tax evasion has boosted income tax collection, the Asian Development Bank has said.

"But the tax laws have fundamental structural weaknesses, including extensive tax incentives and exemptions," it said in its latest report on Bangladesh.

"These issues need to be addressed in tax legislation to establish a simple and transparent tax system."

Krishi Bank holds selected branch managers’ confce

Md Mukter Hussain, Managing Director of Bangladesh Krishi Bank speaks at the 11th conference of the managers' of selected branches of the bank held at the Board Room of the bank's head office yesterday.

The conference was attended by Deputy Managing Director Md Joynal Abedin, concerned General Managers of the head office and field offices, Deputy General Managers, Managers of all city branches of the country and other high officials of the bank. The meeting reviewed performances achieved by the branches during the past financial year and advised all concerned to make concerted efforts with a view to achieving all business targets of present financial year.

Galda Shrimp cultivation in Jamalpur

BSS, Jamalpur

District Fisheries Office has taken steps to expand cultivation of "Galda Shrimp", in the district, sources said yesterday.

The fisheries office imparted training to 100 fish farmers of Jamalpur Sadar and Melandah upazilas on Galda shrimp cultivation primarily. After receiving training some fish farmers have already started Galda shrimp cultivation in their ponds.

Fish farmer Rafiqul Islam of Goneshpur said he released Post Larva (P.L) of Galda Shrimp worth of Taka 25,000 in his pond.

District fisheries officer AKM Nurul Islam said the fish farmers could earn more profit from the cultivation as it is easy

and the shrimp grow up within a short time than the other fish.

Program on Documentary Letter of Credits Operation at DBTI

A programme on Documentary Letter of Credits Operation was held at the Dhaka Bank Training Institute (DBTI) at Motijheel in the city on July 15 last.

A total of 20 officers from different branches of Dhaka Bank Limited (DBL) participated in the programme. Mehboobur Rehman, Lead Executive Consultant, BANKCONSULT conducted the session.

BAFEDA holds workshop on 'Role of Commodity Derivatives in Financial Risk Management’

Bangladesh Foreign Exchange Dealers' Association (BAFEDA) recently organized a workshop on "Role of Commodity Derivatives in Financial Risk Management" for the member banks in their conference room at Eastern Commercial Complex. Bangladesh Bank has recently issued a circular on "Hedging price risk of commodities" that would allow banks to help importers of various commodities, such as wheat, cotton, base metals, etc. to hedge their price risk. The keynote speakers at the workshop were Alamgir Morshed, Head of Global Markets, Standard Chartered Bank (SCB) and Zahedul Arefin, Associate Director, Standard Chartered Bank.

The highlights of the discussion were on the concepts of derivatives, the pricing models, role of derivatives as a risk management tool and its prospect in Bangladesh. Major focus was given on the interpretation of the circular issued by Bangladesh Bank, according to which local banks can now provide hedging products to client by doing a back to back transaction with a foreign bank. The session was very interactive with lot of interest from the bank officials to understand how this can help their clients in an environment of rising prices. The workshop was the first such event in this area and all the participants highly appreciated the timely nature of it.

Eastern University holds discussion on 'Role of Private Universities in Higher Education’

Eastern University organised a round table discussion on 'Role of Private Universities in Higher Education' which was held on July 24 in City Hall, Sylhet City Corporation, Nagar Bahaban, Bandar Bazar, Sylhet.

Prof Dr M Aminul Islam, Vice-Chancellor, Shahjalal University of Science & Technology, Sylhet was the chief guest. Prof Dr S M Abdul Khaleque, Chairman, Board of Intermediate and Secondary Education, Sylhet, Prof Dr Nazrul Haque Chowdhury, Principal, Govt Womens' College, Sylhet were special guests.

Abul Quasem Haider, Chairman, Eastern University Foundation was the inauguration speaker. Md Shamsuzzaman, BOG, Eastern University, college teachers or different colleges, journalists, business professionals and media were present at the discussion programme. Prof Dr Rahim B Talukdar, Vice Chancellor, Eastern University chaired the session.

Ejab Group signs deal with Papyrus Communications

Ejab Group Ltd, country's one of the pioneering business houses and Papyrus Communications Ltd, a new generation full-service communications agency recently signed an agreement.

Under the deal, from now on Papyrus Communications will carry out integrated communication activities for Ejab Group's FMCG brands.

Held at Papyrus Communications' Dhanmondi office, the signing ceremony was attended by a number of high officials presented from both the organisations.

Eshtiaque Ahmed, Managing Director, Ejab Group Ltd and Rahber Khan, Managing Director, Papyrus Communications Ltd signed the agreement on behalf of their respective organizations.

Among others, Kh Moallem Abdul Malek, COO, Anwar Parvej, Brand Manager, Nazia Ahmed, Marketing Dept from Ejab Group Ltd, and Kazi Musfiqur Rahman, Director, Account Management and MA Ehasan Faisal, Media Manager from Papyrus Communications Ltd were also present on the occasion.

Ejab Group Ltd was the brain child of famed entrepreneur Late Rtn Engr Ejabuddin Ahmed. Under his august role, the group emerged in the late '50s as a national construction company with an aim to build the infrastructural facilities in northern part of the country. Besides a number of govt, semi-govt, private projects, the construction of Rajshahi University is of one of their benchmarks. After that, the Group ventured into different sectors like Cold Storage, Real Estate, Distributions, Holding, Investment and FMCG, 'Rabeya' Atta-Maida-Suji, 'Quality' Atta-Maida-Suji-Cheese, 'Tista' Salt, 'Naikol' frozen products are few of their renowned FMCG brands. Besides, the Group has plans to float some new brands soon in different categories like Custard and Plain Cake, Mustard Oil, Flour based products etc.