The New Nation - Internet Edition

BB takes repos, reverse repos

BUSINESS REPORT

Bangladesh Bank yesterday accepted five bids of 1-to-7-day repos worth Tk 12.96 billion ($189 million) at an 8.50 per cent interest rate.

The Bangladesh Bank also accepted two bids of 1-day reverse repos worth Tk 1.1 billion ($16 million) at 6.50 per cent.

On Monday, the bank accepted repos of Tk 16.15 billion ($236 million) at 8.50 per cent.

Microcredit lenders urged to improve transparency

Reuters, Jakarta

Lenders to the world's poor should disclose how much they charge their borrowers, a global network of microcredit agencies said on Monday, urging more transparency and greater protection of the poor.

The proposal is backed by Nobel Peace Prize winner Muhammad Yunus, who set up Bangladesh's Grameen Bank and is regarded as the founder of the microcredit movement.

More and more commercial banks have gone into microcredit in pursuit of new customers and higher returns. In some countries, such institutions are poorly regulated and free to charge above-market annual interest rates -- of as much as 90 percent, in some extreme cases.

Microcredit Summit Campaign urged lenders to disclose their charges to a new, U.S.-based independent microfinance organisation. The Washington DC-based network of microfinance institutions kicked off its annual meeting on Monday on the Indonesian resort island of Bali.

"Investors, donors, policymakers, researchers and practitioners will immensely benefit from" having access to the interest rate data, Yunus was quoted as saying in a statement by the network.

The new global scheme, called MicroFinance Transparency, was launched following controversy over high lending rates to the poor who often lack information or financial expertise.

"In the past few years, hundreds of for-profit companies have begun financing and marketing loans to the poor in developing nations," the global network of microfinance firms said.

It added that the companies have been "attracted by near-monopoly lending environments and misleading pricing systems compounded by borrowers' frequent lack of understanding of the financial details of credit transactions."

The global network said participation in the scheme was voluntary but added that investors, donors and practitioners would be able to benefit from public information on lending rates charged by microcredit lenders around the world.

The information, published on the Web site www.mftransparency.org, will disclose repayment schedules for each product that participating microfinance institutions offer and will calculate the prices of those products in annual percentage rate terms.

Grameenphone files IPO application with SEC

BUSINESS REPORT

Grameenphone Ltd has filed its application for an Initial Public Offering (IPO) of up to US$150 million with the Securities and Exchange Commission, Bangladesh yesterday.

The IPO application was handed over to SEC Chairman Faruq Ahmad Siddiqi by Grameenphone Chief Financial Officer Md Arif Al Islam at the SEC office in the city.

SEC Executive Director Farhad Ahmed, Grameenphone Corporate and Regulatory Affairs Director Khalid Hasan, Public Relations Division Director Syed Yamin Bakht and Citigroup Global Markets Bangladesh Vice President Silmat Chisti were also present on the occasion.

The Grameenphone Board of Directors approved the proposal for an IPO of its shares earlier on July 21 last subject to necessary approvals and market conditions. Grameenphone also intends to conduct a pre-public offer of its shares with expected gross proceeds of up to US$150 million prior to the IPO.

Coping with high food prices : Tokyo to provide Dhaka 850m yen thru' WPF

Japan yesterday decided to extend grant aid totaling 6,620 million yen as food aid for the ten countries listed below, as part of the measures to cope with the problem of high food prices.

On April 25 this year, Japan announced that it would implement emergency food aid of approximately 100 million US dollars in the next three months in response to increasing food prices. Also on July 4, Japan announced that it would implement food aid of approximately 50 million dollars by October this year. The decision on this aid is, therefore, part of the concrete implementation.

For the aid to be provided through the WFP, Mr. John M. Powell, Deputy Executive Director of WFP's External Affairs and Resource Development Department, and Mr. Yuji Nakamura, Japanese Ambassador to Italy, will exchange Notes to this effect today in Rome.

The Exchanges of Notes for the bilateral assistance will be made in sequence in the future.

Of the decision made this time, a total of 4,710 million yen will be bilateral assistance and a total of 1,910 million yen will go through the WFP.

The food aid provided by Japan, including the donation of this time, accounts for about 203.12 million US dollars in total at this point.

Breakdown of the food aid decided (amount provided):

(1) Bilateral Assistance

Eritrea (630 million yen)

Cote d'Ivoire (670 million yen)

Congo (840 million yen)

Sao Tome Principe (450 million yen)

Sierra Leone (560 million yen)

Liberia (780 million yen)

Haiti (780 million yen)

(2) Through the WFP

Timor-Leste (240 million yen)

Sri Lanka (820 million yen)

Bangladesh (850 million yen)

Govt to send 900,000 workers abroad

STAFF REPORTER

The government said it has set the target of sending a record number of 900,000 manpower abroad this fiscal year (from July 2008 to June 2009).

In the last fiscal year (from July 2007 to June 2008), the country sent 832,000 workers mainly to Malaysia and oil-rich Middle Eastern countries, making record remittance of over 6.6 billion US dollars.

This amount was more than seven percent of the country's GDP, five times the overseas aid, and ten times the foreign direct investment.

In this fiscal year the remittance is expected to exceed nine billion US dollars, Foreign Adviser Iftekhar Ahmed Chowdhury, who is also in charge of the Ministry of Overseas Employment, said on Sunday while briefing Chief Adviser Fakhruddin Ahmed.

The export of manpower is the country's second largest foreign exchange earning sector after the apparel sector that used to fetch around US$ 9 billion a year.

Of the targeted 900,000 workforce to be sent this fiscal year, the number of skilled and semi-skilled would be 400,000.

The foreign adviser said the upgrade of skill is being done by 38 Technical Training Centres whose programs are now being designed in line with demand. This fiscal year the Technical Training Centres will produce 49,000 trainees, a record, as compared to last fiscal year's 26,000.

Iftekhar said diplomatic efforts are constantly underway with countries where the Bangladeshi workers were facing problems, and many of these issues have been resolved.a

Islami Insurance Bangladesh declares 5pc cash dividend: Plans to go for floating IPO soon

BUSINESS REPORT

The 8th Annual General Meeting of Islami Insurance Bangladesh Limited was held recently at the Head Office of the company at Motijheel C/A in the city.

Alhaj Mohammad Sayeed, Chairman of the company presided over the meeting. The meeting was attended, among others, by Alhaj M Tajul Islam, Vice Chairman, Alhaj Md Ismail Nawab, Vice Chairman, Tofazzal Hossain, Chairman, Executive Committee, Noor Mohammad Mamun, Directors Alhaj Md Abdul Hannan, Abul Kalam, Abdul Halim, Nur Mohammad, as well as, Managing Director of the company Md Zainul Huda, Additional Managing Director Md Mujibur Rahman and Company Secretary Md Nurul Alam Chowdhury.

Mohammad Sayeed informed the meeting that during the year 2007 the company earned premium of Tk 21.27 crore, exceptional loss reserve of Tk 2.20 crore and 24.55 per cent increase in total asset. During this period the company secured good position among the existing general insurance companies by earning a net profit of more than Tk 2.64 crore.

Executive Committee Chairman Tofazzal Hossain, Vice Chairman, Board Alhaj M Tajul Islam and Alhaj Md Ismail Nawab and other Directors discussed at the AGM in a very cordial atmosphere on the overall progress and achievement attained by the company.

The shareholders expressed satisfaction over the performance of the company and also reiterated their confidence in the board, and approved the Annual Accounts and Balance Sheet for the year ended on December 31, 2007 assuring their support for the betterment of the company augmenting new business in the years to come.

The company has already planned to go for Initial Public Offering (IPO) and relevant groundwork in this connection is under process. The company has also declared 5 per cent cash dividend for the year 2007.

IDLC Securities, Merchant Banking Division of Trust Bank sign Panel Broker Agreement

BUSINESS REPORT

The Merchant Banking Division of Trust Bank Limited has signed an agreement recently with IDLC Securities Limited (IDLCSL), a fully owned subsidiary of IDLC Finance Limited to enlist IDLCSL as a panel broker.

This agreement will enable the clients of Trust Bank Limited to execute their trades through IDLCSL.

The signing ceremony was held at the Head Office Trust Bank Limited.

Ishtiaque Ahmed Chowdhury, Deputy Managing Director, Trust Bank Limited, and Arif Khan, Chairman, IDLC Securities Limited signed the agreement on behalf of their respective companies.

Senior executives of both the organisations including Mahmudul Bari, Deputy General Manager, IDLC Finance Limited, Ahsan Ullah, Head of Merchant Banking Division, Trust Bank Limited, M Affan Yusuf, Manager, IDLC Securities Limited, Mohammad Saleh Ahmed, Senior Executive Officer, Trust Bank Limited were present at the ceremony.

NBL takes part in Single Country Trade Fair in Malaysia

Md Abdur Rahman Sarker, Managing Director of National Bank Limited has recently inaugurated a stall of the bank at the 'Single Country Trade Fair' held in Malaysian capital Kuala Lampur, organized by Dhaka International Exhibition Company.

Shamsul Huda Khan, Executive Vice President and Head of International Division and other officials of the bank and some Bangladeshi expatriates were also present on the occasion.

It may be mentioned that the prime aim for participation in the fair was to motivate the expatriate Bangladeshis to remit money through banking channel and to introduce the products of National Bank Limited to them.

Prime Bank opens ATM Booth in Feni

Prime Bank Limited opened ATM Booth at Feni on July 28. Acting Managing Director of Prime Bank Nasiruddin Ahmed formally inaugurated the booth. SEVP Md. Jasim Uddin, EVP Habibur Rahman, SVP (IT) Md Iqbal Hossain, SVP (Card) Adil Raihan, SVP (Marketing) Ehsan Habib, were present on the occasion.

Installation of ATM facility will allow the customers to draw cash 24 hours a day. They will also be able to know account balance and have a mini statement of his/her account at the same time. Customers wishing to change his/her ATM code he/she can do the same through the ATM Booth. Other than these, Fast Cash service and drawing own choice of notes will also be available.

Soon through these ATM machines, customers will be able to pay their utility bills like gas, electricity, water supply, mobile phone also. In addition, VISA Card and Master Card holders can avail services of these ATM machines.

NUB growing fast

The Northern University Bangladesh (NUB), one of the leading private universities of the country, is progressing fast among more than 50 private varsities by attracting increased number of students every year.

NUB, established in 2002 with a vision of 'Think Globally and Act Locally' has presently about 9,000 students, studying under its six faculties, on its three campuses in Dhaka and two distance ones in Rajshahi and Khulna each.

According to the university authorities, NUB has sufficient number of skilled and experienced faculty members, necessary educational equipments and other facilities and above all an excellent studying atmosphere with no student politics on the campuses.

The mission of the university, run under the leadership of its Vice Chancellor Prof Dr M Shamsul Haque, is to offer quality education, which can greatly contribute to socio-economic empowerment of the people, at affordable cost.

Renowned scientist Prof Dr Nurul Islam has joined NUB as Dean of the Faculty of Science. The Department of Computer Science and Engineering (CSE) under the Faculty of Science offers BSc in Computer Science and Engineering and BSc in Electronics and Communication Engineering degrees.

The faculty has 20 fulltime and 12 part-time teachers to teach around 600 students in the department. It has 300 computers with two computers labs, a rich library with a lot of text and reference books and free-internet facilities to support the students.

The Faculty of Business is guided by its Dean Professor Dr M Azhar Uddin, former Pro-VC of Rajshahi University, The faculty has 45 full-time and 25 part time teachers. It offers various job oriented courses with high-standard syllabus.

A large number of country's renowned professionals in the banking and financial sectors and high officials have studied MBA in the university.

NUB's Pharmacy Department started its journey with a vision to create expert pharmacists in the country. The Department of Pharmacy has got approval from Accreditation and Education Committee of Pharmacy Council of Bangladesh. It has 17 full-time and 13 part-time teachers teach around 350 students of the department under the Faculty of Law is guided by its Dean Professor Dr AWM Huq, who is a former Vice-Chancellor of DIU.

DBTI holds workshop on Credit Risk Grading

A training workshop on Credit Risk Grading was held at the Dhaka Bank Training Institute (DBTI) at Motijheel in the city on July 16-17 last. A total of 25 officers from different branches and Head Office of Dhaka Bank Limited (DBL) participated in the workshop. Mohammad Abu Musa, Deputy Managing Director of the bank formally inaugurated the workshop. Dr Sujit Saha, Professor and Director (Training), BIBM, Dr Prashanta K Banerjee, Associate Professor, BIBM and Md Mohabbat Hossain, Lecturer, BIBM conducted the sessions.

BNCU holds nat'l workshop on 'The Use of ICTs' in city

The inaugural ceremony of a three-day long National Workshop on 'The Use of ICTs in the Field of Entrenching the Values of Dialogue and Human Rights in the Minds and Acts of Leadership' organised by Bangladesh National Commission for UNESCO, Ministry of Education in cooperation with the Islamic Educational, Scientific and Cultural Organization (ISESCO) to be held today at the BNCU Conference Hall, BANBEIS Bhaban (3rd floor), Palashy Nilkhet, Dhaka.

Kazi Habibul Awal, Secretary, Law, Justice and Parliamentary Affairs will inaugurate the workshop as chief guest while Md Fazlur Rahman, Director-General, Islamic Foundation Bangladesh, Zaglul Ahmed Chowdhury, Chief Editor and Managing Director, Bangladesh Sangbad Sangstha (BSS) will attend the function as special guests.

Abbas Sadri, Director, ISESCO Regional office, Tehran and Malama Meleisea, Director and UNESCO Representative in Bangladesh will remain present as guests of honour. Professor Dr. M. Imtiaz Hossain, Vice- Chancellor, Islamic University of Technology will preside over the inaugural ceremony.

Professors of different of universities, principals and viceprincipals of government colleges and other govt. and non government officials will participate in the workshop.