The New Nation - Internet Edition

ACME introduces Gingo

The ACME Laboratories Ltd has recently launched a new herbal product Gingo. Gingo comes from the extract of Gingo leaf. Its Botanical name is Ginkgo biloba. It has been used as a memory enhancer for a long time. Gingo is indicated in symptomatic relief of organic brain dysfunction, intermittent claudicating, vertigo and trinities. It is effective and safe for both male & female. It is available as tablet 40 mg and each box contains 5xlO's tablets in blister strips. The indicative price of Gingo is Tk 5 per tablet.

World Bank supports secondary education in Bangladesh

The World Bank approved a US$130.7 million IDA credit to the Government of Bangladesh, designed to improve the quality of secondary education, systematically monitoring learning outcomes, to increase access and equity, and ensure greater accountability at school level.

Bangladesh has recorded impressive achievements in the education sector. Since 1980, enrollments in secondary school have increased three-fold and female enrolments have risen seven-fold. This has been achieved partly thanks to a unique system of public-private partnership at the secondary level where more than 98 percent of secondary schools are managed and operated by the private sector with financial support from the government.

Female enrollment in the secondary schools increased from 1.1 million in 1991 to 4.4 million in 2006 after an innovative World Bank financed initiative 'Female Secondary School Assistance Project’ was launched in 1993. Schools and families received cash incentives under this project to keep girls in secondary school through completion.

This helped Bangladesh to achieve the MDG of gender parity in education ahead of time.

Despite these achievements, significant challenges remain. Completion rate at the secondary level is as low as 20 percent and many poor children, especially boys, are still left out of the secondary school system.

Overall improvement in gross enrolments also masks large disparities by poverty status. For instance, in 2005, the secondary school Gross Enrolment Rate among the richest fifty percent of the population was 75 percent, compared to 38 percent for the poorest 50 percent.

The Secondary Education Quality and Access Enhancement Project will finance activities in 121 Upazilas aimed at improving education quality, and poverty-targeted stipends and tuition to girls and boys to increase access and retention.

'Achievement of high quality secondary education is a critical foundation for higher levels of education and skills which are likely to have a significant impact on economic development,’ said Xian Zhu, World Bank Country Director for Bangladesh.’

This project will ensure that poor children are not left out of the secondary school system. Importantly, it will also enhance secondary teacher and student performance, as well as in making schools more accountable to the community.’

The project will also strengthen the institutional capacity of the Ministry of Education both at central and local levels, and establish an effective monitoring and evaluation system. It will measure learning levels by administering internationally comparable and national curriculum-based numeracy and literacy testing.

'Establishing a comprehensive monitoring and evaluation system is critical to improve the education system,’ said co-task team leaders Nazmul Chaudhury and Irajen Appasamy.

'The results of learning assessments will be fed back to policymakers and stakeholders to raise their awareness about the quality of education, which will enable them to adjust quality-related policies and interventions.’

The credit from the International Development Association (IDA), the World Bank’s concessionary arm, has 40 years to maturity with a 10-year grace period; and it carries a service charge of 0.75 percent.

Citycell and Japan-Bangladesh friendship Medical Services Ltd jointly observe world breastfeeding week 2008

Citycell recently joined hands with Japan Bangladesh Friendship Medical Services Limited to increase awareness on the importance of Breastfeeding among people of the country on World Breastfeeding Week, 1-7 August, 2008.

Rasheda K. Choudhury, Adviser, Ministry of Women and Children Affairs, Govt. of the People's Republic of Bangladesh inaugurated this weeklong program at the free health camp in front of the office of Japan Bangladesh Friendship Medical Services Limited yesterday. This was followed by a discussion session on World Breastfeeding Week inside the hospital premise.

Dr. Sarder A. Nayeem, Managing Director, Japan Bangladesh Friendship Medical Services Limited initiated the discussion session. Citycell CEO Michael Seymour attended this program as Special Guest. In his valuable speech, Seymour emphasized the importance of Breastfeeding for physical and mental growth of a child. Rasheda K. Chowdhury, Adviser - Ministry of Women and Children Affairs, Govt. of the People's Republic of Bangladesh also cited the Government initiatives to raise awareness on Breastfeeding in Bangladesh.

All the speakers stated that there is no alternative of Breastfeeding as it gives the babies the best nutrition, protects them from diseases, and helps them grow intelligent. It ensures the sound development of the physical and mental health of the babies. Both mothers and babies benefit from Breastfeeding during those first few hours of life. Breast milk is easy for newborns to digest and it contains antibodies that can protect infants from bacterial and viral infections. Mothers and communities also benefit when babies are breastfed. Breast cancer is more common in mothers who either have not breastfed or breastfed for a short period of time.

Dr. Md. Jonaid Shafiq, Chairman of Japan Bangladesh Friendship Medical Services Limited, Professor Amina Majid and Child Specialist Dr. Kazi Nawshad Un Nabi, Professor Rahima Begum also highlighted the importance of Breastfeeding in their speeches at this discussion session. At the end of the discussion session six Nurses and fourteen Field-Workers of the hospital were awarded certificates for the "Mother Support Workshop".

Free health check - up and medical advices were provided to the mothers and children visiting the camp from 9am to 1pm on August 1, 2008. Throughout the Breastfeeding week (August 1 to 7, 2008) the mothers and children can also avail special discounts on special services of the hospital.

BB provides $10m to SCB to settle oil import bills

BUSINESS REPORT

The central bank has provided overdraft (OD) facilities for US$10 million to a state-owned commercial bank (SCB) for settlement of its oil import bills, officials said.

"We have provided the OD facilities to the SCB against reverse repo auction to settle import payment bills for petroleum products," a senior official of the Bangladesh Bank (BB) told The New Nation yesterday.

He also said the central bank will continue its foreign currency support to the commercial banks mainly for making payments of fuel oils and food grains.

The central bank has continued its intervention in the inter-bank foreign exchange market by selling and buying US dollar directly and providing such short term facilities to the banks aiming to keep the market stable, they added.

As part of the intervention, the central bank has bought US$9.50 million from the commercial banks at a rate of Tk 68.50 recently to keep the country's forex market stable.

In December last, the central bank also purchased at least $37 million from the commercial banks as part of its intervention.

On the other hand, the BB started intervention in the market by selling the US currency directly to authorised dealers from October 29 last year to keep the market stable.

Since then, the central bank sold $735 million to the commercial banks as part of its intervention in the market.

9th AGM of Standard Bank Ltd held

The 9th Annual General Meeting of Standard Bank Ltd was held on July 28 at BDR Darbar Hall, Pilkhana, Dhaka. The Chairman of the Board of Directors Kazi Akramuddin Ahmed presided over the meeting. It was attended by Vice Chairman Alhaj Mohammad Shamsul Alam, Executive Committee (EC) Chairman of the Bank Kamal Mostafa Chowdhury, Directors Messers Shaikh Mesba Uddin and Sahazada Syed Nizamuddin Ahmed and Sponsors Muhammad Nurul Islam, Ferozur Rahman, Harun Rashid Chowdhury, Mohammed Abdul Aziz & Harun-or-Rashid, Managing Director (CC) S.A. Farooqui, DNID Md. Nazmus Salehin, External Auditor of the Bank and a large number of Shareholders were present on the occasion. The Company Secretary of the Bank Mr. A.F.M. Nizamul Islam Chowdhury conducted the meeting.

At the AGM, the Chairman Kazi Akramuddin Ahmed presented Annual Report 2007 of the Bank and Directors Reports. The Chairman congratulated the shareholders, attending guests and employees of the Bank with thanks for their active participation, commitment and invaluable contribution towards the overall growth and success of the Bank. He told that SME & Rural banking scheme has already been introduced for the help and development of the lower, middle and lower-middle class people of the country. He also said that measures have already been initiated for modernisation of the Bank and sought the help and co-operation of all the stakeholders for turning the Bank a modern, ideal and world class standard. He assured the shareholders for paying attractive dividend in future.

Many of the participant shareholders discussed on various issues as reflected in the balance sheet of the Bank in detail and offered their valuable suggestions for the growth of bank's income constraining expenses reasonably at lowest ebb and hailed the Management for the splendid performance of the year and approved all agenda including the balance sheet placed before the meeting. Mentionable that the AGM approved 12% stock dividend for the shareholders.

Apparel industry faces new challenge of Taka appreciation : Depreciation of Taka likely in coming months: Analyst

UNB, Dhaka

The country's apparel industry is exposed to a new threat with the Taka strengthening against US dollar.

If the appreciation of Taka continues for long, it may weaken the recent rebound in apparel exports, exporters said.

They said the dollar fell by over 4 percent to an average of Tk 67 (depending on the terms of exports) at present, compared to Tk 70 plus they negotiated end of 2006.

The new challenge emerged after the exporters survived increased production cost, around 10-15 percent, due to rise in fuel price and of other inputs as a result.

Moreover, many of them are still struggling with how the wages for the workers can be increased from the already marginalised profits to at least support the price of rice that almost doubled in last one year.

"It will be extremely difficult to maintain the export growth if dollar falls further, even by only one taka," said Fazlul Hoque, president of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA).

The main export sector suffered a negative growth in the first half of 2007-08 due to political unrest and anti-corruption drive, but recovered in the second half with gradual improvement in political situation and a weakening taka against dollar.

During July-May period of 2007-08, knitwear exports registered 21 percent growth to US$ 4.9 billion over the same period in previous fiscal year, while woven garments grew 11 percent to US$ 4.6 billion. The overall export growth was recorded at 16 percent to US$ 9.6 billion.

The productivity and efficiency of the industry, supported by absence of strikes and hartals as well as improved port efficiency, helped attain the growth, Hoque said.

Despite negative signals like slowdown in consumption in the major export destinations, he said the prospect for export growth was still bright with Chinese production becoming expensive. He was expecting a shift of orders from China to countries like Bangladesh.

Hoque, however, raised concerns about negative aspects like disruption in supply of gas and electricity to tap the potentials.

"Expansion of production capacity is being affected seriously for lack of uninterrupted gas and electricity supply," he said. "It's not possible to maintain export growth without increasing production capacity."

The knitwear sub-sector, comparatively strong, increased its capacity by 15 percent last year, improved efficiency by 5 percent simultaneously that helped the sector's export growth by 21 percent, the BKMEA president said.

He also raised another concern over economic slowdown in the countries of Bangladesh's export destination, while the exporters would have to offer better prices for apparel items, which would put further pressure on the profit margin.

"We'll have to be more efficient in negotiating the prices with the buyers," Hoque said.

Earlier, at a press conference, the BKMEA had announced that they would go for a minimum export price considering the increase in production costs.

Meanwhile, a money market analyst from a foreign bank operating here said the exchange market remained largely stable for a quite long time with the taka appreciating a little.

He, however, said the apparel exporters has no reason to be scared as the dollar weakened against almost all currencies, including those of Bangladesh's competitors in the sector.

Moreover, there is a sign of depreciating the taka against dollar in the coming months as the market would see rising demand for the greenback to settle the increased L/Cs opened last fiscal year.

According to latest figures from Bangladesh Bank, L/C opening increased by 45 percent to US$ 24.44 billion during the last fiscal year as compared to the previous fiscal year (2006-07).

"Exporters may be facing some pressure for a while but the market trends show it would turn to their favour in the coming months," said the market analyst, requesting anonymity.

Import rises 40 percent on food

UNB, Dhaka

Import L/Cs increased by 40 percent to US$ 24.44 billion in the last fiscal year, compared to the previous fiscal (2006-07), due to huge increase in the prices of food items in the international market.

"The imports were much higher during the last fiscal due to increase in food imports that went up both in terms of value and volume," said a senior official of Bangladesh Bank.

During July-June period of 2007-08, rice imports rose 411 percent to US$ 1.4 billion, while wheat 52 percent to US$ 685 million, onions 118 percent to US$ 136 million, pulses 30 percent to US$ 323 million, milkfood 60 percent to US$ 185 million and crude edible oil 76 percent to US$ 1.15 billion. Import of chemical fertilizer also increased by over 100 percent to US$ 971 million, according to Bangladesh Bank figures released Wednesday.

It said the value of L/Cs settled (goods already arrived) during the last fiscal year was also about 28 percent higher than the previous fiscal year.

Of the total L/Cs opened during the year, imports of US$ 9.2 billion remained outstanding as on June 30 this year.

Joint Seminar on Textile by EAC & CRODA

Recently EAC Industrial Ingredients (Bangladesh) Ltd and CRODA Chemicals India Pvt. Ltd jointly organised a seminar on "Textile Processing" at Radisson Water Garden Hotel. The seminar was attended by more that 50 technical personnel from various Textile Mills. In the seminar main presentation was presented by Anand Amin Bhavi and Ajit Jagtap of CRODA Chemicals India Pvt. Ltd. Azmal Hossain, Managing Director of EAC II (Bangladesh) Ltd is seen along with Dr Annottam Ghosh Managing Director of CRODA, Knud Mohr, Director-Transformation, Jouni Asikainen, Director-Country Operations of EAC II Thailand and Abhijit Dasgupta, General Manager-Textile at the seminar along with others.

Training course on 'tour management for tour operators’ concludes in DBI

A certificate awarding programme was organised at the end of five (5) day training course on "Tour Management for Tour Operators" by DCCI Business Institute (081) on the 24th July at its own premises. Al-haj Mohammad Sharfuddin, Director, the Dhaka Chamber of Commerce & Industry (DCCI), graced the closing ceremony as the chief guest.

In his address, the chief guest said that tourism is an important & potential sector of growth for Bangladesh. He added that Bangladesh is one of the few countries in the world which has many natural tourism sites in Cox's-Bazar, Sylhet, Rangamati, Sundarbans etc. He informed that our neighboring countries, like India, Nepal, Bhutan, Maldives, Sri Lanka etc. have gone ahead of Bangladesh in this regard and earning huge valuable foreign exchange. He also informed that the travel & tourism industry has an aura of glamour & excitement around it. It has emerged as the fastest growing industry, contributing to 10% of the world's economy, which makes it the single largest industry. That is why, it is the right time to build up and expand the tourism industry in Bangladesh. He emphasised on building and expanding the tourism industry in Bangladesh and to increase the GDP growth. He laid emphasis on learning proper techniques, knowledge of tour management for tour operators which are needed for smooth running of tourism business organisations effectively and competitively. Experienced Resource Persons from tour industry Taufiq Rahman, Sayed Ghulam Qadir, Faruque Hasan, A. B. M. Ashraful Haque, Abul Hasan Khan, Habib Anwar Pasha, Masud Hossain and Shahid Hamid conducted the training. .

Rahimafrooz initiates Free Battery Service Campaign-Battery Clinic

Rahimafrooz has initiated a month-long free battery clinic in the major cities of the country-Dhaka, Chittagong, Sylhet and Bogra. The campaign was inaugurated on July 29 from a Quikfill CNG station located at Gulshan Link Road by Md. Parvez Saiful Islam, COO of Rahimafrooz Distribution Limited. Among others, General Manager, Marketing Yeamin Sharif Chowdhury, General Manager, Rahimafrooz CNG Ltd Anisur Rahman and other senior officials of the company were present.

Rahimafrooz continuously tries to create better value for its customers by providing quality after-sale services. Throughout the month-long campaign, Rahimafrooz plans to cover major CNG filling stations in the aforementioned cities. All vehicles coming for refueling at selected stations will be provided free battery check-up, maintenance tips and attractive giveaways.

Rahimafrooz strives for customer delight and the free battery service campaign is a continued process to build on customer satisfaction and loyalty. Earlier, Rahimafrooz also provided free battery check-up on numerous occasions at 3rd Lucas Dhaka Motor Show, Dhaka International Trade Fair and Bashundhara Shopping Mall. Inspired by the success of previous campaigns, Rahimafrooz has extended the campaign this year to Chittagong, Sylhet and Bogra. Rahimafrooz continues to deliver more, improving its quality every moment for greater customer satisfaction.

Grameenphone organises seminar on Cardiology

Grameenphone Ltd organised a seminar titled 'Heart Disease: The Facts You Should Know' for its thankyou Crown and Business Solutions subscribers on July 26 at Lake Shore Hotel in Gulshan. The seminar was organised in collaboration with Parkway Health, Singapore.

Dr Lim Yean Tang, Senior Cardiologist at Mount Elizabeth Hospital in Singapore was the keynote speaker at the seminar. Dr Tang spoke on causes of heart attack, effects of cholesterol, major risk factors, consequences of unhealthy lifestyles, recent therapeutic options. About 70 thank you Crown and Business Solutions subscribers were present at the seminar. Morshed Alam General Manager Marketing Division was present on behalf of Grameenphone at the seminar.