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Singhang Fabrics of TK Group gutted in Ctg

Chittagong, Correspondent

Fabrics, stockpiled wools and machineries worth Taka over 30 million were gutted in an inferno that broke out at Singhang Fabrics Limited at Kalurghat heavy industrial area on August 2. Country's one of the biggest business group - TK Group owns the factory, firemen said. Sources said that the fire had originated from electric short circuit at about 9:15 and the flames engulfed the whole factory quickly. Mohammad Abul Hashem, manager of fabrics unit, however, claimed that the volume of damage would exceed 50 million. Nine firefighting units from Agrabad, Chandanpura and Kalurghat fire stations carried out dampening operation, which continued till 9:20 p.m. Sources said that a probe body would soon be formed to look into the incident. Mohammad Abul Hashed filed a General Diary (GD) with Chandgaon police station.

GCBs still premature to float shares in stock market: Aziz

BUSINESS REPORT

Finance Adviser Dr Mirza Azizul Islam has said the government-owned commercial banks (GCBs) still remained at a premature stage to float shares in the stock market.

"Their bottom lines are not in a comfortable position. Listing of the banks should be a mid-term (2-3 years) target," he told a seminar at Bangladesh-China Friendship Conference Centre.

"Even if the SEC (the Securities and Exchange Commission) allows listing of the banks, the shares will receive poor value," he said.

Janata Bank, which eyes on becoming a leading bank in South Asia by 2010, organised the seminar titled "Steps Towards Making Janata the Effective Largest Bank in Bangladesh", with the bank chairman Suhel Ahmed Choudhury in the chair.

The bank's profit increased by about 10 per cent to Tk 303 crore in June 2008 from Tk 276 crore in June 2007.

Finance secretary Dr Mohammad Tareque, NBR chairman Muhammed Abdul Mazid, Bangladesh Krishi Bank chairman Khondker Ibrahim Khaled and Dhaka University professor Dr Mahmud Osman Imam also spoke at the seminar. Prof. Dr Toufique Ahmad Choudhury of Bangladesh Institute of Bank Management (BIBM) presented the keynote paper.

The Finance Adviser agreed with the suggestion for listing the GCBs with the stock exchanges, but differed with the views that the banks should hire CEOs and deputy CEOs for the divisional headquarters on contract at market price.

He endorsed the weakness that the service rules of the GCBs, like that of the government service rules, are sometimes rigid that offer no reward for better performance and no punishment for no performance.

"We're trying to address the problem by giving more authority to the Board of Directors," he said, inviting all the GCBs to develop their service rules and submit to Finance Ministry for consideration and approval.

The Adviser asked the bankers to capitalise on the strength of extensive GCBs network across the country and emphasised on looking at indicators like return on equity and assets, capital adequacy (now running with capital inadequacies), shortfall of provisions, and sectoral and geographical distribution of loans and advances.

He said the GCBs should be profitable organisations from the commercial perspective, but the profit certainly is not the single objective - the banks should lend the productive sectors to help achieve accelerated growth.

"It's possible to optimise profits without compromising with the objectives," Dr Aziz added.

Karmasangsthan Bank holds branch managers' conference

BUSINESS REPORT

The Branch Managers' Conference-2008 of Karmasangsthan Bank was held in the BIAM auditorium in the city on Saturday.

Chairman of the bank's board of directors and Secretary to the government Md Sirajul Islam attended the meeting as the chief guest while Md Humayun Kabir, managing director of the bank, chaired the meeting.

Director of the board of directors Mohammed Ali Khan, Director General, NGO Affairs Bureau ATM Nasiruddin, and the executive director of the Bangladesh Bank also spoke on the occasion.

The meeting reviewed the bank's activities during the financial year 2007-2008 and adopted an action plan for the financial year 2008-2009.

During the period of July 2007-June 2008 the bank disbursed Tk 1.0810 billion (Tk 108.10 crore) and recovered Tk 904.3 million though its 103 branches.

Since its inception, the bank disbursed Tk 4.6764 billion among the 1,22,467 borrowers for setting up poultry, fishery, dairy, small trading, nursery and argo-based projects and created jobs for approximately 3,97,925 persons.

The bank earned an operative profit of Tk 79.6 million during the year. The rate of growth stood at 44 per cent.

BB governor urges pvt banks, to patronise education sector

BUSINESS REPORT

Bangladesh Bank (BB) Governor Dr Salehuddin Ahmed on Saturday said need-based education must get due priority and patronage alongside the general education to ensure the optimum breeding of the skilled human resource for the country.

At the same time the Governor called upon the private banks and other corporate sectors to come forward with initiatives to patronise the country's education sector, which he has termed as the greatest of all investments.

The central bank governor was speaking at a scholarship distribution ceremony, organised by the EXIM Bank Foundation, at the Bangladesh-China Friendship Conference Center in the city. Chairman of the EXIM Bank Foundation Nazrul Islam Mazumder presided over the programme.

Terming education as 'the most equalising factor', the central bank chief observed that through being equipped with the skilled human resource can go along way to reverse the country's tarnished image abroad.

Later, he also distributed scholarships among the students. Around 500 students from schools, colleges and universities around the country will receive Tk. 15,000.00 annually until the completion of their formal education under this programme.

Hailing different such Corporate Social Responsibility initiatives adopted by EXIM Bank Foundation and other private banks as a good sign, Chairman of National Board of Revenue (NBR) Muhammad Abdul Mazid said the government is chalking out a guideline for granting tax exemption to all sorts of CSR activities regulated in the private sector.

He also informed that the maximum amount of money allocated for CSR that would be subject to tax exemption is to be increased from Tk 2,50,000 to Tk 5,00,000.

Requesting the Bangladesh Bank governor Salehuding Ahmed to take necessary initiatives on his part to exempt tax imposed on CSR initiatives, Chairman of the EXIM Bank Foundation Nazrul Islam Mazumder urged all to help the Bangladesh Association of Banks (BAB) get an approval for setting up a non-profit university in the country to facilitate poor students pursuing higher studies.

Principal of London-based Icon College of Technology and Management Prof Nurun Nabi announced that his college would offer four meritorious students from Bangladesh a scholarship of 8,000 pound sterling each for two years.

In response to the announcement, Exim Bank chairman declared that the Exim Bank Foundation would bear all expenditures of 10 meritorious students per year for their higher studies abroad.

He also said his bank is also providing education loan to about 200 university students to assist their higher educational purpose.

Comptroller and Auditor General Ahmed Ataul Hakeem and Secretary to the Ministry of Commerce Feroz Ahmed among others also spoke on the occasion.

Since the year of 2006, EXIM Bank has been providing scholarships to around 1000 students of different educational institutions of the country.

Sonali Bank starts observing 'service fortnight'

BUSINESS REPORT

Sonali Bank Ltd, a leading nationalised commercial bank, will observe August 3-14 as 'Service Fortnight'.

The aim is to ensure better customer service and make all its schemes public-oriented.

For achieving the goal, Sonali Bank has laid emphasis on pragmatic action plan for business, both in volume and quality, recovery of bad and classified loans, and control costs to increase the operating profit to a commendable level, increase in business ratio of remittance by ensuring quick and smooth customer service throughout the year.

The bank has taken initiative for quick receipt and payment, up-to-date passbook maintenance with sending statements regularly, quick receipt of all utility bills, speedy procedures of remittance towards its credit to the beneficiary's account.

Zillur calls for stability to achieve 10pc growth

CHITTAGONG Office

Adviser for Commerce and Education Hossain Zillur Rahman here today called upon all to keep going on through a solution-centric way for a broader understanding in all spheres of national life to embark on next stage of development and progress.

"Political uncertainty in the past did not hold back our auto-piloted five per cent economic growth of the country. Now we have to work together to achieve a stable and sustainable political system to push the annual economic progress up to 10 per cent," the adviser said this while speaking as the chief guest at a seminar here today.

Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) organised the seminar on "BKMEA's initiative to meet global compliance requirement" on the occasion of opening the trade body's office in the port city.

FBCCCI president Annisul Haq, BKMEA president Md Fazlul Hoque, acting CCCI president Mahbubul Alam Talukder, deputy general manager of Bangladesh Bank, Chittagong, Nurul Alam, acting first vice-president of BGMEA, Ferdous Ahmed, 3rd vice- president of BKMEA, Zahidul Haq Bhuiyan, CCCI directors - Nasiruddin Chowdhury and Noor Mohammad, BKMEA member Shawkat Osman, among others, addressed the seminar.

Speaking on the occasion, Rahman said positive changes in our mindset was most significant among all important changes the country had experienced in its short span of journey.

"Bangladesh is not only able to find its room but consolidated its position in a competitive global market by efficiency and capacity not depending on any one's mercy and favour," he said.

Referring to Bangladesh's position in the just-ended WTO talks in Geneva, the adviser said, majority of the LDCs considered Bangladesh as future economic giant in the global market and added that when most of the LDCs were pleading for favour from the developed world, Bangladesh was fighting boldly for establishing its due right and reasonable share.

He said the government has been working to strengthen capacity building of the Export Promotion Bureau (EPB) and the Board of Investment (BoI) so that it could match effectively with the changing pattern of the economy particularly in capturing external market and absorbing the big foreign direct investment (FDI) proposals.

He called upon the FBCCI, BGMEA, and BKMEA to take initiative to distribute essential commodities to their workers at cheaper prices during the upcoming month of Ramadan and added that such gesture would help brighten the already questionable images of the business community.

In this context, he said the government is going to launch the OMS of rice for at least two months from August 15 with an allocation of one lakh tonne per month.

Hossain Zillur also assured the BKMEA of government support for preparing workers database by providing required numbers of computer and other logistics that already were used for preparing national ID card and voter list.

FBCCI President Annisul Haq said the country's garments and textile sector would survive strongly even in this stiff competitive market if we could be able to ensure a sustainable productivity growth at a rate of 10 to 15 per cent per year by cashing the advantages arising out of changing trend of China where labour costs are rapidly increasing.

He said local entrepreneurs must address compliance issue but the government should solve standing problems of gas, power, high bank interest and service charges and price inflation for healthy survival of the sector.

Later, Dr Hossain Rahman formally opened the local office of BKMEA located at 4th floor of CCCI building in the city's Agrabad Commercial Area.

76 sacks fertilizer seized in Jhenidah

UNB, Jhenidah

Police on Saturday seized 76 sacks of Urea fertilizer from a house at Berashula village in Sadar upazila and arrested two people.

Acting on secret information, police raided six houses at Berashula village and seized the fertilizer from the house of Motahar Hossain which he hoarded illegally for selling in the black market.

Police arrested Motahar and Khalil in this connection. A case was filed.

StanChart holds seminar on Heart Disease

Priority Banking, Standard Chartered Bank and Parkway Group Healthcare Pvt Ltd. (Mount Elizabeth Hospital, Gleneagles Hospital and East Shore Hospital) have jointly organized a seminar recently on Heart Disease for the priority clients of Standard Chartered Bank. In the event held in Hotel Lake Shore, Dr. Lim Yean Teng, Senior Consultant Cardiologist of Mount Elizabeth Hospital, Singapore was the key note speaker on "Heart Disease: Facts you should know". The seminar was organized to raise health awareness among the high net worth clients of Standard Chartered Priority Banking. This initiative was highly appreciated by participants, who believed that the information and topics discussed improved their general understanding about heart related complicacies and treatment. Tanim Noman Sattar, Head of Wealth Management and Priority Banking, Standard Chartered Bank, Steven Mok, Senior Manager, Corporate Marketing, Parkway Health, Singapore, and Zahid Khan, Director, Parkway Health, Dhaka, were also present at the seminar.

With Japanese investment of $1.30 b security printing factory to be set up

BUSINESS REPORT

A security printing factory is going to be launched near Rupganj in Dhaka soon.

Japan Bangladesh Group has invested $1.30 billion primarily, and will invest another $7.80 billion by 2010, declaring the country as a technology based country before the other countries.

If the factory goes operation, 380 people would be get the employment opportunities while another 50,000 would be employed by 2013.

Salim Prodhan, the Chairman of Japan-Bangladesh Group disclosed this while he was speaking at a press conference at National Press Club yesterday.

Explaining the aims and objectives of establishing the factory, Salim Prodhan added that to save the local paper industry from forgery and fake activities we have taken the initiative. This technology would change the life style of the general mass along with the changed atmosphere of corruption in the country. The factory would print bank cheque, demand draft, certificate/ marks sheet, pay-order, share certificate and several products on security printing maters even the valuable documents of academic institutions.

Citing his 40 years experiences in this field, Vice Chairman Masamichi Taniguchi added that to enrich people with this technology is our aim and objective. To add revenue to National exchequer and to stop spend foreign exchange is our another motto. We intend to flourish this technology in this soil taking collaboration from all comers. Our Slogan is- 'No more foreign security printing material further more, use local security printing materials with full confidence'. Among others, Tadao Komatsu, former ambassador Rashed Ahmed Chowdhury, former additional secretary Abdul Quddus, former joint secretary Sayed M. Lutfullah & former National Museum secretary Enamul Kabir were present at this function.

Bond licence of 2 ICDs cancelled

CHITTAGONG OFFICE: The Chittagong Customs House (CCH) cancelled bond licence of two Inland Container Depots (ICDs) as the concerned ICDs failed to comply with the specified terms and conditions set for obtaining a licence, CCH sources said.

The penalised ICDs included Chittagong Container Transportation Company (Unit-2), privately installed at XY Shed of the Chittagong Port in the Halishahar area, and Iqbal Depot at Khalurghat area in the city.

A total of 13 organisations were provided with licence in Chittagong. Using the licence, some of those got involved in handling export or import items while others used to handle both export and import goods. These ICDs, time and again, were asked to follow the terms and conditions set by the National Board of Revenue (NBR).

According to customs sources, in reality no ICDs follow the specific terms and conditions. The CCH and the joint forces representatives jointly visited all the ICDs in May last and then they were informed of different problems. Later, the customs officials sat with the ICD operations in June and asked them to make certain mandatory terms effective under any circumstances.

It was learnt that each ICD needed to own 15 bighas of land, to be equipped with boundary of specific height, to have shed and weightment, scale for unstuffing of goods, adequate drainage system at the bonded area, security tower, adequate number of mobile cranes, fork lifts, prime movers and trailers, protected office rooms for the Customs officials and installation of a scanner machine. But the concerned two ICDs failed to comply with the terms and conditions set for the licence, the sources added.