The New Nation - Internet Edition

Forex reserves fall from record high in July

BUSINESS REPORT

Country's foreign exchange reserves fell to $5.82 billion at the end of July from a record high of $6.15 billion in June, the Bangladesh Bank said yesterday.

It attributed the slide mostly to increased cost of imports. However, the reserves were almost steady owing to higher inflows of remittances from Bangladeshis working abroad.

Bangladesh among world's top 15 textile producers

BUSINESS REPORT

With a burgeoning textile industry to boast of, Bangladesh has become one of the top 15 textile producers in the world, a UNIDO report has said.

China has captured the top slot followed by the United States, Italy, Japan, India, Mexico, Thailand, Indonesia, Pakistan, Germany, Korea, the UK, Brazil and Turkey.

India has made it to the top 15 automakers of the world and occupies the fourth position in the leading developing countries' category of motor vehicle manufacturers.

According to the UNIDO International Yearbook of Industrial Statistics 2008, India ranks 12th in the list of world's top 15 automakers, which is led by Japan followed by the United States and Germany. Other countries making it to list are Mexico, France, Korea, the United Kingdom, Canada, Spain, Iran, Sweden, Brazil, Italy and Indonesia.

In the leading developing countries category, India ranks fourth. The list is topped by Mexico, followed by Korea, Iran.

Brazil holds the fifth position followed by Indonesia, Turkey, Argentina, Thailand, Singapore, China, China (Taiwan Province), Malaysia, the United Arab Emirates and Columbia.

India also figures among the world's top 15 producers of chemicals and chemical products, electrical machinery and apparatus, basic metals (iron and steel, non-ferrous metals), coke, refined petroleum products, nuclear fuel, non-metallic mineral products (glass and glass products, cement, lime and plaster, ceramic products), machinery and equipment, leather, leather products and footwear and textiles, the report said.

The Yearbook is the 14th issue of UNIDO's annual publication and is based on 2006 data. It follows the International Standard for Industrial Classification that categorises the automobile sector as manufacture of motor vehicles, bodies (coachwork) for motor vehicles, trailers and semi-trailers and manufacture of parts and accessories of motor vehicles and their engines.

The main purpose of the yearbook is to provide statistical indicators to facilitate international comparisons relating to the manufacturing sector. Countries are listed in two categories of industrialised and developing countries in the publication.

Bangladesh to start negotiations on FTA with three neighbours

BUSINESS REPORT

The government yesterday decided to start bilateral free trade agreement (FTA) negotiations with India, Pakistan and Sri Lanka, a senior official said.

The decision was made at a high-powered inter-ministerial meeting here, an official of the Commerce Ministry told reporters after the meeting.

Bangladesh's missions in the three neighboring countries would start the negotiation process while a core committee in Dhaka will prepare the terms of reference for each of the three countries before the final talks start.

The decision came as the South Asian Free Trade Area (SAFTA) has not been implemented yet while the neighbor countries moved to sign bilateral trade deals with each other to boost trade.

India signed a bilateral trade deal with Sri Lanka in 2001, leading to five fold increase in trade between the two countries.

New Delhi has also started bilateral trade negotiations with Southeast Asian and some Gulf countries. Pakistan has also started similar negotiations.

Dhaka concerned as Beijing raises textile rebate

BUSINESS REPORT

Country's textile exports would face more competition as China raised a tax rebate on a range of textiles and garments from 11 per cent to 13 per cent, said Bangladesh Garment Manufacturers and Exporters Association (BGMEA) yesterday.

Anwarul Alam Chowdhury Parvez, president of the BGMEA, said the Chinese tax rebate came into effect in Friday, to help textile exporters in that country cope with a stronger yuan, weaker demand and rising costs,

"It means now China will gain more competing power in international markets and it will be more difficult for us to compete with them," he said.

Bangladesh offers 5 percent cash incentives, down from 25 percent six years ago.

"We have a similar problem as our currency taka is strengthening against the US dollar while costs are also rising gradually," he said.

Over the last two years the value of dollar has fallen about four percent to an average Tk 68, officials said.

"Moreover, cost of production increased up to 15 per cent after Bangladesh increased oil prices last month and also due to rising prices of other inputs," Parvez said.

Ready-made garments suffered in the half year to the end of June because of political instability, but had since rebound as the political situation improved.

"Earlier we were upbeat with the prospect of healthy growth in the major export destinations, as Chinese production became expensive," he said.

India is another threat as the rupee had depreciated against the dollar, while Bangladesh's central bank was pumping US dollars into the market to prevent currency depreciation, Parvez said.

"With poor infrastructure, especially the frequent power crisis, very high interest rates on bank loans and high transport costs, it is not possible to sustain against China and India," Parvez added.

"We have to pay up to 20 percent interest rates for bank loans while Chinese exporters pay only 3 percent. We also require 42 days to export to the U.S. market while our competitors require only 18."

The country's exports hit a record $12.18 billion in the fiscal year that ended in June 2007, of which more than $9 billion came from ready-made garment exports.

NBL donates Tk 12.69 lakh for Volleyball League 2008

BUSINESS REPORT

National Bank Limited donated Tk12.69 lakh for sponsorship of Dhaka Mohanagari Premier, 1st and 2nd Division Volleyball League-2008 recently through a simple function held at the bank's Head Office.

Parveen Haque Sikder, Director and former Chairperson of National Bank handed over the cheque for sponsorship on behalf of the bank to Iftekhar Ahmed Tipu, Vice-President of Bangladesh Volleyball Federation. Among others, Prof Mahbub Ahmed, Director, Md Abdur Rahman Sarker, Managing Director, Masqur Ahmed, Deputy Managing Director and Md Abdus Salam, Executive Vice President of National Bank Limited and Golam Quddus Chowdhury, President of Bangladesh Volleyball Federation and Kutubuddin Ahmed, Secretary General of Bangladesh Olympic Association were present at that time.

It may be mentioned that since its inception National Bank Limited has been playing a pioneering role to enrich socio-cultural activities especially in sports arena of Bangladesh.

Discussion on 'Methodology and Techniques of Social Research' held

A discussion meeting on "Methodology and Techniques of Social Research" under Executive Development Programme organized by Islami Bank Bangladesh Limited was held on August 2 at Mohammad Younus Auditorium of Islami Bank Tower.

The key discussion was delivered by Dr. Abu Jafar Mohammad Sufian, Professor, Department of Management and Marketing, University of Bahrain.

Mominul Islam Patwary, Chairman, Executive Committee of the bank was present at the function as the chief guest.

Presided over by Mohd Shamsul Haque, Deputy Managing Director and. Head of Operations Wing of the bank, the function was attended by Mohammad Abdul Mannan and Md Habibur Rahman, Deputy Managing Directors. Top executives of the head office, IBTRA, Corporate Branches, Dhaka North, South and Central Zones attended the function.

Dr. Abu Jafar Mohammad Sufian in his lecture focused upon the sequential development of a research and said that societies abound with problems but all problems are not researchable. There are some particular criteria regarding a research and these criteria make a problem researchable. He discussed the techniques or data analysis in detail.

Mominul Islam Patwary said in his speech that in order to sustain the existing success and progress of Islami Bank Bangladesh Limited we all should be equipped with the strength of modern knowledge and technology. He called upon all the participants to be assiduous to expedite the prosperity of the bank.

DBBL holds orientation course for newly recruited officers

BUSINESS REPORT

Dutch-Bangla Bank Limited organized a week long Orientation Course for the newly recruited Trainee Officers (Cash). The Managing Director of the bank Md. Yeasin Ali inaugurated the orientation course held at the Bank's Training Center on August 4.

The orientation course is designed aiming at familiarizing the participants with the principles, rules, regulations, roles and functions of the banking services. A total of 64 newly recruited trainee officers have participated in the course.

In his inaugural speech, Md Yeasin Ali welcomed the officers in banking profession and laid emphasis on the need for commitment, devotion, sincerity and professionalism to meet the ever growing business needs of the clientele.

He also mentioned that the success of a Bank mostly depends on the core work force of the bank.

He advised the officers to update themselves with the art of modern technology in order to perform their duties efficiently.

Additional Managing Director AHM Nazmul Quadir underscored the need for continuous training for the newly inducted officers to enrich knowledge of practical Banking.

Team Work has no substitute for providing the satisfactory services to the clientele, he added. Among others, Head of Human Resources Division & Training Wing

Authentex Fashions opts for GP Business Solutions

Grameenphone Ltd has signed an agreement with Authentex Fashions Limited recently to provide complete communication facilities under its Business Solutions package to Authentex Fashions Limited.

Grameenphone Business Solutions is an integrated telecommunications service specially designed for the business entities of Bangladesh, providing customized telecommunications solutions through a consultative approach, tailored to the needs of individual businesses or organization.

Authentex Fashions Ltd is a reputed Canadian garment sourcing company based in Bangladesh and Canada. Starting its operations in February 2007 in Bangladesh, the Authentex Fashions Limited is presently involved in ready to wear apparel business mainly in Dhaka.

Grameenphone Business Solutions, comprising of modern mobile telecommunications services for any business, needs, provides voice, text messaging and mobile data and internet services. Also an offer is a complete Mobile-Office solution, including mobile email, mobile high-speed data access, internet access, mobile fax and more, providing the freedom to work from anywhere within Grameenphone's wide network coverage.

According to the agreement, Authentex Fashions Limited is being provided complete communications solutions tailored to its needs, including voice, data and other services. Authentex Fashions Limited will use the services to further improve communication amongst its different offices, at an affordable cost.

The agreement was signed by Michael Ellison, Chairman of Authentex Fashions Limited and Khandaker Omar Farhan, Deputy General Manager, Direct Sales, Grameenphone, on behalf of their respective organizations.

Humayun Kabir Ahmed, Vice Chiarman, KM Manwar Ali, Managing Director and Md. Habibur Rahman, Deputy Managing Director, Muminul Islam, Head of Accessories Department, and Md. Mahabub Ullah, Group Manger, Imtiaz Hossain, Acting Group Manager, Md. Maruf AI Rashid, Account Manager of Business Solutions, Grameenphone, were present during the occasion.

Entrepreneurs' meeting with consultants held at DCCI

The Dhaka Chamber of Commerce and Industry (DCCI) and SEQUA, Germany jointly organised a "Meeting of Entrepreneurs with Consultants of DCCI" at DCCI auditorium on August 2.

At the meeting, DCCI Senior-Vice President Salahuddin Ahmed said that exporters should export agriculture goods, jute, goods, leather goods and handicrafts to European Union to reduce trade deficit.

Some 45 businessmen and entrepreneurs of different sectors of the country attended the meeting to share experiences and information aiming to expand their export-oriented business.

A delegation formed by entrepreneurs, and consultant and executive of DCCI visited different chambers and organizations of Germany and Belgium during 8-15 June 2008. Through the visit participant gathered experience and information, which would help increase our export.

A presentation on experience and information gathered by the delegation members from Germany and Belgium was made at the meeting. And entrepreneurs who participated in the meeting discussed on it and expressed their opinion

SEQUA Bangladesh Adviser Azizur Rahman, SEQUA Bangladesh Regional Manager Dr Feroz Iqbal Faruque, Executive Director of DCCI Business Institute (DBI) Hossain Ali took part in the meeting and emphasised on taking necessary steps to enhance the export.