The New Nation - Internet Edition

Fault at Kaptai plant puts Ctg into darkness

Chittagong, Correspondent

The commercial capital Chittagong which has been facing acute power crisis over the last few months,suffered another debacle when Kaptai Hydro Electric Plant (unit-1) went inoperative due to technical glitch last night. With the latest decline the cumulative generation shortfall in the port city stood at 250 megawatts causing prolonged power outage for nearly eight hours.Sources at the Power Development Board (PDB) said that generation at unit-1 of Kaptai Hydro Electric Plant of 30 megawatts output suddenly went inoperative. Another 50 megawatts unit-3 of the pant had been idle over the last couple of months. According to PDB officials, only 62 megawatts power could be generated from the rest three units of the power plant last night in the peak hour against its capacity of 130 MW generations. Assistant Director of the PDB (Public Relations) Mohammad Moniruzzaman told reporters that the inoperative unit might go into generation tomorrow after removing technical fault.

Rice prices start falling in local, int'l markets: Govt's announcement of selling 12 lakh tones of rice under OMS makes positive implication

BUSINESS REPORT

Prices of different varieties of rice in the local rice markets have started to decline in the wake of substantial fall in rice prices in international markets.

At the beginning of the current month, consumers witnessed a high trend in prices of rice visiting different rice markets in the capital. However, they found a totally different trend in the prices of rice visiting the markets yesterday. The prices of both coarse and fine varieties of rice have somewhat declined at both wholesale and retail markets. Coarse varieties of rice are now available at Tk 32 per kg. In a span of two weeks, prices of most of coarse and fine varieties of rice have gone down by Tk 2-3 per kg.

Besides, the prices of edible oil have declined by Tk 4-5 per kg.

The rice traders who used to say that they had no alternative but to sell the rice at higher prices due to the short supplies, are now saying that prices will go down further owing to the gradual increase in supply of rice.

On the other hand, a favourable situation is now prevailing in the international market. In a span of two weeks, prices of rice in the international markets have declined by almost 25 per cent.

According to the Rice Online observations, one tonne of rice was selling at about US$1,000, which has come down at US$525 in Thailand market this week.

International observers think that prices will go down further as the supply of rice will increase in the next month.

Trading Corporation of Bangladesh (TCB) says that prices of coarse varieties of rice have stood at Tk 33 per kg from Tk 34 per kg a week ago. However, prices of fine varieties of rice have not declined. On average, fine varieties of rice is selling at Tk 36-38 a kg.

Observers think that prices of rice in both local and international markets will decline further. Prices of rice were unusually high in the country's markets over the last couple of months. But the prices of rice in retail markets should be limited to Tk 25-28 per kg. It will be helpful for buyers, traders, and farmers.

They expect that the prices of rice will come down at US$450 per tonne in the international markets within the next several months.

According to our district correspondents, prices of rice have declined by Tk 100-150 per maund in the wholesale markets of the country's rice supplying districts. Moreover, supply of rice has also gone up. Wholesalers in Dinajpur, Narail, Chapainawabganj, Bogra district said that the prices of rice would go down further very soon.

Our Kushtia Correspondent reports: Prices of all varieties of rice have gown down by Tk 1 per kg in the last three days. BR-29 variety of rice is now selling at Tk 32 a kg, BR-28 is selling at Tk 35 per kg, while miniket is selling at Tk 38-39 per kg.

Some 1.75 million metric tones of Boro paddy were harvested this year. According to the Department of Agricultural Extension (DAE), harvesting of Aus paddy will start within the next one week in different parts of the country. It is expected that minimum 1.5-2.0 million metric tones of rice will come from Aus paddy.

Besides, harvesting of Aman paddy will begin just after two months. This year the Aman paddy harvest target has been fixed at 13.6 million metric tones. If minimum 80 per cent of the target can be achieved, country will not have to suffer any shortage of rice till the next Boro season. Besides, Bangladesh will not have to import rice from abroad.

According to the country's agriculture scientists, favourable weather situation has played a major role behind the falling trend in prices of rice. Rice growers and millers have been able to dry up their paddy because of the less rainfall during the last two weeks. Good weather has also facilitated the transportation of rice to the markets. As a result, supplies of rice to the local markets have gone up, resulting in gradual decline in prices of rice.

Leaders of the rice traders association in Kushtia think that prices of rice have started to decline as the government has already announced selling of coarse rice at Tk 28 per kg under open market sale (OMS).

Besides, our correspondents from different districts report that farmers generally apply fertilizers on soil at this time of the year. They also have to buy fuel oil for operating their power tillers to make the paddy fields suitable for cultivation. As the cash-strapped farmers are in dire need of cash, they are now releasing their stocked rice to the local markets. So, supplies have suddenly gone up, while the prices have started to decline.

North Bengal Rice Mills Owners Federation general secretary KM Laik said the prices of rice have gone down as the government has recently announced to sell two lakh metric tones of rice at Tk 28 per kg under the OMS.

He said if the prices of rice declined further, it would be beneficial for all, because traders need huge amount of capital to buy rice and sell them at higher prices.

Sources at the Department of Food told The New Nation that the fixed 12 lakh metric tones of rice procurement target.

Procurement has already exceeded by 10 lakh metric tones. The rest of the target is expected to be procured within the current month. So, there is no reason of selling rice at higher prices in the markets.

The sources also said prices of rice have been falling in the country's 'hats' and 'mokams' every day. Every day huge quantity of rice is coming to the markets.

LEIC partners with Creation (Pvt) Limited : Plans to boost export earnings from diversified jute products

BUSINESS REPORT

The Local Enterprise Investment Centre (LEIC) recently signed a contribution agreement with Creation (Pvt) Limited, for capacity building of the company through training of 225 persons.

The three-month long training program will develop the expertise and practical skills of the trainees, most of whom are women, in wet process technology and jute-based product and hand-woven fabric manufacturing. This will allow Creation, an export-oriented company, to achieve accelerated growth and take advantage of the favorable global market conditions for diversified jute-products.

LEIC is a private sector development project contributed by the Canadian International Development Agency, and managed by IDLC Finance Limited, the largest (non-banking) financial institution of the country.

Opportunities in the diversified jute-products sector in Bangladesh have remained largely unexplored, in spite of the rapidly expanding market for biodegradable and eco-friendly products. In this context, the success of Creation in the international market is expected to encourage other local entrepreneurs, to make creative use of jute as a raw material for high value exportable products.

Anis A. Khan, CEO and Managing Director of IDLC, and Md Rashedul Karim Munna, Managing Director of Creation, signed the agreement on behalf of their respective organizations. Yongbok Jo, Deputy Managing Director of IDLC, Israt Ara Younus, Centre Director of LEIC, Ziaul Hoque Khan, Chief Financial Officer of IDLC and Rubaiya Farhana, Marketing Manager of Creation were also present at the event.

New Indian-made 125cc motorbikes launched

BUSINESS REPORTER

TVS Auto Bangladesh Limited yesterday launched a new kind of Indian made diesel-driven 125cc motorcycle, dubbed 'TVS Flame.'

The prices of the newly launched motorcycle range between Tk 1.20 lakh and Tk 1.25 lakh.

The motorbike was formally launched at a Meet the Press held at a hotel in the city yesterday. Aktar Hussain, Vice Chairman, TVS Auto Bangladesh Ltd formally launched the new motorbike unveiling its cover.

HS Goindi, Senior Vice President, International and Domestic Business, TVS Auto India, SV Nana Rau, Vice President, Global Expansion, TVS and Sons, India, J Ekram Hussain, Managing Director, TVS Auto Bangladesh Ltd and Riaz Ahmed, Chief Operating Official, TVS Auto Bangladesh Ltd, among others, were present at the launching ceremony.

They company introduced two types of 125cc Flame brand motorbike at the prices of Tk 1,25,000 and 1,20,000.

TVS Auto Bangladesh unveiled its new 3-value, dual induction engine patented by AVL, Australia and licensed to TVS.

The CCVTi engine is first feature on the new TVS Flame 125cc motorcycle, which is presented by TVS Auto Bangladesh.

This is the hottest biking experience in India TVS in keeping with its tradition of breaking new ground in two wheelers in proud to have brought world-class engine technology into India with CCVTi engine. This engine has been developed and patented by AVL and licensed to TVS in India. AVL, Australia is on of the world leading companies of Internal combustion engine technology.

AVL is the world's largest privately owned independent company, which develops powertrain systems with internal combustion engines, as well as instrumentation and test systems.

AVL develops and improves all kinds of powertrain system and is a competent partner to the engine and automotive industry world over. AVL has developed engines for most of the major automotive companies in the world.

At the focal point of the elegant and aerodynamic styling of the TVS Flame sits a revolutionary four stroke 125cc three-value engine, which is propelled by dual induction system; utilizing universally accepted and traditionally proven single spark plug ignition; enabling the bike to deliver highest mileage in its class while ensuring continued generation of high power.

BB to review key rates to bring down inflation

BUSINESS REPORT

Bangladesh Bank has planned to review key interest rates to bring down inflation as it aims to achieve economic growth of 6.5 percent this fiscal year.

The country achieved growth of 6.2 per cent in the last fiscal year of 2007-08.

In its latest quarterly report for April-June 2008, Bangladesh Bank said the policy rates, including those for repurchase agreements, reverse repurchase agreements and government approved securities, will also be reviewed to anchor inflation expectations.

Bangladesh Bank has left key rates, the repo rate, unchanged at 8.50 per cent and the reverse repo rate at 6.50 per cent for more than a year.

The quarterly economic report said the Bangladesh Bank will closely monitor the monetary aggregates such as reserve money, broad money, and credit growth and shall take corrective measures if necessary.

After the upward trend in the first three quarters, consumer price inflation started to decline in the fourth quarter of the 2007-08 fiscal year, the report said.

Inflationary pressures will probably remain under control as a result of the central bank's growth-supportive monetary policy and the government's production-oriented policies, it added.

The government raised state-regulated prices of compressed natural gas in June and prices of fuel oil and urea fertiliser in July.

The 12-month average inflation was 9.87 per cent in May compared with 10 per cent in March and 7.2 per cent in the 2006-07 fiscal year.

While point-to-point inflation reached a high of 11.59 per cent in December 2007, it declined to 7.44 per cent in May 2008, the lowest over a 14-month period.

Presently, softening of inflationary pressure will require higher growth and higher production of essential food and other items in the face of a tight and unstable world market for these commodities, the Bangladesh Bank said.

The central bank listed a number of challenges ahead for the economy such as the possibility of natural disasters, rising global prices, socio-political instability, infrastructure bottlenecks especially power and gas shortages, and congenial business climate in the run-up to a general election in December 2008.

Automated operation of CCH begins

Chittagong Correspondent

Automated operation of Chittagong Custom House (CCH) began this morning.

Chief Coordinator of the Automation System and Chamber Director Mohammed Amirul Haque said that the activities of the CCH would go under total automation in phases.

"There may be shortcomings in the system specially working on 'Bill of Entry," Amirul Haque said.

The stakeholders like Shipping Agents and Freight Forwarders started submitting their Import General Manifest (IGM) and Export General Manifest (EGM) sitting at their respective offices or places off their works from 9:00 in the morning.

Chittagong Chamber of Commerce & Industry in cooperation with joint forces took up the responsibility of introducing and implementing this mega project without financial support from the Government.

Earlier, the CCCI and CCH with the help of joint-forces designed the project outline in the backdrop of previously taken automation move by the National Board of Revenue (NBR).

It has also reduced the steps of export and import activities from 42 to six.

Tax Automation system chief coordinator and Chittagong Customs joint commissioner M Matiur Rahman said that the new system would bring dynamism in tax collection.

Joint force regional commander Brigadier General Hasan Nasir, FBCCI director Amirul Haque, BGMEA first vice-president MA Salam, Customs Commissioner (import) Shah Alam Khan and Customs Commissioner (export) Magrub Ahmed, among others were present on the first hour of the newly introduced system.

Islami Bank Bogra Zone holds business promotion meeting

BUSINESS REPORT

A meeting on 'Awareness Program for Business Promotion' was held recently at Shilpakala Academy, Bogra organized by Bogra Zone of Islami Bank Bangladesh Limited.

Mohammad Abdul Mannan, Deputy Managing Director and Head of Investment Wing of the bank was present in the meeting as the chief guest.

Presided over by Md Shafiqul Mawla, Senior Vice President and Head of Bogra Zone the meeting was addressed, among others, by Md Abdul Quddus, Vice President of Dinajpur Branch, AHM Saidul Islam, Vice President of Bogra Branch, Md Qaiser Ali, Vice President of Rangpur Branch. Executives, officials and staff of all segments of 19 branches of Bogra Zone of the bank participated the meeting.

Mohammad Abdul Mannan in his speech as the chief guest said that Islami Bank has been able to ensure leading position in the banking arena of the country by dint of honesty, expertise and above all strong stand on the Islamic economy. He said, inspired by Islami Bank Bangladesh Limited several Islamic banks have been established in the country. Islami Bank Bangladesh Limited has appeared as the 'Model Bank' for other Islamic bunks of the country. He said, the service of Islami bank should be conveyed to the doors of the people with honesty, efficiency and sincerity.

Quddus reelected chairman of Rupali Insurance Co Ltd

BUSINESS REPORT

Mostafa Golam Quddus has recently been unanimously reelected Chairman of Rupali Insurance Company Limited, said a press release.

The election was held at the company's 124th meeting of the board of directors held in the city on August 7.

A former police officer and president of Bangladesh Garments Manufacturers and Exports Association (BGMEA) Mostafa Golam Quddus is the chairman of Dragon Group, one of the largest sweater producing companies of the country.

Mohammad Sayeed re-elected Chairman, Tajul Islam, Ismail Nawab Vice-Chairmen of IIBL

The Board of Directors of Islami Insurance Bangladesh Limited (IIBL) at its 93rd Board Meeting held in the Head Office recently unanimously re-elected Alhaj Mohammad Sayeed as Chairman and Alhaj M Tajul lslam and Alhaj Md Ismail Nawab as Vice-Chairmen of the company.

The re-elected Chairman Alhaj Mohammad Sayeed is a Sponsor Director of the company. He is a renowned businessman of the country. He comes of a respectable Muslim family of old Dhaka. Sayeed is a man of pleasant personality and has remarkable contributions towards social, cultural and charitable activities.

Alhaj M Tajul Islam is an eminent banker, progressive businessman, Islamic economist and social worker. He is a Sponsor Director of the company.

Islam is Chairman, Executive Committee of Fareast Islami Life Insurance Company Limited and Chairman of Aziz Co-operative Commerce and Finance Bank Ltd. He is also Vice-Chairman of Board of Governors of Southeast University and South Asia Foundation. Islam was born in a respectable Muslim family of Feni.

Alhaj Md Ismail Nawab (son of late Md Abdul Hamid) is a Sponsor Director of the company.

He comes of a reputed Muslim family of Bangshal, old Dhaka. He is a prominent businessman of the country. Alhaj Nawab is associated with various religious and social welfare activities.

CDA reclaims precious land in Ctg

Chittagong Correspondent

Chittagong Development Authority (CDA) yesterday reclaimed precious land by bulldogging city's Mehedi Garden community center and 15 shops adjacent to it.

Magistrate Mohammed Rasel Manjur led the eviction drive in collaboration with officials of the CDA and members of law enforcing agencies. Sources said that owner of the Mehedi Garden Community built single story community center opposite to the CDA mosque flouting the CDA prescribed building construction code.

In addition the community center had long been causing traffic congestions and creating public nuisances, the officials claimed.

The CDA issued a notice to the owner of the community center three months ago asking to demolish the building by own initiatives. But the owner of the community center did not pay heed to the CDA directives even after passing three months.

On the other hand, Mohammed Farhad, owner of the community center, claimed that the CDA dismantled the community center before expiry of the pledged time of demolishing it.

Nearly five feet land of the CDA was reclaimed when 15 of the shops adjacent to the demolished community center freed the land on their own.