The New Nation - Internet Edition

Toyota announces price hikes to offset soaring costs

AFP, Tokyo

Toyota Motor Corp. announced today price hikes for some of its hybrid and commercial vehicles in Japan in an effort to cushion its profits from the impact of soaring material costs. Japan's largest automaker said it would increase the retail price of its popular Prius hybrid by three percent from September 1. Prices for commercial vehicles will rise by 2.0 percent on average. Toyota said that so far it had been able to offset soaring material prices by cutting costs, but with such expenses expected to remain high it decided to raise the price of vehicles that use large amounts of steel or rare metals. It is believed to be the first time since 1974 that the auto giant has raised the domestic prices of existing passenger vehicles, rather than waiting for the launch of new models. The price of iron ore, a vital material to make steel, has soared in recent years due to rising demand, particularly in fast-growing China and India.

Rise of emerging markets reshapes global economic map

Xinhua, Washington

In the past, a sharp slowdown in the United States would trigger a severe decline in world growth. But now the dynamic of the world has changed with a fundamental shift being under way.

"We are experiencing the first episode in history of reverse coupling, in which the rest of the world pulls the U.S. forward rather than the opposite," said Fred Bergsten, director of the Peterson Institute for International Economics, a leading think tank in the United States.

Bergsten told Xinhua that he believed that "trade has saved America from recession" because "the improvement in trade balance has accounted for the totality of U.S. economic growth over the three quarters."

Bergstan's opinion was echoed by many U.S. economists and officials.

U.S. Treasury Secretary Henry Paulson has repeatedly stressed that he believes the U.S. economy will not fall into a recession, given that the world economy, especially the economy in the emerging countries, is fundamentally strong.

In spite of the pronouncements of many observers that recession had already set in, the U.S. economy grew at an annual rate of 1.9 percent in the second quarter of this year, up from a 0.6-percent increase in the first quarter and a 0.2-percent decline in the fourth quarter last year.

The U.S. Federal Reserve has concluded that the showing was mainly due to the strong growth of U.S. exports, especially the exports to emerging markets.

China, the biggest emerging market, is now contributing more to global demand than the United States, said Jim O'Neill, chief economist at Goldman Sachs, noting that add on the BRICs, namely Brazil, Russia, India and China, the impact grows.

The strong dynamism of domestic demand in emerging and developing economies has provided a "trade shock absorber," enabling a robust expansion of U.S. exports over the past year even as U.S. domestic demand has slowed, also said a recent report by the International Monetary Fund (IMF).

Analysts believe there have been two important shifts in the growth dynamic of the global economy.

The first is that emerging economies have been transformed into locomotives of the world economy, as China has accounted for about one-quarter of global growth over the past five years, according to data provided by the IMF.

The BRICs have accounted for almost half of global growth and all the emerging and developing economies together for about two- thirds, compared with about half in the 1970s.

Secondly, the pattern of trade has changed. Almost half of exports from emerging and developing economies are now directed towards other such economies, with rising intra-regional trade within emerging Asia most notable.

"While some U.S. companies may have cut jobs by outsourcing to China, think of how many more jobs they might be cutting if they were losing money or barely profitable," said Zachary Karabell, president of River Twice Research.

Africa has also benefited from the emerging economies.

Investment commitments in Africa by emerging financiers jumped from less than 1 billion dollars per year before 2004 to 8 billion dollars in 2006 and 5 billion in 2007 dollars, said a recent report by the World Bank.

Growing infrastructure commitments by emerging countries in Africa are helping address the huge infrastructure deficit of the continent, Obiageli Katryn Ezekwesili, the World Bank's vice president for the Africa region told Xinhua.

As a result, the global economy has clearly decoupled itself from the United States and world growth is likely to approach 4 percent in both 2008 and 2009 in spite of the sharp slowdown in the United States, said Bergstan.

"The traditional relationship where the world catches cold when the U.S. sneezes' no longer holds," he noted.

"China now plays a decisive role in the world economy as indicated by its dominant role in global economic growth," he told Xinhua.

The Duke of Edinburgh's Award initiated

The Duke of Edinburgh's Award Foundation Bangladesh announced the initiation of their international award program on August 20 last.

Stephen Evans, British High Commissioner was the chief guest at the initiation programme and handed out enrolment documents to some students.

In his speech, the High Commissioner welcomed the award programme to Bangladesh and highlighted its role in preparing the young people for facing the challenges of tomorrow.

Osman Morad, Chairman, Board of Trustees, The Duke of Edinburgh's Award Foundation, Bangladesh and CEO, Standard Chartered Bank, Bangladesh also spoke on the occasion.

He shared the Foundation's vision for extending the award throughout the country for developing a generation of confident and caring young people.

Amongst others, members of the board of trustees, students, award leaders and other teachers of participating institutions were present in the occasion.

Best Air expands its fleet and network with MD83 aircraft

BUSINESS REPORT

Best Air, a leading private airliner of the country on August 24 announced that it added one new MD83 aircraft to consolidate its international network.

Speaking to newsmen while receiving the airplane at ZIA, Chairman and CEO M Haideruzzaman said the MD83 aircraft had been leased from Trans Global Airways. "This new addition has increased the fleet strength of Best Air to two. We are trying to face challenges of the rising fuel cost," he said, recalling many airlines have succumbed to the challenge. "We definitely want to survive."

He said domestic and international air traffic has dropped by 40 percent as compared to last year because of higher fares. "Best Air has taken a number of initiatives to control cost. All our aircraft are configured economy class. "

Haider said the new MD83 aircraft will primarily be used on upcoming routes between DAC-SIN, DAC-KUL, DAC-DXB and DAC-MLE.

He has plans how his airline will compete with the other airlines that operate on the same routes and he said Bangladeshi passengers mostly preferred their own airlines and it is Best Air.

Haider added: " Dealing with this type of aircraft results in simplified and efficient operations. Such operations mean the quickest and most cost-effective service possible, and savings passed on to our customers in the form of competitive fares."

The carrier plans to expand its fleet further in this year.

DBBL holds orientation course for newly recruited officers

Dutch-BangIa Bank Limited organised a week long Orientation Course for the newly recruited Assistant Officers.

Deputy Managing Director (Operation) of the bank KS Tabrez inaugurated the orientation course held yesterday at the bank's Training Center at Dilkusha in the city.

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 36 newly recruited Assistant Officers have participated in the course.

In his inaugural speech, Tabrez welcomed the officers in banking profession as well as in the Dutch-Bangla Bank family. He laid emphasis on the need for commitment to the job and institution, devotion, sincerity, handwork 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 banking tools and technology in order to perform their duties efficiently.

Among others, Head of Human Resources Division and Training Wing Md Shams Uddin Ahmed also spoke on the occasion.

Banglalink's New7wonders nature campaign launched

BUSINESS REPORT

A launching ceremony was held at Sonargaon Hotel, to inaugurate the New7wonders Nature Campaign in Bangladesh on August 24. The ceremony started with the press conference and was followed by a rally.

Special Assistant to the Chief Adviser for Civil Aviation and Tourism Mahbub Jamil was present as chief guest while as Syed Mohammad Zobaer, Secretary, Ministry of Civil Aviation and Tourism was present as special guest.

Rashid Khan, MD and CEO, Banglalink and Omer Rashid, Chief Commercial Officer, Banglalink were present.

The welcome note was given by Rashid Khan, while a presentation on Banglalink's tourism centric activities and a detailed brief on the upcoming nationwide campaign on new7wonders nature were described. This was followed by speeches from the special guests.

Special Assistant to the Chief Adviser, Mahbub Jamil, declared the inauguration of Banglalink's nationwide activities for Cox's Bazar in new7wonders nature campaign. After the press conference, a colorful rally with banner, festoons and masks marched from National Museum to the Press Club. The rally was vibrant with enthusiasm and participated by people from different walks of life.

Banglalink is the official nominee supporter for Cox's Bazar in new7wonders campaign. A rigorous national campaign spear-headed by Banglalink throughout the year is planned to ensure proper awareness about the new7wonders nature campaign with emphasis on generation of votes. Banglalink is the first and only company till now to become the official nominee supporter by entering an agreement with new7wonders. Banglink has continued to actively participate in tourism development activities under its CSR platform. They are also the proud partner of Bangladesh Parjatan Corporation.

Tax payers meeting held in Chuadanga

BSS, Chuadanga

A Meeting of the tax- payers of the district was held here at the conference room of the deputy commissioner of Chuadanga on Sunday.

Deputy commissioner Mokhlesur Rahman presided over the meeting while Md Abdul Majid, chairman of National Board of Revenue was present at the meeting as the chief guest.

Leaders of local trade and commerce bodies, shop owners association and leading businessmen took part in the meeting.

Abdul Majid, in his speech said the tax payment procedure has been made easier, so that the taxpayers can able to pay their taxes easily. He said those who would pay tax voluntarily would face no problems for three years.

He also inspired the taxpayers to pay taxes regularly and voluntarily. Tax commissioner of Khulna tax region Alamgir Hossain, additional tax-commissioner Saiful Islam, joint tax Commissioner of Jessore, Faruk Hossain and sub- tax Commissioner of Chuadanga circle also spoke.

A total of 50 taxpayers submitted returns voluntarily to the NBR chairman in the meeting.

SIBL Board meeting held

The 175th meeting of the Board of Directors of Social Investment Bank Limited was held in the Board Room of the bank on August 21 last. Abdul Awal Patwary, Chairman of the Board of Directors of the bank presided over the meeting. Vice-Chairmen, Directors, Managing Director KM Ashaduzzaman, Deputy Managing Director Abu Sadek Md Sohel, Chief Financial Officer Walid Mahmud Sobhani and Board Secretary Mahamud Hassan were present at the meeting. Important decisions on various activities of the bank were taken.

BIPFA holds EGM

The Extraordinary General Meeting of The Bangladesh Institute of Public Finance and Accountancy was held on August 22, 2008 at Hotel Laurel, Banani, Dhaka.

In the said meeting the new Board of Governors and Office Bearers of the Institute were elected for the year 2008-09. Md Safiqur Rahman, Subhash Chandra Ghosh, Mizanur Rahman, MA Hai Mia and Jyotishi Das were elected President, Senior Vice President, Vice President, Secretary General and Finance Secretary of the institute respectively.

The 12-member Board of Governors elected consisted of Md Israil, Md Yeasin Ali, SC Ghosh, Md Golam Nobi, Mizanur Rahman, Md Safiqur Rahman, Jyotishi Das, Mushahid Ahmed Chowdhury, MA Mannan, Syed Mofizur Rahman, Shawkat Ali and MA Hai--all Fellow Members of the Bangladesh Institute of Public Finance and Accountancy.

The outgoing President Md Israil while speaking on the occasion said that the importance of the Public Finance Accounting Profession could not be overemphasized.

The incoming Institute President Md Safiqur Rahman lauded the role of the Public Finance Accountants particularly in the government-owned organisations such as sector corporations, nationalised banks, financial institutions and insurance companies as well as development financial institutions and also some prominent private organizations.

KCCI demands implementation of ongoing development projects

Khulna Chamber of Commerce and Industries (KCCI) placed a charter of demands to expedite some of the ongoing development projects in order to boost economic development of the southwestern region of the country.

KCCI President Sharuzzaman Murtaza at a press conference here on Sunday said the development of the southwestern region depends on industrialization and providing special facilities to the business community. He emphasized the need for construction of the Padma bridge, setting up an IT village, linking Khulna city with gas pipeline from Bhola, development of Mongla Port, establish an airport near Mongla, development of eco-tourism in the Sundarban forest. Chamber president also demanded reopening of Khulna News print Mills, Dada Match Factory, Textile Mills and Cable factory through balancing and modernization. Past President of KCCI SM Nazrul Islam and other members were present.