The New Nation - Internet Edition

IMF cuts world growth forecasts: source

AFP, Paris

The International Monetary Fund has cut its world growth forecasts for this year and next in light of the global slowdown, an official said yesterday. For 2008, the IMF now expects world growth of 3.9 percent, down from the 4.1 percent previous estimate, said the official, close to one of the delegations attending a meeting of G20 developed and developing countries at the weekend. "The IMF gave the figures in a note prepared for the meetingt in Rio (de Janeiro)," the official said. The IMF also downgraded its 2009 forecast to 3.7 percent from 3.9 percent, the official added. The IMF left its 2008 estimate for the United States unchanged at 1.3 percent but reduced the 2009 figure to 0.7 percent from 0.8 percent.

In the eurozone, the economy will likely expand 1.4 percent this year, instead of 1.7 percent, with 2009 down to 0.9 percent from 1.2 percent.

The G20 comprises the seven major economic powers -- the United States, Germany, France, Italy, Japan, Canada and Britain alongside emerging giants such as China, India, Russia, Brazil

and South Africa.

Japan govt completes cancellation of Bangladesh's $680m debt repayment

The Government of Japan and the Government of Bangladesh exchanged Notes on Japanese debt relief measure in the form of cancellation, amounting to 73,861,500,055 Japanese yen (approximately Tk 46 billion or US$680 million).

Masayuki Inoue, Ambassador of Japan to Bangladesh and Md Aminul Islam Bhuiyan, Secretary, Economic Relations Division, Ministry of Finance signed the notes on behalf of their respective governments.

Both governments had already signed the agreement on debt cancellation of 158,090,015,335 yen (about US$ 1,450 million) on March 21, 2004 and the government of Bangladesh was exempted from the repayment of the principals and payment of interests for Japan's ODA loan signed before 1988. Since 2005, the following year of the above-mentioned agreement, the Japan Bank for International Cooperation (JBIC) has made the cancellation of the payment every fiscal year as the principals and interests became due. The funds cancelled under the agreement have been used for a number of important projects, such as, rehabilitation of Haripur 110 MW power plant, construction of Matuail sanitary landfill in Dhaka, and road construction/ maintenance projects.

Through the signed agreement this time, all the outstanding debt of Bangladesh approximately US$ 680 million out of the cancellation agreed in March 2004 will be all cleared.

After the signing ceremony, Ambassador Inoue said: "The government of Japan had decided the debt cancellation for Bangladesh to reduce its burden for its social and economic development. We hope that the Government of Bangladesh will continue its efforts to achieve the ultimate goal of poverty reduction in this country by using resources which will be available."

IBBL holds board meeting

BUSINESS REPORT

A meeting of the Board of Directors of Islami Bank Bangladesh Limited was held yesterday at the Board Room of the bank at Islami Bank Tower. Prof. Abu Nasser Muhammad Abduz Zaher, Chairman, Board of Directors of the bank presided over the meeting. Foreign and local directors including Yousif Abdullah Al-Rajhi, Representative of Al-Rajhi Company for Industry and Trade were present in the meeting.

The meeting evaluated the performance of the bank and expressed satisfaction over the success and progress achieved so far and took some important business decisions.

Nokia launches N96, N79, N85 mobile phones in Bangladesh

BUSINESS REPORT

Nokia on Tuesday announced the availability of the much anticipated Nokia N96, its flagship multimedia computer in the iconic Nseries range. Heralding a new dawn in convergence, the Nokia N96 delivers an unparallel mobile experience.

Besides, Nokia unveiled the Nokia N79, the latest addition to the Nokia Nseries range that combines intelligent and customizable design with a fully-loaded multimedia computer, and N85, the latest Nseries multimedia computer made to set new standards for mobile entertainment, gaming and sharing.

Prem Chand, Managing Director of Nokia EA Limited, fromally launched the new range of mobile phones at a function held at Bangladesh-China Friendship Conference Centre in the city.

The Nokia N96 will be available in Bangladesh in mid-September with an estimated retail price of Tk 46,000.

Cutting-edge technology meets intelligent design to fuse advanced entertainment options including 5 megapixel camera with Carl Zeiss optics, turn-by-turn voice navigation, up to 24GB of memory, superior sound and music, pre-loaded N-Gage gaming access and spectacular 2.8" display together in one device.

"This is our most advanced multimedia computer to date. It is a force to be reckoned with, combining outstanding video and camera capabilities, music playing, navigation and internet connectivity to the next level. The pioneering dual slider design blends phone and multimedia options seamlessly so it makes discovering and sharing experiences effortless. The Nokia N96 is simply in a league of its own," said Prem Chand.

Besides, two other mobile phones--Nokia N79 and N85-were also launched at the function. The Nokia N85 is expected to be available in Bangladesh in end October this year with an estimated retail price of EUR 450, before taxes and subsidies, while Nokia N79 is expected to be available in early November with an estimated retail price of EUR 350, before taxes and subsidies.

Nokia N85, the latest Nseries multimedia computer made to set new standards for mobile entertainment, gaming and sharing. Along with an eye-catching 2.6" OLEO screen and smooth, sleek finish, the Nokia N85 redefines the mobile experience. It boasts N-Gage gaming, music with in-built FM transmitter, 5 megapixel camera with Carl Zeiss optics and geotagging capabilities and high-speed connectivity, all in one device.

"The Nokia N85 was created to be more than the sum of its parts, offering a complete mobile entertainment package designed for connecting, sharing and discovering," said Juha Pekka Sipponen, Director, Nokia Nseries. "The iconic Nokia Nseries dual slider design has evolved to become smaller and sleeker while integrating the newest features and services to deliver the best mobile experience to date."

A state-of-the-art 5 mega pixel camera with Carl Zeiss optics and bright dual LEO Flash captures clear, sharp images as well as DVD-quality videos at 30 frames per second. Combined with A-GPS it is possible to geotag favorite pictures to see where each photo was taken using the Nokia Maps application or online sites such as Share on Ovi or Flickr.

Each Nokia N85 comes with an 8GB microSD card, up to 3D-hours of music playback time and its high-fidelity sound means favorite tracks can be enjoyed virtually anywhere. The 3.5mm audio jack makes connecting a top-quality headset simple and a built-in FM Transmitter lets the Nokia N85 play wirelessly through a car or home stereo to really crank up the sound.

While it comes out of the box with a multitude of powerful functionality, the pre-loaded Nokia Download! application makes the Nokia N85 truly customizable by offering a wide range of bespoke content. This includes an outstanding selection of world-class branded entertainment content, the latest in mobile gaming and dynamic applications so users can really make their device their own.

On the other hand, Nokia N79 is a technology powerhouse. It offers a full range of multimedia experiences including integrated navigation, music with FM transmitter, highspeed connectivity, superior web browsing, and an advanced 5 mega pixel camera with Carl Zeiss optics.

"The Nokia N79 packs cutting-edge technology into a compact design - a characteristic of the iconic Nseries- that allows people to discover, create and share their passions with others," said Juha Kokkonen, Director, Nokia Nseries. "It has been designed for those who want a device that is as appealing as it is powerful and comes with interchangeable covers that have automatically matching screen themes. This balance of performance and style means that it is a powerful and defining step forward from the popular and very successful Nokia N72 and Nokia N73."

Perfect for the style conscious, the Nokia N79 comes with Xpress-On smart covers that are available in cool colors like Light Sea Blue and Espresso Brown.

The 5 mega pixel camera with Carl Zeiss optics, dual LED Flash and video light captures sharp, clear images and video that can be edited immediately, without the need for a Pc. Images can also be geotagged to specific locations.

Universal Business signs pact with Todwil Group

BUSINESS REPORT

Universal Business, a leading Bangladeshi company involved in supply and promotion, signed an agreement on August 26 with the Todwil Group of South Africa, a global leader in retail-marketing that provides in-store brand communication solutions.

Jason Pontes, International Account Manager of the Todwil Group signed the final contract with Tashfin Delwar, CEO, Universal Business.

Ataul Mukit, CFO, Universal Business and Rifat Mahmood, Head of Operations of Universal Business were also present on the occasion held at Universal's office at Banani in the city.

Under the agreement, Universal Business has been appointed as the exclusive agent of the Todwil Group in Bangladesh.

Todwil has been a preferred supplier to British American Tobacco (BAT) and its predecessors globally for nearly 60 years. Todwil regularly supplies up to 30 BAT end markets per year globally.

Todwil is an approved designer, manufacturer and installer of ISF (In Store Furniture), branded Point of Purchase (POP) items and promotional units to the British American Tobacco (BAT) Group Worldwide. It strives to be one of the market leaders in its field, and offers complete turnkey solutions.

Universal Business is a preferred supplier of promotional, gift and merchandising items to various multinationals in Bangladesh including BAT Bangladesh.

"We are thrilled to sign the contract with the Todwil Group of South Africa. The Todwil Group's exclusive products and solutions will certainly make an impact on retail store branding. This agreement will definitely strengthen our position in merchandising and POP items market in Bangladesh." said Tashfin Delwar, CEO of Universal Business.

Grameenphone to continue partnership with Sightsavers

Grameenphone Ltd. Yesterday renewed its partnership with Sightsavers International to provide free eye-care support to the economically disadvantaged people of the rural Bangladesh at a hotel in the city.

A Memorandum of Understanding (MOU) was signed in this regard between Grameenphone and Sightsavers International.

The agreement was signed at the conclusion of the earlier partnership agreement between the two organizations, prevailing for last one year. Under the contract, GP and Sightsavers International will continue to jointly organize free eye-care camps in different parts of the country where eye-care services are not readily available.

Ahmed Raihan Shamsi, Director, Financial Management & Company Secretary, Grameenphone and Rifat Shapar Khan, Programme Manager, Sightsavers International signed the agreement on behalf of their respective organizations. Iqbal Mahmood, Secretary, Ministry of Post & Telecommunication was present as the chief guest at the signing ceremony.

Khalid Hasan, Director, Corporate and Regulatory Affairs, Emad Ul Ameen, Director, Human Resources of Grameenphone and other officials of Sightsavers International and Grameenphone were also present on the occasion.

Grameenphone, jointly with Sight Savers International, organizes the eye camps and provides associated actual cost for organizing the camps and also provide surgery costs which includes transportation and follow-up visit cost of patients.

All patients registering for these camps are given routine examinations. Prescriptions for refractive error are given and Intra Ocular Lens (IOL) or cataract surgeries are administered to those who require it.

Till date, around 13,000 patients have received free eye-care support and over 1,500 cataract surgeries have been performed through nine eye-care camps conducted in different parts of Bangladesh since last year.

Bangladesh has the highest number of blind people compared to its population. There are about 750,000 blind adults and 40,000 blind children, among which cataract accounts for 80% of the blindness. The major challenge in eliminating blindness in Bangladesh is reaching the rural and underserved population as the vast majority of eye-care facilities are based in the big cities.

Continental Insurance MD, Company Secy off to Mumbai to attend conference

Md Hashmat Ali, FCII (London), FFII (India) Managing Director and M Qamrul Munir, MBA, Company Secretary of Continental Insurance Limited left Dhaka for Mumbai to attend a conference on "India's Investors Forum" to be held on August 28 and 29 organized by Marcus Evans (H) Pvt. Ltd.

Krishi Bank's 464th board meeting held

BUSINESS REPORT

Khondkar Ibrahim Khaled, Chairman of the Board of Directors of Bangladesh Krishi Bank speaking at the 464th Board Meeting of the bank held at the Board Room of the bank on August 26. All the Directors of the Board, Managing Director Md Mukter Hussain, Deputy Manaing Director Md Joynal Abedin, all General Managers and concerned Deputy General Managers were present on the occasion. Some important decisions on the various operational and administrative affairs of the bank were taken at the meeting.

Warid launches prepaid package with Tk 4,000 talk-time, Samsung handset

Warid Telecom on Tuesday launched another exciting prepaid package with a Zem prepaid connection, Samsung C160 handset and talk-time worth Tk 4,000.

The latest package is available at all business centres, franchisees, corporate sales points and designated sales points of Warid Telecom.

The management of Warid Telecom, the fastest growing mobile phone operator in the country, expects that the new package will receive tremendous response from customers like it's recently launched several other packages.

Under the latest bundled offer, a customer will get a Samsung C160 handset, Tk 4,000 talk-time and a Zem prepaid connection at a cost of Tk 4,999.

If a customer buys the connection under this new offer, he or she would ultimately get a benefit of Tk 2,700 as the cost of actual package is worth Tk 7,699 while the customer is paying only Tk 4,999.

The talk-time can be used for any type of voice and non-voice usage and remain valid for 365 days after activation. Moreover, the unused talk-time would still be available after the validity period with any amount of recharge or reload.

Apart from making calls to any other mobile phones, the users can also make local, NWD, ISD and E-ISD calls to any fixed phone networks and access to internet through using GPRS/EDGE.

Warid Telecom, a subsidiary of UAE-based Abu Dhabi Group, launched its commercial operation in Bangladesh in May 10, 2007 as the sixth the mobile phone operator. Within one year, the company became fourth largest operator by acquiring nearly 3.5 million subscribers through spreading its network to all the 64 districts.

Beximco Fisheries holds 27th AGM

The 27th Annual General Meeting of Beximco Fisheries Limited was held on August 26 at Shahbagh, Dhaka. A large number of shareholders attended the meeting.

Earlier, the Shareholders and Creditors of the Company in a Meeting held at 12.00 noon unanimously approved the Draft Scheme of Amalgamation of Shinepukur Holdings Lirrtited and Beximco Fisheries Limited (Transferor Companies) with Bangladesh Export Import Co. Ltd. (Transferee Company) pursuant to Section 228 read with Section 229 of the Companies Act, 1994.

The meeting was presided over by Mr. O. K. Chowdhury. Managing Director and Mr. Md. Asad Ullah, Company Secretary conducted the meeting.

LCMI holds seminar for female graduates

Lankan Clothing Management Institute (LCMI), a local institute for accelerating career in garments sector, organised a free seminar on 23 August offering professional training in merchandising and social compliance. Held in Uttara (H-8, R-12, Sector-6) the seminar focused on encouraging women particularly female graduates to build their career in garments buying and merchandising. A good number of female graduates attended the seminar, many of whom came with detailed CVs to get admission for training.