The New Nation - Internet Edition

ICB Islamic Bank MD resigns

BUSINESS REPORT

Abdul Latif Bin Yahaya has resigned from the post of managing director (MD) of the ICB Islamic Bank Limited, formally known as Oriental Bank Limited. The management of the bank has informed the central bank about the resignation of its MD, officials said. "We have been informed about the resignation," a senior official of the Bangladesh Bank (BB) told the FE Wednesday without elaborating. Mr. Latif joined the bank on March 27 last.

Petrobangla to sign deals with IOCs likely by Oct

BUSINESS REPORT

The Energy Ministry plans to sign contracts with the newly selected bidders in the 3rd round international bidding for hydrocarbon exploration in the country's offshore territory.

Energy Secretary Mohammad Mohsin on Wednesday said they are going ahead with the plan to complete the contract signing process by October with a view to take advantage of the ensuing winter season for starting the exploration work.

"We're hopeful of completing the process by early October subject to approval by the Advisers Committee on Public Purchase," he said.

Two international oil companies (IOCs) - Conoco Philip and Tullow - were selected as responsive bidders for the country's nine offshore blocks in the Bay of Bengal under the latest bidding round that took place in May this year.

A total of 15 bids were received from seven IOCs for the 15 blocks, out of 28 that were put on place for the international tender. Of these, Conoco was selected for eight blocks, while Tullow was chosen for only one block.

HSBC opens business dev office at Adamjee EPZ

BUSINESS REPORT

The Hongkong and Shanghai Banking Corporation (HSBC) Ltd in Bangladesh formally opened a business development office at Adamjee Export Processing Zone (AEPZ).

Executive Chairman of Bangladesh Export Processing Zones Authority (BEPZA), Brig General Jamil Ahmed Khan officially inaugurated the center as the chief guest. During his speech he thanked HSBC for opening this business development office and expressed his strong confidence in the prospects for significant business growth within the EPZs.

Speaking on the occasion, Sanjay Prakash, CEO HSBC Bangladesh talked about the very important role that BEPZA plays in helping attract foreign direct investment to Bangladesh.

He thanked BEPZA for their efforts and noted that the opening of the office would help ensure that HSBC played a part in the development of the country's trade by being present in the leading 5 EPZs- Mongla, Chittagong, Dhaka, Comilla and now Adamjee.

Mr Md Mahbub-ur-Rahman, Corporate Banking Head, HSBC said "the establishment of this office further consolidates HSBC's position as the Bank of choice for trade, especially for the exporters, in Bangladesh. Our strong presence in the 5 major EPZs will hopefully create greater investment interest in Bangladesh."

Local dignitaries and officials of HSBC and BEPZA were also present on the occasion.

Bangladesh set up its first EPZ in 1983 and since then its eight EPZs have netted over $1.5 billion in investments

The EPZs now host more than 283 industrial plants, which have created jobs for 220,000 workers.

These factories exported US$2.43 billion last year, or around 20 per cent of the country's annual export.

Prime Bank Foundation's support for poor students

Apart from commercial banking operation, Prime Bank Limited through its Foundation is simultaneously playing a pivotal role in the society as part of its corporate social responsibilities. Prime Bank Foundation is providing poor but meritorious students with stipend through 'Education Support Programme'.

This year a total of 120 students from different educational institutions of the country are receiving monthly stipends for the persuasion of their graduation level studies.

Their stipend is expected to be continued till the end of their study for which they have applied for. Azam J Chowdhury, Chairman, Prime Bank Limited and Foundation gave away cheques to the students as a chief guest at the award giving ceremony held on August 26 at the Institution of Diploma Engineers, Bangladesh. Father Benjamin Costa, Principal, Notre Dame College and Mohammad Amlnul Haque spoke on the occasion as special guests.

Jamuna Bank holds AGM

BUSINESS REPORT

Jamuna Bank Ltd held its 7th annual general meeting (AGM) in presence of a large number of shareholders at BDR Darber Hall at Peelkhana in the city Monday. The AGM approved stock dividend at the rate of one bonus share against 14 existing ones.

Chairman of the bank's board of directors Md. Tazul Islam presided over the meeting, said a press release.

Mr Tazul, in his speech, said of the success of the bank achieved in the past and thanked all concerned, particularly the valued shareholders for their continued support.

The chairman presented before the shareholders agenda relating to the Directors Report-2007, Balance Sheet and Profit and Loss Account, Auditors' Report there on, reconciliation of the board in light of the provisions of the Bank Company Act, 1991, Companies Act, 1994 and BRPD Circular issued by Bangladesh Bank and appointment of auditors and fix up their remuneration for discussion and review and called upon them for participation.

Dhaka, Canberra sign MoU: Direct flights between Bangladesh, Australia

BUSINESS REPORT

Direct flights between Australia and Bangladesh are a step closer following the signing of an inaugural air services Memorandum of Understanding.

Until now, people wanting to travel between Australia and Bangladesh had to do so on third country airlines via mainly Malaysia, Singapore or Thailand. The new arrangements open the door for Australian and Bangladeshi airlines to serve both countries with direct flights.

Subject to compliance with applicable safety regulations, airlines of each country are immediately able to operate up to five flights each way each week between airports in both Bangladesh and Australia.

If this capacity is not used for 'own aircraft' services, it can be used to market code-shared services operated by the airlines of other countries.

The opening up of the Australia-Bangladesh market underscores the Australian Government's determination to liberalise the international aviation market.

The Australia-Bangladesh market, while comparatively small at some 28,000 passengers a year, has over the past decade grown by an average of 12% a year.

With a population of more than 150 million people, Bangladesh is a potentially important emerging market and the new arrangements will provide for the development of bilateral air services.

The new arrangements also pave the way for the development of the cargo market between Australia and Bangladesh, with capacity for up to seven all-cargo services with any aircraft type to be operated each week.

Cargo can be taken on and set down at any point, subject only to each country's bilateral aviation arrangements with other countries.

Govt urged to solve power crisis facing by industries

A meeting for exchange of views with renowned industrialists and businessmen was held on August 23 at a local hotel organised by Industrialists and Businessmen Welfare Foundation (IBWF).

Presided over by Prof Abu Nasser Muhammad Abduz Zaher, President of IBWF and Chairman of Islami Bank Bangladesh Limited the meeting was addressed, among others, by Nazir Ahmad, Vice President, Kazi Harun-ar-Rashed, Secretary General, Abul Kalam Azad, Secretary of Dhaka City, Md Shahidul Islam, Vice President of the organization, Abdul Haque, FBCCI Director, Mojibul Haider Chowdhury, Chairman, National Life Insurance, Farrukh Hasan, Director of Lipika Textile. Businessman and industrialists from different segments of the country were present at the meeting.

Prof Abu Nasser Muhammad Abduz Zaher said that it was the responsibility of the government to ensure the business friendly environment in the country. The government should take necessary measures to solve the problems of confidence crisis among the businessmen. He viewed that respectable men are not getting their due respects.

He said that 1/11 is the creation of local and foreign conspirators. The countrymen will not allow this instability any longer.

He said the country was not born by the mercy and pity of any power. No sole autonomy will be tolerated. The industrialists should come forward to expedite the economy of the country.

Kazi Harun-ar-Rashed said that it is more important to create trustworthiness among the businessmen instead of detaining them in the jails or sending them abroad. He called upon to establish industries requiring more labors in order to eradicate penury.

Abdul Haque narrated his experience in India and Turkey. He said that a number of industrialists of Turkey want to establish mills and factories in Bangladesh. He said power crisis is the main obstacle in this sector and opined that it is high time we solved the crisis.

Mojibul Haider Chowdhury said that government of any country should come forward with different lucrative proposals with a view to extending industrialization in that country. He laid emphasis upon the rapid solution of electricity crisis.

Bangladesh Export Import Company declares 15pc stock dividend

Bangladesh Export Import Co Ltd declared 15 percent stock dividend (Bonus Share) for the year 2007 at its 35th Annual General Meeting held on August 26 at Shahbagh, Dhaka.

The company earned a gross profit and net profit of Tk 577 .23 million and Tk 185.63 million respectively for the year 2007.

Earlier, the shareholders and creditors of the company in a meeting held at 9.30 a.m. unanimously approved the draft scheme of amalgamation of Shinepukur Holdings Limited and Beximco Fisheries Limited (transferor companies) with Bangladesh Export Import Co Ltd (transferee company) pursuant to Section 228 with Section 229 of the Companies Act, 1994.

The meeting was presided over by OK Chowdhury, Director of the company. MA Qasem, Dr Abdul Alim Khan and AB Siddiqur Rahman, Directors and Md Asad Ullah, Company Secretary attended the meeting.

Tk 55.02cr granted under 100-day employment program in Rangpur

RANGPUR- The Ministry of Food and Disaster Management has allocated a total of Taka 55.02 crore for creating job opportunities for the poor during the peak Monga period in Rangpur this year, officials said.

Officials in the District Relief and Rehabilitation Department today told BSS that each of the beneficiaries of 55,000 day-and farm- labourers will get an amount of Taka 10,000 after completion of their 100-day works with Taka 100 as per day wage.

The programme will be launched in two phases and the first 60- day programme will begin from September 15 next in all 83 unions of eight upazilas under the government;s special 100-day employment programme to assist the poor people in overcoming the seasonal Monga.

Under the programme, Taka 9.88 crore has been allocated for 9,880 labourers in Sadar upazila, Taka 9.90 crore for 9,900 labourers in Mithapukur, Taka 7.82 crore for 7,820 persons in Pirganj, Taka 6.88 crore for 6,880 persons in Pirgacha, Taka 5.20 crore for 5,200 labourers in Kawnia, Taka 6.24 crore for 6,240 labourers in Gangachara, Taka 6.21 crore for 6,210 laborers in Badarganj and Taka 2.89 crore for 2,890 labourers in Taraganj upazila.

Preparation of the lists for the beneficiaries will be completed by August 31 next to run the first phase of work from September 15 to November 30 at a stretch and the second phase of work for another 40 days will continue at a stretch in March- April next year, the officials said.

Primary Education Fair begins in Joypurhat

Primary Education Fair- 2008 has began on the premises of Shaheed Dr Abul Kashem moidan on Wednesday.

District Primary Education office organised the fair which included a colourful procession.

Deputy commissioner of Joypurhat Netai Pada Das formally inaugurated the two-day fair as the chief guest while district primary education officer Badruzzoha in the chair.

A total of 15 stalls were set up at the fair.

Seized fertilizer sold at fair price in Chandpur

CHUADANGA: A total of 40 sacks of urea fertilizer, which were seized by the members of Bangladesh Rifles (BDR), were sold at fair price among the farmers of village Uthali under Jibannagar upazila of the district on Tuesday.

BDR sources said the fertilizer were recovered by BDR personnel from Andulbari Bazar which were kept illegally.

Later, the BDR jawans sold the urea to the local farmers at fair price.

'Dhaka making steady progress on anti-money laundering issues'

BUSINESS REPORT

David Shannon, team leader of the Assessment Team of Asia-Pacific Group (APG) on Money Laundering Tuesday said Bangladesh is progressing steadily on anti money laundering activities.

The APG team, an autonomous and collaborative international organisation founded in 1997 in Bangkok, is currently in Bangladesh to compile a comprehensive report on the country.

The APG conducts mutual evaluation of its members to determine to what extent they comply with their obligations to implement the global anti-money laundering and anti-terrorist financing standards. The team, which arrived in Bangladesh on August 18, is expected to stay until tomorrow (Friday).

David Shannon said Anti-corruption Commission rules and promulgation of anti money laundering ordinance-2008 have contributed much in improving the country's money laundering situation. He was addressing a meeting with local business leaders at the conference room of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) in the city.

The APG team leader said they are assessing money laundering activities through mutual evaluation adding, "the aim of the assessment is to create a level playing field among the countries, especially in the cases related to investment, cash money and good governance." He also said many developing countries have been found to be involved in 'price manipulation' through under invoicing when they carry out international trades.

Abul Kashem Ahmed, FBCCI first vice president said money laundering has potentially devastating economic, security and social consequences. He also said money laundering provides the fuel for drug dealers, smugglers, terrorists, illegal arms dealers, corrupt public officials and others to operate and expand their criminal activities. He also said: "The crime relating to money laundering is increasing internationally day by day and the financial aspects of the crime have become more complex due to rapid advances in technology and globalisation of the financial services industry."