The New Nation - Internet Edition

Workshop on expansion of agriculture engineering held

UNB, Barguna

A post-Sidr workshop on expansion of agriculture engineering technology was held Khamar Bari auditorium in the town Sunday. Barisal divisional additional director Molla Shafiar Rahman attended the workshop as chief guest. The workshop identified different problems of agriculture in coastal areas, including the district, and recommended measures for its solution. Various methods have also been discussed to turn one-crop land into three-crop one for the interest of the farmers in the workshop which was attended by agriculture officials, journalists, farmers and others.

Grameen Two debuts on DSE, CSE today

BUSINESS REPORT

Share trading of the Grameen Two Mutual Fund begins simultaneously on the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) from today (Tuesday).

"We have approved the listing application of the mutual fund and set September 2 for the start of trading of its shares," said Salahuddin Ahmed Khan, chief executive officer of the Dhaka Stock Exchange, after a DSE board meeting on Sunday.

Chittagong Stock Exchange general manager Md Atiquzzaman said, "Share trading of Grameen Two will start on the CSE simultaneously with the DSE."

The Tk 125 crore mutual fund issued 15.34 lakh units for general public to raise Tk 15.34 crore. The face value of each unit of the Grameen Two is Tk 10.

The initial public offering (IPO) of the mutual fund was oversubscribed by 17.75 times.

Earlier the fund allocated Tk 16.66 crore worth of units through entitlement under private placement to the existing unit-holders of the Grameen One Mutual Fund.

On May 13, the Securities and Exchange Commission gave consent to the Grameen Two Mutual Fund, second scheme of the Grameen One Mutual Fund, for floating the IPO.

Grameen Fund is the trustee, Standard Chartered Bank the custodian, and Grameen Bank the sponsor of the mutual fund.

Grameen Two will be the 17th mutual fund to be traded on the country's capital market.

Currently, a total of 16 mutual funds are traded on the bourses. Of them, ICB and its subsidiaries have floated 13 mutual funds while BSRS and private sector companies Aims and Grameen have one each.

IDLC launches investors' awareness programme

BUSINESS REPORT

IDLC Finance Limited (IDLC), a joint venture multi-product financial institution and a leading merchant bank, and its fully owned brokerage subsidiary, IDLC Securities Limited, have jointly launched the Investors' Awareness Program. The launching ceremony of this continuing series of programs was held at a local hotel on August 28.

Faruq Ahmad Siddiqi, Chairman, Securities and Exchange Commission (SEC), and Anwarul Huq, Chairman, IDLC Finance Limited, were present at the event, as chief guest and special guest, respectively.

Top executives of SEC, Dhaka Stock Exchange, and Chittagong Stock Exchange attended the ceremony.

A large number of capital market investors participated in the awareness program. Professor Abu Ahmed, Department of Economics, University of Dhaka presented the key-note paper while Arif Khan, General Manager, IDLC, made a presentation on capital market investment.

Imtiyaz Husain, Former Chairman, Dhaka Stock Exchange, acted as the moderator of the discussion session. The participating investors took great interest in the programme and felt benefited from the discussions.

The SEC Chairman and the chief guest urged the investors to learn from the awareness programs and take rational investment decisions. He appreciated the initiative of IDLC and underpinned the necessity of continuing such programs for helping achieve long term stability of the market.

Anwarul Huq, Chairman of IDLC and the special guest of the programme, explained IDLC's long term vision for its capital market operations, and commitment towards building a conducive investment atmosphere.

Anis A. Khan, CEO and Managing Director of IDLC welcomed the distinguished guests and unveiled IDLC's plan of holding a series of similar awareness programs, in the forthcoming months. Others present at the ceremony included Yongbok Jo, IDLG Deputy Managing Director, Kh. Asadul Islam, CEO, IDLC Securities Limited, and Mahmudul Bari, Head of Merchant Banking, IDLC.

Premier Bank introduces savings account for students

BUSINESS REPORT

In honour of the students who will play important roles to build the country and will bring pride on the occasion of their glorious success. Thinking of that the Premier Bank Ltd has brought out a easy and modern banking facilities branded as Premier Genius Account.

The Genius Account will offer 1. Highest profit on daily balance 2. Any branch banking 3. Free online banking 4. VISA Debit Card 5. Free pay order service and 6. Premier priority service.

The marketing innovation is a smart introduction of a new member in the evergreen avenue of its deposit products. To mark the occasion a befitting launching ceremony was held on August 30 at Iqbal Centre, Banani, Dhaka.

Vice Chairman of the bank BH Haroon inaugurated the high spirited launching of Premier Genius Account. Director Abdus Salam Murshedy was also present on the occasion as special guest.

Addressing the ceremony as chief guest BH Haroon expressed his deep satisfaction over the progress of the bank.

He said that success and saving will guide the students an enriched future by the Premier Bank Genius Account offers. Abdus Salam Murshedy and Special Guest of the program also spoke on the occasion. He thanked the management to give such kind of specialized Account for the Genius Students of the country.

Khondker Fazle Rashid, Managing Director of the bank also spoke on the occasion.

Describing the key features of the product, the Managing Director said in his speech that under the program, the people above 18 years students will get extra benefit of the bank for their deposits. The Managing Director assured the media personalities that the coming days the bank will come many others products and Services for their valued clients.

Tk 100m microfinance for disadvantaged women: StanChart signs loan deal with Shakti Foundation

BUSINESS REPORT

Standard Chartered Bank signed an agreement on August 28 last with Shakti Foundation for Disadvantaged Women (SFDW), one of the top tier microfinance institutions in Bangladesh.

Under this credit facility, Tk 100 million will be provided to SFDW as a revolving loan.

This is part of the SCB's global initiative to provide support in the microfinance sector across Asia and Africa which will in turn help some of the poorest people in these regions.

Shakti Foundation is one of the largest NGOs in Bangladesh pioneering urban microfinance in the country. Since its inception in 1992, SFDW has been working in the slums and squatters allover the country for the social and economic empowerment of the poor women. To achieve this objective the organization believes in an integrated approach which is credit plus approach.

Therefore, the four programs Microfinance, Health, Women in Development (WID) and Business Development Services are being implemented in 218 branches of Shakti Foundation.

SFDW will use this fund to change the lives of 12,000 members all over Bangladesh under its microfinance program. Mr. Ahmed A Shah, Managing Director, Origination and Client Coverage, Standard Chartered Bank, Bangladesh and Dr. Humaira Islam, Executive Director, SFDW signed the agreement on behalf of their organizations.

Senior executives from both the organizations were also present at the signing ceremony held in Dhaka.

Direct flights between Dhaka, Istanbul likely soon: Huge potential of trade, investment between Bangladesh, Turkey exists

BUSINESS REPORT

Dr Hossain Zillur Rahman, Adviser for the Ministries of Commerce and Education, who was on a high-profile visit to Turkey to reinforce trade relations with Turkey, met TUSKON (one of the apex forums of Turkish businessmen based in Istanbul) in Istanbul on August 29 last.

The Adviser appreciated the economic growth of Turkey in the recent years. He forthrightly discussed the future potential of trade and investment between Bangladesh and Turkey. He stressed that people of both countries can easily the sure the historic brotherly ties for future trade and investment.

Dr. Hossain Zillur Rahman said that that in near future Bangladesh-Turkey trade volume should be US$1 billion. In this connection the Commerce Adviser underscored the importance of direct flights between Istanbul and Dhaka to facilitate easy traffic of business delegation.

TUSKON President Rizanur Meral and present businessman appreciated the initiative of establishing direct flights between two countries.

During the meeting, Turkish businessmen expressed their interest to invest in the textile sector in Bangladesh. They informed that due to high cost of labour and energy in Turkey they were looking for alternative country to relocate their textile industries and in all consideration Bangladesh could be one of the best destinations for such relocation.

He highly appreciated their interest in Bangladesh and informed that other than cheap labour, Bangladesh offers tax holidays and other infrastructure supports for successful investment in the country.

Dr. Hossain Zillur Rahman elucidated the potential market of 150 million people in Bangladesh to the Turkish businessmen. He stated that apart from textile, RMG, pharmaceuticals, jute and jute products, energy, leather and ceramic sectors could be the potential sectors for further trade and investment between two countries.

The Adviser suggested that during the 3rd session of the Joint Economic Commission (JEC) meeting between Bangladesh and Turkey in the first half of 2009, businessman from both countries should highlight their experiences and suggestions for boosting the trade relations.

Dr Hossain Zillur Rahman invited the TUSKON delegation to visit Bangladesh at their earliest convenience.

Earlier, the Adviser met Dr Ternel Kotil, President and CEO of Turkish Airlines in Istanbul. They discussed about the potential of direct fights between Istanbul and Dhaka.

President and CEO of Turkish Airlines Dr Kotil informed that after some procedural formalities Turkish Airlines would be operative to Dhaka by April 2009.

Dr Rahman was also interviewed by the TRT (Turkish National TV Channel in Istanbul), which had been widely broadcasted in Turkish electronic media.

Paul Heytens ADB's new Country Director for Bangladesh

Paul J. Heytens joined ADB's Bangladesh Resident Mission (BRM) as its new Country Director on August 31. He succeeds Country Director Hua Du who went back to ADB's Headquarters in July after completing her 3-year tenure. Prior to joining BRM, Mr. Heytens was ADB's Country Director for Nepal.

Mr. Heytens worked for ADB's East Department during 1990-1993 as Project Economist, Agriculture; Principal Project Economist, South Asia Department, (2003-2004); and Principal Agricultural Economist, South Asia Department (2005- 2007). He also worked as Economist, Asia Pacific Department, International Monetary Fund (IMF) during 1993-1998; IMF Resident Representative in Beijing, China (1998-2001) and in Indonesia (2001-2003), and Deputy Division Chief, African Department, IMF (2004-2005).

A US national, Mr Paul Heytens holds a Ph.D in Development Economics from the Stanford University, USA.

Two new Singer Plus Shops open in Dhaka

BUSINESS REPORT

President and CEO of Singer Asia Gavin Walker formally inaugurated two new Singer Plus Shops at Savar and Uttata in Dhaka on August 26 last. He also inaugurated relocated Singer Plus Shop at Shewrapara in the city.

Director and Chief Operating Officer AM Hamim Rahmatullah, Marketing Director Sajidur Rahman Khan, senior officials of Singer Bangladesh Limited and local elites were also present at the inauguration ceremony.

Singer Plus is committed to provide the customers with products of highest quality and best after sales service. With the opening of shops at Dogormora in Savar and Uttara Sector No. 7, people of the areas will get the opportunity to choose from a wide array of world renowned brands -- Whirlpool, Samsung, Haier, Moulinex, Sebec and Tefal along with Singer. The well merchandised Singer Plus Shops will give customers a pleasing shopping experience.

NUB organises seminar on ICT-Bioinformatics Robotics

A seminar on 'ICT-Bioinformatics Robotics and Data Mining' held at Northern University Bangladesh (NUB) city campus on August 28 last. The seminar was organised by Faculty of Science (CSE and ECE Department). Professor Dr Lutfor Rahman of Dhaka University was present at the seminar as the chief guest. Prof Dr Nurul Islam, Dean Faculty of Science presided over the seminar where Md Lutfor Rahman, Director HRD, Prof Dr Sadaruddin Ahmed, Dean Arts and Humanities, Prof MA Razzak, Dean Faculty of Business were present as special guests. Dr Shakil Ahmed, Computer Scientist Bangladesh Atomic Energy Commission, Dr Nasimul Ahsan, Dhaka University and Dr Al-Amin Bhuiyan, Associate Professor Jahangir Nagar University were present as guest speakers. Among others, Prof Mir Akramuzzaman, Coordinator of the CSE Dept and Engr Md Badiuzzaman, Head of the ECE Dept were also present at the seminar.