The New Nation - Internet Edition

High Court stayed SEC's fine on ONE Bank Directors

The High Court Division of the Supreme Court of Bangladesh stayed realization of fine of Tk.1 (one) lac from the Directors of ONE Bank Limited against the Writ Petition filed by the Directors of the Bank on August 28, 2008.

The Court has issued a Rule Nisi calling upon the respondents i.e. Securities and Exchange Commission (SEC) to show cause as to why the impugned Memo issued by SEC imposing a fine of Tk. 1 lac each on all Directors of ONE Bank Limited should not be declared illegal, without lawful authority and is of no legal effect.

Bata introduces 350 new designs of shoes for Eid

BUSINESS REPORT

Kym Bradley, Logistic and Manufacturing Manager of Bata Shoe Company (BD) Ltd introduced 350 new designs of shoes for Eid ul Fitr collections on September 1 in front of 100 invited guests and media personnel.

Cesar Panduro, Chief Financial Officer, MA Quader, Marketing Manager, Zahidul Huda, Advertising and Promotion Manager and other senior officials of Bata Bangladesh were also present on the occasion.

Bata is a world renowned footwear brand founded by Thomas Bata in 1894. It has been the strongest household footwear brand name in Bangladesh for many years. Bata is well established in the mass markets throughout the country. In recent years Bata successfully re-defined its shoe line by developing modern & contemporary shoes to satisfy the needs of the top end of the market. For this, Bata Shoe Co (BD) Ltd. has already brought well renowned international brands such as Nike, Hush Puppies and Scholl, while at the same time upholding the image of its own specialised brands like Power, Marie Claire and Bubblegummers by introducing new ranges of modern -designs and marketing them through different retail concepts.

Eid-ul-Fitr, the largest religious festival of Bangladesh, is knocking at our door. During Eid time everyone prefers wearing new pair of shoes with their new clothing. In Bangladesh, shoes have turned as synonymous with the "Bata" brands. So, as the pioneer footwear manufacturer and marketer, Bata has always continued its effort in the development of new shoes according to tastes of men, women, and children throughout the country. For the upcoming Eid-ul-Fitr, Bata Bangladesh has introduced 350 new designs in all categories (Men, Women, Girls, Boys, and Infant groups) to enrich their family shoe collection throughout the country. Salient features of the new Bata Eid collections are comfort with many genuine leather upper shoes and sandals in different groups and categories. All genuine leather uppers are hygienically and scientifically processed in Bata's own tannery where the most modern effluent treatment plan is installed to ensure environmentally responsible conditions.

HSBC opens Customer Service Centre in Upashahar, Sylhet

BUSINESS REPORT

The Hongkong and Shanghai Banking Corporation (HSBC) Limited in Bangladesh formally opened a Customer Service Centre (CSC) in the Upashahar area of Sylhet recently.

Mr Sanjay Prakash, Chief Executive Officer of HSBC Bangladesh inaugurated the CSC at an opening ceremony at the premises.

HSBC started its operations in Sylhet in 2006 with one branch and an ATM to serve the needs of the Sylheti customers. The branch currently serves over 6,000 customers.

This new CSC which will remain open 7 days a week with a Customer Service Officer will enable customers to get information about the bank's products and services from 9:00am to 9:00pm, except for government holidays. The CSC also includes a 24-hour ATM machine for HSBC customers as well as for VISA and VISA PLUS cardholders.

The CSC will aid the residents of Upashahar, one of the fastest growing residential areas of Sylhet to meet their personal banking needs.

Mr Md Shafquat Hossain, Head of Personal Financial Services and other HSBC officials were also present on the occasion.

Prime Bank signs deal with BPO for remittance distribution||

BUSINESS REPORT

Prime Bank Limited, a leading commercial bank in the private sector, and Bangladesh Post Office, a service organization of Government of the People's Republic of Bangladesh has entered into a remittance arrangement to facilitate distribution of inward foreign remittance to the beneficiaries in Bangladesh by using the largest network of about 10,000 outlets of Bangladesh Post Office all over the country. Through this arrangement Prime Bank will have the opportunity to distribute inward remittances of non-resident Bangladeshis through Instant Cash, Electronic Money Order (EMO), traditional Money Order Service throughout the country. Eventually, beneficiaries in Bangladesh, especially those living in remote locations, would receive prompt delivery of remittance through the postal network of Bangladesh Post.

A signing ceremony on remittance service was held between Prime Bank Limited and Bangladesh Post Office on 26th August 2008 at the Conference Room of Bangladesh Post Office.

Mahbubul Alam, Acting Managing Director, Prime Bank Limited and Mobasherur Rahman, Director General, Bangladesh Post Office signed and exchanged the agreements on behalf of the respective organizations. R.Q.M. Forkan, Deputy Managing Director, Syed Mahbubur Rahman, Deputy Managing Director, Md. Sohrab Mustafa, Executive Vice President of Prime Bank and AKM. Rafiqul Alam, Additional Director General (Postal Service), A.K.M. Rafiqul Islam, Director (Mails) of Bangladesh Post Office and other senior executives of both the organizations were present on the occasion.

Bhutan keen to get more Bangladeshi investment

BUSINESS REPORT

A visiting Bhutanese business delegation has urged Bangladesh businessmen to invest in Bhutan to obtain 'maximum' benefit from their venture.

'Businessmen from Bangladesh can enjoy the foreign investment friendly policy of Bhutan,' said Phub Tshering, secretary general of Bhutan Chamber of Commerce and Industry, during a meeting with leaders of the Federation of Bangladesh Chambers of Commerce and Industry at its conference room in Dhaka on Sunday.

Tshering is the leader of a 16-member Bhutanese delegation now visiting Bangladesh.

During the July 2007-March 2008 period, Bangladesh's imports from Bhutan stood at $10.80 million, while its exports to Bhutan amounted only $0.78 million. Bhutan has for long been a business partner of Bangladesh, but the trade volume between the two countries is very small, FBCCI first vice-president Abul Kashem Ahmed mentioned at the meeting.

He said, "There is much scope to increase export from Bangladesh, if the Bhutanese importers come forward with keen interest to buy Bangladeshi products."

Abul Kashem also said Bangladesh importers and exporters were facing huge difficulties in opening letters of credit in the local banks. 'Banks are not interested to open LCs because local exporters sometime are unable to send goods through India,' he added.

The major items Bangladesh imports from Bhutan are vegetable and mineral products, prepared foodstuffs, beverages, spirits, vinegar, tobacco, chemicals, timber and wooden products, and textile items.

The items Bangladesh exports to Bhutan include woven garments, computer accessories, dry food, melamine tableware, pharmaceutical products, toilet soaps, textile items, and frozen fish.

However, Bhutan may easily import from Bangladesh items like leather footwear, ceramic tableware, electrical items, and textile fabrics, the FBCCI leaders explained.

The Bhutanese ambassador in Dhaka, Dasho Tshering Dorji, who accompanied the Bhutanese delegation at the meeting, agreed that there was a lot of scope for doing business between the two countries. '[Bilateral] Trade has not been up to the mark till now… We've to find out what more are the products we can trade,' he said.

The ambassador invited Bangladeshi businessmen to visit Bhutan to explore business opportunities there.

FBCCI secretary general Mir Shahabuddin Mohammad in a presentation at the meeting mentioned that though Bangladesh and Bhutan had been partner in trade for a long time, but the volume of trade was not very large.

"The Asian Development Bank has also been trying to develop facilitative infrastructure in our sub-region, which includes Bangladesh, Bhutan, NE India and Nepal, for promoting trade," he added.

Mir Shahabuddin said Bhutan's third country trade currently moves through Kolkata Port, which always remains congested. Bangladesh could have provided relatively congestion-free facilities through Mongla Port, which is also located at a shorter distance from Bhutan compared to Kolkata.

Islami Bank Bangladesh Ltd, MoneyGram sign deal: Bangladeshi expatriates can send money at lower cost in 10 minutes

BUSINESS REPORT

An agreement of remittance arrangement was signed recently between Islami Bank Bangladesh Limited and MoneyGram Payment Systems, Inc. USA.

Md Habibur Rahman, Deputy Managing Director and Head of International Banking Wing of IBBL and Ms Carolyn J. Anderson, Vice President of MoneyGram Payment Systems Inc., USA signed the agreement on behalf of their respective sides.

As a result of this agreement, Bangladeshi expatriates from 180 countries of the world can remit their money at lower cost within 10 minutes through MoneyGram from their 156,000 agent offices/locations.

Islami Bank Bangladesh Limited has by now signed remittance agreement with 79 banks and exchange houses of the world, including the USA.

Through different modernized technologies along with larger banking channel and internet facility of IBBL now ensures the reception of money sent by the expatriates to the recipients in a shorter period than before.

Senior Unilever leaders visit Bangladesh

Mr Nitin Paranjpe, Group Vice President (GVP) South Asia and CEO Hindustan Unilever Limited (HUL) recently visited the Unilever Bangladesh business at Dhaka for a two day visit. Mr D Sundaram, Vice Chairman & CFO of HUL and the Finance Head of South Asia accompanied Mr Paranjpe on the trip.

Mr Paranjpe was briefed on Unilever Bangladesh Limited's (UBL) business operations and expressed his happiness at the contribution that UBL was making to the Bangladesh economy and consumers. He expressed appreciation for the contributions that the local business had made to the community especially in the areas of Health, Education and Women's Empowerment through various initiatives such as the Lifebuoy Friendship Hospital, Pepsodent Dentibus, etc. He was also very happy with the Company's rebuilding of a village in Char Nazir which had been devastated by Cyclone Sidr last year. This village had been rebuilt at a cost of Tk 8 million and was recently inaugurated by the Chief of Army Staff, General Moeen U Ahmed.

Inter-batch debate held at ASA University Bangladesh

The Department of English of ASA University Bangladesh arranged "Inter batch Debate Competition" on August 30 last at ASA University auditorium in the city.

Prof Md Muinuddin Khan, Vice-Chancellor, ASA University Bangladesh was present as the chief guest.

Prof Dr Mohammad Sirajul Islam, Chairman, Department of English, presided over the ceremony while Prof Dr Abdul Awal Khan, Dean, Faculty of Business, Pof Dr Tareq MR Chowdhury, Dean, Faculty of Arts, Social Science and Law, were present as the special guests.

The motion was "Our forefathers were luckier than us."

1st batch has in favour of the motion and the 3rd batch was in opposition of the motion. After long and lively arguments and counter arguments the third batch won the debate.

Prof Md Muinuddin Khan asked the students to be more attentive to their academic studies as well as co-curricular activities.

He also advised the students to become enlightened with human qualities through obtaining desired knowledge.

The teachers as well as the students of English, Law and Business departments attended the debate.

Nurul Alam new chairman of Federal Insurance Co Ltd

Alhaj Nurul Alam has been elected chairman of Federal Insurance Company Ltd in a board meeting held recently. Renowned industrialist and businessman of Chittagong, Alhaj Nurul Alam is the chairman of RANL Group. Former Director of Chittagong Chamber of Commerce and Industry Alam is the Managing Director of Super Label Industries Ltd and Chittagong Padding Ltd (Korean joint venture). He is associated with different social bodies. Jainul Abedin Jamal has been elected Chairman of the Executive Committee of the board. Renowned businessman Jainul Abedin Jamal is the Chairman of Chittagong Builders and Machinery Group. Jamal is associated with various social welfare organisation.

Corrigendum

HE Ambassador Mr Ahmed Attia Hamed Elimam, Secretary to the Libyan People's Bureau in Bangladesh, yesterday contradicted some words in a news article under the headline "Libya very keen to raise import from Bangladesh" which was published in the Business Page of The New Nation yesterday (September 4, 2008).

Some of the words were mentioned in the news article quoting the Ambassador at a reception held at Westin Dhaka Hotel on September 1 last.

However, in a rejoinder the Libyan People's Bureau in Dhaka, Bangladesh said yesterday that Ambassador Ahmed Attia Hamed Elimam did not utter those words during his speech or his interview.

"The title, 'Libya very keen to raise import from Bangladesh' is totally untrue. He did not say this nor he said, "Libya wants to import more and more from Bangladesh," the rejoinder further said.

Our reply: We regret for the mistakes.