The New Nation - Internet Edition

DSE witnesses gains on substantial rise in turnover

UNB, Dhaka

The Dhaka Stock Exchange (DSE) registered gains to open up the week's trading Sunday with substantial increase in turnover. The DSE General Index (DGEN), the benchmark index, rose 21 points or 0.75 percent to close at 2,824 points on Sunday from 2,803 points at close on Thursday, while the All Shares Price Index (DSI) gained 6 points or 0.27 percent to close at 2,404 points. However, the DSE-20 index of selective shares declined about 2 points or 0.06 percent to close at 2,407 points. Of the total 219 issues traded on the day, 106 gained, 103 incurred loss and 10 remained unchanged. The total turnover increased substantially to Tk 3.04 billion on Sunday from Tk 2.37 billion on Thursday. The day's turnover leaders in terms of value were Titas Gas, BEXIMCO, ACI, ICB 2nd NRB, GRAMEENS2, S. Alam CRST, Beximco Pharma, Lankabangla Finance, Pragati Insurance and AB Bank..

Cairn to invest $9.5m in offshore Sangu gas field

BUSINESS REPORT

Cairn Energy Plc, a UK-based oil giant has planned to invest nearly $9.5 million to try to find more natural gas at the country's only offshore field at Sangu, which may be commercially exhausted by the end of next year, a senior energy official said yesterday.

"The firm has submitted a proposal to us to allow them to spend up to $9.5 million for continuing gas production from the offshore till 2011," said a senior official of state-run oil, gas and mineral corporation Petrobangla.

So far Cairn has invested about $1 billion in Bangladesh, including nearly $600 million in Sangu, which began producing gas in 1998, officials said.

Last month the oil company informed Petrobangla the field was now left with a recoverable gas reserve of just 14 billion cubic feet (bcf) which would be exhausted by September, 2009.

"The company will spend money to perforate two wells and install two compressors produce 9.30 bcf more gas," the official said.

A Cairn official said the firm might receive a decision from Petrobangla early next week after a joint management panel meeting.

"We have to take a decision quickly, as hundreds of manufacturing factories in Chittagong (port city area) depend on gas supplies from Sangu," the official added.

Production from the field at the beginning was around 200 million cubic feet a day (mmcfd) and has now slumped to below 50 mmcfd, resulting in a severe gas shortage in the region.

IBBL holds awareness program for business

BUSINESS REPORT

A meeting on 'Awareness Program for Business Promotion' was held recently at a local hotel of Comilla organized by Comilia Zone of Islami Bank Bangladesh Limited.

M. Fariduddin Ahmad, Managing Director of the bank was present in the meeting as the chief guest and Mohd Shamsul Haque, Deputy Managing Director and Head of Operations Wing and Mohammad Abdul Mannan, Deputy Managing Director and Head of Investment Wing of the bank were present in the meeting as special guests.

Presided over by Md Najibur Rahman, Executive Vice President and Head of Comilla Zone the meeting was attended by officials and staff of all segments including the Branch Managers of 23 branches under Comilla Zone of the bank.

M. Fariduddin Ahmad in his speech said that Islami Bank has been able to ensure leading position in the banking arena of the country by dint of honesty, expertise and above all strong stand on the Islamic economy.

He viewed that customer service should be improved to sustain the success. He called upon to disseminate different Deposit Accounts of the Bank specially Mudaraba Waqf Cash Deposit Account, Mudaraba Muhr Savings Scheme, Mudaraba Hajj Savings Scheme to the mass people.

The special guests upheld different aspects of Deposit Accounts of the Bank and discussed manifold strategies of increasing deposits.

Sonali Bank committed to introduce innovative products embracing IT

BUSINESS REPORT

Remittance payment processing platform is the first forward looking step of Sonali Bank Limited since its new identity, said SA Chowdhury, CEO and Managing Director of Sonali Bank Limited.

He was speaking on the occasion to mark the introduction of eTranz, a national payment processing platform organised by data edge limited, a leading system integrator working in financial sectors in the country since 2002.

Chowdhury said Sonali Bank Limited is committed to introduce innovative and competitive products and services in the banking industry by embracing IT as an enabler in increasing efficiency, reducing cost, increasing productivity and responding faster to the market needs.

Sonali Bank Limited is keen to reap the full benefit of the vast branch network infrastructure it has all over the country by jointly working with dataedge in establishing the remittance payment processing platform, he added. While addressing to his fellow colleagues of Sonali Bank Limited, he reinforced the importance of adopting global standard modern practices of payment processing systems and the associated changes.

Kazi Faqurul Islam, Deputy Managing Director of Sonali Bank Limited in his speech assured full cooperation and support to dataegde in rolling out the project.

The event was attended by Chowdhury Mohidul Haque, General Manager, Department of Currency Management and Payment System, Bangladesh Bank, Richard Boulter, Senior Economic Advisor of DFID Bangladesh, Robert Smith, Challenge Fund Manager of Remittance and Payments Partnership Project, Bangladesh Bank, Anwaruddin Chowdhury, Deputy Challenge Fund Manager, Remittance and Payments Partnership Project, Bangladesh Bank, Alauddin A Majid, Chairman of data edge limited, and other senior officials of Sonali Bank Limited and dataedge.

A presentation was made explaining the eTranz offerings followed by a question and answer session.

Robert Smith emphasized the importance of this public-private initiative and wished all the best to the project.

Richard Boulter, Senior Economic Adviser of DFID Bangladesh restated that DFID is committed to take active part in developing such significant areas and it is keen to see the successful implementation and maintenance of the project.

The event ended by a vote of thanks given by the Chairman of data edge limited.

Banglalink observes Int'l Coastal Cleanup Day '08

BUSINESS REPORT

Banglalink, official partner of the Bangladesh Parjatan Corporation (BPC) and official nominee supporter of Cox's Bazar in the new7wonders campaign, observed International Coastal Clean-up Day on September 5, 2008.

Internationally it is set to be on September 20 this year but in Bangladesh it was observed on September 5 for convenience during Ramadan.

Cox's Bazar, the most popular tourist destination in Bangladesh, with pristine natural surroundings is the world's longest unbroken natural sea beach. The past decade has seen a steady increase in tourists both from home and abroad, a consequence of which has also resulted in rampant pollution of the beach itself. The primary reason is lack of awareness regarding the environment, banglalink as a socially responsible corporate entity remains firmly committed to keep the Cox's Bazar beach clean. This conviction has been demonstrated time and again by its ongoing round the-year beach cleaning program under which an everyday cleaning activity is on for last two years. To observe the International Coastal Clean up day, the existing active team of banglalink beach cleaners will work hand in hand with the participants, mostly students, local mass, government officials and elites of Cox's Bazaar to remove litter and trash from the beach as a gesture of responsible tourism.

Expressing solidarity with the noble efforts for a cause, banglalink has decided to sponsor The International Coastal Cleanup Day 2008. Banglalink was associated with the same event last year also. This is an annual event that takes place in September of every year in more than 70 countries worldwide. The program is also one of the oldest voluntary ones in the world. The objective of the event is to increase awareness and draw attention to an important but otherwise sidelined issue that is, keeping our beaches clean. During the day voluntary cleaning of debris, trash and litter left behind by the recreational beach-goers that would otherwise be harmful to local wildlife and inhabitants are removed.

Pubali Bank Limited committed to country's industrial development : Helal Ahmed Chowdhury says while opening CNG Filling Station and Conversion Centre S.T. Power Limited in city

BUSINESS REPORT

S.T. Power Limited, a CNG Filling Station and Conversion Centre financed by Pubali Bank Limited, has formally been inaugurated recently.

Managing Director of Pubali Bank Limited Helal Ahmed Chowdhury inaugurated the Filling Station as the chief guest, while Director of Navana Group Monowarul Islam was present as special guest on the occasion.

In his short speech, Helal Ahmed Chowdhury said that Pubali Bank is committed to render better customer services as well as industrial development in the country. He mentioned that S. T. Power Limited was established with the financial support of Pubali Bank Limited.

Chairman of S.T. Power Limited AK Shamsuddin Choudhury, Vice Chairman Abul Hasnath Choudhury, Managing Director of S.T Power Limited Tawseef Hasnath Choudhury, Alternative Director of Pubali Bank Limited Kabiruzzaman Yakub, General Manager of PBL MA Halim Choudhury, local elites and businesspersons were present at the inauguration ceremony.

Ehsanul Haque joins Prime Bank as new MD

Mohammad Ehsanul Haque joined Prime Bank Limited as Managing Director on September 2, 2008. Prior to joining Prime Bank Limited, Haque was in Infrastructure Development Company Ltd (IDCOL) as Executive Director and CEO.

Haque has been in the banking industry for over 28 years in local private and multinational banks in various capacities at home and abroad. He started his career as a management trainee in Grindlays Bank, subsequently ANZ Grindlays Bank and in various other private sector banks and financial institutions. He has been exposed to global best practices in banking and finance through his association with various banks at home and abroad and in his dealings with multilateral agencies. Haque completed his Bachelors and Masters in Economics from Jahangirnagar University.

Housing and Real Estate Fair concludes in Ctg

Pankaj Barua, Sitakunda

The four-day long 6th Housing and Real Estate fair concluded at the IEB Auditorium at Lalkhan Bazaar in Chittagong.

The fair, organized by the Bangladesh Real Estate Directory (BD-RED), was inaugurated by the City Mayor (in charge) Alhaj M Manjoor Alam on August 23 last. The fair came to an end on August 26 last.

Thirty-seven housing and real estate companies of Dhaka and Chittagong participated in the fair. In addition, a number of building materials producing companies, electric materials producing companies and house finance companies also participated in the fair.

Prospective buyers and the inquisitive clients form across the city and beyond visited the fair everyday. On the occasion of the fair the companies also declared different lucrative offers on their products to draw the attention of the clients.

Md Ziaul Hassan Razib, a Marketing Executive of Knights Frank Development Ltd and La-RIBA Properties Management Ltd (Joint Venture) said that many people came to the fair this year . They were looking for small and medium sized flats more. People especially wanted to know about the projects within the city area. "We got massive response from the clients. We have 8 projects and we gave 10 percent discount on all our products."

Priyatosh Shil, a retired official of CDA said he was thinking of buying a flat. "That is why I came to know about the price of the plot and the flat and the facilities offered by the different companies. We can choose the best one from the fair. "

The organizers expected that this year the total amount of transaction would be more than Tk 200 crore which would surpass the amount of transaction worth Tk 150 crore of the previous year.

New Chairman, Vice Chairman of Progressive Life Insurance

The Board of Directors of Progressive Life Insurance Company Limited in its 61st board meeting has elected Abdul Malik as Chairman and Kamal Miah as Vice Chairman for 2008-2009 of the company recently.

Abdul Malik and Kamal Miah both are established businessmen and they are involved in different socio-cultural activities in home and abroad.

NUB holds seminar on Food Consumption and Ramadan

A seminar on 'Food Consumption and Ramadan' has recently been held at Northern University Bangladesh (NUB). The seminar was organized by the Faculty of Business. Dr Meera Mumtaz Sabeka from Salimullah Medical College was present at the seminar as chief guest. Prof MA Razzaque, Dean, Faculty of Business presided over the seminar. Ms Farhana Rob Shampa, Senior Lecturer, NUB presented the keynote paper. Among others, Dr Kazi Shadat Kabir, coordinator CGED, Monirul Alam and Deputy Registrar Faiuzullah Kawshik were also present on the occasion. Dr Meera Momtaz Sabeka said, "Though we are fasting to obey the order of Allah, it has many good impacts on us. It is helpful for our health. It also helps us to save ourselves from many types of diseases." She also explained what types of food should be taken and what types of food should avoid in the month of Ramadan.