The New Nation - Internet Edition

Oil price rises in Asia after OPEC vows to lower output

AP, Singapore

Oil prices rose Wednesday in Asia after OPEC said it would cut more than 500,000 barrels a day of production that exceed its self-imposed output quotas. Light, sweet crude for October delivery rose 77 cents to $104.03 a barrel in electronic trading on the New York Mercantile Exchange midafternoon in Singapore. The contract fell $3.08 overnight to settle at $103.26, the lowest close since April 1. A statement by the Organization of Petroleum Exporting Countries issued after oil ministers ended their meeting Wednesday in Vienna said the organization had agreed to produce 28.8 million barrels a day. OPEC President Chakib Khelil said that quota in effect meant that member countries had agreed to cut back 520,000 barrels a day of excess production.

Global economy faces tough test, says IMF's Lipsky

Reuters, Frankfurt

The global economy faces its most difficult test in many years with economic growth slowing sharply even as high commodity prices put pressure on inflation, a senior International Monetary Fund official said on Tuesday.

IMF first deputy managing director John Lipsky said strains on financial markets remained significant more than a year after wider tensions from problems in US mortgage markets surfaced, constraining growth and banks' balance sheets.

Commodity prices remained high and volatile, bringing risks of knock-on inflation effects, but recent sharp falls in oil prices should ease short-term inflation pressures in advanced economies.

Central banks in advanced economies could afford to keep rates on hold and, in regions with high real rates, look out for easing price pressures which would allow them to loosen policy down the track, he said.

'Against the backdrop of protracted financial strains and dramatic surges in commodity prices, the global economy is confronted with its most difficult set of circumstances in many years,' Lipsky said in remarks prepared for delivery to a conference organised by Germany's Die Zeit newspaper.

'Advanced economies, in general, face a spell of growth well below potential, as they grapple with ongoing strains from the financial crisis that began a year ago, as well as high oil prices and weaker external demand.'

Inflation was at its highest since the late 1990s, and recent falls in commodity prices would offer only limited respite as past increases were still in the pipeline.

Lipsky said the IMF saw global growth slowing from 5 per cent in 2007 to about 3 per cent late in 2008, reaccelerating toward 4 per cent in the course of 2009, although he said the specific figures were still under review and would be released in the World Economic Outlook next month.

The IMF's last forecasts, from mid-July, were for global growth of 4.1 per cent in 2008 and 3.9 per cent in 2009.

For the United States, where housing markets continued to weigh on consumption, growth would slow to about 1 per cent in 2008 on a fourth-quarter-on-fourth-quarter basis and recover gradually to about 1.5 per cent in 2009. In mid-July, the IMF forecast growth of 0.3 per cent in 2008 and 1.9 per cent in 2009.

In the euro area, the IMF projected growth on the same basis at about 0.75 per cent in 2008 and about 1.5 per cent in 2009, from 1.3 per cent and 1.7 per cent respectively in mid-July.

Emerging growth in emerging and developing economies was projected at just over 6 per cent in 2008 before reaccelerating to more than 7 per cent in 2009. In July, the IMF saw emerging economies growing at 6.3 per cent this year and 7.5 per cent next year.

Lipsky said although the IMF expected commodity prices to remain high in real terms, slower growth and recent falls in oil prices should help contain inflation pressure in advanced economies.

'Thus, policymakers can afford to keep rates on hold in the face of elevated headline inflation, while watching closely for signs of easing price pressure that would permit a more accommodative stance in economies with relatively high real interest rates,' he said.

But in emerging markets, inflation pressures were building while real interest rates remained low and some central banks may be 'behind the curve' with their monetary policy.

'Policies in these instances need to be tightened, lest central banks run the risk that hard-won policy credibility could be eroded.

UK minister praises 'Super Curry Chefs'

BUSINESS REPORT

The British government minister and MEP praises the efforts of British Bangladeshi chefs for transforming the British Curry Business into a multi-billion pounds Industry. Speaking at the UK launch of 5th British Fusion Food Festival to be held Dhaka Sheraton Hotel, Bangladesh, Jim Fitzpatrick MP, Minister for transport, said: "The achievements of British Bangladeshi chefs are commendable and we salute them for making the British Curry Industry a great success."

Seven of the UK's top British - Bangladeshi chefs have produced a range of new dishes giving a spicy twist to traditional Anglo-Bangla meals.

The British Government Minister for Transport, MP Jim Fitzpatrick, MEP Robert Evans, Bangladeshi High Commissioner Shafi U Ahmed, Director - Sales and Marketing of Dhaka Sheraton Hotel, Mr Mahfuzur Rahman, were some of the first VIPs to tuck into the new dishes, which include Spicy Bubble and Squeak, Potato, Aubergine and Coconut Stew, Lamb Chops with Plum and Coriander Sauce and most favourites British invention Chicken Tikka Masala.

The people of Dhaka can get ready to tantalise their taste buds and enjoy a culinary extravaganza, at the British Fusion Food Festival, which takes place at Dhaka Sheraton Hotel, Bangladesh, 13 - 16 November 2008. The festival will be in its 5th year, features a whole host of fusion chefs just gets bigger and better every year.

As part of this annual Gastronomic tour, a team of seven British - Bangladeshi chefs is jetting out to Bangladesh - to show off their curry cooking skills. They will be taking their British curry and other fusion food dishes to Bangladesh for the Food Festival to be held at Dhaka Sheraton Hotel.

And for those who cannot make their way to Dhaka, the festival in the UK is now taking place in different 'Prominent Bangladeshi Restaurants' across the country. As part of the festival, Chef Pintu Rozario, Sous Chef, from Dhaka Sheraton Hotel, is currently in Britain to participate at the first leg of festival in the UK throughout September 2008. He has prepared an exclusive menu, designed to help food lovers discover some of the most excellent culinary delights of Bangladesh.

The chefs selected for the festival in Dhaka, are required to create a menu that fits under the banner of 'BRITISH FUSION FOOD' and design dishes that combine the authentic with contemporary …creating the ultimate fusion of East and West. Chef Abul Monsur from Chatham, Kent, Oli Khan from Luton, Sarawar Uddin Khan from London Borough of Bromley, Atikur Rahman from South Wales, Shahidur Rahman from West Midlands, Syed Zohorul Islam from County Durham and Partha Mittra from Sussex, are amongst the seven British 'Super Curry Chefs' selected for the festival.

In addition to the seven participating chefs, a delegation of observers consists of Journalists, Restaurateurs, Community Leaders and Festival Sponsors from the UK will travel to Dhaka to see the festival. This special delegation is led by Mr Robert Evans, MEP (Member of the European Parliament for London), and Chair of the South Asia Delegation of the European Parliament.

Under the 'Best of British' banner, top British Bangladeshi chefs will serve up a variety of dishes for the hungry diners at Dhaka Sheraton Hotel. The seven of the UK's top chefs have produced a range of new dishes giving a spicy twist to traditional British meals.

The highlight for this year fusion food menu includes, dishes such as:

· Spicy Bubble and Squeak

· Roast Beef and Yorkshire Pudding

· Lamb Chops with Plum and Coriander Sauce

· Potato, Aubergine and Coconut Stew

· Pistachio Chicken Pie

· Spicy Sardines in Tomato Sauce

· Dak Bangla Chicken

A programme of food-related talks, food safety and hygiene workshops will take place throughout the festival in Dhaka.

Syed Belal Ahmed, Festival Director, said: "We are looking forward to building on the success and growth of the festival in recent years and will be welcoming new and old friends to Dhaka, to celebrate the best of British food and have some fun too! "Good food can unite people, and in that regard the Britain and Bangladesh are no exception. This is a great way to celebrate the friendship of Britain and Bangladesh."

"Our aim is to promote and support Bangladeshi Restaurants, chefs, food producers and suppliers by providing an important and different platform for them to exhibit, create and perform. By organising this festival we strives for greater recognition of the British Bangladeshi chefs," he added.

Mahfuzur Rahman, Director - Sales and Marketing, Dhaka Sheraton Hotel, said: "During the month of November this year, you will find British fusion food delicacies served once again at Dhaka Sheraton Hotel, prepared by a team of chefs from Britain's finest restaurants.

"The festival is not just about the food - a talented line-up of entertainers with live music and dance is also in the pipeline, with a dedicated performing stage by the pool side of Dhaka Sheraton Hotel, to create a cultural backdrop to the feasting that is such a feature of this festival. "

The event has been organised by Curry Life, the industry's popular trade magazine. Sponsors include Etihad Airways, Ellwoods, Bangla Beer, Icon College, Aerolex (UK) Ltd, Nandan, Radio Foorti, Chy Tel Communications, Chefskit, Red Fort, Jamuna Money Exchange, Ocean Blue Finance, Community Skills Development Agency (CSDA) and Bangla Town Cash & Carry.

Participating Chefs:

1. Mr Abul Monsur, Executive Chef, Taj Cuisine

1 Walderslade Centre, Walderslade Road, Chatham, ME5 9UD, Tel: 01634 - 686648

2. Mr Sarawar Uddin Khan, Executive Chef, Kosturi Restaurant

18 Station Approach, Hayes, Bromley, BR2 7EH, Tel:020 8462 8594

3. Mr Atikur Rahman, Executive Chef, Tamarind

Blenheim Rd, St. Dials, Cwmbran, NP44 4SY, Tel: 01633 874411

4. Mr Oli Khan, Executive Chef, Stopsley Surma

610 Hitchin Rd, Luton, LU2 7UG, Tel: 01582 611015

5. Mr Syed Zohorul Islam, Executive Chef, The Capital

69 Claypath, Durham, County Durham, DH1 1QT, Tel: 0191-386 8803

6. Mr Shahidur Rahman, Executive Chef, The Raj Spice

7 Halesowen St, Rowley Regis, B65 0HG, Tel: 0121-559 5537

7. Mr Partha Mittra, Executive Chef, Indian

Brighton, East Sussex

Best Air launches flight to Dubai

BUSINESS REPORT

The Best Air, a private aviation company, launched its flight to Dubai of the United Arab Emirates from September 8 last.

A flight of the Best Air took off from Zia International Airport at 5:00pm on September 8 last for Dubai, the busiest commercial city of the Middle East.

Syed Fahim Munaim, Press Secretary to Chief Adviser, formally inaugurated the flight at a ceremony held at the Zia International Airport in Dhaka.

Civil Aviation and Tourism secretary Syed Mohammad Zubair was present on the occasion. The Ambassadof of Thailand, Ambassador of Sri Lanka, Ambassador of Bhutan, Ambassador of the Philippines, Ambassador of Iran, Ambassador of Maldives, Ambassador of Korea, Ambassador of Palestine, Civil Aviation Authority of Bangladesh Chairman Air Commodore Saquib Iqbal Khan Majlish and Best Air chairman M Haider Uzzaman were present.

Besides, Director of Administration and HR of Best Air Group Captain (Retd) M Alamgir, Director of Regulatory Affairs Ali Reza Khan, Director of Engineering Jalal Uddin Ahmed, Director of Marketing and Sales Farhad Hossain, Director of Customer Services M Moniruzzaman, Finance Adviser Sadique Ahsan and Best Air officials and employees were present.

Best Air has been operating Dhaka-Dubai-Dhaka flights four days-Monday, Wednesday, Thursday and Saturday-in a week. Best Air's flight operations to Dubai will undoubtedly add a new dimension to the field of manpower export from Bangladesh.

It may be mentioned that Best Air has introduced wide-bodied, modern and convenient MacDonald Douglas (MD)-83 aircraft for operating flights between Dhaka and Dubai. Having 162 seats, all the seats of the aircraft belong to the same class.

Flying from Dhaka to Dubai with return ticket will cost US$550, while the one-way Dhaka-Dubai flight will cost US$285.

'Deadline for submitting tax returns may be deferred'

BUSINESS REPORT

The National Board of Revenue's chairman Abdul Majid has said government might defer the deadline for the submission of income tax returns.

'Enhancing the time for submitting income tax return is being considered seriously,' said the NBR chief while addressing a gathering of businessmen in the Dhaka Chambers of Commerce and Industry's auditorium on Tuesday.

At the gathering, organised to launch the DCCI Tax Guide 2008-2009, businessmen desperately urged him to announce something about extension of the time for submitting income tax returns.

'But it is a very bad practice as Bengalis are fond of completing any work at the last moment,' the NBR's chairman told the audience of businessmen. 'Delayed collection of revenue disrupts the fiscal activities of the government.'

The time for submitting income tax returns for individuals and enterprises usually ranges between the beginning of July to the end of September. The government last year had also extended the time in response requests from tax-payers.

Replying to a question regarding simplification of bond procedures, the NBR chief said his office had initiated a programme to prepare a bond policy to simplify procedures and prevent abuse of bond facilities.

'We [NBR] have heard many allegations of the misuse of bond facilities,' he said.

In this regard Majid said that after automation was completed in the Customs Office in Chittagong, projects are underway to do the same in the Dhaka Customs House and Inland Container Depot to enable the government to scrap the outdated system of pre-shipping inspection before clearance of imports, and for many other reasons.

The DCCI's president, Hossain Khaled, demanded that the lowest amount of income tax should be reduced to Tk 1,000 from Tk 2,000 since tax is a heavy burden on low-income groups.

He pointed out that introduction of universal self-declaration system in tax assessment, automation in the customs networks and, above all, lessening of harassment of entrepreneurs will help to increase realisation of income tax by the government.

New Singer Plus Shop opens in Khulna

A new Singer Plus Shop opens in Khulna city. Director & Chief Operating Officer of Singer Bangladesh Limited AM Hamim Rahmatullah formally inaugurated the city's third Singer Plus Shop on Khan-A-Sabur Road near Sonali Bank on September 8, 2008 (Monday).

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 Best Brands, Value for Money, Easy Installments Always, Reliable and Service-oriented and Countrywide Retail Network.

With the opening of third shop in Khulna city, people of the area 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 Shop will give the customers in Khulna a pleasing shopping experience.

GP owners committed to IPO process

BUSINESS REPORT

The owners of Grameenphone - Telenor and Grameen Telecom - in a joint statement have reiterated their commitment to the success of Grameenphone and the ongoing IPO process.

The statement signed by Grameen Bank deputy managing director and Grameenphone board member Dipal C Barua and Telenor senior vice-president and GP board member Per-Erik Hylland read, 'We remain committed to our joint collaboration and our priority remains the continued success of Grameenphone as the benchmark corporate house in Bangladesh.'

'Our commitment also extends to our stated objective of ensuring a seamless execution of the Grameenphone IPO by 2008 and of meaningfully contributing to the development of Bangladesh's capital market and its positive profiling across the globe,' they added in the joint statement.

Grameenphone recently finalised its intention to offload a certain percentage of its shares on to the country's capital market. To do that the company will file an application with the Securities and Exchange Commission seeking permission to float an initial public offering in phases. The envisioned IPO transaction phases include a pre-public offer to global and local institutional investors followed by a public offer to the retail investors of Bangladesh, the statement explained.

Thai industry demands lifting state of emergency

AFP, Bangkok

Thai industry leaders Tuesday demanded the government revoke emergency rule across Bangkok, saying it was damaging business.

Foreign investors were already losing confidence in Thailand as protestors continue to besiege the main government complex, calling on Prime Minister Samak Sundaravej to resign, said the chairman of the Federation of Thai Industries.

'The state of emergency order has caused both Thai and foreign investors to lose confidence in Thailand,' Santi Vilassakdanont said, speaking before a court stripped Samak of his post over a constitutional matter.

'It has had most effect on those foreign investors who are not familiar with the country,' Santi said.

The state of emergency was called by Samak a week ago after overnight street clashes between pro- and anti-government groups left one dead and dozens injured.

The People's Alliance for Democracy has squatted in the grounds of Government House since August 26, and said Tuesday they would stay put for now, despite the entire cabinet being forced to step down in the wake of Samak's court ruling.

Santi said the emergency rule had caused problems in at least 21 industrial sectors including in tourism, exports, logistics, clothing and printing.

Several foreign investors had cancelled work trips to Thailand while others had formally postponed their investment plans, he said.

The federation urged all parties to negotiate a peaceful resolution to the crisis to prevent further economic damage.

Bangla-Pak JEC meets next month

BUSINESS REPORT

Diplomats and economic officials of Bangladesh and Pakistan will discuss issues of enhancing trade and investment while the two countries' joint economic commission will have its 9th meeting in Islamabad next month. Removal of trade barriers and progress on trade facilitating measures earlier agreed will come up for discussion in the October 27-28 meet, officials at the foreign ministry and Economic Relations Division said. 'The meeting will give special focus on inking a bilateral free trade agreement and establishment of direct shipping link between the two countries,' said an official Tuesday. In their last meeting in 2005, the two South Asian nations had agreed to consider certain duty concessions to enhance the annual two-way trade volume to $1 billion by 2007 from $300 million then. The target, however, remained elusive as the talks were not followed up accordingly. Except proposing lists of tradable items, the two countries are yet to make any headway for enhancing trades. In the last JEC meeting, both sides had also agreed to encourage trade fairs and single country exhibitions along with specialised products' fair. They also talked about establishment of direct shipping links between the two countries; cooperation in tourism, fisheries and livestock; and creation of a joint fund to promote investment and exports.

The bilateral trade is heavily tilted to Islamabad, as Bangladesh's imports figured $259 million against exports of only $61 million in the 2006-07 fiscal year.