The New Nation - Internet Edition

1,88,889 kg rice sold under OMS in Joypurhat

JOYPURHAT, Sept 11 (BSS)- A total of 1,88,889 kg rice were sold under open market sale (OMS) programme in five upazilas of the district in three weeks, district controller of food office sources said. Sources said, the OMS of rice was lunched in the district on August 20 and will continue till October 30. They said for smooth selling of rice under the OMS programme 28 dealers have been appointed in all five upazilas of the district Including three sales center of BDR.

Doing Business 2009: Bangladesh reduces start up costs by half

BUSINESS REPORT

Bangladesh has cut the time needed to register property by almost half through reforms at Municipal Deed Registry Office and is the only South Asian country that recorded two reforms, said the Doing Business 2009 -- the sixth in a series of reports published by the IFC and the World Bank.

The report records reforms that eased the regulatory burden of doing business in four of countries in the region-Bangladesh, Bhutan, India, and Sri Lanka-between June 2007 and June 2008.

'It is encouraging to see that for the first time Bangladesh is showing a substantial improvement in as many as three indicators', said Zahid Hussain, Acting Country Director, World Bank, Bangladesh. 'Having established the Regulatory Reform Commission and the Bangladesh Better Business Forum, now the country must focus on swift implementation of the reforms in the pipeline in both individual regulatory areas as well as at the overall institutional level to improve the climate for doing business."

Starting a business has also become easier. Bangladesh made involving lawyers in company registration optional which eliminated one procedure and reduced the cost by US $100. Bangladesh also made about 25% reduction in time taken to pay taxes.

"South Asian countries are increasingly committed to agendas for business-friendly reforms," said Sabine Hertveldt, a coauthor of the report. "They are also getting inspiration from other economies that have made regulatory reforms and by benchmarking local best practices."

Doing Business ranks economies based on 10 indicators that track the time and cost to meet government requirements in starting and operating a business, trading across borders, paying taxes, and closing a business. The rankings do not reflect such areas as macroeconomic policy, quality of infrastructure, currency volatility, investor perceptions, or crime rates.

Among regions, Eastern Europe and Central Asia led in reforms of business regulation for a fifth consecutive year, with more than 90 percent of its countries making improvements. East Asia and the Pacific was second, with China leading the way by making it easier to access credit, pay taxes, and enforce contracts; the Middle East and North Africa tied at second. The top 10 economies for reforms of business regulations are, in order, Azerbaijan, Albania, the Kyrgyz Republic, Belarus, Senegal, Burkina Faso, Botswana, Colombia, the Dominican Republic, and Egypt.

Singapore leads the global rankings on the overall regulatory ease of doing business for a third consecutive year. New Zealand is runner-up and the United States third.

"Economies need rules that are efficient, easy to use, and accessible to all who use them. Otherwise, businesses get trapped in the unregulated, informal economy where they have less access to finance and hire fewer workers, and where workers lack the protection of labor law," said Michael Klein, World Bank/IFC Vice President for Financial and Private Sector Development. "Doing Business

encourages good rules, and good rules are a better basis for healthy business than 'who you know.'"

Doing Business 2009 ranks 181 economies on the overall ease of doing business. The top 5 are, in order, Singapore, New Zealand, the United States, Hong Kong (China), Denmark, the United Kingdom.

Bangladesh SMEs in good position to embark on growth momentum: HSBC survey finds Asian SMEs optimistic on second-half outlook

BUSINESS REPORT

The HSBC Group has recently conducted a regional survey of nine countries, including Hong Kong, Singapore, Taiwan, Korea, India, Malaysia, Indonesia, Vietnam, China and Bangladesh.

The objective of the survey was to capture the business confidence of Small and Medium Enterprise (SME) businesses in terms of local economic outlook, investment and recruitment plans and cross-border trading outlook for the next six months.

For the survey, SMEs were chosen based on the annual sales turnover and employee size for each country with the respondents being the key decision makers in the company's strategic direction. In Bangladesh, SMEs residing within Dhaka and nearby regions with a capacity not in excess of US$10million and having 300 employees were chosen.

As far the economic outlook went, the local respondents were divided equally regarding the performance of the economy where 35 percent said the economy would decrease by 4 percent or more and the same percentage said that the economy would increase by 4 percent or more. About 30 percent said that the economy would remain the same.

With regards to capital investment 48 percent said that they would not invest any more or even reduce, but 52 percent said that they would be investing more.

When it came to recruitment, 60 percent said that they would not recruit or even decrease, but 40 percent said that they would hire new recruits.

Most of the SMEs surveyed expected the trade with China to grow with 77 percent saying that the growth would be 20 percent or more.

However, for the rest of Asia Pacific, only 61 percent expected a growth of 20 percent or more. The SMEs also believed that trading with the rest of the world would be going up with 59 percent believing that it would go up by over 20 pecent.

In terms of regional confidence, the survey showed that despite the global economic slowdown, 60 percent of Asia's SMEs especially those in India and Taiwan were optimistic about the region's economic prospects on the second half of the year.

The survey also showed that Vietnamese SMEs were bearish about foreign trade, while those in South Korea were pessimistic about business prospects in light of economic and political instability since last year.

SMEs in Singapore an Indonesia were the least pessimistic about the economic prospects in their respective countries, the survey concluded.

Commenting on the survey, HSBC Bangladesh Corporate Banking Head, Mr MD Mahbub-ur-Rahman said that aligned with the expectations of the rest of Asia Pacific region, SMEs from Bangladesh remained upbeat about growing international trade.

Despite global slowdown, intra Asia trade is forecast to increase. The survey outcome suggests that Bangladesh SMEs are well positioned to embark on this regional growth momentum.

BLRI trains up poultry farmers on preventing bird flu

BUSINESS REPORT

Bangladesh Livestock Research Institute undertook a five-year project titled Poultry Technology Development and Dissemination with special emphasis on bio-security to protect the poultry sector from the deadly attack of bird flu virus.

The cost of the project was estimated at Tk 33 crore, of which Tk 8.5 crore would be provided by Bangladesh government and the rest amount would come from Japan government.

The project started in July and So far, 1170 small farmers in 12 districts provided training on the poultry production technology that prevent high pathogenic avian influenza through strict implementation of bio-security measures, said principal scientific officer of Poultry Production and Research Division of BLRI Md Nazrul Islam.

The main objective of the project is to train poultry farmers on effective and hygienic poultry rearing technology as well as boosting the capacity of BLRI officials to handle the virus attacking situation, he said.Apart from the technology dissemination, the project will strengthen investigation countrywide to control the spread of avian influenza, he noted.

With the training on poultry rearing technology, the farmers will be able to improve their product quality, he hoped.

The main activities of the project will be reviewing the present poultry rearing package and find out problems, improve feed and hygienic rearing management technology, evaluate feed materials and develop low-cost feed, propose ways to reduce management risk like cost of inputs, disease management, improve diagnosis capacity of BLRI laboratory and support regional laboratories to improve farmers' capacity on disease management. The project covers 12 agro-ecological sites in Dhaka, Chittagong, Noakhali, Sylhet, Tangail, Barisal, Khulna, Tangail, Chapainawabganj, Bogra, Jaipurhat and Dinajpur.

Origin eyes $8b joint venture with ConocoPhillips

Reuters, Perth/London:

Origin Energy Limited, fending off an $11 billion hostile bid from Britain's BG Group Plc (BG.L), is to spin off its coalbed methane assets into a joint venture with US oil major ConocoPhillips.

Origin and Conoco said in statements Monday that Conoco would contribute up to $8 billion toward a joint venture that will develop the massive coal-seam gas (CSG) assets and build a liquefied natural gas (LNG) project.

A BG spokeswoman declined to comment immediately on the move but analysts said it could force the UK gas producer to raise its A$15.50 per share bid which was aimed at growing BG's Asia-Pacific LNG production arm to feed its booming Asian LNG sales business. Origin's shares rose nearly 28 per cent to a record high of A$19.99 on news of the venture. "Obviously, ConocoPhillips' joining is a positive. I suppose it shows that there is good market out there for what Origin has got," said Peter Chilton, a fund manager with Constellation Capital Management, which does not own Origin shares.

Conoco said it would pay $5 billion to the joint venture and would carry Origin Energy for their first A$1.15 billion ($950 million) in joint venture expenses.

It will also pay $500 million into the venture when the partners agree to proceed with each train or phase of the planned four-train CSG to LNG project.

The deal would take the financial burden of developing the reserves off Origin, whose main business currently is retailing power and gas.

Origin said after the completion of the transaction, it would pay a dividend of 25 Australian cents, doubling the 2008 dividend, and commence a A$1.275 billion buy-back of shares.

Conoco said it anticipated booking reserves of around 100 million barrels of oil equivalent from the joint venture in 2008 and the significant size of Origin's coal fields means it could make substantial additional bookings in the years ahead.

Like most oil majors, the company is struggling to add reserves as the biggest resource holders like Saudi Arabia and Russia restrict access, preferring to have their state oil companies develop their richest fields.

The No.3 US oil company by market value already operates a 3.2 million tonnes a year LNG plant in Australia's northern city of Darwin.

"The joint venture combines Origin's extensive CSG reserves and resources and operational capabilities, with ConocoPhillips' proven LNG and CSG development and operating capabilities," Origin Managing Director Grant King said in a statement.

After its board rejected a friendly approach from BG at A$15.50 per share on May 30, Origin invited proposals as to how best exploit its CSG reserves, with options ranging from the sale of its gas assets to partnership in a LNG export project.

The deal is conditional on approval by Australia's Foreign Investment Review Board and Conoco said it expects it to be completed in October.

BG's offer closes on September 26. If Origin's shareholders reject the bid and BG fails to increase it, Origin management can proceed without consulting shareholders, a company spokesman said.

Origin, which holds the largest CSG reserves in Australia, also said an independent expert, Grant Samuel & Associates, has valued its shares at between A$28.55-A$30.71 a piece.

The Conoco-Origin joint venture plans to initially develop two LNG processing trains, each having capacity of about 3.5 million tonnes per annum (mtpa), with first production in 2014, and then to go on to boost the number of trains to four or more.

CSG fields take up to 18 months to ramp up to full production, when the LNG facility can start up, and Origin has agreed to find a local market for this gas, which could depress local prices or prompt it so sell the gas to a rival, such as Arrow Energy, who will already have a LNG facility onstream.

The joint venture would market the LNG, which is gas cooled to liquid so it can be transported in ships, primarily to Asian markets and ConocoPhillips would leading the marketing venture for the first 10 years.

"This joint venture better balances ConocoPhillips' oil and gas resource mix. In addition, the company's long-term production growth is expected to benefit from a steady, secure source of resource additions," Jim Mulva, ConocoPhillips' Chairman and Chief Executive Officer said in a statement.

Origin said the Conoco deal values Origin's CSG proved, probable and possible (3P) reserves at up to A$1.88 a gigajoule, higher than the A$1.65/gj Malayasia's Petronas (PETR.UL) agreed to pay for a stake in Santos Ltd (STO.AX) in May.

BG shares traded up 4.5 per cent to 1,079 pence by 0835 GMT, outperforming a 3.4 per cent rise in the DJ Stoxx European oil and gas sector index (.SXEP). Shares in Origin were up 12.8 per cent at A$17.65.

Ross Sweets distributes prizes

A prize distribution ceremony of the summer raffle draw winners of Ross Sweets was held at its head office at Central Road of Dhanmondi in the city on September 9 last.

Engineer Rabiul Hasnat, Managing Director of the Ross Sweets Ltd, gave away the prize's among the winners as the chief guest.

The first lucky prize, a fridge was won by Md Rasheduzzaman, Manager of Siemens Bangladesh Ltd. The second lucky winner Md Iqbal Hossain got a 21-inch colour TV. The third lucky winner Lipi Barhai won a micro wave oven.

It may be mentioned that Ross Sweets arranged prize for the customers through lucky coupons in this summer.

Bolywood actress opens shopping mall in city

Star World Mall, the latest one stop mall dubbed as the 'Paradise for Shopping' in the capital with its state-of-the-art out-fitting and exclusive collections of world famous brand items at exciting price, was formally launched on September 7 last.

A grand opening held at Molly Capita Center, Gulshan (76, Gulshan Avenue, 3rd floor) where Bollywood film actress Mahima Chowdhury graced the occasion as the chief guest and inaugurated the mall. Asadul Amin, managing director, Star World was present, among others. Along with 22 Delhi-based design house, Pantaloon and Westside, India's two best brands are affiliated to Star World with its products show-cased at the mall.

Asadul Amin said Star World challenged all the shopping malls in Dhaka over low price with better quality. All range of products it boasts as a one stop mall with brand items on men's wear from Dubai and London as well as of other world class brands.

Different designs and collection of saree, salwar kamiz are also available here.

Where to keep cash when no investment seems safe

Nervous depositors rushed to withdraw money from IndyMac Bank, the California thrift that collapsed in July. Investors holding supposedly liquid auction-rate securities were stunned to discover they could not sell them after the markets seized up in the spring.

Others watched as a string of money market mutual funds had to be bailed out. And still others suffered losses in ultrashort bond funds, once considered pillars of stability.

"Normally, bad news for the economy is good news for cash investors," said Peter Crane, the head of Crane Data, a money market research firm. "But because of the flight from the subprime mortgage contagion, this time is different."

So what is a high-net-worth investor to do? Getting the most bang for your bucks is not as simple as it used to be. Inflation is a growing concern, chipping away at the benefits from low-yielding deposit accounts. And there are so many cash products to choose from.

Financial experts say that investors have traditionally kept between 5 and 10 percent of their total assets in cash. But given recent swings in the stock and bond markets, many investors have significantly increased holdings.

How much money should you pull out of the market? It's truly a personal decision, based on factors like your appetite for risk, your expected retirement age and your everyday cash needs. Once you have decided, here are some means of reaching your cash management goals.

DEPOSIT ACCOUNTS A checking account is probably the simplest cash management tool, but few investors use it strategically. Your goal should be to put in enough money to cover your basic needs but no more. After all, checking accounts have just about the lowest yield of any investment, and the interest is taxable.

Convenience and safety should be priorities. Choose a bank that does not make you pay for checks and doesn't charge a lot of pesky fees. And pay attention to the Federal Deposit Insurance Corporation insurance, which kicks in if the bank should fail.

Single accounts are covered for up to $100,000. Joint accounts have $100,000 of insurance protection per account holder, and retirement and trust accounts also qualify. So spread your money around. "A married couple can actually shield $1.1 million at one bank just by titling accounts so they are in different ownership categories," said Greg McBride, a senior financial analyst at Bankrate.com.

MONEY MARKET FUNDS Another portion should be allocated to money market mutual funds, which carry relatively low yields but are generally safe and liquid, despite the problems some of them had over the past year as investments in complex mortgage-related securities soured.

Unlike conventional bank accounts, money funds have no government guarantees. But money fund managers have always stepped in to rescue their funds because their reputations are on the line, even during this year's exceptionally volatile markets.

Still, not all money funds are created equal. You should pay attention to the size of the fund, its holdings, its expenses and its track record. Be careful of so-called sweep account money funds offered by brokerage firms, which usually carry high expenses.

High-net-worth investors might want to consider tax-free money funds. Over the past year, their yields have not been appreciably different from their taxable cousins'. Or consider a money market deposit account, which most banks offer. It serves the same purpose as a money fund but carries F.D.I.C. insurance and may pay higher rates. You can use Internet sites like Bankrate.com to search for the highest yields both regionally and nationally.

Even so, this is one type of investment where yield should come second. "Don't be greedy," Mr. Crane said. With money funds, don't be "in the No. 1 yielding anything. You want to be a B student."

Bruce R. Bent, who helped invent money market funds in the 1970s and is chief executive of The Reserve, an investment management company, added, "The most important thing is sleeping well at night."

C.D.'s AND BROKERED DEPOSITS Investors who do not need their money on hand but are still looking for a safe haven might find certificates of deposit attractive. Banks set their own interest rates, and those badly in need of deposits offer the most attractive rates. C.D.'s are backed by F.D.I.C. insurance. You will have plenty of options. At least six institutions are currently offering one-year C.D.'s at interest rates of 4.25 percent or better.

The catch: If you need your money at a certain time, you must make sure the maturity of your C.D. matches your investment horizon. If you are forced to cash in early, you will pay a penalty rate and forfeit some interest.

Another alternative is buying C.D.'s through your brokerage account. Banks have found this an easy way to raise deposits, and often these C.D.'s will pay higher interest rates than those bought directly from the bank.

Brokered deposits are F.D.I.C. insured, but have a few drawbacks. If you need to cash in early, you could suffer a loss since what you will get in return is only what another investor is willing to pay. And if a bank fails, there is a greater chance you could face a delay in getting to your money. That's because, unlike ordinary C.D.'s, brokered C.D.'s are held in the firm's name, not your own, so it can take time to sort out who is owed the money.