The New Nation - Internet Edition

DSE record highest turnover in 3 months amid election date

The Dhaka Stock Exchange (DSE) recorded highest turnover of Tk 4.34 billion in over last three months on Sunday, the day after the Chief Adviser announced the election date of the 9th parliament.The announcement had helped stimulate transactions at the country's premiere bourse, registering a bit faster gains on the day as compared to a steady market last week, brokers said.The day's total turnover rose sharply to Tk 4.33 billion from Tk 3.12 billion on Thursday. The DSE set its highest record of turnover at Tk 5.50 billion on June 8 this year.Market capitalisation increased Sunday to Tk 995 billion, which is also close to record highest Tk 999 billion on September 10, from Tk 991 billion on the day before.The DSE General Index (DGEN), the benchmark index, rose 18 points or 0.66 percent to close at 2,857 points on Sunday from 2,838 points on Thursday, while the All Shares Price Index (DSI) increased 15 points or 0.63 percent to close at 2,411 points. The DSE-20 index of selective shares, however, shed 4 points or 0.17 percent to close at 2,379 points.Of the total 222 issues traded on the day, 86 gained, 120 declined and 16 remained unchanged.

Titas Gas, GRAMEENS2, ICB 2nd NRB, BEXIMCO, ACI, AIMS 1st Mutual Fund, Beximco Pharma, Square Textiles, Grameen 1 and Summit Power were the day's turnover leaders in terms of value.The day's volume leaders were AIMS 1st Mutual Fund, GRAMEENS2, Beximco Pharma, Grameen 1, BEXIMCO, Square Textiles, BD Online, ICB 2nd NRB, BDCom and Titas Gas.Top gainers of the day were AIMS 1st Mutual Fund, GRAMEENS2, BD Online, 1st BSRS, Beximco Fisheries, DBH, Progressive Life Insurance, BD Hotels, Metalex Corporation and Rahim Textiles.Top losers were Meghna Shrimp, United Insurance, Fine Foods, Hakkani Pulp and Paper, Saiham Textiles, Mithun Knitting, Excelsior Shoes, Shajib Knit, Anwar Galvanizing, and BDCom.

US Treasury proposes $700b Wall Street bailout plan

Reuters, Washington

The Bush administration proposed a $700-billion taxpayer-funded plan on Saturday to buy up toxic mortgage-related securities in an urgent effort to calm financial markets and attack the nation's housing crisis.

Under the program, the U.S. Treasury Department would buy, or commit to buy, "mortgage-related assets from any financial institution having its headquarters in the United States," said a copy of the Treasury Department's draft legislation obtained by Reuters.

The department could hire asset managers to handle the securities, which could include residential or commercial mortgages and related instruments that were originated or issued on or before September 17, 2008, the draft said.

Congressional committees were to be briefed on Saturday on the legislation, which could be considered by the U.S. House of Representatives and Senate as early as next week.

The plan also calls for raising the federal government's borrowing authority to $11.315 trillion. The debt limit is currently $10.615 trillion.

The government is moving aggressively to soak up billions of dollars of hard-to-sell mortgage-backed securities and related assets that have been choking world capital markets since the bursting of a historic U.S. home price bubble.

Investors tend to take risks when share prices go up at bourses: Individual investors' age below 40 years, size of investment less than Tk 25 lakh, assessment finds

Business Reporter

Investors usually tend to take high risks while investing in share markets, particularly at a time when the market shows an upward trend, speakers at a seminar said yesterday terming it as a 'major weakness' on part of the investors.

They said investors are most often influenced by their profit, savings, age, investment horizon and gender in deciding how much to invest in the stock market.

Among them profitability has the highest positive effect and short-term investment horizon has the highest negative influence, showed a research.

Voice of Business, in cooperation with FinCap Analysts and Advisors organised the seminar, styled "Investing in the Stock Market: What Do We Want?" at the conference hall of Business Studies Faculty of Dhaka University on Saturday.

Suborno Barua, Assistant Director (Research), Institute of Microfinance (InM) presented a research paper on "General and Risk Characteristics, Investment Determinants and Confidence on Stock Market--An Assessment on the Individual Investor of Bangladesh" at the seminar.

Prof Abu Ahmed said the country's economy has to be attached with share market more aggressively to develop the economy adding that the country's economy was detached from the share markets in the past. He hoped that the next government would try to attach the economy with the share markets more intensively and vigorously with a view to strengthening the economy. Investment by small investors dominate some 80 per cent of the transactions at the country's share markets, he added.

The research revealed that individual investors are mostly micro, very small or small bracket with investment less than Tk 2.5 million by investment size where most are below the age of 40 and most with income level less than or equal to Tk 40,000 a month. Investors earned 56 per cent return on their investment in 2007 on an average and mostly they trade by themselves directly.

The research found that investors' confidence level on the brokerage house is at the moderate level (85 per cent), a substantial portion of investors decide regarding investment based on market information where around 70 per cent investors believe that there degree of rumour in the market is high.

The paper also said many researchers had concluded that in the highly inefficient market there are many investors who invest even without knowing how much risk they were bearing or going on to bear.

China orders recalls as milk scandal widens

Reuters, Shanghai

China ordered widespread checks on dairy products and a recall of tainted items as a scandal that began with powdered baby formula and spread to milk sparked an outcry from China's trading partners.

Malaysia joined neighboring Singapore in banning Chinese milk imports while a dairy company in Japan pulled Chinese products from supermarket shelves following a similar move in Hong Kong after products were found contaminated with potentially deadly melamine.

China's State Council, which ordered the comprehensive checks, vowed to punish enterprises and government leaders responsible for the scandal, the official Xinhua news agency reported late on Friday.

"Local authorities should rectify the dairy industry so as to bring a fundamental change to the dairy market and products," Xinhua quoted the council as saying.

The council also called on medical authorities to give free examinations and treatment to infants who fell ill after drinking contaminated milk, Xinhua said.

Panicked parents have crowded China's hospitals and demanded redress since officials and the Sanlu Group, the country's biggest maker of infant milk powder, said last week that babies developed kidney stones and complications after drinking milk made from powder tainted with melamine, a compound used in making plastics.

At the latest count, 6,244 children have become ill, four have died and 158 are suffering acute kidney failure.

A government food quality watchdog in China has said nearly 10 percent of milk and drinking yoghurt samples from three major dairy companies contained melamine.

The nitrogen-rich compound can be added to watered-down milk to get past quality inspections, which check for nitrogen to measure protein levels.

Malaysia has banned imports of milk products from China with immediate effect, although the country's health minister said there were no imports of dairy items from China, the Bernama state news agency said late on Friday.

Singapore banned all dairy imports from China on Friday while the European Union demanded an accounting of what had gone wrong.

On Thursday, Hong Kong recalled dairy products of one Chinese company after authorities found eight of its 30 products, including ice-cream and yoghurt ice bars, contained melamine.

Hong Kong's Centre for Food Safety said late on Friday that Nissin Foods Company was recalling a boxed dessert which was manufactured by Qingdao Kangda Foodstuffs and used Yili milk product as an ingredient.

Japanese media reported on Saturday that Marudai Food Co would voluntarily recall some products procured by a Chinese subsidiary and sold in Japan that it suspected may contain melamine. The company could not immediately be reached for comment.

Almost one-10th of liquid milk and yoghurt batches from China Mengniu Dairy Co and Inner Mongolia Yili Industrial Group Co contained melamine, which is banned in food. The substance was also found in several samples of dairy products from the Bright Dairy group.

Starbucks Corp said its 300-plus cafes in mainland China had pulled milk supplied by Mengniu. Starbucks said no employees or customers had fallen ill from the milk.

Quality officials said most Chinese milk was safe, trying to shore up public trust already shaken by a litany of food scares involving eggs, pork and seafood in recent years.

The Chinese quality watchdog also said melamine-tainted milk would not make adults sick unless they drank more than two liters a day.

The General Administration of Quality Supervision Inspection and Quarantine said 3,215.1 tons of milk powder had been pulled from shelves or recalled across the country as of Friday morning.

Rupee up by 7 paise against US dollar in early trade

PTI, Mumbai

The Indian rupee yesterday moved up by seven paise to 46.34/35 against the U.S. currency after surrendering major part of early gains in late morning deals.

Smart rally in the benchmark Sensex by nearly 379 points at 1030 hrs mainly helped the rupee to open stronger at the Interbank Foreign Exchange (Forex) market at 46.15 a dollar from overnight close of 46.41/42.

However, dollar buying by oil refiners pushed the rupee down to quote at 46.34/35 in late morning deals.

Spurt in local equities was attributed to sharp rebound in world stock markets. Most of the Asian indices were up by 3.0 percent to 9.4 percent following steep rise on Wall Street last night.

U.S. government's comprehensive approach, with the help of other major central banks, to stabilise the financial crisis helped the stock markets to regain from their lows. Reassuring comments by the Finance Minister P. Chidambaram about the financial health of the Indian financial lenders also partly aided the rupee sentiment at early stages.

Global crude oil prices were quoting slightly higher at USD 98.22 a barrel this morning in Asian trade.

Sustained by foreign funds from equity markets also weighed on the rupee sentiment.

Gabon bans sale, import of Chinese milk powder

Reuters, Libreville

Gabon has banned the import and sale of Chinese powdered milk in response to a widening alert over contaminated milk products which have killed four children in China, Gabonese authorities said on Saturday.

The central African oil producer joined a number of states in Asia and Africa which have declared a health alert over the tainted Chinese milk powder that has made thousands of Chinese children ill.

The powder was found to be contaminated with melamine, a compound used for making plastics.

Gabon's Trade and Industrial Development Minister Paul Biyoghe Mba prohibited the sale and import of milk powder for babies, including that produced by two Chinese companies, Guangdong Yashili Group Co Ltd and Qingdao Suncare Nutritional Technology Co Ltd, among others.

Mba's order, published by Gabonese media, said offenders who flouted the ban would be severely punished.

Gabonese President Omar Bongo, Africa's longest serving ruler, has maintained more than three decades of cordial ties with China, which receives some oil from Gabon.

Chinese companies are engaged in major mining and infrastructure projects in Gabon, part of Beijing's aggressive investment drive to lock up energy and raw materials supplies from the African continent.

The ban on Chinese powdered milk products came as a shock to some Gabonese mothers.

"It's difficult to change milk suddenly because I've been buying Chinese milk powder for several months due to its generally reasonable price," said 28-year-old mother of three Melanie Obone in Libreville's Mont Bouet market.

Others said the government had taken the right step to protect consumers from a health risk.

IBBL holds discussion on 'Role of Waqf, Zakat and Usr for Poverty Alleviation’

A discussion meeting on "Role of Waqf. Micro Investment, Zakat and Usr for Poverty Alleviation" was held on 2 September. Saturday at Institution of Diplama Engineers. 160/ A. Kakrail. Dhaka organized by Head Office, IBTRA. Dhaka North. South and Central Zones of Islami Bank Bangladesh Limited. Praf. Abu Nasser Muhammda Abduz Zaher. Chairman. Board of Directars of the Bank was present it; the function as the Chief Guest and H. Fadlulla Wilmat, Country Director. Muslim Aid UK was present as the Special Guest. Presided aver by M. Fariduadin Ahma (Managing Director of the Bank the key discussion was presented by Mufti Syed Ahmad, Member. Shari'ah Council Mahd. Shamsul Hoque. Deputy Managing Director delivered the welcome speech. Executives, Officials and Staff of a segments of Head Office. IBRTA. Dhaka North. South and Central Zones of the Bank were present in the function.

Prof. Abu Nasser Mahammad Abduz Zaher said in his speech as the Chief Guest that we have to look at the history know the role of Waqf, Zakat and Usr in alleviating poverty. These were significant institutions in the glorious past (Muslim world. He urged all affluent men including industrialists and Businessmen of the society to turn Waqf and Zakat into a concrete movement in order to establish a balanced society.

He said IBBL is playing significant role in reducing poverty through different micro investment projects like Run Development Project (RDS) and they have been able to gain reputation in this regard. He suggested IBBL to make to micro investments mare welfare oriented.

H. Fadlullah Wilmat in his speech viewed that Islami Bank Bangladesh Limited is the competent descendant of Islami Development Bank. This Bank has taken admirable initiative to establish interest-free Islamic Society through developed banking service.

Mufti Syed Ahmad said in the key discussion that the number of highly affluent men in our country is several hundred It will be noble deed if they donate a substantial portion of their wealth through Waqf.

He said we have forgotten the immense importance of Waqf. A plan of mingling Waqf Charity of Zakat with micro finance may be chalked out. Then we can bring a wide change and diversity in the field of micro finance with a view reducing poverty. We can change the fate of the country through this program.

He said that Waqr micro Investment, Zakat and Usr should be reshaped in order to alleviate poverty fram the society:

Far this reason. all citizens of the society including Industrialists. Businessmen and Professionals should came forward with the sense of cooperation.

M. Fariduddin Ahmad said in his presidential speech that IBBL has farmed Waqf Fund through Mudaraba Waqf Can Account to change the social status of the distressed people. The Bank is working to bear the educational expenses of to poor and orphanage and far the welfare of the helpless people with the Zakat fund collected from the affluent people through establishing Islami Bank Faundatian. Besides, the Bank is playing role in reducing poverty though Rur Development Scheme. If we can combine micro-finance with Waqr Sadaqah, Charity and Zakat then we can bring diversity and change in it which is not possible by the traditional micro-finance.

Mohd. Shamsul Haque said in his Welcome Speech that Ramadan is the symbol of purification mutual Compassion are unity. Ramadan is the ardent instance of the fact that Islam has given dictation to ensure the right of all the people irrespective of race, colour and creed. The glorious month encourage us to achieve peace, fraternity and tolerance.

SIBL board meeting held

The 178th meeting of the Board of Directors of Social Investment Bank Limited was held in the Board Room of the bank on September 18. Abdul Awal Patwary, Chairman of the Board of Directors of the bank presided over the meeting. Vice-Chairmen, Directors, Managing Director KM Ashaduzzaman,Deputy Managing Director Abu Sadek Md Sohel, Chief Financial Officer Walid Mahmud Sobhani and Board Secretary Mahamud Hassan were present at the meeting. Important decisions on various activities of the bank were taken.

Warid offers Zem prepaid connection at Tk 99

Warid Telecom is offering Zem prepaid connection at Tk. 99 with Tk 50 welcome talk-time.

All new Zem subscribers would also enjoy a 20 per cent special bonus talk-time for recharging their account first time after purchase of the connection. The bonus talk-time can be used for making calls to other operators.

Moreover, the subscribers will be allowed to add five numbers of any local mobile operator as 'FnF' to enjoy reduced call rate to talk with friends and family members.

New Zem prepaid connections are available at all business centres, franchisees, corporate sales points and designated sales points of Warid Telecom.

The management of Warid Telecom said that they are offering the most attractive price for prepaid connection in order to keep it affordable for general customers.

Warid Telecom, a subsidiary of UAE-based Abu Dhabi Group, launched its commercial operation in Bangladesh in May 10, 2007 as the sixth the mobile phone operator. Within one year, the company became fourth largest operator by acquiring nearly 3.5 million subscribers through spreading its network to all the 64 districts.

EBL hosts Ifter party for media

Business Reporter

Eastern Bank Ltd hosted an Ifter party for media at Dhaka Sheraton Hotel in the city on Saturday.

Managing Director and also Chief Executive Officer of the Bank Ali Reza Iftekhar, Deputy Managing Directors Mamoon Mahmod Shah and Muklesur Rahman, Senior Vice President (Head of Finance) Malick Musfique Reza, Head of Marketing Nazeem A Chowdhury, among other officials of the bank, were present in the function.

Emirates rolls out special services during Ramadan

Emirates Airline is providing a special Iftar service to its Muslim customers during the month of Ramadan, to help travellers break their fast during their journey.

Onboard Emirates flights, customers travelling to destinations in the Middle East, Gulf and Indian subcontinent region are served a special Iftar box as sunset approaches. This Iftar box contains humus with crudities, olives served with Arabic bread and chicken shawarma sandwiches, dates, a banana, a laban (yoghurt) drink and an Arabic pastry.

At the airport, customers preparing to board the aircraft at Dubai International Airport during the Iftar period will be offered snack boxes at the boarding gate. This will help them break their fast, prior to enjoying full meals onboard. The snack box contains water, dates, a laban (yoghurt) drink and an Arabic pastry. This service is also being provided to Emirates customers at a number of other destinations across the network.

With the longer daylight hours during summer, Emirates has also ensured that extra If tar boxes from Dubai are available onboard some afternoon flights to Europe, to cater for those customers whom will break their fast prior to arrival or after reaching their destinations.

Mohammed Mattar, Emirates' Senior Vice President for Airport Services, said: "We are now in the holiest month of the Islamic calendar and we would like to ensure that our Muslim customers are comfortable while travelling with us by providing special Iftar services."

Dubai-based Emirates, one of the world's fastest growing international airlines, has earned a reputation for service and innovation. Since its launch in 1985, it has won over 400 international awards for excellence across its business. Today, the airline operates services to over 100 cities on six continents.