The New Nation - Internet Edition

Pubali Bank Ltd extends Tk 100m loan to IIDFCL: 'We offer loans at competitive interest rates,' says Managing Director Helal Ahmed Chowdhury

BUSINESS REPORT

A term loan agreement for Tk 100 million was signed between Pubali Bank Limited (PBL) and Industrial and Infrastructure Development Finance Company Limited (IIDFCL) at Pubali Bank Head Office in the city recently.

Dipak Kumar Chakraborty, General Manager, Principal Branch of Pubali Bank Limited and Proshanta K Halder, Deputy Managing Director of IIDFCL signed the agreement on behalf of their respective organisations at a simple ceremony.

Helal Ahmed Chowdhury, Managing Director of Pubali Bank Limited and Md Asaduzzaman Khan, Managing Director of IIDFCL were present on this occasion.

Pubali Bank Ltd sanctioned this term loan for five years.

Speaking at the signing ceremony, Managing Director Helal Ahmed Chowdhury said that Pubali Bank was extending bulk loan to NBFIs at a competitive interest rate.

He said that Pubali Bank fixed the lowest rate of interest in competitive market position and it appeared to be the lowest in this related sector.

The Managing Director also said that Pubali Bank was committed to render better customer services as well as industrial development in the country.

He also mentioned that the service charges in Pubali Bank were also competitive.

Md. Asaduzzaman Khan, Managing Director of IIDFCL thanked PBL for the loan and expressed his hope to improve the mutual relationship further in future time.

General Manager of Credit Division of PBL M Mustafizur Rahman, DGM Sushil Kumar Saha of PBL, Treasury In-charge of IIDFCL Anindita Dutta and other officials of both the organizations were present at the agreement signing ceremony.

EMSL selects Citycell's high speed wireless internet service Zoom™

BUSINESS REPORT

Citycell has recently signed an agreement with Eastern Management Services Ltd (Representative of MoneyGram International in Bangladesh).

MoneyGram International is a global leader in high-performance payment and financial services company that efficiently and economically moves money around the globe. It facilitates affordable, reliable and convenient payment services across the world.

Under the agreement, Eastern Management Services Ltd will use Citycell's high speed wireless internet service Zoom™.

This CDMA2000 1X technology based service will provide high speed connectivity to the bank agents of Bangladesh in order to ensure secure remittance transfer even in the remote areas of the country. Zoom™ offers the most secured data transfer facility across Bangladesh.

Shafiul Azam, Chairman and CEO of Eastern Management Services Ltd (Representative of MoneyGram International in Bangladesh) and Michael Seymour, CEO of Citycell signed the agreement on behalf of their respective organisations.

Dr. Anand Rajasingham, Head of Marketing, Ahmed Armaan Siddiqui, Deputy General Manager, Product and Business Development, Sharif Shah Jamal Raj, Corporate Account Manager, Nur E Alam Sohel, Corporate Account Manager of Citycell were also present at the signing ceremony.

Iraq strikes gas deal with Shell

Iraq has agreed to set up a joint venture with oil and gas giant Royal Dutch Shell to invest in developing the country's natural gas supply, reports BBC.

The deal, which will see Shell supply the local market, is the second between the government and a foreign firm since the US-led invasion of Iraq in 2003.

It was signed by Iraqi Oil Minister Hussein al-Shahristani. Iraq has enormous potential as an oil and gas supplier but has so far lacked the investment for it to be realised.

Under the terms of the deal, signed on Monday, Iraq will have 51% in the venture and Shell 49%. The country will invest in natural gas in the oil-rich southern province of Basra.

International investment

The venture will initially focus on capturing some 700 million cubic feet of natural gas released per day as a by-product of crude oil extraction in the region.

But there are also plans to create a facility to produce liquefied natural gas - which is not a by-product of oil - for export.

With Europe keen to reduce its reliance on Russia for its energy supply, Iraq is seen as a viable alternative.

Iraq has proven natural gas reserves of about 112 trillion cubic feet, but analysts believe this is likely to represent only a fraction of what exists.

It opened its lucrative oil and gas fields to a select group of foreign companies in June to rehabilitate its aging facilities.

The first foreign oil deal came when Iraq agreed a $3bn (£1.6bn) oil service contract with China.

IBBL branches organises discussions, iftar mahfils

BUSINESS REPORT

Discussion meetings on "Role of Waqf, Micro Investment, Zakat and Usr for Poverty Alleviation" and Iftar Mahfils were held at Mohakhali, Kawran Bazar, Pallbi, Mouchak, Elephant Road, Savar branches and Bogra Zone of Islami Bank Bangladesh Limited.

Mir Quasem Ali, former Vice Chairman, Board of Directors and Golam Moula Chowdhury, Executive Vice President of the bank were present in the discussion meeting and Iftar Mahfil as chief guest and special guest respectively organized by Mohakhali Branch. ANM Nazmul Bari, Vice President of the branch presided over the function.

Engr Muhammad Dawood Khan, former Director of the bank was present in the discussion meeting and Iftar Mahfil as the chief guest organized by Kawran Bazar branch. Presided over by Md Nurul Islam, Senior Vice President of the branch the key discussion was delivered by Moulana Shaha Waliullah, Khatib, Sobhanbag Mosque and Muhammad Seraj Uddin, Professor of Bangla Department of Asian University Bangladesh and former Director of Bangla Academy.

M Fariduddin Ahmad, Managing Director of the bank was present in the discussion meeting and Iftar Mahfil as the chief guest organised by Pallabi Branch. Presided over by Md Mahbub-a-Alam, Assistant Vice President of the branch the key discussion was presented by Moulana M Shahjalal Sharif, Joint Secretary of Bangladesh Majid Mission.

Mohd Shamsul Haque, Deputy Managing Director of the bank attended the discussion meeting and Iftar Mahfil as the chief guest organized by Mouchak Branch. Presided over by Shahidur Rahman, Senior Vice President of the branch the key discussion was presented by Moulana Mufazzal Hussain, Member of Board of Governors of lslamic Foundation.

Mohammad Abdul Mannan, Deputy Managing Director of the bank attended the discussion meeting and Iftar Mahfil as the chief guest organized by Elephant Road Branch. Presided over by Mohammad. Sayedullah, Vice President of the branch the key discussion was presented by Moulana Atikur Rahman, Chairman, Islam Prochar Samitee.

Rafi Ahmed Begh, Executive Vice President of the bank attended the discussion meeting and Iftar Mahfil as the chief guest organized by Savar Branch. Presided over by Md. Shafiuddin Talukder, Assistant Vice President of the branch the key discussion was presented by Mufti Moulana Abul Kalam Azad, Khatib, Masjidulllah, Savar Dhaka.

Dr Mohammad Belal Hossain, Professor of Islamic Studies Department of Rajshahi University, Rahjshahi participated in the discussion meeting and Iftar Mahfil as the chief guest organized by Bogra Zonal Office Bogra Branch of the bank. Shafiqul Mawla, Senior Vice President and Head of Bogra Zone presided over the function.

Prime Islami Life pays 20pc stock dividend

BUSINESS REPORT

The 4th extraordinary general meeting and 8th annual general meeting of Prime Islami Life Insurance Ltd were held at Bangladesh-China Friendship Conference Centre in the city on September 20 last.

The meeting was presided over by company's Chairman MA Wahhab. In presence of the company's Directors, Managing Director KM Motuza Ali and Company Secretary Habibur Rahman, the proposal of increasing the company's authorised capital from Tk 10 crore to Tk 25 crore taka was approved at the 4th EGM.

At the 8th AGM, audited accounts of the company for the year ended on December 31, 2007, director's report and proposal of 20 percent stock dividend were approved.

The shareholders present at the meting expressed their satisfaction in the company's overall performance.

In the year 2007, the company's premium income was Tk 81.64 crore, which was Tk 56.37 crore in the year 2006. This year the company's life fund has increased to Tk 84.81 crore from the previous year's Tk 43.86 crore while the company's investment has increased to Tk 70.25 crore from previous year's Tk 33.34 crore.

Chinese tainted milk scandal fans fear across Asia

AP, Hong Kong

China's milk scandal fanned fears across Asia on Tuesday as countries expanded bans on Chinese dairy products to include candy and other goods and worried parents rushed their children to hospitals for health checkups. From Japan to Thailand, reports spread of cookies, ice cream and even meat buns that might have been contaminated with tainted milk products blamed for least four infant deaths in China. Another 53,000 others have fallen ill.

The widening health scare led many schools and stores to pull more products out of precaution. Even major international food makers such as Kraft Foods Inc., were hit by unconfirmed rumors of recalls of numerous snacks, including Oreo cookies and M&Ms.

"I'm still worried about my child," said Mary Yu, a Hong Kong mother who took her 3-year-old son for hospital tests Tuesday, along with dozens of other parents in the territory. "I want to have a thorough check to play it safe."

The crisis was initially thought to have been contained to Chinese milk powder laced with melamine, an industrial chemical used to make plastics and fertilizer that can cause kidney stones and lead to kidney failure.

But recent testing found melamine in samples of liquid milk taken from 22 Chinese companies - including the country's two largest dairy producers, Mengniu Dairy Group Co. and Yili Industrial Group Co. - and prompted nationwide recalls of milk and dairy products.

Other countries - including Singapore, Taiwan, Brunei, Hong Kong, Vietnam and the Philippines - followed suit in recent days with their own bans and restrictions on foods with Chinese dairy. The limits covered everything from yogurt bars to strawberry milk, biscuits and candy. Bangladesh even ordered testing of powder milk imported from countries known for tighter government regulations such as Australia, New Zealand, Denmark.

"I'm scared after reports about the contaminated milk," said Sultana Rahman, mother of an 8-month-old baby in a Bangladesh, where the government banned three brands of Chinese baby powder milk. "I would rather breast feed my baby than giving her powder milk."

On Tuesday, Malaysia expanded its ban on Chinese milk products to include candies, chocolates and any other food containing milk. The country's Health Ministry said it was still determining how many products in Malaysia would be affected by the ban.

Al-Arafah Islami Bank holds Executive Committee meeting

BUSINESS REPORT

The 221st meeting of the Executive Committee of Al-Arafah Islami Bank Ltd was held at its head office on September 22, 2008.

Alhajj Abdus Samad, Chairman of the committee presided over the meeting. The meeting reviewed the overall business and investment position of the bank. Co-Chairman of the Executive Committee Alhajj Abdul Malek Mollah, member Board of Directors Alhajj Harun-ar-Rashid Khan, Alhajj Ahamedul Haque, Alhajj Nazmul Ahsan Khaled, General Manager of Bangladesh Bank Md Amzad Hossain, Managing Director of the bank MA Samad Sheikh, Additional Managing Director ATM Harun, Dr Rashid Chowdhury, Executive Vice President Syed Emdadul Hoque, Sr Vice President ANM Abdus Shahid and Company Secretary and Sr Vice President Md Mofazzal Hossain were present at the meeting.

India boss 'lynched by workers'

The Indian head of an Italian auto parts company has been beaten to death in a suburb of Delhi, allegedly by a group of sacked workers, reports BBC.

Lalit Kishore Choudhary, of Graziano Transmissioni India, died at the company factory in Greater Noida.

Police said more than 100 dismissed workers entered the factory vandalised machinery and attacked Mr Choudhary.

The confrontation came after a long industrial dispute. The workers denied killing Mr Choudhary.

Nearly 300 workers at Graziano Transmissioni were dismissed two months ago after they demanded pay rises and allegedly ransacked its offices, the AFP news agency reported.

Damaged

The meeting with Mr Choudhary, which took place on Monday, was reportedly scheduled to discuss the possibility of reinstating some of the workers.

However, "the dismissed employees turned violent during a meeting with the management," Reuters news agency quoted senior police officer RK Chaturvedi as saying.

Some 63 people were arrested, Mr Chaturvedi said.

He described how angry workers damaged office property and singled out Mr Choudhary when he tried to reason with the mob. They allegedly used iron bars to beat up the chief executive.

But the workers denied attacking Mr Choudhary, described in one report as a 47-year-old father of one.

"We were demonstrating peacefully to get our jobs back," one of the workers, Rajpal, told the Hindustan Times newspaper.

"Outsiders may have assaulted the CEO leading to his death. Firing by the guards agitated workers and they clashed with the staff," he said. Dozens of people injured in the clash have been admitted to hospital.

Qamrun Nahar re-elected Vice-Chairman of Janata Insurance Co Ltd

BUSINESS REPORT

The Board of Directors of Janata Insurance Company Limited unanimously re-elected Mrs Qamrun Nahar as Vice Chairman of the company at a meeting held at the National Shooting Complex, Gulshan, Dhaka on September 16, 2008.

Mrs Qamrun Nahar is a Director of United Commercial Bank Ltd, Ananta Sportswear Ltd, and Ananta Fashion Ltd. She is also the Managing Director of Ananta Apparels Ltd, Ananta Energy Resources Ltd and Chairman of Dhaka Mohila College, Managing Director of Ananta Properties Ltd, Proprietor of Creative Visions Ltd and member of Bangladesh Lions Foundation.

BA cancels Pakistan flights indefinitely

AFP, Islamabad

British Airways has "indefinitely" cancelled all flights to the Pakistani capital Islamabad amid security concerns after the bombing of the Marriott hotel, the airline said Tuesday.

BA issued a statement confirming the cancellation of its six weekly services to Islamabad, the only destination it flies to in Pakistan, a day after saying that it was only temporarily suspending flights.

"In light of the security situation in Pakistan, British Airways has cancelled its flights from Islamabad to Heathrow indefinitely," a British Airways statement said. "The safety and security of our customers, our staff and our operation is always our absolute priority."

A suicide bomber rammed a truck packed with more than half a tonne of explosives into the security gates of the Marriott on Saturday, killing at least 60 people and wounding more than 260. BA said that it would only restart flights to Pakistan when it was sure that the nuclear-armed Islamic republic was safe to fly to.

"The airline will resume its flights as soon as the security situation improves in the country," an Islamabad-based spokesman for the airline told AFP.

Customers with bookings who had not yet started journeys to or from Islamabad could apply for a full refund, while those mid-way through the journey should contact BA for their options, the airline said.