The New Nation - Internet Edition

Results of the auction of 91-day, 364-day treasury bills declared

BUSINESS REPORT

The 33rd auction of the Treasury Bills of different maturities was held on Sunday. Taka 250.30 crore and Taka 263.00 crore, in grand total Taka 513.30 crore, were offered respectively for the 91- Day and 364-Day Bills. Of those, Taka 90.30 crore and Taka 103.00 crore, in grand total Taka 193.30 crore, were accepted respectively for the 91-Day and 364-Day Bills. Taka 159.70 crore and Taka 147.00 crore were devolved on Primary Dealers for the 91-Day and 364-Day Bills. The ranges of the implicit yields of the accepted bids were 7.81-7.85 percent and 8.51-8.55 percent per annum respectively, a Bangladesh Bank press release said.

Petrobangla to conduct gas field surveys with loan from ADB

BUSINESS REPORT

Bangladesh Oil, Gas and Mineral Corporation, also known as Petrobangla, will conduct extensive seismic surveys in five large gas fields over the next three years to try to find more reserves, a senior official said yesterday.

The three-dimensional (3D) surveys, funded by a loan of nearly $22 million from the Asian Development Bank, will take three years to complete in all of the five fields, said Jalal Ahmed, chairman of Petrobangla.

The surveys will kick off at Bakhrabad gas field, 100 kilometres (62 miles) southeast of the capital Dhaka, by February next year, he said.

Petrobangla operates the Titas, Bakhrabad, Habiganj, Rashidpur and Kailashtila gas fields, all discovered during the 1960s, but it has yet to conduct extensive surveys to confirm the exact size of the reserves, Jalal said.

Energy officials said initial recoverable reserves estimated in these fields were 11.42 trillion cubic feet (tcf) but about 7.70 tcf may have been depleted after years of consumption.

"But we are confident that the reserves in these fields may rise considerably after the seismic survey," Jalal said.

The fields produce 820 million cubic feet (mmcf) of gas daily, nearly half of the total 1780 mmcf of gas the country produces each day.

Results from a series of seismic surveys conducted recently in the country by U.S. oil firm Chevron and French oil company.

Total SA have encouraged Petrobangla to conduct similar surveys, energy ministry officials said, without giving details.

Jalal said the country would require additional reserves of 24 tcf of gas until 2025 in order to maintain the present level of more than 6 percent annual economic growth

Bank Asia donates Tk 20 lac to Islamia Eye Hospital

BUSINESS REPORT

In an effort to enhance eye treatment to ultra poor in the society Bank Asia has donated Tk 20 (twenty) lac to Islamia Eye Hospital for construction of a ward. In addition Muslim Commercial Bank of Pakistan has also donated Tk 6 (six) lac for the same purpose.

Chairman of Bank Asia Anisur Rahman Sinha and President and Managing Director of the Bank Syed Anisul Huq handed over both the cheques to the Advisor of Islamia Eye Hospital kcy Zahida Ispahani at a simple ceremony at the Hospital on Tuesday.

Earlier, the Muslim Commercial Bank had donated Tk 14 (fourteen) lac for construction of the ward that will have forty beds to support the needy patients.

Addressing the function, Chairman of Bank Asia Anisur Rahman Sinha and Managing Director Syed Anisul Huq reiterated the Bank's commitment to assist Islamia Eye Hospital reach both short- and long-term goals. Directors and senior executives of the Bank and the hospital were present at the function.

N'ganj BSCIC industrial estate earns Tk.9,240cr

BSS, Narayanganj

Hosiery industrial units of Bangladesh Small and Cottage Industries Corporation (BSCIC) here earned Taka 9,240 crore by exporting knit wears in the fiscal year 2007-08.

During the time, employment opportunities for 1,41,292 persons were created in the BSCIC industrial estate in Narayanganj, established in 1999.

Special Assistant to the Chief Adviser for Industries Mahbub Jamil was told this during a visit to the industrial estate on September 22, an official handout said.

The special assistant went round different factories and saw for himself production activities, water logging roads and infrastructure in the area.

Later, Mahbub Jamil held a meeting with the leaders of Bangladesh Knitwear Manufacturer and Exporters Association (BKMEA), entrepreneurs of hosiery industrial units, BSCIC officials, local administration and representatives of civil society for solving the existing problems of the knitwear industry.

Industry Secretary Sheikh Enayet Ullah, BSCIC Chairman Mohammad Mahbub-ur-Rahman, president of BKMEA Fazlul Haque and Vice- President Abdur Rasheed spoke at the meeting.

During the meeting, the entrepreneurs drew the attention of the special assistant for quick repairing of roads as well as construction of drain and culverts in the estate.

Mahbub Jamil said the government would step up efforts in public-private partnership for administrative development of this industrial estate.

He also said the government would take initiative within its capacity for infrastructure development of the area.

Eid shoppers rush at markets in Joypurhat

BSS, Joypurhat

Eid shopping has been gaining momentum in all five upazila towns and business centers of the district as holy Eid-ul-Fitr.

Hundreds of shoppers including men, women, adolescents and children are found buying their items of choice with huge

enthusiasm.

The authorities have taken adequate measures in maintaining law and order in order to help shoppers buying in a free mood.

Police, members of RAB and intelligence personnel both in uniforms and plain clothes are found patrolling the district and upazila towns. As a result incidents of mugging, burglary, extortion and other crimes have virtually disappeared.

Besides, the authorities and owners of the business establishments have taken their own security measures that also helped to ensure a peaceful atmosphere.

Shop owners have expressed their satisfactions over the sales and are expecting further sale in the next few days before Eid.

Partners with Plan Bangladesh: Coca-Cola launches 'Rain water harvesting, drinking water project'

BUSINESS REPORT

Coca-Cola partners plans to launch 'Rain Water Harvesting and Drinking Water Project' in Bangladesh with a view to enhancing availability of water in communities and ensure supply of safe drinking water among school children and their families. The project involves installation of Rain Water Harvesting (RWH) systems in 5 schools in Mirpur area of Dhaka City and Barguna Sadar. The project will be implemented with the support of Dushtha Shastha Kendra, an NGO, Ward Sanitation Task Force, Community Development Forums and School Management Committee to ensure sustainability.

The RWH projects to create a total harvest capacity of 32,50,000 liters of water with a view to providing drinking water access to over 1000 children throughout the year. The project to be commissioned at a cost of USD 20,000 and would be completed by September 2009.

School Management Committees and User Committees to be formed to promote awareness on the water conservation, maintenance, health & hygiene and safe drinking Water.

To ensure water sustainability and to provide safe drinking water in schools, Coca-Cola Far East Ltd, in partnership with Plan Bangladesh on September 18 last announced in the city the launch of an innovative 'Rain Water Harvesting & Drinking Water Project' in Bangladesh.

The project includes installation of rain water harvesting (RWH) systems, storage tanks and water filters in five primary schools in Mirpur area in the city and Barguna Sadar upazila.

With over 110,000 children dying due to waterborne diseases every year in Bangladesh, the initiative aims to empower the communities to conserve water and improve access to safe drinking water. Coca-Cola and Plan Bangladesh are also partnering to raise awareness amongst the school children and their families for better water resources management.

The project aims to promote Rain Water Harvesting as a sustainable solution for addressing Water related issues in Bangladesh. The RWH systems once commissioned will have an overall harvest capacity of 32,50,000 liters of rain water per annum.

The entire 'Rain Water Harvesting & Drinking Water Project' will get commissioned at a total cost of $ 20,000 by September 2009. The unique initiative once complete would benefit over 1000 children with access to potable water throughout the year. In addition, millions of liters of harvested water can also be utilized for secondary purposes like washing and sanitation.

According to Edward Thomas Espey, Country Director, Plan Bangladesh, "Plan Bangladesh is committed to provide deprived children with access to basic amenities. Launch of Rain Water Harvesting & Drinking Water Project' in partnership with Coca-Cola Far East Ltd is a unique initiative in this direction. The Project intrinsically involves creating awareness amongst the various stakeholders on the need and importance of water resources management. We are happy that Coca-Cola has helped us launch a unique multidimensional water program." To ensure sustainability and community involvement, a special 20-member user and management committee would be formed. The project would also be supported by Dushtha Shastha Kendra, an NGO, Ward Sanitation Task Force, Community Development Forums and School Management Committee to ensure sustainability. As part of the initiative, School Management Committees will also be formed involving teachers, parents & community members to promote awareness on the benefits of RWH systems, ensure maintenance, health and hygiene and safe drinking Water.

According to Debasish Deb, Country Manager, Coca-Cola Far East Ltd, "Water is fundamental to all communities and we understand that businesses thrive only amidst vibrant and sustainable societies. We are excited to partner with Plan Bangladesh for commissioning of 'Water conservation and Drinking Water Project' in five schools in Dhaka and Barguna. This latest initiative shall harvest 32,50,000 liters of rainwater, additionally resulting in over 1000 children having better access to safe drinking water. The project is part of Coca-Cola's overall goal to create water sustainability within all the communities where it operates."

The project aims to ensure supply of safe water in schools and raise awareness among school children and their families. The initiative also promotes the benefits of rainwater harvesting as a sustainable alternative source of water as the country receives heavy downpour every year with an average annual rainfall varying from 2,200 to 2800 mm.

Commissioning of the rain water harvesting (RWH) systems in five primary schools in Dhaka would involve preparation of rain water collection surfaces, installation of piping systems, and construction of a storage tank, along with distribution and cleaning taps. Classrooms will be specially equipped with filtration systems to ensure bacteriological safety of the water at the point of consumption.

The entire initiative would be further complemented by raising awareness at multiple levels right from (A) strengthening the capacity of the school authority and children to involve them to take lead role in disseminating messages on rain water harvesting in the school catchments areas. (B) Raising community awareness on using rainwater. (C) Strengthening community capacity for operation and maintenance of RWH systems. (D) Building capacity of private sector through training and on-the-job coaching. (E) Increasing access to safe water in schools

China to work with countries to resolve tainted milk issue

BERNAMA, Beijing

China said it will cooperate with food quality inspectors of other nations to resolve the crisis over tainted milk that has led countries, including Malaysia, to ban China-made dairy products.

What began as a melamine-tainted infant formula scandal that killed at least four babies on the mainland has blown into an intensive scrutiny of all China-sourced dairy food after the industrial chemical was also discovered in liquid milk produced by even the country's top producers. "We fully understand the countries' concerns. The relevant Chinese authorities are ready to work with the food safety authorities of these countries to properly handle the issue," Foreign Ministry spokeswoman Jiang Yu told a regular news conference on Tuesday.

She said the dairy companies implicated must recall their products and that China was conducting a thorough investigation.

Chinese milk products, including infant formula, candy, yoghurt and ice cream have been banned or recalled in several Asian countries including Malaysia, Singapore, Japan, Taiwan, Vietnam, Brunei, and the Philippines. Two Chinese dairy manufacturers had also recalled baby milk power exported to Yemen, Myanmar, Bangladesh, Burundi and Gabon.

Nearly 53,000 across China had suffered from drinking Sanlu brand milk powder.

Almost 13,000 other babies remain in hospital with kidney stone problems with 104 in serious condition according to the Health Ministry. Melamine is rich in nitrogen and when mixed into milk can make the protein level appear higher than what it actually is.

Public outrage has been fuelled by a government investigation that found that Sanlu Group, based in Shijiazhuang, capital of northern Hebei province, and 43 per cent owned by New Zealand dairy giant, Fonterra, knew there were problems with its milk powder as far back as December 2007.

It reported the case to the Shijiazhuang authorities only on Aug 2 this year and the local government itself delayed alerting the government until Sept 9.

The MFA spokeswoman refuted suggestions that there was a cover-up to avoid embarrassment to Beijing's hosting of the Olympic Games from Aug 8 to 24.

Jiang said the quality watchdog, the State Administration of Quality Supervision, Inspection and Quarantine (AQSIQ), immediately launched investigations on Sept 9, the very day the New Zealand government contacted the Chinese government. "The Chinese government took a highly responsible attitude and made immediate major arrangements and moved very fast to take a series of measures to deal with the case," she added.

Two children in Hong Kong have been reported sick with kidney stone after drinking China-made milk, the first known cases outside the mainland.

Premier Wen Jiabao, who surveyed the situation at a Beijing children's hospital over the weekend, had promised a shake-up of the multi-billion dollar dairy industry and the government had vowed severed punishment for those responsible.

On Monday, AQSIQ chief Li Changjiang resigned amid the scandal, the latest embarrassment in a string of incidents over the safety and quality of China-made food and non-food products.

Kaiser Tamiz Amin appointed as DMD of Dhaka Bank

Kaiser Tamiz Amin has been appointed Deputy Managing Director of Dhaka Bank Limited.

A banker with over 19 years of banking and financial services experience both at home and abroad, Amin was Deputy Managing Director of BRAC Bank Limited prior to joining Dhaka Bank. He has previously held a number of senior management positions with BRAC Bank and American Express Bank. Amin started his career as a management trainee in 1989 at the erstwhile Bank of Credit & Commerce (Hong Kong) Limited. Amin is a business graduate in Finance from Northeastern University, Boston, Massachusetts, USA.

Pepsi Co to invest $500m in India over next 3 years

Reuters, New Delhi

PepsiCo Inc will invest a further $500 million in India over the next three years, tripling its business in the country, its chief executive said on Sunday.

"As a tangible sign of our continued confidence in India, I am delighted to announce that we seek to invest a further $500 million over the next three years with the goal of tripling our business," Indira Nooyi told reporters at a news conference near India's capital. The investment would be spread over manufacturing capacities, marketing infrastructure, resources and developments, the company said in a statement. The announcement comes a day ahead of Pepsico's 26-member senior leadership team executive committee meeting, which starts on Monday. Pepsico, which entered India in 1989, has invested more than $700 million in the country so far.

Pepsi and its bigger rival Coca-Cola Co increasingly rely on developing markets like China, India and Russia for growth, as North American sales of traditional soft drinks like colas have slowed amid a growing consumer emphasis on health and an economic slowdown.

Mizanuddin Ahmed Chowdhuri elected Convener-President of KBCCI

Mizanuddin Ahmed Chowdhuri has been elected Convener-President of 'The Korea-Bangladesh Chamber of Commerce and Industry (KBCCI). He was elected at a simple ceremony held at the principal office of KBCCI with the presence of all its Board of Directors, & General Members said a press release.

He expressed his firm commitment to promote trade, commerce, technology & industry with North & South Korea. We will also establish joint-venture business in both the countries. Specially, we will promote foreign investments" in different business sectors in Bangladesh & North-South Korea. Export fairs will be arrange in all divisional cities, district towns & other commercial" places of Bangladesh every year to attract consumers to the Korean items. Similarly, export fairs will be organised in all the important cities, towns & commercial places of North & South Korea to attract consumers to Bangladesh exportable produces, he added.

In this regard Korea bound Bangladeshi people are advised to learn Korean Language, side by side he also advised those Korea citizen who" are interested to be involved with Bangladesh in the field of business to learn "International mother tongue Bengali". Mizanuddin Ahmed Chowdhuri is also the chairman of "Prosperous Bangladesh business community" & President of Bangladesh consumer's forum. Iftar Party and Milad Mahil are organized soon after occasion.