The New Nation - Internet Edition

900 MT rice to be distributed under VGF program in Natore

BSS, Natore

On occasion of Ramadan, as total of 900 metric tons of rice is being distributed among 60,000 distressed people under the special VGF programme in the district. Natore District Relief Office sources said, the listed persons under the programme will get 15 kg rice free of cost that started on September 22.With the help of upazila administration, VGF cards have been distributed among the poor and distressed people of eight pourasabhas of 52 unions of the district. One thousand poor people of each of the unions and pourasabhas will be benefited through this programme.Concerned sources said the VGF programme will be continued till the Eid-ul-Fitr.

Japan emerges as biggest donor of Bangladesh: Tokyo provides Dhaka $11 billion so far

SYED ZAHIRUL ABEDIN

Japan has emerged as the biggest donor of Bangladesh providing the country more than 11 billion US dollars in assistance since its independence in 1971.

On the other hand, the United States has provided roughly five billion dollars in assistance to Bangladesh since its independence.

According to the statistics available, the cumulative commitment of Japan government's ODA loans stood at 635 billion yen, grant aid at 460 billion yen and technical assistance at 51 billion yen, amounting to US$11 billion till March this year.

Japan has been extending grant aid to Bangladesh, mainly in the field of basic human needs, especially in the area of agriculture, health and disaster management. Bangladesh is the largest country receiving Japan's grant aid in the form of debt relief.

Areas of Japanese assistance were initially agricultural development, infrastructure and health sectors through technical cooperation and grant aid, and also the balance of payment support and power projects through ODA loans. Since the mid-80s, Japan has expanded its scope of assistance to a wider range of infrastructure and social development areas, such as power, transportation, rural development, education, health, disaster management and environment.

Several major ODA loan projects include Jamuna Bridge, Chittagong International Airport, rural infrastructure like roads, bridges, and markets, and some fertilizer factories.

Japanese grant assistance helped to build Bangabandhu Agricultural University, cyclone shelters, Meghna Bridge and Meghna-Gomuti Bridge.

Examples of technical cooperation projects are Solid Waste Management Project in Dhaka City, Science and Mathematics Education Improvement Project, Participatory Rural Development Project, and Maternal and Child Health Project. Additionally, JICA has been promoting exchange of students and specialists between Bangladesh and Japan. About 1,000 JOCVs belonging to various fields worked in different areas of Bangladesh to support the people at the grassroots level, and more than 5,000 officials of Bangladesh underwent training or study in Japan on a wide range of subjects.

"Japan has been constantly assisting Bangladesh since 1972. As a good friend of Bangladesh, Japan will continuously support Bangladesh in the future," said Masayuki Inoue, Ambassador of Japan to Bangladesh, while speaking at the merger ceremony of JICA and JBIC at Sonargaon Hotel in the city recently.

As the Japan government's two largest aid agencies--Japan International Cooperation Agency (JICA) and Japan Bank for International Cooperation (JBIC)-are going to be merged into a single entity on Wednesday next, the new organization will substantially strengthen its operation in Bangladesh in the years to come.

With some 10 billion US dollars of available financial resources and 1,633 staff, the new organization, named, as 'New JICA' will be the world's largest bilateral development organization working around 150 countries. Only 19 new JICA-JBIC combined offices will be established around the world and one of them will be in Dhaka.

"First, New JICA will continue to assist Bangladesh in both economic and social aspects of development as JICA and JBIC together have done in the past three decades," said Ms Nobuko Suzuki Kayashima, Resident Representative of JICA in Bangladesh.

"This is because we strongly believe that such a balanced approach can best tap and unleash the great potential of this country in its effort of tackling poverty reduction towards the Millennium Development Goals."

Speaking at the merging ceremony of JICA and JBIC, she said until now, technical cooperation has been handled by JICA, ODA loan by JBIC and grant aid by the Ministry of Foreign Affairs. New JICA will handle them all together to maximize synergy effect of those schemes.

"We can offer tailor-made assistance to best address different development issues in a timely manner. We will continue finely-tuned technical cooperation, ranging from Japanese Overseas Volunteers Programme, dispatch of technical experts, and technical cooperation projects, mainly for capacity development. Besides, we will operate dynamic ODA loan to assist in infrastructure development. Moreover, we will become more flexible and better able to cooperate at the policy level on the one end of the spectrum and at the grassroots level on the other," she said.

Ms Nobuko Suzuki Kayashima also mentioned that New JICA would place greater emphasis on climate change and disaster management in the years to come in Bangladesh, which is one of the most vulnerable countries to climate change.

"Our commitment is in line with the recent G8 Summit in Toyako, Hokkaido, and more recently Bangladesh Climate Change Conference in London. JICA has been the working on climate change and disaster management for around two decades.

Nonetheless, New JICA will make greater concerted effort to tackle this tough, but pressing issue. We will do it in close consultation with the Bangladesh government, which is among the priority countries under the framework of 'Cool-Earth Partnership,' a new initiative of the Japanese government to assist effort of countries seriously affected by climate change," the JICA Resident Representative said.

Yasuo Fujita, Chief Representative of JBIC in Dhaka, said the New JICA would provide comprehensive assistance to developing countries by undertaking a broader range of aid instruments, namely, technical cooperation, concessional loans and grant aid in an effective and efficient manner.

EBL, 4 other banks to give Tk 260cr loan facility to Salek Textile

BUSINESS REPORT

A Paripassu Security Sharing Agreement was signed between Salek Textile Ltd. and Eastern Bank Limited, HSBC, Dhaka Bank Limited, Citibank, N.A. and The Trust Bank Limited for a total amount of Tk. 260 crore consisting of : Term Loan: Tk 94 crore; Funded working capital: Tk 15 crore; and Non-funded working capital: Tk 151 crore.

A. Matin Chowdhury, Managing Director of Salek Textile Limited and the Representatives of the respective banks signed the agreement.

Salek Textile Limited is a 90 per cent owned subsidiary of Malek Spinning Mills Ltd. and is equipped with the most modern Schlafhorst Autocoro Open End Machines, which will produce 42 tons per day high quality yarn suitable for denim, knitting and other weaving operations. The plant is expected to go into production soon.

Salek Textile Limited is the most modern Open End Spinning Mill producing 100 per cent yarn on Autocoro Machines. The daily capacity would be 42.00 tons of yarn suited for denim, knitting and other weaving operations. All the machines have arrived at site and the plant is expected to go into production within the next 2 months.

The Managing Director of Salek Textile Limited expressed his gratitude to all the lending Banks for their support in putting up this project.

'Great progress' in US bail-out

BBC

US congressional leaders say they have reached the broad outline of a rescue plan for the American financial system.

Democratic House Speaker Nancy Pelosi said "great progress" had been made - but details remain to be worked out.

The Bush administration wants $700bn (£380bn) to be able to buy bad debt that is freezing up financial markets.

A vote could be held in the House of Representatives as early as Sunday, with negotiators keen to reassure the markets before they reopen on Monday.

The deal proposes that the government would spend the $700bn to buy up bad mortgage-related debts from US banks, borrowing the cash from the money markets by issuing more government debt.

A White House spokesman welcomed the announcement and praised the efforts of the negotiators.

"We're pleased with the progress tonight and appreciate the bipartisan effort to stabilise our financial markets and protect our economy," said Tony Fratto.

The outline deal gives the treasury secretary powers to oversee the two-year plan, but critics have insisted on the inclusion of greater oversight and reporting.

The BBC's Justin Webb in Washington says the tentative agreement that appears to have been reached is thought to include a measure to limit the pay for executives of companies which seek financial assistance, which was a key demand of the Democrats.

At the request of Republicans, who have strongly criticised some elements of the administration's proposal, the accord is believed to include the setting up an insurance program for mortgage-backed securities.

'All night'

US Treasury Secretary Henry Paulson, who took part in the talks, said that Congressional leaders had been "working very hard".

"We've made great progress toward a deal, which will work and will be effective in the marketplace, and effective for all Americans," he told a news conference.

But Ms Pelosi said the deal had to be committed to paper before it could be formally agreed.

Senate Democratic leader Harry Reid said Congress hoped to be able to make an announcement on the deal later on Sunday.

"We're committing it to paper tonight and our people will work all night long," he said.

Mr Reid added: "It's been a very long day, quite frankly a long week. This evening has been extremely difficult."

Congressional leaders are trying to finalise the deal in time for the opening of the Asian markets on Monday morning.

The BBC's Adam Brookes in Washington said: "In the coming days everyone will be looking at the credit markets, to see if banks are sufficiently relieved to start lending to each other again.

"The psychology of the markets is what everyone is waiting to see."

Bank giant HSBC axes 1,100 jobs

Banking giant HSBC is to axe 1,100 jobs worldwide, blaming the current financial turmoil for the decision.

About half of the cuts, which will affect back room jobs at its global banking and markets operation, will take place in the UK.

HSBC employs about 335,000 people around the world.

Last month, HSBC said half year profits fell 28% to $10.2bn (£5.2bn), as it was forced to write-off $14bn from bad debts in the US and asset write-downs.

Meanwhile, pre-tax profits fell 35% to $2.1bn during the same period.

An HSBC spokesman said the firm had opted to reduce its workforce, "because of market conditions and the economic environment, and our cautious outlook for 2009".

Many of the job-losses will be at the headquarters of HSBC's investment banking division, which are in London's Canary Wharf.

Banks around the world have been coming under increased pressure from the credit crisis currently affecting financial markets.

The problems have forced governments to step in and boost money markets as well as bail out a number of companies.

Earlier this year, the UK government had to buy mortgage lender Northern Rock, while in the US lenders Fannie Mae and Freddie Mac have been rescued as well as insurer AIG and investment bank Lehman Brothers filed for bankruptcy.

SMC launches SMC Zinc® to prevent, treat diarrhoea

BUSINESS REPORT

Social Marketing Company (SMC) has launched SMC Zinc 20mg dispersible tablets as an adjunct therapy to oral saline to prevent and treat diarrhea among U-5 children.

The leading pharmaceutical company Square Pharmaceuticals Ltd is the manufacturing partner of SMC.

Lois Bradshaw, Director, Office of PHN, USAID/Dhaka, and Managing Director of SMC Perveen Rasheed were present at the official launching programme of SMC Zinc on September 24 at SMC Head Office in the city.

Every year globally approximately two million children and in Bangladesh approximately over one lakh children die of diarrhea. World Health Organization (WHO) and UNICEF recommend the use of Zinc as an adjunct therapy to oral saline to reduce mortality and morbidity caused by diarrhea.

During diarrhea there is an increased loss of water and electrolytes. Oral Saline helps to replace fluids lost during diarrhea. Zinc replaces the lost zinc and boosts immunity; as a result it prevents future episodes of diarrhea.

Over the 3 decades, SMC has spearheaded the effort to improve diarrheal management through expanding the use of oral saline. SMC's ORSaline-N® and ORSaline® Fruity account for approximately 60 per cent of the total Oral Saline market.

Rangs Ltd unveils promotional offer Eid Bonanza

Rangs Limited, sole distributor of Mitsubishi Motors Corporation in Bangladesh for about three decades, unveiled an extraordinary promotion for Mitsubishi Sedan Cars on September 7 last through a press conference at Tejgaon in the city.

This campaign has been termed "Eid Bonanza", where Rangs Limited offers free service and parts up to 50,000 km for Mitsubishi Ex and Lancer 1.3 liter AT cars and this offer is valid till Eid-ul-Fitr.

This offer will be value for money as the offered services will help car owners to offload all the hassles and excessive cost of maintaining a car, Rangs Workshop Ltd, a sister concern of Rangs Limited, is one of the largest and most sophisticated workshops in the country will assure the genuine spare parts and the top notch service till 50,000 km and customers would undoubtedly get top class performance from their cars and will enjoy pure driving pleasure for couple of years.

Customers can avail themselves of these free maintenance form Rangs workshop at Dhaka & Chittagong right now and in the near future the service workshops in the Divisions which are in plan will further facilitate many car owners to get the world class service at their doorsteps.

Today car is no more a luxury, rather it is a daily necessity and this offer could be very helpful for the middle class families who are having the affordability of buying a car but uninterested to buy cars due extra maintenance cost. This offer will definitely be a good solution for those people.

The press meet was addressed by Romo Rouf Chowdhury, Managing Director. Other high officials from Rangs Limited were present press conference

BKB holds training course for probationary officers

BUSINESS REPORT

Valediction of the Foundation Training Course of the fourth batch of the newly recruited Probationary Officers of Bangladesh Krishi Bank was held at the BKB Training Institute Auditorium on September 25 last.

Chaired by Md Mostafizur Rafman, Principal of the Training Institute, Managing Director Md Mukter Hussain was the chief guest on the occasion.

In his speech, Mukter Hussain urged the newly trained officers to avail of the opportunity to help alleviate poverty of the rural poor through their devotion and service to Bangladesh Krishi Bank which is the largest government-owned financial institution primarily dedicated to develop agriculture and agro-based industries.

Deputy Managing Director Md Joynal Abedin was present as special guest on the occasion and he made a clarion call to the new generation officers to devote themselves to the service of the bank with a philanthropic mentality, patriotism, honesty and perseverance.

The function was also attended by senior officials of the bank.

Forum Nokia 'Calling All Innovators' Global Developer Contest announced

BUSINESS REPORT

Forum Nokia is proud to announce Calling All Innovators, a global contest for developers to create mobile applications that will help to better society.

Calling All Innovators challenges developers to think big about the opportunity to impact the quality of human life with mobile applications. Nokia will award up to US$ 150,000 in cash and prizes, in addition to helping the winning developers distribute their mobile applications.

Nokia shares the belief that technology can be a key driver of significant social and environmental change, particularly in emerging economies, where conflicts over scarce resources often impede the potential for human development. Nokia challenges developers participating in Calling All Innovators to think about the possibilities. What if a mobile device could test the potability of water, or enable people in remote villages to access, manage or distribute scarce resources such as electricity or water?

"Calling All Innovators is not just about making mobile applications that could help society; it's about developing mobile applications that will help society. Imagine if an application could help relief workers reallocate resources in real time for disaster-torn areas-how much could that help both those in need as well as the relief workers in the area?" said Tom Libretto, Vice President, Forum Nokia

Calling All Innovators challenges mobile application developers worldwide to create applications that will enhance the use of mobile devices in real world scenarios, in one of the three following categories:

ECO-Challenge: Make a difference by submitting an application that will work to minimize mobility's global environmental impact and develop ways to offer mobile solutions that help consumers make sustainable choices such as reducing their energy consumption or carbon footprint.

Emerging Markets: This category opens up new opportunities for developers to imagine the possibilities of pioneering applications and services impacting the daily lives of millions in developing nations, which could include solutions for education, health data access, infotainment, rural agriculture, or any other application that improves lives in emerging markets.

Technology Showcase:

This is an opportunity to create and showcase compelling, experience driven applications, using any technology that runs on Series 40 or S60 devices, such as Flash Lite, Java, Python, or open source. From a single-purpose application to completely community driven, this developer's showdown will help

open consumers' minds about what an application can do.

First place winners in each category will receive USD 25,000, a trip to Mobile World Congress 2009 in Barcelona, and distribution of their application for free through a variety of Nokia channels. Second place winners in each category will receive USD 10,000 and third place winners will receive USD 5,000.

The contest opens on September 16, 2008 and all entries are due by December 15, 2008. Finalists will be selected and notified in January 2009.

More information about Forum Nokia's Calling All Innovators, including how to submit an application and complete contest rules and requirements, can be found online at www.callingallinnovators.com .

Group insurance cheques of fifteen garment workers given to successors

BUSINESS REPORT

Cheques of group insurance of 15 garment workers were handed over to their successors at a function at BGMEA office in the city on September 20 last.

These 15 workers died while working at ready-made garment industries.

With BGMEA director SA Mannan (Kochi) in the chair, the function was attended by Executive Vice President (Group and Health Insurance) of Delta Life Insurance Company Ltd Dr Ashraf Uddin and Chairman of BGMEA Standing Committee on UD Knit Kutubuddin Ahmed as special guests.

SA Mannan Kochi handed over the group insurance cheques to the successors of the demised workers.

The successors of the 15 workers were present at the function.

Later, a munajat was offered seeking eternal peace of the departed souls of the late workers.

The workers who died while working in garment factories were: Beauty Begum of StyleCraft Ltd, Aynal Huq of Designtex Sweaters Ltd, Chan Mia of MBM Garments Ltd, Nupur Aktar of Convince Apparels Ltd, Korban Ali of Standard Group Ltd, Md Amzad Hossain of Jinnat Apparels Ltd, Sakhawat Hossain of Norop Knit Industries Ltd, Md Ataur Rahman of Sagar Garments Ltd, Md Sapin Mia of Giant Knit Fashions Ltd, Md Lokman Hossain of Jessy Fashions (Pvt) Ltd, Sharmin of Honeywell Garments Ltd, Saleha Aktar of Chunji Knit Fashions Ltd, Md Ujjal Bepari of Mohammadi Fashion Sweaters Ltd, Md Abul Hashem of Opex Industries Ltd and Ms Sheema of Sagar Garments Ltd.

It may be mentioned that the BGMEA had introduced the group insurance scheme for the workers and employees working in its member factories in 2002 and made it mandatory from 2005. If any worker dies while working at the garment factories, his or her successors will receive Tk 1 lakh and if any worker becomes disabled he or she will get Tk 50,000. After making the group insurance scheme compulsory in the BGMEA-member factories, a total of Tk 6.87 crore has so far been paid against 687 death claims. Besides, some death claims are now under the process.