The New Nation - Internet Edition

Gold climbs as stocks tumble

bdnews24.comDhaka

Gold extended gains on Tuesday as investors sought havens after stock markets dropped on growing fears for the global economy. Gold was trading at $862.25 an ounce, up $4.80 an ounce New York's notional close on Monday, when it gained almost 4 percent on losses in equities markets -- defying a rallying dollar and weaker oil prices. Japan's Nikkei stock average fell 1.38 percent on Tuesday after the Dow tumbled below 10,000 for the first time in four years on growing fears for the global economy, with a surging yen weighing on shares.The US dollar scaled a fresh 13-month peak versus the euro on Monday, while the yen surged broadly as investors dumped risky assets amid anxiety over the lack of a coordinated global response to the credit crisis. Platinum was trading at $969.00 an ounce, up $7.50 from New York's notional close on a technical rebound, having fallen to its weakest since November 2005 at $920 an ounce on Monday.

-- New York gold futures fell $1.4 an ounce to $864.5 an ounce on the COMEX division of the New York Mercantile Exchange.

Customs revenue earnings increased in last fiscal year

BUSINESS REPORT

The customs revenue earnings at Chittagong port, the main seaport of the country rose 29 percent to a record Tk 139.42 billion in the last financial year ended in June last, following a drive to improve efficiency and reduce corruption, officials said yesterday.

Chittagong port handles about 80 percent of the country's external trade and gives over 80 percent of the total customs revenue earnings from the country's external trade, they said.

The target for the customs revenue earnings has been fixed at 154.74 billion taka in the current financial year as the authorities have embarked on automation of the whole revenue collection system, a port official said.

The customs revenue earnings at the port rose to over Tk 31.65 billion in the first quarter of the current financial year (July-June) against Tk 24.10 billion in the corresponding period of the last financial year, customs officials said.

The customs and Chittagong Chamber of Commerce and Industry (CCCI) have jointly computerised the revenue collection system at Chittagong costing some Tk 330 million from August this year.

The customs revenue earnings at Chittagong port never crossed the Tk 108 billion mark between the financial year ending in June between 2004 and 2007.

"But a graft drive by the interim government have sealed many loop wholes of corruption and the automation will make the system more easy and transparent," Saifuzzaman Chowdhury, president of CCCI told reporters.

Cargo handling at the port rose 7.41 percent to a record 29 million tonnes in the financial year to June 2008.

ICB AMCL announces NAV of two unit funds

ICB Asset Management Company Ltd (ICB AMCL), a subsidiary of Investment Corporation of Bangladesh (ICB), announced Net Asset Value (NAV) of its two unit funds recently, says a press release.

The total NAV of ICB AMCL Unit Fund stood at Tk 67,96,63,128.04 on the basis of cost price and Tk 93,35,66,232.81 on the basis of market price at the close of business operation on September 22, 2008.

The NAV per unit stood at Tk 145.92 on the basis of cost price and Tk 200.43 on the basis of current market price on the same day against the face value of Tk 100.00 per unit after taking into consideration all assets and liabilities of the Fund.

The per unit sale and repurchase prices of the ICB AMCL Unit certificate shall remain unchanged at Tk 203.00 and Tk 200.00 per unit respectively.

The total NAV of ICB AMCL Pension Holders' Unit Fund stood at Tk 8,02,24,742.93 on the basis of cost price and Tk 11,18,28,350.74 on the basis of market price at the close of business operation on September 22, 2008.

The NAV per unit stood at Tk 125.69 on the basis of cost price and Tk 175.21 on the basis of current market price on the same day against the face value of Tk 100.00 per unit after taking into consideration all assets and liabilities of the Fund.

The sale and repurchase prices of the ICB AMCL Pension Holders' Unit certificate shall remain unchanged at Tk 178.00 and Tk 175.00 per unit respectively.

Telenor to support continued growth of Grameenphone

BUSINESS REPORT

Telenor is committed to support the continued growth of Grameenphone, assured Harald Norvik, Chairman of the Telenor Board of Directors, at the end of a two-day visit to Bangladesh today.

Earlier on Monday, the Telenor Board Chairman along with Telenor President and CEO Jon Fredrik Baksaas, Head of Telenor Asia Region and Grameenphone Board Chairman Sigve Brekke and Grameenphone CEO Anders Jensen called on Chief Adviser Dr. Fakhruddin Ahmed at the Chief Adviser's Office.

Talking about Grameenphone, the Telenor Board Chairman said, "Grameenphone is a fantastic success story with more than 20 million subscribers and we were very impressed to see the excellent operation. As a long-term industrial player, we are committed to support the continued growth of Grameenphone for providing quality voice and data services at affordable prices to the people of Bangladesh."

Harald Norvik arrived in Dhaka Monday, leading a delegation of members of the Telenor Board and the Group Executive Management.

The Telenor Board visits several companies within the Group each year, and the visit to Bangladesh was as part of a visit to its Asian operations. During the stay in Bangladesh, the Telenor Board undertook both formal and social meetings with the Grameenphone Management and employees.

The Telenor delegation also visited different operations of Grameenphone, including a Community Information Center and a Village Phone operator in Gazipur. The Telenor team also visited the under-construction Grameenphone headquarters building in the city's Bashundhara area, where the Telenor Board Chairman and CEO unveiled a sculpture.

In addition, they visited a tower manufacturing company in the outskirts of Dhaka, supplying towers to Grameenphone and other mobile phone operators. They expressed their satisfaction at the recent progress made in improving working conditions and hoped that further improvements will be made in the coming months.

They also visited a Smiling Sun Clinic in Gazipur. As a CSR initiative, Grameenphone funds the free treatment of poor pregnant mothers and infants through the 319 Smiling Sun Clinics, which is a USAID healthcare project. The team also visited the Nutun Jibon Shishu Kallyan Foundation in Uttara, a children's home which is being funded by Telenor since 1998.

Telenor is a total provider of mobile, fixed, broadband and broadcast communication services. Telenor is among the leading and fastest growing providers of mobile communications services worldwide with more than 150 million subscribers, 500,000 points of sale, world-class infrastructure and a footprint covering 650 million people in 12 markets across Europe and Asia. In addition to Grameenphone, Telenor is also present in Asia through DiGi in Malaysia, DTAC in Thailand and Telenor Pakistan.

Novartis joins StanChart as new InstaBuys @ 0% partner!

BUSINESS REPORT

Novartis (Bangladesh) Limited, a leading Swiss based pharmaceutical company, joins Standard Chartered as the new partner in InstaBuys @ 0%.

Recently, these two companies have signed a Memorandum of Understanding (MoU) in this regard. Under the agreement SCB Credit Cardholders can buy essential Novartis and Sandoz medicines to protect health, treat diseases, and improve well-being while enjoy the InstaBuys @ 0% for 3 or 6 months! Important life saving medicines for critical diseases like Osteoporosis, Breast Cancer, Transplantations and Asthma are available under this exclusive offer. Ahsan Afzal, Head of Cards and PL of Standard Chartered Bank and Ashfaque ur Rahman, Managing Director of Novartis (Bangladesh) Limited signed the MoU on behalf of their respective organizations. Other high officials from both the organizations were also present at this signing ceremony.

IBBL held 'Business Promotion' meeting

A daylong meeting on 'Business Promotion' was held on Tuesday at Hotel Purbani International organized by Islami Bank Bangladesh Limited. Prof. Abu Nasser Muhammad Abduz Zaher, Chairman, Board of Directors of the Bank was present in the meeting as the Chief Guest.

Mominul Islam Patwary, Chairman, Executive Committee inaugurated the meeting in the morning. Presided over by M. Fariduddin Ahmad, Managing Director the meeting was addressed in different sessions by Kazu Harun-ar Rashed, Chairman, Audit Committee, Prof. Dr. Abu Bakr Rafique, Member Secretary, Shari'ah Council, Mohd. Shamsul Haque, Mohammad Abdul Mannan and Md. Habibur Rahman, Deputy Managing Directors of the Bank. Engr. Eskander Ali Khan and M. A. Motaleb Chowdhury, Directors of the Bank, Top Executives and Managers of different Branches were present on the occasion.

Prof. Abu Nasser Muhammad Abduz Zaher said in his speech as the Chief Guest that Islami Bank performs with such a team of honest incumbents who is involved in the work of the implementation of Islami economics and banking system. They are upholding that it is the only way to ensure welfare and salvation of the mankind.

He said that Officials, Staff and Deposit & Investment Clients of all segments of the Bank are the believers of Allah, obedient to the rules of Allah, willing to go the Heaven and fear of the torment of Hell. That is why, they are playing vital role in representing Islami Bank to mass people.

Stressing upon the importance of balanced distribution of asset, he said fund should be invested in the specified branch where the fund is deposited. Small investments should be conducted side by side the big investments. It is sin to waste the money of depositors. So the amanat of people should be protected appropriately and it is our responsibility to convey the amanat in the proper way.

He said lslami Bank is now a reality. Banking activities are being carried out with the aim of the development of the country. The service of the Bank is open for all irrespective of religion, colour and creed. The aim of the Bank is to present Islami Bank through it's service in such a way that mass people can realize that Islmai Bank is 'My Bank'. And it is the Bank of general people. Branch Managers should play significant role in this respect.

He said the soil and people of the country are our assets and the flag of the country will remain elevated and Islami Bank will continue its effort to strengthen the dignity of the flag. He called upon the Managers to work for economic development of the country with more prudence and responsibility.

He urged the Branch incumbents to explore new investment fields and invest there for the economic development of the country. He said IBBL has been able to achieve the reliance of all by exposing itself as a 'Model Bank' to local & foreign financial institutes. He said customer service should be improved in order to sustain 'the success achieved so far. He called upon the officials to receive the best training course in the light of globalization for serving the purpose.

Managing Director M. Fariduddin Ahmad said in his speech that we have to acquire the highest professional qualities through hard work and supreme sacrifice.

SJIBL signed Agreement with BEPZA

Shahjalal Islami Bank Limited (SJIBL) has recently obtained offshore banking license. The bank is going to set-up a branch for offshore banking Unit at Dhaka EPZ very soon.

In this context, Shahjalal Islami Bank Limited signed an agreement with Bangladesh Export Processing Zones Authority (BEPZA) at the Head Office of BEPZA on 7th October. Muhammad Ali, Managing Director of SJIBL and Prasanta Bhushan Barua, Member (Investment Promotion) of BEPZA signed the agreement on behalf of their respective organizations.

Among others Executive Chairman of BEPZA Brig Gen Jamil Ahmed Khan, ndc, psc, and The Deputy Managing Director of SJIBL Md. Jillur Rahman, Executive Vice President Md. Mohashin Miah and high officials from both the organizations were present on the occasion.

Warid offers 20 per cent bonus on recharge

Warid Telecom today announced 20 per cent bonus talk-time for every recharge with scratch cards. Zem prepaid subscribers can enjoy the bonus talk-time offer by recharging their accounts on Tuesday to October 31.

Under the latest offer, all Zem prepaid customers, who will recharge their accounts with any denomination will get 20 per cent bonus on the recharged amount.

The subscribers could use the bonus talk-time for making calls to other operators. They will be able to know the talk-time amount by using code no. *778*1#

Warid Telecom authorities hoped the new offer will encourage their valued subscribers to recharge their accounts for enjoying the bonus talk-time.

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.

S. A. Farooqui has been appointed 'Managing Director' of Standard Bank Ltd.

S. A. Farooqui a renowned banker of the country has been appointed as Managing Director of Standard Bank Ltd at its 1341th Board of Directors Meeting held recently.

The prominent and prudent banker Farooqui has joined in SBL as EVP in 1999 since inception of the bank and contributed pioneer rule in establishment of the bank and subsequently promoted to SEVP & Deputy Managing Director and duly recognizing of his contribution to the bank recently he has been appointed as Managing Director of the Bank effective from 29th September.

S.A. Farooqui is the S/o Late Muhibur Rahman Chouwdhury was born in 1lth January, 1950 in a distinguished family of Uzandaki village under Beanibazar Thana of Sylhet District. The Honours graduate of Economics S.A. Farooqui started his bright career of banking by joining in Agrani Bank as Probationary Officer in 1973. In 1985 he joined in National Bank Ltd. and then promoted to AVP in 1986 and then subsequently to VP and SVP.

During his long banking career he assumed pivotal responsibilities as Heads of different Divisions including Branch Manager of many branches and AD branches.

He has participated training programs for 14 times on different areas of banking from different institutions at home and abroad including BIBM and BMDC. He.was selected as the best Executive of National Bank Ltd. in 1989 and was rewarded a foreign tout along with his whole family.

He is known as experienced, efficient development banker as well as eminent social worker and good sportsman. He was 3 times college champion in Tennis and 2 times Gold Cup Champion and achieved President Award in 1981.

He is actively associated with many socio-cultural organizations and a Region Chairperson of Lions Clubs International, District 315-B2, Bangladesh.

He was awarded as -' Man of the Year -2001", "One of the 100 most Intriguing People of 2002" and "American Medal of Honor" in 2001 by Biographic Institution of USA for his positive contribution to the society.

Farooqui has visited many countries including USA, UK, Netherlands, Saudi Arabia, Germany, Spain, Switzerland, Italy, Pakistan, UAE, Malaysia, China and India.

Farooqui is well known in the banking sector of the country since long for his outstanding efforts and his eventful contribution to the sector.