The New Nation - Internet Edition

Jet Airways to lay off 850 employees

Mumbai

Jet Airways, India's top private airline, has decided to lay off about 800 to 850 employees due to falling air travel and soaring costs, Indian papers said on Wednesday, citing unnamed officials. The Times of India said cabin crew members under probation would account for most of the cuts, while the Business Standard said the layoffs would include cabin crew, pilots, ground staff and management. "As a professional organisation we had to do a comprehensive rationalisation of our network by taking into account the current traffic t Consequent to this we will have to release the unconfirmed staff," the Times quoted a Jet official as saying. A Jet Airways spokeswoman could not be reached for comment immediately. On Monday Jet Airways and No.2 private carrier Kingfisher Airlines, which between them have about 60 percent of the domestic market, agreed on an alliance to cut costs through code-sharing, sharing of ticketing, ground services, joint fuel management, crew training and utilisation.

Stock markets retreat after rally

BBC, London

Stock markets have lost ground following two days of dramatic rises. Investors fear that government action to strengthen the financial system will not prevent a worldwide recession.

The UK's FTSE 100 index was down 1.2% and France's Cac 40 fell 1.1% in early trade. Hong Kong, Indian and Australian stocks all fell.

Asian countries joined the global rescue effort, agreeing to set up a multi-billion dollar fund to buy banks' bad debt and support banks.

The FTSE 100 index of the UK's top shares was down 52 points at 4,342.25. France's Cac 40 lost 40.25 points to 3,588.27 points.

Australian stocks ended 0.8% lower and Indian shares were down 4.3%, falling below 11,000 points shortly after noon in Mumbai.

In Hong Kong, the Hang Seng index was down almost 3%. However, Japan's Nikkei 225 index ended the day up 1.1% at 9,547.47 points despite falling in earlier trade. On Tuesday, it recorded its biggest ever gain.

"The rebound is over and the risk of recession as high as ever," said Patrick Shum, strategist with Karl Thomson Securities in Hong Kong.

"Governments across the world are cutting welfare spending and issuing more debt to help the financial system. But these measures will create a bigger problem of an economic slowdown."

The Asian move comes after Europe and US announced a series of steps to recapitalise banks and guarantee bank lending to get credit markets moving again.

Governments worldwide have pledged around $3 trillion as part of efforts to stem the financial crisis.

Philippines President Gloria Macapagal Arroyo said the World Bank has committed to provide the Asian fund with $10bn

She said that the Asian Development Bank and the International Monetary Fund may also contribute to the fund as well as the 10-member Association of Southeast Asian Nations (ASEAN) and China, Japan and South Korea.

In New York on Tuesday, Wall Street ended slightly lower at the close of trading as investors took some profits after Monday's big rises in stocks.

The Dow Jones index ended the day down 0.82% as investors turned their attention to the worsening economic outlook. Traders say Wall Street is expected to remain nervous in the weeks ahead because of recession worries.

Late on Tuesday the US announced that its budget deficit had reached $455bn, the highest-ever figure.

This represents more than 3% of the country's gross domestic product.

Treasury Secretary Henry Paulson said it reflected the problems in the housing market, and slower economic growth.

Inter-bank call money rate down

BUSINESS REPORT

The inter-bank call money rate fell Tuesday despite withdrawal of cash through bills and bonds. The US dollar, however, remained stable against Bangladesh taka (BDT) in the inter-bank foreign exchange market due to adequate supply of the greenback, fund managers said.

The call rate moved mainly between 6.00 per cent and 11.00 per cent against previous day's range of between 6.00 per cent and 12.00 per cent.

Most transactions were, however, made at rates varying between 7.00 per cent and 7.50 per cent against previous day's range of 7.00 per cent and 8.00 per cent that reflected lower pressure on liquidity.

The call rate, however, rose above main trend in stray deals with borrowing of cash by some banks and financial institutions from inter-bank market at high rates to meet urgent needs of their clients, fund managers said.

The central bank withdrew Tk 14.02 billion through reverse repurchase agreement (repo) at an annual interest rate of 6.50 per cent putting negligible pressure on liquidity.

It also withdrew Tk 1.50 billion, including Tk 356.50 million devolved to primary dealers, on the day through 15-year Bangladesh Government Treasury Bonds at an annual interest of 12.14 per cent.

The dollar, on the other hand, appeared steady against taka in the inter-bank market and the exchange rate of the greenback stood at Tk 68.52 maintaining previous trading day's rate.

The greenback, however, gained in public deals and the cash dollar was transacted at rates varying between Tk 67.50 and Tk 70.60 against previous trading day's range of between Tk 67.47 and Tk 69.90.

In the informal market, the dollar, appeared weaker and it was traded mainly at rates varying between Tk 70.10 and Tk 70.30 against previous day's range of between Tk 71.10 and Tk 71.30. The informal market experienced moderate demand for the foreign currency on the day, money dealers said.

The exchange rate of the Indian rupee against the taka continued to fluctuate between Tk 1.56 and Tk 1.77.

As on October 14, 2008, the London Inter-bank Offered Rates (LIBOR) against the US dollar were 4.58750 per cent for one month, 4.81880 per cent for three months, 4.39380 per cent for six months and 4.16880 per cent for twelve months.

Bank crisis to dominate EU talks

BBC, London

A multi-billion-euro rescue scheme for Europe's ailing banks is set to dominate an EU summit in Brussels.

The 27-member bloc is expected to rally behind plans agreed on Sunday by officials from the 15-nation eurozone.

Stocks markets appear to have stabilised since then, but are expected to remain nervous because of worries over a recession in the US and Germany.

Green groups are fearful that the economic crisis will derail EU plans to tackle climate change. The EU meeting was originally due to focus on climate change.

Italy, Germany and Poland have argued that existing targets for reducing greenhouse gas emissions would impose extra burdens on electricity generators and carmakers, as an economic slowdown looms.

But the head of the European Commission, Jose Manuel Barroso, warned that the EU's ambitious plans should not be hijacked by concerns about economic costs. If Europe were to give up its leading role on climate change, "there will be less incentives of others to follow", he said.

Markets across Europe rallied after eurozone governments last Sunday pledged around $3 trillion (£1.7 trillion) to restore confidence in the banking system. However, EU leaders have warned that it is too early to declare this crisis over. "This is and remains work in progress. We see light at the end of the tunnel but we are not yet there," Mr Barroso said.

On Tuesday, recession fears pushed US share prices lower despite a $250bn (£143bn) government bank rescue plan.

Asian stock markets also lost ground following two days of dramatic rises, and a report suggested Germany, the EU's biggest economy, was on the verge of recession.

Mr Barroso said there was a need to rethink regulatory and supervision rules for the financial markets, as well as limits on executive pay.

Eurozone leaders, meeting under the chair of the French, who hold the current presidency, are expected to brief their EU colleagues on their rescue plans.

France, Germany, the Netherlands, Spain and Austria are planning to guarantee bank lending, provide short-term liquidity and partly nationalise some banks, in schemes modelled on the UK's £500bn (640bn-euro) bail-out package. However, the commission must scrutinising each country's plan to ensure they do not disadvantage other EU member states or violate EU competition laws.

The packed agenda for the two-day talks also includes:

o Leaders are expected to sign an immigration pact, committing their countries to common principles for handling immigrants.

o A decision to revive the failed Lisbon treaty, meant to give the EU more stable institutions in difficult times, is expected to be put on the back-burner until December.

o Talks on a new EU-Russia partnership treaty have been postponed, amid continuing concern about Russia's military presence in Georgia. There are divisions in the EU about when to resume them.

DBBL opens its 50th Branch at Fatikchari

Dutch-Bangla Bank Limited has opened its 50th Branch at Fatikchari (Nazrul Shopping Complex, College Road), Chittagong on October 12 with Truly Online Banking facilities from the very opening day of the branch. Mr. Md. Yeasin Ali, Managing Director of the Bank, inaugurated the Branch. Mr. Ali also opened two ATM Booths - one is at the Branch premises and another is at Hazi Abul Kashem Shopping Complex to facilitate round-the-clock banking services to the customers like cash withdrawal, balance enquiry, mini-statement, payments of utility bills etc.

The opening ceremony started with a Milad-Mahfil seeking blessings of the Almighty Allah for successful operation of the Branch, prosperity of the business commuJ:!.ity, depositors of the bank and stakeholders. The distinguished guests of inaugural ceremony opined that, Dutch-Bangla Bank Limited is not only rendering present-day customers need banking services but also the Bank spends a significant portion of its annual profit for carrying out a wide range of philanthropic activities from which the society is at large benefited.

The local elites, business personalities, bankers, educationists and local journalists were present at the inaugural ceremony. The respected guests, residents of the locality and owners of business houses/shops showed their spontaneous enthusiasm by opening account with the bank.

Managers’ meeting held at PBL

BUSINESS REPORT

The Managers' conference-2008 (Dhaka Central, Dhaka North & Dhaka South Region) of Pubali Bank Limited held at bank's head office on October 13. Managing Director Helal Ahmed Chowdhury presided over the ceremony.

In his speech Helal Ahmed Chowdhury urged all Managers to increase deposit, advance & export-import business of the bank and to achieve the target fixed for the year 2008 through better customers service. He stressed on selection of potential borrower and trying of increasing bank business. He emphasised on recovery of overdue, classified and write off loan on priority basis. He advised Regional head and Branch manager to keep close vigilance so that newly disbursed loans may not become overdue or classified by intensive supervision and close monitoring of the loan. He advised all to work hard to increase remittance rendering best customer services. He underscored the need for increased utilization of the modern Information Technology for qualitative improvement in the overall customer service of PBL as the bank has to operate in a highly competitive Banking sector. Managing Director impressed upon the officials to increase overall foreign exchange business in order to cope with the changes in the environment of the global banking sector. He emphasised to explore and expand foreign exchange business by maintaining regular contacts with the importers and exporters and applying modern IT solutions in order to keep the pace of advancement of business in the present competitive scenario. He advised all officials to abide by the rules and regulations of Bangladesh Bank and other regulatory bodies since it was a very compliant bank. He also adviced everyone to study the changes being taken place in financial markets of the world and gather knowledge from them.

Regional Manager of Dhaka North Region Shafiul Alam Khan Chowdhury, Regional Manager of Dhaka Central Region M.A. Halim Chowdhury, Regional Manager of Dhaka South Region Provash Chandra Biswas delivered welcome speech in the occasion. They urged all officers to work with dedication and honestly.

General Managers of Head Office, Branch Managers from Dhaka Central, Dhaka North & Dhaka South Region were also attended at the conference. Performance of the branches also evaluated in the meeting and necessary strategy and plans were taken to achieve the target fixed for the year 2008.

UNICEF, Unilever observe Global hand washing day

Germs from unwashed hands that reach the stomach with foods, multiply thousands of times speakers said this at a press conference yesterday.

Department of Public Health Engineering, UNICEF and Unilever-Lifeboy jointly organised the press conference to observe World Hand Washing day.

Md Mustafizur Rahman, Chief Engineer of Department of Public Health Engineering(DPHE) yesterday said this at a press conference at DPHE. Among others, Amanullah-al-mahmood, Project Director of GOB-Unicef Projrct of DPHE, Arthur T Kodua, Officer in Charge of Water and Environmental Sanitation Section of Unicef, Dr Andrew Treuelt, Environmental Health Adviser of Who and Mahtab Hasan, Product Group Manager of Unilever addressed the conference.

Germs from one hundred thousandth part of feces give birth to another two million germs after getting into human body. The unwashed hands pave the way for these germs to get into our body.

He said, "To promote hand washing with soap after defecation and before meal, more than 16 million children from 73,000 primary and secondary schools will wash their hands with Lifeboy soap and pledge on 22 October since schools are closed due to religious festival."

The schools would also be awarded 'Global Hand Washing' certificate he added.

Studies have proven that effective hand washing -- for at least 20 seconds -- with soap, cuts deaths from pneumonia and diarrhoea by some 50 percent.

Hand washing with soap before meals and after using the toilet, is the single most inexpensive health intervention in the world.

Sanitation offers the chance of saving the lives of more than a half a million children in the region each year and it also would make a significant contribution to the region meeting the Millennium Development Goals, MDGs.

South Asia has the highest rate in the world of people using no toilet at all - 48 % of the population - with some 778 million people still relying on open defecation, the riskiest sanitation practice of all.

The hygiene promotion activities and events are aimed at lifting the lid on this, one of the world's "last taboos" which presents serious health risks from diarrhoea, worm infestations, hepatitis and acute respiratory infections like pneumonia - all the biggest killers of children.

It is also one of the greatest environmental hazards and the greatest contributor to malnutrition in the region.

In Bangladesh, according to the Health Impact Study conducted by ICDDR,B in 100 randomly selected communities in 34 districts in 2008, and supported jointly by UNICEF and the Department of Public Health Engineering (DPHE), 14% of people reported washing hands with soap before eating, but less than 1% of people were seen to do this during observation. Similarly 56% of people reported washing hands with soap or ash after defecation, but only 17% of people were seen to do this during observation. While many people surveyed practice some form of handwashing, in most cases people do not use soap or ash and only one hand is washed. Such practices do not remove the germs and do not prevent the transmission of diseases such as diarrhea or pneumonia. The Study shows that the disease burden and the cost of care is significant for households.

New use for century-old drink

BUSINESS REPORT

Edinburgh restaurateur and hotelier Tommy Miah has hit on an effective and money-saving way to use a long-established healthy, energy-giving, drink used throughout his Bangladesh homeland and other countries in the sub-continent.

Rooh Afza syrup, created in Delhi in 1906 from a variety of natural ingredients, is now made by separate companies in Bangladesh, India, and Pakistan, where it is a must-have standby product for millions. It can also be found in the kitchens of virtually every Bangladeshi, Indian or Pakistani household in Britain.

It is particularly in demand during Ramadan, as its energy-giving properties give an immediate boost when used to break the daily fast.

The Hamdard (Companion in Pain) Trust the sole producer whose profits are devoted to charitable and community projects faced Tommy Miah with challenge to devise ways of using Rooh Afza other than just as a drink.

His long experience in the restaurant trade led straight to cookery. The result is a new cookbook of some 250 recipes, covering every state of a meal from a pre-dinner drink to a refreshing final cup of tea, all of them using the syrup as an ingredient.

"It's quite simple," Tommy says, "Our ethnic cuisine draws heavily on recipes involving sugars and spices and Rooh Afza just replaces or supplements them. It simplifies cooking in many way-it's easier to blend in a liquid than a spoonful of sugar or spice and it speeds up preparation and makes a subtle difference to the taste. It's particularly useful in Chicken Tikka Masala-Britain's top favourite dish, invented by British Bangladeshis, even outselling fish and chips," he said. "You don't need to add any colouring!"

Tommy put his ideas to the test with a full meal for a small group of media friends at his Raj Restaurant.

Every item, ranging from a welcoming Lessi drink, through kebabs, shashlik, lamb and chicken curries, to banana fritters and masala tea, used Rooh Afza as an ingredient. The group was unnimous in proclaiming the results a success.

The new bi-lingual recipe book will be launched in Dhaka at Tommy Miah's huge International Festival at the end of November.

Beximco enters into Latin America's market

Beximco Pharmaceuticals Ltd. (BPL), the leading edge pharmaceutical manufacturer and the largest pharmaceutical exporter of Bangladesh has commenced exports to Chile, after receiving marketing authorization for a number of products from "Instituto de Salud Publica de Chile" (Drug Regulatory authority in Chile).

With this, BPL had become the first Bangladeshi pharmaceutical company to obtain product registration in any Latin American country, a company statement said on Tuesday.

Chile is one of the Latin America's better economic performers and is the sixth largest pharmaceutical market in the region. In 2007 Chilean pharmaceutical market was valued at US 1.5 billion dollar. The market is presently dominated by global brands of reputed MNCs as well as strong generics from domestic pharmaceutical companies.

Beximco Pharma CEO Nazmul Hassan said: This marks another milestone in the Company's plan to become a global pharmaceutical company. With a market size of around US 40 Billion dollar and with a high growth rate, Latin America is considered as one of the biggest pharma markets and it is strategically important for us in our global expansion program. I hope being successful in registering our products in Chile will mark our presence in the region. The Company continuing to seek similar opportunities and is actively working in other Latin American countries, and will keep the market updated."

KFC, Pizza Hut launch World Hunger Relief Campaign

Business Report

KFC and Pizza Hut yesterday launched the World Hunger Relief Campaign jointly with the United Nations World Food Programme (WFP) to raise wider awareness on hunger and support WFP to provide meals to children in schools, helping to ensure they complete basic education - one of the most critical steps necessary to overcome poverty and hunger.

WFP Representative in Bangladesh John Aylieff and Executive Director of Transcom Food Ltd. Akku Chowdhury inaugurated the month long programme at KFC in Dhaka.

The campaign aims to give a voice to the silent crisis of world hunger. Under the campaign in Bangladesh the Pizza Hut and KFC, are introducing awareness-raising activities including a month-long quiz competition on hunger. Quiz questions are available at all Pizza Hut and KFC outlets and WFP Bangladesh website www.wfp.org/bangladesh.

"This innovative campaign brings together the public and private sector to address one of the most pressing issues of our time: the world's hunger crisis," said WFP Bangladesh Representative John Aylieff. "High food prices are fuelling hunger and malnutrition at an alarming rate in Bangladesh. As a result, 7.5 million more people have recently joined the ranks of the hungry. Through world Hunger Relief Week, we can all make a difference to stop world hunger."

In collaboration with the Government of Bangladesh, WFP, through its School Feeding programme, provides a 75-gram packet of biscuits fortified with vitamins and minerals to 600,000 poor children in 4,000-targeted schools across the country.

"Hunger is a global concern and an issue that faces each of us no matter where we live and work. The Bangladeshis address the problem of hunger in their own way, inspired by their wonderful spirit of solidarity and sympathy for those in need. It is hoped that this spirit will continue to ensure that hunger remains top of everyone's agenda." said, Mr. Akku Chowdhury, Executive Director, Transcom Foods Ltd.

The Hunger Relief Program is celebrated internationally from October 14-November 13, 2008 by all the restaurants under the Yum Brand. The campaign led by Yum! (A & W, KFC, Long John Silvers, Pizza Hut, Taco Bell)- a network of over 35,000 restaurants in 112 countries - will channel all proceeds to the WFP.

Food insecurity affects over 923 million people worldwide. It is the largest global health threat, ahead of AIDS, malaria, and tuberculosis combined. Each day 25,000 people die of hunger related causes. Furthermore, there is a realistic fear that this number will only increase, as the price of commodities continues to rise and agricultural land turns to bio fuel production. Climate change is further exacerbating the situation, leaving more people in danger of becoming 'food insecure'.

A number of media celebrities including eminent singer Mehreen, actress Afsana Mimi, renowned anchor Sharmin Lucky and actor Shojol attended the event and expressed their solidarity with the campaign. All funds raised during Yum! Brand's World Hunger Relief Campaign will directly support the greatest needs of WFP's food relief fund in the least developed nations around the world