The New Nation - Internet Edition

Bazimat at Tk 750 offer at Agora

Agora, country's largest chain superstores, has launched a five-day special promotional offer, 'Bazimat at Tk 750'. Under the offer launched on Friday, customers who buying goods worth tk 750 so far from Moghbazar or Mirpur outlet will have the chance to win attractive prizes valued at taka one lakh through deep draw held instantly. Every customer will be offered gift during the period - none will has to leave Agora without a gift.

The prizes include DVD player, colour television, fridge, mobile phone set, pressure cooker and rice cooker.

The offer will continue up to October 21.

Financial crisis threatening international aid

AFP, Oslo

As wealthy countries fall victim to the global financial crisis they must resist pressure to cut their desperately needed international aid, UN humanitarian aid chief John Holmes urged in an interview with AFP.

"Our very strong plea is: 'please, try to insulate your development budgets from those pressures'," Holmes said on the sidelines of a conference in Oslo this week on internally displaced people.

"We fear that for the developed countries the financial crisis will put pressure on budgets because they will have to spend money not only on financial bailouts but also maybe on higher unemployment" benefit payments, he said.

At a time when the world is facing a growing food crisis, a multitude of armed conflicts, and an increasing number of natural disasters sparked by climate change, larger swaths of the global population will be in need of international assistance, Holmes said.

"Whatever the (financial) pressures might be t developed countries should make sure that these (aid) budgets are maintained and, if possible, increased," he said.

While the global financial turmoil has yet to take a clear negative toll on international aid budgets, Holmes said he feared the impact of the crisis would soon become apparent.

"There have been no effects yet on aid flows or aid budgets, or indeed, much effect yet on the poorest countries themselves," he said, but added that "rising needs matched by reducing budgets is a combination I really don't want to contemplate."

"What we fear is that as we go into next year t the poorest countries can suffer more," Holmes said, pointing out that in addition to a possible cut in aid, the developing world would likely be hard-hit by decreased international trade, shrinking investments and lower commodity prices.

"They may finish off in a worse economic situation than they are in now and the most vulnerable people will suffer the most," he said, adding: "Probably Africa will suffer the most, as usual."

Citing recent research figures, the UN's emergency relief chief said climate change and other factors could push the number of internally displaced people to quadruple from 50 million today to 200 million by 2050.

This poses huge new challenges for the international community, he said.

"There is no doubt that the trend of increasing disasters is already visible now. Whatever happens now in terms of reducing greenhouse gases, the effects of existing climate change will be with us for 20-30 years and probably longer," Holmes said.

Going forward, we will need to gain a better understanding of how the situation is changing.

We also will need to "ask ourselves whether we have the right institutions and norms to deal with this, as we are going to have to potentially deal with a new group of people: climate refugees," Holmes cautioned.

US$10m investment in Chittagong EPZ from Korea

BUSINESS REPORT

M/s. Neo Printech BD limited a Korean company will set up a Paper Converting & Printing Industry in the Chittagong Export Processing Zone.

This 100% foreign owned company will invest about Tk 68 crore in setting up their plant and will produce annually 2.5 million dozens of Display Box, Shoe Box, Photo Inlay, Hangtag, Transfer Print & Shoe lace. The industry when in operation will also create employment opportunity for 362 Bangladeshi including 03 foreign nationals.

An agreement to this effect was signed between the Bangladesh Export Processing Zones Authority and the M/s. Neo Printech BD limited in BEPZA Complex in the city on October 13. Prasanta Bhushan Barua, Member (Investment Promotion) of BEPZA and Kwon Suk IM, Chairman of M/s Neo Printech BD limited executed and exchanged the agreement on behalf of their respective organisations.

Officials of BEPZA and the company were present on the occasion.

High food costs 'a global burden'

BBC, London

Almost two-thirds of people - 60% - in 26 countries say higher food and energy prices this year have affected them "a great deal", a BBC report has found.

The BBC World Service global study said that while all nations had felt the burden of the higher costs, the problem was most acute in poorer countries.

The Philippines was one of the worst hit of those nations questioned.

Elsewhere, the aid agency Oxfam said, more than 900 million people faced starvation because of soaring prices.

A report by the UK-based charity also found that spiralling inflation in the cost of basic foods such as rice and cereals had pushed an extra 119 million people into hunger this year.

Since the BBC survey was conducted between 8 July and 15 September, energy prices have fallen back from record highs.

Food costs are also now expected to start to decline, as lower oil and petrol prices mean cheaper fertiliser and reduced distribution costs, among other contributory factors.

Eating less

The study found that many people in the developing world have simply been forced to eat less this year owing to the higher cost of food.

This situation was most acute in the Philippines and Panama, where 63% of respondents said they had cut back on what they ate.

Kenya was the next most affected, with 61% saying they were eating less, followed by Nigeria, at 58%.

Across all 26 countries, 43% of people said they had altered their diet.

This was most apparent in Panama, with 71% switching to cheaper foods, followed by Egypt, 67%, Kenya, 64%, and again, the Philippines, 63%.

In the developing world, 27% of those questioned in Australia said they were now cutting back on what they eat due to higher prices, compared with 25% in the UK, and 10% in Germany.

The survey also showed that 70% of people across the world were "unhappy with what their national government is doing to keep food prices affordable".

Dissatisfaction at a perceived lack of government action to tackle food prices was most apparent in Egypt, where 88% of those questioned said they were unhappy with their leaders, followed by the Philippines, on 86%, and Lebanon, on 85%.

In the developed world, the French respondents were the most dissatisfied with their government, with 79% saying they were unhappy.

Respondents were equally unhappy at higher energy costs, which increased sharply in the first half of this year, but are now falling back. Some 60% of people across the 26 nations said they were being affected "a great deal", exactly the same percentage as for higher food costs.

The Philippines was again the worst-hit nation, with 96% saying they were being hit a great deal, followed by Egypt on 93%, Indonesia on 84%, Kenya on 83%, and Mexico on 81%.

Majorities in several developed countries also said they were being affected a great deal by higher energy costs - 61% in Italy, 59% in France, and 58% in the US.

Doug Miller, chairman of polling firm GlobeScan, which helped carry out the survey for the BBC, said the problem of higher food and energy bills was being overshadowed by the continuing crisis in the financial sector.

"While governments around the world are now preoccupied with the financial crisis, it is clear that many of their citizens feel they aren't doing enough to relieve the burden of high food prices, which is falling on those who can least afford it," he said.

The Philippines has been particularly affected by higher food prices this year, as with its rapidly growing population and shortage of suitable land for crops, it is the world's largest importer of rice.

Rice prices soared to record highs in the first half of 2008 due to a series of poor harvests that saw major exporters such as Vietnam and India put limits on exports to ensure sufficient supplies for their own populations.

The BBC's economics correspondent, Andrew Walker, said that there were reasons to suppose the food crisis may have eased somewhat.

But for many people it was still the case that food was painfully, even dangerously, expensive, said our correspondent.

The survey spoke to 27,319 adults in the following countries - Australia, Brazil, Canada, China, Costa Rica, Egypt, France, Germany, India, Indonesia, Italy, Kenya, Lebanon, Mexico, Nigeria, Pakistan, Panama, Philippines, Poland, Russia, South Korea, Spain, Turkey, UAE, US, and the UK. The Programme on International Policy Attitudes also worked on the study.

Sacked staff's tears force Jet Airways boss into U-turn

AFP, Mumbai

The boss of India's biggest domestic airline said he has scrapped plans to lay off up to 1,900 employees because their tears caused him sleepless nights.

All 800 employees at Jet Airways who had already been laid off were called back to work Friday -- just 48 hours after they were told to go by the airline, citing large losses.

Jet said earlier this week it would sack up to 1,900 employees, marking the first mass layoffs in the formerly booming Indian aviation sector.

"I could not sleep at night. I was mentally disturbed when I saw tears in their eyes. I apologise for all the agony you went through," Jet chairman Naresh Goyal told a news conference in Mumbai late Thursday. He said he had made a "personal decisiont without any external pressure." "The management will have to understand this," he added.

India's airline sector -- a potent symbol of the country's economic progress -- is going through its "worst ever" crisis, according to Civil Aviation Minister Praful Patel.

Soaring global fuel prices have forced airlines to hike fares and cut routes which have hit passenger numbers.

On Monday, Jet announced a tie-up with its fierce rival Kingfisher Airlines for an "operational alliance" including joint fuel management, ground handling, network rationalisation and crew sharing.

The sector posted a combined loss of 938 million dollars in the fiscal year to March 2008 and analysts expect a two-billion dollar loss this year. Many of those laid off were newly hired flight attendants and ground crew in their early 20s.

One man, Jet purser Salim Suleiman, was on leave and heard he was to lose his job on his wedding day, Indian media reported. He had to return after the ceremony to hand in his uniform, badge and security pass.

Some new employees expressed worry about repaying bank loans they had taken to pay flight-training and cabin crew school fees.

Shocked employees, a number in uniform, took to the streets this week, many weeping at the unexpected sackings two weeks ahead of the major Hindu festival Diwali -- a time when many in India spend heavily on gifts.

Several politicians also expressed dismay at the firings.

"You cannot just sack so many people suddenly," India's Oil Minister Murli Deora said Thursday.

And firebrand politician Raj Thackeray, head of the Maharashtra Navnirman Sena (Army for Reconstruction of Maharashtra), warned of repercussions if Jet did not reinstate the employees.

After Goyal's about-turn, employees cheered and distributed sweets outside the Jet Airways head office in Mumbai.

The company however maintained it still needed to cut costs in coming months as the industry seeks to fly through stormy weather.

State-run carrier Air India is considering allowing 15,000 workers to take up to five years' unpaid leave as it battles the downturn.

"We will need to take some tough financial decisions," Goyal said, without elaborating.

Jet posted a full-year loss to March of 2.53 billion rupees (52 million dollars) and has defaulted on payment of fuel bills worth 2.59 billion rupees to the state-run Indian Oil Corp.

The government has reject industry appeals for a bailout but has said it will look at cutting taxes on jet fuel and reducing airport landing and parking fees to ease the burden on the sector.

Discussion meeting between Chinese Delegation and FBCCI leaders

A discussion meeting between visiting Chinese Delegation and the business leaders of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) was held on October14 at FBCCI Board Room. Liang Wentao, Deputy Director General of the Department of Asia Affairs, Ministry of Commerce of China led the Seven member delegation. Abul Kashem Ahmed, First Vice-President of FBCCI chaired the meeting while Mr. Abu Alam Chowdhury, Vice President, FBCCI and Directors of FBCCI attended. Mir Shahabuddin Mohammad, Secretary General, FBCCI conducted the meeting.

Welcoming the delegation Abul Kashem Ahmed, First Vice-President of FBCCI said that China and Bangladesh the two friendly countries have been enjoying stable and healthy relations. Terming China as one of the major co-operation partners Mr. Ahmed recalled the support of China and emphasized on exploration of joint opportunities for enhancing commercial relations. The First Vice-President of FBCCI urged the delegation to provided duty free access of Bangladeshi products to China. He also requested for transfer of technology to Bangladeshi enterprises for their competitiveness.

Liang Wentao, Leader of the Chinese Delegation expressed his interest to import more products from Bangladesh Deputy Director General of the Department of Asia Affairs, Ministry of Commerce of China. They will identify more Bangladeshi products having export potentials to China, he added. The Chinese Leader also mentioned that they are sending buying mission regularly to Bangladesh for reducing the trade gap between Bangladesh and China.

In the open discussion businessmen from Bangladesh urged the Chinese delegation for more export of Bangladeshi goods and joint venture with the Chinese counterparts. They also urged the Chinese delegation for easing visa formalities for Bangladeshi businessmen to visit China.

DBBL opens its 52nd Branch at Chowmuhani, Noakhali

BUSINESS REPORT

Dutch-Bangla Bank Limited has opened its 52nd Branch at Chowmuhani (NSS Bhaban, Feni Road), Noakhali on October 15 with Truly On-line Banking facilities from the very opening day of the branch. The Branch was inaugurated by Md. Yeasin Ali, Managing Director of the Bank. He also opened an ATM Booth at the Branch premises 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 community, depositors of the bank and stakeholders. The Managing Director said 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 it 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.

BCFSCWOA urge annul minimum gas billing, increase margin

Business Reporter

Bangladesh CNG Filling Station and Conversion Workshop Owners Association yesterday urged Government annul minimum gas billing system and increase margin between buying and selling of gas to Tk 8.03 by adding Tk1.25.

They threatened to go for further tough programmes if government would fail to meet their demands within next seven days.

They said this while addressing a press conference at the Jatiya Press Club.

They said that CNG filling station and conversion workshop owners has been incurring huge loss for the last few months. They had to pay 60 per cent minimum bill to Gas Company though they do not get sufficient money due to low pressure in supply.

"On the other hand, due to increase of selling and buying price of gas by government in 2008, the margin of owners is increased by Tk 0.75 in per cubic meter comparing to 2005. Therefore we are acquiring huge loss", they said and added, "We want that government will increase the margin to Tk2 by adding Tk1.25 to the existing margin."

They however do not mention whether margin will be added to buying price or decreased from selling price. They do not even give any straight answer of about the type of protestation they will lead.

Among others, Shafiul Islam Kamal, President, Modasser Mortuja Moin, Vice President, Jakir Hossain, Nayan, Secretary General, Faruk Talukder Shohel, Abdullah Al Mamun and Mohammad Ali Jinnah of the association were present at the conference.

US ramps up probe of Lehman collapse

Reuters, New York

U.S. prosecutors have stepped up the investigation into the collapse of Lehman Brothers, with at least a dozen subpoenas being issued including one to the investment bank's chief executive, Richard Fuld, The New York Times reported on Saturday.

Citing people close to the probe who requested anonymity, the Times said federal prosecutors in Brooklyn, Manhattan and New Jersey were examining events leading to Lehman's collapse and bankruptcy filing. One person said New Jersey prosecutors were looking into whether Lehman executives including Fuld misled investors involved in the $6 billion infusion of capital announced by Lehman in June about the bank's condition, the Times said. That infusion came as Lehman disclosed a $2.8 billion third-quarter loss, which caused its shares to plunge. The Times said the New Jersey Division of Investment, which put money into the capital raising, had been subpoenaed, and that the division's director did not return a call seeking comment.

Brooklyn and Manhattan prosecutors meanwhile are looking into remarks made by Lehman executives during a September 10 conference call, which was five days before the company's bankruptcy filing, the newspaper said, and are also investigating whether Lehman assigned proper values on its large commercial real estate holdings.

It remains unclear whether any of the offices will bring their cases, the newspaper said.

And while the Times said no conclusions had been drawn, legal experts expected prosecutors would likely try to build fraud cases against Lehman executives by finding internal documents that contradicted public statements about the bank's status.

Representatives of the prosecutors' offices declined to comment, as did a spokesman for Fuld, the Times said, although Fuld has said his statements about Lehman's condition were based on the best information he had at the time.

Other subpoenaed current and former Lehman executives include Joseph Gregory, the former president, and Erin Callan, former chief financial officer, the Times said, citing a person with knowledge of the matter.