The New Nation - Internet Edition

Chavez hopes oil prices stabilize around $80

AP, Caracas

President Hugo Chavez says he'll be happy if oil prices stabilize between US$80 and US$90 dollars a barrel.

Prices for light, sweet crude fell to US$71.85 a barrel on the New York Mercantile Exchange Friday, after reaching record highs of over US$140 earlier this year. Independent analysts say Venezuela cannot maintain high levels of government spending if prices stabilize below US$80 a barrel. Oil accounts for 94 percent of Venezuela's exports and roughly half the government's budget. But Chavez says Venezuela has US$100 billion in foreign currency and other reserves to weather the world financial crisis.

He said Saturday oil prices of US$80 would be sufficient.

US to host global finance summit

BBC, Washington

The presidents of the US, France and the European Commission have unveiled plans for a series of summits to discuss the global financial crisis.

Speaking before talks at Camp David with Nicolas Sarkozy and Jose Manuel Barroso, George W Bush said it was "essential that we work together".

The first summit will be held in the US after November's presidential election.

The Europeans want the meetings to pave the way for talks on an overhaul of the world's financial regulatory systems.

Before he arrived at Camp David, the presidential retreat in the state of Maryland, Mr Sarkozy warned the world could not "continue to run the economy of the 21st Century with instruments of the economy of the 20th Century".

Calls for action

The BBC's Adam Brookes in Washington says that against the beautiful autumnal backdrop of the retreat, Mr Bush uttered words of cold comfort to his French counterpart and Mr Barroso.

"It is essential that we work together because we are in this crisis together," he said.

Mr Bush went on to invite world leaders to a global economic summit in the US soon to talk about the global response to the financial crisis.

"Together we will work to modernise and strengthen our nations' financial systems so we can help ensure this crisis doesn't happen again," he added.

But Mr Bush asserted that any plan to re-think the mechanisms of the global financial system could not be allowed to undermine the free market.

"It is essential that we preserve the foundations of democratic capitalism - a commitment to free markets, free enterprise and free trade," he said.

'New order'

President Sarkozy seemed to have a rather more sweeping vision to deal with what he called a "worldwide crisis", our correspondent says.

He said the crisis could offer a "great opportunity" to build the capitalism of the future and leave behind the "hateful practices" of the past.

"We cannot continue along the same lines because the same problems will trigger the same disasters," he warned.

Mr Sarkozy said the hedge funds, tax havens and financial institutions operating without supervision should all be re-thought.

"This is no longer acceptable," he added. "This sort of capitalism is a betrayal of the sort of capitalism we believe in."

Mr Barroso said European nations had taken swift action to tackle the squeeze in the financial markets, but stronger and more effective global action was now required.

"We need a new global financial order," he added.

Details of the summits are still to be worked out, but White House spokesman Tony Fratto said the first was likely to be held in November.

He added that Mr Sarkozy had recommended New York as a location.

UN Secretary General Ban Ki-moon has proposed using the organisation's headquarters there as a venue.

That summit would seek to "review progress being made to address the current crisis and to seek agreement on principles of reform needed to avoid a repetition," the leaders said in their statement.

"Later summits would be designed to implement agreement on specific steps to be taken to meet those principles," it added. Other world leaders are to be consulted over the plan.

Correspondents say such meetings would echo the Bretton Woods conference after World War II.

At Bretton Woods, world leaders agreed to establish the International Monetary Fund and the International Bank for Reconstruction and Development, the original institution of the World Bank Group, in an effort to prevent a repeat of the depression of the 1930s.

'Big enough and bold enough'

Earlier on Saturday, in his weekly radio address, Mr Bush sought once again to reassure Americans about the $700bn bail-out of US financial institutions.

Elements of the plan are similar to those earlier announced by European governments.

The president said the federal government had taken "aggressive measures" to protect financial security.

BBC's Jane O'Brien in Washington says European leaders have in the past blamed the US for the crisis, which started when borrowers began defaulting on their mortgages.

But she adds that Mr Sarkozy, whose country currently holds the EU presidency, has made it clear he wants to move away from finger-pointing and towards a partnership with the US.

IBBL, IDB aid for Sidr affected people

BUSINESS REPORTER

Islamic Development Bank and Islami Bank Bangladesh Limited expanded their hands of cooperation to rescue the distressed people who were affected by cyclone Sidr. As a part of this cooperation, Islamic Development Bank has offered residence facilities for the 120 distress families and Islami Bank Bangladesh Limited is playing the duty of implementing the project. AF Hassan Ariff, Adviser of Law, Religion and Land Ministry of Caretaker Government handed over the key of the houses through a function held on 17 October at Matherpar Village, Khontakata Union under Sharankhola Upazilla of Bagerhat District. Presided over by Kazi Harun-ar-Rashed, Chairman, Audit Committee the function was attended as Special Guest by Dr. Mohammad Hasan Salem, Chief of Special Assistant Division of Islamic Development Bank.

Earlier, they inaugurated the 'Fael Khair Program' of 45 dollars for the Sidr affected areas in a function. Under the supervision of Islamic Development Bank and Islami Bank Foundation the project was formally commenced through distributing profit free investment among 10 women with a view to making them solvent at Sharankhola of Bagerhat. The function was addressed among others by Md. Saif Uddin, Representative of IDB for Bangladesh, Aparup Chowdhury, Deputy Commissioner of Bagerhat District, Md. Awlad Ali Fakir, Superintendent of Police, Md. Nurul Islam, Executive Vice President of IBBL and Moulana Rafiqul Islam, Chairman of Khontakata Union Parishad.

Under the program profit free Investment amounting Taka ten thousand to taka seventy five thousand will be distributed among the cyclone affected farmers of 12 districts to buy Seeds, fe11ilizer, pesticide, agricultural tools, domestic animal, fishing boat, fish meal. They are expected to be solvent with the profit free investment.

A. F. Hassan Ariff, Adviser of Law, Religion and Land said that the nation couldn't be developed without the development of agriculture. We have to be affluent by cultivating every inches of land. The farmers should be trained effectively regarding the procedure how three crops can be cultivated instead of one in the same firm land. For this reason, he welcomed the endeavour of IDB and Islami Bank Foundation and called upon the local administration to extend their coopel1ation.

Dr. Mohmmad Salem said, a ultra-modern Cyclone Centre will be built with the donated amount of money at the vicinity of sea shore. This Centre will be used not only as Cyclone Centres but also as Primary Schools, High Schools and Madrasahs. The Cyclone centres will be designed in such a way that not only the affected people but also the domestic animals can take shelter there. This program will be started soon with help of Bangladesh Government.

He called upon the local administration, local government and local people to expand co-operatation to implement the agricultural progamme for making the village folks solvent conducted by Islami Bank

Sugarcane crushing to begin this month with output target of 1,73,100 tonnes of sugar

BSS, Dhaka

The crushing of sugarcane will begin this month at 15 state-owned sugar mills of the country with the production target of 1,73,100 tonnes of sugar.

To fulfil the target, a total of 22,72,000 tonnes of sugarcane will be crushed, an official handout said yesterday.

Special Assistant to the Chief Adviser for Industries Mahbub Jamil will inaugurate the crushing of sugarcane at North Bengal Sugar Mills (NBSM) on October 24.

Bangladesh Sugar and Food Industries Corporation (BSFIC) sources said after the NBSM, the crushing of sugarcane will begin at Natore Sugar Mills on October 31, Rajshahi Sugar Mills on November 7, Kushtia, Faridpur and Zil Bangla Sugar Mills on November 14, and Panchagar, Thakurgaon, Setabganj, Shampur, Rangpur, Pabna, Joypurhat, Keru and Company, and Mobarakganj Sugar Mills on November 28.

Among the mills, the NBSM will produce the highest amount of 18,867 tonnes of sugar by crushing 2,45,000 tonnes of sugarcane. The average sugar recovery rate is fixed at 7.62 percent this year for the state-owned sugar mills, BSFIC sources said.

A total of 1,63,844 tonnes of sugar were produced at the state-owned sugar mills last year.

SBL holds customer service conference

Sonali Bank limited arranged an exceptional conference on "Customer Service Improvement" for its officers and staffs working in the branches of Dhaka Metropolitan area as second officer, cash incharge and incharge of Bills & Remittances at ICMAB auditorium in the city on Friday the 17th October. Presided over by the General Manager, Dhaka Division Mahe Alam while SA Chowdhury the CEO & Managing Director of the Bank attended as chief guest. The importance of branches Second Officer, Cash Incharge and the Incharge of remittance department is as important as Branch incumbent. Concerted efforts by the officers working in these desk resultant to a better customer service.

and ultimately bank reached at its desired goals, Chowdhury said while addressing the conference. The important of Customer Relationship Management in this market-based society is undeniable. As such the officials working in the desk is to develop relationship with the customer by means of their good manner and behaviour Chowdhury further added. The meeting was also addressed by the DMDs- Raihana Anisa Yusuf Ali and Kazi Faqurul Islam and GMs- Prodip Kumar Dutta, Md Abdus Salam, Md. Mofizul Haque Bhuiyan.

SWIFT user group holds workshop

BUSINESS REPORT

SWIFT User Group in Bangladesh held a workshop in the city's BAFEDA auditorium on October 13 with the objective to introduce members with the new product features and modules of SWIFT.

Fifty representatives from various Bangladeshi banks apart from oversees representatives of SWIFT attended the program.

Arun Tiwari, Head of Indian Sub-continent SWIFT, Rajshree Shishodia, Relationship Manager of India and Sub-continent countries Asia Pacific of SWIFT, Sharath Nair, Senior Business Development Manager of Cambridge Solutions Ltd., India and Shahidul Huq of Syscom Bangladesh made presentation at the workshop, outlining new product features of SWIFT for the benefit of Bangladeshi banks and their customers.

Kazi Mahmood Sattar and Irteza Reza Chowdhury, Chairperson and Secretary General, respectively of the SWIFT User Group in Bangladesh, welcomed the guests and the participants, and urged them to implement new product of the software, so that it can benefit Bangladeshi banks and its customers in a greater scale. Akmal Hossain, FAVP International Relation Division of Bank Asia, coordinated the workshop.

Taiwan invests $ 8.2m in Comilla EPZ

BUSINESS REPORT

M/s. Xin Chang Shoes (BO) limited a Taiwan company will set up a Shoe Manufacturing Industry in the Comilla Export Processing Zone.

The 100% foreign owned company will invest about Taka 55 crore in setting up their plant and will produce to export annually one million pairs of Shoes. The company will also create employment opportunity for 1267 people including 30 foreign nationals.

An agreement on the issue was signed between the Bangladesh Export Processing Zones Authority (BEPZA) and the M/s. Xin Chang Shoes (BO) limited in BEPZA Complex in the city on Wednesday.

Prasanta Bhushan Barua, Member (Investment Promotion) of BEPZA and Chien Te Ho, President of the company signed on the agreement on behalf of their respective organisations.

Brig General Jamil Ahmed Khan, Executive Chairman of BEPZA and other officials from respective organisations were present on the occasion.

Pakistan says IMF might be needed to help country

AP, Islamabad

Pakistan may have to accept politically unpopular aid from the International Monetary Fund to ward off possible economic meltdown if wealthy nations turn it down, the finance minister said.

Battered by high inflation and a plunging currency, nuclear-armed Pakistan needs up to US$5 billion to avoid defaulting on sovereign debt due for repayment next year.

Shaukat Tareen, the finance official leading the country's efforts to secure the money it needs, said he was confident Pakistan would not default. He predicted the country would soon receive more than US$4.5 billion through the acceleration of planned development loans and direct assistance from rich countries.

But he said the International Monetary Fund may be needed as a "plan C."

"We can go to the fund if we want, but only as a backup," he told reporters Saturday.

The crisis comes as the country's new civilian leaders struggle against Islamist militants in the northwest blamed for soaring violence at home and in neighboring Afghanistan.

Seeking help from the IMF would be political difficult for the government because the agency's help is often on condition of deep cuts in public spending that can affect programs for the poor.

President Asif Ali Zardari returned Friday from wealthy China with no public commitment of help.

Pakistan hopes its front-line status in the war on terrorism will mean the international community will not have the stomach to see it default. But its plea for help comes as many countries are distracted with the global economic crisis.

"Countries are busy with their own housekeeping, but they will not leave Pakistan in the middle of the road," said Muzammil Aslam, chief economist at the Pakistani security firm KASB. "It is the world's first line of defense against Taliban and al-Qaida."

Others economists are not so sure, and predicted IMF funds will be needed.

Through much of its history, Pakistan has struggled with chronic economic instability and foreign debt, but the current crisis comes at an especially dangerous time.

The country has seen more than 90 suicide blasts since July last year.

Last month, a suicide bomber struck the Marriott Hotel in Islamabad, killing 54 and leading the U.N. and foreign embassies to withdraw the families of foreign staff.

Pakistan's overwhelmingly poor population of 160 million is already suffering from skyrocketing food and fuel prices and enduring daily power cuts caused by energy shortages.

Defaulting on debt risks shattering any remaining local and foreign investor confidence in the battered economy. It could escalate into an economic meltdown with out-of-control price increases, fewer jobs, more power shortages and a general breakdown in law and order.

"Bankruptcy, should it happen, could unleash a massive tidal wave of social unrest," the U.S.-based intelligence risk assessment agency Stratfor said in a report. "Exactly what the jihadists on both sides of the Afghan-Pakistani border would like to see to advance their goals."

The financial crisis was caused in part by the previous administration of President Pervez Musharraf, which subsidized fuel and food even as international commodity prices soared last year.

That created a huge hole in public finances, meaning the new government has had to borrow heavily from the central bank, stoking inflation that this month reached 25 percent.

The total amount of foreign currency in Pakistani banks has fallen by more than half since last year, largely because of a yawning trade deficit exacerbated by the high price of imported fuel.

Flows of foreign investment into the country's once booming domestic economy that used to bridge the gap have dried up amid political instability and rising insecurity.

The Pakistani rupee has lost about a third of its value this year. The benchmark 100-stock index had already fallen more than 40 percent from a record high in April when its board of directors put a floor under it at the end of August.

BB asks banks to be cautious in lending to avoid harsh consequences;

Maintain advance-deposit ratio, ensure asset quality: Governor

People to get wireless internet facilities soon Augere gets Broadband Wireless Access license

Business Reporter

Augere Wireless Broadband Bangladesh Limited has achieved Broadband Wireless Access (BWA) license.

Maj Gen (Retd) Manzurul Alam, Chairman of Bangladesh Telecommunication Regulatory Commission (BTRC) yesterday handed over the license to the representatives of Augere Wireless Broadband Bangladesh Limited NH Chowdhury and Syed Farhad Ahmed.

Among others, Hasan Mahmud Delwar, Vice Chairman of BTRC and Munir Ahmed, Commissioner of BTRC were also present in the occasion.

BTRC held an open auction on BWA earlier on 24 September at a hotel of the city where nine companies took part. Besides, Augere two other companies-Banglalion Communications Limited and Brac Bdmail Network Limited clinched the licenses for BWA.

BTRC Chairman said an unprecedented development would be achieved if BWA activities were started perfectly. "This will give rural people immense opportunity to access internet easily", he added.

Farhad Ahmed hoped that the company would reach people broadband internet facilities within next six months.

New drug for blood pressure Aristopharma launches Lacicard

Business Report

Aristopharma Ltd., the leading pharmaceutical company of Bangladesh, has recently launched Lacicard, preparation of Lacidipine 2 & 4mg tablet for blood pressure management. Lacicard, the 4th generation calcium channel blocker, is clearly better than conventionally used amlodipine & is first time manufactured in Bangladesh. Amlodipine has been in use in Bangladesh as well as in world market for quite long time for the management of blood pressure but this drug has some intrinsic disadvantages like it causes peripheral edema or has less vasoselectivity. The introduction of Lacidipine has overcome these drawbacks and has brought a breakthrough in the spectrum of Calcium Channel Blockers. Lacidipine has much less potential to cause edema than amlodipine. It works more on blood vessels than on heart muscle, which is beneficial for the heart failure patients. It also reduces blood pressure more than amlodipine and is safe for elderly patients. Moreover, it has antioxidant properties and increases insulin sensitivity and thus provides extra benefit for both cardiac & diabetic patients. Lacicard 2 & 4 mg Tablet is now available throughout the country.

3rd death anniversary of MA Samad observed

The third Death Anniversary of MA Samad was observed on 17 October. On this occasion his family members and BGIC family requested all friends, well·wishers and relatives to pray for the peace of the departed soul.

Late M. A. Samad established Bangladesh General Insurance Company Limited (BOIC) after his retirement as Managing Director, Jiban Bima Corporation. He was an Honours Graduate from the Illustrious Presidency College, Kolkata with a brilliant academic career all though. He was associated with the Insurance Industry since 1946. He was the Founder Director of Bangladesh Insurance Academy, an Institution established by Government for professional training and dissemination of insurance education.

Besides his two books written in Bengali, one on Life Insurance and another on General Insurance, he is the author of two more English text books on Life Insurance, which received high appreciation from a number of renowned insurance organizations of the world. He was enlisted as an International expert in the Technical Assistance Programme on Trade and Development of the United Nations. Late M. A. Samad represented his country at a number of seminars and conferences abroad and visited most of the Insurance Training Institutions in U.K. and U.S.A. under DNDP. Fellowship Programme. He was also a former Chairman of Bangladesh Insurance Association, the country's apex insurance entity. Late MA Samad was born at Kulaura in the district of Moulvibazar in a respectable Muslim Family in 1923.