The New Nation - Internet Edition

DSE goes bear for 3rd consecutive week

UNB, Dhaka

The Dhaka Stock Exchange (DSE) continued a bearish trend for the third consecutive week that ended Thursday, as the heavyweight shares of bourse went through price correction amid profit taking.

The market, however, overcame a losing streak on the fourth day of the week (Wednesday) and took a sharp upturn before the weekend as investors took position in the falling market on profit expectation.

Stockbrokers said banking shares that have been ignored for a long time finally saw some light on the last trading day of the week, helping the bourse to register sharp rise.

The panic originating from the global financial crisis might have disappeared from the market by now, a market analyst said, but apprehended an internal risk that the market remained concentrated on very few stocks, which have already been overpriced.

"Any deep (price) correction, which is obvious, will cause colossal loss for the latest entrants," he said, requesting anonymity.

A fund manager said speculations were so strong that investors even bet on some stocks otherwise very poor fundamentally. Plus, he said,

over concentration on some fundamentally good shares pushed their prices too high, which is also a matter of concern.

During the week's trading, the DSE General Index (DGEN), the benchmark index, shed 50 points or 1.73 percent to close at 2,868 while the All Share Price Index (DSI) declined 41 points or 1.70 percent to close at 2,377.

The DSE-20 index of selective shares lost 54 points or 2.21 percent to close at 2,416 points.

The total turnover during the week shed 30 percent to Tk 19.08 billion from the previous week's Tk 27.25 billion. The daily average turnover of the past week also dropped 30 percent to Tk 3.82 billion from the previous week.

Market capialisation also shed 0.80 percent to Tk 1.008 trillion during the week from Tk 1.016 trillion in the previous week.

Beximco Pharma, DESCO, Titas Gas, Beximco, ACI Limited, Square Pharma, Summit Alliance, Summit Power, Aims 1st Mutual Fund and Golden Son were the turnover leaders of the week.

Top gainers of the week were United Insurance, Bengal Biscuits, Fuwang Food, Bangladesh Luggage, Bangladesh Thai Aluminium, Summit Alliance, Phoenix Insurance, Renwick Jajneswar, Eastern Insurance, Fine Foods Limited.

Beximco Fisheries, Shinepukur Holdings, Maq Paper, Metro Spinning, Dulamia Cotton, Golden Son, BCIL, M Hossain Garments, Safko Spinnings and Saiham Textiles.

Top losers were Beximco Fisheries, MIDAS Finance, Jute Spinners, Beximco Textiles, ICB, Paper Processing, Shinepukur Holdings, BD Finance, Apex Weaving and Janata Insurance.

In the past week, DESCO declared 25 percent cash and 5 percent stock dividend for 2007-08 as compared to 25 percent cash for the previous fiscal year.

DBBL opens its 55th Branch at Khatunganj

BUSINESS REPORT

Dutch-Bangla Bank Limited has opened its 55th Branch at Khatunganj (Yakub Bhaban, 260 Khatunganj), Chittagong on October 23 with Truly On-line Banking facilities from the very opening day of the branch.

The Branch was inaugurated by Managing Director of the Bank Md. Yeasin Ali, while 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.

Among others, Additional Managing Director of the Bank AHM Nazmul Quadir, 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.

Speakers at a inaugural ceremony said 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.

Tk 2,568b for three-year war on poverty

Bdnews24, Dhaka

Bangladesh will spend Tk 2,568 billion over the next three years to fight poverty with a clear focus on farming, the finance adviser said Thursday. The National Economic Council gave the go-ahead to the second poverty reduction strategy paper (PRSP) for the period ending June 2011, to achieve a growth rate of upto 7.5 percent.

Finance and planning adviser AB Mirza Azizul Islam briefed the press after the NEC meeting chaired by chief adviser Fakhruddin Ahmed. The PRSP-2 (2008-09 to 2010-11) sets sector-wise goals, giving priority to agriculture, said the adviser. The authors of the paper also emphasise power, climate change adaptation, and takes into account rising food prices in the global market and the impact of a changed political scenario. The PRSP-2 was modelled on the first. However, the original PRSP had no targets for sector wise expenditure over its three years. "This time targets have been fixed by sector." "But about 25 percent of the total expenditure has been allocated for the agricultural sector," said Mirza Aziz. He said that the power sector would get a large portion of the pie. The authors of the new PRSP consulted a cross-section of the public, the adviser said.

Asked whether an unelected government had the jurisdiction to prepare such a long-term strategy, Azizul Islam replied: "The present caretaker government had to stay on for a longer than usual period for the interest of the nation. Formulating the new PRSP was a part of that responsibility." He added that the next elected government could always make amendments.

The new PRSP has fixed 7 percent GDP growth for fiscal year 2008-09, 7.2 percent for 2009-10 and 7.5 percent for 2010-11.

For 2008-09 the average inflation has been estimated at 9 percent, projected to come down to 7.5 percent in 2009-10 and 7 percent in 2010-11.

Total government expenditure for the period is projected to be Tk 3,190.44 billion, with a revenue target of Tk 2,559 billion. The deficit of Tk 63,094 crore ($9.01 billion) is expected to be met by development partners.

Prime Bank holds business conference

BUSINESS REPORTER

Business conference of Prime Bank Limited was held on October 22 at Bangladesh China Friendship Conference Centre in the city.

Azam J Chowdhury, Chairman of the Board of Director inaugurated the conference as chief guest, while Mohammad Aminul Haque, Chairman of the Executive Committee of the Board addressed, as special guest, the conference chaired by M. Ehsanul Haque Managing Director of the Bank.

Hasina Khan, Vice Chairperson, Mohammad Delwar Hossain, Director, Md. Nader Khan and Md. Shahadat Hossain, Former Directors, Nasiruddin Ahmed, Acting Managing Director, Mahbubul Alam, and Mehmood Husain DMDs of Prime Bank, Head Office Executives, all Head of Branches of the Bank participated in the conference.

Md. Tabarak Hossain Bhuiyan, psc. (Retd), EVP conducted the Conference.

In the business conference the strategies modified in the light of changed business climate with the objective of attaining annual budgetary goals for the rest of the year.

Italian food festival at Radisson Hotel ends

BUSINESS REPORT

Six daylong "Italian Food Festival" offered by Radisson Water Garden Hotel Dhaka, presenting delicacies Italian food items, ended yesterday.

The chefs of the hotel presented the delicacies of the specialized Italian cuisine on this occasion held at the hotel.

The purpose of the festival is to showcase the culture and taste of Italy to the people of Bangladesh. Italian Ambassador to Bangladesh Dr. Itala Occhi inaugurated the event.

The food festival will serve scrumptious and healthy cuisine from Italy at "Water Garden Brasserie" restaurant. The guests can indulge in one of the world's most rich and varied cuisines at the Italian Food Festival.

Stunning cuisine and gracious service are seamlessly combined to create an unparalleled dining experience. The dishes have been carefully selected and flavors perfected, blending the right spices and herbs to pamper the palate under the direction of our new European Executive Chef Kai Uwe Klenz.

In 20 years of experience Chef Kai has gathered knowledge of Italian, Romanian, Argentinean, Mexican, Japanese and Asian dishes. He offers a personal commitment to quality, value and culinary creativity.

It would be hard to think of Italy without coffee. After all, it is the national breakfast and the home to coffee that has taken the rest of the world by storm. For that reason International Award Winning Barista "Lina" is visiting Bangladesh to join the festival and to prepare world class coffee to complete the Italian experience daily. Lina has been flown in specially to treat the senses to one of the world's most popular beverage.

Radisson Hotels and Resorts is one of the leading upscale, full service hotel brands in the world with more than 395 hotels in 63 countries. Conveniently located in capital cities, urban centers and popular leisure destinations, Radisson hotels are committed to delivering superior service and product excellence with genuine hospitality for the contemporary traveler. Guests enjoy comfortable, well appointed guest rooms with quality finishes and international standard facilities and a welcoming service experience created through a unique personal connection in a fun, fresh and real environment.

Carlson Hotels Worldwide - Asia Pacific is the regional headquarters for Carlson Hotels Worldwide with offices in Singapore, Australia, India, Japan and China. Carlson Hotels Worldwide - Asia Pacific manages five brands: Regent Hotels & Resorts, Radisson Hotels & Resorts, Park Plaza Hotels & Resorts, Country Inns & Suites By Carlson and Park Inn. Carlson Hotels Worldwide - Asia Pacific has 48 hotels in 11 countries. Carlson Companies, the parent company of Carlson Hotels Worldwide, is a global leader in hospitality services, encompassing more than 1,700 hotel, resort, restaurant and cruise ship operations in 82 countries and is one of the largest privately held corporations in the United States. Carlson Companies employs around 190,000 people across its global network.

IBBL Chairman, MD visit USA, UK

BUSINESS REPORT

Prof Abu Nasser Muhammad Abduz Zaher, Chairman, Board of Directors and M. Fariduddin Ahmad, Managing Director of Islami Bank Bangladesh Limited recently visited USA and UK with the objective of development and expansion of business. They exchanged views with of different corporate banks, remittance houses, Bangladeshi businessmen and expatriates in a get together during their visit.

They discussed with top executives of Habib Bank AG Zurich in a meeting. In the meeting they exchanged views concerning bilateral interest and stressed upon the fortification of mutual relationship. They discussed in detail the slackness of global economy and it's influence on the economy of Bangladesh. They discussed remittance while talking with Kushiara Financial Services and decided to take measures for it.

Arab National Bank, Bank Al Bilad, Bank Al Zajira, Banque Saudi Fransi, The National Commercial Bank, Riyadh Bank, The Saudi British Bank, Samba Financial Group, Saudi Hollandi Bank, The Saudi Investment Bank jointly accorded a reception to them. The organisations congratulated Islami Bank Bangladesh Limited for selecting it as the Best Islamic Financial Institution in Bangladesh by Global Finance.

They discussed with the top Executives of City Bank NA, IP Morgan Chase Bank and Habib American Bank the current economic crisis of the world. They also discussed in detail their measures to face the crisis and it's impact on the economy of Bangladesh.

They participated in a meeting of Bangladeshi expatriates of New York and its neighboring areas. They discussed different problems of the expatriates to send their hard earned money to Bangladesh. They heard their opinions and promised to take necessary steps to solve the problems.

They discussed with new Exchange houses to increase the flow of remittance from New York to Bangladesh and they also discussed with present exchange houses about different issues Visit of the team will create opportunity of export business and strengthen the import business in future.

Chevron to explore coastal region next year

Bdnews24, Dhaka

US oil company Chevron will start fresh oil and gas explorations in the south of Bangladesh from next year, a special aide has said.

At present 35 percent of gas production in the country comes from gas fields run by the global oil giant.

The company will begin its new explorations in the southern Block No 7, M Tamim the chief adviser's special assistant in charge of energy and mineral resources, told bdnews24.com Thursday. Energy officials said Chevron had earlier carried out survey work in the block. It is now ready to conduct two-dimensional seismic surveys.

Chevron presented a report on Thursday to the energy ministry on their proposed activities and conditions of two of its operational gas fields, Tamim said.

The company had been asked to provide more information on the state of the Bibiana and Jalalabad gas fields.

Chevron currently extracts gas from Bibiana, Jalalabad and Moulvibazar gas fields-on average 50 million cubic feet (mmcf) from Bibiana every day, 167 mmcf from Jalalabad and 73 mmcf from Moulvibazar. Areas of Barisal, Patuakhali, Jhalkathi, Barguna and Perojpur districts fall under Block No 7.

Chevron completed an initial seismic survey for oil and gas exploration in this coastal block in 2006, having signed a production sharing contract with Petrobangla in 2000.

Chevron has so far invested more than $900 million for oil and gas exploration in Bangladesh, of which $100 million was spent in 2007.

BA takes off for Terminal 5

BUSINESS REPORT

British Airways celebrated its inaugural flight between Dhaka and its new state of the art home in London, Terminal 5 on Thursday.

Customers on Thursday's flight were offered commemorative gifts to mark the occasion.

The new terminal is used exclusively by British Airways and offers customers a smoother and more enjoyable airport experience, including same terminal flight connections to virtually all British Airways destinations.

Transferring between flights in terminal 5 is easy and takes on average just 20 minutes. For First and Business class customers, fast track security and immigration facilities are available along with World-class lounges that can cater for up to 2500 customers. For those customers ending their journey in London, Terminal 5 offers direct access to the Heathrow Express service to central London and the London underground, extensive coach connections to other parts of the UK are also available, including coaches to London Gatwick airport.

British Airways airport manager in Dhaka, Mujtaba Khan said, Terminal 5 offers our Bangladeshi customers the very best of British Airways with seamless, hassle free flight connections.