The New Nation - Internet Edition

Int’l business conference starts tomorrow

BUSINESS REPORTER

The Dhaka Chamber of Commerce and Industries (DCCI) is going to organise a two day long International Business Conference from tomorrow at Bangladesh- China Friendship Conference Center (BCFCC) to promote the country's businesses and project the opportunities for investment.

Chief Adviser Dr Fakruddin Ahmed is expected to inaugurate the conference at 10.00 am.

" The DCCI will launch a book on 'Commercial History of Dhaka' containing first-hand information on trade and commerce which would provides necessary guidelines to the next elected government for directing the country's businesses on right track," Hossain Khaled, President of DCCI, told the media at a press conference marking the trade body's Golden Jubilee Celebration yesterday.

Commerce Ministers, economists, representatives from business bodies and multi-national companies (MNCs) from different countries and secretary general of UNCTAD Dr Supachai Panitchpakdi would also participate in the conference.

"The country will be 50 years old by the next 15 years therefore we have to be ready to lead Bangladesh to develop countries level," he added.

The oldest chambers in the country, has chalked out a mega-programme to celebrate its 50th founding anniversary.

The book, being published by the DCCI in association with the Asiatic Society of Bangladesh, would be launched on the closing day of conference on November 1 at the Radisson Water Garden Hotel in the city.

Besides, DCCI is also planning publication of a very special souvenir containing first-hand information on trade and commerce, informative articles by scholars, adverts and other relevant business materials.

It would also contain messages from the Head of the State, Chief Adviser of the caretaker government, Finance, Commerce and Foreign Advisers, in-depth and thoughtful articles from heads of NBR, SEC, EPB, BEPZA, chamber leaders and other eminent business personalities.

The business conference will be divided into a number of sessions, where scholars, business personalities, government officials, policymakers from home and abroad would share knowledge and experiences.

The first day programmes include roundtables, trade fair, a grand light and sound show at Lalbagh Fort depicting changes of culture and cuisine of Dhaka over the last 400 years and distribution of the DCCI business awards in the categories of Innovative Entrepreneurship, Women Entrepreneurship and the Best Non-resident Bangladeshi Entrepreneur on November 1.

A vast array of products will be exhibited during the conference for foreign delegates to get a look and get real experience of our expertise innovations.

This opportunity of close interaction or one-to-one business meeting will definitely make the venue a global market with positive business drive.

More investment from UK sought

BUSINESS REPORT

The current global economic crisis may be a blessing for Bangladesh, said British High Commissioner to Bangladesh Stephen Evans on Tuesday.

The looming global recession had dwindled the real purchasing power of developed country's consumers and consequently they would be forced to go for relatively cheaper goods he said and added as Bangladesh generally produces low-end goods and even enjoys reputation for quality, consumers of developed countries would likely to go for Bangladeshi items.

Prospects for Bangladeshi garments and other items are therefore very good in the international market, the envoy said, adding that the country now just requires to capitalise this opportunity with cautiously keeping proper strategy and measures in place.

He was speaking at a courtesy meeting with Chittagong chamber presidium at the chamber president's office, said a statement.

The high commissioner said the economic turmoil that erupted in USA has a rippling effect and likely to engulf all the economies particularly the developed and emerging ones.

The envoy also emphasised maintaining the efficiency of Chittagong Port attained in the last two years and improving the physical infrastructure in the country to tap the opportunities associated with global economic crisis.

He particularly underscored the need for addressing the country's persisting power crisis and nagging gas supply problems.

Evans also informed the meeting that EU would show zero tolerance to import frozen fishes and other food items having traces of nitrofuran or any other alien particles from any country including Bangladesh.

President of the Chittagong Chamber of Commerce and Industry Saifuzzaman Chowdhury said bilateral relation between Bangladesh and the UK in all fronts are very strong, and expressed optimism that it would also increase further in days to come for the shared benefits of both the nations.

Chowdhury said although Bangladesh is relatively immune from the current global economic turmoil due to its less exposure to and integration with global financial market, longer stay of this economic meltdown is likely to adversely affect the economy by squeezing export markets and volume.

He also requested the envoy to arrange financial, expert and technical assistance from his country for Bangladesh's food sector entrepreneurs including frozen foods ones to help them be compliant of EU standards meant for the same to enable them avail of the duty and quota free market access guaranteed by EU for Bangladeshi products.

Holcim becomes 'Leader of the Industry’

BUSINESS REPORT

For the fourth year in succession, Holcim has been named " Leader of the Industry" in the Dow Jones Sustainability index (DJSI) and once again acknowledged as the company with the best sustainability performance in the building materials industry. The Group has been included in both the Dow Jones Sustainability world Index and the Dow Jones STOXX Sustainability Index for Six years.

Holcim is one of the worlds leading suppliers of cement and aggregates (crushed stone, gravel and sand) as well as further activities such as ready-mix concrete and asphalt including services. The Group holds majority and minority interests in more than 70 countries on all continents.

The recognition rewards the continued and further strengthened commitment to sustainable development as an important part of the Group's strategy. Its dialogue with stakeholders as well as its efforts in human resources development received top scores.

Launched in 1999, the Dow Hones Sustainability index was the first global index to assess the leading sustainability-driven companies worldwide. The Dow Jones Sustainability World Index comprises the top 10 percent of the biggest 2500 companies globally. The Dow Hones

STOXX sustainability index includes 20 percent of the best-placed companies in the Dow

Jones STOXX 600 index. Analysis is based on an annual assessment of general and industryspecific sustainability criteria undertaken by SAM Group says a press release.

Western union reduces money transfer fee

BUSINESS REPORTER

Western Union, the world's leader in global money transfer services, has announced a new fee for money transfers made from the United Arab Emirates to Bangladesh. Western Union consumers sending money to Bangladesh will now be charged AED 15 for money transfers of amounts up to AED1500, and AED25 for amounts above AED1500 and up to AED11 000. For amounts over AED11 000, customers will be charged an additional AED35 for every AED1850 sent. Consumers are able to benefit from the new rates since September 2008.

Jean-Claude Farah, Regional Vice President for Middle East, Pakistan and Afghanistan, Western Union Financial Services, said: "We hope that the reduced service fee offers more opportunities for those who support their relatives, friends and partners by sending money with Western Union's fast, reliable and convenient money transfer service. We especially want to demonstrate our commitment to the Bangladeshi expatriate community residing in the UAE and I am sure that the new rate comes as an added bonus."

Expatriates using Western Union to send money to Bangladesh benefit not only from the new fees, but also from a reliable money-transfer process that is protected using state-of-the-art technology. Keeping the customer's convenience as a priority, money transferred via Western Union is available for pick-up within minutes* from the over 3200 Western Union Agent locations across Bangladesh.

Western Union's Agent network in Bangladesh includes National Bank Limited, AB Bank Limited, BRAC Bank Limited, Dutch-Bangla Bank Limited, Southeast Bank Limited, Prime Bank Limited, United Commercial Bank Limited, Bank Asia, Rupali Bank Limited, Bangladesh Post Office, BRAC BOP, Shahjalal Islami Bank Limited, One Bank Limited, Dhaka Bank Limited, First Security Bank Limited, BURO Bangladesh and ASA. The Western Union Money Transfer service is available at Agent locations in all 64 districts and in 485 of the 494 Upazilas in the country.

Western Union's expansive network established in cooperation with banks, NGOs and post offices, helps to serve both the furthest sub-urban and rural corners of Bangladesh.

Western Union's international reach together with Bangladesh's extensively established network within the country will help Bangladeshi citizens benefit from world-class money transfer service and stay connected with their loved ones across the world.

In the United Arab Emirates, the Western Union Money Transfer service is available in more than 400 Agent locations operating through the following financial institutions: AI Ansari Exchange, AI Fuad Exchange, AI Ghurair Exchange, AI Razouki International Exchange, Alukkas Exchange, Emirates India International Exchange, Emirates Post, Habib Exchange, Lari Exchange, National Exchange, Orient Exchange, Travelex Emirates, UAE Exchange, Wall Street Exchange, and Redha AI Ansari Exchange.

BRAC Bank signs agreement with EXIM Bank

BUSINESS REPORT

An Agreement on EL DORADOt. Remittance & Payment System was signed between BRAC Bank Limited and EXIM Bank Limited recently.

A. E. A. Muhaimen, Managing Director & CEO of BRAC Bank Limited and Kazi Masihur Rahman, Managing Director of EXIM Bank Limited signed the agreement on behalf of their respective organizations.

Tarique Amin Bhuiyan, Chief Information Officer, Rais Uddin Ahmad, Company Secretary and Head of Regulatory & Internal Control, Mohammed Rahmat Pasha, Head of Treasury & Financial Institutions, Abedur Rahman Sikder, Head of Marketing & Corporate Affairs and Md. Rifatur Rahman Joarder, Vice President & Project Manager EL DORADO of BRAC Bank Limited, Bashirul Islam, Senior Vice President & Head of International Division, Nasir Uddin Ahmed, Vice President, International Division of EXIM Bank Limited and other senior officials of both the organizations were also present in the agreement signing ceremony.

EL DORADO will enable customers to transfer money electronically within Bangladesh in the quickest possible way. EL DORADO is being developed under the Remittances & Payments Challenges Fund (RPCF) jointly sponsored by DFID, UK and Bangladesh Bank.

ICB declares 110pc dividend

BUSINESS REPORT

The 32nd Annual General Meeting of the shareholders of ICB was held on 28 October at the auditorium of National Sports Council (NSC tower) in the city.

Chaired by Feroz Ahmed, Chainnan of Board of Directors of ICB and Secretary, Ministry of Commerce, the meeting was attended by Managing Director of ICB Md. Ziaul Haque Khondker and other directors of ICE. A large number of shareholders were present at the meeting and took part in deliberations.

The shareholders discussed at length various aspects of the Annual Report and Audited Accounts as well as the activities of ICB and its subsidiary companies during 2007-2008. The AGM was particularly significant as the Corporation achieved record-breaking results in various areas particularly net profit after tax, earning per share and shareholders benefits.

ICB earned a net profit of Tk 101.19 crore in 2007-08 as compared to net profit of Tk. 30.23 crore earned in 2006-07. The shareholders approved 100% stock dividend and 10% cash dividend for the FY 20072008. The shareholders observed that this was for the first time ICB has declared stock dividend (100%) in addition to cash dividend. The dividend was 685.71 % higher than that of previous year. The Corporation had earlier declared very attractive dividends on its Eight Mutual Funds and on the Unit Fund, including 265% on the ICB First Mutual Fund, which was the highest cash dividend in the country.

During FY 2007-2008, the Corporation continued to extend financial assistance to projects by purchasing shares, bonds, debentures and preference shares and by providing advance against equity and lease finance. During the year it assumed the responsibility of Trustee to the issue of Bonds of two companies of Tk. 400.00 crore and of Trustee and Custodian to the issue of three Mutual funds of Tk. 140.00 crore. The Corporation recovered an amount of Tk. 635.19 crore in respect of margin loans, project loans and other loans/advances, which was 83.00% more than that of the previous year. Under the Investor's Account Rehabilitation Scheme, up to 30th June 2008, the Corporation rehabilitated 18,607 Investment Accounts, which suffered huge losses due to the abnormal stock market situation in 1996-1997.

During 2007-2008 securities worth of Tk. 4312.00 crore was traded in both the bourses on behalf of ICB and its Subsidiaries and other different portfolios. The total transaction in 2007-2008 was 230.14% higher than that of previous year. The qualitative and quantitative improvement in various activities of ICB won appreciation of the shareholders.

The shareholders lauded the adequate disclosure and transparency made in the audited accounts and annual report on activities of ICE.

The financial results of ICB's three subsidiary companies in 2007-2008 were excellent. In 2007-2008, net profits earned by the three subsidiary companies were much higher than those in the previous year. The activities of the subsidiary companies expanded and grew tremendously. During the year, ICB Capital Management Ltd. (ICML) opened two new branches at Bogra and Sylhet and ICB Securities Trading Company Ltd. (ISTCL) opened a new branch at Bogra. As a result, total number of branches of each of the two these companies stood at six. These branches have paved the way for expansion of the network of the stock market activities.

The activities of ICB and its subsidiary companies have attached paramount priority to the interest of the investors, rightful requirement of the issuers, compliance of relevant rules and regulations and maintenance of transparency.

Participants in the meeting lauded that ICB and its subsidiaries play very important role in maintaining depth, stability, reliability, and liquidity of the stock market as well as in maintaining a buoyant and effective capital market in the country. They however, stressed the need to sustain ICB's solid and crucial role in the securities market.

The shareholders noted with appreciation that these unprecedented results of ICB and its subsidiaries was the manifestation of untiring and dedicated efforts of the officers and staff generated by professional attitude. The shareholders were happy to note that the Board of Directors of ICB provided guidance and support from time to time.

The meeting put on record the unwavering support extended by the valued shareholders.