The New Nation - Internet Edition

Prime Bank arranges Tk 150m syndicated term loan for CECCL

NATION BUSINESS REPORT

Prime Bank Limited (PBL) closed its 18th syndication deal on November 13 last as Lead Arranger by arranging Tk 150 million for Configure Engineers & Construction Co. Ltd (CECCL) for setting up an international standard hotel at Cox's Bazar in the name of 'Crown Pacific' under A/C: Configure Engineers & Construction Company Limited, a concern of Configure Group.

Prime Bank Limited, Pubali Bank Ltd and Mutual Trust Bank Ltd participated in the deal.

A signing ceremony was held at a local hotel where the chief executives of the participating banks and the sponsors of the project were present.

M Ehsanul Haque, Managing Director of PBL presided over the ceremony.

M Ehsanul Haque, Managing Director of Prime Bank Limited, Helal Ahmed Chowdhury, Managing Director of Pubali Bank Limited, Quamrul Islam Chowdhury, Deputy Managing Director of Mutual Trust Bank Limited and Habibur Rahman, Chairman and Khurshid Alam Opu, Managing Director of CECCL signed the agreement on behalf of their respective organizations.

Md Mehmood Hosain, Deputy Managing Director of PBL delivered welcome address and Md Touhidul Alam Khan, Senior Vice President and Head of Syndications and Structured Finance of PBL gave vote of thanks at the ceremony.

Nasiruddin Ahmed, Additional Managing Director and Mahbubul Alam, Ahmed Kamal Khan Chowdhury, M Reazul Karim, Deputy Managing Directors of Prime Bank Limited along with other executives and officials of the participating lenders and CECCL were present on the occasion.

Prime Bank has started its journey in syndication market by successfully concluding the first syndication deal as Lead Arranger in the year 1999 and now Prime Bank Limited is a dominant player in the syndication market in Bangladesh. Keeping their role as pathfinder in syndication market Prime Bank has established a remarkable landmark in banking arena as Lead Arranger and Agent by arranging a good number of deals through raising fund for large as well as medium size industries.

Switzerland to provide US$6m for Skills Development Project

NATION BUSINESS REPORT

The Swiss Agency for Development and Cooperation SDC will provide US$ 6 million (in two phases within 2008-2013) for the Skills Development Project of the Government of Bangladesh, which will provide support to strengthen the Technical Vocational Education and Training (TVET) system in Bangladesh.

The objective of the project is to build up skilled and semi skilled human resources for economic and social development.

An agreement for the first phase (2008-2011) for a contribution of US$ 3.6 was signed between the Economic Relations Division (ERD) Secretary M Musharraf Hossain Bhuiyan and the Ambassador of Switzerland Dora Rapold at the ERD Conference Room in Dhaka on November 12.

The project will be implemented in urban and rural areas of 4 divisions--Dhaka, Chittagong, Rajshahi and Khulna in partnership with industries and non-governmental agencies such as specialised skills training providers. The project is financed by the Government of Bangladesh, SDC and the Asian Development Bank (ADB) and will be implemented the by the Directorate of Technical Education under the Ministry of Education of Bangladesh.

SDC, the international development agency of the Swiss Government, is currently focusing on two priority areas in Bangladesh - employment & income generation and local governance, with an annual budget of around US$ 20 million.

4th SAARC Psychiatric Federation Concluding Ceremony of 4rth International Psychiatric Conference Concluding ceremony of 4th SAARC Psychiatric Federation & 4th International Psychiatric Conference held recently at Hotel Sheraton's Grand Ball Room. The ceremony featured a musical program.

Mr. Iftekharul Islam, Managing Director, Sanofi Aventis, delivered a speech on the occasion (seen in the picture).

Eminent artiste Fatema Tuz-Zohra and Sadi Mohammad captivated the audience with their melodious songs. Famous psychiatrists from in and abroad enjoyed the program that ended with a raffle draw and dinner. The program was jointly organised by Sanofi Aventis Bangladesh Ltd. and Bangladesh Association of Psychiatrists.

IBBL MD gets Sir Salimullah Gold Medal for contribution to Islamic Banking

NATION BUSINESS REPORT

M Fariduddin Ahmad, Managing Director of Islami Bank Bangladesh Limited was awarded Nawab Sir Salimullah Gold Medal for his outstanding contribution to the Islamic Banking. Dr Saleh Uddin Ahmed, Governor of Bangladesh Bank gave away the medal and certificate as the chief guest at a function organized by Nawab Sir Salimullah Foundation on November 12 last at a hotel in the city.

Twelve distinguished personalities of the country were accorded reception at the function for their significant contributions in different sectors.

Renowned Banker M Fariduddin Ahmad has been appointed as Managing Director of Islami Bank Bangladesh Limited. He discharged his duty as Deputy Executive President and Head of Operations Wing of the bank. He joined Islami Bank Bangladesh Limited on the first day of its establishment on March 30, 1983. He is the first Managing Director from the own manpower of IBBL. He started his banking career in Sonali Bank. He served in the bank as Branch Manager, Faculty Member of Staff College, Electronic Data-processing Department and other departments of that bank for several years.

M. Fariduddin Ahmad played pivotal role in the development of Islamic banking systems and procedures and training of manpower at the pre-establishment stage of Islami Bank Bangladesh Limited. He contributed a lot in devising and introducing Islamic banking accounting systems and the principles of distribution of profit to various participating fund.

He also edited the Investment Manual for financing under Islamic principles.

He attended various training programs, conference, seminar, symposia and workshops on Islamic banking and economics at home and abroad. He visited USA, UK, KSA, China, Hong Kong, Thailand, Macau, Iran, UAE, Pakistan, Singapore, Indonesia, India, Nigeria, Switzerland, France, Germany, Japan and other parts of the world.

DBBL Board decides to increase authorised capital to Tk 4,000m

NATION BUSINESS REPORT

The 84th meeting of the Board of Directors of Dutch-Bangla Bank Limited was held at the bank's Board Room, Head Office, Dhaka on November 9 last.

Abul Hasnat Md Rashidul Islam, Chairman of the Board of Directors presided over the meeting.

Directors including Professor Dr Syed Fakhrul Ameen and Chowdhury M Ashraf Hossain, both from the depositors' group and Professor Dr Irshad Kamal Khan, Independent Director were present at the meeting.

The Board, among others, approved increase of authorized capital of the bank from Tk 1,000 million to Tk 4,000 million subject to approval of Bangladesh Bank and to carry out Merchant Banking Business as a full-fledged Merchant Banker subject to obtaining the Merchant Banker Certificate from the Securities and Exchange Commission (SEC).

Bangladeshi company to invest $2.078m in CEPZ

NATION BUSINESS REPORT

Messrs R.T.T. Accessories (Pvt) Limited, a Bangladeshi company will set up a garment accessories manufacturing industry at Chittagong export Processing Zone (CEPZ).

This 100 percent local owned company will invest US$2.078 million to set up its plant and will produce garment accessories.

The company will also create employment opportunity for 487 Bangladeshi nationals.

An agreement to this effect was signed between the Bangladesh Export Processing Zones Authority and the Messrs R.T.T. Accessories (Pvt) Limited at BEPZA Complex in Dhaka on November 12 last.

Prasanta Bhushan Barua, Member (Investment Promotion) of BEPZA and Belayet Hossain, Managing Director of Messrs R.T.T. Accessories (Pvt) Limited signed the agreement on behalf of their respective organisations.

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

BRDB disburses Tk 96.30cr as loan among poor in Ctg

BSS, Chittagong

Bangladesh Rural Development Board (BRDB) here has disbursed Taka 96.30 crore as loan among the poor and low-income group people in last 8 years under its rural livelihood project named as Palli Jibikayan Prokolpa. The project was taken up by the LGRD ministry in 2000 to improve the lifestyle and overall economic condition of the poor segment of the population particularly the women by providing them soft term loan under a revolving fund. Under the project, a total of Taka about 96.30 crore have been allocated for 42,519 poor people who are the members of 1398 registered cooperative societies of 13 upazilas in the district. During last fiscal year, BRDB distributed Taka 17.11 crore while it recovered Taka 91.62 crore.

Officials said, the government initially allocated Taka 20.6 crore for running the project but the fund increased up to Taka around 100 crore in last 8 years by managing the fund under a revolving method. Under the project, BRDB disbursed Taka 7.61 crore in Patiya upzila, Taka 8.9 crore in Anowara upzila, Taka 9.87 crore in Hathazari upzila, Taka 7.98 crore in Boalkhali upzila, Taka 5.79 crore Mirshrai upzila, Taka 6.95 crore in Fatikchari upzila, Taka 6.15 crore in Banshkhali upzila, Taka 5.66 crore Sitakunda, Taka 10.14 crore in Satkania upzila, Taka 6.60 crore among 3436 persons in Raozan upzila, Taka 4.61 crore in Lohagara upzila, Taka 5.50 crore in Rangunia upzila and Taka 6.70 crore in Sawndip upazila.

Ranjit Kumar Chowdhury, deputy director (DD) of BRDB, Chittagong said the project has opened a new opportunity among the poor people to change their standared of their livings.

Under the project, loans are given to various potential sectors like fish cultivation, pottery, nursery, horticulture development, cow fattening, poultry firm, goat rearing, food processing, repairing and selling of irrigation equipment, paddy husking, carpeting, tailoring, sericulture, mat making, black smith and other incoming generating projects. According to BRDB, the scheme are gaining popularity among the marginal and low-income groups in the remote areas and helped them to become economically self- reliant as well as to free them from abject poverty.

National Bank's 102nd branch opened in Chawkbazar, Chittagong

NATION BUSINESS REPORT

The 102nd branch of National Bank Limited has been inaugurated recently at Chawkbazar, Chittagong.

Parveen Haque Sikder, Director and Ex-Chairperson of the bank formally inaugurated the branch as the chief guest.

Prof Mahbub Ahmed, AM Nurul Islam and Lt Col (Retd) Md Azizul Ashraf, Psc, and Directors of the bank also attended and spoke on the occasion.

In her inaugural speech, Parveen Haque Sikder said that NBL would make greater efforts to contribute to the business development of Chittagong city area.

Md Abdur Rahman Sarker, Managing Director of the bank mentioned in his speech that the banking network of NBL had further been extended in greater Chittagong. 'Our Chawkbazar branch will fulfill the cherished desire of the people of this locality for modem banking facility," he also added.

Among others, Md Badiul Alam, Senior Executive Vice President and Chittagong Regional Head of the bank delivered welcome address and Aga Anwarul Islam Chowdhury, Senior Assistant Vice President and Manager of Chawkbazar branch delivered vote of thanks.

Besides, among the invited guests, Sufi Mizanur Rahman Chowdhury, Chairman, PHP Group also spoke on the occasion.

The elites and businessmen in the area were also present at the opening ceremony.

BRAC Bank Ltd, Metal (Pvt) Ltd sign MoU

BRAC Bank Limited and The Metal (Pvt) Limited (MPL), an authorised dealer of renowned brand tractor TAFE, have singed a Memorandum of Understanding (MoU) recently, says a press release.

Under this MoU, BRAC Bank Limited will give SME loan facility to the interested customers, who want to purchase tractors from The Metal (Pvt) Limited. This initiative will help the farmers to use the modern agriculture tools to increase productivity in the country.

AEA Muhaimen, Managing Director and CEO, BRAC Bank Limited and Engr Aminul Islam, Chairman, The Metal (Pvt) Limited signed the MoU on behalf of their respective organizations.

Ms Farzana Chowdhury, Head of SME Banking, Khwaja Shahriar Head of Corporate Banking, Syed Moinuddin Ahmed, Head of Business development, SME Banking of BRAC Bank Limited, Engr Sadid Jamil, Managing Director, Himangsu Sekhar Roy, Executive Director (Finance), Zahirul Hoque, Senior Manager, Credit Management of The Metal (Pvt) Limited and other senior officials of both the organisations were also present at the MoU signing ceremony.

Global financial crisis rocks US trade

AFP, Washington

The global financial implosion took a heavy toll on US trade in September, hitting both imports and exports, according to a government report yesterday underlining the world's economic woes.

In a report that highlights the slowdown in the world's biggest economy and a likely global recession, the Commerce Department said the US trade deficit narrowed 4.4 percent in September to 56.5 billion dollars.

What normally would be seen as an improvement in the trade balance set off alarms with a record drop in imports and and a steep fall in exports.

The data spotlighted weakening economic conditions both in the United States and its trading partners on the eve of a Group of 20 summit of industrialized and emerging nations in Washington aimed at confronting the worst financial crisis since the Great Depression.

Imports showed the steepest drop on record of 5.6 percent to 211.9 billion dollars, led by shrinking oil imports, as American consumers retrenched amid rising unemployment, shrinking investment portfolios and falling home prices.

Exports fell by the biggest amount since September 2001, a month marked by terror attacks, plunging 6.1 percent to 155.4 billion.

"This month's trade figures provided a foretaste of what is to come," said Nigel Gault, chief US economist at IHS Global Insight.

"If we look out over the next 12 months, both export and import volumes will drop-meaning not just slower growth, but outright declines-as the global recession reduces trade activity," Gault said. Joel Naroff of Naroff Economic Advisors, noting the "ominous" export figures, said "the higher dollar and weakening world economy has combined to cut the one sector that had been the bulwark of growth, exports."

The politically sensitive trade gap with China, the largest US trading partner, rose 9.6 percent to 27.8 billion dollars as Chinese imports climbed to a record 33.1 billion dollars.

"Despite the narrowing of the overall trade deficit, the shortfall with China actually expanded," Naroff said.

"Can you say trade tensions with the new administration?" he added, referring to Democratic president-elect Barack Obama, who takes office in January. Critics say President George W. Bush's Republican administration has not been tough enough against China, which they allege manipulates its yuan currency to maintain an unfair trade advantage.

"Nowhere are America's trade policy failures more glaring than on the China front. Our continually rising imports and now worsening exports show that the Clinton-Bush China policies have weakened the nation's economy and productive base," said Alan Tonelson, a research fellow at the US Business and Industry Council.

"President-elect Obama needs to change course quickly by urging swift Congressional passage of a strong currency manipulation bill." The September trade data, reflecting the financial meltdown triggered by the collapse of investment bank Lehman Brothers, came in sharp contrast to record- high July import and export figures.

Falling oil prices and consumption drove crude oil and oil product imports down 15.7 percent from August to 37.0 billion dollars. It was the smallest amount of crude oil imported-253.3 billion barrels-since February 2003.

Among key US trade partners, the US deficit rose 22 percent to 8.3 billion dollars with the European Union, 0.4 percent to 7.8 billion with Canada and 16.7 percent to 5.6 billion with Japan.

The trade gap with the Organization of the Petroleum Exporting Countries fell 30.2 percent to 13.4 billion dollars. For the first nine months of the year, the US trade deficit reached 534.5 billion dollars, up 1.5 percent from the same period in 2007.