The New Nation - Internet Edition

Global cotton trade may dip by 12 pc in 2008-09

PTI, New Delhi

The global cotton trade is likely to fall by 12 percent to 7.3 million tonnes in 2008-09, following uncertainty about the global financial crisis and tightening credit availability for spinning mills, the International Cotton Advisory Committee (ICAC) said.

A decline in world cotton imports is mainly driven by an expected 24 percent drop in imports by China (Mainland) to 1.9 million tonnes, ICAC said in a statement.

Imports by the rest of the world are also expected to decline by seven percent to 5.4 million tonnes, it said, adding that there would be a six percent fall in global cotton mill use to 24.9 million tonnes in the next year.

ICAC said lowered global economic growth for 2009, projected decline in developed economies' income, tightening credit availability for spinning mills and uncertainty regarding the consequences of the global financial crisis, are severely affecting cotton consumption worldwide.

Meanwhile, global cotton production is also expected to decrease by six percent to 24.6 million tonnes, driven by a decline in cotton area cause by increased competition from grains and oilseeds and unfavourable fluctuations in the exchange rates of many producing countries during 2007-08, it said.

In particular, production is expected to fall in the US by 30 percent to 2.9 million tonnes, while it could increase in India, Pakistan and Australia, it added. ICAC is an association of governments of cotton producing and consuming countries.

Massive mug farming planned in N-dists

BSS, Rangpur

Rangpur-Dinajpur Rural Service (RDRS), a regional NGO, has taken an extended programme for farming mug pulse in the eight districts of greater Rangpur and Dinajpur during this season.

An official of the NGO told BSS that the programme has taken on the basis of its huge successes achieved during the past few years.

Narrating the successes, agriculture coordinator of the NGO, MG Neogi said mug could be cultivated in huge scale everywhere in the country in only two months.

He said that mug could be one of the most profitable cash crops especially in the poverty- and Monga-prone greater Rangpur and Dinajpur region as its cultivation is more gainful than any other crops.

After harvesting potato, farmers can sow mug seeds in the same land by March and can harvest the crop within only 60 days by May to cultivate T-Aman paddy in the same land by June or July under the Aman-Potato-Gram rely-method cropping pattern, Neogi said.

The research showed that mug farming needs no chemical fertilizers and the land regains its lost health and becomes very fertile when the mug plants are mixed with the soil after its harvests to yield more productions of the subsequent crops.

"The farmers got an average yield of 150 kg mug per bigha with a net profit of Taka 9,000 per bigha expending of only Taka 3,000," he added.

Grameenphone publishes its first CSR Report

NATION BUSINESS REPORT

Grameenphone Ltd on Sunday publicly launched its first Corporate Social Responsibility Report at a simple ceremony organized at a local hotel in the city.

The report was unveiled by Oddvar Hesjedal, Chief Executive Officer of Grameenphone Ltd in presence of senior representatives from both the public and private sectors.

The objective of the publication was to create better understanding among the key stakeholder groups about Grameenphone's good corporate governance practices and its contribution to the socio-economic development of the country. As a responsible and sustainable business, Grameenphone's socio economic responsibilities extend beyond its financial performance. Grameenphone's investment strategies are thought through beyond mere balance sheets to act as a catalyst for prosperity and innovation that can spur economic growth for the country.

In his presentation Grameenphone CEO, Oddvar Hesjedal, said that the company was geared to invest beyond business through its CSR initiatives and committed to work hand in hand with the government of Bangladesh and other development agencies in meeting the Millennium Development Goals of the country.

Grameenphone recognizes the enormous potential for social and economic benefits to Bangladesh through telecommunication.

It has a role to play in ensuring that these benefits are accessible to as many sections of the society as possible. This belief is crystallized as one of the key priorities in Grameenphone's CSR strategy.

While the report is focused on the most significant issues and goals, through the report, Grameenphone would like to stress that transparency and corporate responsibility are embedded in every single aspect of the company's operations i.e. business, people, products, environment etc.

Pubali Bank holds seminar on 'Manager and His Job'

NATION BUSINESS REPORT

A seminar titled 'Manager and His Job' for branch managers and senior executives was held at Pubali Bank Head Office organised by Pubali Bank Training Institute recently.

Managing Director of Pubali Bank Ltd Helal Ahmed Chowdhury was present as the chief guest at the seminar.

In his speech, Helal Ahmed Chowdhury urged the managers to be logical, flexible and open minded.

He said that one could prove himself or herself as a good manager by overcoming the limitations and manage everything in all situations properly.

The Managing Director urged everyone to provide correct and complete information in relation to the opening of the bank accounts, transfer of funds and identification of customers.

He advised all officials to be meticulous in compliance of instructions of Head Office, Bangladesh Bank and other regulatory bodies.

Helal Ahmed Chowdhury also underscored the need for better and prompt customer services through utilization of the modern information technology.

Principal of the Training Institute Badruddin Ahmed and Faculty Member DGM Sushil Kumar Paul were present at the workshop.

Stocks rise in Asia on US auto bailout hopes

AFP, Tokyo

Asian stock prices rebounded sharply today on growing hopes that the United States will step in to save its ailing Big Three automakers.

Japan's Nikkei index surged 5.21 percent, while Seoul's KOSPI index added 4.9 percent, after Washington suggested it would help Detroit by tapping into a 700 billion-dollar bailout initially aimed at the financial industry.

The announcement triggered surprise gains on Wall Street, reversing earlier weakness that sent global indexes into a collective tailspin. The Dow Jones Industrial Average gained 0.75 percent to close at 8,629.68 on Friday.

Hong Kong's Hang Seng index was up nearly three percent by late afternoon, although Shanghai pared early gains after China posted its slowest rise in industrial output in more than a decade.

Asian and European markets had plummetted Friday after the US Senate shot down a multibillion-dollar package to rescue automakers on the brink of bankruptcy as the global economy slows down.

"Tokyo plunged Friday out of fears that New York would tumble after the auto bailout bill was scrapped," said Ryoji Nagaoka, an investment information official at SMBC Friend Securities. "Since then, relief has spread after New York rallied," he said.

But Nagaoka said investors "do not expect the Big Three will get a bailout smoothly."

"If they had a bright outlook, the index would rise more than it fell on Friday. The rebound is still smaller than Friday's plunge."

US President George W. Bush said during a surprise trip to Afghanistan Monday that an agreement on how to remedy the carmakers' plight was not imminent.

"We are not quite ready," he told reporters travelling with him on Air Force One, but added: "This will not be a long process because of the urgency."

Results of repo auction announced

BSS, Dhaka

The repo auction of Bangladesh Bank for commercial banks and financial institutions was held here Sunday.

Six bids of one-day tenor amounting to total of Taka 2871 crore and two bids of 7-day tenor amounting to total of Taka 545 crore, in grand total 8 bids amounting to Taka 3416, were received and all the bids were accepted. The rate of interest of the accepted bids was 8.75 percent per annum, said a press release.

Premier Bank holds workshop on INCO Term, forex

The Premier Bank Limited arranged a workshop on 'INCO Term, Foreign Exchange and Related Terminologies.

It was held at the bank's Training Institute, Hall Room, Iqbal Centre, (4th Floor) Banani, Dhaka on December 1 last.

Managing Director of the bank Khondker Fazle Rashid inaugurated the workshop as chief guest.

Md Lakiot Ullah, former Managing Director Exim Bank and Jamuna Bank was present as special guest.

Among others, Additional Managing Director Md Mokhlesur Rahman, SEVP and Head of Corporate Division Dewan Anwarul Latif, Head of Credit Division Sahdat Hossain and Principal Training Institute Ashoke Bundhu Das were present on the occasion.

National Consumers' Rights Protection Parishad formed

The government has formed a 21-member National Consumers' Rights Protection Parishad (NCRPP) with Commerce Minister as the Chairman and Director General of Consumer Rights Protection Directorate as its member-secretary.

The Ministry of Commerce formed the NCRPP under Clause-5 of the Consumers' Rights Ordinance, 2008, an official handout said Sunday.

Other members of the NCRPP are: Commerce Secretary, Directors General of National Security Intelligence and Bangladesh Standard and Testing Institution, one Joint Secretary from the ministries of Agriculture, Industries, Fisheries and Livestock, Food and Disaster Management, Home, Energy and Mineral Resources and Law and Parliamentary Affairs. Chairman of Jatiya Mohila Sangstha (JMC), Additional Inspector General of Police, Director of Bangladesh Riffles (BDR), representatives from Bangladesh Oushad Shilpa Samity, Medicine Administration Directorate and FBCCI; Presidents of Jatiya Press Club and Consumers' Association of Bangladesh; and government nominated three civil society members.

The main objective of the NCRPP is to formulate necessary policy and carry out a countrywide campaign to aware the people about their rights.

BMDA's quality rice-seed production project attains success

BSS, Rajshahi

The Seed Production Project under the Barind Multipurpose Development Authority (BMDA) has attained a success in terms of fulfilling the deficit of quality paddy seed in the vast tract of Barind area during the last couple of years.

Officials told BSS here yesterday that the Taka 10.32 crore project titled "Quality Seed Production on Farmers Field" is being implemented in all the 25 upazilas of Rajshahi, Naogaon and Chapainawabganj districts since July, 2006.

The main objectives of the five-year project are to motivate farmers towards producing improved varieties of local and high yielding seeds and to train up 16,000 farmers and staffs on production, procurement, processing and preservation of quality seed.

Project Director Rafiqul Islam said that the BMDA is, at present, providing irrigation facilities to around 7.42 lakh hectares in Aman season and 3.84 lakh hectares in Boro season.

"To cultivate these lands in both the seasons, 43,645 tonnes of seeds are required every year," he said.

For the sake of sustainable crop production along with encouraging the farmers in crop farming, Rafiqul Islam said quality seed production should be ensured at the farmers level.

To make the project a complete success, he said around 1250 tonnes of seeds were produced and some 5,000 farmers were given necessary training on production, procurement, processing and preservation of rice seed through establishing around 250 demonstration plots during the last 2006- 07 and 2007-08 farming seasons.

Likewise, 1500 farmers were imparted necessary training to ensure production of 500 tonnes of quality seed during the current year. BMDA has been extending technical service and providing required inputs like seed, fertilizer and pesticides to the targeted farmers, he added.

"Besides, BMDA has been procuring breeder seed from BRRI and foundation seed from BADC and taking certificate from the Seed Certification Agency for producing quality seed," Rafiqul Islam said adding that necessary steps are being taken to avoid duplication in the regard.

BMDA Executive Director SM Abdul Mannan told BSS that deficit of quality seed could be reduced to a greater extent in the region on successful implementation of the project by 2011 that would help increasing rice production.

Mohammad Awal Khan new GM of Sonali Bank Limited

NATION BUSINESS REPORT

Mohammad Awal Khan has newly been promoted to the post of General Manager of Sonali Bank Limited.

He joined as new General Manager on November 27, 2008. Prior to his joining he was the Deputy General Manager of Bangladesh Krishi Bank.

He started his banking career as probationary officer (5th grade) in 1982. During his 26th years long banking career Mohammad Awal Khan has worked as a Regional Head of Chittagong, Patuakhali, Pirojpur, Gopalgonj and posted different divisions of Bangladesh Krishi Bank. Mr Khan obtained his Master degree along with Honours in Finance from the University of Dhaka. He is the son of Late Abul Hasem Khan of the village Charadi, Bakergonj under Barisal district.

CCCI elects 24 directors for two-year term

The Election Board of the biennial election (for the term 2009 and 2010) of the country's leading trade body--the Chittagong Chamber of Commerce and Industry has declared the result of the election on December 14 last.

Twenty four directors have been elected uncontested from four separate categories. As on the last day for withdrawal of candidature on November 20, 2008, there remained only 24 contestants which was equal to the number of seats to be filled-up by the election, no polling was held on its stipulated date on December 14, 2008.

The CCCI Election Board after a meeting on December 14, 2008 declared the above 24 candidates as elected. The names of the 24 directors (elect) are given below according to their respective membership categories:

Ordinary Class: M.A. Latif, Md Abdul Maleque, Fahim Ahmad, Md Shahin Alam, AKM Akter Hossain, SM Abu Tayyeb, Moinuddin Ahmed, Md Nurul Amin, Wasiur Rahman Chowdhury, Mohammed Shouib Riad, ASM Kaiser Ali and Alamgir Perves.

Associate Class: Mohd Amirul Haque, Shahabuddin Ahmed, Syed Sagir Ahamed, SM Shafiul Hoque, SM Mahbubul Islam and Nur Mohammed.

Town Association: MA Salam, Nasiruddin Ahmed Chowdhury and Ferdous Khan Alamgir.

Trade Group: Syed Ahsanul Hoque, Md. Emdadul Hoque Chowdhury and Benazir Chowdhury.

It is to be noted that as per the election schedule of the chamber, the above 24 directors, under the supervision election board chose a president, a senior vice-president and a vice-president for the chamber yesterday.