The New Nation - Internet Edition

Small investors asked to invest in share market cautiously

BSS, Chittagong

Stock market analysts and experts at a seminar here have suggested the small investors to put their money on share market cautiously by taking into consideration the overall market trend and performance of the respective companies.

They asked the small investors to review the annual report, future planning and present financial status of the investing enterprises before making any decision to buy their shares in a bid to safe their investment.

The speakers also called upon the government to take effective steps for inclusion of leading multinational companies into the country's stock market.

Fincap Analyst and Advisory Services Institute organized the seminar on " Formulation of strategy to safe and profitable investment in share market" held at a local hotel in the city on Saturday.

Noted economist and stock market expert Prof Abu Ahmed, Chairman of Finance and Banking Department of Chittagong University Dr Ismat Ara Haq, Chief Executive Officer of Chittagong Stock Exchange A B Siddiq and financial market analyst Subarna Barua among others spoke at the seminar.

Prime Finance wins first prize of 8th ICAB National Award

NATION BUSINESS REPORT

Prime Finance & Investment Limited, one of the leading merchant bank and financial institution wins the first prize of 'ICAB National Award' for the best-published Accounts & Reports 2007 under the Financial Sector-Non Banking category.

Prime Finance wins this prestigious award for published Accounts and Reports for the third successive year since its listing with stock exchanges in 2005.

While evaluating the Reports, the Institute of Chartered Accountants of Bangladesh (ICAB) takes into consideration, among others, the style of presentation, compliance of Accounting Standards, Companies Act, Financial Institutions Act, SEe's Ordinance & Rules, DSE & CSE Regulations in presentation of Annual Report, presentation of graphical/pictorial data, production quality of the report, segment analysis, timeliness in holding AGM, the aspects of Corporate Governance, Corporate Social Responsibility etc. Md. Akter Hossain Sannamat FCA, FCS, Managing Director of Prime Finance received the award from Dr. A. B. Md. Mirza Azizul Islam, the Adviser in Charge of Ministry of Finance & Planning who graced the occasion as the Chief Guest at the award giving ceremony at the Bangladesh- China Friendship Conference Centre. Such a recognition for last three years is the testimony of the financial soundness of the Company, good governance, compliant to the Rules & Regulations, adherence to the Bangladesh Accounting Standards, transparency and adequacy of disclosures in Financial Statements of Prime Finance and Investment Limited.

Prime Finance provides comprehensive investment and financial solutions in an integrated manner with a wide range of services which include lease finance, term finance, real estate finance, SME finance, bridge finance, syndicate finance, public issue of securities, underwriting of shares, portfolio management, margin loan, share trading and corporate financial services including merger and amalgamation. Moreover, Prime Finance also offers different deposit schemes such as Housing deposit, Fortune DPS, Annual income deposit, Monthly income deposit, Cumulative income deposit and Double income deposit. Prime Finance gave 40 percent stock dividend to its shareholders for the Financial Year 2007.

DBBL opens 4th SME Service Centre at Raozan in Ctg

NATION BUSINESS REPORT

Dutch-BangIa Bank Limited has opened its 4th SME Service Centre at Raozan (Hazi Ahsan Mansion, Thana Road), Chittagong on December 21last.

The opening ceremony started with a milad-mahfil seeking blessings of the Almighty Allah for successful operation of the SME Service Centre. This SME Service Centre has been linked with the bank's on-line banking network to facilitate daynight 24 hours banking services to the clients from the very beginning of the day.

Professor Dr Irshad Kamal Khan, Independent Director of DBBL inaugurated the SME Service Centre from which the customers of the rural area will be able to get the services of ATM, kiosk (to deposit money), SME loans, remittance services etc.

Md Yeasin Ali, Managing Director of the bank was present at that time.

While addressing in the opening ceremony, Ali informed that DBBL has planned to open more SME Service Centers for providing modern banking facilities in the rural area. The bank is always giving emphasis on providing financial services to the potential small and medium entrepreneurs across the country, he added.

He categorically mentioned that DBBL has been giving priority to deliver the remittances very quickly and efficiently to the beneficiaries of the Bangladeshi expatriates living aboard.

The local elites, business personalities, bankers, educationists and local journalists were present in the inaugural ceremony.

The respected guests opined that Dutch-BangIa Bank 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 and social activities from which the society is at large benefited.

Standard Bank holds 56th meeting of EC

NATION BUSINESS REPORT

The 56th meeting of the Executive Committee of the Board of Directors of Standard Bank Ltd was held on December 15 last in the board room of head office of the bank.

Executive Committee Chairman Kamal Mostafa Chowdhury presided over the meeting. It was attended by members of the committee Abdul Ahad, Alhaj Nurul Haque Sowdagor, Farzana Yousuf and Shaikh Mesba Uddin. Among others, Managing Director SA Farooqui, DMD Md Nazmus Salehin and Board Secretary AFM Nizamul Islam Chowdhury were present at the meeting.

The EC took various important decisions regarding the bank's investment policy in the field of trade, commerce and industries and approved proposals received from different branches in respect of financing of working capital for industries and other import, export and commercial trading businesses in the said meeting.

Bumper production of aromatic rice achieved in northern region

BSS, Rangpur

The farmers during the current season achieved a bumper production of aromatic rice in the country's northern region with its harvest ended recently.

Officials of the Department of Agriculture Extension (DAE) said that cultivation of fine as well as aromatic rice has been gaining popularity in northern Bangladesh over the recent years because of its huge demand and higher prices in markets.

They said cultivation of such rice has been increasing due to favourable climate and special steps taken by the DAE, Bangladesh Rice Research Institute (BRRI), Bangladesh Institute of Nuclear Agriculture (BINA) and several NGOs.The experts are expecting brighter prospects of increased production of different fine and aromatic rice in the country's northern region including greater Dinajpur, Rangpur, Bogra and Rajshahi districts.

Chief Scientific Officer of BRRI Dr M Abdul Majid and DAE expert Nur Mohammad today told BSS that farmers are bringing more lands under the aromatic rice farming every year. There are huge potentials for enhancing fine and aromatic rice production by utilizing the latest agri-technologies and existing natural resources, they said adding, these varieties could be exported after meeting local demand.

In this respect, they stressed the need for ensuring adequate supply of aromatic paddy seeds and creating more facilities for exports by further encouraging the farmers to boost production.

Sadar Upazila Agriculture Officer of Rangpur Alhaj Delbar Hossain called for more importance on minimum use of chemical fertilizers and insecticides and introduction of integrated pest management system. Presently, he said, aromatic and fine variety rice is being cultivated in less than two per cent of the total lands under rice cultivation. Crushing and processing systems for these varieties of rice should be improved up to the international standard, he observed.

The BINA, DAE and BRRI experts called for intensifying the innovation of more high yielding varieties of fine and aromatic rice that could be adapted with the topographic and climatic condition of the country for increased productions.

According to the experts, such rice including Basmoti, Chinigura, Kalijira and BR-34 being produced in the region are of international standard to attract the buyers in the global markets.

The BRRI and BINA have so far released six varieties of aromatic rice at the growers' level and the agri-departments and several NGOs including RDRS have been working hard for increased productions of the rice and seeds.

The per kg price of all varieties of aromatic rice marked a sharp fall by Taka 20 on an average than that it was one month ago due to appearance of huge quantities of newly produced such rice as well as bumper production this year, market sources said.

Canada contributes to Corporate Social Responsibility project

NATION BUSINESS REPORT

The High Commission of Canada in Dhaka has contributed funds to a project that will promote and develop Corporate Social Responsibility (CSR) in the Meghna Group of Industries at Janata Flour Mill at Meghna Ghat.

The CSR development project for the mill's managers and employees has the support of the chairman and board of the mill's parent company 'The Meghna Group of Industries', said a press release yesterday.

The company has some 10,000 permanent and casual employees and an annual turnover is around 720 million Canadian dollar equivalent to about Taka 4,000 crore.

This project will enhance Canada's commercial engagement in Bangladesh by helping promote sustainability and environmental stewardship through a responsible approach to CSR.

It will also promote additional opportunities for trade between Canada and Bangladesh and open up new export opportunities for the Meghna Group of Industries.

The delivery partner for the CSR development project will be the Dhaka-based consultancy Reed Consulting Bd. Ltd. The project will provide training to Janata Flour Mill and Meghna Group managers, supply CSR briefing materials and fact sheets in English and Bangla for factory use and further develop existing CSR good practices in employment and environmental protection by the Meghna Group of Industries, the release added.

UPS opens customer center in Gazipur

NATION BUSINESS REPORT

United Parcel Service Inc, USA, the world's largest express delivery company, has extended its customer support services by opening a customer centre at Gazipur (Vogra bypass road). CEO Atif Rahman, Air Alliance Ltd, authorised service provider, is seen in the picture inaugurating the new branch with Fahim K Hak and senior officials. This customer centre is an addition besides its other branch at Uttara serving Dhaka and its growing export center in the north. Other branches are at Savar EPZ, Mirpur, Motijheel, Kawran Bazar, Narayanganj and Chittagong and CEPZ. While inaugurating CEO emphasised that better customer support is an important factor for any service oriented company.

This new branch would enable better response time to its customers. He also added that UPS has plans to extend their support by opening more centers at major metros and export zones of Bangladesh.

GP partners with Prothom Alo for publication of 1971 letters

Grameenphone Ltd, in association with Prothom Alo, announced the start of a collaborative project highlighting the Liberation War of 1971, at a press conference organized at the Liberation War Museum on December 15 last.

The collaborative project will be the publication of letters, written by the freedom fighters during 71 to their homes/parents/relatives, in the form of a book.

Present at the press conference were Matiur Rahman, Editor, and Anisul Huq, Deputy Editor, of Prothom Alo. Oddvar Hesjedal, CEO, Syed Yamin Bakht, Director, Public Relations of Grameenphone Ltd, along with other senior officials of the Liberation War Museum, Prothom Alo, and Grameenphone.

Speaking at the press conference, the Grameenphone CEO said that he was pleased by the definition of the project because it came "from the heart and will leave in its wake a document which will help to preserve an important part of history through the letters written by the freedom fighters to their near and dear ones."

Matiur Rahman added "From the heartfelt words of our freedom fighters, we believe our next generation will learn how to face any adverse situation."

A national media campaign will be initiated calling for any letters or correspondences by freedom fighters from the war front or to the freedom fighters from their family. Collection was kicked-off from December 16 last and continue through February, with the objective of launching the compiled letters in a book on March 26, 2009.

Letters will be collected through Grameenphone Centers as well as through all Prothom Alo offices. These letters will be scrutinized for authenticity and background by researchers before being approved for inclusion in the book.

Potato prices start falling in N-region

BSS, Rangpur

Prices of potato start falling following arrival of newly harvested early variety of potato in the local markets in the country's northern region now, market sources said.

The newly harvested potato is selling at rates between Taka 13 and Taka 15 per kg against Taka 30 and Taka 35 per kg a month ago in the local markets and the prices are expected to fall further with more harvests, the sources added.

The early variety potato has flooded the local markets as farmers cultivated those much ahead than that of the traditional periods after harvesting short duration BRRI Dhan-33 Aman paddy and summer vegetables, DAE sources said.

The Department of Agriculture Extension (DAE) has fixed a target of producing 58,99,250 tonnes of potato from 3,37,100 hectares of land during the current season in all 16 northern districts of the region.

The target is higher by 35 percent than that of the previous season when the DAE had a target of producing 44,07,936 tonnes of potato from 2,49,600 hectares land and the farmers achieved the target, DAE officials said.

The farmers still continue sowing seeds of late variety potato at many places after harvesting their T-Aman paddy and more land is expected to be brought under potato cultivation with a possibility of bumper production this season.

The farmers are expected to cultivate the major crop in more land than the target and vast tract of the char lands has been brought under farming of the crop this time.

The concerned departments and administration have taken adequate steps for ensuring smooth supply of chemical fertilizers, pesticides, technical assistances and other inputs to the potato growers for potato farming.

The easy-term agriculture loans provided to the small and marginal farmers for farming of Rabi crops including potato helped the farmers in farming the crop in more land this season, farmers said.

Tripura, Mizoram ban import of poultry products

Internet

Tripura and Mizoram Sunday banned the import of poultry from the bird flu-hit states of Assam and West Bengal, besides adjoining Bangladesh, officials said.

'The state government has set up check gates at the Assam-Tripura border and asked security forces to maintain a strict vigil along the border with Bangladesh to prevent import of poultry and poultry products,' said U. Venkateswarlu, principal secretary with the Tripura government.

'There are no reports of avian flu attack in Tripura, but we cannot remain complacent,' the official told reporters here.

The Mizoram government has also issued a similar ban.

'The Mizoram government has asked traders not to import poultry and poultry products from outside the state and asked its officials to maintain a close vigil along the border,' said C. Sangnghina, director of the animal husbandry and veterinary department.

More than 80 Rapid Response Teams have been kept on standby in Tripura to deal with symptoms of bird flu.

The northeastern state of Tripura was affected by avian influenza in April and May this year, forcing the authorities to cull over 200,000 birds.

At least eight Assam districts were hit by the bird flu virus two weeks ago after hundreds of chicken and ducks died suddenly. More than 400,000 poultry have been culled in Assam after the outbreak, officials said.