The New Nation - Internet Edition

Foreign exchange reserve marks 10.5 percent rise

NATION BUSINESS REPORT

The country's foreign exchange reserve has gone higher to US dollar 5.80 billion as on the close of last week (December 23) from US Dollar 5.25 billion on the close of last month, indicating a rise by 10.5 percent over a period of less than a month.

The reserve on June 30 this year was US dollar 6.15 billion while it was US Dollar 5.422 billion on December 23 last year, according to Bangladesh Bank data released Thursday.

The wage earners' remittance sent by the non-resident Bangladeshis (NRBs) during November this year amounted to US Dollar 761.38 million against US Dollar 617.39 million, marking a rise by 23.32 percent.

The remittance sent through the banking channel during the five months of the current fiscal (July to November) totaled to US dollar 3.75 billion against US dollar 2.81 billion, showing a rise by 33.39 percent.

The current account balance during July to September of the this fiscal registered a deficit of US dollar 280 million, against a deficit of US Dollar 59 million.

The current account marked a surplus balance of US Dollar 672 million during the fiscal year 2007-08.

Rate of inflation on the basis of 12 months average during November this year was 9.37 points from 9.80 in October and 10.00 in March this year, while it was 8.65 in November and 9.11 in December last year.

On point-to-point basis, the inflation was 6.12 points in November, 7.26 in October and 10.06 in June this year, while it was 11.21 in November and 11.59 points in December last year.

The call money rate on December 23 this year was 9.39 percent against 12.64 percent during the corresponding period last year, while it was 8.00 percent in November and 4.78 percent in June this year.

'Self-reliance on oil seeds, pulse and spices productions possible'

BSS, Rangpur

Experts and scientists have opined that the country has immense prospects to achieve self-reliance in oil seed, pulse and spice production by using latest agro- technologies and disseminating proper knowledge.

Self-reliance in edible oil could be achieved through increasing production of oil seeds in a comprehensive and well- coordinated manner saving over Taka 5,000 crore annually by bringing its import to the zero level, they said.

They also underscored the need for increasing production of all varieties of pulse and spicy crops, especially the high yielding and hybrid varieties, throughout the country with a view to achieve a complete self-reliance on these essentials in near future.

To achieve the goal, the Department of Agriculture Extension (DAE) has been implementing a Special Action Plan (SAP) for increasing oil seed, pulse and spice productions in Rangpur Agriculture Zone (RAZ) as elsewhere in the country.

The SAP is being implemented in all eight districts of greater Rangpur and Dinajpur districts under the RAZ with financial assistance of Bangladesh Agriculture Research Council (BARC) and technical assistance of Bangladesh Agriculture Research Institute (BARI).

Deputy Directors of DAE Nur Mohammad and Aftab Uddin Khan, Scientific Officer of BARI Zannatul Ferdous, Scientific Officer of Soil Resource Development Institute Abu Hena Mostafa Kamal, Deputy Director of BADC Asadur Rahman, RDRS expert Salah Uddin recently narrated BSS on importance of increasing oil seed productions.

They laid emphasis on the need for Increasing Mustard Cultivation and Ground Nuts and Soybean farming to move further forward in achieving the goals using the latest agro- technologies in the region.

Under the ongoing SAP in Rangpur, Kurigram, Lalmonirhat, Panchagarh, Dinajpur, Gaibandha, Thakurgaon and Nilphamari districts, tremendous successes were achieved in oil seed farming last season.

The experts said the RAZ that always produces huge surplus quantity of major crops like rice, potato, maize, vegetables, has tremendous potentialities to increase production of all varieties of oil seeds, pulse and spices through proper crop diversification, land management and utilization of the latest technologies.

They suggested that the mixed and inter- cropping methods of crop farming with proper seed and pest management has already been proved to be very effective for increasing production of all these crops everywhere in the region.

Productions of these crops could be increased in RAZ further through conducting motivational and awareness building activities for the farmers and providing them with the latest technologies, quality seeds, inputs and imparting proper training, they said.

They asked for cultivating hybrid varieties of oil seeds, pulses and spicy crops invented by BARI and Bangladesh Institute of Nuclear Agriculture (BINA) in between the gap of harvesting the short duration BRRI Dhan-33 and cultivation of Boro to get maximum production and quality seeds.

Under the SAP that was launched since 2004, hundreds of block exhibitions have so far been demonstrated under the supervision of the DAE experts and high quality foundation seeds, necessary fertilizers, pesticides and inputs have been distributed among the farmers in the RAZ.

The experts said that increased oil seed, spices and pulse cultivation would not only boost their productions and meet the local demand but would also improve soil health and meet nutritional demand of human body simultaneously.

8th Rapport Award for HRD ceremony held

NATION BUSINESS REPORT

The 8th Rapport Award for Excellence in Human Resource Development-2008 Ceremony was held on Thursday at Summer Palace Hotel.

This annual event of Rapport Bangladesh Limited was chaired by Dr Salehuddin Ahmed, Governor, Bangladesh Bank.

Dr Hafiz G A Siddiqi, Vice-Chancclor of North South University spoke on the occasion as special guest.

Chief Guest on the occasion was Prof (Dr) Muzaffer Ahmed, President, Transparency International presented citation to 10 award recipients. The recipients of award were Dr Salehuddin Ahmed, Governor, Bangladesh Bank, Salahuddin Ahmed and Manzoor UI Karim, former secretaries of the government, Dr Nazrul Islam, former Member of the Planning Commission, Fariduddin Ahmed, Managing Director, Islami Bank, Bangladesh, Shykh Seraj, Director, Channel i, Rakibuddin Ahmed, Secretary General, Dhaka University Alumni Association, Mrs Mun Mun Rahman, communication expert, Mrs Shahina Rahman, Managing Director, Academic Press and Publishers Limited and Dr Selina Akhter Jahan, Associate Professor, Bangladesh Open University.

In his speech Prof Muzaffer Ahmed emphasized the need for human resources development and appreciated the role played by Rapport Bangladesh Limited in his area as the lone private sector training institute.

He described and narrated the story of a few persons who were silently contributing in different fields of our national development. Those persons should be identified and recognized so that others get inspired, he added.

Earlier, Dr Salehuddin Ahmed unwrapped the cover of the book "Let Us Honour Them" written by Dr M Mosharraf Hossain, Chairman and Managing Director, Rapport Bangladesh Limited on the life of the award recipients.

The function was addressed by all the recipients, special guest Dr Siddiqui, Chairman of the function Dr Salahuddin Ahmed. The function was moderated by Dr M Mosharraf Hossain.

22mw power plant opened in Narsingdi

BSS, Narsingdi

The 22 MW power Plant of Doreen Power generation and systems Ltd was formally inaugurated here yesterday evening.

In this connection, Doreen power Ltd organized a function at Narsingdi Project site at Daguria, near Shahebprotap area of the town.

Habib ullah Majumder, "Chairman of Rural Electrification Board (REB) attended the function as the chief guest and inaugurated the plant.

Tofazzal Hossin, Chairman of NCC Bank was present in the function as special guest.

Amirta Baroi, Deputy Commissioner of Narsingdi, presided over the function.

Tahajib Alam Siddique, Managing Director of Doreen power generation and system Ltd gave welcome speech. The function was addressed, among others, by Mohammad Nurul Amin, Managing Director of NCC Bank, Syed Abu Abdullah member engineer of REB and Syed Wahidul Islam, general manager of Narsingdi Palli Bidyut Samity (PBS)-2.

The chief guest in his speech said as per the agreement between REB and Doreen power generation and system Ltd on October 11, 2007, Doreen Power Ltd started supplying 22 MW electricity to Narsingdi PBS-2 from December 21 this year. He said the electricity generation from this power plant will be used under Narsingdi PBS-2 areas and it will mostly solve the electricity problem in Narsingdi town areas. Besides it will also help for the expansion the textile industries in the areas. Doreen power Ltd spent Taka 113 crore for the implementation of this project.

Pubali Bank opens 365th branch at Halishohor

NATION BUSINESS REPORT

Pubali Bank Limited has inaugurated its 365th branch at Halishohore in Chittagong recently. Member, Board of Directors of Pubali Bank Ltd Fahim Ahmed Faruk Chowdhury inaugurated the branch as chief guest while Managing Director of Pubali Bank Helal Ahmed Chowdhury presided over the function.

In his speech, Fahim Ahmed Faruk Chowdhury said that Pubali Bank was committed to providing the best and innovative banking services according to the needs of the market in fastest possible time. As part for providing better services and clients' increasing demand Pubali Bank has opened its Halishohor branch.

He expressed his hope this branch would remarkable contribution in the business development of this area. He urged all customers of Chittagong region to take this opportunity.

In his speech Managing Director Helal Ahmed Chowdhury said that Pubali Bank had been providing better services to its customers since 1959 with a commitment to keep up its original tradition. Referring to the efficient management, accumulated deposit and adequate foreign currency reserve, he stated that Pubali Bank is capable of contributing more and more industrialisation and foreign trade of the country.

Referring to the advantage of the scheme of Non-Resident Credit, he said that one can take financial help through this scheme who goes abroad for employment.

He also said Bangladeshi expatriates can remit their money through Pubali Bank swiftly and safely.

He urged all customers of Chittagong region to take this opportunity.

He expressed his hope this branch would remarkable contribution in the business development of this area. He also urged all the local people for extending co-operation to the bank.

Chief Financial Officer of PBL A.T.M. Hasanuzzaman, General Manager of Chittagong Mohammad Firoz Khan, General Manager Mosarraf Hossain, Regional head of Chittagong North and Chittagong South, local elite and renowned businessmen also attended the function.

IBBL MD Faridduddin wins Rapport award

M Fariduddin Ahmad, managing director of Islami Bank Bangladesh Limited was awarded 8th RAPORT award for excellence in human resource development. Prof. Dr. Muzaffer Ahmed, chairman of board of trustees of Transparency International gave away the award as chief guest at a function organized by RAPORT Bangladesh Limited held on December 25, 2008 at a local hotel. Presided over by Dr Salehuddin Ahmed, governor of Bangladesh Bank, Professor Dr GA Siddiqui, vice chancellor of North South University attended the program as special guest. Dr M Mosharraf Hossain, chairman and managing director of RAPORT Bangladesh Limited delivered welcome speech at the program. Dr Salehuddin Ahmed, Shykh Seraj, Salahuddin Ahmed, Dr Nazrul Islam, Monzoor UI Karim, Raquib Uddin Ahmed, Shahina Rahman, Dr Selina Akhtar Jahan and Mun Mun Rahman were also awarded in the function for contribution in the same field.

Wedding business blues in India

BBC News, Mumbai

December brings with it the onset of India's wedding season, but this year the economic slowdown is casting a shadow on the traditional Big Fat Indian Wedding.

Hundreds of ceremonies take place across India during the month, and families would usually spend thousands of dollars to make sure that the event is a special occasion.

At the Juhu Marriott, one of the fanciest five-star hotels in Mumbai, frenzied preparations are underway for the big night.

Labourers here are working overtime, hanging streams of flower garlands and assembling chairs to get the finishing touches ready for the evening wedding celebrations, due to start in just a few hours time.

A night like this can take months of work to organise and set you back over $20,000 (£13,500) depending on your budget.

But the economic crunch here is curtailing the spending patterns of many Indian brides and grooms.

Spending cutbacks

Sudha Khanna has been a wedding planner for over a decade and she's in charge of the celebrations tonight.

She has been working with her clients to ensure that this wedding is a success. But even she's noticed that her customers are becoming a bit more stingy with their budgets these days.

"People are now a little more cost conscious these days because they're worried about the economic slowdown", she says as she directs one of the labourers to add more floral decorations to the ceiling.

"Over the last few years, we've organised hundreds of weddings - on a huge and lavish scale."

"But this year, clients are becoming a little bit more wary about spending more than they need to."

"I'd say I've seen people pull back by about 5 - 10% in terms of how much is spent on a wedding in comparison to last year," she said.

That may not sound like very much - but bear in mind that a wedding is the most important occasion in an Indian family's life. Parents start saving for their children's weddings from the day they're born, and how much you spend on a wedding is seen as a mark of your status and standing in the community.

It's estimated that over 15 million weddings take place in India every year, providing work for businesses ranging from wedding planners in fancy hotels to the bustling streets and alleys of Mumbai's flower markets.

But because of the economic crisis, cost consciousness is creeping in to these celebrations, and affecting all sectors of the wedding industry.

'Orders dropping'

Kalpana Sanganeria runs a flower boutique, catering specifically for grand weddings and special occasions.

Every morning begins early for her, as she heads out to the flower markets of Mumbai to pick out the choicest blooms for her clients.

But of late, she's seen a drop in orders. Customers just aren't spending as much as they used to.

As we walk around the colourful stalls of Mumbai's flower markets, she tells me about her concerns for her business.

"We've definitely seen a drop in orders this year", she says as she carefully inspects a bouquet of roses.

"I'd put it at around 15-20%. People just aren't spending as much as they used to on flowers."

"I suppose it's because they assume that if there's something you should cut down on at a wedding, it's flowers - because none of the guests will notice."

"But in the past, that wasn't the case. Bigger was better, but this year my clients are choosing to be a little more cautious. I hope next year the economy improves, so my business improves too!" she said. That's a sentiment that's shared by many firms who depend on the wedding industry for their income.

Cheaper honeymoons

Travel agents have been hit particularly hard because the economic slowdown and higher air fares have forced couples to compromise on their honeymoon packages.

Rajesh Rataria runs Cirrus Travels, a travel agency that's been based in Mumbai for over a decade.

He says he's seen a direct blow to his business because of worries over India's economic future.

"Couples are being more careful these days", he says.

"I've seen a 35% drop in business in terms of expensive honeymoon packages."

"It's not that young married couples aren't travelling, it's that they're choosing less expensive packages."

"Whereas before you'd see a lot of young people head off to the Caribbean or to Europe right after they got married, now people are staying closer to home, choosing Singapore or Malaysia instead."

"Everyone's worried about saving money - no one knows what's in store next year," he said.

Despite the gloomy environment though, the spirit of celebration, on the surface at least, is still very much in the air for brides and grooms in India.

A marriage is one of the most special events in an Indian family's life - a chance to show off and splash out.

Slowdown or no slowdown - the tradition of the Big Fat Indian Wedding is likely to continue - but in a slightly scaled-back fashion.