The New Nation - Internet Edition

IBBL co-ordination meeting held

The total Deposit of Islami Bank Bangladesh Limited has reached to Tk.20, 106 crore on 31 December, showing the growth rate of 21 % against the same period of the last year.

The total Investment reaches Tk.19,865 crore showing the growth rate of 14% against the same period of the last year. The Bank handles foreign trade amounting to Tk.40,269 crore showing the growth rate 40% against the same period of the previous year including imported of Tk. 16,833 crore, exported of Tk.9,396 crore and collected remittance of Tk.14,040 crore showing growth rate of 23 %, 41 % and 67% respectively against the same period of the previous year.

This information was disclosed in a Co-ordination meeting of the top executives of Head Office, Zonal Office of Dhaka City and Corporate Branches of the Bank. The meeting was held on 01 January 2009, Thursday at the Board Room of Islami Bank Tower. Presided over by M. Fariduddin Ahmad, Managing Director of the Bank, the meeting was attended among others by Mohd. Shamsul Haque, Mohammad Abdul Mannan and Md. Habibur Rahman, Deputy Managing Directors of the Bank.

RAKUB starts special loan scheme for extensive fish farming in N-dists

BSS, Rajshahi

The Rajshahi Krishi Unnayan Bank (RAKUB) has launched a special loan programme for extensive fish cultivation to increase employment opportunities fulfilling protein deficiency in the northern region in the country.

Officials concerned said toady the RAKUB adopted the credit programme titled "RAKUB fisheries village" to alleviate poverty and create more jobs through extension of fish farming for economic growth.

The main target of the programme is to encourage the small farmers in fish farming with loans on easy term so that they could produce more fish in the small ponds and other nearby closed water-bodies after using modern and scientific technologies.

The programme will give emphasis on forming each fisheries village with at least 10/12 small ponds and other nearby water bodies at potential places.

It will also create opportunities for the farmers to get fish-farming inputs like feed and marketing of the produced fish without any hindrance.

RAKUB Managing Director Fazlul Hoque told BSS that there has been a bright prospect for increasing fish production in all the northern districts with best uses of the existing natural resources.

Taking advantages of the situation, he said the bank has selected the fisheries sector as priority one for supplementing the government's efforts to attain the millennium development goals (MDGs).

At the preliminary stage, the RAKUB chief said 55 upazila and union-level branches of the bank in Rajshahi, Natore, Pabna, Sirajganj, Naogaon, Dinajpur, Bogra, Rangpur and Kurigram districts have been given power to disburse the credit. After assessing the success, the credit programme would be expanded gradually everywhere in the northern region. The RAKUB has established an easy process for extending necessary credits to small and medium fish farmers so that they can contribute a lot to the economic growth side by side with making the region free of poverty.

In addition to creating new efficient fish farmers, the scheme will help increase fish cultivation providing them with special facilities so that they could be brought to the mainstream of the national economic development activities.

Headquartered in Rajshahi, the RAKUB, in addition to crop loans, has been providing credits for the fish culture through its 364 branches in all the 16 districts under Rajshahi division since its inception in 1987. It has achieved a significant success in making the region surplus with food through quality consumer services.

Cultivation of various fishes, especially pungus, carp, monosex tilapia and thai koi, has been selected for investment in the first phase.

The programme has a provision for sanctioning the loan up to Taka 5 lakh in different potential and prospective fields. The farmers having experiences of fish farming and at least four- week training on improved fish cultivation would be given preference for getting the loan.

Fazlul Hoque said the new programme would help provide easy credit facilities for the small fish farmers as a vital force for poverty alleviation and national economic growth.

Apart from this, he said the scheme would also create huge job opportunities, and increase the flow of loan disbursement and recovery through relationship banking that would assist flourishing promising fish farmers as the substitute of venture capital in the northern region.

NKorea declares new campaign to rebuild moribund economy

AFP, Seoul

North Korea yesterday announced a three- year drive to revive its moribund economy, invoking the spirit of a mass campaign launched half a century ago, but analysts said it is fearful of the necessary reforms.

The impoverished hardline communist nation revived the "Chollima" (flying horse) campaign begun in 1956 after founding president Kim Il-Sung visited the Chollima Steel Complex at Kangson west of Pyongyang. A joint editorial setting policy goals for 2009 said the ruling party had set a "far-reaching target to open the gate to a thriving nation" in 2012, the centenary of the birth of Kim Il- Sung who died in 1994.

It also highlighted comments by his son and current ruler Kim Jong-Il during an inspection of the Chollima complex on December 24.

"The whole country and all the people, as in those years of bringing about a great Chollima upsurge after the war, should launch a general offensive dynamically," he was quoted as saying. He "kindled the torch of a new revolutionary upsurge in Kangson, the birthplace of the Chollima Movement," the editorial said, adding an important task is to put production "on a normal track."

Analysts said the North is exploiting its human resources but shying away from essential changes to its state-directed economy.

"Many North Koreans remember the good days which followed the Chollima movement," Kim Yong-Hyun, a Dongguk University professor, told AFP. "By reviving it, the North is urging its people to make a new start for economic reconstruction. At the same time, it is strengthening its ideological grip.

"North Korea is using human resources because it has almost nothing to mobilise. However the new campaign will not work" because the centralised command economy cannot do its job, Kim said.

"It needs reforms and openness to solve fundamental problems, not such an ineffective campaign."

In the mid to late-1990s the North suffered a famine which killed hundreds of thousands and it still relies on foreign aid to feed millions. In addition to the state-directed system, outdated facilities, a crippling energy shortage and a prolonged nuclear standoff with the West have complicated efforts for economic revival.

In 2002 the regime introduced limited economic reforms but rolled them back three years later, apparently fearful of relaxing its grip.

Late last year the North clamped down on fast-growing free markets for fear they could loosen the regime's grip, observers said.

Andrei Lankov, associate professor at Kookmin University, has said the North's rulers will probably never initiate economic reforms.

They fear "that Chinese-style reforms might trigger regime collapse if common North Koreans learn too much about South Korean prosperity and freedom," he told the Korea Times in a recent commentary.

Sandip Kumar Mishra of the University of Delhi said in a report last year the North could learn important lessons from two fellow communist nations.

"However, it seems less probable that North Korea's unique situation would permit it to follow either Vietnamese or Chinese models," he said.

In their case, reforms did not pose any serious threat to political existence or legitimacy.

"However in the case of North Korea, if the regime opts for a move toward a market economy, it might be perceived as not only a shift in the economic model but also erosion of the legitimacy of the North Korean state itself," he said.

The economy contracted for nine years in succession in the 1990s after the break-up of the Soviet Union and the loss of crucial aid.

From 1999 onwards the country managed seven years of growth, but gross domestic product shrank an estimated 1.1 percent in 2006 and 2.3 percent in 2007.

Remittance, Payment Deal BRAC Bank

signs deal with Interblocks Ltd

NATION BUSINESS REPORT

BRAC Bank Limited has signed an agreement with Interblocks Limited, Sri Lanka on implementation of EI Dorado- Remittance and Payment System software recently.

Tarique Amin Bhuiyan, Chief Information Officer, BRAC Bank Limited and Dinesh L Rodrigo, Managing Director and CEO, Interblocks Limited signed the agreement on behalf of their respective organisations.

AEA Muhaimen, Managing Director and CEO, BRAC Bank Limited and Anwaruddin Chowdhury, Deputy Manager, Remittance and Challenge Fund, RPCF were present at the signing ceremony. Other senior officials from BRAC Bank Ltd, Interblocks Ltd, RPCF and Aamra Technologies were also present.

AC Milan touch down in Dubai: Emirates announce increase in sponsorship level of club

DUBAI, UAE - The star-studded AC Milan squad arrived in Dubai on December 29 ready to head straight into training for their second half of the season.

The seven-time UEFA Champions League winners are making the most of the city's fantastic 'weather for their Emirates-sponsored Training Camp which runs from 30th December 2008 to 7th January 2009.

Maurice Flanagan, Executive Vice Chairman, Emirates Airline & Group, said: "Wc arc delighted that, through our sponsorship, we are able to bring a team of this calibre to Dubai for their training camp. Their stay in Dubai will give local football supporters a unique opportunity to see some of the world's best players up close.

"We are also pleased to announce that we have recently reinforced our commitmcnt to the team and have increased our level of sponsorship. We are now a Top Institutional Sponsor of AC Milan."

Carlo Ancelotti, AC Milan's coach said: "We are thrilled to be back in Dubai and the team and I are greatly looking forward to a productive week ahead of us. This trip to Dubai is an important part of our preparation for the rest of the season and our thanks must go to Emirates Airline for making this possible."

Local fans will indeed get the chance to see the stars up close, with two of the AC Milan training camps at Al Nasr' Club including being opened up to the public free of charge. On 30th December from 5-6.30pm and on 2nd January from 9.30am to 12pm, football fans can head to the club to watch the likes of Maldini, Kaka, Ronaldinho and Beckham in action.

They'll also have the opportunity to watch these legendary Footballers take on Hamburg SV in the Emirates and DTCM-sponsored Dubai Football Challenge which takes place at Emirates' new sports venue 'The Sevens' on 6th January.

Tickets for the Challenge are selling fast and fans arc being urged to buy their tickets before getting to the ground on January 6 to avoid disappointment.

Premier Bank inaugurates its 30th branch at Savar in Dhaka

To go wider with banking business and services nationwide, The Premier Bank Limited, one of the leading 3rd generation bank has inaugurated its 30th Branch at SAVAR bus stand, Savar, Dhaka on 28 December 2008, Sunday. To mark the occasion, befitting opening ceremonies were held at the branch. VP and Manager of the Savar Branch Moudud Ahmed presided over the program. The premier Bank's Director Director Masud Zaman, Director Md. Lutfur Rahman, Independent Director Abu Haniff Khan, Premier Bank Managing Director Khondker Fazle Rashid and a good number of valued clients, elites, local distinguished personalities, businessmen as well as wellwishers also attended the ceremony. A discussion and Doa Mahfil were held on those opening ceremony.

Addressing the ceremony the Managing Director Rashid called upon the residents of Savar to avail the fastest and modern banking services of Premier Bank delivered by means of state-of-the-art technologies. "As a caring and friendly service provider to all types of customers, Premier Bank is here in Savar to be a committed partner of development in the local and national economy", he pointed out. He insisted that local businesses especially SME enterprises, senior citizens and broad-based students' community will be given priorities in extending banking services by the Bank. "Our customers need not go anywhere and have the full freedom of choices to make from the thriving basket of products and services of the Bank", he concluded.

Among others present in the ceremony were, Executives/Officers of Bank's Head Office and Savar Branch.

Dulamia Cotton Spinning Mills declares 5pc dividend

NATION BUSINESS REPORT

Dulamia Cotton Spinning Mills Limited has declared 5 per cent dividend for the year 2007-2008. The dividend was approved at the 21st annual general meeting of the company held at the factory premises at Dagonbhuiyan, Feni on December 27 last.

Managing Director of the company Abdur Rob presided over the meeting.

Directors of the company Md Khorshid Alam, Md Moshiur Rahman, Mahbub Anam, Md Nuruzaqzaman, Company Secretary Col. M. M. Jahangir, psc (Retd) and a good number of shareholders attended the meeting.

The meeting adopted the Accounts for the year 2007-2008 and Directors' Report together with Auditors' Report. The meeting also appointed Auditors for the year 2008-2009.

Indian inflation at nine-month low of 6.38 pct

AFP, New Delhi

India's inflation rate fell to a nine-month low, government data showed yesterday, providing more scope for interest rate cuts to boost growth.

The annual rate of inflation fell from 6.61 percent to 6.38 percent for the week ending December 20, according to the Wholesale Price Index, the most watched cost-of-living monitor.

Inflation has fallen sharply since it crossed 12 percent for the first time in 13 years in August.

A reduction in prices of petrol and diesel by the government and a cut in value added tax by four percentage points earlier in the month have brought prices down.

Economists said the central Reserve Bank of India was expected to lower interest rates at its next scheduled monetary policy meeting on January 27.

Various Indian government officials have projected economic growth of between seven and eight percent for the year to March 2009, down from three years of at least nine percent expansion. However, many economists forecast growth of around 6.8 percent to March and as low as 5.5 percent the following year.

Fareast Islami Insurance New Chairman Vice-Chairman

NATION BUSINESS REPORT

Md Nazrul Islam and Dr Md Mokaddes Hossain has re-elected respectively Chairman and Vice-Chairman of Fareast Islami Life Insurance Co Ltd.

They elected unanimously at the 109th Directorates Board meeting of the company recently.

M Tazul Islam was elected as Chairman of Executive Committee, MA Khalaque as Chairman of Board Audit Committee, Dr Md Mokaddem Hossain as Chairman of Investment of Real Estate Development Sub-Committee (IRDC) and Helel Mian as Chairman of Purchase Sub-Committee.

Citycelliaunches exclusive Zoom™ packages at 14th Dhaka International Trade Fair

Citycell is participating in the 14th Dhaka International Trade Fair (DITF) at Sher-E-Bangla Nagar in the city which started on January. Md. Tarikul Hasan, Acting CEO of Citycell inaugurated the Citycell Pavilion on the opening day of the fair. Other high-officials from Citycell were also present during the occasion.

Under the banner of "Amazing Offers DITF 2009", Citycell introduced special packages of its high-speed wireless internet service Zoom™.

These include attractive start-up prices for Zoom™ connections bundled with devices, together with exclusive monthly data plans and voice tariff for these packages. Customers can purchase specific Zoom™-enabled handsets, USB Modems or PCMCIA Data Cards at discounted prices, available on at Citycell Pavilion no. 22 at DITF till 31st January, 2009. The unique Zoom™. offers are aimed to make wireless internet facility popular and accessible to all.

Visitors of all ages are also enjoying free internet browsing using Zoom™ at the Pavilion. Other features of Zoom™ service are being displayed at the Pavilion using innovative touch screen computers and next generation applications such as video conferencing are also being demonstrated.

Citycell One connections with a range of handsets are also available for sale at the Pavilion.