The New Nation - Internet Edition

BPC moves to reduce fuel prices: It's going to submit proposal to Energy Ministry today

NATION BUSINESS REPORT

Bangladesh Petroleum Corporation (BPC), a state-owned organisation responsible for importing and marketing petroleum produces, moves quickly to reduce the prices of petroleum fuels following a decision of the new Cabinet.

Sources said BPC is now calculating to determine how much the prices of petroleum fuel could be reduced.

The Awami League-led Grand Alliance government in its maiden Cabinet meeting Wednesday decided to reduce the petroleum prices, particularly that of diesel used by farmers in irrigation.

The Cabinet decision came as it was an election pledge of the Grand Alliance to reduce the prices of agri-inputs, including that of diesel, through providing subsidy.

Conveying the Cabinet decision, AL spokesman and LGRD Ministry Syed Ashraful Islam said the decision was made as part of efforts to fulfill their election pledges.

Following the Cabinet decision, according to the sources, the Energy Division asked the BPC to look into the recent trends on the international market and calculate how much the prices could be reduced.

The petroleum price on the global market has come down below US$ 40 per barrel after hitting a record level of US$ 150 last year. But the recent Israel's war on Gaza of Palestine, the fuel price took an uptrend reaching US$ 57 per barrel last week.

BPC Chairman Anwarul Karim said his organization, after being instructed by the Energy Secretary, has started calculating the prices of all kinds of petroleum fuels.

"We're calculating how much the prices could be readjusted in view of the downtrend on the international market. We're hopeful of submitting our proposal to the Energy Division by Sunday," he said.

The immediate-past caretaker government had raised the fuel prices by 36 percent following the sharp rise on the international market.

But then, when the prices declined, the caretaker government reduced the prices twice -- by 12 percent in September and then by 4.3 percent in December last year. However, the local fuel prices are still higher compared to the international ones. After the latest price adjustment, diesel and kerosene prices came down to Tk 46, octane to Tk 77 and petrol to Tk 74 per litre on the local market.

The BPC sources said it may suggest the government to reduce the prices of all kinds of petroleum fuel to avoid any contamination or distortion on the local market. In that case, the price of each item may be reduced by Tk 5 to 7 per litre, they hinted.

However, before any readjustment of fuel price, the government is supposed to consult the Bangladesh Energy Regulatory Commission (BERC) for its approval.

Farmers welcome govt bid to cut diesel prices

BSS, Gaibandha

Farmers at grass root level of the district welcomed the decision of the newly elected government to cut the prices of diesel used for irrigation purposes to help boost production of valued crops including paddy.

Hasen Ali, a farmer of Barobaldia under Malibari Union of sadar upazila in the district said, "We were in great anxiety about the diesel prices whether it will decrease or not as IRRI-Boro cultivation has already been started".

Another farmer M Momtaz Ali of Samash village under Sreepur Union of Sundarganj Upazila in the district said, the prices of agri-inputs like fertilizers and insecticides would have to be decreased side by side with slashing the diesel price, otherwise the farmers would not be interested in producing paddy and other crops.

Abdus Sobhan, a farmer of Khidir village of Malibari Union under sadar upazila also said, we are not getting fair prices of paddy against its production cost as the prices of all paddy have decreased sharply in recent days.

In this situation, welcoming the decision to cut-down the prices of diesel, the farmers urged the authorities concerned to implement it quickly and to decrease the price of other agri inputs at reasonable rate immediately to maintain the balance between the production cost and selling rate of paddy to encourage them in producing agri crops for building food security in the country.

Schering- Plough, USA partners with Nuvista Pharma in Bangladesh

NATION BUSINESS REPORT

Nuvista Pharma Ltd, formerly Organon (Bangladesh) Ltd, has entered into an exclusive agreement with Schering-Plough, a global pharmaceutical company headquartered in the USA, to distribute Schering-Plough products in Bangladesh.

Through this arrangement, Nuvista Pharma will progressively introduce leading edge drugs of Schering-Plough in Bangladesh.

This was announced at a function held at The Radisson Water Garden Hotel on January 9 last.

The function was attended by K G Ananthakrishnan, Managing Director, Schering Plough, India, and Debabrata Bandyopadhyay, Business Head (Bangladesh), as well as many leading doctors and business personalities of the country.

Akhter Matin Chaudhury, Chairman and Managing Director, Nuvista Pharma Limited provided an overview of the company. Directors of Nuvista Pharma K.L. Saha, Rahbar A. Anwar and Asif Ahmed also spoke on the occasion.

IBBL intends to work together with new govt for economic development of country

NATION BUSINESS REPORT

A day-long 'Annual Development Conference 2009' of Islami Bank Bangladesh Limited was held on January 9 last at Sonargaon Hotel in the city.

Prof Abu Nasser Muhammad Abduz Zaher, Chairman, Board of Directors of the bank inaugurated the conference as chief guest. Kazi Harun-ar-Rashed, Chairman, Audit Committee of the bank attended the programme as special guest.

Presided over by M Fariduddin Ahmad, Managing Director of the bank the inaugural session was addressed by Engr Md Eskander Ali Khan, Director, and Mohd Shamsul Haque, Deputy Managing Director of the Bank. Directors Dr AKM Sadrul Islam and Md Shamsul Huda FCA, Mohammad Abdul Mannan, Habibur Rahman and Md. Setaur Rahman, Deputy Managing Directors, top Executives, Zonal Heads and Branch Managers of the bank were present in the conference. The main theme of the conference was "Year of Diversification of Investment".

Prof. Abu Nasser Muhammad Abduz Zaher in his speech said, IBBL has been able to keep the glory of top position in banking arena last year keeping continuity of success.

He thanked 15 crore people of the country, 44 lakh depositors, 5 lakh investment clients, well wishers and all tyres of officials of the bank for the success.

He also remembered the ex-directors, officials and sponsors with gratitude for the firm position of the bank.

He welcomed the new government and expressed his will to work together for economic development and social advancement of the country as earlier. He urged the govt to take help from non-govt financial banks and institutions for socio-economic development of the country by pointing out the problems. He urged to built Bangladesh a poverty free welfare state and crate environment of investment and stressed on help to financial institutions.

He urged the branch incumbents to explore new investment fields and invest there for the economic development of the country. Stressing upon the importance of balanced distribution of asset, he said fund shoud not revolve among certain class of clients only. He urged to reach the investment facilities of the bank to every class of people all over the country.

He said Islami Bank has been working for the development of the country since its inception. The bank has been playing its role in industrialization, rural development and development of standard of livelihood including commercial sector. The bank has been conducting poverty eradication program through rural development scheme and different welfare based investments among the landless, shelterless and marginal people of the country.

He said Islami Bank is now a reality. The service of the bank is open for all irrespective of religion, colour, cast and creed. Banking activities are being carried out with the aim of the development of the country. The aim of the Bank is to present Islami Bank through it's service in such a way that mass people can realise that Islami Bank is 'My Bank'. And it is the Bank of general people. Branch Managers should play significant role in this respect.

He said IBBL has been able to achieve the reliance of all by exposing itself as a 'Model Bank' to local & foreign fmancial institutes. He called upon the officials to develop personal quality side by side customer service and to become professional Bankers in the light of globalization for serving the purpose.

He said the soil and people of the country are our assets and the flag of the country will remain elevated and Islami Bank will continue it's effort to strengthen the dignity of the flag. He stressed on Hundred percent Shariah Compliance in Banking Activities and not to take help of any activities related to Shirk.

Kazi Harun-ar-Rashed in his speech said, the greatness of Islami Bank is now established. New Islamic Banks are being established in the country being inspired by the success of Islami Bank Bangladesh Limited. Some Banks are converting their Banking system to Islamic Banking and many are thinking of Islamic Banking system. Multinational Banks has also started Islamic Banking. This is the main success of Islamic Banking System. He urged the managers to obtain International standard in Banking.

Director Engr Md Eskander Ali Khan said, we have to obtain such professionalism and work with passion, top most sacrifice and effort so that we can give acceptable solution to all types of complexities in Banking transaction. He called upon the Branch Managers to work keeping pace with the world economy.

M. Fariduddin Ahmad said, we have to obtain more professionalism to keep the continuity of the success of greatness in Banking sector of Bangladesh. We are to be always watchful about distortion in Islamic Banking. He also stressed on hundred percent Shariah compliance. He also called upon the managers not to surrender to any corruption.

BBF launches 'Unleashing Youth-Unleashing Bangladesh'

NATION BUSINESS REPORT

The Bangladesh Brand Forum (BBF) yesterday announced 'Unleashing Youth-Unleashing Bangladesh' campaign during a press conference held at the National Press Club in the city.

Prof. Ferhat Anwar, Chief Advisor BBF & Professor IBA; Mr. Debashish Neogi, Country Head, Marico Bangladesh; Mr. Somendra Das, Head of Marketing, Marico Bangladesh; Mr. Shariful Islam, Founder BBF were present at the press conference to share the details of the campaign.

This university campaign revolves around the business school students and giving them an insight of future of business and how they should prepare themselves for the future. The objective of the campaign is sharing the changing rules of business, providing case studies from local and global arena and interaction with business practitioners. Marico Bangladesh Ltd. is the title sponsor of this university campaign which is yearlong during 2009.

Youth always lies at the heart of any nations. For Bangladesh the fact applies more. Bangladesh Brand Forum, which has a vision of Transforming Bangladesh, realizes the importance of preparing the youth for the future so that they can lead the prosperous future Bangladesh.

400 sacks of urea seized, one held in Bagerhat

UNB, Bagerhat

Coast Guard members seized three trawlers along with 400 sacks of urea and arrested a man from Boleshwar river near Sanyashi village in Morelganj upazila on Friday midnight.

Captain Bashir, commander of Coast Guard Western Zone, said a regular patrol team of the cost guard chased and seized the three trawlers loaded with 400 sacks of urea fertilizer. They also arrested driver (Sareng) of a trawler, Habibullah, 45, while the other smugglers and drivers jumped into the river and fled the scene.

He said the trawlers were seized when the smugglers were taking the fertilizer to Myanmar.

Indian govt contemplating more cuts in petrol, diesel prices

PTI, New Delhi

Indian government on Wednesday said it may cut petrol and diesel prices further in "the next 2 to 3 weeks" and also slash cooking gas prices.

"We will try to reduce the prices of petrol and diesel in the next 2-3 weeks," Petroleum Minister Murli Deora told reporters at the All India Congress Committee (AICC) headquarters here.

Asked about the extent of reduction, he said it has still not been decided.

On December 5, the government had announced a Rs 5 per litre and Rs 2 a litre reduction in petrol and diesel prices, respectively, as global crude prices hovered around four year lows.

To a question on cooking gas prices, Deora said: "There was loss on that count to the government." He, however, hinted at a reduction of Rs 20-25 per cylinder.

The minister expressed unhappiness over the truckers' strike, saying: "Somebody perhaps is misguiding them," while quickly adding that the strike did not even concern his ministry.

ZAK Dhaka Build ends

NATION BUSINESS REPORT

Building developers and construction visitors gathered at 'ZAK DHAKA-BUILD 2009'. Long lasting construction planning and modernized technology slogan at Bangladesh-China Friendship Conference Centre, Dhaka in the exhibition.

Last two days were government holidays; so many people were able to join the exhibition. Managing director and project director of various real estate companies, engineers, architects and students have visited the exhibition. The project in-charge J Khan said that, this is the first time in Bangladesh, the people of real estate and construction business are getting the opportunity to participate in a Business to business exhibition, where not only Bangladesh but also many foreign countries, such as Japan, Canada, Turkey, Italy, Germany, India, China, Singapore, Hong Kong and many more countries have participated. Around 15 countries with 63 companies, this exhibition is being held with their products and technology. Cement, rod, steel, paint, aluminum foil, generator, UPVC, tools, pipes, chemicals and concrete companies have participated in this exhibition.

The four-day long exhibition, which started on January 7 by ZAK Trade Fairs and Exhibition Pvt Ltd, ended yesterday successfully.

Mobile operators urged to move to villages to explore potentials

NATION BUSINESS REPORT

Bangladesh Telecommunication Regulatory Commission chairman Maj Gen (retd) Manjurul Alam on Friday urged the country's mobile phone operators to move to rural areas to explore potentials.

He made the plea at a launching ceremony of the Association of Mobile Telecom Operators of Bangladesh (AMTOB) at the city's Radisson Hotel.

The BTRC chairman said the government is very positive to facilitate the IT sector and "we worked hard in the last two years to reach mobile phone services to rural people." He refused to term BTRC as a regulatory authority as he called it a facilitator. "You'll find BTRC beside you whenever you need," he said.

Chief executive officers (CEOs) of different mobile operators -- GrameenPhone, Aktel, Bangla Link, City Cell and Warid -- also spoke at the function held with AMTOB president Fazrul Rahman in the chair.

Prices of essentials start declining in Kurigram

BSS, Kurigram

The prices of essentials including rice started declining in the district.

Traders said the price of coarse rice came down to Tk 24 from Tk 30 during the last one week while the price of soybean oil declined by Tk 10.00 per liter, pulse by 10.00 per kg, wheat by Tk 12 and sugar by Tk 2.00 per kg.In the different retails markets, Soybean oil is being sold now at TK 90.00 per kg, pulse at Tk 100.00, sugar at Tk 32.00 and wheat at Tk 28.00 per kg.

Besides, the price of onion has reduced to Tk 30.00 against the price of its previous price at Tk 40.00 per kg last week. The price of vegetables also declined significantly during the same period, traders said.