The New Nation - Internet Edition

Country's BoP surplus declines by 68pc

NATION BUSINESS REPORT

Country's balance of payments (BoP) surplus fell 68.5 percent to $64 million in July-September 2008 compared with $203 million in the same period the previous year, the Bangladesh Bank said.

The current account surplus increased to $366 million during the period from $99 million previously, due to bigger inflow of remittances, the BB data shows.

However, the financial account balance stood at a deficit of $55 million against a $34 million surplus.

Imports for July-September increased by 35 percent from a year earlier, while exports rose 43 percent, bringing the trade deficit to $1.35 billion from $1.18 billion in the same period of previous year.

Officials said strong remittances from more than 5 million Bangladeshis working overseas helped offset the impact of the trade shortfall and kept the overall balance of payments in surplus.

Bangladesh received $2.3 billion in remittances in July-September, up from $1.6 billion the previous year.

The BB's foreign exchange reserves increased to $5.86 billion at the end of September 2008 compared with $5.16 billion at the end of September 2007.

The BB officials said the balance of payments surplus is likely to rise in the coming months as import costs come down due to drops in international commodity prices amid the worst global economic downturn since 1930s.

On the other hand, they said, demand for key ready-made garment exports and inflow of remittances, two mainstay of the impoverished country's economy, were unlikely to be affected immediately by the global financial squeeze.

Prime Bank holds workshop on Islamic Finance, Banking

NATION BUSINESS DESK

Prime Bank HR Training and Development Centre organized a five day long Workshop on 'Islamic Finance and Banking' in Dhaka that started from yesterday and will continue up to January 14. Officials of three Islamic Banks and Prime Bank are taking part in the workshop.

M Ehsanul Haque, Managing Director of Prime Bank Limited inaugurated the function as chief guest. Dr M Kabir Hassan, Professor of New Orleans University, USA and resource person of the workshop spoke on the occasion. Ferdousi Sultana, SVP, Public Relations was also present on the occasion.

M. Ehsanul Haque said, Islamic banking is fundamentally different from conventional banking. It is therefore extremely important to run Islamic banking operation by professionally trained personnel in compliance to the principles of Islam.

Prime Bank has arranged this workshop to enhance capability of the bankers in Bangladesh through updated knowledge on Islamic Finance and Banking and application of the same in practical filed.

Dr M Kabir Hassan said Islamic Finance is one of the fastest growing and most innovative financial discipline in the international financial market.

This course would help participants to fully understand the fundamental religious principles underlying modem Islamic finance and banking. It would provide participants with the opportunity to understand the religious principles and their interpretation, as well as the diversity and adaptive mechanisms of Islamic banking operations.

It is mentionable that as a result of recent approval from Bangladesh Bank, Prime Bank Limited now provides Islamic banking service through not only five of its Islamic Banking Branches but also through the Islamic Window of the rest 65 traditional branches of the bank.

The workshop was conducted by Shabana Sharmeen, EO Training and Development HR, Prime Bank Limited.

UCBL branch managers asked to accelerate business growth

NATION BUSINESS DESK

Md. Jahangir Alam Khan, Chairman, United Commercial Bank Ltd. has called upon the branch managers to continue determined efforts to further accelerating growth and development by enforcing adequate business drive with professionalism to strengthen Bank's position in the banking sector. He was speaking as chief guest at the inaugural session of Annual Business Conference-2009 held at Sonargaon Hotel in the city on January 10 last.

In the conference M. A Kalam, Chairman, Executive Committee, Mrs. Qamrun Nahar, Vice Chairperson, M. A Sabur, Chairman, Audit Committee, M. A Hashem, and Mrs. Setara Begum, Directors were present as special guests and called upon branch incumbents, executives and officials to carry out sincere professional efforts to increase profit with pragmatic planning, productive utilisation of manpower and information technology to ensure quality banking service to valued customers.

Earlier, M Shahjahan Bhuiyan, Managing Director of the bank outlining the performance in various core sectors called for coordinated effort at the branch level to expand business by way of marketing new products of the bank and expanding profitable lending to further strengthening Bank's position in the mainstream of banking.

Shah Alam Sarwar, Additional Managing Director offered vote of thanks while AK.M. Kamaluddin, Muhammed Shahidul Islam, Mamun-Ur-Rashid and Shafiqul Alam, Deputy Managing Directors were present at the conference.

Divisional Heads and Executives of Head Office and Branch Incumbents from all the branches over the country took part in the conference to review activities of the branches and Head Office adopting new action plans for strengthening the operational activities in line with socio-economic and global changes.

Mirza Mahmud Rafiqur Rahman, Senior Executive Vice President conducted the function as Master of the Ceremony.

Training workshop on 'Mass Casualty Management' held

Population Services and Training Centre (PSTC) and Dhaka Medical College Hospital (DMCH) in support with the Department of Health, Emergency Preparedness and Response (EPR), Actionaid Bangladesh and European Commission organised a four-day training workshop on 'Mass Casualty Management' at the Conference Room of the DMCH on January 11.

Prof Dr Hosne Ara Tasmin, Additional Director General of the Department of Health, was present as chief guest and spoke at the inaugural session, while Brig Gen Dr Md Abdus Shahid Khan, Director of DMCH, chaired the Session.

Enamul Kabir, Deputy Director of DMCH, AFM Sahidur Rahman, Sector Head of Livelihood and Risk Reduction of Actionaid Bangladesh and Milon Bikash Pal, Executive Director of PSTC, also spoke on the occasion.

Dr Zahidur Rahman, Assistant Professor of NIPSOM, is coordinating the training workshop. A total of 30 physicians of DMCH attended the workshop. Main aim of the programme is to reduce disasters during the earthquake situation. This programme is a part of 'Mobilising Communities for Disaster Risk Reduction, DIPECHO-IV.'

The workshop will conclude on January 14.

Bangladeshi restaurants in UK faces manpower crisis: BCA delegation meets British High Commissioner

NATION BUSINESS REPORT

As part of negotiation to resolve staff crisis prevailing with British curry industry for stricter immigration rules, a four- member delegation group of Bangladesh Caterers Association BCA (UK) met British High Commissioner Stephen Nicholas Evans at his office on Sunday.

Bajloor Rashid, President, BCA-UK, one of the directors of British Bangladesh Chamber of Commerce (BBCC) led the delegation of whom the other three were: M A Rouf (Justice of Peace), the regional President, BBCC; M A Mubin Khan, Co-ordinator, Bangladesh Chapter, BCA-UK and Kamal Yakub, a BCA member.

The delegates led by Rashid drew Mr Stephen's attention to the prevailing staff crisis the British curry industry is undergoing and asked him to help taking measures to facilitate the visa granting process for the skilled Bangladeshi chef and restaurant staff applying for it.

They also asked his excellence to play positive roles in support of their cause demanding for reactivation of `Tier 3 of the points based system' incorporated with the British immigration law, which provides for short period stay of Bangladeshi workers in Britain, currently inactive. They also inquired about the current status of a catering Institute, proposed to be built with DFID fund in Sylhet.

Mr. Stephen paid due attention to them and assured that he would arrange a meeting between BCA and DFID and talked to the ministerial level concerned on this matter.

BCA, established in 1960, is the umbrella organization of approximately 12,000 British-Bangladeshi restaurateurs in the UK, involved in negotiation at the government level of both the countries. It represents the Catering Industry run by the Bangladeshis, which employs more than 90,000 people, mostly Bangladeshi origin, with an estimated yearly turnover of £3.5 billion. Yet around 30,000 persons are required to resolve the staff crisis.

That reveals a great opportunity for Bangladesh to export a large number of manpower in Britain.

US oil giant Chevron raises gas production by 11percent

NATION BUSINESS REPORT

US oil giant Chevron has raised natural gas production in the country by more than 11 percent to about 500 million cubic feet (mmcf) per day to meet shortages, a senior official said on Sunday.

The country faces shortages of upto 250 mmcf per day, leaving it unable to supply hundreds of newly-built manufacturing firms.

"We have asked them to produce more gas from Bibiyana field to meet rising demand," said a senior official of the state-run Bangladesh Oil, Gas and Mineral Corporation or Petrobangla.

Some experts have suggested that production from current proven reserves of 2.51 trillion cubic feet at the field should not exceed the present quantum of 450 mmcf per day.

"As per the contract with Chevron, the firm may extract 497 mmcf per day," the official said.

He said that the government was pressing Petrobangla to produce up to 600 mmcf per day but it had not agreed.

"Such over extraction would result in damage to the reservoir of one of the country's largest gas reserve," said an expert who asked not to be identified.

Chevron said on Sunday the Bibiyana field had produced better than expected since its start-up in March 2007, indicating that field was likely to be bigger than originally thought.

The firm said an assessment of reserves by a third party indicated reserves were much higher than the initial assessment, conducted in 2000 before the field was developed.

Bangladesh, with 13.54 trillion cubic feet of proven and recoverable gas reserves, can now supply up to 1,800 mmcf of gas daily against a daily demand of 2,050 mmcf, officials said.

CLC should play effective role in education for sustainable development

Community Learning Centre (CLC) should play effective role in education for sustainable development. Consideration of education is necessary as an effective technique for sustainable development. UNO has declared 2005-20-14 as a decade of education for sustainable development. The target of this decade is to impart education about conviction, attitude and quality- life.

UNESCO Director & Bangladesh Representative Malama Meleisea said this in his presidential address while inaugurating a two-day long workshop on "Education for Sustainable Development through Community Learning Centre (CLC)" at the Conference Room of IDB Bhaban at Sher-e-Bangla Nagar in the city on Sunday jointly organized by Dhaka Ahsania Mission (DAM), UNESCO Bangladesh and Okayama University of Japan.

He further said eradication of poverty, social, cultural and over all development including: environment is the pre-condition of sustainable development.

Education Ministry Joint-Secretary Md. Safiullah and Okayama University of Japan Associate Professor Hideki Yamamoto spoke on the inaugural ceremony of the workshop.

DAM Executive Director M. Ehsanur Rahman highlighted the experiences of DAM about the role of CLC in sustainable development.

UNESCO Program Specialist (Education) Kichi Oyasu gave an overview on ESD and oriented the participants in the working session. The Association of Medical Doctors of Asia (AMDA), Bangladesh Dr. Sardar Abdur Razzak spoke in details about ECD and Community Development.

Education Ministry Joint-Secretary Md. Safiullah said, sustainable development means to meet up the need of present generation without damaging the development achieved in the past. Development can be advanced by detecting the problems of all through joint discussion and by solving those problems. Sustainable. development is not possible alone by the government but through the participation of community, NGO and civil society, he asserted.

A work plan will be formulated at the concluding session of the two day-long workshop.

Policy support needed to flourish SME growth

Business leaders of Chittagong Sunday urged the country's commercial banks to finance small and medium enterprises (SMEs) to ensure the economic development of the country.

Addressing a seminar titled "SME Support in Bangladesh" arranged by Chittagong Chamber of Commerce and Industry (CCCI), the speakers said as the country's SMEs have a good prospect with the growing GDP, these industries need policy support from the government along with a firm commitment.

Dr Firoz Faruki, who presented the keynote paper at the seminar, identified 22 impediments to the development of SMEs in the country, said a press release issued by CCCI.

These include commercial banks' general perception of risk in lending money to SMEs and higher administrative cost in lending.Chaired by senior vice president of CCCI MA Salam, the seminar was addressed among others, by CCCI vice president SM Shafiul Huq, former president of Small Shoe Owners Association Md Rafiqul Islam, president of Chittagong Fruit, Vegetable and Allied Products Exporters Association Mahbub Rana, professor of Institute of Forestry of Chittagong University Dr Md Mohiuddin, Professor of IUB Dr Tahlil Azim and deputy director of Board of Investment Sirajul Islam.

The seminar was arranged under an initiative undertaken by CCCI, Dhaka Chamber of Commerce and Industry (DCCI), German-based SEQUA and Belgium-based DEBELUX to promote SMEs.

Rapport holds meeting on Role of HR in Managing Change

A Breakfast Meeting on the role of Human Resource in managing change was held on Saturday, January 10, 2009 at Rapport Seminar Hall. Organized by Rapport Bangladesh Limited the program was attended by 25 HR professionals. A paper on the subject was presented by Md Tabarak Hossain Bhuiyan, Executive Vice President & Head of HR and Marketing, Prime Bank Limited presented the Keynote paper. Mr Tabarak emphasized the importance of HR's strategic role over the traditional admin & personnel functions. He expressed happiness about the realization of importance of HR in local private companies. The meeting was addressed by Dr M Mosharraf Hossain, Managing Director, Rapport Bangladesh Limited.