Kaliakoir first site for economic zone

The government and the World Bank (WB) have identified Kaliakoir of Gazipur as the first site for an economic zone, reports BSS.
The proposed economic zone would be turned into a hi-tech industrial park and other potential areas including existing export processing zones (EPZs) could be brought under the economic zone regime, a WB spokesman told BSS today.
The site has been chosen as the entire area is semi- developed with a boundary fence and over 50 percent elevated land requiring no earth filling and strategically located to take advantage of the utility services avaibale in and around the zone.
Private sector investors say economic zones are most important tools for attracting private investment for generation of employment and accelerating economic growth.
Economic zones offer entrepreneurs serviced land and quality infrastructure, doing business and removing barriers in the way of private sector development.
Economic zones will create more linkages with the domestic economy compared to that of EPZs as those require industries located within the zone to export at least 90 percent of their products.
The World Bank, in collaboration with IFC and DFID, is supporting the government in improving Bangladesh’s competitiveness as an investment destination as well as promoting the domestic private sector.
The proposed project will also focus on human resource development and better compliance with environmental and social standards.
It is currently being designed through close consultation with both the government and private sector stakeholders to determine the necessary activities that will support sustainable private sector development.

More involvement of women for SME development suggested

Speakers at a seminar in the city Monday suggested involvement of more women for development of small and medium enterprises in the country, reports BSS.
“Women entrepreneurs should give more priority to bring them in production for womens’ empowerment and gender equality,” they said.
“The present government is SME friendly and all concerned should utilize the opportunity timely,” they said adding that identified constraints in this sector could be solved by both government and private sectors jointly.
The seminar on “SME Sector in Bangladesh” was organized by Asian University of Bangladesh (IUB) at its Motijheel Campus.
Vice-Chancellor of the university Prof. Dr Abulhasan M Sadeq attended the seminar as the chief guest while BSS Managing Editor Azizul Islam Bhuyian was the main speaker. Joint Secretary (LPR), Ministry of Water Resources Narayan Chandra Dey presented the keynote paper on the subject.
Dean of the School of Business, AUB Prof. Md Ashraf Hossain presided over the seminar while Professor Shamsul Islam Latifi acted as the moderator.
The speakers underscored the need for removing all the barriers on the way of flourishing SME which is the pre-condition of nation’s industrial advancement.
“With limited resources and technological know how we have no way to develop big and heavy industries” industries in the country” they said adding that for quick economic development SME should set up unto remote rural levels,” they said.
The speakers were unanimous that the industrial development of the country could not be possible with the prescriptions of the World Bank, IMF or other international financial and donor agencies. “We have to evolve our own polities and strategies in the light of prevailing socio-economic conditions of the country,” they observed.
In his speech, the vice chancellor said the AUB would be developed at per international standard of education that exists in the USA, UK or other developed countries. He called upon the students to avail the “supper highway of learning”. You have no scope to precede in snail spec at a time when the rest of the world is moving at a faster speed, he said.

Dhaka, Delhi agree on removing trade barriers

Foreign Minister Dr Dipu Moni today told the Jatiya Sangsad that the governments of
Bangladesh and India agreed on removing all tariff and non-tariff barriers for reducing trade imbalance and expanding trades between the two countries, reports UNB.
She said Bangladesh government has appreciated the Indian government for reducing the number of Bangladesh’s exportable from its import ban list (negative list) and requested it for further reducing the number of Bangladesh items from the list.
The minister was said this while replying to a query from Jatiya Party lawmaker Md Mujibul Haque.
Dr Dipu Moni said India would provide cooperation to Bangladesh for raising the capacity of Bangladesh Standard and Testing Institute (BSTI) in improving standardization certification so that BSTI issued certificates are acceptable by Indian authority.
The decision for establishing border haats at several Bangladesh-India borders areas would have positive impact on the lives of the people at country’s remotest areas which would ultimately speed up country’s economy, she said.
“We are trying to reach an effective solution on sharing water of all common rivers between Bangladesh and India in the light of the 30-year Ganges water sharing agreement signed between the two countries in 1996,” she said.
During the Prime Minister’s recent visit to India, Bangladesh has requested the Indian government for a prompt decision on sharing water of the river Teesta and based on it the Indian authority has informed their decision of holding a ministerial level meeting in March 17 to 20, she said.
“We hope, a satisfactory progress would be achieved at this meeting,” she added.
During the Prime Minister’s visit to India, the government of India has agreed on allowing goods carrying trucks of Nepal and Bhutan to the land ports 200 meters inside Bangladesh territory through Banglabandha-Fulbari border, Foreign Minister said.
Besides, both the countries agreed on using Rohonpur-Singabad railway for transportation of Nepal-Bangladesh goods, she said adding Bangladesh has expressed intentions of converting Birol-Radhikapur rail line into broad gauge one and using this rail link for transporting its goods to Bhutan.
Bangladesh has made positive progress in transit negotiations with India for setting up road links with Bhutan and Nepal, she said.
Foreign Minister Dr Dipu Moni said Bangladesh has remained firm on its stand in identifying maritime boundary based on justice.
A meeting on identifying maritime boundary between representatives of Bangladesh and India was held in New Delhi on January 28 this year after Prime Minister’s India visit, she said.
Later, a discussion between authorities of Bangladesh, India and International Tribunal for the Law of the Sea (ITLOS) was held between February 3 and 5 this year at German’s Hamburg city for appointing Arbitrator in demarking maritime boundary between
Bangladesh and India, she added.
Bangladesh has remained active in demarking its maritime boundary with through bilateral and multi-lateral institutions,” she said.

Japan provides Tk 58 lakh grant to DAM

A grant contract of Tk 58 lakh was signed on Monday between Japan government and Dhaka Ahsania Mission for improving the living standard of Bangladeshi poor people, reports UNB.
Japanese ambassador to Bangladesh, Tamotsu Shinotsuka, and President of Dhaka Ahsania Mission, Kazi Rafiqul Alam, signed the contract on behalf of their respective sides.
Japan government is providing the grant to Dhaka Ahsania Mission for a project “The Project for Construction of Community Resource Center for disadvantaged people empowerment in Jamalpur” under Japan’s Grant Assistance for Grass-roots Human Security Projects (GGHSP).

Professional skills must for success in baking sector

RAJSHAHI, Mar 15: Gaining professional skills is indispensable to attain professional success in the banking sector along with socio-economic development of the nation, reports BSS.
Management of Rajshahi Krishi Unnayan Bank (RAKUB) stated this while addressing the inaugural session of a month long foundation training course for its newly appointed offices at the bank’s training institute here today.
RAKUB Chairman Yahiya Mollah and its Director Dr Rustam Uddin Ahmed addressed the session as the chief and special guests respectively with Principal of the institute Mozammel Haque in the chair.
In his address of welcome, Faculty Member Moazzem Hossain illustrated the aims and objectives of the course and its module.
He said the main objective of the course was to enhance professional competence of the fresh officers through disseminating ideas about the bank’s operation, administration, accounts, ethics, norms, discipline and other related matters.
Yahiya Mollah highlighted the importance of the bank in agricultural development of the northwestern Bangladesh and asked the participants to acquire proper knowledge for flourishing their banking idea.
As the largest development partner in the agricultural sector of the northwestern Bangladesh, he said the RAKUB has a vital role to earn economic emancipation and to free the nation from poverty and hunger through boosting credit-flow to the potential agricultural fields.
“You have to contribute to the national economy especially the agricultural one through updating your knowledge,” he said adding that image of the bank should be brightened by utilizing the acquired knowledge.
Besides, he underscored the need for ensuring transparency and accountability in all levels of the banking activities especially loan disbursement and recovery in the greater interest of enhancing agricultural production.
He added that the bank has recently launched a number of new-products aimed at bringing dynamism in its business activities and socio- economic development of the region and the programs were acclaimed by the country’s entire banking sector.

Japan firms breeds ''sustainable'' bluefin tuna from eggs

TOKYO, March 15: A Japanese company has started exporting what it calls sustainably grown bluefin tuna, which it says allows sushi lovers to keep eating the species without driving down ocean stocks, reports AFP.
Bluefin tuna is either caught in the open seas or farmed from the baby fish caught in the nets, but marine products company Burimy says it is the first to sell bluefin grown from artificially hatched eggs.
“Our tuna won’t affect the ecological system so that we can help stop draining marine resources,” said Takahiro Hama, a director of the company based in the southern Japanese city of Amakusa.
“We have just begun full shipments to the United States,” he said. “We hope to provide our sustainable tuna for Japanese sushi bars and restaurants which are concerned about protests from environmental activists.”
Atlantic bluefin tuna stocks have crashed in recent decades due to industrial-scale fishing, mostly for the Japanese market.
The Convention on International Trade in Endangered Species (CITES) is meeting until March 25 in Qatar and is set to vote on whether to declare the commercial trade in bluefin a threat to the survival of the species.
Burimy has teamed up with Japan’s Kinki University, which has succeeded in hatching eggs, nurturing baby fish and breeding them into fat adults in what the company says is the world’s first complete cultivation cycle.
Burimy first bought 1,500 artificially hatched baby bluefin tuna from the university’s A-marine Kindai laboratory in December 2007 and over the next two years grew them into 1.2-metre (four- foot) adults.
Since January, Burimy has shipped 20 fish a week to the United States.
Small amounts of fully farmed bluefin tuna, dubbed Kindai tuna, have also been sold at Japanese department stores and shops, priced at 2,000 to 4,000 yen (22 to 44 dollars) per kilogram (10 to 20 dollars per pound).
Burimy has set up five tanks measuring 40 by 40 metres that are 20 metres deep and filled with murky water to make the fast predator fish swim more slowly and avoid crashing into each other.
The company expects to ship 7,000 to 10,000 of the fish a year by 2012, targeting annual sales of one billion yen (11 million dollars).

Standard Chartered inks deal with TRCL

News Report

Standard Chartered Bank signed an agreement with Telemedicine Reference Centre Ltd. (TRCL) in the city recently.
Under the deal customers of the bank will enjoy a range of benefits at all nominated outlets of Telemedicine Reference Center, including Diabetic Centres.
These benefits include InstaBuys at Zero Interest and Auto BillsPay, an automated payment system for recurring bills.
TRCL is the owner and operator of "789 Helpline" - 24-hour medical call centre service for telemedicine, electronic and mobile health.
Dr. Sikder M. Zakir, managing director of Telemedicine Reference Centre Ltd. and Ahsan Afzal, general manager, unsecured lending and consumer transaction banking of Standard Chartered Bank, signed the agreement on behalf of their respective organizations.
Md. Manzur Murshed, director of Telemedicine Reference Centre Ltd, Gitanka Datta, head of marketing and Alliances of Standard Chartered Bank and other senior officials from both the companies were also present at this occasion.

EU rescue fund a ''long term'' possibility

MADRID, March 15: An emergency fund to rescue eurozone economies could be a “long-term” possibility, the European Union’s Commissioner for Competition Joaquin Almunia said today, reports AFP.
“A European monetary fund, it’s something to think about in the long term,” he told a conference in Madrid.
But “we cannot allow ourselves the luxury of thinking in the long term if we don’t think in the short and medium term,” he said.
He also said that coordination over budgets must be improved and strengthened and that the debt crisis in Greece must be resolved to get the eurozone economy back on track.
“The ball is in the court of the whole eurozone group... I will not recommend that it is played only in the long term,” said Almunia, who was formerly the EU’s economic affairs commissioner.

Gold''s cross-currency strength signals its evolution

LONDON, Mar 15: Gold’s rally to record highs in euro and sterling terms and the resilience of spot prices in the face of a rising dollar is sign-posting the metal’s broadening insurance appeal, as sovereign debt fears shift to the fore, reports Reuters.
Worries over Greece’s fiscal outlook created a perfect storm for euro-priced gold this month, as some investors selling the single currency chose bullion as an alternative.
News that the next UK general election could result in a hung parliament, making it harder for an incoming government to tackle Britain’s debt, sparked a similar rally in sterling gold, taking it to a record 759.86 pounds an ounce.
Investors’ growing sensitivity towards sovereign risk is starting to suggest dollar-denominated gold can maintain strength even as the dollar rises — usually a prime factor pushing the precious metal down.
“Gold is holding up very well given the foreign exchange market movements, and you have to ask why that is,” said GFMS Chairman Philip Klapwijk. “Sovereign debt is very high up the agenda at the moment.”
Spot gold held above $1,115 an ounce on Wednesday, off the record high of $1,226.10 it hit in December but still above the $1,096.25 at which it started the year.
The dollar has gained nearly 4 percent versus the euro in that time, largely on fears over fiscal issues in Portugal, Italy, Ireland, Greece and Spain.
But sovereign debt issues don’t stop there. In January the World Economic Forum said the risk that deteriorating government finances could push economies into full debt crises was the main threat facing the world in 2010.
The U.S. fiscal deficit is projected to reach $1.56 trillion this year, Japanese debt is nearing 200 percent of GDP, while Fitch Ratings said earlier this week that Britain’s sovereign credit profile has deteriorated.
“Until we start to see governments bringing down debt, the (sovereign) risk will stay with us,” said Saxo Bank senior manager Ole Hansen.
A Reuters monthly poll of 65 forex strategists showed the Greek debt crisis could force euro volatility against the dollar higher still in March.
Usually the euro’s decline versus the dollar would drag gold lower, but that relationship has weakened.
Using 1 as a perfect correlation and -1 as an inverse correlation, the traditionally strong link between gold and the euro-dollar exchange rate fell from 0.9 in early February to as low as -0.2 a month later, according to Reuters data.
With the world’s leading currencies currently involved in what analysts refer to as an ‘ugly competition’, gold is gaining traction.

World Bank delegation visits CEPZ

CHITTAGONG, Mar 15: A high-profile delegation of the World Bank (WB) led by Country Director Allen Goldstein visited Chittagong Export Processing Zone (CEPZ) today, reports BSS.
Welcoming the WB delegation, Executive Chairman of Bangladesh Export Processing Zones Authority (BEPZA) Brig Gen Jamil Ahmed Khan apprised its members of the present state of the country’s EPZs at a briefing at the conference room of CEPZ Zone Services Complex.
He focussed on the background of setting up such exclusive export-oriented industrial units, their current scenario, working atmosphere, employee-employer relationship and pattern of workers association election.
He praised the WB’s financial assistance to different schemes of EPZs and called upon the WB authority to continue such contributions in future.
Brig Jamil informed the delegation that video conferencing system has already been introduced in the EPZs and approval letter for export-import is being issued primarily through automated system in line with the government’s commitment to establish digital Bangladesh.
The BEPZ Executive Chairman also informed the WB Country Director of some other projects being implemented with the WB financing particularly that of the project titled “Northern Areas Reduction of Poverty Initiative (NARI).
The US dollar 27 million project has been designed aiming at providing training and jobs for the women from the country’s poverty and drought- prone northern region.

Bashundhara housing fair begins in city

News Report

It offers 10-25 pc discount

The two-weeklong “Bashundhara Housing Fair 2010” began at the level-1 and 2 of the Bashundhara City Shopping Complex in the city on Monday.
Sayem Sobhan, managing director of Bashundhara Group, inaugurated the fair as chief guest.
Among others, Safwan Sobhan, additional managing director, Mustafizur Rahman, deputy managing director, TIM Latiful Hossain, advisor (Technical), Mohammad Abu Tayeb, advisor (Press & Media) of Bashundhara Group, Bhiddut Kumar Vhoumik, executive director of East West Properties Development (Pvt) Ltd, (EWPD) were also present at the opening ceremony.
Housing plots and ready apartments of different housing and ready structure projects of EWPDPL will be projected before the enthusiastic and potential customers.
The Company is hosting the fair that will remain open for all from 9:00 am to 8:00 pm everyday until end of this month. The EWPD is hosting single company fair for the first time.
Attractive offers and special discounts on booking of the housing land and ready apartments of different projects of the company will be available at the fair.
A total of seven ongoing housing land and ready apartment projects of the EWPD will take booking apart from complete purchase deal on special discount ranging between 10-15 percent of the actual price depending on the location and the project. Potential buyers may also take part in lottery to win brand new cars and other precious prizes.
Potential customers are welcome to avail 10 per cent discount on each booking at “Bashundhara Baridhara” and “Bashundhara Riverview” projects while 15 per cent discount for “Jamuna Bashundhara City” project and 25 per cent for “Bashundhara Apartment” and “Bashundhara City Shopping Mall” projects apart from Tk 25000 cash discount for each ‘katha’ of land at the “Bashundhara Riverview Dokhina” project.

Malaysian Indian businessmen seek 100,000 workers

KUALA LUMPUR, Mar 15: Malaysia’s Indian business community says it needs a foreign workforce of 100,000 as it has exhausted avenues for hiring locals, report agencies.
There is a dire need for 100,000 new foreign workers among the Indian business community, Malaysian Associated Indian Chamber of Commerce and Industry (MAICCI) president K.K. Eswaran said.
He said these workers were required in Indian restaurants, construction, goldsmith outlets, mini-markets and provision shops. “They are also needed in laundries, hairdressing, textile, florists and tailoring outlets.”
Other representatives of the Indian business sector here also urged on Friday that the problem should be addressed soon.
“The associations have tried every means to recruit locals but have been unsuccessful. Some have to delay their production schedule due to the worker shortage,” Eswaran said.
He said the Indian businessmen’s problems were ‘peculiar’ as they needed the workers from India, who were well-versed in their respective trade activities.
“It is difficult to source for a cook in an Indian restaurant or a craftsman for the goldsmith industry from any other country other than India,” he said.
Eswaran observed that goldsmiths now had to have their jewellery designed overseas but if they could recruit new workers, they could save on foreign exchange.
The associations had also requested the government to allow them to be agents for the recruitment of foreign workers in their own sectors.
“We will make sure that only bona fide members are allowed to recruit the workers and also to ensure that the workers are not exploited or cheated.”
Malaysia is home to nearly two million ethnic Indians, a bulk of whom are Tamils settled here during the British era.

US, UK top debt ratings safe for now, says Moody’s

LONDON, Mar 15: The United States and Britain are more likely than Germany and France to witness an embarrassing downgrade of their top debt rating, agency Moody’s Investors Service said Monday, reports AP.
In a quarterly report assessing the prospects of the triple A-rated countries, including Spain and the “less fiscally challenged” Denmark, Finland, Norway and Sweden, Moody’s warned that the economic recovery remained fragile in many advanced economies.
“This exposes governments to substantial execution risk in the implementation of their exit strategies, which could yet make their credit more vulnerable,” says Arnaud Mares, senior vice president in Moody’s sovereign risk group and the main author of the report.
Governments and central banks are looking at when and how to unwind their massive stimulus measures, which include historically-low interest rates, liquidity provisions, industry incentives and increased spending. Although some experts warn that exiting these policies too early risks creating a new economic downturn, they are also straining government finances.
For now though, Moody’s said the triple A governments don’t face an immediate threat to their top ratings as the servicing of the debt remains manageable — the top credit rating reduces the interest payments countries have to pay on their debt when going to the bond markets to raise capital.
However, debt affordability is “most stretched” in Britain and the U.S., Moody’s said.
In light of the muted recovery from recession in many countries, Moody’s said government action on spending and taxes is the main way of “repairing the damage” that the global crisis inflicted on government finances.
Moody’s said triple A governments also face a “delicate balancing act” with respect to the timing of these adjustment and that tightening fiscal policy before the recovery has become self-sustainable could risk undermining the recovery, thereby damaging governments’ power to tax. However, it warned that postponing fiscal consolidation much longer is “no less risky as it would test the patience of the market” and could force central banks to take the initiative.

Talks start in Australia on Pacific trade deal

CANBERRA, Mar 15: Officials from eight nations including the United States began talks on a transpacific trade deal on Monday in a move Australia said could add momentum to stalled World Trade Organization talks, reports Reuters.
President Barack Obama, who aims to double U.S. exports in five years, hopes to shore up the U.S. economic position in Asia by joining an expanded Trans Pacific Partnership pact, which he says will also create much needed jobs in the United States.
The United States, Australia, Peru and Vietnam are seeking to join the Trans Pacific Partnership, which already includes Chile, Singapore, New Zealand and Brunei.
The Trans Pacific Partnership aims to push members of broader the Asia Pacific Economic Cooperation (APEC) groups of nations toward a long-term goal of an Asia-Pacific free trade zone.
“This is a very significant potential trade negotiation. It has the basis for being the bridge to a free trade area for the Asia Pacific,” Australian Trade Minister Simon Crean said on Monday, adding the talks added momentum to the Doha WTO round.
The eight nations in talks cover 470 million people with a combined GDP of $16 trillion. The first of four rounds of talks set for 2010 will cover tariffs and non-tariff trade barriers, e-commerce, services and intellectual property rights.
Obama, facing a revolt among Democrats who believe past trade agreements cost millions of U.S. manufacturing jobs, says the TPP, his first trade initiative, will offer stronger protection for U.S. workers and the environment than previous pacts.
The U.S. priorities in the TPP include promoting clean energy and other emerging economic sectors, gaining new exports for its manufacturers, farmers and service providers and boosting protections for U.S. intellectual property rights.
An East Asia Free Trade Area without the United States could cost U.S. companies at least $25 billion in annual exports, or about 200,000 high-paying jobs, says The Peterson Institute for International Economics in Washington.
Obama wants to create 2 million new jobs by deepening U.S. engagement with major emerging markets such as China, India, Brazil and the Asia-Pacific.
Australia is also currently negotiating free trade agreements with China and Japan, it’s top two trading partners, and began a new round of talks on Monday with South Korea, its third largest export market.
Crean said despite these negotiations, a successful outcome to the Doha round of global trade talks was still the best way to free up world trade.
“I certainly haven’t given up on Doha. Doha in many ways still holds the best and quickest approach to trade liberalization in the short term, if we can find the political will,” Crean told reporters in Canberra. “Doha will give that stimulus, without impact on respective budgets.”
The WTO’s Doha round was launched in the Qatari capital in late 2001 with the aim of freeing up world trade and helping poor countries prosper by opening up markets and cutting trade barriers in rich countries.
But the 153-nation talks stalled in 2008 over a dispute between the United States and Europe, and China and Brazil, on protection for farmers in rich countries and barriers to industrial goods from developing nations.

OPEC''s Gulf Arab members to seek quota compliance

KUWAIT CITY, March 15: Arab oil producers in the Gulf will likely call for quota compliance at OPEC’s meeting on Wednesday but will not press for output discipline as long as prices remain high, analysts said, reports AFP.
“Highly compliant Gulf producers will call for quota discipline, but it will not be a pressing issue at OPEC’s next meeting since oil price is high, demand is rising and outlook is positive,” Kuwaiti oil analyst Mohammad al-Shatti told AFP.
“It starts to become a key issue if the oil price drops sharply,” he said.
A majority of officials and analysts have forecast that the Organisation of Petroleum Exporting Countries (OPEC) will keep its output quota unchanged at the Vienna meeting, considering positive market sentiment.
But questions remain on OPEC overproduction.
The cartel’s production hit a 14-month high in February at 29.15 million barrels per day (bpd), when output from Iraq, which is not bound by the quota system, exceeded 2.6 million bpd for the first time since the 2003 US-led invasion.
Production of the 11 OPEC members bound by quotas reached 26.55 million bpd, 1.7 million bpd above the output quota of 24.845 million bpd adopted in December 2008.
According to Middle East Economic Survey (MEES), the majority of the overproduction came from outside OPEC’s Arab member states in the Gulf — Saudi Arabia, the United Arab Emirates, Kuwait and Qatar.
Iran and Angola overproduced by 400,000 bpd each in February, while the four Gulf Arab states, whose official quota is 53 percent of the OPEC-11, exceeded their quotas by just 200,000 bpd, according to MEES figures.
Saudi SAMBA group, however, said in its latest report that production discipline will be critical to securing balance in the oil market during 2010.
It said that the oil price is supported by high levels of liquidity, low interest rates, a relatively weak dollar and investors’ access to tankers for storage.
“Changes in any or all of these elements, particularly the strength of the dollar, could have an adverse impact on (oil) prices,” SAMBA said.
Libyan Oil Minister Shokri Ghanem called on March 5 for “quotas to be respected,” saying the market is oversupplied.
Oil prices rebounded from just above 30 dollars a barrel early last year to between 70-80 dollars for most of 2009 and into 2010.
Oil expert Kamel al-Harami believes OPEC’s overproduction is close to two million bpd and the Gulf states exceeded their quotas by more than 500,000 bpd.
“Compliance is below 60 percent... and commercial inventories are at their highest level ever with stocks sufficient for 60 days but the price is too high and all parties are happy,” Harami told AFP.
“It’s a honeymoon time for everyone and that’s why Gulf states won’t push too hard for quota discipline now,” he said.

Flora launches Notebook PC

News Report

Flora Limited launches marketing of a new product ''Flora Pc Notebook'' through a ceremony held at its corporate headquarter at Motijheel in the city on Thursday.
Zia Manzur, country business manager of INTEL EM Ltd Dhaka, formally launched this new laptop.
M.N Islam, chairman, Mustafa Shamsul Islam, managing director, SM Moniruzzaman, vice-president and Md Moududur Rahman, product manager of Flora Limited, were also present on the occasion.
"Flora Pc is considered most preferred brand PC in Bangladesh by valued customers all over the country since 1999," said a high official of the company.
He said customers would get Flora Notebook at competitive price having after-sale service with highest quality.

India, EU exchange tariff cut offers on FTA

NEW DELHI, Mar 15: India and the EU have exchanged tariff reduction offers on goods for the proposed bilateral trade and investment agreement, negotiations for which are at an advanced stage, the Lok Sabha was informed today, reports PTI.
“Exports to EU will increase as products exported from India to the European Union will get preferential duty treatment... on conclusion of this FTA (free trade agreement),” minister of state for commerce and industry Jyotiraditya Scindia informed the Lower House in a written reply.
He said the two sides have exchanged legal texts of the proposed agreement on trade in goods and services, investment, sanitary and phytosanitary measures, technical barriers to trade and intellectual property rights and other areas.
“Tariff liberalisation offers have also been exchanged on trade in goods. The negotiations are at an advanced stage,” he said, adding eight rounds of negotiations, beginning June 2007, have taken place.
Scindia further said India has undertaken consultations with the stakeholders including local producers to assess the impact of various offers and requests made by the EU for the FTA negotiations to protect the interests of domestic agricultural, industrial and other sectors.

BURO Bangladesh launches FRPP

News Report

BURO Bangladesh launched its foreign remittance payment project (FRPP) jointly funded by DFID and Bangladesh Bank, at a ceremony held in the city recently.
Dr Atiur Rahman, governor of Bangladesh Bank, graced the occasion as chief guest and formally launched the project.
In his speech the governor has marked and gratefully acknowledged the contribution of the expatriate living in abroad to send their hard-earned foreign remittance.
He also mentioned and emphasis that multiple use of POS as to tie up with commercial banks may facilitate agriculture and SME lending as well as deposit mobilization.
As an open ended platform multiple banks can handshake with it. In line with its strategy of the project, BURO has already entered an agreement with six commercial banks they which are Bank Asia, AB Bank, Mercantile Bank, United Commercial Bank, Citibank N.A and Prime Bank to use its branch network for the delivery of inward foreign remittances.

Shopping gets a conscience in Asia

SINGAPORE, Mar 15: Commercialism is developing a conscience in the Asia Pacific region, where over six in 10 shoppers are buying items that are either "fair trade" or environmentally friendly, a survey shows, report agencies.
The MasterCard poll, which involved more 3,500 consumers in 13 markets in the region in late 2009, also found 70 percent of respondents said they would go out of their way to purchase ecologically sound gifts, and don''t mind paying extra for them.
"There is a shift towards ethical shopping for a new class of knowledgeable and discerning shoppers in the region," said Georgette Tan, MasterCard''s vice president of communications for Asia Pacific, Middle East and Africa.
"Consumers are now aware that even when they make their purchases, they can make a difference," she said in a statement.
Five of the markets surveyed scored above the regional average for willing to pay more for environmentally friendly items with China leading the curve at 94 percent, followed by Thailand (87 percent), India (83 percent), the Philippines (82 percent) and Hong Kong (77 percent).
China and India are among the world''s worst pollution offenders.
Ethical shopping was embraced by both males and females in the region, where more than 80 percent of respondents said they were likely to somewhat likely to make a purchase just because the merchant was socially and environmentally responsible.
The survey also found that 60 percent of the respondents in Asia Pacific purchased items because a percentage of the sale is donated to a good cause.
Amongst those surveyed, shops and retail outlets, rather than online shopping sites, were the preferred location for more than 60 percent of shoppers looking for buy ethical goods, even though those that did shop online said there was more choice for environmentally friendly and fair trade items on the Internet.
The survey involved consumers from several countries including Australia, China, Hong Kong, India, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, South Africa, Taiwan and Thailand.

World markets down as investors await banking bill

LONDON, Mar 15: World stock markets fell Monday as investors fretted about the status of banking reform in the U.S. and awaited confirmation of a rescue package for debt-laden Greece. The British pound slipped amid growing British political and economic concerns, reports AP.
In Europe, the FTSE 100 index of leading British shares was down 11.19 points, or 0.2 percent, at 5,614.46 while Germany’s DAX fell 9.01 points, or 0.2 percent, to 5,936.10. The CAC-40 in France was 13.02 points, or 0.3 percent, lower at 3,914.38.
Wall Street was also poised to start the new week modestly lower — Dow futures were down 30 points, or 0.3 percent, at 10,543 while the broader Standard & Poor’s 500 futures fell 4.4 points, or 0.4 percent, at 1,142.20.
Given the dearth of economic data in the early part of the week, investors are focusing in on the unveiling of a new banking bill in the U.S. — scheduled for Tuesday.
Investors remain unsure whether the bill will gain support from the U.S. Senate — last week financial stocks were in demand on expectations that the bill would fail to get the necessary support from the Senate.
However, there are signs that many Republicans may back some sort of bill, including giving the U.S. Federal Reserve more regulatory powers.
“Banking regulation has been a sour point across the world since the credit crunch led to many high profile failures,” said James Hughes, market analyst at CMC Markets.
“It seems it has been a long time in coming and many are skeptical whether giving more power to the Fed would make any difference,” he added.
Whatever happens on the regulatory front, the Fed will take center stage on Wednesday, when its rate-setting body issues its latest policy statement.
Though no one thinks there will be any change in the benchmark Fed funds rate from the current 0-0.25 percent, investors will be on the lookout for any changes in the statement accompanying the rate decision.
Neil Mackinnon, global macro strategist at VTB Capital, thinks the Fed will continue to make a distinction between its interest rate policy and its liquidity policy, paving the way for continued low borrowing costs.
Though the Fed will at some stage likely amend the language in the statement to signal to markets that the monetary landscape is changing especially in the light of stronger economic data, Mackinnon said the likely inclusion of Janet Yellen on to the Fed board of governors plus other candidates who are seen as dovish “is a positive for risk assets, especially equities, given that interest rate policy will remain accommodative for some time.”
The British pound slid Monday as investors continued to worry about a political deadlock following the upcoming general election — opinion polls over the weekend continued to point to a so-called “hung parliament” when no one party has a majority. By late morning it was 0.8 percent lower at $1.5045 on the day.
Many investors worry that such as a situation would augur a period of instability and make dealing with the British deficit more difficult.
A warning from credit ratings agency Moody’s that Britain, along with the U.S., are more likely than their triple A peers Germany and France to lose their top rating did little to inject a dose of optimism in the pound’s fortunes.
In Europe, the focus will also be on Greece following weekend reports that the eurozone countries will provide the country with some sort of financial guarantee as it tries to tap the bond markets for money to plug its deficit.
Greece has the unenviable task of financing around euro55 billion of debt maturing this year, with euro20 billion due in April and May — the rise in Greek bond yields makes it more expensive to service the debt and that is why Greek Prime Minister George Papandreou is looking for some sort of support from eurozone partners, particularly Germany.
Earlier in Asia, Japan’s Nikkei 225 stock average finished little changed at 10,751.98.
Hong Kong’s Hang Seng was down 0.6 percent at 21,079.10 and South Korea’s benchmark shed 0.8 percent to 1,649.50.
Elsewhere, Shanghai’s market fell 1.2 percent after China’s yearly policy meeting ended without new measures investors were hoping for to boost domestic consumption, renewable power and other fields.
“The meeting was pretty much about talk rather than substance,” said Zhang Kun, an analyst for Guotai Junan Securities in Shanghai.
Markets in Australia and Taiwan also fell.

Tax rises hit Greece as EU meets on debt crisis

ATHENS, Mar 15: A wave of new tax hikes hit Greece on Monday, raising the cost of consumer goods despite recession and high unemployment, as European Union finance ministers gathered in Brussels to discuss the country’s debt crisis, reports AP.
The center-left government has increased the main sales tax from 19 to 21 percent, as part of a euro16 billion ($22 billion) austerity package intended to cut the budget deficit by almost a third this year.
The tax hike raised the cost of fuel and most consumer goods and services, although many retailers have said they will try to minimize the effect on shelf prices.
Central Athens greengrocer Vangelis Tangalos said the sales tax increase would further damage weak sales.
“We’re already 30 to 40 percent down,” he said. “Now with the increase there will be even more of an effect.”
Greece will present the first results of its austerity measures at the EU ministerial meetings Monday and Tuesday, and says it is looking for political rather than financial backing to pull through a crisis that has hammered Europe’s common currency and alarmed global markets.
Both Athens and Berlin have dismissed media reports that the finance ministers would decide to extend financial aid to Greece. As Europe’s largest economy, Germany would be deeply involved in any bailout, and has strongly resisted the idea.
EU officials said Saturday the union has developed a set of options to help Greece, but that Athens would have to arrange for possible loan guarantees with each individual government.
Greece’s finance ministry says the austerity program, which also involves civil service wage cuts and freezes on hirings and pensions, “appears sufficient” to meet budget saving targets.

TRADE NOTES

ROK factory power sales
gain 15.2 pc

SEOUL, March 15: South Korea’s industrial electricity sales saw an increase in February thanks to growth in the export sector, the government said today, reports Xinhua.
According to the Ministry of Knowledge Economy, South Korea’s total electricity sold for industrial use in February stood at 17. 76 billion kilowatt-hours, up 15.2 percent a year ago.
Electricity sales to the industrial sectors, gauging the nation ‘s industrial health, saw the most gain in the machinery equipment and auto industries, which soared 32 percent and 30 percent respectively, the ministry said.
The ministry pointed at the country’s exports, expanding around 31.0 percent during the cited month, to have driven up the electricity sales.
In the meantime, the country’s overall electricity sales rose 11.8 percent year-on-year to 37.22 billion kilowatt-hours.

Cambodia spends $59 m to import electricity

PHNOM PENH, March 15: Cambodia spent 59 million U.S. dollars on electricity imports from Thailand and Vietnam last year, local media reported today, citing figures of the Ministry of Industry, Mines and Energy, reports Xinhua.
The Kingdom purchased 226.76 billion kilowatt-hours in 2009 from Thailand for 19 million U.S. dollars, and 500.74 billion kWh from Vietnam for 40 million U.S. dollars.
New factories and apartment buildings had led to rising electricity demands, Ty Thany, director of the Department of Finance and Price Setting at the ministry was quoted by the Phnom Penh Post as saying.
“We will import 25 to 30 percent (of our electricity supply) for this year in order to reduce costly local power generation,” Ty Thany was quoted as saying.
Cambodia buys electricity from Thailand at 2.7 baht (0.083 U.S. dollar) per kWh and from Vietnam at 0.08 U.S. dollar per kWh compared with a cost of 0.18-0.20 U.S. dollar per kWh using oil- powered generators.
“We may be able to reduce imports of electricity in 2013 because we will have hydroelectric dams and coal power plants to generate electricity by ourselves then,” he added.
The Ministry of Industry forecasts that Cambodia will require about 400 megawatts of electricity this year, 50 percent more than current domestic supply.

Indo-Pak cotton traders reach agreement

Karachi, Mar 15: Cotton Association of India (CAI) and Karachi Cotton Association (KCA) have reached an agreement to abolish all existing bottlenecks in smooth cotton trade between the two countries, reports PTI.
President CAI Dheran N Seth visited the Karachi Cotton Exchange and called on President KCA Sohail Naseem in which issues pertaining to cotton trade between the two countries were discussed.
During the sitting, the heads of two cotton associations vowed to mutually resolve disputed issues instead of taking them up before International Cotton Advisory (ICA).
The meeting also decided to hold visits of members cotton associations from two sides on regular basis.