Plea to use remittances in productive sector

News Report

Bangladesh Bank Governor Dr Salehuddin Ahmed laid emphasis on using the remittances in productive sector and suggested that the banks should encourage the expatriate workers’ families in this regard.
Dr Salehuddin Ahmed was speaking as the special guest at a signing ceremony between the Post Office and Western Union on payment of remittances through the postal system.
Western Union’s Money Transfer Service through Bangladesh Postal Department was launched Sunday, that will help the expatriate Bangladeshis send remittances to their relatives at shortest possible time with safety.
Under the agreement, Western Union will reach remittances to the beneficiaries of the expatriate Bangladeshis through post offices.
Bangladesh Post office has nearly 9,000 branches across the country, and initially Western Union will use 450 branches to reach remittances to the beneficiaries of the expatriate Bangladeshis. The service will be extended to other post offices of the country in phases.
The central bank governor also urged the Western Union to reach remittances as early through the post offices as possible to the beneficiaries at minimum cost in the rural area.
He also expressed the views that commercial banks can increase the volume of international remittances by introducing advanced technology applied to fund transfer, especially introducing electronic and other innovative payment channels.
The BB Governor said the country received an amount of US$ 7.94 billion in FY 2007-08 as against 5.98 billion dollars in the previous FY 2006-07.
He also mentioned that expatriates are becoming interest in remitting money through proper channel as in FY 2007-8 remittance flow increased 32.8 per cent over the previous FY 2006-7 FY.
During the July-May period of 2007-08 FY, total export earnings of the country stood at 12.64 billion US dollars, posting a 15.33 per cent growth over the corresponding period of the pervious 2006-07 FY.
Knitwear export stood at 4.929 billion dollars while woven export recorded at 4.63 billion dollars with total readymade garments standing 9.529 billion dollars in the 11 months of the current 2007-08 FY.
However, net value addition in the readymade garment sector is now estimated at over 50 per cent of the total export earnings. Against this backdrop export earnings from readymade garment sector stood at 4.7645 billion dollars during 11 months. Salehuddin said electronic payment services would reduce both the time and cost of remitting money by the migrant workers.
About the ongoing Hundi business, he said if the legal channels could provide cost effective and timely services then remittances through Hundi will decrease a lot.
Dr Salehuddin Ahmed has said remittance sent by expatriate workers is the net highest foreign exchange earner surpassing the readymade garment sector. “Net highest foreign exchange earner is the remittance, not the RMG sector. This is the big contribution to the country’s development,” he said.
He claimed that RMG sector is a huge earner of foreign exchange, but it has to pay a certain portion of its earnings through the back to back LC.
He said that migrant workers are contributing immensely to foreign exchange earnings and this helped the country improve the income and social status of these migrant workers and their families.
It is also necessary for the banking system to encourage migrant workers to use formal channels of sending remittances, he said.
Western Union through its two organizations—Orlandi Valuta and Vigo—is reaching money to beneficiaries through 345,000 agents across the world. In Bangladesh the company has nearly 2200 branches.
Special Assistant to the Chief Adviser for Social Welfare and Posts and Telecommunications Brig Gen (Retd) MA Malek formally inaugurated the service by handing over the money sent by an expatriate from Malaysia to his beneficiary.
Postal Department Director General Mobashsher-ur Rahman, Posts and Telecommunications Secretary Iqbal Mahmud, Western Union Country Director Ratish Kumar and Country Manager Syed Mohammad Kamal and Additional DG (postal services) AKM Rafiqul Alam were present on the occasion.

Air India Express to start Bangladesh operation

News Report

Air India Express, the Indian state-owned economy carrier, would start its Bangladesh operation from July 20 with low fares for its valued travelers.
“Air India Express will operate six flights a week (Saturday-Thursday) from Dhaka to Kolkata with reasonable fares,” said S.R. Premkumar, Country Manager, Air India Express in Dhaka at a press conference at Sheraton Hotel on Sunday.
He said passengers would confirm their ticket through Internet reservations system with 25 per cent discount, adding that “This system is very customer-friendly and passengers can make reservations from home, offices or through appointed travel agents.”
Premkumar said that every passenger has access to fares and availability of seats, which makes it an extremely transparent system.
The flights will arrive in Dhaka at 04-15 hrs (Local Time) and depart for Kolkata at 05-50 hrs (LT), which would reach to Kolkata at 06-00 hrs (LT). Air India has also offered convenient connections to Bangkok and Singapore for its valued passengers.
“Flights to Bangkok will operate three times a week on Tuesdays, Thursdays and Sundays. Passengers will arrive in Bangkok at 11.00 hrs (LT),” Country Manager said.
He, however, said the flights would also offer convenient connections to Singapore, operate three times weekly on Mondays, Wednesdays and Fridays, arriving at Singapore at 13.30 hrs (LT).
Moreover, there would also be one direct flight weekly to Mumbai, on Fridays, departing at 19.30 hrs and arriving at 21.50 hrs (LT).
“Dhaka is the 14th international destination of Air India Express, which like all other destinations will be served with state-of-the-art Boeing 737-800 aircraft,” he said.
In keeping with its objective to provide convenient connectivity on the short haul routes at affordable prices. Air India Express fleet has a single, economy class con figuration, Premkumar mentioned.
He said: “Air India Express serves its passengers snacks and a soft drink in pre-packed boxes, while tea/coffee and drinking water are served complimentary, alcoholic drinks are sold at a nominal price.”
G.C. Bardhan, Deputy Manager (Sales and Administration) said that Air India Express is operating 164 weekly International/domestic flights between 14 Indian cities and 14 International stations such as Dhaka, Kuwait, Dubai, Sharjah, Abu Dhabi, Muscat, Al Ain, Salalah, Bahrain, Doha, Colombo, Singapore, Kuala Lumpur and Bangkok on the network.
According to the Internet, it has fixed the fare at Tk 2,740.00 per ticket (Adult) from Dhaka to Kolkata, excluding Zia International Airport Embarkation TAX 300.00, DAC-CCU YQ 3,083.00, DAC-CCU UT TAX 800.00 and Transaction Fee 252.74. By the end of 2009, it will have 25 aircraft in its fleet- 7 leased and 18 owned.

Cambodian garment workers worry about future prospects

PHNOM PENH, July 13: Sath Vanny sits anxiously at the door to her tiny one-room hut in the factory district of Cambodia’s capital, reports AFP.
She left her hometown in the southern province of Takeo seven years ago to work at a women’s shirt factory, sending most of her earnings back to help the family farm.
But a slowdown in orders has the 25-year-old worried about her job. Overtime work has fallen off as Cambodia’s textile sector, the country’s biggest industrial employer, struggles against stiffer global competition and slowing demand.
More than 10 Chinese-owned factories have moved to cheaper markets, leaving hundreds of thousands of garment workers—mostly young women like Vanny who support their impoverished families—facing destitution.
“I was told that we didn’t have as many orders as we used to, but with the basic wage I don’t have money to send to my parents,” says Vanny, who now earns less than 60 dollars per month.
“I can’t imagine living without a factory job. I am so worried about my family,” she adds, wiping away tears.
The garment industry earns 80 percent of Cambodia’s foreign exchange earnings and employs an estimated 350,000 people in more than 300 factories. The industry thrived after a unique labour-friendly deal with the United States in the 1990s.
Under the deal, Cambodia passed new labour laws, encouraged labour unions and allowed the International Labour Organisation (ILO) to inspect factories and publish its findings. In turn, the United States cut tariffs on Cambodian garment exports, buying 70 percent of all of the country’s textiles.
Cambodia maintained its higher working conditions after the deal expired in 2005, and garment-making has made the economy one of the fastest growing in the region. But it does not look built to last.
The industry grew only 8.0 percent last year after suffering a dismal fourth quarter that saw orders plummet by nearly half, according to the World Bank. It previously enjoyed growth of up to 20 percent.
Apparel exports have declined since October, mainly due to the US economic slowdown, according to Cambodia’s commerce ministry.
Exports to the United States slipped 1.44 percent in the first quarter, compared with the same period last year, to some 500 million dollars, it added.
Meanwhile factory owners are looking abroad for greater productivity and lower costs, says Cambodia’s Free Trade Union (FTU).
Sok Vannak, who has been working at a factory for almost 10 years, says her Chinese bosses often threaten to move the factory to Vietnam, where costs are cheaper.
“They warn us all the time. I’m afraid that it could come true,” says the 27- year-old.
“I have no land to farm. Without the factory we will have a hard time surviving,” Vannak says.
Garments are a shifting industry, says Kaing Monika, manager at the Garment Manufacturers Association of Cambodia. Many manufacturers could move to Vietnam, Bangladesh or India, he adds.
“Production costs—oil and power—are high in Cambodia, and the demand for higher wages also put the country’s garment industry in danger,” he says.
Factory owners complain about a proliferation of labour unions and illegal strikes, but workers say they merely want proper wages.
About 27,000 garment workers have quit in the last year in search of higher pay, according the FTU.
Some have gone to look for work in rural areas where the cost of living is lower, while others have found work at karaoke parlours where they’re in danger of falling into prostitution, says FTU president Chea Mony. Next year will bring even more competition when US restrictions on Chinese textile exports are scheduled to end.

‘Thai economy dragged down by political turmoil’

BANGKOK, July 13: Thailand’s renewed political turmoil, with three top officials forced from office last week, is hurting an economy already hit by soaring inflation and weak investment, analysts say, reports AFP.
Prime Minister Samak Sundaravej’s five-month-old government suffered a string of bruising court losses last week over vote- buying, share scandals, and a controversial temple deal with Cambodia.
The courts removed the health minister and the deputy leader of Samak’s People Power Party (PPP) from office, while the foreign minister was pressured to resign—all within 48 hours.
“The instability of the current government caused by the ministers has devastated confidence in the Thai economy among investors and consumers,” said Aat Pisanwanich of the University of the Thai Chamber of Commerce.
Businesses are now reluctant to invest in the country, while consumers have cut back on spending, he said.
“This is a pretty bad atmosphere for the economy, and no one knows what the government is going to do,” Aat added.
Samak is widely expected to announce a major cabinet reshuffle to rebuild confidence in his government, but that means progress on major infrastructure projects and new economic policies are on hold.
“The government now lacks stability. So despite its policies to boost the economy, implementing the policy with concrete measures and actions is being put on hold,” said Pongrat Ratanatavanananda, vice president at Bua Luang Securities. Samak’s election victory in December had raised hopes for an end to Thailand’s economic troubles, after more than a year of haphazard economic management by the junta that ruled the country following a coup in 2006.
But now the stock market has dropped by around 15 percent since anti- government street protests broke out seven weeks ago.
Inflation in June hit a new 10-year high of 8.9 percent, and experts fear economic growth could be slower than the 6 percent predicted by the government.
High global oil prices and rising inflation have pressured countries around the world, but Pongrat said political turmoil was compounding Thailand’s efforts to deal with a shaky world economy.
“Brokers say the government seems to have two alternatives - either reshuffle the cabinet or dissolve parliament” to hold new elections, Pongrat said.
“Whichever choice it makes, the Thai economy is going to be hurt and the ramifications will be long-lasting.”

German auto makers get on board the electric bandwagon

FRANKFURT, July 13: Volkswagen, Daimler and BMW - all of Germany’s biggest car makers now want to launch electric cars, getting on the environmentally friendly bandwagon after lagging behind their peers, reports AFP.
Specialists in high-end, mostly high emission automobiles, German companies have built a reputation for making exciting cars but ones that are heavy polluters and consume a lot of fuel.
That branding has become a liability as oil prices climb ever higher and environmental regulations are tightened amid growing fears about global warming.
After Daimler and VW, which want to roll out electric models in 2010, BMW said last week it would begin to test several hundred electric models of its Mini brand. BMW did not say when it planned to sell such vehicles however, nor did it indicate if the BMW brand would also offer an electric car.
“It remains completely open,” a company spokesman told AFP. As for hybrid cars that use a traditional petrol (gasoline) engine combined with an electric motor, they should arrive “at the end of next year,” he said.
VW boss Martin Winterkorn has said repeatedly that “the future belongs to the electric car.”

Bombardier launches CSeries jet to challenge Airbus, Boeing

FARNBOROUGH, July 13: Bombardier launched a new 110-130 seat passenger jet, the CSeries, on Sunday in a Canadian challenge to the supremacy of Airbus and Boeing in the airliner market, report agencies.
Announcing the long-awaited launch on the eve of the Farnborough air show, the Canadian company said it had selected Mirabel near Montreal as the site to assemble the planes, which will enter service in 2013.
Mirabel had been competing with Kansas City, Missouri. The wings will be built in Belfast, Northern Ireland.
Launch customer Lufthansa has provisionally ordered 30 planes with an option for 30 more, Bombardier said in a press release. The CSeries will sell for $46.7 million each.
Bombardier had said it was waiting for at least 50-100 orders before launching the aircraft.
“We are engaged in active and very promising discussions with a number of airlines worldwide,” Chief Executive Pierre Baudouin told a news conference.
Bombardier said the launch, coming at a time when rocketing fuel prices and a shaky economy have put the brakes on a boom in airline orders, would “revolutionize” the economics of the 100-149 seat segment due to green, fuel-efficient technology.
The CSeries aircraft marks a branching out from Bombardier’s current lines of regional jets and turboprops, which hold up to 100 or 80 passengers respectively.
Airbus and Boeing have a combined backlog of about 1,100 aircraft of the types where Bombardier wants to poach business.
The five-abreast CSeries will compete with the smaller version of the single-aisle Boeing 737 and Airbus A320 families for new business or replacement of old planes like the MD-80.
The plane is powered by Pratt & Whitney engines.
Bombardier said it would receive loans from the governments of Canada and Quebec as well as Northern Ireland and the British government to fund a third of the research and development costs. A similar system is used by Airbus but is being challenged by Boeing in a key US-European trade dispute.
“We are confident that what has put in place is compliant with the World Trade Organization,” Baudouin said.
Besides Airbus and Boeing models, the CSeries will compete with the ERJ190 made by Brazil’s Embraer, Bombardier’s main rival in its existing markets.

South African firms tough it out in Zimbabwe

JOHANNESBURG, July 13: South African firms are resisting the urge to pull out of Zimbabwe despite an increasingly hostile business climate in the hope they will be in prime position to benefit from a future upturn, reports AFP.
Once a relatively stable market, Zimbabwe has become a nightmare for foreign businesses in recent years with the annual inflation rate now well into eight figures and the government trying to impose prices for goods and services.
Several Zimbabwe-based South African bosses were hauled before the courts last year for overcharging while they are also having to absorb the impact of a new law forcing them to cede a controlling stake to native Zimbabweans.
But analysts say the dozens of companies—ranging from mining giants and banks to tourist operators—which are still clinging on are confident that things are bound to get better at some stage.
“I believe that the decision by companies to stay in Zimbabwe is more of a long-term business strategy than a humanitarian gesture. They are simply positioning themselves for an anticipated economic recovery,” said Johan Rossouw, chief economist at Cape Town-based Vector Securities and Derivatives.
South Africa has long been Zimbabwe’s biggest trading partner and, according to the department of trade and industry in Pretoria, around 20 major companies and scores of smaller enterprises are still operating there.
Among the biggest still toughing it out is Standard Bank which trades under the name Stanbic in branches throughout Zimbabwe.
“Doing business is very difficult but we continue monitoring the situation in Zimbabwe and our business operations,” Clive Tasker, chief executive of Standard Bank Africa, told AFP. “We have no intention of pulling out.”
South Africa’s largest supermarket operator, ‘Pick n Pay,’ is also keeping its foot in the door through its 25 percent stake
in Zimbabwe’s TM chain even though it has not received any dividends in the last four years.
“TM continues to trade under exceptionally difficult economic conditions with procurement being their biggest challenge,” said a statement from Pick n Pay. “We continue to support our colleagues and hope for political and economic stability in the near future.”
As well as the high street giants, South African mining firms are still clinging on in Zimbabwe despite the ever growing problem of finding parts and coping with constant power blackouts.
The Johannesburg-based Impala Platinum, the biggest foreign investor in Zimbabwe through its subsiduary Zimplats, said it was working out how to circumvent some of the problems it had experienced and was hoping to increase production fourfold by 2010, according to a recent report in the Sunday Times.
“We are in talks with neighbouring Mozambique to import electricity for our mining operations in Zimbabwe,” a statement said.
Meanwhile, tour operators are still arranging holidays for thousands of foreigners to visit the country’s premier attraction, the Victoria Falls.
Tommy Edmund, chief executive of the Johannesburg-based Tourvest, said the Falls benefitted from its location next to the Zambian border.

Consumers put the brakes on Malaysia’s Proton

KUALA LUMPUR, July 12: Malaysian Proton’s highly publicised campaign to hike sales appears to have hit a road block, with drivers saying they will snub the national carmaker in favour of foreign models, reports AFP.
Proton last month launched a “zero-defect” campaign aimed at erasing a persistent reputation for poor quality that has left it struggling to compete against Japanese and European carmakers.
Proton managing director Syed Zainal Abidin also announced plans to fit all models with natural gas tanks from October to help motorists beat the rising cost of fuel—following a 41 percent petrol price hike here last month.
But a snapshot of consumers in the capital Kuala Lumpur by AFP on the weekend shows many critical of the carmaker after a string of bad experiences.
“I am not convinced they can improve the quality of Proton cars,” said R. Shangmugam, who now drives a Honda after owning three different Proton models.
Shangmugam, 40, said the rear axle of a Proton Saga that he owned in 2001 broke off—while he was driving.
“I saw the rear wheels roll past me. Proton lacks quality,” he said, adding that his Honda, which he bought last year for a reasonable price, was fuel efficient.
Proton was established 25 years ago by former premier Mahathir Mohamad as part of an ambitious national industrialisation plan.
But its market share has slumped over the years, as it faced difficulties coping in a new deregulated market.
The government has urged it to forge a partnership with a foreign automaker to give it the expertise and economies of scale that it needs to survive, but talks with Volkswagen and General Motors have collapsed.
Announcing his campaign on June 27, Syed Zainal said 60 percent of defects in Proton cars were due to poor quality components from vendors, but admitted the rest of the blame fell on the firm’s workforce.
The 45-year-old engineer who took the helm two years ago urged workers to focus on quality control, which is critical to profitability and overseas exports. But Ismi Ismail, 43, said he will not be swayed to return to Proton.
“I will not buy a Proton car. For me Proton has an image of producing poor quality cars,” he said. “Proton can bring a new car and we can see whose car will face a problem within the first six months.”
Ismi said he bought a Proton Waja for his mother five years ago and faced regular problems with the power windows.
“Each time I had to pay 200 ringgit to replace the part. I got fed-up and we subsequently sold the car and bought a four- wheel drive Isuzu vehicle.”
Ismi said he recently purchased an 18-year-old Volvo, and was confident he would have fewer mechanical and parts problems than a new Proton.
Proton said in February it had made net profits for two quarters in a row, thanks to lower operating costs and increased sales.
However, it still booked a net loss of 32.92 million ringgit (10 million dollars) for the nine months to December, although it was smaller than the 590.448 million ringgit loss a year earlier.
Taxi driver K.C. Swaran, who uses a Proton Saga for his business, lists a range of problems including a rattling dashboard but said its engine was reliable. “If I get a chance, I will go for a Nissan car. There is quality workmanship in Nissan cars,” the 54-year-old said.
“After six to seven months acquiring my new Proton, its dashboard rattles and emits noise,” he said.
Swaran said he lost money every time he went to the Proton workshop to have the problems fixed.

New formulation of Horlicks re-launched

News Report
The re-launching ceremony of Horlicks new formulation was held at the Pan Pacific Sonargaon Hotel in the city on Sunday.
Horlicks new formulation is proven to make children ‘Taller, Stronger and Sharper.’ This claim has been proven through an extensive and robust clinical study conducted by an independent group of nutritionists and scientists in India.
Results from this study have established that the group of children who drank Horlicks were significantly ‘Taller, Stronger, Sharper’ than those children in the control group, who did not get the Horlicks micronutrients.
Mahbub Jamil, special assistant to the chief adviser was present as the chief guest while Azimuddin, chairman of Mutual Group, Arup Ray, general manager of Eastern India GSK, Ashesh Bose, head of medical detailing GSK, Iftekar Azim, director of Mutual Group and high officials of GSK, Mutual Food Products and Grey were also present at the ceremony.
Dr. Meharban Singh, former professor and head of department of pediatrics and neonatology division in All India Institute of Medical Sciences was the special guest and gave a presentation on ‘effect of micronutrients on health and nutritional status of school children - NIN study.
In his speech Debashis Mukherjee, country manager of SmithKline Beecham Bangladesh mentioned that Horlicks now comes with an innovative packaging change. The pack will now carry a new logo stating the proven claim that Horlicks is ‘Now Proven - Taller, Stronger, Sharper.’

AB Bank launches three new products

News Report

In view of growing popularity about the Islamic banking, AB Bank Limited on Sunday launched three new attractive products to cater to customers in the market, said a press release.
The bank launched three new Islamic banking products—-’Mudaraba Millionaire Scheme’, ‘Mudaraba Quarterly Profit Scheme’ and ‘Mudaraba Hajj Deposit Scheme’ —- at its Islamic branch at Kakrail.
President and Managing Director of AB Bank Limited Kaiser A. Chowdhury expressed the hope that new three Islamic banking products will held expand its network.
With the introduction of the new facility AB Bank Islamic branch is now integrated with the bank’s online services, as the branch will have connectivity with seven of its conventional branches across the country.
Members of the board of AB Bank and other senior official of the bank were also present on the occasion.

DBBL reviews half-yearly financial statements

The 39th meeting of the audit committee of the board of directors of Dutch-BangIa Bank Limited was held at the bank’s board room in the city recently, said a press release. The committee reviewed the half yearly provisional and un-audited financial statements as of June 30, 2008.
The meeting was presided over by Zaheed Hossain Khan, Chairman of the audit committee of the board of directors.
All the Members of the audit committee including the independent Director Prof. Dr. Irshad Kamal Khan attended the meeting.
Prof. Khan is the Chairman of the Department of Economics, University of Chittagong and he is the Vice President of Bangladesh Economic Association.
The half yearly provisional and un-audited financial statements as of June 30, 2008, were discussed and reviewed in the meeting.

India Inc eyes big gains from nuclear business

NEW DELHI, July 13: Over 400 companies in India may get a share of the total pie of nuke business, estimated at over $100 billion, over the next five years, if the country succeeds to clinch the civil nuclear deal with the US, reports agencies.
Larsen and Toubro (L&T), Tata Power, Mahindra and Mahindra (M&M), Godrej and Boyce, Bharat Forge, Infosys, Wipro and TCS, which were already accorded Raksha Udyog Ratna (RUR) status by the ministry of defence, could be front-runners in engaging at various stages of building nuke power plants.
Industry sources told SundayET that many of these companies may partner with foreign bigwigs such as Areva, Siemens and General Electric in the nuke business. Federation of Indian Chambers of Commerce and Industry (Ficci) secretary general Amit Mitra estimates that at least 400 companies would jump onto the nuclear bandwagon.
“A few years ago, the US, according to its law, placed over 200 Indian companies under the entities list conceding that those companies had either nuke capabilities or dual-use military technologies. I feel, there will be 200 more Indian companies which would like to engage themselves from the low end of construction business to the high end of building nuclear plants. Companies with Raksha Udyog Ratna status have the potential to be the front-runners,” he said. India may build 10-15 nuclear plants if uranium supply is ensured. Australia and Russia could be the major beneficiaries of the nuclear deal as India is likely to source uranium from these two countries. Noted defence analyst C Uday Bhaskar estimates that India could generate nuke business of over $100 billion in the five years.

China’s farm produce trade deficit up by 14.3pc

BEIJING, July 13: China’s trade deficit in agricultural products rocketed 14.3 times on the year-earlier level to 7.57 billion U.S. dollars in the first five months of this year, sources with the Ministry of Agricuture said Sunday, reports Xinhua.
Foreign trade in agricultural products amounted to 39.93 billion U.S. dollars in the five- month period, a growth of 36.1 percent year-on-year.The total included 16.18 billion dollars in export value, up 12.2 percent, and 23.75 billion dollars in import value, up 59.2 percent.
The five months saw the nation’s net cereal exports decline drastically and trade deficit in animal by-products increase rapidly.
Between January and May, China exported 1.19 million tons of cereals, down 76.6 percent from the year-earlier level, but imported 911,000 tons, up 14.2 percent. The net exports stood at 276,000 tons, down 93.5 percent. In the five months, 1.65 billion U.S. dollars worth of animal by-products were sold abroad nationwide, up 10 percent, while 3.28 billion dollars worth were imported, up 35.9 percent. The trade deficit was 1.63 billion dollars, up 78.6 percent.

China endeavors to create more world famous brands

BEIJING, July 13: China would support domestic enterprises to build more world-renowned brands and to increase the added value of their trademarks, said a senior official Saturday, reports Xinhua.
Fu Shuangjian, deputy director of the State Administration for Industry and Commerce (SAIC), said the country encourages domestic companies to file more international trademark applications to better participate in global competition and protect its trademark privilege.
China has filed 1,444 international trademark applications last year through the World Intellectual Property Organization (WIPO)-administered Madrid System, ranking eighth in the world for the fourth consecutive year, official figures showed.
The SAIC said it would step up efforts for protecting trademark privilege at home and to combat trademark infringement attempts. The industry watchdog is scheduled to rectify and better regulate the domestic retail market.
The SAIC has authorized 1,234 domestic trademarks as famous ones, including 427 ones since the beginning of 2007.

Iran confirms Total’s withdrawal from gas project

TEHRAN, July 13: Iran’s oil minister confirmed yesterday that French energy giant Total has dropped out of a multi-billion- dollar gas investment in the Islamic republic, the state broadcaster reported, reports AFP.
“In our eye Total is considered out,” Gholam Hossein Nozari was quoted as saying on the state broadcaster’s website.
“Total’s recent move in withdrawing from phase 11 of the South Pars is a completely political move and not a commercial one,” Nozari said.
“As soon as we heard this news we started work on this phase with power and will continue powerfully,” he added.
The French firm’s chief Christophe de Margerie said in an interview published on Thursday that it was too politically risky to invest in Iran at present.
Total, with its expertise, was to develop phase 11 of Iran’s giant South Pars gas field to produce liquefied natural gas (LNG) alongside Malaysia’s Petronas.
Iranian energy officials had repeatedly said they would go ahead with the phase 11 gas project—even if they had to abandon the idea of producing LNG—with other foreign or domestic firms.
Iran has the world’s second-largest reserves of natural gas.
The South Pars field in the Gulf has around 500 trillion cubic feet (14 trillion cubic metres) of gas, which represents about eight percent of world reserves.
Iran shares the wider Pars fields with Qatar on the other side of the Gulf.
The development of Iran’s giant offshore field has been delayed amid a lack of investment in a country faced with severe gas needs of its own in winter at the same time as planning ambitious gas export projects to Asia and Europe.

UAE’s oil reserves to last 92 years

Dubai, Jul 13: The UAE’s oil reserves of 97.8 billion barrels, which make 7.9 percent of the world’s total stocks, would last 92 years at current production levels, according to a report, reports PTI.
The UAE’s crude oil output on an average rose 1.53 percent to 2.66 million barrels per day (bdp) for the quarter ended June as compared to the January-March quarter, latest data by the International Energy Agency (IEA) shows.
The Middle East’s oil reserves stood at 755 billion barrels, or 61 percent of the world’s total, while the global oil reserves amounted to 1.24 trillion barrels, said the data.
The UAE’s oil consumption rose 7.7 percent to 450,000 barrels per day in 2007, registering the highest growth rates in the Middle East.

TRADE NOTES

Parvez head of global transaction at Citibank NA

Citibank, NA Bangladesh has appointed Parvez Murshed to head its Global Transaction Services (GTS) in Bangladesh, reports BSS.
As head of GTS, Parvez will be responsible for managing the banks’ transaction services business for corporate and institutional clients, said a press release.
Parvez, joined Citibank in July 1999 as a management associate and has served the bank in multiple roles including cash and trade operations, cash products and GTS sales.
Before assuming the role of GTS head, he has been the Head of Treasury and Trade Services.
Parvez holds a Masters in Finance from the University of Central Oklahoma, USA.

Short supply fuels oil crisis in Nepal

Kathmandu, Jul 13: The fuel crisis in Nepal intensified yesterday as Indian Oil Corporation (IOC), the main supplier of petroleum products to the Himalayan nation, cut supplies due to non-payment of outstanding bills, reports PTI.
The shortage of petroleum products in Nepal aggravated as IOC cut fuel supplies by 67 per cent to the Himalayan state. The decision to cut the supply was made after state-run Nepal Oil Corporation (NOC) failed to make payments of committed amount to IOC, official sources said.
Nepal has no oil reserves of its own and depends on its giant neighbour India for its needs.
“We have requested IOC to make additional supply, promising to pay more once the banks here start issuing fresh loans, but IOC has not responded yet,” said Digambar Jha, chief of NOC.
Nepal’s oil imports have gone down to 1,000 KL per day over the past one week as compared to the national daily requirement of 3,000 KL a day. NOC is suffering heavy losses as it has been subsidising petroleum products to consumers in the impoverished nation. The NOC has only paid NRs 100 crore to three commercial banks to clear its old dues.

Rise in expatriate workers in Oman

Dubai, Jul 13: Oman has seen an increase in the number of foreign workers in the private sector as a result of massive development projects in the Gulf country, reports PTI.
Foreign workers employed by private sector in the country rose by 9.1 percent to 696,431 for the first four-month period ending April this year from 638,447 by 2007 end, according to the latest report by the Ministry of National Economy.
The demand for expatriate workers is going up recently in line with massive development programmes fuelled by record oil revenue.
A major chunk of expatriate workers (294,174) were employed in the engineering sector followed by service sector (145,653), Oman Observer said in a report.
The report said Oman’s total population grew by 2.7 percent to 2.743 million by 2007 end from 2.577 million for the same period previous year.

CSE closes higher on Sunday

Chittagong, July 13: Trading at Chittagong Stock Exchange (CSE) closed higher today (Sunday) with the gainers dominating the losers, reports UNB.
The CSE All Share Price Index (CASPI) increased by 1.28 percent or 116.28 points to close at 9174.70 points from Thursday’s 9058.42 points.
The CSE-30 Index also rose by 1.35 percent or 109.52 points to close at 8196.23 points from 8086.71 points on the previous day.
A total of 147 issues were traded today. Of them, 79 gained, 66 declined and two remained unchanged.