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Utah Coal Plant Scuttled, 100th In US Since 2002 PDF Print E-mail
Saturday, 11 July 2009

The Intermountain Power Agency said on Thursday it will not continue efforts to seek an air permit for a third 900-megawatt coal-fired power unit at its plant in Utah.

The Sierra Club said the once-proposed Unit 3 at the Intermountain power station 120 miles southwest of Salt Lake City is the 100th coal-fired power plant to be scuttled since 2002.

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BB Boss Backs Transit For Neighbours PDF Print E-mail
Thursday, 09 July 2009

Bangladesh Bank governor Atiur Rahman said Tuesday that transit facilities through Bangladesh should be available to neighbouring countries for the sake of business and trade.

"Transit issues have long been a subject of debate, but I think the issue should be looked at from a business and economic point of view rather than a political one," Atiur said at the close of a two-day seminar on regional integration.

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GP Finally Gets IPO Go-Ahead PDF Print E-mail
Thursday, 02 July 2009

Grameenphone, the country's leading mobile phone operator, finally got the regulatory nod to enter the share market Thursday, after twice submitting proposals to the SEC, in what will be Bangladesh's biggest ever public offer.

The company received formal consent from the Securities and Exchange Commission Thursday on its IPO application submitted last December, SEC executive director Farhad Ahmed told reporters after a meeting on Thursday.

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General Motors To Seek Approval To Sell Itself PDF Print E-mail
Wednesday, 01 July 2009

General Motors Corp is heading to bankruptcy court on Tuesday to seek approval to sell its assets to a "New GM" in a plan to reinvigorate the automaker under US government ownership.

GM is seeking approval for the sale from US bankruptcy Judge Robert Gerber just 30 days after filing for Chapter 11.

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Parliament Passes Budget PDF Print E-mail
Wednesday, 01 July 2009

The parliament on Tuesday passed the Tk 1,13,819 crore budget for 2009-10 fiscal year in the absence of main opposition BNP. After discussing the cut motions on allocation demands by different ministries, MPs passed it by voice vote.

The parliament allowed the government to allocate Tk 189,995 crore from the supplementary fund to finance all activities from July 1, 2009 to June 30, 2010.

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Muhith Will Clearly Spell Out Incentives: BKMEA PDF Print E-mail
Saturday, 27 June 2009

The finance minister AMA Muhith will clearly spell out a recession-support package for the export-focused readymade garment sector in his concluding speech on 2009-10 budget, a business leader said on Saturday.

"We informed the minister that nothing was said clearly about how much allocation was set aside for the garment sector, although Tk 5,000 crore has been announced in allocation to fight the downturn in the proposed budget," BKMEA president Fazlul Hoque said.

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Toyota's New Boss Warns Of Two More Tough Years PDF Print E-mail
Thursday, 25 June 2009

Toyota Motor Corp's new president, the grandson of the group's founder, warned on Thursday the auto industry faces another two tough years as he outlined his strategy to return the world's No.1 car company to profit.

Toyota aims to build more autonomous operations in North America and shift its focus to marketing a region-specific vehicle line-up, rather than offering a full line-up in every region, Akio Toyoda told his first media conference in the job.

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Nissan To Make Electric Cars In U.S.: Report PDF Print E-mail
Monday, 22 June 2009

Nissan Motor Co plans to launch production of electric vehicles and their batteries in the United States to tap low-interest loans for green vehicles, the Nikkei business daily said. The overall investment is estimated at 50 billion yen ($516.4 million) and may rise to 100 billion yen, it said.

Under the plan, the new electric-car assembly lines are to be built at a plant in Smyrna, Tennessee, where Nissan North America Inc is based, the paper said.

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Muhith Has New 'Black Money' Idea PDF Print E-mail
Monday, 22 June 2009

A M A Muhith, the finance minister, on Sunday came up with 'a new idea' which would give incentives, similar to those offered to tax dodgers, to regular tax payers if they invested in the government-prescribed sectors.

"I have my own thoughts or idea on the issue," Muhith told delegates of the Foreign Chamber (FICCI) in Dhaka. "Investment incentives can be offered to all—people with any income, disclosed or undisclosed.

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Air India Hikes Fuel Surcharge On ATF Rise PDF Print E-mail
Friday, 19 June 2009

State-run Air India said it will raise fuel surcharge on tickets from June 19, following similar moves by other carriers.

"We are increasing the fuel surcharge by 400 rupees effective tomorrow (Friday)," its spokesman told Reuters on Thursday, adding the higher fares were for both long and short haul routes on the domestic sector.

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'Reality Forced Black Money Legalisation Offer' PDF Print E-mail
Saturday, 13 June 2009

Finance minister A M A Muhith says reality has forced him to keep the provision for legalising black money only to boost the flagging investment.

"Ethics lost out to politics on the question of giving the scope to whiten the black money," he told reporters with a tinge of disappointment at a post-budget press briefing at National Economic Council auditorium in the capital on Friday.

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'Reality Forced Black Money Legalisation Offer' PDF Print E-mail
Saturday, 13 June 2009

Finance minister A M A Muhith says reality has forced him to keep the provision for legalising black money only to boost the flagging investment.

"Ethics lost out to politics on the question of giving the scope to whiten the black money," he told reporters with a tinge of disappointment at a post-budget press briefing at National Economic Council auditorium in the capital on Friday.

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US Bankruptcies Highest Since 2005 PDF Print E-mail
Wednesday, 10 June 2009

US bankruptcy filings rose in the first quarter to the highest since 2005, government data show, as rising unemployment, falling housing prices and tight credit made it harder for people to hold off their creditors.

There were 330,477 filings in the January-to-March period, up 10 percent from the previous quarter and up 35 percent from a year earlier, the Administrative Office of the U.S. Courts said this week. Consumer bankruptcy filings rose 33 percent from a year earlier, while business filings rose 64 percent.

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BB Boss Sees No 'Slowdown' In GDP Growth PDF Print E-mail
Tuesday, 09 June 2009

The central bank chief does not see GDP growth slowing in the coming fiscal year due to "mounting impact of the global recession" as forecast by a number of economic reports in recent days.

"No matter who says what, I don't think GDP growth will see any contraction in the next fiscal," Bangladesh Bank governor Atiur Rahman said at a 'Budget Reporting' seminar organised by the Economic Reporters Forum in the capital.

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SMEs See 'Double-Digit Growth' Over Past 2 Years PDF Print E-mail
Tuesday, 02 June 2009

The SME sector has seen double digit growth over the past two years, outpacing the country's economic performance as a whole, the SME Foundation's managing director said on Tuesday.

"The sector began seeing growth of 8-9 percent from about 1990, and went into double digits in the past two years," Momtaz Uddin Ahmed told bdnews24.com.

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ICB Takes Over From BB To Run EEF PDF Print E-mail
Monday, 01 June 2009

The state-run Investment Corporation of Bangladesh on Monday took responsibilities of the distribution of Equity and Entrepreneurship Fund (EEF) from Bangladesh Bank.

"According to rules of business Bangladesh Bank is not responsible for distribution of EEF. It's a government fund and Bangladesh Bank has helped so far in distribution of fund through its manpower," the deputy governor of the central bank, Md Nazrul Huda, said at the handover ceremony.

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Muhith To Buff Budget Abroad PDF Print E-mail
Sunday, 31 May 2009

Finance minister AMA Muhith says he will be putting final touches to the budget of 2009-10 fiscal year outside the country.

He will leave Dhaka on Monday morning to attend the annual conference of Islamic Development Bank (IDB) at Ashgabat, the capital of Turkmenistan and be back on June 4.

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Germany Agrees Deal With Magna, GM To Save Opel PDF Print E-mail
Saturday, 30 May 2009

Germany reached a landmark deal with Canadian auto parts group Magna, General Motors and governments to save carmaker Opel from the imminent bankruptcy of its US parent, German leaders said on Saturday.

Finance Minister Peer Steinbrueck told journalists waiting outside Chancellor Angela Merkel's offices during the six-hour meeting that a comprehensive deal had been agreed.

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Tensions Rise As Germany Races For Opel Deal PDF Print E-mail
Saturday, 30 May 2009

Germany raced to overcome a transatlantic spat and growing tensions among Opel bidders to clinch a deal for the German carmaker on Friday, as parent General Motors hurtled toward bankruptcy.

As the clock ticked down to a June 1 restructuring deadline, widely expected to lead to a Chapter 11 filing for the U.S. automaker after it sealed a crucial sweetened deal with bondholders on Thursday, GM's Saab unit was granted more time to restructure by a Swedish court.

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Oil Hits '09 High Above $63 On Recovery Hopes PDF Print E-mail
Thursday, 28 May 2009

Oil rose to a six-month high above $63 a barrel on Wednesday after OPEC's biggest member Saudi Arabia said the global economy had strengthened enough to cope with oil at $75-$80 a barrel.

Speaking ahead of a meeting of the Organization of the Petroleum Exporting Countries in Vienna on Thursday, Saudi Oil Minister Ali al-Naimi said oil prices would continue to rise, recovering from lows near $32 at the turn of the year. [ID:nLR631756]

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Govt Plans Subsidy On Lending Rate For Exporters PDF Print E-mail
Monday, 25 May 2009

The government is considering providing subsidy to the lending rate for exporters to offset the fallout of the ongoing economic meltdown, the central bank chief was quoted as saying on Sunday.

Bangladesh Bank governor Atiur Rahman disclosed the plan at a meeting with a delegation of Bangladesh Knitwear Manufacturers and Exporters Association, said the central bank's executive director Khandker Mazharul Haque and BKMEA president Fazlul Hoque told after the meeting .

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