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Nano Launches Monday, But Wait Not Over Yet PDF Print E-mail
Saturday, 21 March 2009

Tata Motors will launch the much awaited Nano, slated to be the world's cheapest car at less than $2,000, on Monday but it may be the middle of the year before it is seen on Indian roads.

The formal launch comes 15 months after the tiny, snub-nosed car debuted at a glittering world autoshow in Delhi, and is seen as an effort by the leading Indian vehicle maker to meet a deadline it had set to launch in the first quarter of 2009.

 

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BTCL, KT Sign Tk 280 cr Internet Expansion Deal PDF Print E-mail
Thursday, 19 March 2009

Bangladesh Telecommunication Company has signed a Tk 280 crore internet expansion deal with state-owned Korean Telecommunication (KT) Corporation.

BTCL and KT inked the deal Thursday for delivering the internet information network to divisional cities and districts within 18 months.

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World Bank Urges Tougher G20 Stand On Protectionism PDF Print E-mail
Thursday, 19 March 2009

The World Bank urged the group of 20 leading developed and developing nations on Tuesday to toughen their stance against protectionism by agreeing to report any new subsidies or trade-restricting measures to the World Trade Organization every three months.

"Leaders must not heed the siren-song of protectionist fixes, whether for trade, stimulus packages or bailouts," World Bank Group President Robert Zoellick said in a statement.

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Kazi Tea First Bangladeshi Brand To Enter Japan PDF Print E-mail
Wednesday, 18 March 2009

Kazi and Kazi Tea has entered the Japanese market as first exporters of tea from Bangladesh, an official said Tuesday.

KK Tea's chief executive officer Kazi Anis Ahmed told reporters at a news briefing that this was the first and only tea from Bangladesh to enter the premium segment of world tea market.

He added they already had orders to export 4500 kg tea to Japan.

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Recession Task Force To Sit From Mar 24 PDF Print E-mail
Tuesday, 17 March 2009

A 29-member task force to advise on Bangladesh's response to the global recession will convene from Mar 24, finance minister AMA Muhith said on Monday.

"The task force will advise the government on ways to protect the country from the crisis," said Muhith.

Its members will include representatives from the major parties, including the main opposition BNP, economists, specialists and businessmen, he said.

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PM Pledges Special Recession Deal PDF Print E-mail
Monday, 16 March 2009

Prime minister Sheikh Hasina has renewed her government's pledge to develop "a special package" of support to global recession-hit businesses in Bangladesh, a top aide said on Sunday.

"The government is closely watching the global developments, with the finance minister himself in charge," press secretary Abul Kalam Azad quoted the prime minister as telling a team of FBCCI Sunday.

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BKMEA Wants 10pc Cash Incentives, Loan Interests Cut PDF Print E-mail
Sunday, 15 March 2009

Bangladesh's knitwear exporters have sought 10 percent special cash incentive for a year from the government to face off global economic crisis fallouts.

The Bangladesh Knitwear Manufacturers and Exporters Association also wants interests on bank loan cut to 10 percent from 14-15 percent, and the gas and power crisis resolved.

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New BGMEA Chief Seeks Govt Support To Survive Recession PDF Print E-mail
Saturday, 14 March 2009

The new BGMEA president has said the $11 billion readymade garment industry needs the government's support to deal with the aftermath of the global financial meltdown.

Abdus Salam Murshedi told bdnews24.com on assuming the new office after an annual general meeting that he would strive to safeguard the industry, one of the top forex earners.

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US Retail Sales Fall 0.1 Percent PDF Print E-mail
Friday, 13 March 2009

Sales at US retailers fell by a smaller-than-expected margin in February after a surprise gain the prior month, as a rise in gasoline prices limited the impact of slumping vehicle sales, a government report showed on Thursday.

The Commerce Department said total retail sales eased 0.1 percent after rising by a revised 1.8 percent in January, previously reported as a 1.0 percent increase.

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4 banks get merchant-banking licence PDF Print E-mail
Thursday, 12 March 2009

The Securities and Exchange Commission Wednesday allowed four banks including two government-owned commercial banks to run merchant-banking operations, an official said.

The government-owned banks are Sonali Bank and Agrani Bank.

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Recession Turns NRB Investors' Gaze Homeward PDF Print E-mail
Wednesday, 11 March 2009

A group of American-based Bangladeshis are looking for major investment opportunities 'back home', in the wake of the worst US recession in decades.

"The US has been most affected by the economic meltdown; industries are collapsing there forcing thousands out of jobs," says Farasath Ali, who heads a visiting delegation of US-based NRBs.

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Attractive Packages On Offer For Dhaka Travel Mart 2009 PDF Print E-mail
Tuesday, 10 March 2009

A three-day international tourism festival, Dhaka Travel Mart-2009, takes off from Thursday, with some 45 companies from seven countries showcasing travel products and services.

Domestic and international airlines are offering a multitude of discounted ticket and package tours to favoutite destinations on the occasion.

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NBR Chief Wants Black Money In Economy PDF Print E-mail
Tuesday, 10 March 2009

Black or white, all money should be brought into the mainstream economy, the top tax-man has said.

"We want no money to lie unused," National Board of Revenue chairman Mohammed Abdul Mazid said Monday after a pre-budget meeting with a delegation of the Dhaka Chamber of Commerce and Industry at his office.

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Exporters To Get Special 'Recession Package' PDF Print E-mail
Monday, 09 March 2009

A special incentive package for export-focused sectors will be announced in a month to help them face the global financial crisis, the finance minister has said.

"Exporters are apprehensive about the adverse impact of the worldwide recession," AMA Muhith told reporters Sunday after a meeting with leather industry leaders.

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Citigroup To Sell Stake In Japan Broker Monex PDF Print E-mail
Sunday, 08 March 2009

Citigroup plans to sell its 26 percent stake in Japanese online broker Monex Group Inc as part of the struggling US bank's efforts to raise cash, the Yomiuri newspaper reported on Friday.

Shares in Monex, Japan's second-largest online brokerage in terms of customer accounts, fell 8 percent on the report, cutting the value of Citigroup's stake to 14.1 billion yen ($144 million).

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Jobless rate is expected to jump to 7.9 percent PDF Print E-mail
Friday, 06 March 2009

The Labor Department will release a report today that is expected to show the unemployment rate rising to 7.9 percent and a loss of 648,000 jobs in February, making it an especially cruel month for America's workers.

Cost-cutting employers are resorting to even bigger layoffs as they scramble to survive the recession, feeding insecurities among those who still have jobs and those who desperately want them.

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India Agrees To Lift Ban On Wheat Exports: Reports PDF Print E-mail
Friday, 06 March 2009

A panel of Indian ministers has agreed to lift a ban of exports of wheat and wheat products once elections end in May, local media reported on Thursday, citing sources they did not name.

India will allow exports of two million tonnes of wheat once national parliamentary polls scheduled for April and May have been held, television channel CNBC TV-18 and news agency Press Trust of India said.

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Petrobangla's U-turn to Get Tied Polish Loan for Dighipara Coal PDF Print E-mail
Thursday, 05 March 2009

In a self-contradictory move, Petrobangla has asked the government to obtain a Polish-tied aid credit to assign Polish company Kopex for a techno-economic feasibility study for development of coal deposit in Dighipara.

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AIG Near Deal On New Terms Of Bailout PDF Print E-mail
Monday, 02 March 2009

American International Group Inc is close to a deal with the US government that would ease the terms of its bailout, provide a further equity commitment and help it pay down debt, a person familiar with the matter said on Saturday.

The revision would be the latest sign of how federal regulators are having to tweak bailout packages for financial institutions deemed too big to fail as the economy and markets worsen.

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US bank stress tests to show capital needs: source PDF Print E-mail
Monday, 23 February 2009

WASHINGTON, Sun Feb 22, (bdnews24.com/Reuters) - Financial regulators will soon launch a series of `stress tests' to determine which of the largest US banks should get bigger capital cushions in case of a deeper recession, a person familiar with Obama administration plans said on Saturday.

The person, speaking on condition of anonymity, said if institutions were found to need additional capital, financial authorities would provide them with an "extra cushion of support."

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BAPEX gets Tk 340 cr PDF Print E-mail
Wednesday, 04 February 2009

Dhaka, Feb 3 (bdnews24.com) – The government will spend Tk 340 crore to strengthen the state-owned petroleum exploration company BAPEX and ensure supply to the gas-starved port city of Chittagong.

"We all know we are facing a gas supply crisis. The project is primarily meant to address the crisis," the planning minister said on Tuesday after an ECNEC meeting that gave the go-ahead to the scheme.

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