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Indian business tycoons have no regrets with big buys PDF Print E-mail
Tuesday, 17 November 2009

Ratan Tata, who bought the Land Rover and Jaguar brands, and Rupert Murdoch and Carlos Slim, who bought or invested in US newspapers, said on Monday that they have no regrets with their purchases.

"No, it's been a very difficult time," said Ratan Tata, the head of Tata Motors Ltd, India's largest vehicle maker. Tata bought Jaguar and Land Rover from Ford Motor Co last year.

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Muhith fears reserve may spur inflation PDF Print E-mail
Tuesday, 17 November 2009

Finance minister AMA Muhith called for precautionary measures in the wake of a soaring foreign exchange reserve fearing it might trigger inflation. AMA Muhith urged the central bank to take necessary steps.

AMA Muhith was speaking at a programme hosted by Bangladesh Bank on Monday to celebrate Bangladesh's forex reserve topping the $10 billion mark this month.

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Forex reserve crosses $10bn PDF Print E-mail
Wednesday, 11 November 2009

Bangladesh's foreign exchange reserve crossed $10 billion, a new record, on Wednesday.

It stood at $10.3 billion on Wednesday with the addition of an Asian Development Bank loan, the Bangladesh Bank governor said.

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5Y plan to replace PRSP in 2 years: Muhith PDF Print E-mail
Sunday, 01 November 2009

Finance minister Abul Mal Abdul Muhith told parliament Sunday that the government is looking to reintroduce a different kind of five year development plan than in the past, to replace the PRSP development model in two year's time.

In a parliamentary discussion on the revised Poverty Reduction Strategy Paper, the minister said the new five year plan would be "indicative" rather than prescriptive.

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Pricey winter vegetables enter city markets PDF Print E-mail
Sunday, 01 November 2009

Winter vegetables have started coming to the kitchen markets in the capital and although the prices are a tad on the higher side, buyers are far from being turned off.

Cauliflower, cabbage, English spinach, red spinach, tomatoes, beans, radish, carrot, water gourd, arum, gourd spinach and potatoes were seen neatly stacked up by the sellers.

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GP's IPO lottery held PDF Print E-mail
Wednesday, 28 October 2009

Grameenphone's lottery for allotting initial public offerings was held on Wednesday at the Bangabandhu International Conference Centre in Dhaka.

Aspirants for the long-awaited IPO can check the results on the GP website as well as on the websites of the country's twin bourses, the country's largest mobile-phone operator said in a statement .

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Asian leaders seek to reduce Western trade ties PDF Print E-mail
Sunday, 25 October 2009

Asia-Pacific leaders called on Sunday for regional-wide free trade and other measures to reduce dependence on the United States and big Western markets as Asia leads the way out of the global economic downturn.

Japanese Prime Minister Yukio Hatoyama urged Asian leaders to keep up fiscal and monetary stimulus measures even as their economies show mounting signs of recovery, saying there was "no room for complacency" and that the job market was still "dire".

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Govt lost 'Tk 225cr to grey mobile market' PDF Print E-mail
Friday, 23 October 2009

The government lost Tk 225 crore in revenue in last fiscal year to illegal import of mobile phones, industry players said at a regional summit in Dhaka.

They identified grey market of mobile phones, uncomfortable tax structure and the poor regulatory environment of Bangladesh as major obstacles to the growth of the industry.

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S Korea to invite more workers: official PDF Print E-mail
Friday, 23 October 2009

South Korea will recruit more Bangladeshi workers from next year as the country is recovering from the economic crisis, a government official has said.

Syed Nasir Ershad, first secretary to the Bangladesh Embassy in Seoul, said Thursday that frequent change in work places by some workers had tarnished the positive image of Bangladeshis "to some extent" in Korea.

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GP's record IPO closes with over 1m applications PDF Print E-mail
Monday, 19 October 2009

Grameenphone's record initial public offering ended Sunday for non-resident Bangladeshi (NRB) investors, with total subscription over three times the issue target. Though the subscription closed on Oct 8 for locals, NRBs could submit their applications until Sunday (Oct 18).

Subscription of the Tk 4.86 billion offering, the largest in the country's history, opened on Oct 4, creating a stampede of investors which forced banks to open extra desks to accept all the applications.

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BB chief launches farming credit programme PDF Print E-mail
Friday, 16 October 2009

Bangladesh Bank governor Atiur Rahman inaugurated this fiscal year's agriculture loan distribution programme on Friday by handing over cash loans to 37 share-croppers.

Rahman handed out Tk 10.26 lakh loans among those farmers on behalf of Rajshahi Krishi Unnayon Bank at Kacchihata High School premises under Gurudaspur Upazila.

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New York Times scraps plan to sell Boston Globe PDF Print E-mail
Thursday, 15 October 2009

The New York Times Co said it has given up its plan to sell The Boston Globe and related businesses after drastic cuts it imposed on the daily newspaper earlier this year improved its financial position.

The announcement caps a painful odyssey for the 137-year-old Boston Globe that began earlier this year when the Times threatened to close the paper if it could not get its unions to agree to deep cost cuts.

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Committee formed to recommend export increase PDF Print E-mail
Thursday, 15 October 2009

The government on Thursday formed a committee headed by former finance minister M Saiduzzaman to increase export by fighting the global economic meltdown.

The constitution of the committee comes in line with the decision at the taskforce meeting on Sep 16, a finance ministry circular said.

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Bernanke Sees Tighter Policies As Economy Heals PDF Print E-mail
Sunday, 11 October 2009

The US Federal Reserve must continue to prop up the economy for an extended period but can't do so indefinitely for fear of triggering an inflationary surge, Federal Reserve Chairman Ben Bernanke warned on Thursday.

The US central bank has cut interest rates to near zero percent and pumped hundreds of billions of dollars into the financial system to counter the worst financial crisis since the Great Depression.

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Govt resets retail sugar price at Tk 49 PDF Print E-mail
Wednesday, 07 October 2009

The government has re-set mill, retail and wholesale prices of sugar in an attempt to stabilise the cost of the essential that remains artificially high following hikes during Ramadan.

The mill gate price will be Tk 45 per kg, wholesale Tk 46 and retail Tk 48-49, commerce secretary Firoz Ahmed told reporters after a meeting with mill owners at the Secretariat on Wednesday

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Indian Rupee Rises Past 47/dlr To 4-Month High PDF Print E-mail
Tuesday, 06 October 2009

The rupee rose to its highest in more than four months on Tuesday, helped by the dollar's losses versus other majors and some gains in local share prices.

At 3:07 p.m. (0937 GMT), the partially convertible rupee was at 46.99/47.0 per dollar, its strongest since June 3. It had ended at 47.525/535 on Monday.

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New Land Port Launched to Expand Export to India PDF Print E-mail
Sunday, 04 October 2009

The government has opened the country's 17th land port in Feni district hoping to boost export to seven northeast Indian states including Tripura.

Shipping minister Shahjahan Khan formally inaugurated the Bilonia Land Port, which had been a tax station, in Porshuram Upazila on Sunday.

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GP Eyes Rural Foray As Record IPO Subscription Opens PDF Print E-mail
Sunday, 04 October 2009

Grameenphone eyes expansion into rural market with the new money as subscription for its Tk 480 crore IPO opened Sunday, said the top official of the country's largest mobile-phone operator.

GP chief executive Oddvar Hesjedal told bdnews24.com that the company's future endeavor was to better reach the rural population.

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IMF, World Bank Warn Global Cooperation Could Falter PDF Print E-mail
Saturday, 03 October 2009

The International Monetary Fund (IMF) and the World Bank warned on Friday that the global economic recovery might falter as complacent policymakers lost their will to cooperate.

"The danger today is no longer, fortunately, one of a collapsing world economy," World Bank President Robert Zoellick told a news conference. "The danger today is one of complacency.

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USD 17.6 Bln Export Target Set PDF Print E-mail
Friday, 02 October 2009

The government has set its sight on earning $ 17.60 billion from exports this fiscal year, up 13 percent from last 2008-09 fiscal year's target, with around 80 percent of it coming from the apparel sector.

The target was finalised in a meeting with representatives from all export-focused organisations at the commerce ministry on Thursday, presided over by commerce minister Faruq Khan.

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Hoarded Sugar Worth Tk 16 Cr Seized PDF Print E-mail
Sunday, 27 September 2009

Security officials on Friday seized some 74,380 sacks of sugar hoarded in four warehouses in Abhaynagar Upazila in Jessore, an official said.

National Security Intelligence, Rapid Action Battalion and the police in a five- hour joint drive seized the sugar worth around Tk 16 crore, deputy commissioner of Jessore Mohibul Haque said.

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