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Excess Liquidity will Not Affect Inflation: BB Governor PDF Print E-mail
Monday, 24 August 2009

Bangladesh Bank governor Atiur Rahman has said the current surplus liquidity would not affect inflation as the central bank is ready to shift its course any time, if needed.

Bangladesh's foreign reserves increased by a staggering 31 percent during FY2008-09 on the back of remittance, Atiur told a roundtable on monetary policy in the city on Sunday.

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Bangladesh Exports to India to Reach $1 bln by 2011 PDF Print E-mail
Monday, 24 August 2009

Bangladesh's exports to India will reach at least $1 billion by the end of 2011 as customers in that India now find several of its neighbour's products attractive, a business leader said on Sunday.

"Our main focus will be the consumers of north-eastern states of India who preferred Bangladesh products including food items, textiles, melamine products and toiletries" said Abdul Matlub Ahmad, President of India-Bangladesh Chamber of Commerce and Industry.

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IMF Offers Bangladesh $700m Soft Loan PDF Print E-mail
Friday, 21 August 2009

The International Monetary Fund has offered Bangladesh a $700 million soft facility to assist with the impact of the global economic downturn, Bangladesh Bank governor Atiur Rahman said.

"We received an e-mail from the IMF on Tuesday saying it had decided to give the loan assistance to help Bangladesh face the adverse affects of the global economic downturn, and boost the economy," Atiur Rahman, governor of the central bank, told bdnews24.com on Wednesday.

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GP's Record IPO To Open 'September-end' PDF Print E-mail
Friday, 21 August 2009

GrameenPhone's record IPO received the final regulatory nod on Thursday to raise almost Tk 500 crore from the capital market, and subscription may open in the last week of September, a top official said.

Securities and Exchange Commission executive director Anwarul Kabir Bhuiyan told reporters after an SEC board meeting gave final approval for Bangladesh's biggest ever public offering by its largest mobile phone operator.

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GP's Record IPO To Open 'September-end' PDF Print E-mail
Friday, 21 August 2009

GrameenPhone's record IPO received the final regulatory nod on Thursday to raise almost Tk 500 crore from the capital market, and subscription may open in the last week of September, a top official said.

Securities and Exchange Commission executive director Anwarul Kabir Bhuiyan told reporters after an SEC board meeting gave final approval for Bangladesh's biggest ever public offering by its largest mobile phone operator.

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WB Pledges $160m More For Padma Bridge PDF Print E-mail
Friday, 07 August 2009

The World Bank has pledged another $160 million for construction of the Padma Bridge at Mawa, raising its total loan assistance for the project up to $460m, communications minister Syed Abul Hossain said Thursday.

He said the government had some funding deficit for the nearly $2 billion bridge project. "Today, the World Bank has assured us of more assistance," Hossain told reporters after a meeting with Isabel Guerrero, visiting World Bank Vice President for the South Asia Region.

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Warid Gets New Logo PDF Print E-mail
Thursday, 06 August 2009

Warid Telecom, a subsidiary of UAE-based Abu Dhabi Group, has changed its logo and names of some services to portray a uniform brand image and identity of the Warid Group, says the company.

Telecommunication minister Raziuddin Ahmed Razu and the CEO of Warid Telecom Muneer Farooqui unveiled the new logo Wednesday.

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Moriarty Backs Sylhet As 'Special Economic Zone' PDF Print E-mail
Tuesday, 04 August 2009

US ambassador James F Moriarty said on Monday backed the proposal to declare Sylhet as a 'special economic zone'.

"Such an innovative idea would help Bangladesh to tackle the current economic challenge and take opportunity of global economic system," he said at a views-exchange meeting with the leaders of Sylhet Chamber of Commerce and Industry at a local hotel.

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AKTEL Gets New CEO PDF Print E-mail
Monday, 03 August 2009

Michael Kuehner, has been named managing director and chief executive officer of AKTEL, one of the leading mobile phone operators in the country.

Michael Kuehner will be replacing MD and CEO Jefri Ahmad Tambi from October 1st, 2009, AKTEL said in a statement on Monday

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Germany Says Opel Suitors Must Improve Bids PDF Print E-mail
Monday, 03 August 2009

The two suitors for GM's German unit Opel must improve their bids to win government backing, German Economy Minister Karl-Theodor zu Guttenberg said on Sunday before a Monday GM board meeting likely to focus on Opel.

Canadian auto parts maker Magna is battling with RHJ International for control of Opel, in which GM is relinquishing control in return for state support the carmaker needed after filing for bankruptcy protection in June.

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US Economy Fares Better Than Expected In Latest Quarter PDF Print E-mail
Friday, 31 July 2009

The US economy contracted at a slower-than-expected pace in the second quarter, government data showed on Friday, but a sharp drop in consumer spending fanned fears that recovery would be sluggish.

Gross domestic product, which measures total goods and services output within U.S. borders, fell at a 1.0 percent annual rate, the Commerce Department said, after tumbling 6.4 percent in the January-March quarter, the biggest decline since a matching fall in the first quarter of 1982. It was previously reported as a 5.5 percent drop.

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BB Guards Money Market, Not Capital Market: Official PDF Print E-mail
Wednesday, 29 July 2009

A central bank official assured representatives of the country's twin bourses and the capital market regulator on Tuesday that it is working for a transparent, vibrant and buoyant economy.

"As the money market's guardian, the central bank monitors the activities of banks and financial institutions, it will never hamper the capital market," Bangladesh Bank deputy governor Murshid Kuli Khan told a delegation from the Dhaka and Chittagong stock exchanges and the Securities and Exchange Commission.

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GMG Charges Two Pilots With Contract Breach PDF Print E-mail
Monday, 27 July 2009

GMG Airlines has filed a case against two foreign pilots, who recently joined the United Airways, on charges of not seeing out their contract with GMG.

The pilots, captain Cheron Will Fried Orlod from New Zealand, and first officer Rudi Kurnides from Indonesia, joined GMG in December.

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Bill Gates Urges India To Move From Low-Cost To R&D PDF Print E-mail
Saturday, 25 July 2009

Billionaire Bill Gates on Friday urged India to move away from low-cost labour toward high-end research and development to keep its giant IT sector competitive.

On a visit to New Delhi, the co-founder of Microsoft Corp called on the Indian government to speed up its commitment to R&D and to boost low number of home-grown PhD students.

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GP Revenue Grows 10% In Q2 PDF Print E-mail
Friday, 24 July 2009

Top mobile operator Grameenphone's revenue has grown 10 percent to Tk 1,628 crore in the second quarter of this year from Tk 1,477 crore in the same period last year.

"The increasing revenue-growth trend … demonstrates that the management is willing to make the right changes at the right time to bolster the company during the pause in the economy," Grameenphone CEO Oddvar Hesjedal said in a statement on Thursday.

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ADB Warns Of '2nd Round' Recession Effects PDF Print E-mail
Thursday, 23 July 2009

Bangladesh has not felt the initial impact of the global recession as hard as some countries, but prolonged effects could hit Bangladeshi exports, especially RMG and textiles, said visiting ADB president Haruhiko Kuroda on Thursday.

"Bangladesh has not been hit as hard by the global financial crisis as most economies in the Asia and Pacific region, partly due to its long tract record of prudent macroeconomic management," said Kuroda, who arrived in Dhaka earlier in the day on a two-day visit.

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BB to roll out 5 year plan in Jan PDF Print E-mail
Tuesday, 21 July 2009

Bangladesh Bank is preparing its first-ever long-term plan to boost the stagnant banking sector, central bank governor Atiur Rahman said on Tuesday.

"A five-year strategic plan will lift the sector through consistent monetary policy, greater automation, increasing manpower skills, reducing lending rates and, overall, finding the proper approach for banks to contribute more to the growth of the economy," Rahman told bdnews24.com.

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Political Will Needed To Boost Bangladesh-India Trade PDF Print E-mail
Tuesday, 21 July 2009

Political will is the key to increasing trade between India and Bangladesh, commerce minister Faruq Khan said at the launch of a conference between business leaders of the two countries Monday. The trade gap of $3.016 billion in 2007-08 fiscal year is heavily tilted against Bangladesh.

Bangladesh's exports to India stood at only $358.08 million against imports from the neighbouring country worth a massive $3.375 billion, according to figures obtained from the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).

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RHJ And Magna Face Off in Bid For Opel PDF Print E-mail
Friday, 17 July 2009

Belgium-based investor RHJ International is offering 275 million euros ($388 million) for a majority stake in General Motors' Opel business in a last-ditch bid to beat out early frontrunner Magna.

RHJ's non-binding offer document, entitled 'Project Beam' and obtained by Reuters on Friday, foresees production cutbacks and pay cuts for staff at the German carmaker, which GM is selling amid a radical slimming programme to restore profitability.

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Weak Capital Market Bars Development: Muhith PDF Print E-mail
Thursday, 16 July 2009

Investment will not see growth with a weak capital market, said finance minister Abul Maal Abdul Muhith on Thursday. "We cannot increase investment if the strength and depth of the capital market is not developed," he said, addressing a seminar on 'Exchange Rate Management under Floating Regime in Bangladesh'.

"Two of our major limitations to economic development are, we cannot move forward with investment and cannot reduce bank interest on loans however hard we try," said Muhith.

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Stocks Fall, Protests Continue at DSE PDF Print E-mail
Monday, 13 July 2009

Stocks fell Monday, with over 60 percent of scrips on the country's twin-bourses losing value, as investors sought to lock in profits.

Dhaka Stock Exchange's benchmark index shed 14 points, while the Chittagong Stock Exchange's key index dropped more than 50 points.

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