Bangladesh News

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FBCCI to study farm sector bond in SAARC PDF Print E-mail
Monday, 28 January 2008

Staff Correspondent

The Federation of Bangladesh Chambers of Commerce and Industry has been assigned to study the potentials of regional cooperation in agriculture and livestock sectors in SAARC countries.

The apex trade boy has been tasked with the research work as part of a series of studies planned by the SAARC Chamber of Commerce and Industry in economic sectors of the region.

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Bangladeshi banks ink deal with Bahrain counterparts PDF Print E-mail
Monday, 28 January 2008

UNB, Dhaka

For channelling Bangladeshi expatriates' remittances through Bahrain's companies, three Bangladeshi banks have signed agreements with their counterparts in the gulf country at a fair being held in Manama.

Bangladesh is participating in the 'Bahrain Autumn Fair-2008' at Bahrain International Exhibition and Convention Centre in Manama.

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Cutthroat competition forces GP overhaul PDF Print E-mail
Monday, 28 January 2008

Agency

The country's largest cell phone operator Grameenphone (GP) has overhauled its operations ostensibly in an effort to improve efficiency as competition intensifies from rivals, especially from Orascom Telecom's Banglalink which is growing at a faster pace.

The overhaul is meant to remove, according to GP, existing "organisational overlaps and to streamline functional activities" ahead of GP's initial public offering, expected by June.

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BTRC sues GP big guns for illegal VoIP links PDF Print E-mail
Monday, 28 January 2008

Staff Correspondent

The telecoms regulator has filed a case against Grameenphone's (GP) two preceding chief executives and eight incumbent and former high officials of the company, charging them with involvement in illegal VoIP business.

GP, the country's largest cell phone operator, and Malaysian mobile phone operator DiGi Telecommunications have been also accused of "conniving" with Bangladeshi internet service provider (ISP) named AccessTel in the "punishable crime." Norwegian state-owned telecoms heavyweight Telenor owns major stakes in both GP and DiGi.

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US recession may help China PDF Print E-mail
Monday, 28 January 2008

Asia News Network . Beijing

A significant US economic slowdown could help China become consumer-driven rather than export-oriented, economists said.

But they warned it would be a difficult process, as domestic demand could drive up prices—especially in areas where markets are less efficient.

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NY investment seminar lauds Bangladesh reforms PDF Print E-mail
Monday, 28 January 2008

UNB, Dhaka

Bangladesh has good investment potential for global investors and the ongoing economic reforms need to be intensified.

This was said by David Fernandez of JP Morgan, an Investment Firm in Wall Street, at an Investment Seminar titled 'Untapped Investment Opportunities in Bangladesh: Investment climate, capital market and growth in Bangladesh' at the Asia Society in New York on Thursday, according to a message received in Dhaka on Saturday.

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Trade fairs in UK, Ireland, S Africa PDF Print E-mail
Monday, 28 January 2008

UNB, Dhaka

Three single-country trade fairs will be held in the UK, Ireland and South Africa this year to showcase Bangladeshi goods as part of measures for promoting the country's trade abroad.

London-based British Bangladesh Trade Cooperation and Bangladesh-based Expo Bangla Worldwide will jointly organise the fairs. Of the events, 'Expo Bangladesh 2008 South Africa' will be held in April while 'Expo Bangladesh 2008 Dublin' in June and 'Expo Bangladesh 2008 London' in August.

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Egypt to launch tender for nuclear reactor PDF Print E-mail
Monday, 28 January 2008

Agence France-Presse . Cairo

Egypt said on Saturday it would launch a tender for offers in February to build its first nuclear reactor, the official MENA news agency reported.

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US bond insurer plan key to market calm PDF Print E-mail
Monday, 28 January 2008

Associate Press . New York

If the struggling bond market is saved by a potential bailout, turbulence in the stock market could ease — but without a bailout, cities across the country could have difficulty building everything from sewers to schools.

A string of gains in the stock market this week came in part from the Federal Reserve's cut of a key interest rate, but news of a potential bailout of the bond insurance industry also sparked hope that credit markets could return to a more normal environment.

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NY adds more defendants to Countrywide suit PDF Print E-mail
Monday, 28 January 2008

Reuters . New York

New York City and state on Friday expanded a shareholder class-action law suit filed against top US mortgage lender Countrywide Financial Corp, naming additional company officers and directors, 26 underwriters and two accounting firms as defendants.

'We will pursue every avenue to ensure that those who defrauded investors are held accountable for their actions,' said New York City Comptroller William Thompson, who helps run the New York City Pension Funds.

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AT&T earns $3.1b during fourth quarter PDF Print E-mail
Monday, 28 January 2008

Xinhua . Beijing

AT&T Inc, America's largest telecommunications company, earned 3.1 billion dollars during the fourth quarter on gains in its wireless business and growth in its broadband Internet sales, the company reported Thursday.

The net income amounted to 51 cents per share. During the same period of 2006, the company earned 1.9 billion dollars, or 50 cents per share.

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Ban Ki-moon warns over food, water crisis PDF Print E-mail
Monday, 28 January 2008

Davos . Switzerland

Warnings of a water and food crisis seemed incongruous among the lavish hospitality of Davos this year, but the danger was stressed repeatedly to the assembled world elite.

Scarcity of water was named by UN secretary general Ban Ki-moon as a top priority at the World Economic Forum and he warned that conflicts lay ahead if the provision of the vital resource could not be assured.

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Consumers at heart of US stimulus plan PDF Print E-mail
Monday, 28 January 2008

Associate Press . St Louis

The success of the federal $150 billion emergency economic stimulus plan will hinge on whether American consumers do what they do best — spend, spend, spend.

The stimulus has been debated in Washington for more than a week as the economic outlook worsened, and now Americans are armed with specifics: Individuals will get up to $600, working couples $1,200 and those with children $300 more per child.

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UK watchdog, minister under fire over Northern Rock PDF Print E-mail
Monday, 28 January 2008

Agence France-Presse . London

Britain's financial watchdog and finance minister came under fire from lawmakers in a hard-hitting report Saturday, as they accused both of failings over the troubled Northern Rock bank.

The lower House of Commons Treasury Select Committee said the Financial Services Authority was guilty of a 'systematic failure of duty' by failing to spot the Newcastle-based bank's 'reckless' business plan.

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Brazil sugarcane industry eyes EU biofuel market PDF Print E-mail
Monday, 28 January 2008

Agence France-Presse . Sao Paulo

Brazil, the world leader in making ethanol from sugarcane, is homing in on Europe's biofuel market following a decision by the European Commission to combat climate change by reducing the dependency on petrol.

The EU plan calls for biofuels to be used in at least 10 per cent of fuels used in transport in the 27-nation bloc by 2020. For Brazil's sugarcane industry, the news is seen as a golden export opportunity.

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Ukraine in WTO means growth, influence over Russia PDF Print E-mail
Monday, 28 January 2008

Agence France-Presse . Kiev

Ukraine's accession to the World Trade Organisation, confirmed at a meeting in Geneva on Friday, will boost economic growth and foreign investment in this former Soviet republic, analysts said.

Membership of the 151-nation global trade body for Ukraine ahead of Russia will also give the country a key lever of influence over its eastern neighbour, with which it often has strained economic relations.

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Rights need addressing before Colombia trade deal: US lawmakers PDF Print E-mail
Monday, 28 January 2008

Agence France-Presse . Washington

US lawmakers returning from a trip to Colombia with Secretary of State Condoleezza Rice said there were still human rights concerns to consider before any free trade deal could be signed.

'We are impressed by what we saw but I think many of us have still questions about the labor issues, the human rights issues,' Democratic Representative Eliot Engel of New York, who headed the delegation, told reporters late Friday.

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Court sets next Hasina hearing for Jan 30 PDF Print E-mail
Monday, 28 January 2008

Staff Correspondent

A Dhaka court dealing with charges of extortion against former prime minister Sheikh Hasina Sunday set Jan 30-31 for recording depositions from prosecution witnesses in a case filed by businessman Azam J Chowdhury.

Metropolitan sessions judge Md Azizul Haque made the decision in his court set up on the Sangsad Bhaban premises.

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HC asks EC to explain polls deadline PDF Print E-mail
Monday, 28 January 2008

Agency

The High Court Sunday issued a rule on the Election Commission and the Fakhruddin administration to explain why they would not be directed to hold the Jatiya Sangsad election in a "reasonable timeframe".

The High Court also asked the EC and the government to explain why the delay in holding an election in 90 days from the dissolution of parliament would not be declared illegal.

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Davos wraps up with warnings for 2008 PDF Print E-mail
Monday, 28 January 2008

Agence France-Presse . Davos, Switzerland

The head of the IMF hammered home the problems facing the world economy in Davos on Saturday, sounding a final gloomy note as the annual gathering of the world's elite wrapped up.

International Monetary Fund director-general Dominique Strauss-Kahn said a 'serious' response was required to counter the risk of a US recession and slowing global growth, including both monetary and fiscal measures.

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Bird flu has spread to 29 districts: aide PDF Print E-mail
Monday, 28 January 2008

Staff Correspondent

The avian influenza virus has spread to 48 upazilas in 29 districts and six metropolitan areas, said a government official at a press conference Sunday.

Manik Lal Samaddar, special assistant to the chief adviser in charge of the fisheries and livestock ministry, said estimates put the number of infected birds at over 325,000 in 93 poultry farms, all of which have now been culled.

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