The Daily Star: Internet Edition Fri. July 22, 2005

Vol. 5 Num 410

Fri. July 22, 2005


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Business

Trade Preference Erosion from WTO Rules
Bangladesh may face $400m loss a year
Says CPD executive director
Bangladesh may face a loss of around $400 million a year due to trade preference erosion stemming from the WTO trade rules, Debapriya Bhattacharya, executive director of Centre for Policy Dialogue (CPD),

FBCCI Polls
Nominations of 44 valid
The election board of the country's apex trade body yesterday finalised the nominations of 44 candidates, 27 from chamber group and 17 from association group, for 24 posts of directorship to the

Japan sees export trouble as China's soaring economy grows self-reliant
Japan's trade deficit doubled in June with its top trade partner China, whose booming economy is developing local production that is gradually replacing the need for imports, official data showed Thursday.

ASIAN ECONOMIC MONITOR CHINA REPORT
Fighting hard for a 'soft' landing
China's economic advisors are at war among themselves, although you wouldn't see any sign of it walking down Shanghai's Bund.

India won't open up farm product market unless rich states stop subsidy
India made it clear on Wednesday that it would not go beyond a point to open up its huge market for farm products at WTO negotiations unless developed countries agree to dismantle subsidies for theirfarm

BTMA moves to improve relation with BKMEA
Chairman of the BTMA MA Awal yesterday made a move to improve relation with the BKMEA as it sought withdrawal of a remark made by Awal regarding the knitwear exporters at a press conference Wednesday.

China revalues currency
China Thursday revalued its currency for the first time in about a decade, pegging the yuan to the US dollar at 8.11, up from 8.

Dhaka to gain in export from yuan appreciation
Bangladesh is likely to gain in export competitiveness, but lose in imports as a result of the Chinese currency deregulation that appreciated the yuan by 2 percent Thursday, analysts said.

Hutch-Essar to buy out stakes in BPL Mobile for $1b
In the biggest acquisition in the Indian telecoms sector, Hutch-Essar group will buy out controlling interest in the BPL Mobile Cellular company in an one billion dollar deal.

WTO chief sounds alarm about global trade talks
The Director-General of the World Trade Organisation, Supachai Panitchpakdi, sounded the alarm on Thursday about global trade talks underway here, urging trading nations to step up the pace.

Oil prices fall in Asian trade
Oil prices fell in Asian trade Thursday after data showed the impact on US oil inventories of a hurricane in the Gulf of Mexico was not as severe as expected, dealers said.

KL to cut budget deficit to ensure stable growth
Prime Minister Abdullah Ahmad Badawi said Thursday that Malaysia will reduce its budget deficit, which has been swollen by years of pump-priming, to ensure stable economic growth.

Shahjalal Islami Bank extends Tk 80.5m to Saimon Overseas
Shahjalal Islami Bank Ltd has extended Tk 80.5 million composite investment facility to Saimon Overseas Ltd.

China buys 20 Airbus A330s
China was to sign a contract with European aircraft maker Airbus Thursday for 20 A330 jets in a deal worth 3.1 billion dollars, Spanish officials told AFP.

BMW in talks to build factory in India
BMW, the German luxury car maker, is negotiating with the authorities in India with regard to the possible construction of a manufacturing plant on the sub-continent, a company spokesman said Thursday.