The Daily Star: Internet Edition Thu. July 20, 2006

Vol. 5 Num 763

Thu. July 20, 2006


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Business

Task force proposes 10pc cash incentives for textiles
Report submitted to PM
A textile task force headed by Textiles and Jute Minister Shajahan Siraj has decided on a 12-point proposal that includes updating of the existing textile policy formulated in 1995.

No job cuts after purchase of Rupali Bank, say Saudis
Investment also likely in tourism, power
A Saudi investment team, now in the capital to participate in a bidding to buy Rupali Bank, yesterday made an assurance that they would not go for retrenchment of any employee of the bank in case of its

Guideline for banks suggested to handle ACU transactions
Experts from Asian Clearing Union (ACU) members have recommended formulation of a guideline for commercial banks to handle ACU transactions in accordance with the union's mechanism.

Moscow authorities plan image make-over to woo tourists
Moscow city authorities are to spend 27 million dollars (22 million euros) by 2009 on making the Russian capital more welcoming to tourists and polishing the city's rough image, newspapers said Wednesday.

SEC disposes of 85.71pc of complaints in FY06
The Securities and Exchange Commission (SEC) disposed of more investors' complaints against listed companies and brokers/dealers in the last fiscal year compared to the preceding one.

China pursuing reforms to narrow wealth gap
The Chinese Government is pushing a reform in the "interest of the broadest masses" to reduce income gaps and redress social inequity.

New chief executive of Duncan Group
Imran Ahmed took over as the new chief executive of Duncan Group's Bangladesh operations on July 1, 2006, says a press release.

GP offers free int'l MMS until July 31
GrameenPhone Ltd is offering its subscribers the facility to send international and local multimedia messaging service (MMS) free of charge until July 31, 2006, says a press release.

Oil prices fall
Oil prices sagged Wednesday as traders held the view Israel's offensive with Lebanon would not engulf the region, and ahead of fresh US crude inventories data, dealers said.

Yahoo profits plunge
Internet search engine Yahoo Tuesday reported a massive dive in second-quarter profits, sending its shares plunging despite a surge in sales on the back of the football World Cup.

Rangs Group ventures into Chinese car business
Rangs Group has recently ventured into Chinese passenger cars business in Bangladesh following an agreement with Geely International Corporation, China, says a press release.

Tata investment seen to cast positive impact on N-region
Uttarbanga Janakalyan Samity (UJS), an organisation of the inhabitants of the northern region, yesterday demanded of the government to sign the deal with Tata Group on its proposed US$ 3 billion investment

Bimstec for new deadline for FTA enforcement
Bay of Bengal Initiative for Multisectoral Technical and Economic Cooperation (BIMSTEC), an economic bloc consisting seven South and Southeast Asian countries, is resuming trade negotiations next week

Japan to cut foreign aid budget by 3pc
Japan plans to cut its budget for foreign aid, long a top tool of Tokyo's foreign policy, by three percent in the fiscal year starting in April 2007 due to financial constraints, officials said Wednesday.

Cut in 75,000 jobs in ROK manufacturing industry
South Korea's manufacturing sector shed about 75,000 jobs in the first half of this year, countering government expectations of a rise in employment due to strong exports.