The Daily Star: Internet Edition Sun. January 28, 2007

Vol. 5 Num 948

Sun. January 28, 2007


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Business

NCBs' capital shortfall reaches Tk7498cr
BB for strengthening management tactics
Despite huge reform measures to strengthen the banks' financial health, the capital shortfall of four nationalised commercial banks (NCBs) continues as usual and has reached Tk7498crore in June 2006.

'Made in Asia' clothes make further inroads into Europe
European clothing firms are ditching their local suppliers and are opting more and more for cheaper imports from Asia, especially China, according to a French study released on Friday.

Promotion
NCB officials seek finance ministry's intervention
A section of nationalised commercial bank officials, aggrieved for being denied promotion to the posts of general manager despite having all qualities during the immediate past four-party alliance government,

Insurance firms face 7b euro bill from winter storm
The deadly winter storm that lashed much of northern Europe last week will cost the insurance industry between five and seven billion euros, Germany's Munich Re said Friday.

Banglalink subscribers grow 253pc in 2006
Cellphone operator Banglalink's subscriber base grew by a hefty 253 percent in 2006 while the overall industry rose by almost 135 percent during the period, says a press release.

Davos wraps up with huddle on WTO talks
Ministers from 24 key trading countries and the European Union met on the final day of the Davos forum Saturday in a bid to breathe fresh life into stalled global trade negotiations.

Manila to liberalise forex restrictions
In sharp contrast to Thailand's recent move to curb capital inflows, the Philippines is set to liberalize existing restrictions on capital outflows as a way to hedge against the strong influx of foreign

China's macro-economic cooling steps ineffective
Warns IMF
IMF managing director Rodrigo Rato warned Friday that Beijing's macro-economic measures aimed at cooling China's roaring investment and lending were proving ineffective.

Ctg chamber's recommendations to CG for smooth business activities
Chittagong Chamber of Commerce and Industry (CCCI) yesterday made an eight-point recommendation to the chief adviser to the caretaker government (CG) for smooth business activities in the country.

Wal-Mart not participating in NYC Fashion Week
Wal-Mart Stores Inc, the world's largest retailer, has decided not to participate in New York's upcoming Fashion Week.

Corporate Governance
Media can help create enabling environment
Say speakers
Speakers at a function yesterday said media can play a catalytic role for creating an enabling environment for better corporate governance and corporate social responsibility, says a press release.

Citigroup Foundation to grant $3.2m to WFP
Citigroup has announced that its Foundation would grant the World Food Programme (WFP) $3.

Citibank to set up holding company in Japan
US financial giant Citibank NA plans to set up a financial holding company in Japan as early as July, making it the first foreign financial institution to do so, a news report said Saturday.

ROK replaces China as largest foreign investor in Cambodia
South Korea replaced China as the largest foreign investor in Cambodia in 2006 with its investment reaching one billion US dollars compared with 717 million US dollars from China, local media said Saturday.

China mulls new property, fuel tax
China is considering a new property tax to cool over-investment in real estate and a fuel levy to reduce oil consumption, the government said.

Thai economic growth forecast lowered for '07
The Bank of Thailand has cut its 2007 Thailand's economic growth forecast to between 4-5 per cent from a range of 4.5 - 5.5 per cent, the Thai News Agency reported Saturday.

Russian output to surpass Soviet record
Russia's output will this year surpass for the first time the maximum level achieved in the Soviet Union, 15 years after the collapse of the Communist bloc, Deputy Prime Minister Dmitry Medvedev saidSaturday.

Microsoft profit down
Microsoft Corp.

Toyota's vehicle production rises in '06
Toyota's global production last year surged 10 percent to more than 9 million vehicles, narrowing the gap with General Motors, the world's No. 1 automaker. Toyota Motor Corp.