The Daily Star: Internet Edition Fri. June 15, 2007

Vol. 5 Num 1080

Fri. June 15, 2007


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Business

New budget lacks mechanism to contain inflation: BEA
Cashing in on zero duty on essentials by syndicate feared
The proposed budget for the 2007-08 fiscal would not help keep inflation at a tolerable level, rather it would mount the inflationary pressure, Bangladesh Economic Association (BEA) told a post-budget

Withdrawal of 10pc duty, 15pc VAT on textile machinery demanded
The FBCCI Standing Committee on Textile and 12 other associations of the textile and apparel sector, including BGMEA and BKMEA, Wednesday demanded the proposed 10 percent import duty and 15 percent VAT

Kuwait to resume recruiting Bangladeshis after enacting law
Kuwait will decide to resume recruitment of workers from Bangladesh after it formulates a law relating to employment of foreign workers, Kuwaiti labour minister has said.

Banks asked for short-term loans for RMG units
Had the financial institutions come forward to provide short term loans for smooth running of ready made garment units, the owners would have ensured workers' monthly salary on time, remarked the management

China urges US Congress to back down from trade bill
China urged the US Congress on Thursday to back away from a planned bill that could lead to tariffs on its exports, while pledging further reforms that would address concerns about an undervalued yuan.

BGMEA nominates Annisul Huq for FBCCI presidency
Bangladesh Garment Manufacturers & Exporters Association (BGMEA) yesterday nominated its former president and Chairman of Mohammadi Group Annisul Huq as the candidate for the office of the president of

Turkish-Bangla chamber formally launched
Turkey-Bangladesh Chamber of Commerce and Industry (TBCCI) was launched Wednesday aiming to boost trade and economy between the two friendly countries.

Trust Bank opens branch in Moulvibazar
Trust Bank opened a branch in Moulvibazar recently, says a press release. Chief of Army Staff and Chairman of Trust Bank Limited General Moeen U Ahmed inaugurated the new branch.

Xerox Global Services launched in Dhaka
Xerox Corporation, the global document management company, has announced plans to further strengthen its presence in Bangladesh as Xerox Global Services (XGS) was launched yesterday in Dhaka to help organisations

Tough new US currency bill
High powered US Senators on Wednesday unveiled a tough new attempt to punish countries with "misaligned" currencies, hours after the Treasury decided not to brand China a "currency manipulator.

Dollar above 123 yen
The dollar surged past 123 yen on Thursday following news in the United States that producer prices jumped higher than expected in May. The dollar leapt to 123.

Eastern Bank declares 20pc cash, 25pc stock dividends
Eastern Bank Ltd (EBL) has declared a 20 percent cash dividend and a 25 percent stock dividend (bonus share) for its shareholders for the year 2006.

Exclusive showroom for Titan watch opens
Titan, a leading brand and manufacturer of watches based in India, has opened its first-ever exclusive showroom in Bangladesh styled 'World of Titan' at Bashundhara City shopping mall in Dhaka, says a

Students flying with BA can carry extra 23kg bag
Students flying with British Airways between June 15 and October 31, 2007, can carry an extra bag weighing up to 23 kilos, says a press release.

Oriental Bank gets new chairman
A H Tawfique Ahmed, former deputy governor of Bangladesh Bank, has taken over as the chairman of Oriental Bank Ltd, says a press release.

Budget Reaction
Int'l Business Forum demands policy supports for social, services sectors
International Business Forum of Bangladesh has demanded additional allocations and policy supports for developing social and services sectors to achieve the projected 7 percent growth, which it says is

Oil prices flat in Asia
Oil prices were flat in Asian trade Thursday after a surprising US report showed little change in gasoline (petrol) inventories, dealers said.

Currency