The Daily Star: Internet Edition Sat. July 21, 2007

Vol. 5 Num 1116

Sat. July 21, 2007


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Business

Ensuring Minimum Wage
Govt moves to take action against errant garment factories
The government has moved to take action against garment factories, which failed to ensure minimum wage for workers within the June 30 deadline.

Two local cement firms get Indian nod to export
India has allowed two Bangladeshi companies to sell cement in its market.

China to set up trade centre
Chinese team due today in Dhaka
China is going to finance the setting up of a trade centre in Bangladesh under an agreement to be signed during the visit of a Chinese official delegation coming here today.

New WTO formula good basis for deal: India
India believes a new formula proposed for a deal on agriculture and industry tariffs is a good basis for negotiations to resume in the stalled Doha round of global trade talks, a report said Friday.

Japan lagging behind in overseas investment
The Economy, Trade and Industry Ministry is urging service sector industries, including the financial, transportation, retail and hotel categories, to expand their business overseas, saying Japan lags

Oil hits 11 months peak above $76
The price of New York crude struck a fresh 11-month high point on Friday, above 76 dollars a barrel, owing to tight US supplies, while London's Brent oil traded close to its historic high.

WB president backs WTO proposals
World Bank president Robert Zoellick backed Friday fresh proposals to drive the deadlocked round of World Trade Organization negotiations to a conclusion this year.

Rwanda makes landmark use of WTO rule on drug import
Rwanda has become the first country to resort to a four year-old rule that allows governments to waive patent protection and import more affordable generic copies of medicines to deal with major diseases,

Baratakia Enterprise to market Thai light vehicles
Monika Motors Ltd of Thailand and Baratakia Enterprise of Bangladesh have signed a memorandum of understanding (MoU) under which Baratakia will act as the sole distributor, importer and assembler of Monika

Citigroup Q2 profits jump 18pc
Citigroup Inc., the biggest U.S. bank, said Friday its second-quarter profit rose 18 percent after pulling in record revenues, boosted by strength in overseas operations.

Siemens brings Maximus brand handset
Siemens has launched a new brand of cell phone set in Bangladesh market recently.

IMF to revise economic forecasts amid 'global boom'
The International Monetary Fund is revising its economic growth forecasts amid a "global boom," the IMF chief economist said Thursday, suggesting a bump up in official estimates.

Food Safety Scares
China bans firms from exporting goods
China said Friday it had shut down several firms at the heart of food and drug safety scares, its latest move to clean up those industries and salvage its reputation as a reliable exporter.

Quake halts Japan auto production
The mammoth earthquake that ravaged northern Japan last week did more than take lives and trigger radioactive leaks.

Dollar pulls away from record euro low
The dollar pulled further away from a record low against the euro on Friday as rising US share prices provided some respite, while the yen was dented by political worries, dealers said.

Weekly Currency Roundup
July 15-July 19, 2007
Local FX Market
The US dollar/BDT market was liquid and USD became steady against the BDT in the week. The dollar showed little movement against the Bangladeshi Taka.