The Daily Star: Internet Edition Sat. July 28, 2007

Vol. 5 Num 1123

Sat. July 28, 2007


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Business

Ensure financial discipline to make economy sustainable
President asks cost, management accountants
President Iajuddin Ahmed yesterday urged cost and management accountants (CMAs) to ensure financial discipline in public and private organisations to make the economy sustainable.

Dollar hits back against euro
The dollar rose on Friday to the highest level against the euro for more than two weeks, as the market awaited publication of important US economic growth data.

China insurers to invest $39b abroad
More than 300 billion yuan (US$39.5 billion) is ready to flow into the international market with China's insurance companies getting government approval to invest abroad.

Nepal's handicraft export dips
After registering a marginal growth for three consecutive years, handicraft exports from Nepal recorded a decline of 5.7 percent in the last fiscal year, compared to 2005/06.

EU welcomes German move to open up labour market
The European Union's employment chief welcomed on Thursday that Berlin has begun considering lifting employment restrictions on workers from EU member states in eastern Europe.

US farm bill faces Bush veto
A massive US farm bill packed with consequences for global trade is moving through the Democratic-controlled Congress in the face of a veto threat by President George W. Bush.

Dubai firm to buy Singapore shipyard
A Dubai government firm is set to acquire full ownership of a Singaporean shipyard for around 430 million US dollars, the company said on Thursday.

US stock market sees further losses
The bruised US stock market saw further losses in early trade Friday as Wall Street mulled the implications of the housing slump and a potential credit crunch that led to a rout a day earlier.

Mittal firm on plans of $20b steel plant in India
World's largest steelmaker Arcelor Mittal has said it is firm on course in setting up two steel plants in India with a total capacity of 24 million tones at an investment of about 20 billion dollars.

WTO not that far away from trade deal, says Lamy
Negotiators working to agree on a new global deal to reduce trade barriers are moving closer to an overall accord, WTO Director General Pascal Lamy said here Friday.

India's IT industry cries foul as rupee strengthens
India's IT industry, the flag bearer of a resurgent economy, wants the government to step in and check the rupee's unprecedented rise to nine-year highs in an effort to protect their earnings.

India cuts 5pc duty on palm oil
The Indian government on Thursday clarified that its had cut the customs duty on palm oil by five per cent, and not 10 per cent as notified earlier.

Vietnam targets $7b in RMG exports in'07
Vietnam is estimated to export textiles and garments worth over 4.2 billion US dollars in the first seven months of this year, compared with nearly 3.

Apollo Hospitals, Paradise Group sign corporate deal
Apollo Hospitals Dhaka will provide medical services and corporate benefits for the staff of Paradise Group at special rates, says a press release.

Weekly Currency Roundup
July 22July 26, 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.