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DT 12 Business MONDAY, OCTOBER 17, 2016 TOP STORIES Analysts: Sustainable infrastructure key to faster economic growth For faster economic growth and general progress towards achieving the Sustainable Development Goals by 2030, sustainable infrastructure and industrialisation should be looked at as paramount factors, said analysts yesterday. PAGE 13 BRICS development bank to lend $2.5bn next year The development bank set up by the BRICS group of emerging economies will ramp up lending to $2.5bn next year after making its first loans to back green projects, its president KV Kamath told Reuters. PAGE 14 Capital market snapshot: Sunday DSE Broad Index 4,709.6 0.2% ▲ Index 1,123.3 -0.0% ▼ 30 Index 1,764.8 -0.2% ▼ Turnover in Mn Tk 4,838.3 18.6% ▲ Turnover in Mn Vol 178.9 48.5% ▲ CSE All Share Index 14,487.0 0.3% ▲ 30 Index 13,083.7 0.3% ▲ Selected Index 8,817.2 0.3% ▲ Turnover in Mn Tk 312.1 49.8% ▲ Turnover in Mn Vol 12.8 69.6% ▲ Muhith: Jim’s visit a great occasion • Asif Showkat Kallol Finance Minister AMA Muhith described the visit of the World Bank president “a great occasion” as, according to him, such visit would take Bangladesh’s relation with the lender to new heights. He also said strain in relation with the lender due to cancellation of Padma Bridge funding on corruption allegations had also started to improve after the current president’s review of the matter. World Bank President Jim Yong Kim arrived in Dhaka on Sunday evening. He is scheduled to attend a conference organised marking the “International Day on Poverty Alleviation” Monday at the Osmani Memorial Auditorium in Dhaka. “The visit of World Bank president is a great occasion for us and this visit will take our relation with the Bank to new heights,” AMA Muhith told the Dhaka Tribune. He said: “We are the largest recipient of funding from the World Bank group through its concessional window, International Development Assistance.” Muhith said the government expect to have fresh commitment of a $72bn as mostly soft loans Stocks end flat amid choppy trading • Tribune Business Desk Stocks closed flat amid choppy trading yesterday, bouncing off the day’s lows with the help of the banking sector. The market opened lower dragged down by profit-booking mainly on power issues. However, it closed marginally higher on banking issues after fluctuation. The benchmark index of Dhaka Stock Exchange DSEX rose 8 points or 0.2% to settle at 4,709, extending its gaining streak for World Bank President Jim Yong Kim the second straight session. The DS30 index, comprising blue chips, lost nearly 3 points to 1,764. The DSE Shariah Index witnessed fractional fall of 0.4 point to 1,123. The Chittagong Stock Exchange Selective Category Index CSCX gained around 30 points to 8,817. However, trading activities increased as the DSE turnover stood at Tk483 crore, up over 187% over previous session. Trading concentration was particularly on bank, power and engineering sectors, accounting for more than 51% of total turnover on DSE. Banks performed well gaining highest over 1%, led by Jamuna Bank soaring over 5%. Out of top 10 gainers, four were from banking issues. Pharmaceuticals, non-banking financial institutions, telecommunications, jute and IT sectors closed in positive territory. Power sector was the biggest loser, declining about 1%, driven by Power Grid which dropped over 4%. Engineering, food & allied, textile and mutual funds sectors were from the IDA. He said the amount is “much higher than the current commitment of $52bn. “I hope that the country will get $1.2bn this year while the World Bank gave of $1.7bn last year.” Muhith said the drop of poverty rate in Bangladesh will be highlighted at the conference on the International Day of Poverty Alleviation. In 2013, the country’s poverty rate was 22.5% while the ultra poverty rate was 9%. “By 2018, the country expects the poverty rate will drop to 12%,” finance minister said. Jim will be the fifth World Bank president visiting Bangladesh since the country’s independence. Among the former presidents, Robert Strange McNamara and Robert Bruce Zoellick had visited the country during their tenures. A US citizen of South Korean origin Jim Yong Kim became the president of the World Bank in 2012. • other negative performers. Out of total 323 companies traded on DSE, 137 moved up, 135 down while 51 remained unchanged. State-owned gas distribution company Titas Gas was the most traded share with a turnover worth about Tk27 crore. It was followed by National Bank Limited, Bangladesh Steel Re-Rolling Mills Limited, BSRM Limited, Bangladesh Building System, Mobil Jamuna Limited Bangladesh and Olympic Industries. •
Business 13 DT MONDAY, OCTOBER 17, 2016 dot bangla domain usage policy to be finalised today • Ishtiaq Husain Posts and Telecommunications Division would finalise the usage policy of dot bangla domain today. A meeting would be held in this regard while State Minister for Posts and Telecommunications Tarana Halim will preside over it. The state-owned telecommunication company has fixed the domain price for users while it would go for a massive campaign for publicity. After the policy approval, Bangladesh Telecommunications Company Limited (BTCL) will launch the country’s specific domain – dot bangla ( .bangla) soon. Earlier, Meer Mohammad Morshed, director (Public Relations and Publication) of the stateowned company, told the Dhaka Tribune that BTCL has done all sorts of preparations and is awaiting the approval of Post and Telecommunications Division, The Internet Corporation for Assigned Names and Numbers (ICANN) allotted the new dot bangla (.bangla) internet domain to help Bangladesh express its own identity internationally on October 5. Before allocation of the domain, the authority concerned presented logic to get Bangladesh the domain. According to BTCL, the total number of registered users of existing .bd has reached 36,500. • Banks asked to install autoalarming system • Tribune Business Desk Bangladesh Bank has asked all the scheduled banks in the country to take precautionary measures to prevent robberies in branches. The banks have been advised to introduce auto-alarming system in every branch as a security step so that steps can be taken immediately against any “unexpected situations,” said a circular issued by the central bank yesterday. They have also been advised to take some necessary steps to make auto-alarming system more effective including setting up auto-door locks. Under the system, doors will be closed as soon as the alarm bells ring. There will be pin codes to open the door of the branches. The alarm bell system will be equipped with laser beam so that the banks remain within security coverage even at nights, according to the circular. Banks have been asked to attach motion detectors close-circuit cameras along with the alarming system. • Analysts: Sustainable infrastructure key to faster economic growth • Tribune Business Desk For faster economic growth and general progress towards achieving the Sustainable Development Goals by 2030, sustainable infrastructure and industrialisation should be looked at as paramount factors, said analysts yesterday. They said lack of quality infrastructure results in reduced access to jobs, markets, training and information, creating a barrier to doing business and also limits access to education and health care. They were speaking at one of the sessions on ‘Promoting Sustainable Industrialisation: Opportunity for Job Creation and Income Generation’ of a two-day 9th South Asia Economic Summit (SAES) that ended in Dhaka yesterday. The local think tank Centre for Policy Dialogue (CPD) with other premier South Asian think tanks hosted the event under the theme ‘Reimagining South Asia in 2030’. They were also of the view that industrialisation, which is an indirect effect of adequate infrastructure, and the resultant job multiplication has also been shown to have a positive impact on social and economic life. Director at School of Management & Training Jawaharlal Nehru Institute of Advanced Studies, Indian Professor Arif Waqif, in his key note paper, said traditional and indigenous technologies have their roots in local markets, and expertise and experience accumulated and transmitted over generations Analysts at a session of the ninth South Asia Economic Summit at Le Méridien Hotel in Dhaka yesterday Digital World 2016 begins on wednesday • Ishtiaq Husain Digital World 2016, a three-daylong Mega ICT event of the country, is going to be held in the capial on Wednesday. Prime Minister Sheikh Hasina is expected to inaugurate the digital fair at a function in International Convention City, Bashundhara (ICCB). Prime Minister’s ICT affairs advisor Sajeeb Wazed Joy will attend the inaugural ceremony of the fair. Zunaid Ahmed Palak, state minister for ICT Division, said this yesterday at a press conference at Press Information Department (PID) at the secretariat in the city. Information Minister Hasanul Haq Inu said Bangladesh is the role model for the development under the leadership of Prime Minister Sheikh Hasina. “Our country is admirable to the world.” “The country’s income from IT export increased 23 times ($26 million to $700 million) over the last seven years under the direct supervision of Sajeeb Wazed Joy,” added Inu. Zunaid Ahmed Palak said digital fair is a platform through which to inform the global world of the country’s achievement. ICT secretary Shyam Sunder Sikder, BCC Executive Director Ashraful Islam, A2i Project Director Kabir Bin Anowar BASIS president Mostafa Jabbar were, among others, present at the conference. The ICT Division has organised the digital world with the theme of ‘Non Stop Bangladesh.’ Around 400 exhibitors from Bangladesh and abroad will participate in the event. Among them, many are policymakers, senior government officials, industry leaders, civil society spokespersons, investors and multinational software vendors. MAHMUD HOSSAIN OPU Representatives of ICT companies, international ICT associations, international development agencies, local software development firms will be present alongside multinational and local companies, public departments and agencies implementing successful ICT & e-Governance projects. Representatives from renowned IT training institutes as well as University faculty members and students will also be present. Different ministries will showcase e-Services in order to feature the development of e-governance in achieving the vision 2021 “Digital Bangladesh”. The purpose of fair is to exhibit online services provided by the government as well as to exchange information between the government and a variety of recipients, citizens, business and also other stakeholders. • of their practitioners. He put emphasis on co-operation at the intra-regional and regional and said “There is a great deal of scope fpr promoting cross-boarder experience-sharing and technology and skill development and transfer in traditional and indigenous technology.” The keynote conceptually explored socio-economic, developmental and environmental implications of modern and traditional technologies, illustrating them through distinguishing characteristics in selected products and processes. It suggested the need to consider a balance between modern and traditional technologies in the background of their socio-economic, political-economic and environmental sustainability over the long run. President of Metropolitan Chamber of Commerce and Industry (MCCI) Syed Nasim Manzur said the government should take steps to promote private sector for industrialisation, which will help sustain industry and create employments. The session panelists included Research Assistant Institute of Policy Studies of Sri-Lanka Kithmina Hewage, Resident Representative Friedrich-Ebert-Stiftung Bangladesh Office Franziska Korn, Deputy Executive Director CUTS International, Udai Singh Mehta from India, CPD Additional Research Director Khondaker Golam Moazzem and Associate Director Economic Development The Asia Foundation, Bangladesh Syed A Al-Muti. • BRICS agrees to fast-track new credit rating agency • AFP, Benaulim The BRICS nations agreed yesterday to fast-track the setting up of their own credit-rating agency to better cater to developing economies, rivalling existing ones based in Western countries. Prime Minister Narendra Modi said they agreed to move ahead on the ratings agency, although there was no timetable announced for its formation. “To further bridge the gap in the global financial architecture, we agreed to fast-track the setting up of the BRICS credit rating agency,” Modi said. “In the past year, BRICS have played an active role in shaping the global agenda for change and development,” he said. The agency comes amid accusations from within the bloc that the three traditional ones - Moody’s, Standard & Poor’s and Fitch Ratings - are all Western-based and favour those economies. Plans for the agency follow the establishment of a BRICS bank 12 months ago with an initial capital of $100bn , which has been seen as a challenge to Western-based institutions. The “New Development Bank” has so far granted total loans of $900m focused on renewable energy projects to the BRICS member nations of Brazil, Russia, India, China and South Africa. “NDB has kept clean energy and green and sustainable infrastructure as its priority,” Modi said. •
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Page 15 and 16: Can WTO solve Brexit trade headache
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