20.01.2018 Views

The Bangladesh Today (21-01-2018)

You also want an ePaper? Increase the reach of your titles

YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.

ECONOMY & BUSINESS<br />

SUNDAY,<br />

10<br />

JANUARY <strong>21</strong>, 2<strong>01</strong>8<br />

Islami Bank Officer Kalyan Samiti (IBOKS) organized annual get together and picnic with the participation<br />

of the bank's directors, executives, all employees and their family members at<br />

Subarnagram Park of Rupganj Upazila of Narayanganj on Friday. Arastoo Khan, Chairman of the<br />

Bank was present in the program as Chief Guest. Dr. Md. Zillur Rahman, Chairman, Audit<br />

Committee, Professor Dr. Md. Sirajul Karim, Professor Dr. Qazi Shahidul Alam, Mohammed<br />

Humayun Kabir, FCA, Md. Mizanur Rahman, Md. Joynal Abedin, Professor Md. Nazmul Hassan<br />

Ph.D, Syed Abu Asad Directors, Abdul Hamid Miah, Managing Director & CEO of the bank & chief<br />

adviser of the samiti and Professor Dr. Mohammad Abdus Samad, Md. Mahbub-ul-Alam, Additional<br />

Managing Director, Member Secretary of Shari'ah Supervisory Committee of the Bank were present<br />

as special guests.<br />

Photo: Courtesy<br />

Sri Lanka, China to co-build<br />

dendro power plant<br />

Sri Lanka and China on Friday signed a joint venture<br />

agreement to construct Sri Lanka's largest dendro power<br />

plant in Moneragala in the country's south.<br />

<strong>The</strong> power plant will produce 70,000 megawatts of<br />

renewable energy per year to the country's national power<br />

grid.<br />

<strong>The</strong> joint venture was signed between Beijing Full<br />

Dimension Power Tech Company Ltd, Nanjing Turbine and<br />

Electric Machinery Group Company Ltd, and Sri Lanka's<br />

IMS Holdings.<br />

While speaking at the signing ceremony, Jinawara<br />

Dharmawardana, chairman of IMS Holdings Pvt. Ltd., said<br />

that dendro power is the generation of electricity from<br />

sustainably grown biomass (fuel wood) and in this project,<br />

the fuel would be produced from the wood of the Gliricidia<br />

Sepium tree.<br />

Hundreds of farmers in the drought-prone Moneragala<br />

district will benefit from this project as the farmers supplying<br />

Gliricidia Sepium wood will be making 3.2 million U.S.<br />

dollars per year as a result of the power plant,<br />

Dharmawardana said.<br />

Explaining the reasons for choosing Gliricidia Sepium<br />

wood as the fuel rather than solar power to run the turbines<br />

in the power plant, Dharmawardana said that the primary<br />

mission of the company is to financially secure the farmers in<br />

drought-prone area of the island country.<br />

Hu Xingzhong, chairman of the Beijing Full Dimension<br />

Power Tech Company Ltd, said the cooperation, not just a<br />

power generation project but also a "community<br />

development project," is of "great significance" not only to<br />

the partners but also to the two countries.<br />

<strong>The</strong> power plant will consist of six biomass boilers and<br />

three steam turbine generators as the core of the power<br />

generation system.<br />

<strong>The</strong> dendro power plant is expected to start operation by<br />

the end of September.<br />

Russia's Rosgeo expects 11-pct<br />

increase in revenue for 2<strong>01</strong>8<br />

Russian exploration company Rosgeo expects to see its<br />

revenue up 10.8 percent in 2<strong>01</strong>8, the head of the company<br />

said Friday.<br />

"Under the International Financial Reporting Standards,<br />

by the end of 2<strong>01</strong>8, the revenue is expected to reach 41 billion<br />

rubles (725.38 million U.S. dollars), a 10.8 percent of<br />

increase compared with 2<strong>01</strong>7," TASS news agency quoted<br />

Roman Panov, head of Rosgeo as saying.<br />

<strong>The</strong> revenue for 2<strong>01</strong>7 amounted to 37 billion rubles (654.61<br />

million dollars), said Panov, who also disclosed that the<br />

volume of Rosgeo investments amounted to 4.5 billion rubles<br />

(79.61 million dollars) in 2<strong>01</strong>7, and a similar amount has<br />

been pledged for 2<strong>01</strong>8.<br />

Established in 2<strong>01</strong>1, the company conducts geological<br />

exploration for various solid minerals including gold, silver<br />

and platinum, and resources such as natural gas.<br />

US to overtake<br />

Saudi as crude oil<br />

producer: IEA<br />

<strong>The</strong> United States are set to<br />

overtake Saudi Arabia as the<br />

world's number two oil<br />

producer this year, as shale<br />

companies, attracted by<br />

rising prices, ramp up<br />

drilling, the International<br />

Energy Agency said on<br />

Friday.<br />

"This year promises to be a<br />

record-setting one for the<br />

US," the IEA wrote in its<br />

monthly market report.<br />

Crude production of 9.9<br />

million barrels per day (bpd)<br />

in the US was now at the<br />

highest level in nearly 50<br />

years, "putting it neck-andneck<br />

with Saudi Arabia, the<br />

world's second largest crude<br />

producer after Russia," the<br />

IEA said.<br />

"Relentless growth should<br />

see the US hit historic highs<br />

above 10 million bpd,<br />

overtaking Saudi Arabia and<br />

rivalling Russia during the<br />

course of 2<strong>01</strong>8 - - provided<br />

OPEC/non-OPEC restraints<br />

remain in place," it said.<br />

A global supply glut<br />

pushed oil prices as low as<br />

$30 per barrel at the start of<br />

2<strong>01</strong>6. But producing<br />

nations-both inside and<br />

outside the OPEC oil cartelstruck<br />

a deal at the end of<br />

2<strong>01</strong>6 to cut back production<br />

and drive prices higher.<br />

Geopolitical tensions and a<br />

reduction in oil stocks have<br />

also contributed to the<br />

recovery.<br />

Crude recently rose above<br />

$70 per barrel for the first<br />

time since 2<strong>01</strong>4 after OPEC<br />

and non-OPEC countries<br />

agreed to extend their<br />

combined cutbacks until the<br />

end of this year.<br />

Rising prices have, in turn,<br />

made it more attractive for<br />

shale companies to increase<br />

drilling.<br />

And since the United<br />

States is not a party to the<br />

deal, its shale production can<br />

continue uninhibited.<br />

"US growth in 2<strong>01</strong>7 beat all<br />

expectations ... as the shale<br />

industry bounced back,<br />

profiting from cost cuts,<br />

(and) stepped up drilling<br />

activity," the IEA said.<br />

"Explosive growth in the<br />

US and substantial gains in<br />

Canada and Brazil will far<br />

outweigh potentially steep<br />

declines in Venezuela and<br />

Mexico," it said.<br />

"<strong>The</strong> big 2<strong>01</strong>8 supply story<br />

is unfolding fast in the<br />

Americas," the IEA said.<br />

Shale production is<br />

controversial, because in<br />

order to extract oil and gas, a<br />

high-pressure mixture of<br />

water, sand and chemicals is<br />

blasted deep underground to<br />

release hydrocarbons<br />

trapped between layers of<br />

rock.<br />

And environmentalists<br />

argue that the processknown<br />

as fracking, or<br />

hydraulic fracturing<br />

t e c h n o l o g y - m a y<br />

contaminate ground water<br />

and even cause small<br />

earthquakes.<br />

Turning to OPEC output,<br />

the IEA said that there was<br />

"no clear sign yet of OPEC<br />

turning up the taps to cool<br />

down oil's rally".<br />

In its own montly market<br />

report published on<br />

Thursday, the Organization<br />

of Petroleum Exporting<br />

Countries had said that the<br />

global oil market was moving<br />

closer to reaching a healthy<br />

balance between supply and<br />

demand.<br />

Hamdard Laboratories (Waqf) <strong>Bangladesh</strong> has arranged free medical treatment to provide health<br />

care facilities to millions of Muslim devotees every year in Biswsa Ijtema ground at Tongi.<br />

Photo: Courtesy<br />

Singapore sparks<br />

mockery with<br />

Instagram 'influencers'<br />

for budget<br />

Singapore's government has sparked<br />

mockery after hiring social media<br />

"influencers" to try to interest the<br />

younger generation in the budget, with<br />

messages about "inflationary pressure"<br />

and "balanced budgets" popping up on<br />

Instagram.<br />

<strong>The</strong> finance ministry hired more<br />

than 50 users on the platform to seek<br />

feedback from their followers about<br />

the forthcoming budget and ask them<br />

to head to booths in the city-state to<br />

share their views, local media<br />

reported.<br />

One typical post showed user<br />

Chelsea Teng posing next to a<br />

swimming pool while holding a laptop,<br />

alongside the message: "Great news-<br />

Budget 2<strong>01</strong>8 is coming soon!"<br />

Another showed user Josephine. T<br />

staring pensively at an iPad, with the<br />

post: "With inflationary pressure in<br />

mind, we all know that the cost of<br />

living is constantly rising... how do we<br />

manage our income and expenditure<br />

to keep a balanced budget?"<br />

<strong>The</strong> campaign, which began in<br />

December, began generating attention<br />

in recent days-but there was more<br />

mirth about the government's<br />

approach than enthusiasm for the state<br />

of the nation's finances.<br />

"How out of touch is this govt?!?"<br />

wrote one user on Facebook, Vincent<br />

Law, underneath an article about the<br />

campaign.<br />

"For the Ministry of Finance, they<br />

don't really know how to use their<br />

money," said another, Rave Simpson.<br />

Some also criticised the choice of<br />

"influencers", saying they were not<br />

well-known. <strong>The</strong>y were not among the<br />

top social media names in the citystate<br />

who can command huge fees.<br />

Local media reported that at least 30<br />

posts by the Instagram stars had<br />

appeared since December asking for<br />

feedback on the budget, which will be<br />

unveiled on February 19.<br />

<strong>The</strong> Ministry of Finance did not<br />

immediately respond to requests for<br />

comment.<br />

But a spokesman told the Straits<br />

Times newspaper that the campaign<br />

was "an effective way to engage with<br />

youth participants". She did not<br />

disclose how much the Instagram<br />

users were paid.<br />

Operation of 9-bln USD<br />

oil refinery in Vietnam<br />

behind schedule<br />

<strong>The</strong> 9-billion-U.S.-dollar Nghi Son oil refinery in Vietnam's central<br />

Thanh Hoa province will not test run in the first quarter of this year as<br />

scheduled due to some technical errors, local media reported on Friday.<br />

<strong>The</strong> refinery has a design capacity of annually processing 10 million<br />

tons of crude oil.<br />

<strong>The</strong> test run is likely to take place in the second quarter or even third<br />

quarter, Vietnamese online newspaper VietNamNet reported, adding<br />

that construction of the refinery is now 96.6 percent complete.<br />

<strong>The</strong> refinery's investors include Vietnam's National Oil and Gas Group<br />

(PetroVietnam), a firm from Kuwait and two companies from Japan.<br />

According to Binh Son Refining and Petrochemical Company (BSR),<br />

which manages and runs Vietnam's biggest oil refinery Dung Quat in<br />

central Quang Ngai province, the country's annual demand for<br />

petroleum products will stand at some 6.5 million tons, and for diesel<br />

around 8.5 million tons in the 2<strong>01</strong>8-2022 period.<br />

Dung Quat oil refinery, which became operational fully in 2<strong>01</strong>1, has an<br />

annual capacity of 6.5 million tons of crude oil, meeting 30 percent of<br />

Vietnam's demand for petroleum products. It is expected to raise the<br />

capacity to 8.5 million tons in 20<strong>21</strong>.<br />

BSR, a subsidiary of PetroVietnam, sold 7.8 percent of its charter<br />

capital, equivalent to 241.5 million shares during its first initial public<br />

offering on Jan. 17, Vietnam News Agency reported, noting that BSR is<br />

the largest enterprise to be equitized ever, with a value of some 3.2 billion<br />

U.S. dollars.<br />

Under the BSR equitization plan, PetroVietnam will retain 43 percent<br />

of BSR's charter capital, while a maximum of 49 percent will be sold to<br />

strategic investors, expecting to earn nearly 1 billion U.S. dollars.<br />

BSR's net revenue is estimated at more than 4.5 billion U.S. dollars,<br />

and its after-tax profit at over 367 million U.S. dollars in 2<strong>01</strong>8.<br />

Chinese yuan strengthens to<br />

6.4169 against USD Friday<br />

<strong>The</strong> central parity rate of the Chinese currency renminbi, or the yuan,<br />

strengthened 232 basis points to 6.4169 against the U.S. dollar Friday,<br />

according to the China Foreign Exchange Trade System.<br />

In China's spot foreign exchange market, the yuan is allowed to rise or<br />

fall by 2 percent from the central parity rate each trading day.<br />

<strong>The</strong> central parity rate of the yuan against the U.S. dollar is based on a<br />

weighted average of prices offered by market makers before the opening<br />

of the interbank market each business day.<br />

<strong>The</strong> following are the central parity rates of the Chinese currency renminbi,<br />

or the yuan, against 23 major currencies announced on Friday by<br />

the China Foreign Exchange Trade System:<br />

<strong>The</strong> central parity rate of the yuan against the U.S. dollar is based on a<br />

weighted average of prices offered by market makers before the opening<br />

of the interbank market each business day.<br />

<strong>The</strong> central parity rate of the yuan against the Hong Kong dollar is<br />

based on the central parity rate of the yuan against the U.S. dollar and<br />

the exchange rate of the Hong Kong dollar against the U.S. dollar at 9<br />

a.m. in international foreign exchange markets on the same business<br />

day.<br />

<strong>The</strong> central parity rates of the yuan against the other <strong>21</strong> currencies are<br />

based on the average prices offered by market makers before the opening<br />

of the interbank foreign exchange market.<br />

<strong>The</strong> 606th Executive Committee Meeting of the Board of Directors of Al-Arafah Islami Bank Ltd<br />

was held at the Board Room of the Bank on Thursday. Hafez Md. Enayet Ullah, Chairman of the<br />

Committee presided over the meeting. <strong>The</strong> Meeting reviewed overall business performance of the<br />

Bank and took various investment related decisions. Members of the Committee Nazmul Ahsan<br />

Khaled, Md. Harun-Ar-Rashid Khan, Engr. Kh. Mesbah Uddin Ahmed, A. N. Yeahea, Managing<br />

Director Md. Habibur Rahman, Deputy Managing Directors Kazi Towhidul Alam, Md. Fazlul<br />

Karim, Muhammad Mahmoodul Haque, S. M. Jaffar, Mohammed Zubair Wafa, Executive Vice<br />

President and Company Secretary Md. Mahmudur Rahman and other executives were present in<br />

the meeting.<br />

Photo: Courtesy<br />

Hong Kong stocks<br />

end record-breaking<br />

week on a high<br />

Hong Kong stocks ended<br />

Friday with further gains,<br />

bringing an end to a<br />

spectacular week for the<br />

benchmark index that has<br />

seen it push to new<br />

records.<br />

<strong>The</strong> Hang Seng Index<br />

climbed 0.41 percent, or<br />

132.95 points, to finish at<br />

32,254.89.<br />

<strong>The</strong> benchmark<br />

Shanghai Composite<br />

Index climbed 0.38<br />

percent, or 13.11 points, to<br />

3,487.86 -- putting on 1.72<br />

percent over the week.<br />

But the Shenzhen<br />

Composite Index, which<br />

tracks stocks on China's<br />

second exchange, lost 0.14<br />

percent, or 2.66 points, to<br />

1,9<strong>21</strong>.54 -- a loss of 1.41<br />

percent since last Friday.<br />

UK retail sales slide in<br />

December after Black<br />

Friday boost<br />

British retail sales slid 1.5 percent in December from the<br />

previous month after consumers had brought forward their<br />

Christmas shopping, official data showed Friday.<br />

Retail sales had jumped by 1.0 percent in November,<br />

boosted by Black Friday price reductions, the Office for<br />

National Statistics said.<br />

Sales though climbed 1.4 percent in December compared<br />

with one year earlier, the ONS added.<br />

"Retail sales continued to grow in the last three months of<br />

the year partly due to Black Friday deals boosting spending,"<br />

said ONS Senior Statistician Rhian Murphy.<br />

"Consumers continue to move Christmas purchases<br />

earlier, with higher spending in November and lower<br />

spending in December than seen in previous years."<br />

Murphy added that "the longer-term picture is one of<br />

slowing growth, with increased prices squeezing people's<br />

spending".<br />

Britons' wages are being eroded by Brexit-fuelled inflation,<br />

according to recent official data.<br />

Since Britain voted to leave the European Union in June<br />

2<strong>01</strong>6, a drop in sterling-making imported goods more<br />

expensive-has pushed inflation upwards.<br />

"<strong>The</strong> latest retail sales data has shown a larger-thanexpected<br />

drop in month-on-month terms with a decline of<br />

1.5 percent," said David Cheetham, chief market analyst at<br />

XTB trading group, adding that the pound dropped in<br />

response.<br />

South Africa<br />

central bank<br />

chief to head<br />

IMF steering<br />

committee<br />

South Africa's central bank<br />

chief Lesetja Kganyago will<br />

take over as chair of the<br />

International Monetary<br />

Fund's policy advisory<br />

committee, the IMF<br />

announced Thursday.<br />

Kganyago, who has served<br />

as governor of the South<br />

African Reserve Bank since<br />

late 2<strong>01</strong>4, takes on a threeyear<br />

post as head of the<br />

International Monetary and<br />

Finance Committee.<br />

He replaces Agustin<br />

Carstens, former head of the<br />

Bank of Mexico, who<br />

resigned in December to<br />

take over as head of the<br />

Bank for International<br />

Settlements (BIS).<br />

His first major role will be<br />

to oversee the IMF's Spring<br />

meeting in Washington in<br />

mid-April.

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!