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29-03-2018

ECONOMY & BUSINESS

ECONOMY & BUSINESS THURSDAy, THE BANGLADESHTODAY MARCH 29, 2018 10 Touhidul Alam Khan, Deputy Managing Director & Chief Business Officer of Prime Bank gave poses with the participants in training session on "Risk Management and Asset Liability Management (ALM) in Banks" arranges by Bangladesh Institute of Bank Management (BIBM) recently. Md. Nehal Ahmed, Professor, BIBM was the coordinator of the workshop. Photo: Courtesy Islami Bank Bangladesh Limited inaugurated its 82nd Agent Banking Outlet in Patenga of Chittagong on 27 March 2018 Tuesday. M Abdul Latif, MP of Chittagong-11 inaugurated the outlet as chief guest. Md. Mostafizur Rahman Siddiquee, Senior Executive Vice President of the bank was present as special guest. Md. Saleh Iqbal, Senior Executive Vice President of the bank presided over the program. Md. Sohel Aman, Head of Bandartilla Branch, Abu Siddique, Proprietor of Lifeline Enterprise and bank's agent, local businesspersons, professionals and social elites were present on the occasion. Photo: Courtesy Chinese state firms report solid profit growth Chinese state-owned enterprises (SOEs) reported solid profit growth in the first two months of 2018 as the economy kicked off the year with better-thanexpected performance, official data showed Wednesday. Combined SOE profits rose 25.3 percent year on year to 367.3 billion yuan (around 58.5 billion U.S. dollars) for the January- February period, the Ministry of Finance said. The growth was higher than the 23.5-percent increase seen in 2017. SOE business revenue totaled 8.3 trillion yuan during the period, up 11.2 percent from a year earlier. Operating costs went up 10.6 percent to 8.1 trillion yuan. By the end of February, total SOE assets stood at 163.6 trillion yuan, while their liabilities reached 107 trillion yuan, up 9.7 percent and 9.3 percent, respectively. SOEs in petrochemical, steel and power generation enjoyed relatively large profit increases, but nonferrous metal firms suffered significant declines. China has thousands of SOEs, but many have stagnated due to lack of competition. The government is improving their performance through a series of reforms, moving toward mixed ownership and market-oriented management. Asian markets suffer renewed selling as tech firms follow US rout Asian markets resumed their downward spiral on Wednesday following a sell-off on Wall Street, with technology firms tracking their US counterparts, while trade war fears continue to niggle at investor confidence. The volatility that has raked trading floors since the start of February shows no sign of abating as heavy, across-the-board selling followed Tuesday's rally. Confirmation that North Korean leader Kim Jong Un visited Beijing this week to meet President Xi Jinping, saying he was "committed to denuclearisation", failed to provide support. Dealers took their lead from New York, where the biggest names in the tech sector suffered sharp losses on a series of issues, made worse by reports the US was considering cracking down on Chinese investments in technologies it deems sensitive. The Dow and S&P 500 plunged. And the tech-rich Nasdaq slumped almost three percent with Facebook 4.9 percent down as it is battered by a huge data breach scandal, while Tesla shed more than eight percent on a probe into the fatal crash of one of its cars. Twitter was hammered 12 percent by talk of a regulatory hit and Google parent Alphabet sank 4.6 percent on worries about a possible massive lawsuit from Oracle. The selling continued in Asia, with South Korea's Samsung 2.5 percent down, Hong Kong-listed Tencent diving almost four percent, and Sharp and Sony sharply lower in Tokyo. On broader markets, Hong Kong fell 1.6 percent in the afternoon, Shanghai sank 1.4 percent and Japan's Nikkei ended 1.3 percent lower. Sydney lost 0.7 percent and Singapore gave up one percent, while there were also losses in Wellington, Taipei and Jakarta. Seoul fell more than one percent, with traders unmoved by news from China that North Korea's Kim had visited-marking his first foreign trip since becoming leader in 2011 and causing fresh hope for an easing of tensions on the peninsula. The meeting with Xi came ahead of an planned historic summit with Donald Trump. The South Korean won rose 0.1 percent against the dollar. The losses are the latest in a series of swings in global equities since early February, when fears about rising US interest rates spooked investors. Markets were then sent into spasms this month when Trump imposed tariffs on steel and aluminium imports, then followed up Thursday with levies on $60 billion of other goods from China over intellectual property issues-sparking talk of a trade war. Those fears were soothed somewhat-and markets bounced back-as it emerged highlevel talks had been taking place between the world's top two economies to find an agreement on tariffs. However, "the uncertainty over US protectionism isn't going to fade anytime soon" warned Stephen Innes, head of Asia- Pacific trading at OANDA. "And while investors should enjoy the small win on the tariff front, they'll be best served to prepare for a long, drawn out, and perhaps more rancorous, dialogue between the US and China when it comes to intellectual property rights. Best get used to the new normal." On currency markets, the dollar was up against most high-yielding currencies and the yen. But it extended losses against the euro on talk the European Central Bank is heading towards winding in its crisis-era stimulus, while the pound was supported by hopes London and Brussels are edging closer to a less-painful Brexit deal than previously feared. In early European trade, London fell 0.7 percent, Paris shed one percent and Frankfurt lost 0.9 percent. Bikroy the Largest Online Marketplace in Bangladesh has announced the winners' name of their campaign 'Sell Bikes and Win LG Smartphone'. Iqbal Hossain and Tanvir Shams from Dhaka has won LG Stylus 3 and LG K4 smartphone respectively by selling their bikes through Bikroy. Bikroy recently has handed over prizes to the winners at the head office of Bikroy located at Dhaka. (From left) Eshita Sharmin, Head of Ad sales and Marketing of Bikroy; Isa Abrar Ahmed, Head of Cars and Property; Faijur Rahman, Marketplace Assistant Manager of Bikroy; Md Abdur Rouf, CEO of LG and Wazi Uddin, Corporate Sales Manager of LG were present at the ceremony. Photo: Courtesy India's state-owned Railways gets 20 million applicants for 100,000 jobs The state-owned Indian Railways has got a whopping 20 million applicants for about 100,000 jobs. "So far, we have got 20 million applications. But the number is likely to swell by the time the deadline ends Saturday. More and more youths are looking for a stable career in government sector," a senior railway official said Wednesday. The Indian Railways advertised the medium and low-level jobs last month, soon after deciding to sack some 13,000 of its 1.3 million employees. "It's actually part of a massive recruitment drive of youths to spruce up the performance of the train network. In February, we decided to axe those employees who are inefficient and on unauthorised leave for a long time," the official said. The Indian Railways is one of the world's largest train networks, criss-crossing the country from north to south. It operates some 9,000 passenger trains and carries 23 million passengers every day. The vast public enterprise runs schools, hospitals, has its own police force and even construction companies, and has 1.3 million people on its payroll, making it the seventh biggest employer in the world. However, train disasters are quite common in India as much of the colonial-era rail infrastructure is out of date. A number of people are killed in train accidents, mostly derailments, across the country every year. Hong Kong stocks dive along with Wall Street Hong Kong stocks tumbled on Wednesday, resuming last week's downward spiral, following another plunge on Wall Street as the tech sector took a hit. The Hang Seng Index fell 2.50 percent, or 768.30 points, to end at 30,022.53. The benchmark Shanghai Composite Index sank 1.40 percent, or 44.36 points, to 3,122.29. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 0.95 percent, or 17.33 points, to 1,812.36. European stock markets slide at open European stock markets sank at the start of trading on Wednesday following fresh overnight falls on Wall Street, dealers said. London's benchmark FTSE 100 index slid 0.6 percent to 6,959.04 points compared with the close on Tuesday. In the eurozone, Frankfurt's DAX 30 index dropped 0.9 percent to 11,868.08 points and the Paris CAC 40 shed 0.8 percent to 5,073.42. Asian equities also resumed their downward spiral on Wednesday following a selloff on Wall Street, which was pummelled by a pullback in technology shares. Saudi Arabia, Japan’s SoftBank partner for massive solar deal Saudi Arabia and Japan's SoftBank will partner to develop a massive, multi-billion-dollar solar project in the kingdom that could generate 200 gigawatts by 2030, SoftBank said Wednesday. The deal was signed on the sidelines of a US visit by Saudi Crown Prince Mohammed bin Salman, who has undertaken a whirlwind of economic and social reforms in recent months. SoftBank will invest in the project through its $100-billion SoftBank Vision Fund, created in 2016 with money from Saudi Arabia's sovereign wealth fund and others. The project aims to generate "200 gigawatts by 2030 from various (solar) farms all over the country, with a first phase of 7.2 gigawatts," SoftBank spokesman Matthew Nicholson told AFP. "Building will start this year," he added, with operations expected to start from 2019. The entire project cost is expected to run to $200 billion, with the first phase costing $5 billion. SoftBank's Vision Fund will provide $1 billion for the first phase, with the rest coming from project financing, Nicholson said. Speaking to journalists in New York, SoftBank CEO Masayoshi Son described the solar plan as the "by far the largest solar project ever", according to video of the event distributed by Bloomberg. He said the sale of electricity produced by the first phase of the project would help finance successor stages, and that while solar panels would initially be imported, a factory to produce them locally would be built in the kingdom in two or three years. Last year, Saudi Arabia invited bids for a "utility-scale" 300-megawatt solar project, in a first for the world's top oil exporter. BAPI held a seminar Bangladesh Association of Pharmaceutical Industries (BAPI) organized the Annual General Meeting (AGM) and a Seminar on Bangladesh Pharmaceutical Industry: Opportunity and Challenges at Pan Pacific Sonargaon Hotel, Dhaka, on Tuesday, a press release said On this occasion, the Chief Guest Tofail Ahmed MP, Honorable Minister, Ministry of Commerce, appreciated the growth of pharma sector and its contribution to the national reserve. He also appreciated the fulfilment of pharma demand through local manufacturing. During his speech, the Guest of Honor, Mohammad Nasim MP, Honorable Minister, Ministry of Health & Family Welfare, has expressed his gratitude to the Bangladesh Pharma Industry for making quality medicines available at the lowest price possible for patients of the nation and around the world, now that people from different countries around the world can obtain medicines, especially cancer and virology medicines from Bangladesh. To grace the program, Md. SerajulHuq Khan, Secretary, Health services Division, Ministry of Health & Family Welfare and Major General Md. Mustafizur Rahman, Director General, Directorate general of Drug Administration were also present as the Special Guests. A keynote speech on "Bangladesh Pharmaceutical Industry: Opportunities and Challenges" was delivered by BAPI president Nazmul Hassan MP and he also demonstrated a videography on Bangladesh pharma industry to the stakeholders of the industry including journalists. Nazmul Hassan MP, in his keynote speechmentioned that 'Bangladesh Pharma Industry is well poised for accelerated growth in future both in domestic and export market. Export of Pharma industry promises bright future as the Prime Minister has already declared the pharma sector as 'THEPRODUCT OF THE YEAR 2018'. With Bangladesh fulfilling the criteria to be upgraded from LDC the industry is ready to cater the increased Bikroy Announces Campaign Winners' Name Bikroy the Largest Online Marketplace in Bangladesh has announced the winners' name of the campaign 'Sell Bikes and Win LG Smartphone'. Iqbal Hossain and Tanvir Shams from Dhaka have won LG Stylus 3 and LG K4 smartphone respectively by selling their bikes through Bikroy. Bikroy recently has handed over prizes to the winners at the head office of Bikroy located at Dhaka, a press release said. Eshita Sharmin, Head of Ad sales and Marketing of Bikroy; Isa Abrar Ahmed, Head of Cars and Property; Faijur Rahman, Marketplace Assistant Manager; Md Abdur Rouf, CEO of LG and Wazi Uddin, Corporate Sales Manager of LG were present at the ceremony. Through raffle draw, Bikroy selected the winners from the people who posted ads to sell their bikes in Bikroy.com at this campaign. Currently, the site has more than seven thousand bikes on sale. Eshita Sharmin, Head of Marketing and Sales of Bikroy said, "We are really proud to make our customers delighted through the campaign 'Sell your Bike and Win an LG Smartphone'. Bikroy always want engage and value their customers with different offers and services." German consumers more positive in April: survey German consumers' outlook is brighter for April after wavering in March, a regular survey published Wednesday found, regaining confidence in the country's economic strength. "The trend in consumer confidence has turned upwards again. The outlook for domestic demand this year remains very favourable," pollsters GfK said, after their forwardlooking monthly barometer gained 0.1 percentage points to reach 10.9. Inching progress in talks to form a government in Berlin six months after tricky September elections clouded optimism among the public in the last reading, which shed 0.2 points. That appears to have been "only a small dip", GfK said. This month Chancellor Angela Merkel has been installed for a fourth fouryear term after winning the support of the Social Democratic Party to renew a left-right "grand coalition". But GfK pointed to even stronger perceptions of economic performance. health care demand of the population'. He said, Bangladesh Pharma Industries,currently caters 97% of the local pharma market demand through local manufacturing having all major global regulatory approvals by the top companies. One company from Bangladesh is also exporting medicines to USA, he added. Nazmul Hassan MP, also credited the local industry for giving quality medicines at affordable prices, as, had there been a need to import medicines in the absence of local manufacturing, the price of medicines would have been 8 times higher than what it is today, making a huge burden on national reserve. He also thanked Honorable Prime Minister for the implementation of API Park and its fast progression. At the same time, Nazmul Hassan MP, has highlighted on the present cash incentive facilities on export for many other sectors while in pharmaceuticals, cash incentives is only for API export and Hassan MP, has put forth a demand for Cash Incentives on Pharmaceutical Finished Formulation Exportas Pharma sector is mainly focused on export of finished products. Hassan also emphasized that as still we have nine (9) years to get the Developing Nation Status, if Bangladesh Govt. could give usCash Incentives on different tiers (More Cash Incentives for export to regulated countries and normal incentives for export to less regulated countries), then Bangladesh could get more & more prepared to face the post LDC challenges in a much better way. History says, Bangladesh Association of Pharmaceutical Industries (BAPI), the stalwart association of pharmaceutical manufacturers of the country was instituted in 1972. Since then BAPI has been playing a pivotal role in shaping up the industry. Associations' members include large, medium, small national and foreign companies who together are responsible maintaining the harmony and focused unexcelled efforts of the pharma companies, for the betterment of healthcare sector and thus, the Nation.

MISCELLANEOUS THURSDAY, MARCH 29, 2018 11 Poland buys US Patriot anti-missile system for $4.8 bn Poland signed on Wednesday a $4.75 billion (3.8-billion-euro) contract to purchase a US-made Patriot anti-missile system, a move that is likely to irk Russia as East-West tensions rise. "We are signing today a contract to deliver a modern system that has proven itself in numerous countries and thanks to which we are joining an elite group of states which have an efficient weapon that guarantees security," said Polish Defence Minister Mariusz Blaszczak. The first deliveries are expected in 2022. The Patriot is a mobile airdefence system made by US defence firm Raytheon and designed to intercept tactical ballistic missiles, low-flying cruise missiles and aircraft. Moscow was reported to have deployed nuclearcapable Iskander missiles for exercises in its Kaliningrad exclave in 2016, rattling nearby NATO members. Tensions with Moscow have been high since the Ukraine crisis and Kremlin's annexation of Crimea in 2014 and the current diplomatic spat over the nerve agent attack on a former Russian spy in Britain has done nothing to calm matters. Russia holds first funerals for victims of shopping centre inferno Russia on Wednesday began a national day of mourning and held the first funerals for the victims of a fire that ravaged a busy shopping centre in Siberia and killed 64 people, most of them children. Flags were lowered and entertainment events cancelled for the day of mourning, three days after the devastating blaze on Sunday in the city of Kemerovo. It comes amid widespread public anger at the blatant safety violations at the mall where children were trapped in a locked cinema and the fire alarm system was broken. The youngest victim according to an official list published by Kemerovo authorities was a two-year-old boy, while at least 19 of the 64 people killed were under 10. The authorities have made efforts to show concern, with President Vladimir Putin visiting the scene and upbraiding officials, although some observers criticised the official reaction as insufficient and belated. "The authorities were late in announcing mourning," political analyst Abbas Gallyamov told Vedomosti business daily. "Possibly they didn't want to spoil the positive mood after the elections and there was hope that the tragedy would not turn out to be so large-scale." Regional authorities have come in for particular criticism, since the regional governor Aman Tuleyev-who lost his niece in the fire-has not visited the scene nor met angry residents. In Kemerovo region, relatives on Wednesday were holding the first funerals for victims as 27 bodies have been identified, regional emergencies minister Alexander Mamontov said. Among those laid to rest were 57-yearold Nadezhda Agarkova who died together with her two grandchildren Konstantin, 8, and Maria, 10, in the mall's cinema, RIA Novosti state news agency reported. On Tuesday Kemerovo residents came out on the main square in a rare protest, some holding placards and shouted slogans calling for the sacking of Tuleyev and of Putin. A deputy governor responded by accusing some of seeking "publicity from grief." While Putin was in the city, he did not come onto the square and met a small group of protesters separately. Television channels on Wednesday broadcast with a black ribbon on the screen or a message "Kemerovo - we mourn," while Orthodox Christian channel Spas aired a show called "Kemerovo: what can our prayers do?" Newspapers including business daily Kommersant came out with no colour on their front pages while Komsomolskaya Pravda tabloid covered its front and back pages with photos of the victims. In the upper house of parliament, senators dressed in black, and rose at the beginning of the session to honour victims, Russian television showed. Deputy Speaker Advocate Fazle Rabbi Mia, BRAC chairperson Sir Fazle Hasan Abed, former governor of Bangladesh Bank Atiur Rahman Guests including `CDF History' publication ceremony Photo: Courtesy Turkey won't act against Russia ‘based on allegation’ : Erdogan President Recep Tayyip Erdogan signalled Turkey has no plans to follow its NATO and EU allies in expelling Russian diplomats following a spy poisoning in Britain blamed on Moscow, in comments published on Wednesday. Erdogan, who has forged an increasingly close alliance with Russian President Vladimir Putin, said Turkey could not take steps against Moscow "based on an allegation". More than two dozen governments-the majority European Union and NATO members-expelled nearly 150 suspected Russian spies after the March 4 attack on former Russian double agent Sergei Skripal and his daughter in the English city of Salisbury. "Just because some countries took a step based on an allegation, we cannot decide to take the same step," Erdogan said in comments to Turkish journalists published by the Hurriyet newspaper and others. "There is no question that we must act completely like them," added Erdogan, who earlier this week met EU chiefs for a crunch summit in Bulgaria. London and its allies were quick to put the blame on Russia, which denies any involvement. The discovery that Sovietdesigned nerve agent Novichok was used against the pair and Russia's record on targeting dissidents have put the spotlight on the Kremlin. The Turkish foreign ministry on Monday issued its first statement on the poisoning-over three weeks after the attack-condemning the use of a chemical agent but without mentioning Russia. Putin is due to arrive in Turkey next week for a twoday visit that will also include a three-way summit on Syria with Iranian President Hassan Rouhani aimed at strengthening cooperation. To the alarm of Brussels, ties between Moscow and Ankara have flourished in recent months while Turkey is set to buy Russia's S-400 air defence systems. Turkish Deputy Prime Minister Bekir Bozdag on Monday stressed the historical regional rivals have a "positive and good relationship right now". IU forms body to probe BCL’s vandalism ISLAMIC UNIVERSITY : Islamic University (IU) authoritieson Wednesdayafternoon formed a three member probe-body over the incident of vandalising the university's CC camera and dishonoring the mural of Bangabandhu Sheikh Mujibur Rahman, reports UNB. IU Vice-chancellor Professor M Harun-Ur-Rashid Askari formed the body headed by M Mahbubur Rahman, a Professor of IU information and communication engineering department, IU acting registrar SM Abdul Latif said. The other members of the probe-body are- Professor Dr M Ashraful Alam, president of IU hall provost council and M Saidur Rahman, a Professor of Bangla department of the university. The university authorities asked the body to submit their reports as early as possible, he added. Earlier, the activists of IU BCL unit demonstrated on the campus vandalising its valuable including CC camera and dishonoring the mural of Bangabandhuon Tuesdaynight as the university's proctorial body handed one of their activists over to the police. Book Publishing Program of ‘CDF History’ BRAC-in-the-city publication ceremony was held on Saturday in the book 'History of CDF' published on the occasion of 25th anniversary of Credit and Development Forum-CDF, a network of private development organizations working in micro credit in the country, a press release said. Presided over by BRAC's Sir Fazle Hasan Abed. As the main negotiator, the former governor of Bangladesh Bank Atiur Rahman. CDF Chairman Emranul Huq Chowdhury, Chairman of Buro Bangladesh Sukhendra Kumar Sarkar, Amalendu Mukherjee of Micro Credit Regulatory Authority- MRA, Economic Research Group Executive Director Sajjad Zahir, Prip Trust Executive Director Aroma Dutta, Green University Vice-Chancellor Prof Dr. Golam Samdani Fakir, Managing Director of Dhaka Bank Ltd. and Chairman of the Association of Bankers of Bangladesh Syed Mahbubur Rahman. The program was moderated by the executive director of CDF Abdul Awal. The book's author Sukhendra Kumar Sarkar, Md. Mosharraf Hossain, SM Rahman, Md. Abdul Awal and Shuchi Syed the heads of several non-governmental development organizations working on the country's small loans including were present. we`ÿ r/Rb-1097(2)/28/3/18 GD-469/18 (12 x 5) GD-470/18 (6 x 3)

Probe Magazine Vol 13 Issue 4 (1-15 Dec 2014)