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4 months ago

26-03-2018

ECONOMY & BUSINESS

ECONOMY & BUSINESS MONDAY, THE BANGLADESHTODAY MARCH 26, 2018 10 IPDC Finance Limited, the first financial institution of Bangladesh established in 1981, recently has announced its completion of second successful year since the unveiling of its 5 years strategy paper at the 13th Extraordinary General Meeting (EGM) & 36th Annual General Meeting (AGM) held at Spectra Convention Centre, Gulshan-1, Dhaka-1212. The company has declared that the profit went up by 10.7% to 335.4 million taka. With an upbeat outlook, IPDC declared a 20% stock dividend for the year 2017, which was approved by the shareholders. Amongst others the meeting was also attended by the Board of Directors who represented the majority shareholders BRAC, Aga Khan Foundation, Government of Bangladesh and RSA Capital. Mominul Islam, Managing Director and CEO; Samiul Hashim, Company Secretary and other senior officials of the Management Committee of IPDC Finance Limited were also present at the meeting. Dollar extends losses on Fed move, Trump revives trade war fears The dollar extended losses in Asia on Thursday after the Federal Reserve stuck to its target for interest rate hikes this year, but fresh fears of a trade war hit equity markets as Donald Trump prepared new sanctions on China, reports BSS. After one of the most anticipated meetings in recent months, the central bank lifted borrowing costs, as expected, to a decade high but indicated just two more over the rest of the year, confounding forecasts of three more. Jerome Powell, in his first news conference since taking the helm, said the move was in response to a strong economic outlook that had been helped by December's tax cuts, while improving jobs creation was lifting incomes and confidence. In response, the dollar sank against most other units in New York and while the Fed also said it saw a more aggressive path of hikes over the next two years as the economy continues to strengthen, the US unit failed to bounce back. It extended the losses in Asia, with talk of a monetary tightening trend in Europe and Japan adding to its weakness. "The statement would suggest it's open season on the dollar and greenlights sellers to re-engage as the Fed failed to confirm any of the markets' hawkish suspicions," said Stephen Innes, head of Asia-Pacific trading at OAN- DA. The dovish short-term outlook for US borrowing costs provided optimism for Asian investors initially before a broad rally fizzled. Tokyo ended one percent higher after a three-day losing streak and Seoul closed up 0.4 percent. But trading floors remain edgy as it emerged Trump is expected to hit China over what Washington calls "theft" of US intellectual property. The move would further strain tensions with Beijing after the White House unveiled controversial tariffs on imports of steel and aluminium, which sparked fury from world leaders. China vowed to respond with "necessary measures to Fed Chair: US not on 'cusp' of accelerating inflation New Federal Reserve Chairman Jerome Powell said Wednesday the central bank sees no signs that prices are set to rise sharply in the US economy, reports BSS. In his first press conference as Fed chief, Powell said "there is no sense in the data that we are on the cusp of an acceleration of inflation." There have been moderate increases in wages and price inflation, but the Fed is "very alert" to any increases that could result from the very low unemployment rate. "It's not something we observe at the present," Powell said. Asked about the rising trade frictions sparked by President Donald Trump's aggressive actions, targeting China in particular, Powell said central bankers now view the prospect of a trade war as a growing threat to the economy. "This is a new risk that had been probably a low profile risk which has become more prominent risk to the outlook," he said. But officials did not get into specifics on whether the trade hit would impact inflation or growth, he said. resolutely defend its legitimate rights and interests". Oxford Economics chief Asia economist Louis Kuijs, said: "The key risk is that it does not end with this modest baseline scenario. "More measures may follow, and tit-for-tat responses could lead to escalation. Collateral damage in other economies will be significant and could further complicate the trade friction." Hong Kong fell 1.1 percent and Shanghai shed 0.5 percent. Earlier on Thursday Hong Kong's de facto central bank and the People's bank of China announced measures to tighten their monetary policy. Singapore fell 0.3 percent and Sydney gave up 0.2 percent while Wellington and Taipei were also lower. In early European trade, London fell 0.8 percent, Paris shed 0.7 percent and Frankfurt lost one percent. On oil markets, both main contracts extended Wednesday's surge following an official report showing US stockpiles fell last week, confirming an industry group's figures and indicating a pick-up in demand. Adding to the buying sentiment are brewing geopolitical tensions with speculation about Trump tearing up the Iran nuclear deal mixed with a drop in supplies from crisishit Venezuela. An upbeat assessment on the supply-demand outlook from the Russia-OPEC group that has capped output also provided hopes for further price hikes. "Oil is roaring higher and there is nothing like a bit of geopolitical tension combined with a clear technical break, and an unexpected draw in inventories to push prices," said Greg McKenna, chief market strategist at Axi- Trader. Sensex turns rangebound, Nifty below 10,200 The BSE Sensex pared initial gains to trade in a range Thursday, amid global volatility after the US Federal Reserve's interest rate hike, reports BSS. The 30-share index was trading at 33,152.99 at 1150hrs, with a gain of 16.81 points, or 0.05 per cent. The broader Nifty index was trading below the key 10,200- level, at 10,176.70, up 21.05 points or 0.21 per cent. Weakness was seen in banking and realty stocks. Major losers include SBI, M&M, ICICI Bank, Tata Steel and Adani Port, falling up to 2 per cent. While, gainers were ONGC, Tata Motors, Reliance Industries, Sun Pharma and IndusInd Bank. Asian markets witnessed volatility after the US Federal Reserve raised rates by 25 basis points to 1.75 per cent yesterday, signalling two more hikes for 2018. Nikkei 225 index edged up 0.99 per cent, or 211.02 points, to close at 21,591.99, while the broader Topix swung between losses and gains, to trade 0.65 per cent, or 11.10 points, higher at 1,727.39. Hong Kong stocks sink on fresh trade war worry Hong Kong stocks sank Thursday on fresh global trade war fears after the US said Donald Trump would impose new sanctions on China over what it called intellectual property violations, reports BSS. The Hang Seng Index fell 1.09 percent, or 343.47 points, to end at 31,071.05. The benchmark Shanghai Composite Index lost 0.53 percent, or 17.47 points, to 3,263.48 and the Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 0.48 percent, or 9.01 points, to 1,849.60. EU unveils digital tax targeting Facebook, Google The EU unveiled Wednesday proposals for a digital tax that targets US tech giants, heaping more problems on Facebook after revelations over misused data of 50 million users shocked the world, reports BSS. The special tax is the latest measure by the 28-nation European Union to rein in Silicon Valley giants and could further embitter the bad-tempered trade row pitting the EU against US President Donald Trump. EU Economic Affairs Commissioner Pierre Moscovici presented his proposals in Brussels aimed at recovering billions of euros from mainly US multinationals that shift earnings around Europe to pay lower tax rates. "This current legal vacuum is creating a serious shortfall in the public revenue of our member states," France's Moscovici told a press conference in Brussels. "We estimate this could generate at least five billion euros a year if the tax is imposed at three percent." Moscovici insisted it was "not an anti- GAFA tax nor an anti-US tax", referring to the popular acronym for Google, Apple, Facebook and Amazon. The transatlantic blow has been championed by French President Emmanuel Macron and will be discussed over dinner at an EU leaders summit on Thursday. The unprecedented tech tax follows major anti-trust decisions by the EU that have cost Apple and Google billions and also caught out Amazon. The EU tax would affect revenue from digital advertising, paid subscriptions and from "sale of data generated from user-provided information", the European Commission said. The tax lands as EU agencies are also set to tighten rules on data privacy, targeting tech firms. The issue has come to the forefront following revelations that a firm working for Trump's US presidential campaign harvested data on 50 million users of Facebook. The EU tax plan will target mainly US companies with worldwide annual turnover above 750 million euros ($924 million), such as Facebook, Google, Twitter, Airbnb and Uber. Spared are smaller European startups that struggle to compete with them. Brussels is seeking to choke taxavoidance strategies used by the tech giants that, although legal, deprive EU governments of billions of euros in revenue. Under EU law, firms like Google and Facebook can choose to book their income in any member state, prompting them to pick low-tax nations like Ireland, the Netherlands or Luxembourg. Db q bi MYZ ¿ kL nvwmbvi Islami Bank Bangladesh Limited organized a discussion meeting and doa remembering the martyrs on 25th March 1971 and marking the Independence and National Day on March 25, 2018 Sunday at Islami Bank Tower, Dhaka. Arastoo Khan, Chairman of the bank attended the program as chief guest. Professor Dr. Mijanur Rahman, Vice Chancellor of Jagannath University addressed the program as guest of honor. Presided over by Md. Mahbub ul Alam, Managing Director and CEO of the Bank, the program was addressed by Md. Zillur Rahman, Chairman, Audit Committee, Helal Ahmed Chowdhury, Chairman, Risk Management Committee, Shamim Mohammed Afzal, Md. Syful Islam, FCA, FCMA, Md. Joynal Abedin, Professor Dr. Qazi Shahidul Alam, Syed Abu Asad and Dr. Tanveer Ahmad, Directors and Abu Reza Md. Yeahia, Deputy Managing Director of the Bank. Additional Managing Directors, Deputy Managing Directors, top executives and officials of the Bank attended the program. GD-456/18 (15x4)

MISCELLANEOUS MonDAY, MArCH 26, 2018 11 Valiant Freedom Fighter K.S.A. Mohiuddin Manik Birprotik, Vice-Chancellor of Barisal University Prof. Dr. S.M. Imamul Huq and Treasurer of the university seen at a discussion meeting which was organized on the occasion of Genocide Day. Photo : Courtesy The Turkish army and Syrian opposition fighters it backs have "total control" of the Kurdish enclave of Afrin in northern Syria, according to the country's official news agency on Saturday, nearly a week after they captured the main town that carries the same name, reports UNB. Anadolu news agency said the Turkish military was continuing its sweep for mines and explosives to allow Afrin's resident's to Turkish army and allies in 'total control' of Syria's Afrin return, following airstrikes and clashes with Syrian Kurdish forces. Associated Press journalists on a press tour organized by the Turkish government Saturday passed through the northwestern town of Jinderes en route to central Afrin. Jinderes, captured by Turkey and allied Syrian opposition fighters, was the scene of heavy street clashes earlier in March. The AP saw a widely destroyed and empty town. Turkey launched a ground and air offensive on Jan. 20 codenamed Olive Branch to oust the main Syrian Kurdish militia known as the People's Protection Units, or YPG, from Afrin. Turkey considers the YPG a terror group and an extension of Kurdish rebels waging an insurgency within its own borders. Syrian Kurdish officials and the country's state media said the Turkish offensive displaced more than 200,000 people from their homes. Chinese warns against 'trade war,' appeals for cooperation A top Chinese official has warned a "trade war" would harm all sides but gave no indication of Beijing's possible next move in a spiraling dispute with President Donald Trump over steel and technology, reports UNB. Speaking to global business leaders at an economic forum, Vice Premier Han Zheng appealed Sunday for cooperation to make economic globalization "beneficial for all." Han says, "a trade war serves the interests of none. It will only lead to serious consequences and negative impact." Han didn't mention Trump by name but other Chinese officials have said Beijing is ready to defend its interests after the U.S. president approved possible higher tariffs on Chinese goods in a dispute over its technology policy. Beijing released a list of U.S. goods it said might be hit by higher tariffs. GD-450/18 (6x3) Db q bi MYZ ¿ kL nvwmbvi GD–455/18 (25x4)

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