22-05-2018

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ECONOMY & BUSINESS BANGLADESHTODAY 10 THE TUESDAY, MAY 22, 2018 UAE announces ownership, visa reforms to lure foreign investors The United Arab Emirates has announced plans to allow 100 percent ownership and visa incentives to foreigners, in a bid to attract investors to boost its slowing national economy. The decision, taken by the UAE cabinet Sunday night, aims to lure "international investments and exceptional talent", according to Dubai ruler Sheikh Mohammed bin Rashed Al-Maktoum. The new measures come amid signs of an economic slowdown in the oilrich Gulf state on the back of lower oil prices, with reports showing the vital real estate and tourism sectors of Dubai struggling. The decision will allow foreign investors 100 percent ownership of companies, coupled with 10-year residence permits for them and their families, according to a cabinet statement cited by WAM news agency. The measures will come into force by the end of 2018, the statement said. The UAE leads all Arab countries in terms of foreign direct investment, attracting $11 billion last year-a jump of 22 percent on 2016 -- according to the International Institute of Finance. Although it is the most diversified and open economy in the Middle East, foreigners can only own up to 49 percent of companies unless they are established in special free trade zones. The new measures also grant 10-year long residence permits to professionals in the medicine, science, research and technical fields. Like other energy-rich Gulf Cooperation Council (GCC) states, foreigners working in the UAE must have their residence permits made by a national sponsor known as kafeel. The International Monetary Fund earlier projected that UAE economic growth would fall from 3.0 percent in 2016 to 1.3 percent in 2017. Iftar distribution program of Islami Bank Bangladesh Limited during the month of Holy Ramadan was inaugurated on Sunday, 20 May 2018 in front Head Office of the Bank. Md. Mahbub ul Alam, Managing Director & CEO of the Bank inaugurated the program as chief guest. Mohammed Monirul Moula, Additional Managing Director, Abu Reza Md. Yeahia and JQM Habibullah, FCS Deputy Managing Directors and other Executives of the Head office were present on the occasion. Under this program, the Bank will distribute Iftar items among one lac pedestrian fasting Muslims at 10 Traffic points including 7 in Dhaka City, 2 in Chittagong City and 1 in Khulna City. Photo: Courtesy Meeting of the FBCCI Standing Committee relating to Ministry of Railways held China remains world's largest developing country: Russian expert China is still the world's largest developing country despite its massive economic and social achievements over the past four decades, a Russian expert has said. China still lags behind the United States in terms of gross domestic product (GDP), said Nataliya Gribova, head of the Research Planning and Development Department of the Russian Institute for Strategic Studies. "It can be said that modern China in many respects is both a developing and developed country," she told Xinhua in a recent interview, because different regions in China differ sharply in terms of socioeconomic development. Gribova said the level of some of China's eastern coastal cities is comparable to that of developed economies, while the level of some poorer provinces in the west of the country is comparable to that of developing ones. The share of services and consumption in China's GDP, although it is growing at a rapid pace, is still at a lower level than that of developed countries, she said. Nevertheless, Gribova said she was impressed by China's economic growth, which has allowed the country to significantly improve the living standard of its population and lift millions of people out of poverty. "After 40 years of reform and opening-up, China has d e m o n s t r a t e d unprecedented growth from a backward agricultural country to the world's second-largest economy and the largest trader in goods," she said. Gribova said that China is now attaching greater importance to the quality of its economic growth. "The fundamentally important transition of China from the stage of quantitative growth to the stage of high-quality development will create, in case of successful implementation, a solid foundation for the sustainable growth of the Chinese economy in the future," she said. S.Korea's producer prices rise on expensive crude oil Prices for goods and services among South Korean suppliers rose last month on expensive crude oil, central bank data showed Monday. The producer price index stood at 104.13 in April, up 0.1 percent from the previous month, according to the Bank of Korea (BOK). It was the rebound from no change in March as crude oil prices advanced last month. Prices for industrial products inched up 0.1 percent due to higher prices of coal and oil products, which jumped 3.1 percent. Prices for agricultural products declined 1.1 percent in April, after dipping 0.9 percent in the previous month. Lower farm goods prices limited the producer prices' further gain. Fishery product prices slumped 0.8 percent, but those for livestock products picked up 3.6 percent. Mentioning the huge potential of country's railway sector, the business leaders emphasized on development of this promising sector. In the context of vast development activities, the importance of railway sector has increased, they added. The FBCCI leaders, in this regard put emphasis on more transport trains in different routes of the country. They came up with these suggestions at a meeting of the FBCCI Standing Committee relating to Ministry of Railways held yesterday at FBCCI Board Room, a press release said. FBCCI Senior Vice President Sheikh FazleFahim was present at the meeting. Fahim, in his speech, underscored the need for more transport rails to match with the pace of huge development activities in the country. The FBCCI leader also emphasized on expanding the activities of Komlapur ICD (Inland Container Depot). The discussants at the meeting emphasized on more trains in Dhaka- Chottogram route, and to add additional compartments for transportation of goods. They also emphasized on rapid service of connecting rails with Chottogram port, Mongla and Benapole. The business leaders also supported the government decision to launch bullet train in Dhaka-Chattogram route in near future. S a r w a r W a d u d C h o w d h u r y , Chairman of the Standing Committee, at the meeting, presented the detailed future plan of the committee. FBCCI Directors Md. RejaulKariemRejnu and Hafez Harun-Or-Roshid also participated in the discussion. Md. Firoz Alam Sumon and Biplob Chand Dugar,Co-Chairmen of the Committee took part in the discussion. Members from different sectors also attended. Walton brings 55 new models of fridge The country's electronics giant 'Walton' has brought 55 new models of fridges in the local market aimed at delivering most stylish fridges with advanced technologies to the customers following the upcoming Eid-ul-Fitr, one of the largest festivals of Muslims, says a press release. In addition, the local brand set a target of selling out about two lakh units of fridges during the month of Ramadan, which is about 30 percent higher than the sales in previous Ramadan. Along with the new models, Walton is displaying and selling more than 100 models of frost and nonfrost refrigerators and freezers in the local market. To meet the increased demand, which has been boosted up due to the extreme scorching weather, the local brand has taken massive preparation from its production process to marketing strategies. Walton has already increased fridge production, built up stock to maintain smooth supply along with transporting the products to different parts of the country for 24 hours. Sources said, blended with attractive design and colors, the new 55 models include 41frost, 8 non-frost refrigerators and 6 freezers. Among the frost fridges, Tempered Glass Door Refrigerator is remarkable. In this Ramadan, Walton supplied total of 16 new models of frost refrigerators with tempered glass door. According to marketing officials, Walton Glass Door Refrigerators, priced between Tk 24,500 and Tk 36,800, have turned into the customers' prime attraction for lucrative designs and prices. Walton has brought two new models of fridges of 50 liters and 107 liters at Tk 10,900 and Tk 14,200 respectively for the small family and bachelors. Among the new models of non-frost refrigerators, there are huge power efficient inverter technology's threedoor based refrigerators of 455 and 452 liters, one model of side by side door based refrigerator of 501 liters, one model of digital display's refrigerator of 328 liters and two models of five star energy rated refrigerators of 328 liters. Besides, Walton is also marketing 14 models of freezers between Tk 19,400 and Tk 31,290, of which 6 models are newly introduced. There are also 29 models in the upcoming list of Walton refrigerators. Tapash Kumer Mojumder, executive director of Walton and chief of its Refrigerator Research and Development department, said Walton refrigerators feature 9-layer VCM door, which prevents rust and scratches but retains the brightness of the doors ensuring long-life. Eva Rezwana, executive director and chief marketing coordinator of Walton Group, said, they are manufacturing world-class refrigerators and freezers with the advanced machineries at their own factory. They are using globally recognized environment-friendly R600a refrigerant in the compressors of Walton fridges. She said, the use of Intelligent Inverter technology, Nano Healthcare and Anti-Fungal Door Gasket technology, one-year replacement guarantee, ten years guarantee for compressors, maximum 36-month easy installment facility, achieving Five Star energy rating from BSTI and suitability with the local weather conditions helped Walton refrigerators to be at the top of the customers' choice. Amdadul Hoque Sarker, executive director of Walton Group, said, Walton has set the target of selling out about 2 lakh units of fridges in this Ramadan. He hoped of exceeding the target if the sales growth continues. Mentionable, Walton is delivering fast and quality service to customers under the ISO certified Service Management System through 70 plus service centers across the countryWalton is providing customers home service for fridges which already been widely appreciated. Customers can avail after sales service all over the year by just dialing 16267. OPPO awarded In-Display Fingerprint Sensor Patent OPPO has been awarded a patent for an in-display fingerprint scanner. The State Intellectual Property Office of China (SIPO) awarded the company with the patent, and according to the images that surfaced with the patent filing, it would take up a fairly large space above the bottom bezel of the smartphone. Now the screens show it on a smartphone with a physical home button, but that is likely not how it will be implemented when it launches in the future.The documents were coupled with plenty of images that reveal the scanner might be used not only for unlocking the device but also for authorizing payments, a press release said. The patent images show the sequence of entering your fingerprint and what parts of the actual finger will be recognized. It is also seen used while the screen is on, meaning this technology is different to what Synaptics developed - a sensor emitting light underneath an OLED panel and then reading the fingerprint crests. Regarding the copyright of new technology, the Managing Director of OPPO Bangladesh Mr. Damon Yang said, "OPPO as a youth centric brand always focus on bringing the most modern technology in for the users. Recently we have successfully did a test run on 3D video calling. We believe this initiative of on screen fingerprint will bring convenience for the users."
MISCELLANEOUS TUeSDAY, mAY 22, 2018 11 Trump vs 'the resistance' plays out in Washington courtroom A series of trials over a violent Inauguration Day protest has turned into a long-term battle of wits between the Justice Department and a grassroots political opposition network that calls itself "the resistance." The stand-off entered a new phase last week when a fresh trial started for four of the more than 160 people initially charged with property destruction and conspiracy to engage in a riot, reports UNB. This nationwide activist network, calling itself the Defend J20 Resistance movement, has offered defendants free lodging and legal coordination. The movement claimed an early victory late last year when a jury acquitted the first six defendants. The government has since dropped charges against most defendants and is focused on a remaining group of 58 - claiming it has stronger evidence this time. Coast Guard aids Canadian mariner whose vessel flooded The Coast Guard assisted a distressed Canadian mariner after his vessel began taking on water about 80 miles from the Big Island, reports UNB. Coast Guard watchstanders received an emergency position indicating radio beacon alert early Sunday. The crew of the Coast Guard Cutter Oliver Berry escorted the 73- year-old mariner to port aboard his 44-foot sailing vessel once the flooding was under control. An aircrew located the Helen Margaret, established communication with the man and dropped a dewatering pump. A second helicopter crew lowered a rescue swimmer who retrieved and operated the pump successfully until the cutter crew could take over. Weather at the time of the case was reported east winds 23 mph and wind waves at 6 feet. A small craft advisory is in effect for the main Hawaiian Islands. US office overseeing fight against IS gets reprieve The State Department unit overseeing the fight against the Islamic State group will stay in business for at least six more months, reversing an administration plan for the unit's imminent downgrade even as President Donald Trump presses ahead with a speedy U.S. exit from Syria, reports UNB. A plan initiated by Rex Tillerson before he was fired as secretary of state in March would have folded the office of the special envoy to the global coalition into the department's counterterrorism bureau as early as this spring, officials said. Tillerson's successor, Mike Pompeo, canceled the plan this month, and the office will stay an independent entity until at least December, when there will be a new review, said the officials, who weren't authorized to discuss the plan publicly and spoke on condition of anonymity. The office reports directly to the secretary of state and the president, and the planned shift would have undercut its status and the priority of its mission. It could have led to staffing and budget cuts as well as the departure of the special envoy, Brett McGurk. He is now expected to remain in his job at least through the end of the year. Still, the officials said Trump's intent to reduce the U.S. military and civilian stabilization presence in Syria has not changed. The State Department has ended all funding for stabilization programs in Syria's northwest. Islamic State militants have been almost entirely eliminated from the region, which is controlled by a hodgepodge of other extremist groups and Syrian President Bashar Assad's government forces. At least some of the U.S. money for those projects is expected to be redirected to Syria's northeast where IS fighters remain, the officials said. The conflicting moves of retaining McGurk's office while pulling out of the northwest illustrate how the administration is being pulled in different directions by Trump's two competing interests: extricating the U.S. from messy Mideast conflicts and delivering a permanent defeat to the Islamic State group. Trump has said the United States will be withdrawing from Syria "like very soon." In late March, the State Department, the Pentagon and intelligence agencies tried to dissuade him from pulling troops out immediately, warning there was a risk IS would manage to regroup. Trump relented slightly, but told aides they could have only five or six months to finish off IS and get out. GD-750/18 (8 x 4) GD-755/18 (8 x 4) GD-754/18 (12 x 4)
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