04-06-2018

More documents

Recommendations

Info

ECONOMY & BUSINESS BANGLADESHTODAY 10 THE MONDAY, JUNE 4, 2018 A 4 days long Training Course on Foreign Exchange & International Trade was held at Al-Arafah Islami Bank Training & Research Institute recently (14 may 2018 to 17 May 2018). Managing Director of the Bank Md. Habibur Rahman inaugurated the course as Chief Guest. Principal of the Institute and Executive Vice President Md. Abdur Rahim Duary and Vice President of AIBTRI Touhid Siddique were also present in the occasion. Photo: Courtesy Chinese mainland's overseas portfolio investment hits 498 bln USD The Chinese mainland's overseas portfolio investment rose last year, with Hong Kong being the prime destination, official data showed, reports BSS. At the end of last year, the mainland's overseas portfolio investment assets (excluding reserve assets) were worth 498 billion U.S. dollars, up from 360 billion dollars at the end of 2016, according to the State Administration of Foreign Exchange. Of the total, 304 billion dollars were held in equity investments while the remaining 194 billion dollars flowed into bond investment. In breakdown, nearly a third of the total was invested in Hong Kong, followed by the United States with 145 billion dollars and the Cayman Islands with 38 billion dollars. China started to publish country-specific figures on overseas portfolio investment in January 2016 after joining the Coordinated Portfolio Investment Survey conducted by the International Monetary Fund at the end of 2015. Jordan protests snowball over IMF-backed austerity Angry protests rocked cities across Jordan overnight against IMFbacked austerity measures including a new income tax draft law and price hikes, hours after the government and unions failed to reach an agreement to end the standoff. Around 3,000 people faced down a heavy security presence to gather near the prime minister's office in central Amman until the early hours of Saturday morning, waving Jordanian flags and signs reading "we will not kneel". Protests have gripped the country since Wednesday, when hundreds flooded the streets of Amman and demonstrated in other cities to demand the fall of the government. Last week the government proposed an income tax draft law, yet to be approved by parliament, aimed at increasing taxes on employees by at least 5 percent and on companies by between 20 and 40 percent. It is the latest in a series of economic reforms and repeated price hikes on basic goods since Amman secured a $723-million three-year credit line from the International Monetary Fund in 2016. The Economist Intelligence Unit earlier this year ranked Jordan's capital as one of the most expensive in the Arab world. Since January, Jordan - which suffers high unemployment and has few natural resources - has seen repeated price rises including on bread, as well as tax hikes on basic goods. Overnight, protestors outside premier Hani Mulki's office shouted slogans including "the ones raising prices want to burn the country" and "this Jordan is our Jordan, Mulki should leave". The prime minister met on Saturday with trade union representatives who demanded the income tax law be revoked, but failed to reach an agreement. The head of Jordan's federation of unions, Ali Obus, demanded that the state "maintain its independence and not bow to IMF demands". King Abdullah II called on parliament to lead a "comprehensive and reasonable national dialogue" on the new tax law. "It would not be fair that the citizen alone bears the burden of financial reforms," he told officials on Saturday evening. A majority of 78 out of parliament's 130 representatives have pledged to vote against the income tax law introduced by the government last month. The speaker of Jordan's senate called a consultative meeting for Sunday. Mulki told reporters on Saturday that meetings would continue, adding: "Sending this bill to the house of representatives does not mean that the house of representatives will approve it". Islami Bank Bangladesh Limited Chittagong region organized a discussion titled `Siam, Taqwah and Sadaqah' and hosted an Iftar Mahfil on Saturday at Radisson Blue Hotel, Chittagong. Prof. Md. Nazmul Hassan Ph.D, Chairman of the Bank was present in the program as Chief Guest. Prof. Dr. Md. Salim Uddin, FCA, FCMA, Chairman, Executive Committee of the bank was present in the program as special guest. Presided over by Md. Mahbub ul Alam, Managing Director & CEO, Dr. Mohammad Gias Uddin Talukder, Member, Shari`ah Supervisory Committee of the Bank presented the key note paper. Sheikh Moulana Mohammad Qutubuddin, Chairman of the Committee conducted munajat. Mohammed Monirul Moula, Additional Managing Director also addressed the program. Abu Reza Md. Yeahia, Deputy Managing Director, Md. Saleh Iqbal, Senior Executive Vice President and Head of Chittagong North Zone, Md. Nizamul Hoque, Executive Vice President and Head of Chittagong South Zone, Md. Nayer Azam, Senior Vice President and Head of Agrabad Corporate Branch and Mohammed Shabbir, Senior Vice President and Head of Khatungonj Corporate Branch along with Industrialists, Businesspersons, Intellectuals, Educationists, Ulema and Social Elites attended at the program. Photo: Courtesy First Security Islami Bank Ltd. (FSIBL) and Amber It Ltd. signed a corporate & mobile financial services agreement on 31 May 2018 at FSIBL Head office. Under this agreement, Amber It clients can pay their bills through any FSIBL branch and mobile financial services FirstPay SureCash. Syed Waseque Md. Ali, Managing Director of FSIBL and Mohammad Aminul Hakim, Chief Executive Officer of Amber IT Ltd. exchanged the agreement on behalf of their organizations. Among others, Md. Mustafa Khair, Deputy Managing Director, Ali Nahid Khan, VP and Head of Alternative Delivery Channel Division, Md. Faridur Rahman Jalal, VP of Agent Banking & Mobile Banking of First Security Islami Bank, Abul Kalam Sumsuddin, General Manager (Finance), A B M Moniruzzaman, General Manager (Operation) of Amber IT Limited along with the other officials of both organizations were present on the occasion. Photo: Courtesy Gitanjali Jewelers brings diamond ornaments of different modern design. To make the Eid delightful it gives 35pc discount on attractive diamond jewelry and 35pc discount on making charge of gold jewelry. Here you will get different type of necklace, finger ring, ear ring, nose pin, platinum ring, locket of diamond and gold at lowest price. This offer will continue during the whole month of Ramadan. For details please contact: Pink City Shopping Mall, Gulshan-2, Maskat Plaza, Uttara and Tokyo Square, Mohammadpur. Photo: Courtesy Prime Bank Limited organized a discussion session on Ramadan at Samson H. Chowdhury Centre, Dhaka Club recently. Member of Prime Bank Shariah Supervisory Committee Prof. Dr. Maolana Mohammad Shahidul Islam Barakati was the speaker on the subject while Managing Director of the Bank Rahel Ahmed gave vote of thanks. Among others, Vice Chairman of the Bank Mafiz Ahmed Bhuiyan, Chairman of the Audit Committee Shamsuddin Ahmad Ph.D, Director- Md. Shahadat Hossain, M. Farhad Hussain FCA, AMD, DMD's, senior executives of the bank, renowned Islamic thinkers and educationists, Valued Clients of the Bank were also present on the occasion. Photo: Courtesy US isolated as trade outrage roils G7 ministerial meet Group of Seven finance ministers ended their annual meeting Saturday with US allies united in condemning Washington's aggressive protectionism, calling on President Donald Trump to reverse his decision to impose punishing metal tariffs, reports BSS. The lack of common ground meant the dispute would continue into next week's G7 summit in Quebec, Canada, where Trump is expected to face other heads of state as the global economy verges on outright trade conflict. At this snow-capped mountain resort north of Vancouver, British Columbia, US Treasury Secretary Steven Mnuchin was the odd man out. Major trading partners rebuked Trump's multi-front trade offensive while their governments announced countermeasures and legal challenges. One after another, finance ministers and central bankers spoke of exasperation and an abiding sense of betrayal by a longtime ally. Mnuchin, however, downplayed the disagreements and said the United States was committed to the G7 process. Announcing the meeting's close, Canadian Finance Minister Bill Morneau said the host government and five others had urged Mnuchin to relay their "unanimous concern and disappointment." "We said that we were collectively hoping that he would bring the message back of regret and disappointment at the American actions and concern that they are not constructive," said Morneau. French Finance Minister Bruno Le Maire also expressed France's outrage as the meetings ended. "I want to make it clear," Le Maire said, "that it is up to the US administration to make the right decisions to alleviate the situation and ease the difficulties." Avoiding trade war "will depend on the decision the (US) administration is ready to take in the next few days and in the next few hours - I'm not talking about weeks ahead," he added. China's economic development zones see steady trade growth in 2017 China's national economic development zones reported steady trade growth in 2017, according to the Ministry of Commerce, reports BSS. The trade volume of the 219 national economic development zones reached 5.6 trillion yuan (875 billion U.S. dollars) last year, up 17.5 percent year on year, according to MOC spokesperson Gao Feng. Exports stood at 3.2 trillion yuan last year, up 17 percent year on year and 6.2 percentage points higher than the national average growth. Exports of high-tech goods hit 1.1 trillion yuan, up 11.5 percent year on year. Imports reached 2.4 trillion yuan in 2017, up 18 percent year on year, which is slightly lower than the national growth on average. The Uzbek entrepreneur tapping paper's age-old power The passage of time seems to have slowed down at Zarif Mukhtarov's paper mill in a village not far from ex-Soviet Uzbekistan's silk road city, Samarkand, reports BSS. Here in the countryside, where rulers of the Timurid Empire once sought a verdant sanctuary from their bustling capital, geese sidle by in pairs and tourists feast on pilau made with local rice from clay-rich soil. Mukhtarov, a 62-year-old Samarkand native, was a potter like his father before he set about reviving a paper-making technique coveted for centuries by much of the known world. Nowadays, he says, the legendary paper once produced in Samarkand has been consigned to history by the bland, white, industrial-made stuff and, of course, computers. But that doesn't stop thousands of guests arriving at his door every year in the village of Koni Ghil, which has become a must-stop on the country's growing tourist trail. "Foreign guests come here to learn more about our traditions and our history," said Mukhtarov. "Local people come here to learn about themselves," he added, as his kite-flying, eight-year-old granddaughter Mekhrubon tore around the workers' yard in a blur of colour. The story of how Samarkand emerged as a global paper-making centre is a favourite among historians who study the rise and fall of ancient trade routes linking East Asia and Europe, even if they admit the precise details are hazy. Production there began some time in the second half of the eighth century AD after Chinese troops invaded Central Asia but were defeated by forces under the control of Abu Muslim, a general of the Arab Abbasid caliphate. "Among the Chinese (prisoners) captured were masters in the art of making paper," says Makhmud Nasrullayev, a historian at the University of Samarkand. "In return for their lives being spared, they brought to Samarkand their secret of paper," said Nasrullayev. What separated Samarkand's paper from the Chinese version and saw it gradually displace papyrus across Europe and the Middle East in the coming centuries was its smooth, glossy finish. This meant that it absorbed less ink and could therefore be used for writing on both sides. The paper produced in Samarkand's mills was also far more durable than papyrus. "Samarkand paper was polished with the help of an agate stone," said Mukhtarov, the mill owner, whose paper is the superior of three kinds produced at Samarkand's mills until the 19th century, when the city fell under tsarist control. "The Chinese didn't need to polish their paper because they used brushes to write instead of quills," he added.
MISCELLANEOUS MoNDAY, jUNe 4, 2018 11 Starting journey of Alfa Style Alfa style has started its journey in the market of Bangladesh with the tagline "Find your Style", a press release said. On Saturday, Naem Nizam, the editor of Daily Bangladesh Protidin has inaugurated the branch as the chief guest at Jamuna Future Park. K. M. Mozibul Hoque, Chairman of Alfa Style, S A M Yousuf, Managing The United States was singled out by some of its closest allies Saturday over the imposition of tariffs that they warn will undermine open trade and weaken confidence in the global economy, reports UNB. The dispute over U.S. President Donald Trump's new levies on steel and aluminum imports is driving a wedge in the G7 group of industrial nations. Following Saturday's conclusion of a three-day meeting of G7 finance ministers, Canadian Finance Minister Bill Director, Kazi Shah Muzakker Ahmedul Hoque, Director and other superior employees of the company were also present there. The authority of Alfa informed that they have started their journey to provide latest designs of original leather goods like formal shoe, casual shoe, sandal, bag, belt, wallet, cads and dresses of latest fashion, punjabi, T- Morneau issued a summary saying the other six members want Trump to hear their message of "concern and disappointment" over the U.S. trade actions. Allies including Canada and the European Union are threatening retaliatory tariffs. The G7 ministers urged U.S. Treasury Secretary Steven Mnuchin to deliver their message before leaders of the group's member countries meet next week in Quebec. Ministers urged the U.S. to abandon the tariffs ahead of the leaders' shirt, polo shirt etc. to the young generation. Shoes & other leather stuffs of the international brand named Leother are also available in the outlet of Alfa style. They are also offering 20% discount for general customers on the occasion of their inauguration and Eid. More outlets of Alfa Style will be opened in Bangladesh very soon. US singled out by G7 allies over steel and aluminum tariffs summit before the move causes deeper divisions within the G7. "The international community is faced with significant economic and security issues, which are best addressed through a united front from G7 countries," said the summary, which was agreed to by the attending ministers. "Members continue to make progress on behalf of our citizens, but recognize that this collaboration and co-operation has been put at risk by trade actions against other members," it added. Bruno Le Maire, France's finance and economy minister, was blunt in his assessment of the Whistler meeting, where ministers confronted Mnuchin. "It has been a tense and tough G7 - I would say it's been far more a G6 plus one than a G7," said Le Maire, who called the tariffs unjustified. "We regret that our common work together at the level of the G7 has been put at risk by the decisions taken by the American administration on trade and on tariffs," he said. Mnuchin disagreed with Le Maire. Mattis warns of bumpy road to US, North Korea nuclear summit Defense Secretary Jim Mattis is warning it will be a "bumpy road" to the nuclear negotiations with North Korea later this month. He is telling his South Korean and Japanese counterparts they must maintain a strong defensive stance so the diplomats can negotiate from a position of strength, reports UNB. Mattis spoke at the start of a meeting with South Korean Defense Minister Song Young-moo and Japanese Defense Minister Itsunori Onodera at the Shangri-La Dialogue security conference. He says strengthening the allies' defense cooperation is the best path to peace. Song says allies must be cautious, but some of Pyongyang's recent steps are reasons to be optimistic. Plans are moving forward for a nuclear weapons summit between President Donald Trump and North Korean leader Kim Jong Un on June 12. Pushing the envelope: Why was Kim's letter for Trump so big? North Korean leader Kim Jong Un is known for pushing the envelope with threats and bluster as he seeks to leverage his nuclear weapons program into security and economic benefits for his country. But lately he's gained notoriety for his envelopes alone, reports UNB. President Donald Trump on Friday declared that his on-and-off summit with Kim was on again. The announcement came after Trump hosted a senior North Korean envoy at the White House and he delivered a personal letter from Kim that was inside a white envelope nearly as large as a folded newspaper. Trump has not yet revealed what was written in the letter, but he sure seemed happy to get it. A photo showed a grinning Trump holding up the envelope alongside Kim Yong Chol, the most senior North Korean to visit the White House in 18 years, as they posed in the Oval Office in front of a portrait of Thomas Jefferson. The photo made rounds on social media, where theories abound about why Kim would have sent Trump what seemed like a comically oversized letter. Did Kim, a thirdgeneration heredity leader, think Trump would share his love for lavish gestures and things grandiose? After spending months trading insults and war threats with him, has Kim learned that the way to influence Trump is to appeal to his ego - something South Korean President Moon Jae-in seemed to try in April when he openly endorsed Trump for the Nobel Peace Prize? No one outside North Korea likely knows the real reason for the letter's size. It could just be that's how Kim likes it. Moon, who lobbied hard for nuclear negotiations between Trump and Kim, received a letter of similar size from Kim during February's Winter Olympics in which he expressed a desire for an inter-Korean summit. Kim's to letter to Moon was personally delivered by Kim's sister, who attended the Olympics as a special envoy, and was covered by a blue folder emblazoned with a golden seal. British manufacturing sector figures point to economic uplift The poor performance of the British economy in the first quarter of the year looks to have been reversed, according to data for the manufacturing sector released on Friday, reports BSS. May's Markit/CIPS manufacturing sector survey suggests that the sector is putting in a strong performance in the second quarter, with the purchasing managers' index (PMI) beating consensus expectations of a fall among experts and commentators to record a rise from 53.9 to 54.4 (above 50 indicates growth). The continued solid global demand for goods and sterling's post-Brexit referendum 20 percent devaluation at the hands of markets look to still be factors boosting the sector, with the new export order balance picking up from 53.4 to 54.2. This left the index only a little below its average over 2017 as a whole. The rise in the output index contained in the data, which went up from 55.4 to 56.9, leaves the index consistent with quarterly growth of 1 percent in May. This would translate into a 0.1 percentage point boost for the overall economic figures, an increase of a half on the almost-stagnant growth in the economy of 0.2 percent seen in the revised official figures for the economy released last week. Ruth Gregory, British economist at Capital Economics, a financial data firm, told Xinhua: "The sector is putting in a strong performance in Q2, after the poor start to the year." "Alongside the signs that a revival in the consumer sector is underway; the figures provide us with reassurance that the weakness in GDP growth in the first quarter should prove temporary." Gregory noted the data showed that the pipeline of unfinished work had become smaller and that stocks of finished goods rose sharply which "suggested there is no real pressure on firms to increase output in the near term." In addition, the input prices balance rose from 62.5 to 65.7, driven by the recent rise in global oil prices. GD-822/18 (8.5 x 4) GD-819/18 (10 x 4)
Page 1 and 2: MOnday Dhaka:June 4, 2018; Jaisthya
Page 3 and 4: METRO MonDAY, JUne 4, 2018 3 ACC fo
Page 5 and 6: LAW & PEOPLE MOndAy, June 21, 2018
Page 7 and 8: INTERNATIONAL MONDAY, JUNE 4, 2018
Page 9: SPORTS MONDAY, JUNE 4, 2018 9 The A

04-06-2018

Create successful ePaper yourself

Delete template?

Save as template?