21-01-2019

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ECONOMY & BUSINESS BANGLADESHTODAY 10 THE SUnDAy, JAnUARy 20, 2019 On 20th January 2019 State Minister of Water Resource Jahid Faruk and Deputy minister AKM Enamul Haque Shamim visited Goranchatrari Pump House aiming to make Dhaka city free from Flood and Water logging. Photo: Courtesy European stock markets surge on China-US trade breakthrough hopes Stock markets across the globe powered higher Friday, buoyed by hopes of a breakthrough in efforts to defuse a US-China trade war. European and Asian indices bounced back strongly after the Wall Street Journal (WSJ) reported that the US was considering lifting tariffs on China as officials look to hammer out a trade deal. In the late New York morning, the Dow Jones was also up, having already gained on Thursday on the report which helped the market recover from a wobble triggered by news that the US was carrying out a criminal probe into Chinese tech giant Huawei. "Global markets are enjoying an overwhelmingly bullish end to the week, with hopes of a potential breakthrough in US-China trade talks helping drive optimism," said Joshua Mahony, senior market analyst at traders IG. The dollar also firmed. The WSJ reported that US Treasury Secretary Steven Mnuchin had raised the idea with US Trade When bear turns to bull on China property market Over the course of the last, booming decade, it would have been hard not to be bullish about Chinese property shares. However, with changing conditions in the market, the bears are firmly in control, and most agree that the next 12 months are going to be tough for China property stockholders. As one of the very few voices of caution in the last decade of the China property market, BNP Paribas managing director and regional head of research Lee Wee-liat arguably missed the biggest boom on the planet. Now, once again counter to current wisdom, he is optimistic about the next 12 months. In a report this week, Lee made a big call to buy into Chinese property stocks because he sees a potential upside of at least 60%, including dividends. This is because he believes that property prices will remain steady, or only fall as little as 5% as the supply of housing decreases faster than demand. More importantly, leading private developers such as China Evergrande, Sunac, R&F and Agile Group, have continued to improve themselves financially by deleveraging and speeding up the sales of units for which they did not pay top dollar. Since 2007, Lee has been notoriously bearish on the property market, first with Nomura and later with Samsung Securities. Representative Robert Lighthizer of removing some or all levies on Beijing in return for structural reforms. It said the move was part of a bid to reassure markets and bolster the odds of a bigger trade deal, ending a months-long saga that is beginning to impact economies around the world, particularly China. However, the Treasury Department told AFP that no formal recommendation had been made by either Mnuchin or Lighthizer in the talks, which were "nowhere near completion". "The US government has said that there have been no formal talks to scale back tariffs, but the market saw the half glass full as the reports signal that concessions are in the works," said Alfonso Esparza, senior market analyst at OANDA. However, there was scepticism among some analysts, with the two sides still far apart on a number of issues, particularly regarding intellectual property. On currency markets the pound edged lower, giving up earlier gains seen as dealers bet that Britain would not leave the European Union without a deal. After her grand Brexit plan was soundly rebuffed by MPs this week, British Prime Minister Theresa May has called cross-party talks to put together a "Plan B" by Monday. If that does not work, there is a growing expectation that the March 29 exit deadline will be pushed back to give May more time to reach another deal or possibly call another referendum. Oil prices meanwhile rose on the China-US tariffs report and after OPEC said it had cut output in December before a new agreement to limit supply took effect. Both main contracts are up around a fifth since the end of December, thanks to an agreement to cut output by OPEC and other key producers including Russia. That followed almost three months of losses that wiped around 40 percent off prices amid concerns supply was running ahead of demand. Lebanon foreign minister urges Arab League to readmit Syria Lebanon's foreign minister on Friday called for the Arab League to readmit Syria ahead of a regional economic summit in Beirut, more than seven years after it suspended Damascus' membership. "Syria is the most notable absentee at our conference, and we feel the weight of its absence," Gibran Bassil said. "Syria should be among us… without us having to wait for a permission for it to return," he added at a meeting with other ministers from Arab League nations. The Arab League suspended Syria in November 2011, as the death toll rose in the regime's brutal repression of anti-government protests. But in recent years, President Bashar al-Assad's forces have gained the military upper hand against rebels and jihadists, and efforts to bring his government back into the Arab fold appear underway. In December, Sudan's President Omar al-Bashir made the first visit by any Arab leader to the Syrian capital since 2011, and the United Arab Emirates reopened its embassy in Damascus after closing it in 2012. On Thursday, the head of the Arab League, Ahmed Abul Gheit, said member states have not reached a consensus on Syria's return to the 22- member bloc. Philippines' richest man Henry Sy dead at 94 Henry Sy managed to build a multi-billion dollar business empire after opening his first shoe store in downtown Manila in 1956. Henry Sy had a net worth of $19 billion as of Friday, according to Forbes.com Sy helped create mall culture in the Philippines The Philippines' wealthiest man Henry Sy, who rose from being a penniless Chinese immigrant to leading a multi-billion dollar business empire, died on Saturday, his conglomerate has announced. The 94-year-old, from the Chinese city of Xiamen, made his fortune with a Philippine shopping center conglomerate that has put up some of the largest malls in the world. However his holdings also included banks, hotels and real estate in the Philippines, as well as shopping centers in China. He had a net worth of $19 billion as of Friday, according to Forbes.com. Forbes said he was the 52nd richest person in the world last year, beating out bold name tycoons like Elon Musk, Rupert Murdoch and George Soros. "Henry Sy ... passed away peacefully in his sleep early Saturday morning. There are no further details at the moment," his SM group said in a statement. Sy put up his first shoe store in downtown Manila in 1956, a business which later grew into a diversified empire. He stepped down as chairman of his holding firm in 2017, assuming the title of "chairman emeritus" and leaving trusted allies as well as his children in charge of his empire. It was a long journey for a man who came to the Philippines as a boy to work in his immigrant father's variety store. "Our store was so small it had no back or second floor, we just slept on the counter late at night after the store was closed," he told the Philippine Star newspaper in 2006. After their shop was destroyed during World War II, Sy's father returned to China but Henry chose to stay in the Philippines. He got a commerce degree from a Manila university and started selling shoes in a shop which would later grow into a chain named "ShoeMart." By 1972, his shops had branched out into selling all manner of goods, prompting the name to be changed to SM Department Store. But it was in 1985 that Sy made history when he opened his first "Supermall" in Manila. Spanning over 424,000 square meters (4.6 million square feet), the mall included dozens of stores, numerous cinemas, restaurants, banks and other attractions that made it a one-stop shop for millions of Filipinos. This was just the start, as more of Sy's mammoth malls popped up across the country, some even containing ice skating rinks, a rarity in the tropical country. Sy helped create mall culture in the Philippines, where steamy temperatures and the regular threat of torrential downpours can make outdoor shopping uncomfortable. Sy's holding company, SM Investments Corp. opened its first mall in China in 2001 and has been expanding there as well. US stocks rise for 4th straight day on trade deal hopes Wall Street stocks rose for the fourth straight session Friday, closing out a strong week on optimism over US- China trade talks, despite sharp drops in Netflix and Tesla Motors. The Dow Jones Industrial Average climbed 1.4 percent to 24,706.35. The blue-chip index has risen more than 13 percent since December 24. The broad-based S&P 500 gained 1.3 percent to 2,670.71, while the tech-rich Nasdaq Composite Index advanced 1.0 percent to 7,157.23. The closes marked the fourth straight weekly gains for the Dow and S&P and the third for the Nasdaq. Analysts said the gains reflected a continuation of the optimism following a report on Thursday that the United States was considering lifting tariffs on China as a step to win a broader trade agreement. After a bruising December, US stocks have been in rally mode in early 2019 amid optimism on trade and relief at Federal Reserve commentary suggesting a cautious approach to further interest rate hikes. There's "definitely rising optimism" of a trade deal, said LBBW's Karl Haeling. "There are kind of smoke signals and when there is smoke there is fire," Haeling said. "It seems that Trump sees the weakening of the economy and the shutdown situation. A daylong Training Workshop on 'Internal Control & Compliance Risk Management in Branches' arranged by Al-Arafah Islami Bank Training & Research Institute was held at Hotel Peninsula Chattogram on Saturday. Vice Chairman of the Bank Md. Abdus Salam inaugurated the workshop as Chief Guest. Deputy Managing Director Mohammed Zubair Wafa presided over the ceremony. Among others Principal of the Institute and Executive Vice President Md. Abdur Rahim Duary, Senior Vice President Aktar Kamal and Senir Vice President & Zonal Head of AIBL Chattogram Zone Mohammad Azam were present in the occasion. Selected officials of AIBL Chattogram Zone participated in the workshop. Photo: Courtesy Warm weather slows US industrial output in December Unseasonably warm weather in December held down Americans' use of gas and electricity, weighing on US industrial production for the month, the Federal Reserve reported Friday. But otherwise the industrial sector hummed along at the close of 2018, with manufacturing hitting a 10- month high while oil and gas drilling also rose. Economists have warned that US manufacturing may have peaked but December's numbers, which are subject to revision, suggested a slowdown may not have begun yet. The Fed's industrial production index rose 0.3 percent, a tenth of a point slower than November but faster than the 0.2 percent economists had been expecting. Manufacturing output jumped 1.1 percent, the biggest gain since February, driven higher by the key auto sector, which accelerated by 4.7 percent. Mining activity - mainly oil and gas drilling - was up 1.5 percent, which helped offset the sharp 6.3 percent decline utilities. Production in 2018 rose four percent compared to the prior year, while manufacturing posted a 3.2 percent increase. Global stocks surge on China-US trade breakthrough hopes Stock markets across the globe powered higher Friday, buoyed by hopes of a breakthrough in efforts to defuse a US-China trade war. European and Asian indices bounced back strongly on Thursday after The Wall Street Journal reported Washington was considering lifting tariffs on China as officials look to hammer out a trade deal. Wall Street joined the party later Friday, with major indices rising one percent or more to close out the fourth day in a row of gains. The Dow has risen more than 13 percent since December 24. Bloomberg also reported Friday that Beijing had offered to eliminate its soaring trade surplus with the United States in five years. "Global markets are enjoying an overwhelmingly bullish end to the week, with hopes of a potential breakthrough in US-China trade talks helping drive optimism," said Joshua Mahony, senior market analyst at traders IG. There's "definitely rising Beijing hopes to boost domestic consumption amid trade war Hebei province believes that launching a two-anda-half-day weekend will help boost local consumption Beijing has pinned hopes on creative measures from provincial governments to boost regional economies amidst the ongoing trade war with the United States. To stimulate domestic consumption, Beijing encouraged longer operating hours in urban areas including shopping malls, supermarkets and convenience stores while in neighboring Hebei province, the authorities are studying the possibility of introducing a four-and-a-half-day working week. In a directive published online, Hebei province has proposed a two-and-ahalf-day weekend that is devised to increase consumption during 2019 and 2020 by encouraging employers to adopt more flexible working hours and encourage leave on nonpublic holidays. optimism" of a trade deal, said LBBW's Karl Haeling. "There are kind of smoke signals and when there is smoke there is fire," Haeling said. "It seems that Trump sees the weakening of the economy and the shutdown situation. He seems to be doing something to get a win here." However, there was also skepticism among some analysts, with the two sides still far apart on a number of issues, particularly regarding intellectual property. On currency markets the pound edged lower, giving up earlier gains seen as dealers bet that Britain would not leave the European Union without a deal. After her grand Brexit plan was soundly rebuffed by MPs this week, British Prime Minister Theresa May has called cross-party talks to put together a "Plan B" by Monday. If that does not work, there is a growing expectation that the March 29 exit deadline will be pushed back to give May more time to reach another Some ideas arising in different municipalities are nothing if not creative. For example, the provincial Guangdong government is to launch a 10 billion yuan (US$1.48 billion) project that will train 50,000 chefs in the preparation of Cantonese cuisine by 2022. This comes as part of a project kicked off by the Guangdong government in 2018. The new scheme involved setting new standards in Cantonese cuisine, including ratings and recognition for restaurants and employers that will facilitate the employment and increase e n t r e p r e n e u r i a l opportunities for 300,000 workers employed in the food industry. State planners last week announced their intention to roll out a new set of incentives to encourage a billion Chinese consumers to buy more items such as cars and home appliances. This is seen as an effort to deal or possibly call another referendum. Oil prices meanwhile rose on the China-US tariffs report and after OPEC said it had cut output in December before a new agreement to limit supply took effect. Both main contracts are up around a fifth since the end of December, thanks to an agreement to cut output by OPEC and other key producers including Russia. That followed almost three months of losses that wiped around 40 percent off prices amid concerns supply was running ahead of demand. Shares of US companies with significant China operations gained, including Dow member Boeing, Caterpillar and Nike. But Tesla Motors dived 13 percent after the electric car maker announced plans to cut seven percent of its workforce and forecast lean profits. Netflix fell 4.0 percent as its profits topped analyst expectations but analysts worried that subscriber growth was slowing. fend off an economic downturn in times of falling stock markets and a Sino-American trade war. The state-owned People's Daily supported Hebei's proposal, stating that "one cannot work well if he does not know how to rest well. Whether encouraging off-peak holidays or flexible working hours, or the 2½day weekend, they should follow public opinion and ultimately provide for better work." H o w e v e r , commentators on the Internet are worried that the longer weekend benefits only civil servants because many companies do not even guarantee two weekly holidays. They hope public services will not be affected by this new policy. Whatever the argument, it is clear that Beijing is determined to stimulate consumption, one way or another, as a first line of defense against a slowing economy.
MISCELLANEOUS MOnDAY, JAnuArY 21, 2019 11 Turkish President greets PM Hasina DHAKA : Turkish President Recep Tayyip Erdogan has congratulated Prime Minister Sheikh Hasina on her reappointment as the Prime Minister of Bangladesh, reports UNB. In his message, the Turkish President has also wished well-being and prosperity of the friendly and brotherly people of Bangladesh, said the Foreign Ministry here on Sunday. Abducted minor found dead in Manikganj MANIKGANJ : Police recovered the body of a minor boy from a lemon orchard at Jalsuka village in Saturia upazila on Sunday morning three days after his abduction, reports UNB. The deceased was identified as Jubayer Hossain, 7, son of Shamsul Haque, and a class one student of Jalsuka Government Primary School in the area. Aminul Islam, officer-in-charge of Saturia Police Station, said that Jubayer went missing from his house on Thursday noon. Later, abductors demanded Tk 3 lakh ransom to Jabayer family on Friday over phone. Informing the matter to local police, Jubayer's mother went to Savar to hand over the ransom amount. However, as the abductors did not contact her, she came back after waiting there for long. Later, locals spotted the body in the orchard in the morning and informed police. Being informed, a joint team of police and Rapid Action Battalion went to the village and recovered the body and sent it to Manikganj Sadar Hospital for an autopsy. Meanwhile, police arrested a worker, Mohidur Islam, of the orchard for interrogation. The deceased was identified as Jubayer Hossain, 7, son of Shamsul Haque, and a class one student of Jalsuka Government Primary School in the area. Shaheed Asad Day was observed yesterday in the capital city. Photo : Star Mail OIC Sec Gen greets PM Hasina DHAKA : OIC Secretary General Dr Yousef bin Ahmad Al-Othaimeen has congratulated Prime Minister Sheikh Hasina on her historic victory and reiterated his hope that under the leadership of Prime Minister Sheikh Hasina - Bangladesh will continue on its path to peace, development and progress. The OIC Secretary General made the remarks while delivering his speech at the OIC Senior Officials meeting on Sunday in preparation for the 46th Council of Foreign Ministers, reports UNB. Secretary General Dr Al-Othaimeen also expressed his felicitations during a call on him by Foreign Secretary Haque today at Jeddah, said the Foreign Ministry here. In the hour-long discussion, they discussed matters of common OIC interests and issues of bilateralimportance. Early in the morning, Bangladesh Foreign Secretary Shahidul Haque opened the three-day long Senior Officials Meeting (SOM) at the OIC Headquarters in Jeddah. The SOM is in preparation for the forthcoming 46th Council of Ministers (CFM) to be held in the UAE later this year. Bangladesh being the outgoing Chair of the 45th CFM, had organized the last iteration of the Council in Dhaka in 2018. Foreign Secretary Shahidul Haque opened the Senior Officials Meeting by making a statement and handed over the Chair to the Head of Delegation from the UAE - led by their Assistant Foreign Minister. Bangladesh delegation included the Bangladesh Ambassador to Saudi Arabia and PR to the OIC Golam Mosih and other senior officials from the Ministry of Foreign Affairs. GD-109/19 (8 x 4) GD-110/19 (12 x 4) GD-107/19 (8 x 4)
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21-01-2019

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