23-01-2019

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ECONOMY & BUSINESS BANGLADESHTODAY 10 THE WEDNESDAy, JANUARy 23, 2019 China's economy grew at slowest pace in 28 years in 2018 China's economy grew at its slowest pace in almost three decades in 2018, losing more steam in the last quarter as it battles a massive debt pile and a US trade war, official data showed Monday. The 6.6 percent growth comes in above the official target of around 6.5 percent and matches a forecast by analysts polled by AFP, but is down from the 6.8 percent chalked up in 2017, according to the National Bureau of Statistics (NBS). And in a sign of the struggle Beijing faces, growth in the last three months of the year clocked in at 6.4 percent, matching a low seen during the global financial crisis 10 years ago, with economists widely expecting the slowdown to deepen. "Everyone is widely concerned about the direction of the international situation where there are many variables and uncertain factors," said NBS commissioner Ning Jizhe, noting trade protectionism was in vogue. "For the world's secondlargest economy, where trade accounts for one-third of GDP, this has an impact," he said, adding "downward pressure" on the economy has increased. The slowing growth prompted Premier Li Keqiang last week to vow the government would not let the economy "fall off a cliff". Relations with top trading partner the US deteriorated sharply last year after President Donald Trump hit roughly half of Chinese imports with new tariffs in an attempt to force trade concessions. Escalating the trade war is on hold for now after President Xi Jinping and Trump agreed to a threemonth ceasefire, with top negotiators set to meet in Washington at the end of this month as a March deadline for a deal looms large. "China-US economic and trade frictions do indeed affect the economy, but the impact is generally controllable," said Ning. While analysts say the standoff has dented confidence - leaving the stock markets battered and the yuan weakened - they attribute most of the downturn to the government policies to tackle growing debt, financial risk and pollution. China hit the brakes on major projects such as subway lines and motorways to keep a lid on debt last year, with infrastructure investment rising by just 3.8 percent, down from 19 percent the year before. China's exports to US and the world also fell in December, reinforcing the need for its legions of domestic consumers to fuel the economy. Fourth quarter GDP growth slowed as expected, said Lu Ting, China economist at Nomura, in a note. "But the worst is yet to come," he said. Li last week touted China's "massive market" and vowed to spur on consumption, but the data shows difficulty ahead. Overall credit growth decelerated every month last year. "The slowdown in credit growth is causing economic momentum to falter," said Mark Williams, chief Asia economist at Capital Economics, in a note last week. Slowing disposable income growth and tighter credit has hit consumer spending with car sales falling last year for the first time in more than 20 years. Retail sales growth slowed to 9.0 percent, down from a 10.2 percent increase the previous year. In December, sales grew 8.2 percent. Output at factories and workshops ticked up 6.2 percent for the year, down from 6.6 percent in 2017. Chinese officials say they will not resort to large scale stimulus like during the financial crisis to jolt growth, instead laying out policies like lower taxes and fees and less red tape to drive consumption. "Growth will remain under pressure in the coming months and policymakers will aim to halt the slowdown in growth, rather than try to engineer a significant pick-up in growth," said Louis Kuijs of Oxford Economics. The official figures could be painting an overly rosy picture, analysts say. Economists in China and abroad have long suspected data is massaged upward, often noting that full-year gross domestic product hits Beijing's pre-set targets with suspicious regularity. "China's GDP number is not an accurate gauge of economic growth," said Raymond Yeung, economist at ANZ bank. The governor of northeastern Liaoning admitted in 2017 that the industrial province had falsified data for years. Even Li said in 2007, when he was Liaoning's top political official, that results were often "man-made" and he used his own calculations to guide provincial policymaking, according to a confidential memo released by WikiLeaks. "The NBS is part of the government… that is why it is legitimate for the outside world to worry about potential adjustment of data on the economy," said Kuijs. The US-based Conference Board, a widely respected global business think tank, said its methodology indicates growth of 4.1 percent for 2018. Sensex jumps 250 pts; Nifty tests 10,950 Rising for the straight fifth session, the benchmark Sensex rallied 250 points after opening on a cautious note Monday, on continued buying in select bluechips by domestic investors amid a positive cues from other Asian bourses. The 30-share BSE index jumped 228.12 points, or 0.63 per cent, to 36,614.73 in early trade. The NSE Nifty, too, rose 53.10 points, or 0.49 per cent, to 10,960.05. Sectoral indices led by healthcare, IT, auto, FMCG, power and oil & gas advanced up to 0.57 per cent. Brokers said, besides sustained buying by domestic investors on encouraging Q3 earnings from bluechip companies, a firming trend at other Asian markets on easing of US- China trade tensions, dovish commentary form the Federal Reserve and efforts in China to support the slowing economy, influenced trading sentiments here. Meanwhile, domestic institutional investors (DIIs) sold shares worth a net of Rs 124.91 crore, while foreign institutional investors (FIIs) offloaded shares to the tune of Rs 97 crore on Friday, as per provisional data. Major gainers included Sun Pharma, RIL, Infosys, Bajaj Finance, Bharti Airtel, Tata Motors, Yes Bank, TCS, HUL, Tata Steel, NTPC, ICICI Bank, HCL Tech, Asian Paint, Vedanta, ITC, M&M, Maruti Suzuki and HDFC Bank, rising up to 3.02 per cent. Among the Asian bourses, Hong Kong's Hang Seng was up 0.19 per cent, Japan's Nikkei rose 0.45 per cent, Taiwan gained 0.74 per cent and Shanghai Composite Index was up 0.68 per cent in late morning trade Monday. The US Dow Jones Industrial Average ended 1.38 per cent higher Friday. Directors of Walton Hi-Tech Industries Limited (WHIL) Tahmina Afrose Tanna and Raisa Sigma Hima are greeting Prime Minister Sheikh Hasina with flowers at Ganabhavan in the capital on Monday afternoon last (January 21, 2019. Among others, WHIL's Chairman SM Nurul Alam Rezvi, Vice-Chairman SM Shamsul Alam, Director SM Rezaul Alam and Operative Director Sharif Harunur Rashid were also present. Walton congratulates Prime Minister The country's electrical and electronics giant 'Walton' has welcomed the Prime Minister Sheikh Hasina on her unprecedented third consecutive term in her office. On behalf of Walton family, Directors of Walton Hi-Tech Industries Limited (WHIL) Tahmina Afrose Tanna and Raisa Sigma Hima greeted the Prime Minister with flowers at Ganabhavan in the capital on Monday afternoon last (January 21, 2019, says a press release. Among others, WHIL's Chairman SM Nurul Alam Rezvi, Vice-Chairman SM Shamsul Alam, Director SM Rezaul Alam and Operative Director Sharif Harunur Rashid were also present. After knowing about the export of compressors' spare parts, produced in Walton Compressor Manufacturing Plant, to Germany, Prime Minister Sheikh Hasina expressed her satisfaction. The Prime Minister also thanked Walton for its remarkable contribution to flourishing the electronics and electricals manufacturing industry, expediting the country's industrialization process, creating employment and above all improving the socio-economic condition. The Central Bank recently rolled out a new credit rating system, ICRR to ensure more transparency and accuracy in analyzing the loan proposals. Fazle Kabir, governor of Bangladesh Bank awarded certificates of Appreciation to the members of the committee as their contribution to formulate ICRR guidelines in a programme at Bangladesh Institute of Bank Management auditorium (BIBM) in the capital recently. Md Zakir Hossain, Deputy Managing Director & DCBO of Mercantile Bank Limited received the Certificate of Appreciation as one of the most important members of the committee. Ahmed Jamal, Deputy Governor of Bangladesh Bank, Ashadul Islam, Secretary of Financial Institution Division and Abdur Rahim, ED of Bangladesh Bank & DG of BIBM were present on the occasion. Governor of BB gave his vote of thanks & gratitude to the members of guidelines formulation committee for their contribution. Photo: Courtesy Md. Motaleb Hossain, Deputy Managing Director of Standard Bank Limited inaugurates a day-long workshop on "Trade-Based Money Laundering Prevention & Combating Financing Terrorism" organized by the Training Institute of the bank. Among others, Md. Saiful Islam, Head of AMLD, Mohammad Amzad Hossain Fakir, Faculty of Training Institute were present on the occasion. Md. Khairul Anam, Joing Director, BFIU was the key-not speaker on the occasion. Photo: Courtesy A workshop on Leadership & Branch Management of First Security Islami Bank was held recently at FSIBL Training Institute. Syed Waseque Md. Ali, Managing Director, First Security Islami Bank Ltd. inaugurated the Foundation Course. Among others, Abdul Aziz, Additional Managing Director, Md. Mustafa Khair and Md. Zahurul Haque, Deputy Managing Director and Md. Ataur Rahman, Principal of Training Institute were present on the program. Photo: Courtesy Rupee depreciates 26 paise against US dollar in early trade The rupee weakened by 26 paise to 71.45 against the US dollar in early trade Monday on increased demand for the American currency from importers amid rising crude prices and foreign fund outflows. At the interbank forex exchange, the rupee opened lower at 71.38 and weakened further to quote 26 paise down at Rs 71.45 against the dollar. Forex dealers said the dollar's gains against some other currencies overseas too weighed on the rupee sentiment. However, a positive opening of the domestic equity market capped the rupee's losses, they said. Brent crude, the international oil benchmark, was trading 0.46 per cent higher at USD 62.99 per dollar, its two-month high. On Friday, the rupee had shed 16 paise to end at 71.19 against the dollar. Meanwhile, the benchmark BSE Sensex rose 32.76 points, to 32,419.37 in opening session Monday. Arab states call for return of Syria refugees Arab states at an economic summit in Lebanon on Sunday urged world powers to step up efforts to enable refugees, particularly Syrians, to return home and to ease the burden on host countries. The fourth annual Arab Economic and Social Development Summit, held in the Lebanese capital Beirut, was marred by the glaring absence of most Arab heads of state. The refugee issue had been high on the summit's agenda at the request of Lebanon, which has been inundated with refugees since the start of the Syrian war 2011. The Arab leaders called on the international community to "redouble collective efforts" to help refugees return and to "shoulder its responsiblities" to the region. They called on world powers to "support Arab countries hosting Syrian refugees and set up development projects that could reduce the economic and social impact". There are currently 5.6 million Syrian refugees living in the region, including around one million born into displacement, according to the UN refugee agency UNHCR. Lebanon hosts some 1.5 million Syrians who have fled the civil war raging across the border. Most live in extreme poverty, according to aid agencies, and have placed an extra burden on Lebanon's fragile economy. Despite some returns to slivers of Syria, the United Nations says the country as a whole remains unsafe for civilians to return to. In his opening speech, Lebanon's President Michel Aoun called on world powers "to make all efforts possible and provide suitable conditions for a safe return of displaced Syrians… without linking that to a political solution". He also proposed the creation of an Arab bank to finance "reconstruction and development" in Arab countries devastated by conflicts such as Syria and Yemen. Aoun also expressed his "regret" that most Arab heads of state had failed to attended the summit hosted by Lebanon and coorganised with the Arab League. Only Qatari Emir Sheikh Tamim bin Hamad Al-Thani and Mauritanian President Mohamed Ould Abdel Aziz were present on Sunday for the kick off of the meeting, focused economic development in the region. Aoun said he had hoped the summit would be a chance "to bring together all the Arabs and that there would be no empty seats… but the obstacles were unfortunately stronger". Libya boycotted the summit after supporters of a Lebanese Shiite movement tore its flag down and burned it ahead of the conference. Aoun may also have been referring to divisions in the run-up to the summit over whether Syria would be allowed to attend. The Arab League suspended Syria's membership in November 2011 as the death toll mounted.
MISCELLANEOUS WedNeSdAY, JANuARY 23, 2019 11 Record 84.67-lakh kg 'made-tea' produced in Kartoa Valley Community Health Research Association organized a free health card distribution program among the underprivileged women under its charity health activities at T T para slum of the capital city on Tuesday. Vice President of the organization Prof. Hazera Nazrul was present at that time. Photo : Courtesy Venezuela quells soldiers' revolt, top court blasts congress Venezuela plunged deeper into turmoil Monday as security forces put down a predawn uprising by national guardsmen that triggered violent street protests, and the Supreme Court moved to undercut the oppositioncontrolled congress' defiant new leadership, reports UNB. Socialist party chief Diosdado Cabello said 27 guardsmen were arrested and more could be detained as the investigation unfolds. The mutiny struck at a time when opposition leaders have regained momentum in their efforts to oust President Nicolas Maduro. They have called for a nationwide demonstration Wednesday, urging Venezuelans - especially members of the armed forces - to abandon Maduro. The uprising triggered protests in a poor neighborhood just a few miles (kilometers) from Venezuela's presidential palace. It was dispersed with tear gas as residents set fire to a barricade of trash and chanted demands that Maduro leave power. The military said in a statement said that it had recovered all the weapons and captured those involved in what it described as "treasonous" acts motivated by "obscure interests tied to the far right." It said at around 2:50 a.m. (06:50 GMT), a small group of guardsmen took captive a captain in charge of a police station in western Caracas and then moved across the capital in two military trucks to the poor neighborhood of Petare, where they stole a cache of weapons from another outpost. Officials said 25 soldiers were quickly caught at the National Guard outpost 3 kilometers (2 miles) from the Miraflores presidential palace, and two more arrests were made at another location. A few hours earlier, a group of heavily armed national guardsmen published a series of videos on social media saying they won't recognize Maduro's government, which has come under increasing domestic and international pressure over a newly begun second term that the opposition-controlled congress and many nations consider illegitimate. In one of the videos, a man identifying himself as 3rd Sgt. Alexander Bandres Figueroa, addressing the "people of Venezuela," urges his compatriots to take to the streets to show support for their rebellion. "You asked to take to the streets to defend the constitution, well here we are," he said in a video shot at night in which several heavily armed men and a national guard truck can be seen in the background. "You wanted us to light the fuse, so we did. We need your support," he added. Second skier dies in aftermath of New Mexico avalanche A second person died from injuries sustained in an avalanche last week at a northern New Mexico ski resort, relatives and a hospital official said Monday, reports UNB. The deceased skier was identified by family as 22-yearold Corey Borg-Massanari of Vail, Colorado, who had moved to Colorado from Minnesota to attend college and worked for an outdoor equipment company and as a zipline tour guide in the summer. Borg-Massanari was one of two people pulled from the snow after the avalanche Thursday at Taos Ski Valley. He died Monday at the University of New Mexico Hospital in Albuquerque, where he had been transported after the avalanche and treated for unspecified injuries, according to spokeswoman Alex Sanchez. The other victim, identified as 26-year-old Matthew Zonghetti of Massachusetts, was pronounced dead shortly after the avalanche. The avalanche struck a stretch of expert skiing terrain on the upper mountain known as the K3 chute. RANGPUR: An all-time record quantity of 84.67-lakh kg 'made-tea' worth Taka 204 crore was produced last year in the 'Kartoa Valley' ecological zone comprising of five sub-Himalayan northern districts, reports BSS. "The produced quantity of 84.67-lakh kg 'made-tea' in 2018 is higher by 55.64 percent than the output of 54.40-lakh kg in 2017 in the valley," said Senior Scientific Officer of Bangladesh Tea Board (BTB) at Panchagarh Dr Mohammad Shameem Al Mamun. The tea output will further increase this year as its cultivation is expanding in the 'Kartoa Valley' comprised of Panchagarh, Thakurgaon, Dinajpur, Nilphamari and Lalmonirhat districts bringing fortune to many farmers and creating jobs for the poor. The production of 54.40-lakh kg 'made-tea' in 2017 was again higher by 70 percent than the manufactured quantity of 32-lakh kg 'made-tea' in 2016 as the highly profitable tea farming continues increasing fast in the valley in recent years. "Earlier, 25.21-lakh kg 'made-tea' was manufactured in 2015 and 14.21-lakh kg in 2014 and 14.55-lakh kg in 2013 GD-134/19 (6 x 4) against only 1.61-lakh kg 'made-tea' in 2005 when commercial basis tea cultivation just began in the valley," Dr Shameem said. Prime Minister Sheikh Hasina launched tea cultivation on the plain lands of Panchagarh for the first time in 2000 on experimental basis considering the outstanding growth of tea plants in adjoining Jalpaiguri district on other side of the border. "After attaining preliminary success in tea cultivation, its commercial-basis farming on the 'smallscale gardening-basis' began in 2005 in Panchagarh and soon started bringing better profits to the farmers inspiring them in expanding its cultivation," he said. Presently, tea is being cultivated on 7,645 acres of land (3,095 hectares) in Panchagarh, Thakurgaon, Dinajpur, Nilphamari and Lalmonirhat districts in the 'Kartoa Valley' of the northern Bangladesh. Tea is currently being cultivated in eight officially registered tea estates and vast plain lands of 967 registered farmers and around 4,000 small-scale farmers in these five northern districts. "Currently, 13 tea companies are processing tea after producing green tea leaves in their estates and gardens as well as purchasing the same from farmers to produce 'made-tea' in the valley for selling the produce at Chittagong Auction Market," Dr Shameem said. He said the BTB is implementing the 'Expansion of Small Holding Tea Cultivation in Northern Bangladesh Project' since 2015 at Taka 4.97 crore to expand tea farming by more 500 hectares of land within 2020 in different districts of the valley. Talking to BSS, big tea farmer Matiar Rahman of village Sonapatila under Panchagarh Sadar upazila said he began cultivating tea on his five acres of plain lands as a small-scale tea grower for the first time in 2002. "I am cultivating tea on 50 acres of land now and selling green tea leaves to the tea processing companies," he said adding that tea farming has brought fortune to many farmers improving standard of living and creating huge jobs for tealabourers. President of Panchagarh District Small Tea Garden Owners' Association Amirul Haque Khokan said Dbœq‡bi MYZš¿ †kL nvwmbvi g~jgš¿ Dbœq‡bi MYZš¿ †kL nvwmbvi g~jgš¿ GD-135/19 (8 x 4) GD-136/19 (8 x 4)
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23-01-2019

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