31-01-2019

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ECONOMY & BUSINESS BANGLADESHTODAY 10 THE THUrSDAy, JANUAry 31, 2019 Trust trumps money for Facebook with earnings due A 5 day long workshop on "Innovation in the citizen service" inaugurated in the head office of Karmasangsthan Bank on 29.01.2019. Managing director of the bank Md. Abul Hossain presided over the workshop. Additional Secretary & Chief Innovation Officer of Financial Institutions Division, Ministry of Finance Md. Nasir Uddin Ahmed was present in the meeting as chief guest. All general managers, principal and high officials of the bank were also present in the workshop. Photo: Courtesy Pound up after Brexit drop, eyes on Fed and trade talks London stocks rose and the pound rebounded slightly Wednesday after suffering heavy losses on worries about a possible no-deal Brexit, while Asian equities were mixed ahead of crunch trade talks between China and the United States. MPs on Tuesday returned to Westminster to vote on a series of proposals dealing with Britain's exit from the European Union after roundly rejecting Prime Minister Theresa May's controversial deal two weeks ago. In a closely watched series of votes, they rejected a plan to put back the date of leaving the EU if no new agreement is agreed by the end of next month. They then backed a proposal asking May to replace her deal's socalled backstop provision preventing a hard border with Ireland - a proposal immediately rejected by an EU spokesman. While observers still expect lawmakers to pass a bill that will avoid a no-deal Brexit - which economists warn could be catastrophic - the latest developments raised the prospect of it happening. "The pound fell because (the) vote leaves a no-deal Brexit on the table, but it has not collapsed into oblivion because at present there is no alternative to May's deal and we are not yet at the no-deal do-or-die moment," said Neil Wilson, chief market analyst at Markets.com. "Could she really get it through at the last? It would be a remarkable coup." But Minori Uchida, Tokyo head of global markets research at MUFG Bank, sounded a note of caution. "Players are still thinking that a hard Brexit will be avoided in the end, but the optimism is groundless," he told AFP. "Hard Brexit risks are still here." In early trade London rose 0.6 percent, Paris added 0.5 percent and Frankfurt was flat. The pound sank around one percent against the dollar and the euro after the votes but it managed to edge back slightly on Wednesday. Equity markets swung as dealers look ahead to the end of the Federal Reserve's latest policy meeting later in the day, with hopes for some guidance on its plans for interest rates this year. Wednesday also sees the start of high-level US-China trade talks, with Beijing's top trade negotiator due to meet Donald Trump during the twoday gathering. However, while markets have been supported by optimism over the talks in recent weeks, the US decision Monday to charge Chinese telecom titan Huawei on several counts of fraud and tech theft has muddied the waters. Still, Treasury Secretary Steven Mnuchin insisted the two issues were not linked and said he saw the chance of a trade deal if China offered the right concessions. "Some dealers have been sitting on their hands in advance of the meeting as a hopes aren't overly high," said CMC Markets analyst David Madden. "Mnuchin… stated he expects 'significant progress' to be made, but given the strained relationship between the US and China over the Huawei situation, the trade talks might suffer." Hong Kong closed up 0.4 percent, Shanghai ended down 0.7 percent and Tokyo lost 0.5 percent. Wellington, Singapore, Mumbai and Manila were all lower but Sydney edged up 0.2 percent and Seoul jumped one percent. In early trade London rose 0.6 percent, Paris added 0.5 percent and Frankfurt was flat. The pound sank around one percent against the dollar and the euro after the votes but it managed to edge back slightly on Wednesday. Equity markets swung as dealers look ahead to the end of the Federal Reserve's latest policy meeting later in the day, with hopes for some guidance on its plans for interest rates this year. Wednesday also sees the start of high-level US-China trade talks, with Beijing's top trade negotiator due to meet Donald Trump during the twoday gathering. However, while markets have been supported by optimism over the talks in recent weeks, the US decision Monday to charge Chinese telecom titan Huawei on several counts of fraud and tech theft has muddied the waters. Still, Treasury Secretary Steven Mnuchin insisted the two issues were not linked and said he saw the chance of a trade deal if China offered the right concessions. "Some dealers have been sitting on their hands in advance of the meeting as a hopes aren't overly high," said CMC Markets analyst David Madden. "Mnuchin… stated he expects 'significant progress' to be made, but given the strained relationship between the US and China over the Huawei situation, the trade talks might suffer." Hong Kong closed up 0.4 percent, Shanghai ended down 0.7 percent and Tokyo lost 0.5 percent. Wellington, Singapore, Mumbai and Manila were all lower but Sydney edged up 0.2 percent and Seoul jumped one percent. Mahanur Ummel Ara becomes Chairperson of PICL ExecutiveCommittee Noted entrepreneur of the country and director of Prime Insurance Company Limited Mahanur Ummel Ara has been elected as the new chairperson of the Executive Committee of Prime Insurance Company Ltd at its 310th board meeting held on 17th January, 2019. a press release said. After completion of graduation she entered business and created own way. In addition of that she is a Director of Shepherd World Trade Ltd, life member of Gulshan Youth Club Limited, Gulshan Society and actively involved with a number of other social organizations. Mahanur Ummel Ara is very popular in the society for her personality and understanding. Winning back trust is seen as the key priority for Facebook as the world's biggest social network readies its update on the final months of 2018 on Wednesday. Facebook is looking to rebound from a horrific year marked by a series of scandals over data protection and privacy and concerns that it had been manipulated by foreign interests for political purposes. Facebook so far has been able to keep revenue momentum thanks to its unique advertising model. Its global user base has risen to more than 2.2 billion, although growth has stalled in North America and Europe. In the quarter that ended in September, Facebook saw a profit of $5.14 billion on revenue that leaped 33 percent to $13.7 billion. Industry tracker eMarketer expects Facebook's share of the global digital ad market to grow this year, with the social network claiming 20.5 percent of an overall $327.28 billion spent. But analysts say the trust issue is key for Facebook if it wants to move forward on its mission to connect the world. "Facebook needs a fresh start in 2019, and what it reveals about its usage and revenue… will tell us just how feasible that fresh start will be," said eMarketer principal analyst Debra Aho Williamson. "In order for Facebook to move forward, it needs to show that its daily and monthly active user counts in the US and Canada and in Europe have stabilized, and that its ability to grow its ad revenue in those important regions has not been seriously impacted by the scandals and investigations of 2018." Facebook has faced criticism that it has been used as a platform to spread divisive or misleading information, as was the case during the 2016 election that put US President Donald Trump in the White House. It is also under heightened scrutiny over how it handles the sensitive personal data it collects from its users, with new privacy rules in place in Europe and legislation under consideration in Washington. "Facebook's future is going to be determined by whether users uncomfortable with being tracked disengage from using Facebook services," said Richard Windsor, an analyst who pens the Radio Free Mobile blog. But Windsor said costs are still likely to rise much more quickly than revenues as Facebook hires more people to police its content. "The net result is further declines in the valuation to match the unwinding of profitability," he wrote. The California-based company also faces demographic challenges as younger users shift to other platforms, seeing Facebook as less cool than it was. It may be able to compensate with gains in other services, including its popular visual social network Instagram, messaging services WhatsApp and Messenger and its Oculus virtual reality division. Defending the ad model - Facebook co-founder and chief Mark Zuckerberg last week renewed his defense of the social network's business, arguing that targeting ads based on interests was different from selling people's data. "If we're committed to serving everyone, then we need a service that is affordable to everyone," Zuckerberg wrote in The Wall Street Journal. Advertisers have generally remained true to Facebook, which lets businesses large or small precisely target messages to preferred demographics or geographies with measurable results. "There are more than 90 million small businesses on Facebook, and they make up a large part of our business," Zuckerberg wrote. "Most couldn't afford to buy TV ads or billboards, but now they have access to tools that only big companies could use before." eMarketer principal analyst Debra Aho Williamson. "In order for Facebook to move forward, it needs to show that its daily and monthly active user counts in the US and Canada and in Europe have stabilized, and that its ability to grow its ad revenue in those important regions has not been seriously impacted by the scandals and investigations of 2018." Facebook has faced criticism that it has been used as a platform to spread divisive or misleading information, as was the case during the 2016 election that put US President Donald Trump in the White House. It is also under heightened scrutiny over how it handles the sensitive personal data it collects from its users, with new privacy rules in place in Europe and legislation under consideration in Washington. "Facebook's future is going to be determined by whether users uncomfortable with being tracked disengage from using Facebook services," said Richard Windsor, an analyst who pens the Radio Free Mobile blog. But Windsor said costs are still likely to rise much more quickly than revenues as Facebook hires more people to police its content. Citgo, the last gem of Venezuela's collapsed oil sector US sanctions imposed against Venezuela this week have cut off the final "gemstone" of the country's collapsed oil sector. Citgo, the US-based subsidiary of the Venezuelan state oil company PDVSA, was key to President Nicolas Maduro's fight to stay in power. But Washington's financial pressures applied on Monday against PDVSA will freeze $7 billion in US-based assets and block more than $11 billion in export proceeds. With PDVSA in default on debt payments, the US-based refiner and retailer Citgo was a financial intermediary returning revenue to the regime. Venezuela got 96 percent of its hard currency revenues from oil exports, and the US was the biggest cash customer, buying half a million barrels per day. In contrast, about a third of production goes to China and Russia but is used to pay off debts. US Treasury Secretary Steven Mnuchin said Citgo can continue to operate -but its earnings must be deposited into a blocked account in the United States. The sanctions aim to cripple Maduro after the US and other countries recognized Juan Guaido, the head of the National Assembly legislature who has declared himself Venezuela's acting president. "It will crush the Venezuelan economy. It's going to have a dramatic effect," Christopher Sabatini, adjunct professor of International and Public Affairs at Columbia University, said of the sanctions. In response, Maduro told PDVSA to take action in US and international courts to defend Citgo, his last big overseas asset, which allowed the country to sell its heavy crude into the US market. Citgo is based in Houston and has three refineries that specialize in heavy crude and have a total capacity of 750,000 barrels a day, according to the company website. Founded as Cities Service Company by oilman Henry Doherty in 1910, it became wholly-owned by PDVSA in 1990. Citgo now employs 3,500 people, operates 48 petroleum product terminals, and has pipelines and a network of more than 5,000 service stations associated with the brand across the US. Venezuela is a member of the Organization of the Petroleum Exporting Countries (OPEC) and sits on the world's largest petroleum reserves, most of it heavy crude that is costly to produce. But the country's economy has been shrinking since 2014, the year global oil prices collapsed. Worsening conditions have forced more than two million people to flee the country, where food and medicine are scarce and the International Monetary Fund forecasts that inflation this year will reach 10 million percent. Venezuelan oil output has fallen from more than three million barrels per day in the 1990s to 1.339 mbd last year, according to OPEC data. Production has been hampered by chronic underinvestment by PDVSA. Sabatini described Citgo as "the last remaining gemstone of the Venezuelan oil empire," a company which was "the anchor to the US market." Since 2017, Washington had already forbidden US citizens and companies from trading debt issued by Venezuela or PDVSA. "When PVDVSA began to have default and sanctions, nobody wanted to give credit to PDVSA," said Francisco Monaldi, a fellow in Latin American energy policy at Rice University in Houston. But Citgo has "a good cash flow" in the United States, which enabled the state oil firm to make purchases without having to pay up-front. The US company, for example, could buy products such as the diluent required to process heavy oil and send them back to Venezuela. "It is a strategic resource in that sense," Monaldi said, adding that the company also allowed Venezuela to have a lobbying voice in the US oil industry. Photo shows Mahanur Ummel Ara , new chairperson of the Executive Committee of Prime Insurance Company Ltd elected at its 310th board meeting held on 17th January, 2019. Photo: Courtesy Greece raises 2.5 bn euros in first bond sale since bailout Greece on Tuesday raised 2.5 billion euros (2.9 billion) from a five-year-bond, its first since exiting the last bailout, the finance minister said. "This is 36 percent of our requirements for 2019," finance minister Euclid Tsakalotos said in parliament, according to the state-run Athens News Agency. The yield was set at 3.6 percent, Tsakalotos said. Merrill Lynch, Goldman Sachs International Bank, HSBC, JP Morgan, Morgan Stanley and Societe Generale were named as managers of the bond, which has an April 2024 maturity. The previous five-year bond, in July 2017, raised 3.0 billion euros at 4.625 percent.
MISCELLANEOUS tHURSDAY, JANUARY 31, 2019 11 United Arab Emirates Naval Forces Commander Rear Admiral Sheikh Saeed Bin Hamdan Bin Mohammad Al Nahyan on Wednesday paid a courtesy call on Bangladeshi Navy Chief of Staff Vice Admiral Abu Mozaffar Mohiuddin Mohammad Aurangzeb Chowdhury at Bangladeshi Navy's headquarters in Banani, Dhaka on Wednesday. Photo: ISPR China-US row over tech giant Huawei overshadows trade talks U.S. criminal charges against Chinese electronics giant Huawei have sparked a fresh round of trans-Pacific recriminations, with Beijing demanding Tuesday that Washington back off what it called an "unreasonable crackdown" on the maker of smartphones and telecom gear, reports UNB. China's foreign ministry said it would defend the "lawful rights and interests of Chinese companies" but gave no details. Huawei is the No. 2 smartphone maker and an essential player in global communications networks. A day earlier, U.S. prosecutors criminally charged Huawei and several of its officials for allegedly stealing technology secrets and violating Iran sanctions. That followed the detention in Canada of the Huawei founder's daughter - a top company official who was named in one of the U.S. indictments, and who is now awaiting possible extradition to the U.S. Huawei has denied wrongdoing. All that has further complicated U.S.-China relations amid attempts to defuse a trade war instigated by President Donald Trump and clashes over alleged Chinese theft of trade secrets and other intellectual property from U.S. firms. A new round of trade talks are planned for Wednesday in Washington. The nearly two dozen charges unsealed Monday by the Justice Department accuse Huawei of trying to spirit a robot arm and other technology out of a T-Mobile Amar Ekushey book fair begins Feb 1 DHAKA : The month-long Amar Ekushey book fair is set to begin on Bangla Academy and its adjoining Suhrawardy Udyan premises on February 1. "Prime Minister Sheikh Hasina is expected to inaugurate the fair on Bangla Academy premises," Dr Jalal Ahmed, director of Bangla Academy and member secretary of Ekushey Book Fair Committee, told BSS . He said all the preparations regarding the fair are going on in full swing as only a day is left for the fair. "This year's theme "Bijoy 1952-71: New Phase" will inspire the new generation with the spirit of Liberation War, he added. Meanwhile, Bangle academy will hold a press conference at 11:30 am tomorrow. Director General of Bangla Academy Habibullah Siraji, Poet Shankhar Ghosh, Misrian Writer Mohsin-Al- Harisi and Cultural Affairs Ministry's high officials will attend the press conference. The government has allocated 750 units under 24 pavilions for publication houses. Highlighting security measures, he said authorities concerned are taking necessary preparations to ensure safety for visitors. smartphone testing lab. They also allege that Huawei, two subsidiaries and a top executive misled banks about the company's business and violating U.S. sanctions. The allegations mark a new phase in the dispute between the two countries over global technological dominance. The U.S. has reportedly waged a campaign to discourage other nations from using Huawei telecommunications equipment for next-generation "5G" wireless networks, based on concerns that the Huawei gear might compromise national security. U.S. intelligence chiefs who briefed Congress on worldwide threats Tuesday sounded the alarm about China's efforts to gain an edge over the United States. "China's pursuit of intellectual property, sensitive research and development plans ... remain a significant threat to the United States government and the private sector," Director of National Intelligence Daniel Coats told the Senate Intelligence Committee. "While we were sleeping in the last decade and a half, China had a remarkable rise in capabilities that are stunning," Coats said. "A lot of that was achieved - a significant amount was achieved by stealing information from our companies." On Tuesday, Australia's TPG Telecom said it abandoned plans to build what would have been the country's fourth mobile network because of a government ban on Huawei over security concerns. Last Directly contradicting President Donald Trump, U.S. intelligence agencies told Congress on Tuesday that North Korea is unlikely to dismantle its nuclear arsenal, that the Islamic State group remains a threat and that the Iran nuclear deal is working. The chiefs made no mention of a crisis at the U.S.-Mexican border for which Trump has considered declaring a national emergency, reports UNB. Their analysis stands in sharp contrast to Trump's almost singular focus on security gaps at the border as the biggest threat facing the United States. Top security officials including FBI Director Christopher Wray, CIA Director Gina Haspel and Director of National Intelligence Dan Coats presented an update to the Senate intelligence committee on Tuesday on their annual assessment of global threats. They warned of an increasingly diverse range of security dangers around the globe, from North Korean nuclear weapons to Chinese cyberespionage to Russian campaigns to undermine Western democracies. Coats said intelligence information does not support the idea that North Korean leader Kim Jong Un will eliminate his nuclear weapons and the capacity for building more - a notion that is the basis of the U.S. negotiating strategy. "We currently assess that North Korea will seek to retain its WMD (weapons of mass destruction) capabilities and is unlikely to completely give up its nuclear weapons and production capability because its leaders ultimately view nuclear weapons as critical to regime survival," Coats told the committee. Coats did note that North Korean leader Kim Jong Un has expressed support for week Vodafone, one of the world's biggest mobile phone companies, said it would stop using Huawei gear in its core networks. China's foreign ministry said it would defend the "lawful rights and interests of Chinese companies" but gave no details. Huawei is the No. 2 smartphone maker and an essential player in global communications networks. A day earlier, U.S. prosecutors criminally charged Huawei and several of its officials for allegedly stealing technology secrets and violating Iran sanctions. That followed the detention in Canada of the Huawei founder's daughter - a top company official who was named in one of the U.S. indictments, and who is now awaiting possible extradition to the U.S. Huawei has denied wrongdoing. All that has further complicated U.S.-China relations amid attempts to defuse a trade war instigated by President Donald Trump and clashes over alleged Chinese theft of trade secrets and other intellectual property from U.S. firms. A new round of trade talks are planned for Wednesday in Washington. The nearly two dozen charges unsealed Monday by the Justice Department accuse Huawei of trying to spirit a robot arm and other technology out of a T-Mobile smartphone testing lab. They also allege that Huawei, two subsidiaries and a top executive misled banks about the company's business and violating U.S. sanctions. US intel heads list North Korea, not border, as threat to US ridding the Korean Peninsula of nuclear weapons and over the past year has not test-fired a nuclear-capable missile or conducted a nuclear test. The "Worldwide Threat Assessment" report on which Coats based his testimony said U.S. intelligence continues to "observe activity inconsistent with" full nuclear disarmament by the North. "In addition, North Korea has for years underscored its commitment to nuclear arms, including through an order in 2018 to mass-produce weapons and an earlier law - and constitutional change - affirming the country's nuclear status," it said. Directly contradicting President Donald Trump, U.S. intelligence agencies told Congress on Tuesday that North Korea is unlikely to dismantle its nuclear arsenal, that the Islamic State group remains a threat and that the Iran nuclear deal is working. The chiefs made no mention of a crisis at the U.S.-Mexican border for which Trump has considered declaring a national emergency, reports UNB. Their analysis stands in sharp contrast to Trump's almost singular focus on security gaps at the border as the biggest threat facing the United States. Top security officials including FBI Director Christopher Wray, CIA Director Gina Haspel and Director of National Intelligence Dan Coats presented an update to the Senate intelligence committee on Tuesday on their annual assessment of global threats. They warned of an increasingly diverse range of security dangers around the globe, from North Korean nuclear weapons to Chinese cyberespionage to Russian campaigns to undermine Western democracies. UAE Navy commander calls on Bangladesh Navy chief United Arab Emirates Naval Forces Commander Rear Admiral Sheikh Saeed Bin Hamdan Bin Mohammad Al Nahyan has paid a courtesy call on Bangladeshi Navy Chief of Staff Vice Admiral Abu Mozaffar Mohiuddin Mohammad Aurangzeb Chowdhury, an ISPR press release said. Al Nahyan was greeted by a well-equipped Navy party and a guard of honour when he went to meet Aurangzeb Chowdhury at the navy headquarters in Dhaka's Banani on Wednesday. During the courtesy call, the navy chiefs of the two countries exchanged greetings. Aurangzeb Chowdhury also thanked Al Nahyan for his visit to Bangladesh. He emphasized the importance of strengthening the friendly relations between the two countries. The Navy chief also mentioned the two countries should undertake joint training programs that strengthen maritime research and improve on the countries' friendly relations and professional skills. During the visit, Mohammad Al Nahyan met Prime Minister Sheikh Hasina, and the Army and Air Force chiefs. Among others, the Defence Attaché of Saudi Arabia, Bangladesh's Defence Attaché in Saudi Arabia, PSOs of Naval Headquarters, and highlevel military officials were present at the meeting. GD-174/19 (11 x 4) Federal investigators win access to limo in deadly crash Federal investigators will finally be able to examine the stretch limousine in an October crash that killed 20 people, ending an increasingly testy impasse with local prosecutors over who has priority to probe the nation's deadliest transportation disaster in nearly a decade, reports UNB. Under the deal reached Tuesday in Schoharie County court, prosecutors bringing charges against the limo company's operator will be able to remove auto parts potentially crucial to the criminal investigation before National Transportation Safety Board inspectors begin a hands-on inspection within the next two weeks. The modified 2001 Ford Excursion blew through a stop sign at a T-intersection on Oct. 6 in rural Schoharie and crashed beside a country store, killing the driver, 17 passengers on a birthday outing and two pedestrians. The damaged vehicle has sat for months beneath a tent behind state police headquarters outside Albany. "All I'm interested in is making sure everyone is able to do what they're charged with doing," Schoharie County Judge George Bartlett said during the hearing. NTSB lawyers had argued that federal inspectors were prevented from getting within 15 feet of the crashed limo, and that their inability to make a detailed inspection unnecessarily delayed potentially crucial safety recommendations that could be applied to limos nationwide. Schoharie County District Attorney Susan Mallery argued that criminal trials take precedence and that her office dictates access to all evidence. Under the deal, the NTSB can visually inspect the limousine as early as Tuesday and take photographs. After that, police experts will be clear to remove the limo's transmission and torque converter as part of the criminal investigation. The NTSB can then proceed with a hands-on inspection, which is expected to begin within the next two weeks. NTSB investigators will be able to perform their entire post-accident protocol "except take brake fluid, because there is an insufficient amount available," according to the agreement read in court after lawyers for the prosecution, state police, the defense and NTSB met privately. Instead, state police will send a report on the brake fluid testing to the NTSB investigators, "who have agreed not to make it public until completion of the criminal case," according to the agreement. NTSB spokesman Eric Weiss did not have an estimate on when the board would release those findings, stressing that the agreement applies only to brake fluid testing. Agency inspectors will be able to examine components removed from the limo, along with defense experts, "later in the criminal process," the agreement said. Federal investigators will finally be able to examine the stretch limousine in an October crash that killed 20 people, ending an increasingly testy impasse with local prosecutors over who has priority to probe the nation's deadliest transportation disaster in nearly a decade, reports UNB. Under the deal reached Tuesday in Schoharie County court, prosecutors bringing charges against the limo company's operator will be able to remove auto parts potentially crucial to the criminal investigation before National Transportation Safety Board inspectors begin a hands-on inspection within the next two weeks. The modified 2001 Ford Excursion blew through a stop sign at a T-intersection on Oct. 6 in rural Schoharie and crashed beside a country store, killing the driver, 17 passengers on a birthday outing and two pedestrians. The damaged vehicle has sat for months beneath a tent behind state police headquarters outside Albany. "All I'm interested in is making sure everyone is able to do what they're charged with doing," Schoharie County Judge George Bartlett said during the hearing. NTSB lawyers had argued that federal inspectors were prevented from getting within 15 feet of the crashed limo, and that their inability to make a detailed inspection unnecessarily delayed potentially crucial safety recommendations that could be applied to limos nationwide. Schoharie County District Attorney Susan Mallery argued that criminal trials take precedence and that her office dictates access to all evidence.
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