10-09-2021

FRIDAY, SEPTEMBER 10, 2021
8
The Executive Chairman of BEPZA Major General Md Nazrul Islam, SPP, ndu, afwc, psc, G, inaugurated
a Pathology Laboratory at Ishwardi EPZ Medical Centre to ensure improved healthcare facility
to the workers at low cost recently. Workers are enjoying free medicine facilities including other
medical services from this medical centre. Now, the workers will also get diagnosis facilities easily
through the inauguration of the Pathology Lab. An enterprise of the EPZ provided financial assistance
to set up the Lab as a part of Corporate Social Responsibility (CSR). Mentionable, BEPZA has
set up medical centers and hospitals in 8 EPZs including Ishwardi EPZ from where workers get better
medical facilities. Among others, General Manager (IEPZ) Abdullah Al Mahbub and high officials
of the Zone were present during the inauguration.
Photo: Courtesy
European stocks
slide at open,
before ECB
LONDON : European stock
markets slid further at the
open Thursday following
losses overnight in Asia and
on Wall Street, as traders
awaited the outcome of the
ECB's latest policy meeting,
reports BSS.
London's benchmark
FTSE 100 index shed 1.0
percent to 7,023.34 points.
In the eurozone,
Frankfurt's DAX 30 index
lost 0.8 percent to 15,486.22
points and the Paris CAC 40
gave up 0.8 percent to
6,614.88.
European Central Bank
governors meet Thursday
under pressure to clarify
their stimulus exit plans,
as the eurozone economy
rebounds from the
pandemic and inflation
surges.
Asian markets
mixed as Delta,
profit-taking offset
recovery hope
HONG KONG : Asian
markets were mixed
Wednesday as a tepid lead
from Wall Street and
worries about the impact of
the Delta variant on the
global recovery tempered
investor appetite, though
hopes for more stimulus
helped Tokyo extend its
recent rally, reports BSS.
Profit-taking added to the
cautious start to the day
with some of the wind
appearing to have come out
of buyers' sails, having
pushed valuations up for
more than a week.
While the Nasdaq
clocked up yet another
record with a small gain,
the S&P 500 and Dow
ended with a whimper as
they reopened after a long
weekend, with analysts
suggesting profit-taking,
concerns about the end of
government handouts and
ever-present concerns
about Covid as reasons.
Traders are keeping a
close eye on the fastspreading
Delta, which is
sending infection rates
spiking around the world
and forcing some
governments to reimpose
containment measures or
lockdowns, raising
concerns about the
economic recovery. Still,
observers say the general
mood is positive for the
future.
"Localised setbacks in
combating the virus have
the potential to contribute
to market volatility and
slow the economic rebound
in selected countries,"
Mark Haefele, at UBS
Group AG, wrote in a note.
"But we continue to see
broad progress in curbing
the pandemic and
returning to economic
normality."
JAL to raise $2.7 billion to boost
finances amid pandemic
TOKYO : Japan Airlines said Thursday it
plans to raise some 300 billion yen ($2.7
billion) in funds as its works to weather the
continuing impact of the pandemic on its
finances, reports BSS.
The funds will be raised through financing
measures, including subordinated loans and
bonds, the company said in a statement,
adding more details would be announced on
Friday.
"It's not an urgent or imminent measure,"
a company spokesman said.
"It's a pre-emptive measure to solidify our
financial base," he told AFP.
The move comes after the airline company
raised some 180 billion yen in a new share
sale late last year. Japan Airlines logged a net
loss of 286.7 billion yen for the year through
March-its first full-year result in the red since
it relisted on the Tokyo Stock Exchange in
2012. But JAL trimmed losses by nearly half
in the April-June period thanks to costcutting
efforts.
JAL has concluded that it needs an
additional cash buffer as the pandemic has
lasted longer than expected, the Nikkei daily
said.
Airline industries have been among the
sectors hit hardest by the pandemic with
demand stagnant at home and overseas.
Japan's borders are currently closed to
tourists and domestic travel has been stifled
by successive waves of infections and
resulting virus states of emergency.
Later Thursday, the government is set to
extend the virus state of emergency for
Tokyo and other areas until September 30.
JAL shares closed down 1.61 percent to
2,432 yen following the company's
statement.
European stocks slide
as Delta fears offsets
growth hopes
LONDON: European stock markets
extended losses Wednesday as worries about
the impact of the Delta coronavirus variant
on the global economic recovery tempered
investor appetite, reports BSS.
In Asia, hopes for more Japanese stimulus
helped Tokyo extend a recent rally.
While Tuesday saw Wall Street's Nasdaq
clock yet another record with a small gain,
the S&P 500 and Dow indices ended with a
whimper as they reopened after a long
weekend.
"Fears of slowing growth trimmed recent
gains on... major indices, with expectations
being revised to incorporate the effect that
the Delta variant may be having on the
performance of corporates in the current
third quarter," noted Richard Hunter, head
of markets at Interactive Investor.
Bitcoin recovered, sitting at around
$46,000 after seeing wild fluctuations on
Tuesday as El Salvador became the first
country to use it as legal tender.
The unit had plunged by almost a fifth to as
low as $43,000 after a technical issue hit the
official digital wallet on vast consumer
demand, though that was later resolved.
Traders are keeping a close eye on the fastspreading
Delta strain, which is sending
infection rates spiking around the world and
forcing some governments to reimpose
containment measures or lockdowns, raising
concerns about the economic recovery.
Still, observers say the general mood is
positive for the future, with hopes that the
US Federal Reserve will delay tapering its
monetary policy until the end of the year
lending support.
"Localised setbacks in combating the virus
have the potential to contribute to market
volatility and slow the economic rebound in
selected countries," noted Mark Haefele at
UBS Group AG.
"But we continue to see broad progress in
curbing the pandemic and returning to
economic normality."
Tokyo's Nikkei 225 ended above 30,000
points for the first time since April after
Japan's Prime Minister Yoshihide Suga last
week said he would stand down, raising
hopes his successor will introduce fresh
economic stimulus.
On Wednesday, one of the front-runners,
Fumio Kishida, pledged to push for trillions
of yen in investment if he takes the post.
Data showing growth in the second quarter
was better than first thought added to the
positive vibes in Japan.
The 33rd meeting of the Shari'ah Supervisory Committee of Union
Bank Limited was held at Head Office, Gulshan-1, Dhaka recently.
Professor Mohammad Mozahidul Islam Chowdhury, Chairman of the
Shari'ah Supervisory Committee presided over the meeting. Md.
Habibur Rahman, Additional Managing Director of Union Bank,
Member-Secretary of the Shari'ah Supervisory Committee Mufti
Mohammd Muhibbullahil Baqee along with other members of the committee
attended the meeting. The committee discussed different
Shari'ah operational aspects of the bank.
Photo: Courtesy
Hyundai to speed
up hydrogen auto
roll-out
MUNICH : Hyundai is
stepping up the pace of
developing hydrogen
technology and plans to
offer engines powered by the
fuel on all its commercial
vehicles from 2028, the
manufacturer said on
Tuesday, reports BSS.
The South Korean
conglomerate, which has
pioneered hydrogen with its
Nexo SUV and the first
heavy goods vehicles on
European roads, is
promising fuel cell autos at
electric-vehicle prices from
2030. From 2023,
Hyundai's third generation
of fuel cells will be half the
price, much smaller and
more powerful than their
predecessors, the world's
third-biggest automaker by
output said in an online
press conference.
"The goal is to make
hydrogen readily used for
everyone, everything, and
everywhere," said Hyundai
President Euisun Chung.
"We aim to help foster a
worldwide hydrogen society
by 2040." The group also
unveiled a sports car
concept. The Vision FK,
equipped with a fuel cell and
an electric battery, promises
an acceleration of 0-100
kilometres per hour (62
miles per hour) in less than
four seconds and a range of
600 kilometres.
NRBC Bank launches ‘Partnership
Banking’ services at 22 locations
NRBC Bank Ltd launched its microfinancebased
Partnership Banking services with
SKS Foundation to provide banking services
to the marginalized people of 22 locations of
the Northern Region of the country, a press
release said.
On Thursday, 9 September 2021 S M
Parvez Tamal Chairman of the Bank
inaugurated those 22 sub-branches as Chief
Guest through video conference from Head
Office. Golam Awlia, Managing Director &
CEO of NRBC Bank, Rasel Ahmed Liton,
Executive Director of SKS Foundation,
Harunur Rashid, Deputy Managing Director
and Chief Financial Officer (CFO), Kazi Md
Safaet Kabir Kanon, Head of FI & BD
Division, Major (Retd.) Parvez Hossain,
Head of Support Service and Branches
Division joined the ceremony through video
conference. 22 Sub-branches are Amin
Morh (Kurigram), Bhatgram, komorpur,
Chakgobinda (Gaibandha), Laherepara,
Dupchanchia, Adamdighi, Subgram,
Baghbari, Pallimangal, Santahar ( Bogra),
Bonpara (Natore), Birampur ( Dinajpur),
Kashinathpur, Bongram, Ataikula, College
Road, Ishurdi (Pabna), Kharkhari
(Rajshahi), Chatrahat, Mahiganj, Hasanpur
(Rangpur), Hatikumrul ( Sirajganj).
S M Parvez Tamal said, NRBC Bank has
started Partnership Banking in order to
provide services to the people devoid of
banking facilities. This initiative shall be
instrumental in creating new employments
and promoting entrepreneurs.
High officials of the bank and local
elites, distinguished clients, businessmen
were present on the occasion. During the
ceremony, a munajat was held seeking
divine blessings of the Almighty for the
welfare, progress and prosperity of the
bank.
Markets await ECB stimulus clues
as eurozone bounces back
FRANKFURT : European Central Bank
governors meet Thursday under
pressure to clarify their stimulus exit
plans, as the eurozone economy
rebounds from the pandemic and
inflation surges higher, reports BSS.
Revised figures this week showed the
economy in the 19-nation club grew by
a better-than-expected 2.2 percent
between April and June after countries
relaxed their virus restrictions.
The ECB now faces the tricky act of
deciding when and how to scale back its
massive pandemic support, and
communicating it without jeopardising
the recovery or spooking markets.
In the United States, where the
recovery is seen as further along, the
Federal Reserve has already signalled it
could start withdrawing stimulus
measures by the end of the year.
The meeting Thursday of the ECB's
25-member governing council will be
only the second since the Frankfurt
institution slightly raised its inflation
target, the first such change since 2003.
The bank is now aiming for inflation
of two percent-instead of below that
figure-and will tolerate a temporary
over- or undershooting of the goal.
Eurozone inflation soared to three
percent in August, the highest level in a
decade, fuelled by one-off effects linked
to the pandemic and global shortages of
materials like semiconductors, plastics
and steel.
ECB president Christine Lagarde has
previously promised to "look through"
what the bank believes to be a
temporary inflation surge, and
policymakers expect consumer prices
to rise further in coming months before
falling back.
"We are more worried about the
inflation rate being too low in the
medium term rather than too high,"
Isabel Schnabel, a member of the ECB's
executive board, said last month.
As a result, observers do not expect
any changes to the ECB's historically
low interest rates or major tweaks to its
colossal bond-purchasing programme,
despite some more hawkish ECB
members signalling a readiness to scale
back stimulus.
But economist Marcel Fratzscher of
the Berlin-based DIW think-tank said
the ECB would not want to tighten its
ultra-loose monetary policy too soon,
given the "uncertainties about the
pandemic and the supply chain
disruptions".
Lagarde is expected to use her 1230
GMT press conference to stress the
ECB's cautious and flexible approach
to supporting the recovery, at a time
when the more contagious Delta
variant is pushing up infection
numbers across Europe.
Some observers say the ECB could
however acknowledge the economic
rebound by slowing the pace of the
bank's monthly emergency bond
purchases-without framing it as a
"tapering" or winding down of the
scheme.
PayPal to buy up Paidy,
Japanse 'buy now pay
later' firm for $2.7bn
NEW YORK : US online payment giant PayPal is set to buy the
online Japanese credit specialist Paidy for $2.7 billion, the US
company said in a statement Tuesday, a new sign of the
development of the "buy now pay later" sector, reports BSS.
Created in 2008 in Tokyo, Paidy allows online merchants to offer
payment on credit and in installments to their customers.
The company, which now boasts six million clients, had already
raised around $400 million from investors, including Goldman
Sachs and PayPal Ventures, the private equity arm of PayPal.
For the buyout, the latter put 300 billion yen ($2.7 billion) on the
table, "mainly in cash," according to a statement released Tuesday.
The two groups expect the transaction to be finalized in the fourth
quarter of 2021, subject to the necessary regulatory approvals.
Following the takeover, Paidy will retain its brand and continue to
operate under its name.
In April, the two companies had already entered into a
partnership that allowed Paidy users in Japan to make purchases
on credit from all e-merchants that used PayPal as a payment
service around the world. The deal announced on Tuesday confirms
the growing development of "buy now pay later" companies.
At the end of August, Amazon announced a partnership with the
company Affirm Holdings, which allows clients to spread out
payments on purchases greater than $50 dollars.
PayPal says it has more than 4.3 million active accounts in Japan,
where it has been operating since 2010.
The 1.85-trillion-euro ($2.2-trillion)
pandemic emergency bond-buying
programme (PEPP) is the ECB's main
crisis-fighting tool, aimed at keeping
borrowing costs low to stoke economic
growth.
The scheme, set to run until March
2022, comes on top of the ECB's prepandemic
asset-buying programme,
currently running at a pace of 20 billion
euros a month.
The ECB could start by "signalling a
'modest' slowdown" in the pace of the
PEPP purchases, from 80 billion euros
per month to 60-70 billion euros, said
Frederik Ducrozet, a strategist at Pictet
Wealth Management.
The ECB will also unveil on Thursday
the latest quarterly growth and
inflation forecasts, with some slightly
upward revisions expected.
The inflation projections for 2022
and 2023 -- currently at 1.5 percent and
1.4 percent respectively-are
nevertheless expected to remain well
below the bank's 2.0 percent target.
"More inflation, more growth but
also more uncertainty," said Berenberg
Bank economist Holger Schmieding.
"Against this backdrop the European
Central Bank will probably still duck
the major question," he said. "When
will the ECB taper its bond buying in
earnest?"
Fritzi Koehler-Geib, chief economist
at German public lender KfW, said she
expected concrete decisions "only in
December".
China's factory gate
prices hit 13-year
high in August
BEIJING : China's factory gate inflation jumped in
August to a 13-year high, with data on Thursday
showing a surge in commodity prices as the global
emergence from the pandemic sees demand
picking up but supplies limited, reports BSS.
The producer price index (PPI), which measures
the cost of goods at the factory gate, rose to 9.5
percent last month from 9.0 percent in July, the
National Bureau of Statistics said.
The reading was above forecasts for 9.0 percent
and is the highest since 2008, when the figure hit 10
percent.
The surge was "affected by a rise in prices of coal,
and chemical and steel products", NBS senior
statistician Dong Lijuan said in a statement.
Industries have seen "strong demand and tight
supply overall", pushing up prices in coal mining,
while earlier pick-ups in costs of crude oil and coal
have weighed on other production costs.
The rises come despite government measures to
ease pressure on factory costs such as cracking
down on firms hoarding goods and ramping up
supplies.
However, the spike in manufacturing costs is still
to filter through to shoppers as Thursday's data also
showed the consumer price index (CPI), a key
gauge of retail inflation, dipped to 0.8 percent from
one percent in July and below expectations.