Business

Global financial meltdown
Apparel exporters seek cash incentives
Staff Correspondent
The country’s apparel exporters have voiced concern over the slowdown of export orders on deepening global economic downturn and sought immediate government steps to stave off its adverse impact on the local export-oriented industries.
“The government should introduce financial incentives for the export-oriented industries and immediately discuss with the export earning sectors to formulate ways to make local exports competitive

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Kawsar Khan
Exports went up by 13.37 percent in November of the current fiscal year bagging $1.3 billion against the same month last year, and diffused the fear of a long-term effect of global recession in export assumed through the negative export growth in October.
In October of fiscal 2008-09, the country’s export earnings dipped 7.48 percent over the same month last year bagging $867.69 million against $941.48 million in the same month of 2007-08 that exporters blamed on the

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Staff Correspondent
US-based company First Multipurpose Services and Bangladeshi communication agency Mattra, in association with the Export Promotion Bureau, will organise a trade show ‘Made in Bangladesh 2009’ in New York of the USA in October 2-6.
‘The five-day trade fair will be held at the Penn Plaza Pavilion Exhibition Hall of Manhattan,’ announced Hossain Jabbar, founder president of FMS, at a press conference at the Dhaka Reporters’ Unity in

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Staff Correspondent
Dhaka stocks lost steam on Sunday, the first trading day of the week, due to a selling pressure from investors, depressed by the last week’s bearish trend, market operators said.
The general index of Dhaka Stock Exchange lost 33.69 points, or 1.22 per cent, to close at 2726.98, while its blue chips index, DSE20, shed 23.18 points, or 1.02 per cent, to finish at 2248.03.
The market saw selling pressure as investors, especially retailers, dampened by the last week’s downtrend,

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NATION BUSINESS REPORT
A leading economist has suggested a price commission be set up involving the ministries of commerce, agriculture and finance to bring down prices of essentials within the reach of common people in a short span of time.
Welcoming the government’s decision to cut diesel price at its first cabinet meeting, Chairman of Bangladesh Unnayan Sumannya Dr Atiur Rahman said that the commission could deal with all price-related policies

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Sayeda Akter

The number of foreign tourist arrivals in the country grew significantly in 2008, thanks to a relatively stable political situation, said industry people.
According to statistics of civil aviation and tourism ministry, a total of 3.50 lakh foreign tourists visited Bangladesh until October 2008, which was a sharp rise from 2.65 lakh in 2007, 2 lakh in 2006

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Asif Showkat
The government has taken an initiative to streamline the loss-making state-owned enterprises to reduce the subsidies doled out to them through its fiscal policy, official sources said.
‘The finance ministry will want to reduce subsidy that is given to the loss-making SOEs as the money will be diverted to the country’s productive sectors,’ a senior official of the finance ministry said.
The official also said if strong monitoring could reduce the loss of the SOEs then the government would be required to give fewer subsidies to them, and as a result the country’s fiscal budget deficits

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Staff Correspondent
Dhaka stocks dropped last week due to a profit-taking selling pressure from investors after a two-week bull run, market operators said.
The daily average turnover at the Dhaka Stock Exchange, however, went up by 6.11 per cent to Tk 407.39 crore from the previous week’s Tk 383.93 crore.
The DSE general index lost 46.94 points, or 1.67 per cent, in the week to close at 2,760.67 on Wednesday, while its blue chips index, DSE20, shed 45.34 points, or 1.96 per cent, to finish at

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$10b expected this year
Rejaul Karim Byron
Remittance inflows set a new record in 2008 crossing an 8 billion-dollar mark, thanks to an increased number of outbound workers.
According to Bangladesh Bank (BB) statistics, in the just-concluded calendar year remittance worth $8.22 billion came into the country marking a 25.36 percent growth. In 2007 remittance inflow was $6.55 billion. The figure was $769 million last December.
The central bank hopes the remittance inflow would cross

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Looking Back 2008
Capital market walks past volatile days
Sarwar A Chowdhury
2008 was a volatile year for Bangladesh’s capital market. Although the first half was fine for investors, the second half turned out to be gloomy, as their dream of a good return was dashed on many occasions by some factors. These factors include the psychological pressure from the possible global crisis fallout and so-called uncertainty over the national election.
However, the closing week of the immediate past year experienced a bullish mood, driven

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NATION BUSINESS REPORT
Electro Mart Ltd, a large marketer of electronic household appliances and automobile, is participating in the Dhaka International Trade Fair (DITF) 2009 at the marvelously decorated premier pavillion No.7. This delicate and wonderful premier pavillion is featuring the world famous KONKA Plasma Screen, LCD TV, Color TV, Refrigerator, Freezer, Mobile Phone, DVD Player, Washing Machine, Micro-wave Oven etc. smart and most modern household appliances as well as air conditioning components from GREE, HAIKO brand color TV, fridge and DVD/VCD and the infamous KHIND and MISTRAL brand

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Prices of atta (crushed wheat) have fallen substantially in the local market as the international prices have long started to decline.
As of yesterday the wholesale prices of wheat imported from Ukraine ranged between Tk 545 and Tk 560 a maund (37.2 kilogram), which is about Tk. 15 per kilogram.
The current price of packed flour at retail level is Tk 28 per kg. Previously, it was Tk 32 per kg.
However, the price of loose flour at retail level is Tk 24 at different city markets on Saturday.
Commerce secretary Feroz Ahmed said that they were yet to discuss with flour millers to keep the

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Star Business Report
Participants in the 14th Dhaka International Trade Fair (DITF) expect high sales from next Friday, as election-hype is not over yet.
They said a few hundred people have already visited the fair since onset, but it will draw in people by droves within the next weekend.
“As the fair kicked off only four days ago and the election hangover still exists, response has been nominal. We hope that the fair will gain momentum from next week,” said Hasibur Rahman, manager of Karupannya, a Rangpur-based rug maker.
Participants yesterday said visitors are keen in purchasing mostly kitchen materials, jute rugs and handicrafts such as flower vases.
Alauddin Ali, owner of Ali Enterprise, said many women are interested in buying foreign pressure cookers, rice cookers and pots and pans.
He also said visitors are also buying cutlery sets and home decoration pieces.
Apart from utensils, locally made jute rugs have

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AFP, Berlin
Germany’s 20 wealthiest families have lost about 40 billion euros (55 billion dollars) in the economic crisis in share values alone, the financial magazine WirtschaftsWoche reported yesterday.
The richest families have lost “30 percent on average” of their fortunes since the summer of 2007, leading asset manager Joachim Paul Schaefer, told the magazine. “It is clear now that the present crisis has inflicted much deeper wounds on big family fortunes than the last four or five recessions

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AFP, Dubai
Dubai’s rapid expansion in recent years provided jobs for millions. But the global financial meltdown has abruptly ended the dream for many people as more and more firms sack staff to cut costs.
Spectacular economic growth, spurred by a robust construction sector, lured people from far and wide to the booming city on the shores of the Gulf, tempted by high pay, low tax and-for many Europeans-the year-round sunshine. Foreigners form most of the population in Dubai and with residency permits linked to employment many of the people who are losing their jobs face the added upheaval of leaving

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Kawsar Khan
Developers passed an unsteady time in 2008, owing mainly to sharp rise in the prices of roda vital raw material for construction work–, enactment of a housing law and low volume of apartment sales.
In the first half of the immediate past year, the real estate sector experienced a low sale, driven by the government’s anti-graft operation.
Also, the first half of 2007 marked such a sales-drop.
Industry people say their woes deepened on the unprecedented price hike of rod, which added around 30 percent to the total cost of apartment.
In May 2008, 40-grade rod price reached around Tk 70,000 a tonne from Tk 40,000 five months ago. The prices of 60-grade rod also increased during the period.
In April, the government formed a committee to monitor the prices of rod and made the imports of breakable ships open for all in a bid to stabilize the prices of this

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Asif Showkat
The outgoing interim government is preparing a policy-options paper focusing on fiscal and monetary measures for the newly elected government to attain their expected strategic targets, official sources said.
‘We are preparing a paper on fiscal polices for achieving the short- and long-term targets, like poverty alleviation, for the elected government,’ said a senior official of the finance ministry.
The official also said that the paper would also estimate the available resources for achieving targets

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Staff Correspondent
Dhaka stocks saw a bullish trend for the second consecutive week that ended Thursday, thanks to an increased participation of investors, market operators said.
The general index of Dhaka Stock Exchange gained 177.47 points, or 6.75 per cent, to close at 2,807.61, while its blue chips index, DSE20, advanced by 120.39 points, or 5.48 per cent, to finish at 2,316.54. In the previous week (from December 21 to 24), the DSE general index gained 112.12 points, or 4.45 per cent.
An investment firm official said the market shook off losses as investors increased their participation

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Anisur Rahman . Barisal
Most of the shops in the Barisal City Corporation areas are yet to start using electronic cash registers two days into the deadline.
The system is currently applicable for 10 selected sectors, including hotels, restaurants and fast food shops, sweetmeat shops, furniture sales centres, beauty parlours, all sales outlets of luxurious goods, metropolitan shopping malls, department stores, general stores, and big and medium wholesale and retail shops, said Anwar Hossain, superintendent of Barisal customs circle.
On other hand, it was found that shop owners and staff of a number of shops and markets in Barisal

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