DSE marks rise

Staff Reporter
The Dhaka Stock Exchange (DSE) registered remarkable gains after a day of the national election as investors’ hoped that the peaceful election and its results would help boost the market.
The investors yesterday placed huge buying orders to get profit, pushing up the day’s turnover to Tk 4.31 billion on yesterday from Tk 2.9 billion on Sunday. After two and half month, the turnover crossed the US$ 4 billion since October 21 this year.
The prices of shares gone up across the board while 175 issues, out of the total 230 bought and sold

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RMG exports to Canada rise well

Kazi Azizul Islam
Although Canadian import of apparels slowed down this year, Bangladesh’s garment export to that North American country has posted a satisfactory growth rate, say officials at the exporters’ associations.
Diversion of a portion of Canadian apparel imports from China to Bangladesh in the past few months helped the exporters, they pointed out.
In January-October, Bangladesh’s readymade garment export to Canada grew by more than 12 per

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Massive layoffs expected in UAE

AFP, Dubai
Up to 45 percent of the construction workforce in the United Arab Emirates could be laid off, with thousands already having lost their jobs due to the global financial crisis, a report said yesterday.
The Khaleej Times newspaper quoted Khalfan Al-Kaabi, a member of the board of directors at Abu Dhabi Chamber of Commerce, as saying the job cuts would occur in the new year if private sector projects in the UAE are delayed or cancelled. “It is only but natural for the industry to cut those jobs,” Al-Kaabi told the paper.
The report said that thousands of workers have applied to the ministry of labour to finalise the

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JETRO inks deal with BASIS: Promote Bangladesh’s software in Japan

NATION BUSINESS REPORT
Japan External Trade Organisation (JETRO) has inked a deal with Bangladesh Association of Software and Information Services (BASIS) to promote Bangladesh’s software and IT enabled services (ITES) industry in Japanese market.
JETRO has signed a memorandum of understanding (MoU) with BASIS in this regard on December 15 last at the BASIS Secretariat in Dhaka.
Representative of JETRO-Dhaka Tomohiro Kinomoto and BASIS President Habibullah N Karim signed

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Privatisation Commission won’t offload Rupali stake

Staff Correspondent
The advisory council committee on economic affairs in a meeting on Tuesday rejected the finance ministry’s proposal to assign the Privatisation Commission again to offload government’s shares in the Rupali Bank Ltd.
‘We have decided not to task the Privatisation Commission again with offloading government’s shares in Rupali Bank as the bank is already listed with the country’s both bourses,’ finance and planning adviser AB Mirza Azizul Islam told reporters after the meeting.
He said the bank’s present status quo should be maintained for improvement of its financial

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Recession shattering global confidence

Reuters/Bdnews24.com . New York
The financial crisis is shattering global confidence, with three quarters of households cutting spending and consumers in emerging countries feeling especially squeezed, a survey showed on Tuesday.
While countries like China, India and Russia have helped fuel world growth in recent years, the survey of 22 states in November found consumer optimism in such emerging economic powers in ‘precipitous decline.’
‘There’s a lot of doubt right now where growth is going to come from,’ Clifford Young of Ipsos Global

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Export earnings fall 8pc in Oct

Kazi Azizul Islam
The ongoing global economic recession has finally rung alarm bells for Bangladesh garment industry as latest official data reveals that the country’s export earnings in October was $868 million, posting nearly 8 per cent decline from that in the same month of 2007.
The monthly data released by the Export Promotion Bureau was a blow to the industry as it had experienced 45 per cent export growth in September, 22 per cent in August and 71 per cent in July, industry observers said.
The EPB sums up export data on periodic accumulation. So, it showed that the July-October export

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Dhaka stocks jump

United News of Bangladesh . Dhaka
The Dhaka Stock Exchange recorded significant rise on Sunday amid increased turnover, helping stocks to gain across the board.
The DSE General Index, the benchmark index, rose 73 points or 2.89 per cent to close at 2,591 from 2,518 points on Thursday while the All Shares Price Index increased 62 points or 2.96 per cent to 2,146 from 2,084.
Some 196 issues out of the total 223 traded on the day registered gains while 21 incurred losses and six remained unchanged.
The day’s total turnover increased substantially to Tk 247 crore on Sunday from Tk 182 crore on

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Govt steps in pipeline to keep remittance stable

Asif Showkat
The government has decided to take initiatives to keep the remittance inflow stable in this stormy time of global financial turmoil, sources in Bangladesh Bank said.
‘We will take several plans for increasing remittance inflow, including asking the banks to reduce their charges on remitted money; as a result, more remittance will come through the official channels,’ said a senior official of the central bank.
The official also said more money would be spent for the well-being of Bangladeshi workers abroad.
‘The remittance inflow is still okay. There is no sign of any adverse impact of the global financial

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Dhaka stocks see lacklustre day

Turnover drops to 9-month low
Staff Correspondent
Dhaka stocks finished lower on Sunday amid thin participation of investors as the bourse returned to trading after a nine-day closure, market operators said.
The Dhaka Stock Exchange remained closed from December 5 to 13 on the occasion of Eid-ul-Azha and the weekly holidays.
The DSE general index lost 7.77 points, or 0.31 per cent, to close at 2536.90, while its blue chips index, DSE20, shed 18.74 points, or 0.88 per cent, to finish at 2112.93.
A DSE stockbroker said the market remained dull with sellers dominating the day’s trading amid a

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Siemens bribed to bag contracts in Bangladesh, other countries

Kazi Azizul Islam
Documents submitted to a US court in a case disclose that German industrial conglomerate Siemens bribed the authorities concerned to gain a telecom infrastructure contract in Bangladesh as it did at least in two other countries.
The case documents were submitted on Friday to a US court, which is scheduled to hear the case – Siemens versus the US Department of Justice and the Securities and Exchange Commi-ssion, according to reports of the Associate Press and Bloomberg.
The papers were filed as Siemens decided to plead guilty and pay $800 million to settle the charges

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TeleTalk eyes loan from China

Md Hasan
State-run mobile operator TeleTalk seeks to get $221 million loans from the Chinese government, mainly to expand its network to provide third-generation technology (3G).
The operator said its board had accepted the loan proposal, now pending with the Economic Relations Division (ERD) for further processing.
“The telecommunication ministry is in talks over the $221 million loan proposal,” said Md Mojibur Rahman, managing director of TeleTalk.
“If the plan gets through, the money will be spent on existing 2.5G network expansion and 3G.”
In the six-operator mobile market, TeleTalk is stuck at the bottom with 0.87 million customers.
After inception in 2005 with only one million customer acquisition capacity, TeleTalk has failed to add customers to its network over the last three months because of poor infrastructure.
Warid Telecom, the latest entrant to the market, received 2.25 million customers in a market of 43.49

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BB asked to seek recommendation of national pay commission

PROPOSAL FOR SEPARATE PAY STRUCTURE
BB asked to seek recommendation of national pay commission
Staff Correspondent.
The finance ministry has asked Bangladesh Bank to seek recommendation of the National Pay Commission on its proposed separate pay scale for the officials and employees, official said.
‘If the government allows the central bank to have a separate pay structure for its employees, it will increase pressure from other government agencies like the National Board of Revenue and the Police for the same, putting fresh burden on the exchequer,’ said a senior official of finance ministry.
The official also said that the National Pay Commission could actually provide recommendation  on

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