Road communication, ICT, telecom sectors get Tk 63.34b

The government has proposed to allocate Tk 63.34 billion (6334 crore) for ICT, telecommunication and communication sectors in the national budget for FY 2008-09, reports UNB.Finance Adviser Mirza Azizul Islam in his budget speech Monday said that the allocation is...

Call rate eases, dollar unchanged

The inter-bank call money rate eased slightly Monday because of increased cash flow in the market. US dollar, however, remained unchanged against Bangladesh taka (BDT) in the inter-bank foreign exchange market due to steady demand for the greenback, fund managers...

commodities digest

should dominate OIC meetKUALA LUMPUR, June 9: Malaysia wants the fuel price issue to top the agenda at this month's meeting of the Organisation of the Islamic Conference (OIC) in Uganda, Foreign Minister Rais Yatim said today. "Malaysia would like...

ICB AMCL declares NAV of two unit funds

ICB Asset Management Company Ltd (AMCL), a subsidiary of Investment Corporation of Bangladesh (ICB), has announced net asset value (NAV) of its two unit funds and re-fixed price of the unit certificates.The NAV of ICB AMCL Unit Fund stood at...

Mutual Trust Bank approves 5:1 right shares, 25pc bonus shares

Mutual Trust Bank Limited (MTBL) has approved 5:1 right shares (one right share against five existing shares) and 25 per cent stock dividend for its shareholders for the year 2007.The approval of rights share was given in the 10th extra-ordinary...

Manila power utility defies regulatory order

Manila Electric Co defied a government order not to count a big block of disputed votes during its annual meeting late last month and elected candidates to its board, adding to an acrimonious spat between the company's two biggest shareholders.The...

Energy, power sector allocation up by 21pc

Finance and Planning Adviser Dr AB Mirza Azizul Islam Monday proposed an allocation of Tk 43.40 billion (4,340 crore) for the power and energy sector for the FY 2008-09, which is 4.3 per cent of the total budget and 21...

Resource mobilising to meet budget deficit remains major challenge

The economy of Bangladesh, facing a colossal challenge in mobilising resources to fill the gaping hole in public finances, will be at the mercy of internal and external borrowing as the nearly Tk 1.0 trillion national budget landed Monday.The national...

Oil prices take breather amid recession fears

SINGAPORE, June 9 (AFP): World oil took a breather today from spiralling prices seen hitting 150 dollars which have prompted consumer nations to urge a production increase amid warnings of a global recession.New York's main oil futures contract, light sweet...

Credit flow to private sector marks 21.4pc rise until March last

Credit flow to the private sector up to March last recorded an increase of 21.4 per cent compared to the growth of 16.6 per cent during the corresponding period of the previous fiscal."An accommodative monetary policy was pursed to maintain...

BKB, BTB sign MoU to extend tea cultivation in CHT

Bangladesh Krishi Bank (BKB) and Bangladesh Tea Board (BTB) signed a memorandum of understanding (MoU) for extending small-scale tea cultivation in the Chittagong Hill Tracts region.BKB Managing Director Md Mukter Hussain and Md Mosharraf Hossain of BTB signed the MoU...

Thrust on poverty alleviation, social safety net, pro-pvt sector growth 'encouraging'

Noted economists and business leaders have given mixed reaction on the proposed budget announced by finance adviser Dr. Mirza Azizul Islam on Monday. They said a thrust on poverty alleviation, social safety net and pro-private sector growth in the budget...

Developing countries to challenge new Doha draft

GENEVA, June 9 (Internet): Several developing countries, including India, are expected to challenge the proposals of the latest draft text on Doha market opening for industrials Monday, at a newly created informal group under the auspices of the US.Already, four...

Severe weather kills 8, water rises in Indiana

INDIANAPOLIS, June 9 (Agencies): Wicked weekend storms pounded the country from the Midwest to the East Coast, forcing hundreds of people to flee flooded communities, spawning tornadoes that tore up houses and killing at least eight people. Rescuers in boats...

Two months to go - Beijing eyes games silver lining

BEIJING, June 9 (AFP): Optimism is flooding back to Beijing two months before the Olympics, with organisers eyeing success despite fears over pollution, security and the potential for more PR blunders.Preparations are all but over and after a period of...

Second phase of deep sea-port feasibility study in progress

Finance Adviser Dr. Mirza AB Azizul Islam said the second phase of technical and financial feasibility study on construction of a deep sea-port at Sonadia in Cox's Bazar is in progress.Dr. Aziz in his budget speech Monday said the construction...

3m tonnes of food grains to be distributed

The government has planned to distribute 3.0 million tonnes of food grains under its various existing programmes for the fiscal year 2008-09, finance adviser Mirza Azizul Islam said Monday in his budget speech.The programmes include Open Market Sales (OMS) at...

Corporate tax rates for listed and non-listed companies slashed

The proposed budget for fiscal 2008-09 rescinded section 16CC of the Income Tax Ordinance under which all companies, irrespective of making profits or losses, had to pay a minimum tax on the basis of their turnover."The section existed clearly in...

Political crises and corruption

WE all know that democracies are marked by high levels of trust in other people and in government, and honesty and fairness in the public sphere. In other words, trust in people is essential for forming bonds among diverse groups...

Tk 211.12b allocated for HR development

The government has allocated Tk 211.12 billion in the proposed national financial bill of the next fiscal for human resources development, which is 21.1 per cent of the total budget.'I propose to allocate Tk 21,112 crore in the proposed budget...

BERLIN, June 9 (Reuters): The economic downturn in the United States may not be as steep as feared but the crisis in global financial markets will hit bank earnings, Germany's Deputy Finance Minister Thomas Mirow said Sunday.In an advance of...

Penalty shot lifts Croatia to 1-0 win over Austria

VIENNA, JUNE 9 (AP): Croatia's players were so dispirited by their 1-0 win over co-host Austria at the European Championship that coach Slaven Bilic opted against blasting them.Instead, he put on some music. "When I went into our changing room,...

Anti-drug rally held in C'nawabganj

CHAPAINAWABGANJ, June 9 (UNB): An anti-drug rally was held at Ranihati in Shibganj Upazila Sunday to raise mass awareness about its menace. The rally, led by Upazila Nirbahi Officer Dewan Mohammad Abdus Samad, was brought out from local college premises...

Viewing of satellite TV channels will be costlier

The viewing of satellite TV channels will be costlier as the government has proposed to enhance the existing rate of supplementary duty from 15 per cent to 35 per cent for the satellite channel distributors, reports UNB.Finance Adviser Mirza Azizul...

Violence ruins chance of free Zimbabwe poll: HRW

JOHANNESBURG, June 9 (AFP): Increasing levels of political violence have extinguished hopes for a free and fair presidential run-off election in Zimbabwe at the end of the month, Human Rights Watch warned Monday."Since the runoff was announced, the violence in...

Australian PM calls for OPEC to increase output

KYOTO (Japan), June 9 (AFP): Australian Prime Minister Kevin Rudd today said the world's richest nations must pressure oil-producing countries to increase output to deal with spiralling oil prices.On a visit to Japan, he said he would speak with his...

Bangladesh concede 70-run defeat to Pakistan

Bangladesh made a very disappointing start in the Kitply Cup Tri-Nation ODI Tournament conceding a 70-run defeat to Pakistan in the inaugural match at the Mirpur Shere-e-Bangla National Stadium (SBNS) in the city Sunday, reports UNB.The match was reduced to...

Crisis management features dominate

The outgoing fiscal has not gone well for Finance and Planning adviser Dr. Mirza Azizul Islam.Soon after the announcement of the national budget, came two back-to-back floods followed by a power-packed cyclonic storm. The natural disasters, besides exacting a human...

Pakistan lawyers gather for 'long march' against Musharraf

KARACHI, June 9 (AFP): Thousands of lawyers and other opponents of President Pervez Musharraf rallied in Karachi on Monday before starting a "long march" against the embattled Pakistani leader, police and witnesses said. The attorneys say they plan to travel...

ICMAB holds credit rating under BASEL-II workshop

A workshop on "Counterparty Credit Rating under BASEL-II: A Challenge for Finance Managers" organised by the Institute of Cost and Management Accountants of Bangladesh (ICMAB) was held at ICMAB auditorium in the city Thursday.The workshop was organised with a view...