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Bangladesh has sought zero tariff market access for 19 products to Malaysian market in an effort to narrow yawning trade gap with the Southeast Asian giant, sources said.
   The proposal was formally placed on the first day of the official meeting of the Bangladesh-Malaysia Joint Economic Commission in Dhaka on Monday.
   The products include halal meat, jute, knit and woven garments, leather, pharmaceuticals, agro-products, melamine, plastic, ceramic, lead acid battery, bicycle and camera parts, the sources said.
   The economic relations division secretary, Ismail Zabiullah, who led the country in the talks, said Bangladesh needs duty-free market access of its major export items to rein in uneven trade balance tilting heavily in favour of Kuala Lumpur.
   Bangladesh's exports to Malaysia amounted to $8.66 million in the last calendar year while imports figured $254.6 million with palm oil alone accounting for 70 per cent, official figures show.
   Salim Bin Hashim, deputy secretary general of the Malaysian foreign ministry, who headed Malaysian team, said his government would review the Bangladesh's proposals that require technical assessment.
   Malaysian side stressed on quality of products and responded positively to Bangladesh's proposal for technical assistance to ensure product quality, officials said.
   Fresh recruitment of Bangladeshi workers was also raised in Monday's talks. The officials said the issue would be discussed elaborately at the talks scheduled for Tuesday between the foreign minister, M Morshed Khan, and his Malaysian counterpart, Syed Hamid Bin Syed Jaafar Albar, who is expected to arrive Monday evening.
   Malaysia, the largest destination of foreign workers in Asia, is home to nearly 1.3 lakh Bangladeshi workers. Several thousands Bangladeshis returned home after Kuala Lumpur launched a crackdown on foreign workers who were overstaying.
   The cleansing drive, which followed the February 28 deadline, drove away some 400,000 illegal immigrants, mostly Indonesians.
   Malaysian industries, agriculture, construction and service sectors, which heavily depend on migrated workforce, suffered huge labour shortage, prompting the government to renegotiate for fresh workers from abroad.
   The Malaysian government instantly agreed to take about 100,000 workers from Pakistan alone on urgent basis and very recently intended to recruit unlimited workers from Sri Lanka.
   Steps are on to recruit workers from India, Nepal, Myanmar and Vietnam also to meet the shortfall.
   Official sources said Bangladesh could not immediately tap the potentials as diplomatic ties with Malaysia were affected due to Bangladesh's candidature in the OIC election. The foreign minister level talks will be the first steps to improve the relations, they said.
   The joint economic commission was formed in early '90s to discuss bilateral trade and investment issues at least once a year. But the commission could not meet for the last 11 years since its second meeting in 1994.

Two government agencies have once again come up with widely varying investment figures, mirroring methodological flaws and lack of coordination.
   Such discrepancies, which are widening year on year, are making it difficult for researchers and policymakers to get real picture of the foreign direct investment (FDI) inflow into the country.
   Investment data furnished separately by the Bangladesh Bank and the Board of Investment differed by nearly $180 million in 2004 alone.
   The central bank statistics revealed that the FDI inflow in 2004 amounted to $370 million, while the BoI put it at $550 million.
   The BoI executive chairman, Mahmudur Rahman, claimed it to be even higher at $650 million.
   The difference was $90.8 million in 2003 with the central bank and the government's investment promotion agency showing the FDI worth $352 million and $441 million respectively.
   The 2002 FDI figures of the two agencies were, however, the same. The Bangladesh Bank showed $328.3 million FDI while it was $328.2 million in BoI count.
   The BoI says it compiles the FDI figures on the basis of its own survey while the central bank is said to have dependence mainly on reports of the balance of payments for preparing investment figures.
   But, the Centre for Policy Dialogue has pointed out that wide discrepancies reflect some sort of methodological problems, putting the data in question.
   Going through the both statistics, the local research organisation found that questionnaires sent by the central bank to foreign investors were more rigorous than those by the BoI.
   'Bol collects FDI inflow data only, while BB rigorously collects, besides inflow figure, information on the companies' paid up capital, claims and liabilities, operating profit and net income, and stock of FDI,' said the CPD report.
   'Such information available from the Bangladesh Bank survey allows us to cross-check the authenticity of inflow data,' said the CPD.
   It, however, said different monetary units used and time span followed by the two surveys might have contributed to the discrepancies.
   The central bank gives figures in local currency while investment agency counts in US dollar.
   Again, the central bank uses the fiscal year (July-June) while the BoI uses calendar year as the reference period.
   To adjust such gaps, the CPD suggested that the Bangladesh Bank should be made focal point for collecting FDI-related information with logistic supports from the BoI in conducting the survey.
   Previously, the central bank used to compile FDI data on the basis of information received from banks. Finding the data incomplete, it later started incorporating elements such as intra-company loans, re-investments and non-cash equity flows in some cases.
   Under its remodeled survey method, the central bank assigned its statistics department to conduct semi-annual study covering fully foreign owned and joint venture enterprises registered with
   the BoI and the Bangladesh Export Processing Zones Authority.
   It has been following the FDI definition of the International Monetary Fund's balance of payments manual.

A government monitoring committee cautioned the Mongla Port Authority for its negligence over ensuring proper security and gave it one-month time to comply with the maritime safety codes.
   The deadline was issued last week by the committee, formed by the shipping ministry earlier to monitor the implementation of the International Ship and Port Facility Security (ISPS) codes.
   The port would risk losing its certificate if it misses the deadline, a member of the committee told New Age after the meeting.
   The committee at a meeting on Thursday with its convenor AKM Shafiullah in the chair recommended enhancement of the coastguard patrol in the port area to check the incident of theft and robbery.
   Its next meeting will be held at Mongla in late July.
   Meeting sources said that the committee censured the Chittagong Port Authority for not strictly enforcing the use of identity cards by both regular and temporary workers.
   Though the CPA issued identity cards to its 10,000 permanent workers, but nearly 80,000 casual workers enter the port without cards in violation of the ISPS code, the meeting pointed out.
   Sources said that as per the evaluation of the International Maritime Organisation, both the ports are placed in the ‘white list’ after completing most of the formalities within the stipulated timeframes.
   ‘Both the maritime ports of Chittagong and Mongla have achieved the Level-1 category of the IMO and we’ll sit for the fourth time at the end of July for taking necessary measures to complete the remaining works,’ a member of the committee told New Age last week.
   The committee, represented by the two port authorities, shipping ministry bodies, various intelligence and law enforcing agencies, has been overseeing the implementation status of the ISPS codes since their introduction on June 16, 2004.

Exports to Ukraine increased significantly during the first nine months of the current fiscal but declined to Russia, an EPB report revealed.
   With 93 per cent growth over the period, Ukraine has been emerged as the largest market of Bangladeshi products in CIS region replacing Russia which was the top export destination in the last fiscal with $5.6 million earnings, the report said.
   The report showed that exports to Ukraine increased to $7.15 million during the period against $3.7 million of the same period in the previous fiscal. Bangladesh exported $2.5 million worth of woven garments, $1.7 million knitwear and the rest farm products, jute goods and pharmaceuticals products.
   EPB vice chairman Mir Shahabuddin Mohammed said Bangladeshi garment exporters have been exploring the potential in Ukraine in recent times. ‘RMG and jute goods and pharmaceuticals can grab good market share in Ukraine,’ said Shabuddin.
   Shahabuddin said exchange agreement between Sonali Bank and some financial institutions in CIS countries eased the trade with the former Soviet states.
   Fazlul Haque, president of the Bangladesh Knitwear Manufacturers and Exporters Association, echoed the same view. ‘Growth of RMG export in Ukraine is very encouraging.’
   But exports saw an 18 per cent drop to Russia, the EPB report revealed.
   ‘The bureau will investigate the reasons for decline in export to Russia,’ said Shahabuddin.
   During the period, export to Russia dropped to $4.6 million against $5.6 million in the same period of the previous fiscal.
   Exporters shipped knitwear worth $1.4 million, woven garment valued $0.67 million, frozen foods $0.40 million and jute goods $1.1 million to Russia.
   Exports to Kazakhstan and Uzbekistan stood at $1.28 million and $0.44 million during the period which was only $0.44 million and $0.15 million respectively during the same period of the last fiscal.
   Tea and jute products are the main export items to Kazakhstan and Uzbekistan.

The Committee to Resist Rupali Bank Disinvestment on Monday threatened to launch tougher movement if the government goes ahead with the privatisation of the bank.
   The trade union leaders at a press conference in Dhaka alleged that the government pressed by multilateral lending agencies has decided to sell the bank to certain person or business group.
   The bank owns property worth around Tk 1,000 crore, but the authority put it on sale just for Tk 61 crore, a leader said.
   Rupali Bank had been profitable since 1986, the year it was converted into a public limited company. The bank made a turnaround since 2000 and earned a profit of Tk 51 crore in the last financial year.
   The member-secretary of the committee, Hossain Ahmed, read out the written statement while its convenor Tofazzal Hossain, joint convenor Shahadat Hossain and leaders Sirajul Islam and Mofizul Islam were present.

Pakistan increased defence expenditure by more than 15 per cent in the national budget for 2005-6 unveiled in parliament on Monday, as well as boosting spending on development.
   Minister of state for finance Omar Ayub presented the Rs 1.09 trillion ($18.16 billion) budget for the fiscal year starting from July, which showed a 15.5 per cent hike in the money going towards defence.
   In monetary terms, this represented an increase from 194 billion rupees in 2004-5 to 223 billion rupees.
   The total budget was over 21 per cent higher than that of previous fiscal year ending June 30, and the largest allocation was for the country’s debt payments, amounting to over 300 billion rupees.

The Securities and Exchange Commission chairman, Mirza Azizul Islam, on Monday said that the commission is preparing guideline to ensure corporate governance for the listed companies.
   He was speaking at a seminar titled capital market and its impact on the economy of Bangladesh organised by the Chittagong Chamber of Commerce and Industry.
   Aziz said that measures would be taken to incorporate the multinational companies into the market.
   Presided over by Chittagong chamber president Saifuzzaman Chowdhury Zabed, the saminar was addressed, among others, by the Chittagong Stock Exchange president, Habib Ullah Khan, CSE vice-president Nasir Uddin, CCCI director Ershad Ullah and Bangladesh Economics Associa-tion Chittagong chapter president professor Sikandar Khan.
   CCCI president said central depository system has helped to boost the capital market.

Standard Chartered Bank opened its new ATM booth at Dhanmondi in Dhaka on Saturday, says a press release.
   M Sajidur Rahman, head (consumer banking) of StanChart Bank, Bangladesh, inaugurated the ATM booth at a function..
   Tanvir Haider Chaudhury, head (shared distribution) and other officials of the bank were also present on the occasion.
   Customers of StanChart bank will get 24-hour banking service in and around Dhanmondi and Sobhanbag area from the new ATM booth. They can withdraw cash, deposit cash or cheque, pay utility bills, transfer funds, check their balance and take mini-statements of their accounts everyday from any StanChart ATM.
   With the new booth, the number of StanChart ATMs has risen to 26 in six major cities of the country.

Citibank, NA Bangladesh, will now use Citigroup as its brand name in all areas of its communications, says a press release.
   Mamun Rashid, CItigroup country officer Bangladesh, announced the change in the Citibank branding at a function on Sunday.
   The change has been made in according with Citigroup's global branding guidelines to simplify the bank's communication with all its stakeholders.
   'This new branding will reinforce Citigroup's strong commitment to Bangladesh. With this unified identity, customers will have increased access to Citigroup's global network and wide range of financial services and products,' Mamun said.
   The goal of this branding change is to come under the umbrella of the world's leading financial services company, serving customers in Bangladesh with local and global financial needs.
   The legal entity under which Citigroup operates in Bangladesh continues to be Citibank, NA and all banking instruments will continue to function with the same name.
   This change will also have no effect on the qrganisational structure or ownership of the entities involved or any existing contracts or obligations between such entities and their respective stakeholders.

Shahjalal Islami Bank Limited signed an investment agreement with Oman Bangladesh Leasing and Finance Limited in Dhaka recently, says a press release.
   The managing director of Oman Bangladesh Leasing and Finance, Khawja Moinuddin Ahmed and the managing director of Shahjalal Islami Bank Limited, Kamal Uddin Chowdhury, signed the agreement on behalf of their respective organisations.
   M Haider Chowdhury, chairman and Md Kamruzzaman, director of the Oman Bangladesh Leasing and Finance, among others, were present in the signing ceremony.

A review meeting of the heads of general manager's office, principal office and corporate branches of Sonali Bank under Dhaka Division was held in Dhaka on Sunday, says a press release.
   M Tahmilur Rahman, managing director of the bank, addressed the meeting as chief guest.
   The meeting was attended by Mukhtar Hussain and Md Amanullah, deputy managing directors and other senior executives of the bank's head office.
   In his speech, the managing director urged the bank officials to take all necessary measures to recover classified loans and increase non-funded business.
   He also called upon the bankers to ensure proper disbursement of agricultural credit to boost food production.

KDS Accessories Division has completed the audit for ISO Certification 9001: 2000 for its packaging factory on June 2, says a press release.
   Ahmed H Kabir, country head of R de R Bangladesh (Pvt.) Ltd. representing Certification International (UK), conducted the audit for awarding UKAS accredited certification to KDS Packaging Ltd.
   KDS is the second among the country's packaging factories to obtain such prestigious certification. KDS Packaging is one of the very few corrugated carton-manufacturing companies in the country to set up automated 5 ply board making plant.
   One of the largest business groups in the country with an annual turnover of around $350 million, the KDS Group have diversified business covering ready-made garments, accessories, steel, CR coil, textile, information technology, banking and insurance.

The executive committee meeting of SWIFT Member Group of Bangladesh was held in Dhaka recently, says a press release.
   CM Koyes Sami, chairperson of the Member Group and managing director of Oriental Bank Ltd., presided over the meeting.
   M Nazrul Islam, joint vice-chairperson of Member Group and managing director of Jamuna Bank Ltd, Syed Imtiaz Hasib, treasurer of the group and deputy managing director of Southeast Bank Ltd., were also present in the meeting.

A five-day training on 'how to develop a distribution network for marketing of products' organised by DCCI Business Institute on Saturday, says a press release.
   The acting president of the Dhaka Chamber of Commerce and Industry, Manzur-Ur Rahrnan (Ruskin), inaugurated the training course.
   M Abu Horaira, director of the DCCI, Md Hossain Ali, economic consultant and acting executive director of the DBI and Mridul Kanti Biswas, chief executive of Enterprise Development Initiative, were present.
   The joint secretary (project and training) and course coordinator, Hasanur Rahman Chowdhury, moderated the inaugural session.
   Mridul Kanti Biswas, chief executive, Enterprise Development Initiative, Mustafizur Rahman, national distribution manager of Healthcare Distribution, Monzur Hossain, materials manager of Novertis (Bangladesh) Ltd, Md Rasula Kibria, deputy manager, (human resource and administration) of Kollol Group of Companies and Md Akbar Hassan, chief executive officer and managing director of Briddhi-Industrial and Marketing Consultants have been invited to conduct the course as resource persons.

The Gulf Arab state of Kuwait said Sunday it may change labour laws that have come under fire for creating unfair conditions for Kuwait's 1.8 million foreign workers.
   The US Department of State in its annual Trafficking in Persons Report released Friday criticised Kuwait and three other Gulf states for not doing enough to halt human trafficking and child labour.
   'Yes, the labour market has many problems, but we are actively working to safeguard the integrity of foreign workers by issuing more regulations,' said Adnan al-Omar, a labour ministry official.
   Currently, foreigners working in Kuwait's private sector must have a 'sponsor,' a regulation which restricts their movement and puts them at the mercy of their employers.
   Omar said Kuwait has been cooperating with the International Labour Organisation for the past four years, and is considering ILO suggestions for changing the sponsor requirement.
   The ILO proposed eliminating private sponsorship of foreigners in favour of one governmental or independent body to sponsor all expatriate employees.
   According to official figures, 1.8 million foreigners live in Kuwait, which has a population of 2.75 million. About 900,000 work in the private sector, including about 60 per cent from the Indian subcontinent.
   Kuwait employs about 450,000 domestic workers, mostly from India, Sri Lanka and the Philippines.
   Asian workers staged a series of strikes in recent weeks, claiming they had not been paid wages in several months. The government intervened and threatened action against employers if they did not pay.
   Last week, the labour ministry prohibited employers from requiring labourers to work under the sun from noon to 4:00pm during the summer months when the temperature reaches 50 degrees (122 Fahrenheit).
   Private sector labour laws in oil-rich Kuwait have not been amended in four decades.
   The United States has stipulated improving labour conditions as one of several conditions for starting free trade talks with Kuwait.

Malaysia is to allow an unlimited number of workers from Sri Lanka into the country in a bid to address a critical labour shortage, Sri Lankan diplomats said today.
   The agreement, which places Sri Lanka on a list of official labour- providing countries, follows the Sri Lankan Labour and Foreign Employment Minister Athauda Seneviratne's visit to Kuala Lumpur last week.
   '(The Malaysians) assured us that jobs in large numbers are available in the construction, manufacturing, information technology, plantation, tourism and health sectors,' Seneviratne said during the visit. Malaysia is one of the largest importers of foreign labour in Asia. Foreign workers, both legal and illegal, number around 2.6 million of its 10.5 million workforce, officials say.
   The Sri Lankan government will screen potential workers to make sure that only genuine candidates who do not pose any security risks make their way to Malaysia, said B. Wijayaratne, Labour Counselor with the Sri Lankan High Commission.
   It will also monitor employment conditions and agreements being offered to Sri Lankans.
   'Sri Lanka expects Malaysian employers to give a fair deal to these fellows,' Wijayratne told AFP Monday. The repatriation earlier this year of some 400,000 illegal immigrants, mostly Indonesians, left a huge labour gap in the agricultural, construction, manufacturing and services sectors.
   In an attempt to legalise the workforce, the government has been looking for workers from countries other than Indonesia, including Pakistan, India, Sri Lanka, Nepal, Myanmar and Vietnam.

British finance minister Gordon Brown urged rich, oil-producing countries in the Gulf, which have profited from a recent spike in oil prices, to join a global push to lift Africa out of poverty.
   Speaking ahead of a crucial week of negotiations for prime minister Tony Blair who is due to meet US President George W. Bush in Washington Tuesday as part of a bid to drum up support for a plan to help Africa at a Group of Eight (G8) summit in Scotland next month, Brown pressed the need for urgent action.
   'I would like to see the oil-producing states, the countries that have done well out of the rise in oil prices, being willing to make a contribution also to the new development agenda, and particularly to debt relief and to international aid,' he told GMTV.
   'I've been in touch with the countries concerned asking them to make their contribution too,' he said.
   Brown has helped to spearhead a plan to reduce debt, double aid and ensure fairer trade in Africa, which Blair is due to take to Bush who has so-far voiced concerns about the scheme.
   Britain hopes to raise 100 billion dollars (82 billion euros) through a so-called international finance facility dreamt up by Brown, the Observer newspaper wrote on Sunday.
   Contributions from European Union countries are forecast to generate 80 billion dollars, with the remainder being covered by the United States. But Bush's reluctance has left a 20 billion dollar aid-gap, which oil-producing countries in the Gulf could help fill, the paper reported.
   'Globally, tackling the world's deadliest diseases and halving world poverty will require the overall doubling of aid recommended by the Commission for Africa,' Brown said in an article for the Observer, referring to a commission formed by Blair last year that has drawn up a plan to help the continent.
   'Which is why additional resources need to be agreed at Gleneagles (the venue for the G8 summit) and why it is critical that all wealthy countries, including the richer oil-producing states, join in,' wrote the chancellor of the exchequer.
   Brown emphasised the need to combat illnesses such as AIDS, malaria and turberculosis that claim six million lives a year.
   'I believe that the generation that can combat, cure and eradicate the world's deadliest diseases-and the world's least curable diseases-will rightly be called a great generation,' he said.
   Brown explained that his financing facility would enable the international community to frontload resources to enable a critical mass to be deployed as investment now when it will have the most impact.
   'Providing long-term, predictable funding to finance a comprehensive effort to combat disease, with the provision of schooling, will be the first purpose of the IFF,' he wrote.
   'All the detail of what we can agree at Gleneagles will be being thrashed out over the next few days,' Brown told GMTV.

France's Prime Minister Dominique de Villepin held urgent consultations with union and business leaders Monday, as debate intensified over whether looser British-style labour laws are the best way to tackle rampant unemployment.
   With the country still reeling from the rejection of the EU constitution eight days ago, the prime minister held a series of head-to-heads at his official residence to sound out views on a major new job creation initiative.
   Most 'no' voters in France's referendum on May 29 said their main anxiety is the 10.2 per cent jobless rate, and President Jacques Chirac-who appointed Villepin last Tuesday-has promised to make the fight against unemployment his new government's top priority.
   Villepin, a 51-year-old Chirac loyalist and former foreign minister, was to set out his programme in a speech to the National Assembly on Wednesday, and has given himself a deadline of 100 days-by early September-to restore public confidence.
   On Sunday the prime minister promised that decisions to boost employment will be taken 'before the summer,' and said the government would be 'without taboos' in its search for solutions.
   Among the ideas being mooted are a reduction in the social charges paid by employers, a new work contract for small businesses, and more training for job-seekers, according to newspaper reports Monday.
   Some voices in the cabinet-led by Villepin's powerful number two Interior Minister Nicolas Sarkozy and Finance Minister Thierry Breton-were also calling for a more radical redrafting of the country's labour code to make it easier for companies to hire and fire.
   French business leaders argue that many companies are deterred from taking on staff because of fears they will be unable to shed labour when their market takes a downturn.
   However union leaders warned that they will resist attempts to reduce protection of the workforce, and said that the main focus of job creation must come through state investment.
   'If the government imagines that the answer to the country's social malaise is to create more insecurity, then it has completely blown it .... If breaking taboos means destroying what we've got and putting nothing back-then we don't want it,' said Francois Chereque of the CFDT union.
   The government denied a report in the economic newsletter La Lettre de l'Expansion that Villepin will set an objective of 800,000 new jobs over the next year. Among likely measures are a cut in social charges and public-private partnerships in major infrastructure projects, the newsletter said.
   Much hope was being vested in a 13-billion-euro (16-billion-dollar) scheme which was approved by the last government shortly before the constitution referendum. Inspired by Social Cohesion Minister Jean-Louis Borloo, the plan aims to create 500,000 jobs in the service sector by next year.
   The aftermath of the May 29 vote has seen passionate debate over whether France's vaunted social model needs to be protected or reworked. The 'no' vote was largely prompted by fears of British-style liberalisation, but critics say over-generous levels of social protection are hampering growth and creating unemployment.

A dispute between the United States and China over Chinese textile exports is unlikely to trigger a trade war, a senior US official said on Monday.
   Still, a surge in Chinese textile exports this year meant some US import curbs could be renewed later in 2005, James Leonard, deputy assistant secretary for textiles, apparel and consumer goods, told reporters in Hong Kong.
   'Textiles only account for 6 per cent of China's trade and it would be very unfortunate to have a trade war over 6 per cent of your trade,' Leonard said.
   'Personally I don't think it will happen,' he said.
   The United States recently imposed emergency import curbs on seven groups of textile and apparel products made in China.
   The move followed a surge in China's exports to the United States since global textile quotas were abolished on Jan. 1. The curbs cover trousers, underwear and shirts, among other products.
   In October, Washington imposed curbs on sock imports from China and those curbs are due to expire in October this year.
   Leonard said the curbs on some or all eight categories could be renewed when they expire this year if US textile and clothing companies still saw a threat to their domestic industry.
   Leonard, who accompanied US Commerce Secretary Carlos Gutierrez to trade talks in Beijing last week, said the two countries are due to meet again in the next few weeks for more talks on the textile issue, though no date has been set.
   'China has indicated to us that they are prepared to engage in substantive consultations, we'll see over the next few weeks,' Leonard said.
   Washington says China exported $10 billion worth of clothing to the United States in 2004, and the rise this year could disrupt the US market.
   Leonard said China had virtually guaranteed disruption by ramping up production very rapidly prior to the abolition of quotas and shipping massive volumes.
   Under World Trade Organisation rules, China is the only country against which the United States, or any other WTO member, can impose textile-specific safeguards.

While it is not quite the days of the dot-com boom, when companies lured graduates with promises of six-figure salaries and ping-pong tables in the workplace, corporate recruiters are once again combing campuses for the best of the Class of 2005.
   'People ask me all the time 'So you graduated, are you looking for a job?' And I'm like: 'I already have one,'' said Pauline Livaditis, a 22-year-old accounting graduate who was hired by Ernst & Young before she finished school in May.
   'The friends I had classes with all have jobs-they were recruited on campus,' said Livaditis, who graduated with a combined Masters of Business Administration and accounting degree from St John's University in New York.
   Hot degrees in 2005 included business administration, management and electrical or mechanical engineering, according to a survey by the National Association of Colleges and Employers. But no degree is more in demand than accounting, where the starting salary averages $44,564.
   'The market is very, very robust, and so we need many, many accountants,' said Karen Glover, director of recruiting at Ernst & Young. 'A great person will have many offers.'
   Demand for accountants and auditors soared after Congress passed the Sarbanes-Oxley reporting rules in 2002 in response to high-profile scandals that brought companies like Enron and WorldCom to their knees.

Barristers who prosecute and defend in crown court trials in England and Wales say they could take action over pay.
   Some 97 per cent of more than 1,000 barristers asked by the Criminal Bar Association said they thought action such as refusing cases should be explored.
   Hourly rates for the 95 per cent of crown court trials which last up to 10 days have not changed since 1997.
   The government admitted pay was in need of reform, but said overall, defence barristers' pay had gone up.
   One lawyer was expected to earn £1m from public funds this year, the Department of Constitutional Affairs said.
   Taking direct action such as refusing cases would be the closest barristers could take to going on strike.
   In the poll of 1,024 of the CBA's 2,500 members, 75 per cent described the mood in chambers over the issue as 'angry' or 'very angry'.
   Some 97 per cent said they thought direct action should be explored, and 79 per cent said they would take it.
   One experienced barrister, specialising in sex abuse cases, told the survey he earned less than junior colleagues doing straightforward hearings.
   The government's fixed pay rates known as 'graduated fees' were introduced in 1997 and apply to crown court trials lasting up to 10 days.
   Hourly pay rates for these cases do not include preparation time and expenses.
   Current hourly rates for defending in legal aid cases are £33.50 for a junior, £47 for a leading junior and £62.50 for a QC.
   Ninety-eight percent of the barristers questioned called for the rates to be kept in line with the rate of inflation at the very least.
   Some complained the rates of pay made it difficult to afford flexible childcare.
   David Spens QC, chairman of the CBA, said: 'The criminal Bar is saying enough is enough.
   'For a profession which prosecutes and defends cases in the public interest the situation is now intolerable.'
   Barristers doing publicly funded work performed important functions for society, he pointed out.
   'Those who prosecute, do so on behalf of the Crown and of the public.
   'They speak for the victims of crime, and ensure, where the facts and the law permit, that redress can be achieved and justice can be done.
   'Those who defend uphold the inalienable right to the presumption of innocence until proven guilty, provide a vital bulwark against the powerful resources of the State and put the onus on the prosecution to prove its case beyond all reasonable doubt.'

Microsoft won praise on Monday for its proposal to comply with interoperability demands by the European Union's antitrust watchdog, which said the plan would now be put to industry peers for their opinion.
   The US software giant could be hit with a fine of up to $5 million a day if the European Commission concludes that its proposals would not allow non-Microsoft work group servers to achieve full interoperability with Windows PC and servers.
   But the EU executive voiced satisfaction, even though the sticky question of 'open source' licenses was not fully resolved to the Commission's liking.
   'I am happy that Microsoft has recognized certain principles which must underlie its implementation of the Commission's decision,' European Competition Commissioner Neelie Kroes said in a statement.
   Kroes did not mention the second of two antitrust violations for which Microsoft could face fines, on which the company also made proposals for compliance.
   This is that Microsoft must make its ubiquitous Windows operating system available without Windows Media Player, so that computer makers can buy alternative software, to play films and music, from RealNetworks and Apple.
   Under the interoperability demands, Microsoft must share information with rival makers of servers used to run printers and retrieve files.
   Microsoft's proposals for compliance will now be 'market tested' with other industry players to enable the Commission to make a final assessment.
   'Subject to the results of this market test, work group server developers interested in receiving interoperability information from Microsoft will be able to develop and sell their products on a global basis,' the Commission said.
   'Microsoft has also recognized the need to enhance the options available to recipients by creating a range of packages of information from which they can choose according to their needs,' it said in a statement.
   In addition to agreeing to allow the development and sale of interoperable products on a worldwide basis, Microsoft has also recognized that 'a category of the information which it is obliged to disclose' will be royalty-free.
   However, the Commission said Microsoft considers that the software source code developed by recipients of interoperability information that implements the company's protocols should not be published under a so-called open source license.
   It said that if Microsoft loses its European court case on this issue, the Commission would ensure that it would become possible to use some interoperability information from Microsoft in software products distributed under an open source license.
   Open source licensing was one of the problematic areas in negotiations between the Commission and Microsoft.

High oil prices may spur OPEC to raise its output ceiling when it meets next week, the cartel's president said on Monday, but Iran said it opposed any production increase.
   'Prices are too high and we have to do something,' OPEC President Sheikh Ahmad al-Fahd al-Sabah of Kuwait told Reuters. 'So, maybe we'll increase the ceiling because of the prices.'
   But he said an increase in the Organization of the Petroleum Exporting Countries' production ceiling would not affect actual output because members are already pumping in excess of official quotas.
   Saudi Arabia, OPEC's biggest producer, is the only country with any significant volume of spare capacity.
   Riyadh has already said it is willing to produce as much as it customers want, but that it can do nothing to resolve the refinery bottlenecks that are pushing up petroleum product prices.
   Sheikh Ahmad said he expected third quarter production from OPEC of about 30 million barrels per day (bpd), a 25-year high, including Iraq which is exempt from official quotas.
   Excluding Iraq, OPEC's official output ceiling for 10 members with quotas is 27.5 million bpd. A Reuters survey estimated production for the 10 at 27.94 million in May.
   The group meets on June 15 in Vienna to chart production policy for the second half of the year.

Asian stocks closed modestly higher on Monday, with the exception of Japan which finished lower following higher oil prices and poor US jobs data prompted falls on Wall Street.
   Dealers said figures showing the US economy generated only 78,000 new jobs outside the farming sector in May, far less than expected, had also weighed on trade elsewhere in the region and capped gains.
   Additionally, trade was cautious with investors consolidating ahead of a testimony by US Federal Reserve chairman Alan Greenspan before Congress later in the week.
   But dealers said positive sentiment stemming from local issues was enough to buoy the markets with Australia rising on higher commodity prices, and the Philippines on brighter economic prospects
   New Zealand and South Korea were closed.
   TOKYO: Share prices closed 0.26 percent lower after losses on Wall Street following weaker-than-expected May US jobs data and a jump in oil prices.
   The Nikkei-225 index fell 29.43 points to 11,270.62 on trading volume of 1.17 billion shares, down from 1.27 billion on Friday.
   Oil prices meanwhile rose 2.6 percent to 55.03 dollars a barrel, the highest since April 22, sparking fresh concerns about the possible impact on the United States, a net oil importer.
   Toyota Motor fell 30 or 0.8 percent to 3,860, Nissan Motor was down eight or 0.7 percent to 1,067 and Honda Motor down 30 or 0.6 percent to 5,340.
   Sony fell 40 yen or one percent to 3,930 yen, Pioneer lost 31 or 1.8 percent to 1,709 and Kenwood dropped seven or 3.5 percent to 193.
   SEOUL: Closed
   HONG KONG: Share prices closed 0.3 percent higher on reports that mainland authorities plan to temporarily suspend initial public offerings in a bid to boost the country's sagging stock markets.
   The Hang Seng Index closed up 42.10 points at 13,860.55 on turnover was 13.31 billion Hong Kong dollars (1.7 billion dollars).
   Among China-related stocks, China Mobile gained 0.15 at 28.50, Chalco was up 0.075 at 4.125, Cosco Pacific rose 0.05 at 14.40, Jilin Chemical was up 0.08 at 1.52, China Power unchanged at 0.97 and China Unicom steady at 6.10.
   PetroChina was up 0.15 at 5.15, Sinopec up 0.05 at 2.825 and CNOOC up 0.05 at 4.30.
   HSBC was unchanged at 124.00, Hang Seng Bank was up 0.50 at 105.00, Bank of East Asia was down 0.10 at 22.65 and BOC Hong Kong was up 0.05 at 14.40.
   TAIPEI: Share prices closed 0.48 percent higher on follow-through interest after Friday's solid across-the-board gains while Wall Street's falls and higher oil prices capped the gains.
   The weighted index closed up 29.62 points at 6,137.57 on turnover of 80.42 billion Taiwan dollars (2.58 billion US).
   If turnover stays below 100 billion dollars it will be difficult for the market to breach technical resistance towards the 6,200 points level, he added.
   In the construction sector, Cathay Real Estate gained 1.00 to 15.30 dollars, Hung Sheng rose 1.25 to 19.20 and Highwealth added 1.45 to 22.75. All three were limit-up.
   SINGAPORE: Share prices closed 0.40 percent higher, boosted by gains in energy-related stocks as oil prices continue to rise.
   The Straits Times Index rose 8.71 points to 2,201.38 on volume of 708 million shares worth 709 million Singapore dollars (427 million US).
   Among blue chip counters, Singapore Telecommunications lost a cent to 2.62, Singapore Press Holdings declined by four cents to 4.24, Singapore Airlines was 10 cents weaker at 11.40 and ST Engineering slipped two cents to 2.40.
   KUALA LUMPUR: Share prices closed 0.70 percent higher as retail investors hunted for bargains in smaller stocks which have fallen sharply recently.
   The Composite Index added 6.09 points at 871.97 on volume of 554 million shares worth 615 million ringgit (162 million dollars).
   Among blue chips, Tenaga Nasional was flat at 10.50 ringgit, while Telekom Malaysia was up 0.05 at 10.0.
   Malayan Banking lost 0.10 ringgit to 11.00 on its weaker earnings outlook due to expectations of slower loan growth, dealers said.

Agrani Ins share trading suspended
   Trading of the shares of the Agrani Insurance will remain suspended on record date ie today.
   
   Lexco to be degraded
   The Lexco will be placed in 'Z' category from existing 'B' category with effect from September 10, 2005 subject to the approval of no dividend in the forthcoming annual general meeting to be held on September 8, 2005. The company has informed that the board of directors of the company did not recommend any dividend for the year 2004. There will be no price limit on the trading of the shares of the company today following its corporate declaration.
   
   One Bank share transaction
   Asoke Das Gupta, one of the sponsor directors of the One Bank Ltd, and Mrs Rakhi Das Gupta, wife of Asoke Das Gupta, have reported that they have completed their sale/buy of 17,000 shares each of the bank at prevailing market price through Dhaka Stock Exchange as announced earlier
   
   Mercantile Bank director to buy shares
   ASM Feroz Alam, one of the Directors of the Mercantile Bank, has reported his intention to buy 7,600 shares of the bank at prevailing market price through Dhaka Stock Exchange within next 30 working days.

Poultry sector for information sharing system
Speakers at a workshop Monday said lack of information, bio-security, disease control measures, inconsistent quality of raw materials, insufficient technical and management knowledge are retarding further growth of the poultry industry. They said that the poultry industry could further improve its competitiveness by introducing a modern information sharing system. Information about the market, available technical know-how, raw materials and demand-supply of various inputs and outputs could tremendously help the industry to improve quality and ensure bio-security, fair price and cost-effectiveness, the leading poultry industry stakeholders said. Organised by USAID’s ATDP (Agro-based Industries and Technology Development Project), the workshop titled issues and interventions in the poultry sector was attended by representatives from Care, Danida, Department of Livestock, Egg Producers’ Association and the Bangladesh Poultry Industry Association.
— BDNews

BAPEX training programme ends
The BAPEX completed an over two million euro project with German assistance for improving the exploration and production capability of local personnel dealing with oil and gas resources, says a news release. About 80 employees of BAPEX have completed different training courses during the five-year project titled ‘Technical Assistance for Oil and Gas Exploration and Human Resources Development’. The Federal Institution for Geosciences and Natural Resources (BGR) under the government of Germany assisted the project, originally planned for three years since March 2000 but later extended up to June 2005.
— UNB

Reverse repo
auction held
The reverse repo auction for commercial banks and financial institutions was held at Bangladesh Bank Monday. One bid of 01-day tenor amounting to Tk 50 crore was received and accepted, said a Bangladesh Bank release. The rate of interest against the accepted bid was 4.50 per cent per annum.
— UNB

DSE finishes down
All shares price indices on Dhaka Stock Exchange closed lower Monday as the losers outnumbering the gainers. The DSE all share price index shed by 14.73 points or 1.15 per cent to close at 1262.58 points from 1277.32 points on Monday, the previous trading day. DSE General Index declined 20.24 points or 1.22 per cent to close at 1635.11 points from 1655.35 points on Sunday. The DSE-20 index is decreased by 18.41 points or 1.01 per cent to close at 1795.05 points from 1813.47 points on the previous trading day. A total of 165 issues traded Monday. Of them, 31 gained, 114 declined and 20 remained unchanged. Some 4.77 million shares and debentures worth Tk 249.61 million changed hands Sunday against 4.35 million shares valued at Tk 207.57 million on the previous trading day. Market capitalisation stood at Tk 210.81 billion against Tk 213.12 billion on Sunday.
— UNB

CSE closes lower
Trading at Chittagong Stock Exchange closed lower Monday though the losers outnumbered the gainers. The CSE All Share Price Index decreased by 20.85 points or 0.64 per cent to close at 3221.35 points from 3242.20 points on Sunday. The CSE-30 Index, also shed by 26.51 points or 0.87 percent to close at 3024.38 points from Sunday’s 3051.19 points. A total of 65 issues traded Monday, 10 gained, 50 declined and 5 remained unchanged. Some 944547 shares and debentures worth Tk 4.28 crore changed hands against 1,207,784 shares valued at Tk 4.62 crore on the previous trading day.
— UNB

Hong Kong gold prices close higher
Hong Kong gold prices closed higher Monday at 424.50-426.00 US dollars an ounce, compared to Friday’s close of 422.60-423.10 dollars. The market opened at 423.00-423.50 dollars.
— AFP

AmEx applies for China bank licence
American Express International Inc (Amex) is set to apply for a banking licence and plans to independently issue credit cards after China fully opens its financial sector by the end of 2006, the China Business News reported Monday. The newspaper quoted Dave Keung, American Express’ vice president of China and emerging markets, global network establishment services, as saying that the firm is talking with regulators about its application for a commercial banking licence. Keung said the firm wants a banking licence as a first step to expanding its credit card operations in China. It will also seek opportunities to establish a credit card joint venture with Industrial and Commercial Bank of China (ICBC), he added.
— AFP

Siemens in mobile phone alliance with BenQ
German engineering giant Siemens has agreed to set up a joint venture with Taiwan group BenQ in the manufacture of mobile phone handsets, the Financial Times Deutschland reported Monday, quoting sources close to the negotiations. Siemens was not immediately available to comment on the report. But a company spokesman had said at the weekend that Siemens’ supervisory board was holding an extraordinary meeting to discuss the issue of its mobile phones activities. The Sunday newspaper, Frankfurter Allgemeine Sonntagszeitung, had reported that Siemens would officially name its chosen partner for the business on Tuesday. Siemens has been searching for a partner for its mobile phone business for several months, so far to no avail, and has even said it was ready to hand over the majority stake in the loss-making division.
— AFP