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Country’s textile millers expect a huge investment in joint ventures projects within a short space of time following the recent visit of a 10-member delegation of the Pakistani textile mills owners to Bangladesh.
   Sources in the Bangladesh Textile Mills Association said the delegation, which left Bangladesh on Tuesday ending a four-day visit, told them that another team of entrepreneurs will come to Bangladesh within a couple of months and some agreements on textile projects will be signed during the visit.
   ‘The delegation left with delight as their initial talks with the Bangladeshi entrepreneurs were held in a cordial manner, and they found investment opportunity in Bangladesh very much favourable,’ said an official of the association.
   The members of the delegation including entrepreneurs from the home textiles manufacturing sector targeted Bangladesh as better production destination because Bangladeshi products get preferential tariff concession in the European Union and other markets across the world.
   ‘The delegation has also become delighted after the meeting with the government officials, and Pakistanis are given assurance of special tax concession to their industries,’ said the official.
   Pakistan, the world leader in home textiles’ export, is famous for supplying quality bedding items to global markets.
   Top officials of the Bangladesh government assured the delegation chief, Shabbir Ahmed, also chairman of Pakistan Bed-wear Exporters’ Association, of extending every possible co-operation in setting up the manufacturing units in Bangladesh or entering into joint ventures agreements with local exporters in bed wear sector.
   Bangladesh, one of the most potential country in the textiles in the world, is lagging behind Pakistan in bed wear sector, but it is very keen to welcome the Pakistan’s bed wear exporters to set up their business units in Bangladesh, Shabbir said.
   Some members of the delegation opined that by setting up joint ventures, Bangladesh and Pakistan can easily compete with China and India in the WTO free trade area and can grab a share of $30 billion of $250 billion global textile trade.
   In a meeting with the Pakistani delegation, Mahmudur Rahman, executive chairman of Board of Investment, said Bangladesh was seeking at least $1 billion investment in home textiles in the next five years from Pakistan.
   Pakistan’s bed wear industry faced the onslaught of non-tariff barriers from the EU which had not only imposed anti-dumping duty on bed wear exports from Pakistan, but also withdrew GSP facility for the Pakistani exporters, BTMA officials said.

Taka continued to lose its value against dollar due to demand pressure that mounted on the back of inflated oil import bills.
   The foreign exchange market showed stable but steady fall of Bangladeshi currency against the greenback for the last couple of weeks.
   The local currency dipped significantly against the greenback in a volatile foreign exchange market during the July-October period.
   In the later two months, the market trend looked somewhat stable, although taka depreciated against dollar by 3.04 per cent in October than in June, central bank statistics showed.
   A dollar was exchanged for Tk 65.75 at the end of October, from Tk 63.75 at the end of June, revealed the central bank statistics.
   Import bills for petroleum and petroleum products shot up during the first quarter of the current fiscal year as fresh opening of letters of credit jumped 143.75 per cent in July-September 2005 over the same period of last fiscal.
   Oil price in the international market hovered between $50 and $60 per barrel for the last couple of months.
   Although opening of fresh import L/Cs for consumer goods and intermediate products declined by 142.8 per cent and 28.3 per cent respectively, import trend was seen upward in other areas.
   Actual import payment in July-August already crossed $2.2 billion putting the exchange rate under pressure.
   Bangladesh Bank, however, continued its tight monetary stance to contain the import surge.
   The weighted average inter-bank exchange rate stood at Tk 65.80 per dollar on Tuesday while highest rate quoted in the inter-bank forex market was Tk 65.85. The rate was Tk65.75 at the beginning of November.
   ‘The demand pressure for foreign exchange has pushed the price up,’ said a senior banker of a private commercial bank.
   Worried about the country’s political future, businesspeople are trying to utilise most of the working days for opening and settling L/Cs fearing that the situation may turn worse in coming days, he said.
   The banker predicted that the exchange market may see some volatility in near future.
   The pressure on exchange rate is also reflected in the gross foreign exchange reserve of the Bangladesh Bank, which dipped to $2.79 billion at the end of October from $3.02 billion at the end of June 2005.
   Gross foreign exchange balances held abroad by the commercial banks, however, stood higher at $382.2 million at the end-October compared to $294.92 million a year back.

Experts at a policy workshop Tuesday called for ensuring proper use of the ponds and water bodies in urban areas to increase aquaculture production.
   The experts at the two-day workshop on ‘Peri-Urban Aquatic Production and Improvement of the Urban Poor in South-East Asia’ also called for revising the regulations guiding use of water areas in cities and towns to promote environment-friendly aquaculture production.
   Secretary of Fisheries and Livestock Ministry Abdul Karim said pond owners in the city are supposed to utilise their ponds properly in line with the existing regulations. The regulations should be updated and executed to ensure increase in fisheries production, he added.
   The president of Bangladesh Fisheries Research Forum, M Abdul Wahab, executive of Aquaculture and Fish Genetics Research Forum Anton Immink and executive of Practical Action Bangladesh Mohammed Ali also addressed the inaugural session chaired by William Leschen of the Stirling University, UK.

The commerce minister, Altaf Hossain Chowdhury, has deplored that the SARRC could not make any remarkable achievement in its efforts for development of its members in the last two decades.
   ‘We humbly agree that though 20 years have passed since the launching of SAARC, not much remarkable work for the development of the SAARC member countries could be accomplished,’ the minister said at the inaugural session of ‘national consultation on regional economic cooperation in South Asia’ in Dhaka on Tuesday.
   The commerce minister, however, highlighted the success of the 13th summit of the seven-member regional body held in Dhaka on November 12-13. The summit, he said, was an opportune occasion to draw up a roadmap for regional cooperation in South Asia for the next decade.
   ‘I firmly believed that the 13th SAARC Summit provided an important vision to find new avenue for meaningful cooperation as well as to face the common challenges of globalization and the disastrous impact of natural calamities,’ Altaf said.
   Organised jointly by the Federation of Bangladesh Chambers of Commerce and Industry, Friedrich-Ebert-Stiftung (FES), Unnayan Shamannay and Consumer Unity and Trust Society-Center for International Trade, Economic and Environment the function at Dhaka Sheraton Hotel was chaired by economist Atiur Rahman of Unnayan Shamannay.
   The FBCCI president, Mir Nasir Hossain, also spoke in the occasion.
   The commerce minister said that SAARC leaders have declared the 2006-2015 period as the ‘SAARC decade of poverty alleviation’. ‘I strongly feel that we need to work collectively for successful implementation of this decision,’ he said.
   Altaf expressed the hope that under the umbrella of SAARC all member countries could reap the benefits equitably by implementing the mutually beneficial action plans.
   Economist Atiur Rahman said despite many uncertainties, South Asian leaders aired high hopes about the implementation of the promises they had been making for the last two decades.
   ‘The realisation by the South Asian leaders that the “business as usual” will not work and that SAARC will have to rise up to the expectations of 1.5 billion people, 40 per cent of whom are poor, is indeed commendable,’ he said. He, however, said that the weak secretariat of SAARC has not been able to exploit the meetings of the South Asian leaders gainfully.
   Atiur, who chairs the development organisation, Unnayan Shamannay, said South Asia is still the hot spot of poverty and hence terrorism.
   The FBCCI president said that it was now the duty both at government and business levels to devise appropriate tools that would bring about the desired economic development through trade and investment.
   He said called for immediate negotiation on SAFTA for its timely launching.
   In this context the FBCCI leader referred to outstanding issues of rules of origin, trade facilitation measurers, compensation mechanism for revenue loss, harmonisation of standards and customs regulations, finalisation of sensitive list and technical assistance for capacity building.
   ‘The Dhaka Declaration reiterated the need for promoting energy resources including hydropower and energy trade in the region and also developing renewable and alternative resources,’ Mir Nasir said.

Citibank NA, Bangladesh launched a new initiative to provide life insurance coverage to Bangladeshi nationals living in Saudi Arabia who remit funds to their beneficiaries in Bangladesh through Citibank and SAMBA Financial group.
   Under this new initiative, first of its kind in Bangladesh, remitters will get up to 90 days coverage from the date of remittance and will get coverage for natural death and accidental deaths. Beneficiaries will receive the insurance benefit from the group insurance service provider of Citibank.
   ‘This is in line with Citigroup’s global commitment towards innovation and this is the first time that Citigroup has pioneered such initiatives in any country,’ the Citibank country officer, Mamun Rashid, said.
   Citibank, which is now celebrating its 10th anniversary in Bangladesh, has been providing remittance services to Bangladesh nationals residing in Saudi Arabia for the last 10 years in association with SAMBA Financial Group of Saudi Arabia.

A four-day exposition of Iranian products, ‘Iran Expo 2005’, began in Dhaka on Tuesday.
   The commerce minister, Altaf Hossain Chowdhury, inaugurated the fair at the Sonargaon Hotel. It was addressed, among others, by the adviser for commerce ministry, Barkatullah Bulu, and the Iranian ambassador, Mohammad Behesty Monfared.
   ‘This fair, in a true sense, will expedite the way of further enhancing the bond and interest of the two friendly countries which are manifested in their existing good relationship,’ the minister said in a brief opening statement.
   Last month Bangladesh and Iran signed bilateral trade agreement and draft preferential trade agreement, the minister said and termed them as major effective steps on promotion of bilateral trade relations between the two countries.
   Various world standard products like Bitumen, float glass, textile and leather goods and carpets of 17 renowned Iranian companies are on display in the fair, which will remain open for the people between 10:00am and 8:00pm till November 25.

The International Textile, Garment and Leather Workers Federation said next month’s Hong Kong WTO ministerial meeting must have specific discussions on the impact of trade liberalisation on the textiles and clothing sector.
   ‘To protect jobs in the industry in the poorest countries, textiles and clothing needs to be detached from the general discussions in the Hong Kong meeting and treated separately,’ the federation general secretary, Neil Kearney, said in a statement.
   The federation urged the trade unions to discuss the issue with their respective governments to bring forward the agenda at the upcoming WTO meeting.
   The Garment Workers’ Federation in Bangladesh also called upon the government to discuss the issue with them to make the country’s position transparent at the Hong Kong meeting.

The British high commissioner to Bangladesh, Anwar Choudhury, has said British companies are now contributing 10 per cent of Bangladesh’s total annual tax takes.
   ‘Britain is historically the largest foreign investor in Bangladesh’, he said while speaking at a discussion, organised by the British Business Group in Dhaka, a press release said Tuesday.
   The finance and planning minister, M Saifur Rahman, took part in the discussion when he faced a wide range of questions from British Companies operating in different parts of Bangladesh.
   The BBG comprises almost 40 leading British investors in Bangladesh from energy and infrastructure development to banking and consumer goods.

Defying social prejudices, a post-graduate in law did not hesitate to invest in the fish industry, with a stake of a mere Tk 10,000 helping him become a millionaire.
   Manik Lal Kundu, 43 years old, who hails from Dakkhindihi village under Phultola upazila told the agency the story of his success and of the obstacles that stood in his way.
   He said his earnest desire, concentration on duty and concrete planning brought him success, despite the opposition of his family.
   It is a success that has been recognized by others. Kundu has been rewarded by the government on four occasions and also received awards at district and upazila level for his outstanding contribution to pisciculture.
   The peak season for fish cultivation is from March to October. Every season fish fries from 800 kg to 1000 kg are being produced from Kundu’s hatchery. These fries include Ruhi, Carp and Japanese ‘Puti’ etc.
   He said from this year he will go for producing fries of Nylotica. He will also breed turtles.
   Since 2004 Kundu has dug seven new ponds and added 100 bighas of land for the cultivation of fish fries. He has financed this from the income of his hatchery. He sold 1500 maunds of fish from these enclosures (gher) and employs 20 people every day.
   Deducting all expenses, including labour costs, he earns Taka 35 to 45 lakh a year. After obtaining honours and masters degree in law from Rajshahi University, Kundu returned to his village home in 1998 and started a hatchery in his pond. He started his work without any training and with capital of just Tk 10,000.
   Manik Kundu said the government did not appear to be taking the fish industry seriously. Initiatives in the sector could help many young unemployed people fine gainful jobs, he said.

Key players from the World Trade Organisation were returning to the table to try to smooth the path to the global body’s Hong Kong conference, now just three weeks away.
   Trade chiefs from Brazil, the European Union, India, Japan and the United States were not expected to hold detailed discussions on their persistent differences, particularly over tariffs on farm goods, which are holding up international trade liberalisation talks.
   Instead, they were likely to focus on ‘process and management’ in the run up to the December 13-18 Hong Kong ministerial conference, a diplomat told the news agency.
   The gathering comes as Pascal Lamy, head of the 148-nation WTO, works with the chairs of the organisation’s different negotiating groups to try to draft the agenda for Hong Kong. At the conference, trading nations are set to take stock of progress in their four-year-old Doha Round talks.
   The original goal in Hong Kong had been to approve the outlines of a treaty that would ultimately cut subsidies, tariffs and other trade barriers and use commerce to reduce poverty in the developing world.
   Two weeks ago, WTO members said they would have to lower that target and would probably have to meet again in March in order to have any chance of meeting their December 2006 deadline for completing the Doha Round.
   So exactly what they now plan to do in Hong Kong remains unclear, and the answer is likely to be found in Lamy’s draft, which diplomats said he is expected to produce at the end of this week.
   Agreement among the WTO’s big hitters is seen as a crucial step towards an accord among the full membership.
   After weeks of finger-pointing among the heavyweights, as well as prodding from other members including those involved in last week’s summit of the Asia-Pacific Economic Cooperation forum, there has been little to suggest that any last-minute compromise will emerge before Hong Kong.
   In addition to the spat over farm tariffs—where the EU has faced pressure from Brazil, India and the US to offer deeper cuts, and Japan is wary of opening up its farm sector to far-reaching liberalisation—the five have been unable to settle their differences over trade in industrial goods and in services.
   Rich countries have been pressing for more negotiations in those areas, saying there must be ‘ambition’ across the talks. But Brazil and India have resisted this until the farm issue is settled.
   Celine Charveriat, head of the trade campaign at the advocacy group Oxfam said: ‘Ambition is good, if it is about development, but ambition must not be used as a smokescreen for forcing poor countries to agree to dramatic and premature market opening, in agriculture, industry or services.’
   A battle within the 25-nation EU has also complicated the talks, with France slamming the EU trade commissioner, Peter Mandelson, for offering too many farm concessions.
   But after a meeting in Brussels on Monday, Mandelson said EU member states were now united behind him. He also cautioned other WTO members, saying he would go no further on farm tariffs in the lead up to Hong Kong.
   The Doha Round, launched in Qatar in 2001, is running behind schedule: it was meant to end in 2004, but members shifted that deadline to 2006 after a failed ministerial conference in Cancun, Mexico in 2003.

Italian judicial authorities Tuesday ordered the recall of 30 million litres of baby milk produced by Swiss food giant Nestle after ruling the product unfit for human consumption, the Ansa news agency reported.
   Members of a special security unit were deployed throughout the country with orders to seize the milk, it said.
   Almost all the company’s baby milk on the Italian market was targeted by the order as ‘the milk is contaminated by a substance in the packaging,’ Ansa said, quoting Italian judicial authorities.
   A statement by Nestle’s Italian subsidiary, dated November 21, said the company had decided on the ‘immediate recall of all the products indicated by the authorities’ containing traces of a product, ITX, used in the manufacturing of packaging.

China will overtake Germany to become the world’s second largest trading country in 2008 if foreign trade maintains a 15 per cent annual growth rate, Vice Minister of Commerce Gao Hucheng said.
   In a speech at Beijing University Monday, Gao predicted China would also likely replace the United States as the world’s top trading country sometime between 2015 and 2020, the official Xinhua news agency reported on Tuesday.
   Gao said China’s Gross Domestic Product will reach 15 trillion yuan ($1.8 trillion) this year, ranking the economy sixth in the world. By the end of the year, China’s foreign exchange reserves will reach $800 billion.
   China’s total foreign trade is expected to top $1.4 trillion this year, up 20 per cent from 2004, with exports growing 26 per cent and imports around 18 per cent, Gai said, citing ministry reports.
   Xinhua gave no other details about Gao’s forecasts on China overtaking Germany and the United States.
   The Organisation for Economic Cooperation and Development said in September that China’s economic growth rate had averaged 9.5 per cent over the past two decades and ‘seems likely to continue at that pace for some time.’
   The OECD ‘China Economic Survey’ said China could have the world’s fourth largest economy five years from now.
   The current top four economies, according to OECD data, are the United States, Japan, Germany and France.
   ‘Many industries have become completely integrated into the world’s supply chain and, on current trends, China could become the largest exporter in the world by the beginning of the next decade,’ the OECD report said.

The majority of trains in France ground to a halt in a nationwide strike called by trade unions over job security, with the metro service in Paris also due to stop the next day.
   The rail stoppage began at 8:00pm (1900 GMT), with only one train in three expected to run under action called by four major unions, the worst effects of which were to be felt in what the media has dubbed ‘black Tuesday’.
   Initially set for 24 hours, it may be renewed. International services were being affected, though to a lesser extent, with most Eurostar service to London and Thalys train to Brussels expected to depart as planned.
   Links to Italy, Spain and Switzerland were also affected, while overnight trains between Paris and Barcelona were to be cancelled Monday and Tuesday. Services to Cologne and Amsterdam were expected to run normally.
   The Paris area was among the hardest hit, with the suburban line linking the capital to its two airports, Charles de Gaulle and Orly, likely to run at less than a quarter of normal capacity during Tuesday.

A Canadian union leader expressed dismay Monday over new job cuts by General Motors and asked Canada to halt FTAs with S Korea and Japan—whose imports he blamed for GM’s woes in North America.
   Canadian Auto Workers president Buzz Hargrove said the cuts would be felt by workers and the Ontario communities around Oshawa, St Catharines and elsewhere.
   ‘It’s devastating news for GM’s workers. Windsor transmission will be impacted to some degree by the closures of assembly operations in the US,’ he said.

The British finance minister, Gordon Brown, warned France that it must agree to reform of the EU’s farm subsidies to seal an EU budget deal and help the world’s poor, the Financial Times newspaper said.
   Chancellor of the Exchequer Brown said Britain would fight for ‘ambitious agricultural reform’ at a meeting of European Union leaders in mid-December, with the 25-member bloc’s budget topping the agenda.
   The Guardian newspaper called it ‘a strong attack on France’ while The Daily Telegraph said Brown was ‘quite right’.
   The EU faces a tough task to agree its 2007-13 budget at the crunch summit next month.
   An agreement is blocked on Britain’s refusal to surrender its 4.6-billion-euro rebate without reform of the EU’s Common Agricultural Policy farm subsidies, and French resistance to overhauling the CAP, of which it is a major beneficiary.
   In Brussels on Monday, Britain rebuffed increasingly desperate appeals from its EU partners—with some ‘almost on their knees’ for London to back down on the rebate, according to the French foreign minister, Philippe Douste-Blazy.

Noel Forgeard, co-chief executive of Airbus parent firm EADS (EAD.PA), says a new version of the 747 jumbo being developed by archrival Boeing Co will not slow sales of the mammoth Airbus A380 due next year.
   ‘The 747-8 is more designed for the cargo market and therefore we do not anticipate that it will impact sales of the A380,’ Forgeard said in comments reported by the Al Khaleej Times newspaper on Tuesday.
   An EADS spokesman said Forgeard briefed Gulf Arab media at the Dubai Air Show on Monday.
   Forgeard said state loans which Airbus uses to design new models which have sparked a complaint to the World Trade Organisation by the United States were a matter that EADS wanted to see resolved soon.
   ‘We do not wish to prolong this matter and we are very flexible on reaching a settlement,’ he said. Forgeard was CEO of Airbus until earlier this year when he moved to EADS as co-CEO along side Tom Enders.

Japanese share indices ended Tuesday largely flat, as gains among retailers were offset by losses in technology stocks and banking. The Nikkei 225 rose 0.2 per cent to 14,708.32 while the bank-heavy Topix fell 0.1 per cent to 1,526.54.
   The electrical machinery sector, which contains most of the biggest technology stocks, lost some of the previous day’s gains.
   Toshiba plunged 8.8 per cent after Intel and Micron said they would form a joint venture to make flash memory chips – jeopardising Toshiba’s competitive advantage.
   Many other technology stocks also fell as investors pondered whether their recent market rally was justified. For most of the year, the sector has severely underperformed the Japanese market. Hitachi, the electronics conglomerate, fell 1.5 per cent. Matsushita Electric, which makes Panasonic products, slipped 0.8 per cent.
   But some domestic sectors also fell on Tuesday, including some of this year’s star performers. Banking stocks were down 1.4 per cent, despite Monday’s decision by Mizuho, Japan’s second largest bank, to raise its full-year forecast. Mizuho declined only 0.4 per cent while Mitsubishi UFJ, the world’s biggest bank by assets, lost 3.2 per cent to value.
   SMFG closed down 2.61 per cent ahead of its results announcement.

Shares in Asian chipmakers Samsung and Toshiba fell sharply on Tuesday after US rivals Intel and Micron announced a new $2.4b joint deal.
   Intel and Micron are teaming up to make the memory chips used in many MP3 music players and digital cameras, a market currently dominated by the Asian firms.
   Samsung’s shares closed down 5 per cent on Tuesday while Toshiba fell 8 per cent.
   Analysts said the drops were expected and predicted that the Asian chipmakers would see their stock recover.
   Demand for flash memory chips is growing by 30 per cent a year.
   The appeal of the chips is that they retain memory even when power is turned off.
   They are used in Apple’s recently introduced iPod Nano.
   ‘The Intel-Micron partnership means a far more competitive market for the NAND flash chip, which will of course pose a drag on local chipmakers for some time,’ said Dongbu Securities analyst Lee Jeong.
   ‘But given the technology edge enjoyed by Samsung and Hynix, such a negative impact will not last long.’
   Korea’s Samsung and Japan’s Toshiba saw their shares fall despite both also securing a giant new long term order from Apple.
   Apple has signed a $1.25bn pre-payment agreement with Samsung, fellow Korean firm Hynix, Intel and Micron, as it aims to secure all the flash memory it needs to meet ever growing demand for future iPods.

CSE revised trading schedule
   The Chittagong Stock Exchange has revised the regular trading session schedule with effect from 23 November, 2005. The new trading session is as follows for Sunday to Thursday until further notification:
   Pre-opening—9.40-9.55;
   Opening—9:55-10:00;
   Trading—10.00-14:15;
   Closing—14:15-14:20;
   CP Trade—14:20-14:30;
   Post-closing—15.15-16.00; and
   Odd Lot Trading—10.00-14.05.
   
   Dhaka Fisheries down-graded
   Dhaka Fisheries will be placed in the ‘Z’ category from existing ‘B’ category with effect from December 26 as the company failed to declare any dividend, subject to be approval in the forthcoming annual general meeting.
   
   Saiham Textile reports profit
   As per audited accounts of 30 June 2005, Saiham Textile has reported net profit of Tk 92.8 lakh as against last year’s figure of Tk 98.8 lakh. The company also reported a positive earning per share of Tk 7.42.
   
   Six cos’ shares on spot trade ahead of book closer
   Trading of the shares of Anlima Yarn, Monno Ceramics and Monno Jutex have been allowed in the spot market on November
   23 and 24 as book closure of the companies will start from November 28.
   Share trading of Bangladesh Autocar Ltd will be allowed in the spot market between November 23 and 30 as book closure will start from December 3.
   Shares of the Prime Textile and Imam Button will be traded in the spot market from November 22 to 24, as the book closure of the companies will start from November 27.
   
   Two cos raise paid-up shares
   The total number of shares of the Dhaka Bank has been increased by 3,319,181, raising the bank’s total paid up shares to 12,280,971.
   Eastland Insurance Company Ltd has also increased its total shares by 300,000 to total 900,000.
   
   Representative withdrawn
   Globe Securities Ltd, a member of the Dhaka Stock Exchange (DSE member no. 189) has withdrawn one of its authorised representatives, Rakibul Islam (Sohel) with immediate effect.
   
   Transaction
   Md Shah Alam, one of the sponsor-directors of the Ibn-Sina, has reported his intention to sell 900 shares out of his holdings of 1,000 shares of the company at prevailing market price through the bourse within next 30 working days.
   Source: DSE, CSE

Weekly tea sale witnesses strong demand
The weekly tea sale here Tuesday witnessed a very strong demand as buyers from all sections of the market operated in greater strength, particularly the Blenders/Packeteers. As a result, prices advanced further, particularly for the better liquoring varieties, according to a market report. Afghan buyers re-entered the market and operated selectively whilst Pakistan buyers also lent a stronger support but were often out-priced. CIS lent the usual support. Good liquoring Dusts were a much dearer market. CTC Leaf: 25,100 bags, 1,139 c/s, 30 p/s, and (114 bags of old season) on offer met with a very strong demand. Brokens: Black, well made Brokens were a strong market and generally dearer, especially the smaller varieties, which advanced by Tk 2 to Tk 3. These could be quoted between Tk 82/50 and Tk 85. The remainder, including larger types, were also a dearer market. Plain poor varieties also advanced in line with quality. Fannings: Good liquoring Fannings were again a stronger market and advanced by Tk 2 to Tk 4. These could be quoted between Tk 82/50 and Tk 86/50. Below best were also dearer and sold between Tk 81 and Tk 82/50. Medium and plainer varieties were similarly dearer. CTC Dust: 2,873 bags and 72 c/s, on offer met with a very strong demand at dearer rates. Good liquoring types particularly Ds were strongly competed for and were dearer by Tk 5 and more. All others were also dearer in line with quality. Higher valued CDs eased slightly. Internal market lent strong support, specially the blenders.
— UNB

British PM 'convinced' on nuclear future
Tony Blair is believed to be convinced over the need for nuclear power to tackle the UK energy crisis. The government is to announce a review of energy policy, including nuclear power, after being urged by business leaders to tackle the UK energy crisis. Concerns have been growing over future power supplies and rising gas costs. The BBC's Nick Robinson said despite the prime minister's support, no decision has yet been made on Britain's nuclear future. Tony Blair's spokesman said, 'The prime minister's view is that we need to look at all the options and everybody knows that is what we are going to do.' He said it was important to look at it in terms of the UK's energy security and also 'in terms of climate change'. Government Chief Scientist Sir David King told the BBC that a 'fresh look' was needed at the situation but denied that any firm decisions had been made ahead of the review.
— BBC News

Venezuela to study S American gas
pipeline
Venezuela is studying the feasibility of building a 6,000-km natural gas pipeline stretching from Venezuela to Argentina, the foreign minister, Ali Rodriguez, told the media on Monday. Rodriguez said building the gas pipeline would involve the infrastructure of Petrosur, a regional petroleum company, to speed up construction. Argentina, Bolivia, Brazil and Uruguay had all expressed support for the project, which is 'ambitious,' he added. Asked about the financing for the project, Rodriguez said funding is available as long as there are reserves and markets. Venezuela has proposed building a network of pipelines to carry its natural gas to South American markets and eventually tap into supplies in Bolivia, the continent's second-largest source after Venezuela. The Venezuelan president, Hugo Chavez, and visiting Argentine president, Nestor Kirchner, signed an agreement on Monday to build the pipe. Chavez said after his meeting with Kirchner that he was sure Brazil, Uruguay, Paraguay and Bolivia would also participate in the project to guarantee energy 'to all of South America for the next 200 years.'
— Xinhuanet

Morgan Stanley not betting: CEO
Jonathan Zhu, the CEO of Morgan Stanley China, said his company had bought mainland property on a 'micro basis,' denying media speculation that the company was betting on the mainland property market. At the Summit of Boao Forum for Asia, which ended in Shenzhen yesterday, Zhu said Morgan Stanley Real Estate Funds, the company's real estate investor, bought commercial properties in Shanghai and Beijing after 'careful analysis of each project's location, price and quality.' 'The decision (of buying a certain property) is made on a micro basis,' said Zhu. Earlier this year, MSREF bought a six-floor commercial property in downtown Shanghai for 1 billion yuan ($123 million) and a twin-tower building in Beijing worth 400 million yuan.
— Shenzhen Daily

Siemens to build
fast trains
Siemens AG, which helped China build the world's first commercial magnetic-levitation train, said it'll provide technology for the nation to set up one of the world's fastest rail networks to ease transport bottlenecks. Germany's largest engineering company said it will make three trains that can run at top speeds of 300 kilometres (186 miles) an hour and help Tangshan Locomotive & Rolling Stock Work build the remaining 57 locomotives. The 669 million euro ($788 million) contract was signed in Germany on Nov 11, Siemens said on its Web site. China's government has set aside 100 billion yuan ($12 billion) to expand the nation's railway network by 35 per cent to 100,000 kilometres in the next five years, giving Siemens and Bombardier Inc the world's largest market for railway rolling stock. The Siemens-Tangshan service will run at a comparable 300-kilometer-an-hour top speed as the TGV system of France and faster than Japan's 270-kilometer-an-hour shinkansen bullet train.
— Shenzhen Daily

Cos call for non-discrimination in workplace
Some 250 senior delegates from around the world attended the first Diversity and Inclusion in Asia Conference Tuesday, calling on embracing diversity and eliminating discrimination in the workplace. The two-day conference addressed two key themes: women in the workplace and cross cultural effectiveness. 'Diversity is about recognizing, understanding and accepting differences in people. Inclusion is about embracing those differences so a person can achieve their full potential,' said Shalini Mahtani, founder and CEO of Community Business. She cited Hong Kong as an example that women make up 45 per cent of its workforce but they only hold 26 per cent of all the top and senior management positions, and discrimination remains in race, sex and disability.
— Xinhuanet