Main Page «
Front Page «
Metro «
International «
Sports «
National «
Editorial «
Op-Ed «
Home «
Timeout «
Letters «

Archive «
Launch Supplement «
Special Supplements «

Chittagong customs authority has taken a fresh move to revive ‘green channel’ at Chittagong port jetties for consignment of goods imported for garment factories in, said sources concerned.
   The green channel was first introduced near the end of 2001, but it could not sustain as the garment factory owners hardly took interest in it, said the sources.
   The move for reintroduction of the green channel intends to ensure speedy delivery of goods including imported fabric.
   The green channel would also ensure that there are no anomalies or irregularities including false declaration, said the sources.
   In support of this move Chittagong custom house authority recently sought a performance evaluation report of garment factories from the Bangladesh Garment Manufacturers and Exporters Association, said officials.
   ‘We want to improve trade facilitation at Chittagong port and that objective prompted us to move for the green channel system,’ said commissioner of Chittagong custom house, Farid Uddin, speaking to New Age.
   ‘Besides, we want to help honest traders with speedy delivery of their imports and screen out the unscrupulous ones for necessary action with the introduction of green channel,’ said Farid.
   He said, ‘We are aware that a section of garment factory owners are involved in unethical deals in importing fabrics and other goods, most of which are dumped into the local markets instead of being used for re-export.’
   ‘If hassle free and speedy delivery of imports can be ensured by the green channel, the honest garment traders will be benefited with reduction of lead time,’ he said.
   ‘We asked for the exporters association for a performance evaluation because it would be easier to detect irregularities,’ said Farid.

Women own only six per cent of small and medium enterprises in Bangladesh compared to 50 per cent in the Caribbean.
   According to a gender forum inaugurated in the Dhaka city Sunday, 71 per cent of the enterprises are based in rural areas.
   The low proportion of women’s ownership is not due to a lack of their confidence but die to social barriers, said entrepreneurs and experts at the two-day forum.
   The South-Asia Enterprise Development Facility and the Department of Women Studies of Dhaka University organised the forum on ‘Engendering SMEs: Women in Enterprise Development’ participated by women entrepreneurs from Bangladesh, Nepal and Bhutan and experts from across the world.
   Barbara Mowat and Heather Gibb, two researchers from Canada pointed out that lack of access to finance and entrepreneurial training hinder women’s participation in small and medium enterprises.
   Elizabeth Persan an International Economic Consultant said, ‘In an era of increasing trade liberalisation, countries stand to benefit substantially by strengthening women-owned enterprises and enhancing there export competitiveness.’
   Referring to the Caribbean she emphasized that there are benefits to be derived from promoting women-owned small enterprises that are export oriented.
   Ambika Shrestha, president of the Federation of Businesses and Professional Women, Nepal, lamented that gender equality had become a stereotype.
   She felt that women should be encouraged, supported and facilitated like mainstream entrepreneurs.
   Women’s position in production activities is quite honoured in Bhutan, said Dasho Dawa Dem, secretary of the National Women’s Association of Bhutan.
   ‘In Bhutan women in houses weave cloths and men sell them in markets,’ Dem told the forum.
   ‘Addressing gender discrimination in the investment climate is a prerequisite to unleashing economic growth and making progress towards gender equality and empowering women,’ said Marlon Lezama, program manager of the enterprise development facility, a front of the World Bank, to apparently facilitate projects in Bangladesh, Bhutan, Nepal and North-east India.
   Lezama pointed out that women throughout the developing world — energetic, ambitious and enormously talented — are locked out, overlooked or undervalued.
   ‘Constitutional guarantees of equal rights are not enough. It should be translated into action,’
   said Harun-or Rashid, dean of social sciences of Dhaka University, drawing attention of the society to encourage and support women in businesses.

Palli Karma Sahayak Foundation, the apex financial body providing low cost fund to NGOs, is scaling up its coverage of the extreme poor from the present one lakh to five lakh with a view to improving their living condition.
   Briefing newsmen in Dhaka Sunday on the occasion of the UN International Year of Micro-credit 2005, PKSF managing director Fakhruddin Ahmed said his organisation was now funding over 200 NGOs, which in turn were providing micro-credits to about six million borrowers.
   There are about 16 million micro-credit borrowers in the country and the PKSF covers over one-third of the total.
   He said PKSF was trying to improve the terms of lending by the NGOs in the form of reducing their service charges and coverage activities. The PKSF deputy managing director, Mosharraf Hossain Khan, and the general manager, Dr MA Hakim were present on the occasion.
   Fakhruddin said the United Nations had declared the year 2005 as the year of micro-credit and Bangladesh had chalked out elaborate programmes to create public awareness in this regard.
   The programmes included issuance of commemorative stamps, special reports on micro-credits, holding of rallies, cultural events, discussions, easy competition, distribution of posters, leaflets, stickers, publication of supplements in newspapers and publication of periodicals.
   He said the organisation had earmarked Tk 120 to 130 crore this year, for funding the extreme poor at a time, when the overall funding target has been posted at Tk 700 crore for the year. PKSF funding last year stood at Tk 390 crore, he added.
   Replying to a question, he said PKSF had been providing funds to NGOs at 7 per cent, 4.5 per cent and 1 per cent respectively, for medium and small loans and funding of the activities of the extreme poor. The NGOs are re-lending the funds at 12.5 per cent for small loans and 10 per cent for extreme poor, he said.
   Replying to another question on the accountability of some NGOs, Fakhruddin said the government was working out a regulatory regime for the purpose.
   He said enactment of law for the purpose was under process and the parliament might take it up in the next few months. He said different countries were working to replicate the PKSF to mobilise resources for micro-credit activities and his organisation is lending them advisory support.
   South Africa and some Arab countries were also working on the PKSF model, he added.

The speakers at a workshop on Sunday expressed the view the light engineering industries can play a vital role in economic development of Bangladesh if the huge potential of it can be properly utilised.
   ‘Having less dependence on imported inputs, the LEIs can cater to the needs of both domestic and export markets”, they said, adding that Bangladesh has the opportunity to export quality products at a competitive price, as the cost pertaining to labour and infrastructure, electricity, gas and water are cheaper here than any other country.
   They emphasised efficient managerial and technical capabilities to run industrial units to produce competitive quality products and said that significant achievement in this sector could not yet be possible due to this lacking.
   In this regard the speakers underscored the need for regular training of the personnel of the industries.
   Organised by the Institute of Appropriate Technology of BUET at the BUET jointly, with collaboration of the Business Promotion Council of the ministry of commerce and Bangladesh Engineering Industry Owners’ Association, the opening ceremony of the workshop was attended as the chief guest by M Golam Hossain, the joint secretary of the ministry of commerce.
   The IAT director M Kamal Hossain, the BEIOA president, Abdur Razzaque and Professor Nurul Islam of IAT also spoke on the occasion.
   Besides the economic aspects, the speakers viewed, LEIs can also contribute to the social development by employing large number of poor citizens in manufacturing and processing activities in cottage and SMEs. Aimed at imparting proper technical and managerial knowledge, 36 representatives from different light engineering industries from various parts of the country are taking part in the workshop.

The foreign holidaymakers defiantly sunned themselves on Bali’s famous beaches Sunday just hours after deadly bombings, but many fear the latest attacks will deal another crushing blow to the island’s tourism industry.
   Despite the carnage wreaked by the bombings, which left body parts strewn in the heart of the island’s shopping and entertainment districts, there was no panicky rush to the airport or mass cancellation of bookings.
   ‘Next year we are coming again, no problem,’ said 73-year-old Dutch retiree Jan van Dorp as he strolled along Kuta’s wide sweep of sand with his 71-year-old wife Immie.
   Bombings ‘can happen everywhere’, he said, adding the couple had been visiting Indonesia every year for more than a decade and had no intention of cutting short their six-week trip.
   And it was business as usual at Bali’s international airport, as dozens of touts and tourists guides crowded behind barriers at the arrivals hall. ‘I was in London two weeks before the bombs in the tube station, it could happen anywhere in the world,’ said one American tourist as he landed.
   But Bali tourism office chief Gede Nurjaya was already counting the cost, particularly after having spent the past three years getting the industry back on its feet after the 2002 bombings which killed 202 people.
   ‘In reality, we have just been crawling on our hands and knees since then... and because of the bombs I think we will have to work even harder,’ he said.
   ‘Based on our experience in 2002, where tourism levels only returned to normalcy in September 2003, we hope that at least by September 2006 tourism can recover again.’ And despite the hardy tourists still on the beaches, many were nervous. Per Lindevall, 18, and Christoffer Lexberg, 20, from Sweden said they were scared and heading for Thailand.
   ‘I did not consider it at all,’ Lindevall said when asked whether he ever imagined bombers could strike Bali twice.
   On the faces of taxi drivers and shopkeepers, the famous Balinese smiles were nowhere in sight as public opinion grew bitter over the way this idyllic island and its hardworking people have been targeted by terrorists.
   ‘I could almost not believe it that Bali could be bombed once again,’ said 34-year-old Putu Ardi Arta, who lost his hotel job after 2002 and now makes a living by renting out his car to tourists.
   His driver, Nyoman Sukra, a 43-year-old father of three who was also waiting for customers outside the airport, said it was certain that tourist arrivals would plummet.

Air India received significant response within three months of resuming its operation in Bangladesh on June 18.
   ‘The flights are going well as we are enjoying good loads from Dhaka. The flights have between 80 and 85 per cent on an average carrying about 200-250 passengers on each flight,’ said Bangladesh manger of the airline, AK Mitra.
   Mitra was speaking at a press meet on Sunday at a local restaurant. He was accompanied by accounts manager
   AK Roy.
   Mitra said Air India is the only international airline operating flights to three separate destinations— Kolkata, Delhi and London — from
   Dhaka with Boeing 777-200 aircraft.
   ‘To facilitate London-bound passengers from Sylhet, we have tied up with GMG Airlines for carrying passengers who have completed their immigration formalities,’ he said.
   Mitra said Air India was offering 21 flights a week to London and three to Birmingham, thus doubling the capacity offered by airlines on India-UK route in the past seven months.
   ‘Similar facilities are available from Chittgong from where most of the passengers go to destinations in the gulf,’ said Mitra.
   Replying to a question, Mitra said there was at least one Bangla-speaking crewmember in each class besides the recently introduced announcements in Bangla. ‘We are providing halal food and will introduce Bangladeshi cuisine from March.’
   Mitra said Air India has tied-up with Air Sahara for carrying its passengers to any destination within India with a package deal of $350.
   Replying to another question, Mitra said Air India will raise its frequency to Dhaka on the basis of market demand and bring in Boeing 747s.

Leaders of the Bangladesh Cold Storage Association on Sunday placed a six-point demand before the government, including taking step for Open Market Sale of potato, like the others essential commodities.
   The association leaders at a press conference also urged the government to take immediate measures for development of the cold storage industry of the country.
   ‘The production of potato satisfactorily increased in the country following setting up of a good number of cold storages but the farmers are yet to get the benefit for lack of proper marketing of the products,’ the association president, AKM Fazlul Haque, told the briefing in the BCSA conference room in the afternoon.
   The other demands included 20 per cent reduction of the electricity bill for the cold
   storages to preserve potato,
   fixing up the highest interest of bank loan for cold storages below 7 per cent, providing 30 per cent cash intensive to export the potato to abroad, reducing the price of fertilisers and pesticide and launching extensive publicity through government media to increase multiple use of potato.

A litre of petrol costs a mere 10 US cents in Iran and 44 cents in Indonesia owing to massive government subsidies, but soaring crude oil prices are stretching public budgets in developing countries, forcing some into unpopular reform.
   While most rich countries heavily tax petrol and other fuel sales, many developing countries do just the opposite: they subsidise them.
   This stimulates demand for fuel and can cause huge budget deficits because, in effect, governments are importing refined oil products at high prices before selling it at a loss to consumers.
   The finance ministers from the world’s richest nations at a G7 meeting last week called on developing countries to ‘avoid’ such subsidies which they said had ‘a negative effect on the world market.’
   This request came after crude oil prices recently rocketed to above $70 a barrel in the wake of Hurricane Katrina, a record high caused by surging demand, especially from the United States and China, combined with strained production capacity. The countries like Indonesia, Malaysia and India, under budgetary pressure, have started painful reforms.
   Indonesia, a major oil producer and OPEC member, spends a fifth of its annual budget providing subsidised fuel to its citizens, but late Friday Jakarta announced a price rise of 87.5 per cent for premium petrol, to 4,500 rupiah (0.44 US cents, 0.36 euro cents) a litre.
   In comparison, French petrol costs around 1.25 euros per litre.
   The government had already raised prices in March by an average of 29 per cent.
   On Friday, the price of kerosene, widely used by the poor for cooking, surged by 185.7 per cent from 700 rupiah to 2,000 and diesel oil surged 104 per cent from 2,100 rupiah to 4,300.
   On Thursday, demonstrators took to the streets of many Indonesian cities and bus drivers in Jakarta went on strike to protest the latest price hike.
   On Friday, police fired tear-gas to disperse rock-throwing students.
   Neighbouring Malaysia, also a net exporter of oil, has raised petrol prices four times over the last year as part of efforts to cut the soaring cost of its fuel subsidies.
   India hiked its petrol prices by seven per cent this month, while Vietnam’s government raised petrol prices by about 12 per cent a month ago and warned that prices could be ‘readjusted’ further if oil prices continued to rise.
   Iran and Venezuela, both major OPEC oil producers, have however bucked the trend
   The Islamic republic says it has no plans to raise petrol prices that would make Western motorists green with envy.
   Such policies might make political sense for a government seeking to keep voters sweet, but the economic consequences are potentially disastrous.
   In 2004, before the dramatic spike in prices this year, Iran’s fuel subsidies cost the government about $2.8 billion. Daily consumption was 66 million litres of petrol a day, compared with a daily output by Iran’s refineries of some 39 million litres. The shortfall was made up for by imports.
   Venezuela, where in 1989 fuel price rises led to riots that left hundreds dead, has also said that is has no plans to raise prices for fuel.
   Africa has had its share of unrest sparked by fuel price rises as well, the latest being a strike that paralysed the Indian Ocean archipelago of the Comoros.
   China said this week that it was not ready to significantly hike its low oil prices—petrol currently costs 4.0 yuan (49 US cents) a litre—despite growing evidence that refiners are making huge losses. The difference between prices of oil inside and outside China’s borders has also led to rampant smuggling, causing south China’s Guangdong province, otherwise an economic powerhouse, to nearly run out of fuel.
   Smugglers in Guangdong send an estimated 1,200 tonnes of oil daily across the border to Hong Kong, where oil is between 2.5 and three times more expensive, according to Li Rongrong, the head of China’s powerful State Assets Supervision and Administration Commission.
   In the first half of the year, the two top producers Sinopec and PetroChina suffered combined losses of 46 billion yuan ($5.7 billion) because of low domestic oil prices, officials have said.
   The pricing system has forced China’s domestic refining companies to buy on international markets and then sell at up to 40 per cent below cost.

At the 3rd GSM World Congress in Singapore recently, Rob Conway, the chief executive and board member of the GSMA, announced Motorola, as the selected company to supply the phase-two handsets.
   The ten operators supporting the second phase of the GSMA's emerging market handset programme, are expected to buy about six million of these low-cost handsets from Motorola, said a press release.
   'The GSMA emerging market handset initiative is a major step towards reducing the start up price, which is the single most important criteria for connecting the unconnected in emerging markets' said Erik Aas, the chairman of the GSMA
   programme and the chief executive of GrameenPhone.
   Motorola submitted two handsets in its proposal the C113 and the C113a, which were specifically designed for the emerging market handset program. The handsets will be available early in 2006.
   The president of Motorola Mobile Devices, Ron Garriques said, 'In emerging markets,
   consumers and operators want mobiles that meet specific
   performance requirements while exceeding expectations for quality, reliability and design.
   Additionally, they want all of this at a value price.'
   Motorola was also the supplier in phase one of the programme with its family of handsets based on the C11X platform.

The Standard Chartered Bank opened a second branch in Gulshan on October 2. Inagurated by Muhammad A (Rumee) Ali, the deputy governor of Bangladesh Bank, Osman Morad, the chief executive officer of SCB, and other high officials along with MSA Sarwar, the chief operating officer of AEBL, were also present in the ceremony, said a press release.
   This marked the successful conversion of American Express Bank Ltd's Gulshan branch license to that of SCB following the latter's recent purchase of AEBL's domestic business and branches in Bangladesh.
   The assets and liabilities of AEBL, including customer deposits and loans, will be transferred to SCB, during the transition period that will end in October 31.
   It is planned that AEBL will cease to operate as a commercial bank in Bangladesh with effect from November 1 and all its branches and cash booths will be converted to the SCB brand and operating platform.

The chief executive officer (Asia Pacific) of DHL, Scott Price, completed a successful trip to Bangladesh.
   According to a press release, he met the state minister for civil aviation and tourism, Mir Mohammad Nasiruddin, to thank the government for assisting in the development of courier services. Price also discussed about opportunities to further utilise the cargo capacity at Zia International Airport in Dhaka, and increasing DHL's operation space there.
   Nasiruddin lauded DHL's role as a trade facilitator of the export sectors offering industry specific logistic solution.
   Price visited the office of the Underprivileged Children Education Programme at Mirpur, and emphasised on DHL's commitment to assist programmes for children's education and training.
   He handed over a cheque to executive director of the education programme, Aftabuddin Ahmed.
   During his meetings with leading television channels and newspapers, Price spoke about issues, including DHL's growth and future plans and market trends.
   He also attended a business review session with the DHL Bangladesh team on the growth of business in Bangladesh.

Southeast Asia stands to gain if regional powerhouses India and China succeed in jointly securing long- term energy supplies to fuel their fast-growing economies, analysts said.
   The two former rivals are now key trading partners of Southeast Asia and if they can work together to ensure their energy needs are met, it will mean a continuation of the sizzling growth that has benefited the region, they said.
   ‘We in Southeast Asia would certainly like to see the continuous growth in China and India,’ said Rodolfo Severino, the former secretary- general of the 10-member Association of Southeast Asian Nations.
   ‘If they are able to resolve their concerns over energy, then that means their rapid growth will continue, which is good for the region,’ he told the news agency by telephone.
   China and India plan to sign pacts in November aimed at teaming up to bid for oil and gas projects, the latest signal yet that ties are improving after a history of hostility which saw the neighbours fight a brief border war in 1962.
   The two neighbours had been vying for scarce energy resources around the world with Beijing winning the latest bout when China National Petroleum Corp. outbid India’s Oil and Natural Gas Corporation for Kazakhstan’s third-largest oil producer, PetroKazakhstan.
   Both countries are keen to ensure there is enough oil to power their rapidly growing economies. Demand from China and India is one of the reasons behind the sharp rise in crude prices over the last two years, according to oil dealers.
   Cooperation between the two Asian giants in securing energy supplies can only be favourable for Southeast Asia, said Hugh White, a professor of strategic studies at the Australian National University in Canberra.
   ‘Obviously for both countries, the search for energy security is going to be one of the key drivers for their strategic policies,’ White told the news agency.

Efforts by relief agencies to raise funds to help rebuild Sri Lanka’s tsunami-battered coastlines by projecting images of massive destruction have backfired on the island’s tourism industry.
   Pictures of wrecked homes and rubble-strewn beaches are clashing with the industry’s efforts to rebuild the image of the island as a fun holiday destination, industry officials say.
   Clicking ‘help Sri Lanka tsunami victims’ into the Google search engine turns up more than 1.1 million results.
   Even a Colombo government-sponsored website pleads for aid with the opening line: ‘The Sri Lankan coastline is full of destruction.’
   However, nine months after giant waves slammed into the island killing 31,000 people and leaving a million homeless, much of the coast has already been cleared and only 11 of 52 hotels damaged in the December 26 disaster remain closed.
   ‘NGOs are still raising funds to rebuild tsunami-affected areas and it is hampering our recovery,’ said tourism ministry secretary Prathap Ramunujam.
   ‘We are yet to see a huge demand for the destination, the negative perception of a tsunami-hit country still haunts tourists.
   ‘Despite a concerted big promotional campaign, we are not seeing the numbers. It could be the guilt feeling to come back to a tsunami-hit area where people are still recovering.’

SEC approves Aftab Automobiles rights offer
   the Securities and Exchange Commission approved the rights offer of the Aftab Automobiles Ltd for offering of 11,24,640 ordinary shares amounting to Tk33,73,92,000 at an issue price of Tk300 per share (including a premium of Tk200). The subscription for right offer will open on November 13 and will close on December 7.
   
   Social Investment Bank will start trading in CSE
   Trading of shares of Social Investment Bank Ltd will start in Chittagong Stock Exchange from October 2005 in damat form, under settlement category ‘Z’. The Scrip Id, Code, Market Lot, Face Value and Tick Price are 22027, SIBNK, 5,Tk1000.00 and 50 paisa respectively.
   
   Olympic reports profit
   As per audited accounts as on March 13, Olympic Industries reported net profit of Tk1.27 crore as against corresponding year’s net profit of Tk1.31 crore. The company also reported a positive per share earning of Tk7.34 in the same period of time.
   
   Kohinoor Chemical reports profit
   As per provisional accounts for the year ended 30 June 30, Kohinoor Chemical Co (BD) Ltd reported a net profit of Tk1.7 crore and a positive per share earning of Tk34 in the same period of time.
   
   Summit Power conducts IPO Lottery
   Summit Power Ltd will conduct IPO lottery Saturday at 11 am at Bangladesh-China Friendship Conference Centre at Agargaon at Sher-e-Banglanagar in Dhaka.
   
   Al-Arafah Islami Bank trades in demat form
   As per decision of Securities and Exchange Commission, trading of the shares of Al-Arafah Islami Bank Ltd will be held in demat form from October 16. In this respect, only spot trade will be allowed on October 9 and trading of the scrip will remain suspended from 10 to October 12 for demat process.
   
   Sponsors confirm of sale, buy NCC Bank shares
   Md Rashed Pasha, Md Anwar Pasha and Mahbubul Alam Tara, the sponsors of NCC Bank Ltd, have further reported that they have sold 3,000; 4,000 and 10,000 shares respectively, while Zakia Alam, a proposed sponsor of the Bank, has further reported that she has purchased 17,000 shares of the bank respectively through stock exchange as announced earlier.
   Source: DSE, CSE

Hilsa catchers’ hay day in Patuakhali
The hilsa catchers are enjoying hay days due to the plenty of hilsa they could catch in a day at different seashore areas in Kalapara of Patuakhali district. The different seashore areas including Kuakata, Mohipur, Alipur and Khalgoda have weighed down with heaps of hilsas every day following the huge numbers of hilsas caught by the fishermen in the areas. The local traders said that the fish markets are overwhelmed with hilsa fishes and the fishing boats and trawlers bring hilsas worth Tk 50,000 to Tk 3 lakh in each trip. The fishermen said that they never found such a plenty of hilsas in the season.
— BDNews

Mittal Steel eyes expansion in India, Turkey
Mittal Steel Company, the world’s top steel maker, expects shortly to sign a deal to build a large plant in eastern India, its chief operating officer, Malay Mukherjee said Sunday, after the company said it may raise up to $3 billion to fund expansion. Malay also said the company was in the final stage of bidding for Turkey’s largest steel producer, would begin mining iron ore in Liberia next year and saw potential to expand its presence in China, the world’s biggest steel consumer, after acquiring a stake in the country’s eighth-largest producer. The foreign companies, including South Korea’s POSCO, want to set up steel plants in India to turn rich iron ore reserves into steel, demand for which is expected to boom with India’s economy, Asia’s third-largest, growing at some 7 per cent a year. ‘The country is growing. Opportunities are opening up and policies are tuned to having additional investment,’ Mukherjee told the news agency in an interview. He said the company would sign a deal ‘sooner rather than later’ to mine iron ore and build the steel plant in the eastern Indian state of Jharkhand. The Jharkhand project would be Mittal Steel’s first plant in India, the birthplace of its London-based founder and chairman, Lakshmi Mittal. Mittal Steel is also among six companies bidding for Turkey’s state- owned Eregli Demir Celik, known as Erdemir.
— Reuters

GM to place more emphasis on hybrids
Toyota’s success with hybrids has forced General Motors Corp. to put more emphasis on hybrid, gas- electric vehicles, one of the company’s top executives said. Robert Lutz, GM vice chairman and the executive responsible for product development said GM is ‘pouring on the coals’ on the development of hybrid vehicles. In the past, GM’s executive have expressed reservations about hybrids because of the extra cost, complexity and weight that comes with having both gas and electric motors built into the vehicle. But while Toyota is probably still losing substantial sums on each hybrid vehicle it sells, the Japanese auto giant has gotten a big lift from the technology, Lutz said. Toyota is now widely considered both the auto industry’s technology leader and a friend of the environment.
– AFP

Nissan aims to challenge Korea
in US market
Japanese automaker Nissan plans to challenge the dominance of South Korean carmakers in the low end of the new-car business in the United States when it begins selling the new subcompact Versa next year. But it may find the field already crowded by fellow Japanese competitors, Toyota and Honda, which are also moving into the segment. ‘Most Japanese manufacturers gained their footholds in North America with fun, economical, high quality, affordable vehicles,’ Jack Collins, Nissan North America vice president of product development, said Wednesday during a press briefing at Nissan’s North American Technical Centre in Farmington Hills, Michigan, near Detroit. ‘And though it seems like we’ve spent 40 years trying to move our product line-up away from those humble beginnings, history does have a way of repeating itself,’ Collins said, adding that more and more American motorists are thinking seriously about moving into a smaller vehicle for the first time in years.
— AFP

SA goat farmers rejoice mohair fashion return
A surge in demand for mohair, which is back in fashion on the US streets, has spelled good news for the owners of South Africa’s 9,00,000 Angora goats who produce about 60 per cent of world output. The average price of mohair on world markets has risen by 30 per cent over the past nine months and prices on South African auction floors showed an average 56-per cent increase between January and June, according to the producers’ association Mohair South Africa. At last week’s auction, the price of a kilogram rose from 52.21 rands (8.22 $/6.78 euros) to 60.23 rands amid a global shortage in supply. The managing director of mohair producer Cape Mohair and Wool, Jan van der Westhuysen, told the news agency: ‘Anything that increases the demand for mohair in global markets inevitably increases the price of mohair because it is such a small production in the global textile trade. ‘Mohair is a fashion fibre. It fluctuates with fashion trends and right now hand-knitted mohair fashion-wear has taken off in America.’
— AFP

Quiet Scot takes on Russia’s oil tycoon
With his pinstripe suit, grey hair and quiet manner, Henry Cameron looks more like the Scottish solicitor he once was than a veteran of Russia’s cut-throat business world and frontman in a legal assault on super-rich tycoon Roman Abramovich. Cameron, the 65-year-old chief executive of Anglo-Russian company, Sibir Energy, has taken Abramovich and part of his business empire to court over claims that Sibir was cheated out of its share in a Siberian oil field. In an interview in his office near the Kremlin, Cameron accused Abramovich of mounting the kind of scam that characterised the ‘Wild East’ 1990s. ‘Leopards don’t change their spots,’ he said about Abramovich, who at 38 is the wealthiest and highest-profile of the Russian oligarchs—ambitious young men who snapped up huge companies at low prices in the murky post-Soviet privatisation process. Sibir’s claim, filed in the Caribbean tax haven of the British Virgin Islands, revolves around accusations that Abramovich’s Sibneft illegally forced out Sibir from a joint venture between the two companies in the Sibneft-Yugra oil field between 2000 and
2003.
— AFP