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

Archive «
Launch Supplement «
Special Supplements «

Stocks recovered in the later trading on Monday after a group of retail investors staged demonstration in front of the Dhaka Stock Exchange being upset with heavy fall in share prices in the early trade and also on Sunday, said market operators.
   The investors demanded the authorities take immediate steps to prevent the stock prices from further sliding.
   They protested against the Securities and Exchange Commission’s market regulatory moves through which the SEC last Tuesday asked the DSE and Chittagong Stock Exchange to monitor the markets strictly, and go for immediate actions against any irregular activities.
   Following the SEC instruction, the DSE on Sunday took market cooling measures which resulted in sharp fall in share prices and turnover at the bourse, said a demonstrating investor.
   The SEC officials said considering the recent market situation as risky, the commission took the move.
   The agitated investors came down to the street in front of the bourse blocking traffic for about half-an-hour until the police brought the situation under control, witnesses said.
   DSE general index, however, gained to close at 3040.79 points on the day – up 20.54 points or 0.68 per cent from the Sunday’s closing – after institutional investors intervened in the later trading to avail the lower prices of securities, said a stock broker.
   The bourse’s blue chips index, DSE20, gained 2.42 points or 0.10 per cent to close at 2537.61.
   Of the total 227 listed issues traded at the DSE floor, 129 advanced, 87 declined and 11 remained unchanged.
   Turnover at the DSE decreased to Tk 242.14 crore from the Sunday’s Tk 249.20 crore.
   Aims 1st Mutual Fund topped the turnover leaders with total transaction of Tk 16.61 crore.
   Other turnover leaders were Beximco Pharmaceuticals, Square Pharmaceuticals, LankaBangla Finance, Shahjalal Islami Bank, Grameen One Mutual Fund, S Alam Cold Rolled Steels, Union Capital, NCC Bank and Padma Oil.
   The CSE selective categories index gained 22.46 points or 0.38 per cent to close at 5905.73 on Monday, while its blue chips index, CSE30, advanced by 32.68 points or 0.41 per cent to close at 8037.98.
   Of the total 132 listed issues traded at the CSE floor, 82 posted gains, 47 dropped and three remained unchanged.
   Turnover at the CSE went down to Tk 34.59 crore from the Sunday’s Tk 40.98 crore.

The Philippines is willing to import pharmaceuticals and garment items from Bangladesh in bigger volumes as the products are cheaper.
   They are also keen to impart training on different programmes to the trainees from least developed countries under Technical
   Cooperation Council Programme.
   Ambassador of the Philippines Lenaida Jacorda Rabago showed the interest during a meeting with commerce adviser Hossain Zillur Rahman at the latter’s office Monday. Economic minister of the Philippines Alex V Lamadrid was also present.
   During the meeting, the envoy said the Philippines is eager to exchange with Bangladesh its experience on food preservation and processing, crisis management, airport management and nursing.
   Apart from imparting training on these issues, Philippines trainers could cooperate in developing human resources in Bangladesh, Lenaida Jacorda said.
   In view of developing the close trade relations with the Philippines, the commerce adviser showed his interest in participating in the international trade fair in October next.
   He laid emphasis on diversifying goods produced in Bangladesh and expanding new markets.
   The adviser also requested the envoy to look into the matter of duty-free access of 21 kinds of Bangladeshi goods to the Philippines market.
   In 2006-07 fiscal, Bangladesh imported goods worth US$ 31.56 million from the Philippines while the export volume was $7.64 million.
   Bangladesh exports chemical fertiliser, jute, pharmaceuticals, jute-thread, woven garments, knitwear, tobacco, stainless steel chain, copper ware, other engineering goods, wooden furniture and glass sheet to the Philippines.
   On the other hand, the import items from the Philippines are animal and vegetable fat, minerals, chemical and plastic goods, textile and textile accessories, base metal, machinery, electric goods, vehicles, aircraft, vessels and their spare parts, cinematographic, television mage, sound recorder, photographic, physician and surgical appliances, various spare parts, watch and spare parts of musical instruments.

Seven deputy general managers of the state-owned banks have been promoted as general managers, official sources said on Monday.
   The ministry of finance issued a circular on Monday, which was sent to all state-owned commercial banks and Bangladesh Bank.
   Deputy general manager Mustak Ahmad of Sonali Bank has been promoted as general manager.
   Two deputy general managers of Sonali Bank — Shajahan Chowdhury and Khandokar Mosharaf Ali — have been transferred to Krishi Bank as general manager. Abu Hanif, deputy general manager of Krishi Bank, has been transferred to Rajshahi Krishi Bank.
   Deputy general manager Ferdousi Begum of Krishi Bank has been transferred to the House Building Finance Corporation as general manager, deputy general manager of Investment Corporation of Bangladesh Khorshad Hossain has been transferred to the Agrani Bank as general manager while deputy general manager of Rupali Bank AKM Abul Hye has been promoted as general manager.

Iran’s Bank Melli, the newest target for European sanctions against Tehran over its nuclear defiance, is the oldest bank in the country and has already been hit by punitive measures from the West.
   In October 2007, the United States included Bank Melli in a broad range of sanctions measures against Iranian institutions on the grounds that it provided banking services to the nuclear drive and the elite Revolutionary Guards.
   Those sanctions forbid any financial transactions between a US citizen or private organisation. All assets under US jurisdiction of those targeted were immediately frozen.
   The latest UN Security Council sanctions passed against Iran in March also urged ‘vigilance’ in dealing with banks inside the Islamic republic, including Bank Melli, which is believed to be the biggest in Iran.
   British prime minister Gordon Brown announced the latest measures after talks with US President George W. Bush in London on Monday.
   ‘Today Britain will urge Europe, and Europe will agree to take further sanctions against Iran,’ Brown said at a joint press conference. ‘We will take action today that will freeze the overseas assets of the biggest bank in Iran, the Melli Bank.’
   Bank Melli Iran (Iran National Bank) was founded on September 11, 1928 during the rule of shah Reza Pahlavi who wanted to modernise Iran’s economy to bring it in line with European countries.
   Its founding was helped by aide from Reza Pahlavi’s close ally Germany and German officials ran the bank during its early years.
   The bank currently employees more than 45,000 men and women, and it has more than 3,100 branches in Iran and 16 branches outside the Islamic republic.

India is planning to build 43 new information technology cities across the country to retain its top status in the business and to be in a position to tap the huge surge in demand for IT-enabled services over next 10 years.
   The move comes at a time when the rising infrastructure and employee costs in big cities is threatening to blunt India’s crucial cost advantage, according to the Times of India Monday.
   While India has held on to its pre-eminent position, its IT and BPO companies are losing their global cost advantage with the emergence of countries like Vietnam and the Philippines, which offer similar services at cheaper rates and are threatening India’s status as the world’s back office.
   As the allure of BPO jobs goes down and attrition rates go up, companies are increasingly finding it difficult to recruit quality employees in the big cities. Also of concern is infrastructure constraints in Bangalore, Gurgaon and elsewhere.
   The plan to build brand new towns is designed to address some of these issues. It is felt that these new towns will provide a steady supply of workers besides being specifically geared towards the needs of the IT and BPO sectors.
   The proposal, suggested by a high-level group on service sector, has been cleared by the Planning Commission of India.
   According to the plan, each IT city will be set up in an area of more than 500 hectare. The cities will altogether generate employment for around 3.5 million people by 2018.
   The proposal is to create self-contained satellite townships with commercial space for renting and a commensurate increase in residential accommodation, education, healthcare, retail and recreational facilities.
   At present, the major volume of India’s IT-enabled services is concentrated in seven cities — Bangalore, Chennai, Mumbai, Hyderabad, Kolkata, Gurgaon and Noida. Government estimates point out that 95 percent of the IT and BPO service industry is in these cities, with around 36 percent of services concentrated in Bangalore alone.

Corn futures rose more than 3 per cent to a fresh record high in early Asian trade on Monday, bolstered by concerns of reduced output from the world’s largest corn exporter following last week’s heavy rains.
   Powerful storms that dumped several inches of rain last week on crop fields across the Midwest, an area where much of the world’s food is grown, could mean a couple million acres will go barren this season, at a time when demand for food and fuel is soaring globally.
   Before crop conditions turned worse the US Department of Agriculture already trimmed 5 bushels per acre from this year’s corn production, and the rains are likely to slash production even further, analysts said.
   July corn futures rose 3.0 per cent to $7.53- a bushel, gaining for the eighth consecutive session.
   Corn prices have jumped by one quarter this month and are up 90 per cent from a year ago, putting increasing financial pressure on livestock feeders, exporters, ethanol and biodiesel makers and, ultimately, consumers.
   Soybeans also rose more than 1 per cent, bolstered by an extended rise in byproduct soymeal, which hit a 35-year high above $400 per tonne last week as floods snarled transportation and shut down soybean processing plants.
   July soybean rose 1.1 per cent to $15.76- a bushel and soymeal also gained 1.3 per cent to $414.3 a tonne after soaring to a 35-year high of $416.40 on Friday.

Malaysia’s central bank said Monday it expects inflation to ease in the second half of 2009 if fuel prices remain at current levels.
   An unpopular 41 per cent fuel price hike earlier this month has sparked concerns the central bank will review its interest rates with rising prices expected to push up inflation and slow growth.
   But governor Zeti Akhtar Aziz said Bank Negara would not review its rates if inflation tapered off by the second quarter of 2009.
   ‘If no further adjustments are made, inflation will taper off in the second half of 2009,’ Zeti told reporters on the sidelines of the World Economic Forum on East Asia in Kuala Lumpur.
   ‘If that is the case, it may not be necessary to consider a monetary policy response,’ she said, adding that the bank would only review rates in July, after studying the impact of the fuel price hike on inflation.

China’s securities regulator said it may open up its securities industry and capital market further to foreigners, but will study the situation in this part of its economy before making a decision.
   ‘The China Securities Regulatory Commission will put forward a medium to long-term strategic plan on opening up based on the assessment and provide policy advice,’ the agency said in a statement on its website seen Monday.
   The securities watchdog said any further opening should be carried out in a ‘gradual and orderly’ manner and warned that excessive and overly fast openings will lead to ‘potential financial risks.’
   The securities regulator said China was closely watching the global economy and international financial markets to discern ‘hidden risks’ for China’s capital market.
   The remarks came as China’s stock market saw the key index hovering at 15-month lows.
   It posted the biggest single-day per centage loss in more than a year last Tuesday after the central bank announced new tightening measures.

Thailand’s central bank governor hinted Monday at an eventual interest rate hike, as she sought to reassure investors after warnings that inflation could hit double digits this year.
   Bank of Thailand governor Tarisa Watanagase downplayed her statement last week that increased consumer spending could bring double-digit inflation.
   ‘I do not want us to presume that inflation will rise up to double digits. Such presumptions will lead to more spending and cost adjusting as well as making foreign investors panic,’ she told reporters.
   But she added: ‘Double-digit inflation may happen at some point in time if oil prices rise.’
   Inflation hit a 10-year high of 7.6 per cent in May as soaring fuel prices pushed up costs in food and other sectors, sparking speculation that the central bank could raise its key interest rate, possibly before its next monetary policy meeting in July.
   The bank has kept interest rates steady at 3.25 per cent since August last year, aiming to slow the strengthening baht.

Japan said Monday it was close to reaching a deal with China on joint development of gas fields in disputed waters, the focus of a long-running spat between the two Asian giants.
   Japanese news reports said that the two governments had reached a final solution after exhaustive talks and were expected to announce an agreement as soon as this week.
   In the reported solution, Japan would invest in a gas field that is controversially operated by Beijing in the East China Sea.
   The top spokesman for the Japanese government said that talks were in their last stages.
   ‘I know that the negotiations are now about the final details,’ chief cabinet secretary Nobutaka Machimura told reporters, without elaborating.
   Ending the row would remove a major obstacle in relations between Japan and China, which have been working to ease longstanding political tensions.
   China started drilling in the area in 2003, even though Japan believed that the gas fields crossed the median line. Japan has previously said that Beijing may be siphoning off what Tokyo considers to be its own gas reserves.
   In 2004, amid sour political relations, a Chinese nuclear submarine intruded into Japan waters near the gas fields, setting off a two-day chase on the high seas.
   Japanese media reports said the two nations had reached final agreement on how and where to conduct joint gas exploration in the disputed waters and about the Japanese investment in the project.
   Working-level officials were discussing terms of the investment this week, the Asahi Shimbun reported in its evening edition.
   The two sides have disputed over where to draw the line for their exclusive economic zones, but they have decided to put the issue aside for the time being to reach the deal, the Mainichi Shimbun said.
   Through the investment, Japan hopes to secure the right to energy from the field, the Nikkei business newspaper said, without identifying its sources.
   ‘This deal would pave a way for the final agreement of the gas field dispute,’ said the business daily.
   The energy row has fuelled tensions between the neighbouring Asian giants, whose relations have been frequently marred by disputes over Japan’s past aggression in China.
   The countries are among the world’s top energy importers as they fuel their massive economies. Japan, despite having the world’s second largest economy, is almost entirely dependent on imports for its gas and oil needs.
   The two countries had failed to meet a deadline of resolving the gas row in time for Chinese president Hu Jintao’s conciliatory visit to Tokyo in May. Hu was only the second Chinese president ever to visit Japan.

The Meghna Cement Mills Ltd has declared 30 per cent cash dividend for the shareholders of the company.
   The dividend was declared at the 16th annual general meeting of the company held at Bashundhara Convention Center, Baridhara in the Dhaka city on Sunday, said a press release.
   Mahaboob Morshed Hassan, sponsor director of the company, presided over the meeting.
   Among others, senior executives, high officials and auditors of the company were present in the meeting.
   The director’s report as well as the audited accounts of the company for the year ended December 31, 2007 were received and adopted in the AGM.
   A good number of shareholders attended the meeting.

The Pragati Insurance Ltd has declared 35 per cent stock dividend for the year 2007 in its
   22nd annual general meeting held at Jamuna Resort Ltd in Tangail on Thursday.
   Khalilur Rahman, chairman of the company, presided over the meeting, said a press release.
   Members of the board of directors and a large number of shareholders attended the meeting.
   During the year 2007 the company earned gross premium of Tk 80.28 crore which was 15 per cent higher than the previous year.
   The meeting reelected four directors from ‘A’ Group shareholders. They are A Monem, Abdul Awal Mintoo, Mohammed A Awwal and Md Syedur Rahman Mintoo.
   Two directors from the public shareholders namely Zakaria Taher and Razia Sultana Shimul were also reelected.

Asian and European finance ministers warned Monday that surging prices for oil, food and other commodities threaten stable world economic growth.
   Wrapping up a two-day meeting dominated by the issue, they said in a statement the increases ‘pose a serious challenge to stable economic growth worldwide and have serious implications for the most vulnerable.’
   The ministers or their deputies from 27 EU countries and 16 Asian nations called for coordinated policy responses to cushion the impact, including greater investment in agriculture and energy and the maintenance of open markets.
   ‘Ministers highlighted the need for further analysis on the real and financial factors behind the recent surge in commodity prices, their volatility and the effects on the global economy,’ the statement said.
   Delegates to the Asia-Europe Meeting of finance ministers, on the South Korean resort Island of Jeju, said they remain positive about the long-term global economic outlook but short-term prospects had weakened.
   Downside risks included the US slowdown, tightened credit in world financial markets and ‘mounting inflationary pressures mainly driven by high energy and food prices.’
   The ministers, whose countries represent 60 per cent of the world’s population and about half its output, stressed that both Asia and Europe are ‘significantly more resilient’ to external shocks than a decade ago.
   But they cannot be fully immune to global economic risks, they said.
   The meeting has been marked by warnings of the potential dangers posed by rapidly rising commodity prices.
   South Korean President Lee Myung-Bak said the world faces its most serious economic crisis since the 1970s.
   ‘Instability in the global financial market has spread to the real economy, thus putting a damper on world economic growth,’ Lee said in a speech.
   ‘Coupled with a steep hike in the price of oil, food and raw materials, it is now no exaggeration to say that the global economy is faced with the most serious crisis since the oil shocks of the 1970s.’
   Lee’s own government is grappling with a truckers’ strike over high fuel prices, the latest in a series of sometimes violent protests worldwide.
   Haruhiko Kuroda, president of the Asian Development Bank, called for safety nets for the poor, reforms to agriculture and measures to increase productivity.
   ‘Food prices can become a very sensitive economic and political issue in Asia,’ he said.
   French finance minister Christine Lagarde called on oil producers to expand output and pressed for more investment in exploration to drive the price down.
   ‘In the short and longer terms there are global proposals that need to be endorsed — number one, an increase of production, and number two, additional exploration and production of oil,’ Lagarde told reporters.
   The French minister also urged a change in energy mix patterns and consumption and a ‘better understanding of how the market functions.’
   Lagarde last weekend attended a Group of Eight meeting of finance chiefs, at which some delegates expressed suspicion that speculators were driving up oil prices.
   She said ministers, meeting in closed session earlier Monday, concluded that Asia and Europe had coped better than expected with the crisis.
   ‘The economies in the two regions have been more resilient than expected, but both need to continue to work to fight rising prices as well as support economic growth.’

Inflation in the 15 euro countries hit a new record in May of 3.7 per cent amid soaring oil and food prices, according to the European Union’s Eurostat data agency on Monday.
   The rate, revised up from a first estimate of 3.6 per cent, was the strongest since the launch of the euro in 1999 and brought more bad news for European consumers seeing their purchasing power dwindle in the face of record prices.
   It also marked a sharp pick-up in 12-month inflation from April, when consumer prices in the eurozone grew 3.3 per cent.
   ‘It’s going up. It’s not a good figure. Inflation is our main concern for what regards the economy at the moment,’ said Amelia Torres, the European Commission’s spokeswoman on economic and monetary affairs.
   However, annual inflation in the full 27-nation European Union rose even higher, hitting 3.9 per cent in May after 3.6 percent the previous month.
   ‘Inflation was primarily pushed up by a sharp jump in energy costs and higher food prices,’ said economist Howard Archer at consultancy Global Insight.
   Recent record oil and food prices have pushed inflation higher, putting additional strain on consumers and businesses already struggling with slowing economic growth.
   Fishermen and truckers have been venting their anger at the high cost of living for about a month with blockades and strikes, and even inflicted minor damage on the very walls of the EU’s institutions in Brussels.

Leaders of Argentina’s nearly 100-day-long farmers’ strike vowed Sunday to continue roadblocks and other protest actions until the government agrees to additional talks about its controversial new grain export tax.
   ‘We’ll keep going as long as necessary,’ said Alfredo de Angeli, one leading union activist, speaking to a local radio broadcaster in Buenos Aires in calling for a ‘serious and transparent dialogue.’
   ‘The government doesn’t want to listen to the people,’ said Angeli.
   Argentine farmers’ organizations have vowed a newly invigorated phase of the strike over the new export tariffs. Farm industry leaders said the work stoppage, which already has lasted for nearly 100 days, now will continue until Wednesday. Labor leaders also have planned a national day of action that day.
   ‘We’re keeping the protest alive. We don’t want to overturn the government. We want a democratic, federal and republican country,’ said de Angeli.
   President Cristina Kirchner’s government has pushed ahead with the tax despite protests by the farmers. The tax is set at 44 per cent currently, but could go as high as 52 per cent if soya goes above 600 dollars a ton.
   The strikes, which began in March, have dealt a heavy blow to the country’s economy. The impact has been compounded by roadblocks by farmers and truck drivers, causing food shortages around the country.
   The strike over a tariff hike for soybean exports was suspended last week after strike leaders accepted a confidential deal with President Cristina Kirchner’s government and promised to resume grain and livestock sales on Monday.
   But activists Sunday warned they would continue the strike because the government still had not committed to opening negotiations.
   Tensions rose when police tried to clear roadblocks, especially on Route 14 linking Argentina, Uruguay, Brazil and Paraguay, where 19 fellow protesters were arrested Saturday.
   News of the arrests drove thousands of protesters to reinforce existing roadblocks, including on Route 14, while others launched a pot-banging demonstration outside the presidential offices in Buenos Aires.
   The detainees were released a few hours later, pending hearings on charges of disrupting traffic, police said.
   The government late Saturday hardened its stance against the strikers, with Chief of Staff Alberto Fernandez calling the roadblocks illegal.
   ‘The roadblocks that are keeping food from peoples’ tables ... gasoline from vehicles and raw materials from factories, are unconstitutional,’ he said.
   On the other hand, he added, the government ‘is protected by the constitution, which establishes the right to tax exports.’
   The government earlier this month offered to fix a cap of a little more than 52 per cent on the sliding tax scale if the price of soya surpasses 600 dollars a ton. But the measures failed to defuse the farmers’ strike.
   Argentina is one of the biggest food producers in the world, leading with exports of soya oil. It is also the second-biggest corn exporter, after the United States, and the fifth-biggest wheat exporter.

South Korean president Lee Myung-Bak called Monday for international cooperation to combat soaring oil and food prices that threaten economic growth worldwide.
   ‘We need to strengthen international policy coordination and cooperation,’ Lee told an Asia-Europe Meeting of finance ministers.
   The world economy now faces challenges ‘after a decade of boom and prosperity,’ he said, adding that recent international financial turmoil also threatens global growth. Rising prices of oil, food and raw materials have caused the biggest crisis since the oil shocks of the 1970s, said Lee. His government is grappling with a truckers’ strike over high fuel prices, threatening the export-dependent economy.
   ‘I expect this meeting to provide a forum for regional economic cooperation and facilitate economic policy coordination between Europe and Asia,’ the president said in a speech on the second and final day of the meeting here.
   The meeting is being attended by finance ministers or their deputies from 27 EU countries and 16 Asian nations, plus officials from six international organisations. Together, their countries represent 60 per cent of the world’s population.
   Apart from fuel, food and recent financial turmoil, the three main agenda topics are regional economic integration, market-based approaches to climate change and cooperation on infrastructure finance and microfinance.

China’s pointman on US trade ties Monday urged Washington to work closely with Beijing to develop energy-efficient and pollution-reducing technologies as he heads to the United States for economic talks.
   Vice-premier Wang Qishan said in an opinion piece in The Financial Times that China and the United States should set up joint research and development centres to encourage new energy and environmental protection technologies.
   ‘Stronger co-operation between the two countries in energy and the environment will enable China to better respond to energy and environmental issues and also bring about tremendous business opportunities and handsome returns for American investors,’ Wang wrote.
   The former mayor of Beijing, now a key economic policy decision maker, was due to arrive in the United States on Monday for the US-China Strategic Economic Dialogue in Annapolis, Maryland.
   The meeting will mark the fourth time the countries have held the forum since it began in 2006.
   His comments reflect Beijing’s growing openness toward discussing pollution in China but also its desire to work with others to obtain new technologies.
   ‘China is a big and populous developing country at a stage of accelerated industrialisation and urbanisation,’ Wang wrote.
   ‘This has led to heavy consumption of energy and resources and made the task of protecting the environment a daunting one.’
   China and the United States should work together to develop tax, trade and fiscal incentives to encourage innovation and investment in green technologies, Wang said.

The Grameenphone Ltd inaugurated a Grameenphone center and two community information centers in the Chittagong Hill Tracts on Sunday.
   Anders Jensen, Grameenphone chief executive officer, inaugurated a GP center and a community information centre in Rangamati on Sunday, said a press release.
   SM Ashraful Islam, vice-chairman, Chittagong Hill Tracts Development Board, Khalid Hassan, director, corporate affairs, Rubaba Dowla, director marketing, and Mohd Aulad Hossain, head of regional sales, Chittagong of Grameenphone, were also present at the inauguration ceremony.
   Earlier in the morning, Grameenphone CEO inaugurated a CIC at Khagrachari to provide access to the internet and other information-based services in the area.

The Square Textiles Ltd has declared 25 per cent cash dividend and 20 per cent stock dividend for its shareholders for the year ended December 31, 2007.
   The dividend was declared at its 13th annual general meeting of the company held at the Bangladesh-China Friendship Conference Centre, Agargaon in the Dhaka city on Monday, said a press release.
   Samson H Chowdhury, chairman of the company, presided over the meeting.
   Kazi Harunar Rashid, director, M Sekander Ali, independent director, Samuel S Chowdhury, sirector, Tapan Chowdhury, managing director, Anjan Chowdhury, director, Charles CR Patra, director, Kazi Iqbai Harun, director, Md Kabir Reza, director, and Khandaker Habibuzzaman, company secretary, also attended the meeting.

Mobile phone operator Citycell has recently signed an agreement with the Sundarban Courier Service (Pvt) Limited for movement of Citycell products within Citycell customer care centers and points located all across the country.
   Sk Tanvir Ahmed Rony, director of service and finance of Sundarban Courier Service, and Saiful Amin, deputy general manager, front office operations of Citycell, signed the agreement for their respective sides, said a press release.
   Under this agreement, Sundarban Courier will collect new and faulty handsets, accessories, documents, and relevant items from all Citycell customer care centers and points and will deliver it back wherever necessary.
   Other high officials from both the organisations were present at the signing.

Crude oil rocketed to a record high of almost 140 dollars a barrel Monday despite news that Saudi Arabia was ready to raise output to help cool soaring energy costs threatening economic growth.
   New York main oil futures contract, light sweet crude for July delivery reached 139.89 dollars, beating its all-time high of 139.12 dollars recorded on June 6.
   New York’s main contract later pulled back to stand at 138.35 dollars, which was still a gain of 3.49 dollars compared to Friday’s closing level.
   ‘The current proposed (production) increase is set to lift Saudi’s output to 9.7 million barrels per day in July, the highest monthly rate since August 1981, as reported by United Nations chief Ban Ki-moon over the weekend,’ said Kevin Norrish, an oil analyst at Barclays Capital.
   ‘However, in our view, the move does not seem to be enough to reverse the recent strength in prices, as it does little to repeal the longer-term expectations for tight demand-supply balances.’
   Traders added on Monday that oil prices were winning support from a weaker dollar, which helps lift demand for commodities priced in the US unit as they become cheaper for foreign buyers.
   The market was also digesting news of a partial halt to oil production in Norway — the world’s fifth biggest exporter of crude — after a fire had struck a North Sea platform on Sunday.
   Brent North Sea crude for August delivery struck a life-time high of 139.32 dollars on Monday. Later, in afternoon London trading, Brent was at 138.13 dollars, up 3.02 dollars.
   UN secretary general Ban has said Saudi Arabian oil minister Ali al-Nuaimi plans to raise his kingdom’s production by 200,000 barrels a day in July on top of an increase of 300,000 barrels made in June.
   ‘They will respond positively whenever there is a request from their customers, so there is no shortage,’ Ban said of Saudi Arabia following a weekend visit to the oil rich kingdom. He added that ‘they don’t want to be blamed’ for high oil prices.
   An official Saudi announcement could be made at a weekend summit of heads of state, oil ministers and business leaders to discuss oil price concerns.
   The summit due next Sunday was being hosted by Saudi Arabia in Jeddah.
   Oil prices broke through 100 dollars for the first time ever only at the start of 2008 and began 2007 trading at about 50 dollars.
   Global finance officials fear high oil prices pose a threat to world economic growth, while truckers and others in Europe and Asia are holding protests over the rising cost of fuel.
   World finance leaders who met in Japan over the weekend warned that runaway oil prices could imperil global economic growth. They urged producing countries to hike output and invest money to ensure they can pump enough supply in future.

The euro rallied against the dollar on Monday on prospects of interest-rate tightening in the eurozone following news of record-high inflation in the European economic bloc, analysts said.
   The European single currency jumped to 1.5427 dollars in morning London trade from 1.5384 in New York late on Friday.
   Against the Japanese currency, the dollar advanced to 108.33 yen from 108.15.
   Inflation in the 15 euro countries hit a new record in May of 3.7 per cent amid soaring oil and food prices, according to the European Union’s Eurostat data agency.
   The rate, revised up from a first estimate of 3.6 per cent, was the strongest since the launch of the euro in 1999 and brought more bad news for European consumers seeing their purchasing power dwindle in the face of record prices.
   The headline 3.7 per cent in May brought eurozone inflation even further away from the European Central Bank’s comfort zone, which it defines as annual consumer price growth of close to but less than 2.0 per cent.
   The figures complicate the European Central Bank’s task of keeping inflation under control in the face of an increasingly downbeat outlook for the eurozone economy.
   Traders also digested a weekend meeting of finance ministers from the Group of Eight rich nations. With central bank chiefs absent from the meeting, currencies were not mentioned in the joint communique.
   Japanese finance minister Fukushiro Nukaga said there was no discussion of joint intervention to shore up the dollar.
   But most G8 finance ministers supported Washington’s call for a stronger dollar during press conferences, noted Kenichi Yumoto, vice president of foreign exchange sales and trading at Societe Generale. The G8 also stressed the economic threat from inflation, saying rising oil and food prices pose ‘a serious challenge to stable growth worldwide.’
   In London early on Monday, the euro changed hands at 1.5427 dollars against 1.5384 late on Friday, at 167.13 yen (166.38), 0.7874 pounds (0.7894) and 1.6134 Swiss francs (1.6101).
   The dollar stood at 108.33 yen (108.15) and 1.0454 Swiss francs (1.0460). The pound was at 1.9600 dollars (1.9481).
   On the London Bullion Market, the price of gold firmed to 872.10 dollars per ounce from 866 dollars late on Friday.

Philippines forex surplus dries up
The Philippines’ foreign exchange surplus shrank to 42 million US dollars in May from 665 million dollars in the same period last year, due to surging prices of rice and fuel, the central bank said Monday. The balance of payments surplus in May brought the five-month forex surplus to 2.2 billion US dollars, Amando Tetangco Jr, the central bank governor, told reporters. Tetangco said the surplus was mainly sustained by the strong inflows of overseas remittance, a pillar of the Philippines economy which contributes about 10 per cent of the country’s annual gross domestic products growth. Despite the slow-down of foreign investment inflows, the remittances sent by Filipino overseas workers grew to a record high of 1.4 billion US dollars in March, bringing the combined remittance amount in the first quarter to 4 billion dollars, central bank data shows. The Philippines is the world’s biggest rice importer and buys over 90 per cent of its oil consumption demand from overseas. The spike of rice and fuel prices in the international market has delivered a crashing blow to Philippines economy.
— Xinhua

Hong Kong to invest $7.278m in CEPZ
A Hong Kong company will invest $7.278 million, approximately Tk 50 crore, to set up a garment accessories manufacturing industry in the Comilla Export Processing Zone. The company, Brilliant Packaging (BD) Ltd, will produce woven labels, offset tickets, care, printed and integrated labels and tickets. It will also create employment opportunity for 260 Bangladeshi and two foreign nationals. An agreement to this effect was signed between the Bangladesh Export Processing Zones Authority and Brilliant Packaging (BD) Ltd in BEPZA Complex Sunday. Farhad Uddin, member (engineering) of BEPZA and Chu Oi Fung, MD of Brilliant Packaging (BD) Ltd, executed the agreement on behalf of their respective sides.
— UNB