Stocks opened week low-key with its general index shedding more than 100 points on Sunday, the first trading day of the week.
   Market operators attributed the fall to the profit taking selling after days of surges.
   Dhaka Stock Exchange’s general index lost 103.66 points, or 3.38 per cent, to close at 2,966.05, while its blue chips index, DSE20, shed 79.16 points, or 3.15 per cent, to finish at 2,430.47.
   A DSE stockbroker said profit taking selling after surges in the previous two trading days and a seven-day gaining streak pushed down the share prices across the board. Stocks saw corrections after the rises, he said.
   Stock market is experiencing heavy fund flow and a bullish trend in recent weeks following the announcement of the current fiscal year’s budget that has offered a number of incentives for the capital market.
   Losers outnumbered the gainers on Sunday. Of the total 230 issues traded, 204 declined and 26 advanced.
   Turnover at the DSE also dropped to Tk 985.01 crore from the Thursday’s Tk 1,149.71 crore, the market indicator’s highest ever.
   Beximco topped the turnover leader with a total transaction of Tk 127.97 crore.
   Titas Gas, Beximco Pharmaceuticals, Bextex, AB Bank, Summit Power, LankaBangla Finance, Grameen Two Mutual Fund, Shinepukur Ceramics and Square Pharmaceuticals were the rest of the top 10 turnover leaders.
   Chittagong Stock Exchange’s selective categories index lost 197.15 points, or 2.86 per cent to close at 6,695.36, while its blue chips index, CSE30, shed 277.71 points, or 3.26 per cent, to finish 8,248.39.
   Of the total 154 issues traded on the CSE floor, 132 dropped, 21 posted gain, and one remained unchanged.
   Turnover at the CSE decreased to Tk 137.68 crore from the Thursday’s Tk 163.03 crore.

Bangladesh Bank governor Atiur Rahman on Sunday suggested close monitoring of the country’s share market to protect investors’ interest.
   Talking to the news agency at the Bangladesh Bank Training Academy, the governor said the Securities and Exchange Commission has been doing its job to keep normalcy at the market.
   ‘The central bank should also keep an eye on the banks, listed with stock market to ensure that they also follow the rules and regulations,’ Atiur said.
   He disregarded the claim that the country’s stock market had already become overheated. ‘I do not want to use the word `overheated’ yet, but would like to say that there is risk if the market is not monitored properly,’ he said.
   The governor made the comment on a day when Dhaka Stock Exchange experienced a correction in its general index with a 103-point slide. The DGEN dropped to 2966.04 Sunday from last week’s closing of over 3010 points.
   Atiur pointed out that the central bank had been monitoring the activities of the listed banks. ‘We are observing their performance regularly so that none of the banks can be involved in the risky business of the stock market,’ he said.
   He added that ultimately it is the investors who need to look at the fundamentals of the companies before making their investment’s decision.
   Earlier, Atitur inaugurated a BBTA training programme for the central bank’s newly appointed assistant directors and distributed crests and certificates to the assistant directors who finished a similar training successfully.
   Addressing the function, the governor emphasised the importance of human resource development as he said skilled manpower would strengthen the banking sector to face the impact of the global recession.
   Referring to a good position of Bangladesh in terms of achieving economic growth amid global financial meltdown, the governor said none of the developed countries would get positive growth this year.
   He listed some areas including remittance inflow, foreign exchange reserve and banking sector where the situation in Bangladesh `is satisfactory’.
   According to him, remittance inflow has showed 23 per cent growth in the recent time when reserve was over 7 billion, a historic high for the country.
   ‘Our banks are helping the recession-hit sectors when in the developed world the tax-payers money has been injected to revive banks,’ Atiur said.
   He, however, suggested that the banks set up their own risk management units to prepare themselves for the challenges of the recession impact.
   Bangladesh Bank Deputy Governor Murshid Kuli Khan also addressed the function, presided over by Executive Director of the central bank Devaki Kumar Saha.

The government will not withdraw the tax imposed on mobile SIM cards, the finance minister, AMA Muhith, said
   in the parliament on Sunday.
   He also said the government would not reduce value added tax imposed on refining and production of edible oil.
   ‘The government will lose revenue amounting to Tk 750 million if VAT imposed on refining and production of edible oil is withdrawn.’
   The minister said this in reply to questions of lawmaker Kazi Keramat Ali for a Rajbari constituency and AKM Rahmatullah for a Dhaka constituency.

The government launched online tax return system in a bid to make the tax payment easier and free from hassles when the Insurance companies came under the system on Sunday.
   Large Taxpayers’ Unit of the National Board of Revenue opened the system for the Bangladesh Insurance Association under its ongoing programme to familiarise computerised tax payment system.
   Country’s top companies, chamber leaders and some individuals who pay more than 37 per cent of the total income tax will come under the system gradually.
   LTU dispatched a special team to the companies to help the big taxpayers adapt to the new system.
   The BIA arranged the programme on its premises in the city marking introduction of the online tax payment system with LTU tax commissioner Md Alauddin as chief guest.
   Alauddin said large taxpayers would now be able to pay tax from anywhere, even from their working place or home, and they do not required to run to the tax office.
   ‘We have introduced functional system of income tax payment lifting from traditional system,’ he said.

Consumers and fishermen in the Barisal region have opposed demand of certain exporters for reduction in the price of hilsa, set by the government, below the market prices.
   Indian traders have, meanwhile, resumed hilsa import from Bangladesh on June 29, ending their 130 days’ boycott since February 19.
   The Chandramohan union council chairman, Md Israil Pundit, also the president of the Small Fish Traders’ Association central unit, and the district coordinator of the Consumer Association of Bangladesh, Ranjit Dutta, said a hilsa weighing between 600g and 1000g sold on the local wholesale market for prices between Tk 350 and Tk 500 a kilogram.
   Prices of hilsa weighing more than 1kg to 1.5kg sold ranged between Tk 500 and Tk 750 a kilogram while hilsa weighing between 1.5kg and 2kg or more sold for prices between Tk 750 and 1,500 a kilogram on the local market, Pundit said.
   In such situation, demands for hilsa export, reduction in prices of hilsa weighing between 1kg and 1.5kg to Tk 280 or $4 a kilogram could never be justified, they said.
   ‘We cannot export our resources at half the price on the local market only for some profit-mongering exporters,’ one of them said.
   Zahiruddin Shikdar, a local hilsa trader, said because of increased pressure from consumers, Indian traders resumed hilsa import from Bangladesh at the prices set by the government.
   Belayet Hossain, assistant marketing officer of the Bangladesh Fisheries Development Corporation in Barisal, said about 900 kilograms of hilsa was exported to India from Barisal at $6 a kilogram on June 29 by local exporter Zikrullah Traders.

Remittance inflow during 2008-09 fiscal from expatriate workers reached a record high of US $9.68 billion, marking a substantial 22.23 per cent growth over the past year, sources at the Bangladesh Bank said.
   The remittance from over six million expatriate workers also posted a record US $ 911 million last June despite global recession that has forced massive job cuts around the world.
   In 2007-08 fiscal, the country received US $7.91 billion marking a 32 per cent increase than the previous year, sources added.
   ‘The inward remittance flow may cross $10 billion in the current fiscal, providing stronger cushion to the external trade and stabilizing the exchange rate,’ said a senior official of the Bangladesh Bank.
   The BB governor Atiur Rahman said that the central bank has undertaken a number of reform measures to boost the remittance inflow through the banking channel and putting a lid on the illegal money transfer.
   Central bank officials said the remittances were only second to Bangladesh’s exports earnings surpassing foreign aid and foreign investment.
   According to the BB data, the highest monthly inward remittance amounting to US $ 911 million came in last June while the figures in May stood at $ 895 million, in April $ 840 million, in January $ 859 million. In July 2008, the remittance was $ 820 million, in August 2008 it was $721.92 million, and in December it was $758.03 million.

Finance minister AMA Muhith said Sunday that the country’s capital market could double in volume following introduction of shares of Grameenphone and other companies.
   ‘We have taken measures to revamp the share market, and the recent approval of Grameenphone’s initial public offering bodes well,’ Muhith told the House during question time.
   ‘More and more companies are coming to get listed in the share market, which should soon double its size,’ he said.

Dhaka Bank Limited on Sunday celebrated its 14th founding anniversary.
   Starting its journey in 1995, the bank presently operates in 17 districts through its 45 branches and one offshore banking unit.
   With its various services, the bank achieved ‘The International Star Award for Quality 2006’ from Business Initiative Directions, Geneva, Switzerland.
   Dhaka Bank is the first Bangladeshi bank ever to have received the Corporate Social Responsibility Award jointly awarded by Standard Chartered Bank and The Financial Express.
   A ceremony to mark the 14th anniversary was held at the board room of the bank at Motijheel. Founder and former adviser to the bank Mirza Abbas Uddin Ahmed, founder chairman Abdul Hai Sarker, chairman Altaf Hossain Sarkar, directors Afroza Abbas, Reshadur Rahman, MNH Bulu, Rakhi Das Gupta, managing director Khondker Fazle Rashid and other senior officials attended the function.
   ‘We are trying to provide extra services to our customers with care as the bank celebrates the 14th anniversary’, the managing director told reporters at a news conference on Sunday.
   He said they had planed to give more loans to the rural sectors in the current fiscal year.
   ‘DBL is still secured the top position for bringing remittance in the country’, he claimed.

Dhaka Thai Aluminium Industries Limited has set up an automatic aluminium explosion plant at its factory at Savar in Dhaka.
   With the new installation, the factory will be able to manufacture 200 tonnes of aluminium products per month, a news release said.
   The plant will manufacture architectural door window, curtain wall, automobile parts etc.
   The company plans to market a more sustainable 1.2-millimetre architectural door window in September.
   The authorities have appointed foreign engineers for the maintenance of plant, the release added.

Use of non-destructive testing methodologies is a must to ensure industrial safety, experts have said.
   The NDT ensures structural integrity for preventing accident, minimising production loss, protecting human life and environment, improves productivity through minimising wastage of time and material and enhances product reliability.
   ‘The NDT is the science of testing materials without destroying or sectioning a part for finding any discontinuity hidden in a material which may impair its physical integrity or cause the catastrophic failure of the part during its service,’ said Jafar Sadique, head of NDT Division of Bangladesh Atomic Energy Centre in Dhaka.
   He said building of new power plants, extension of natural gas supply network, establishment of new fertiliser factory or other petrochemical industries, enhancement of shipbuilding business, building of new bridges and high-rise building, introduction of first train services would increase the demands and potential sectors of NDT application.
   Setting up of proposed nuclear power plant to meet the countrywide pressing demand for electricity will certainly increase in manifolds the application of advanced as well as conventional NDT techniques, he added.
   The Bangladesh Atomic Energy Commission among its many others objectives have been also playing a pioneering role for the development and implementation of NDT technology in the industrial sector of Bangladesh, said chief engineer of the commission Dr AKM Fazlul Hoque.
   ‘The BAEC has been working since its inception to make Bangladesh self-reliant on this technology through the development of necessary human resources and infrastructural development,’ he said.
   ‘To be competitive in the global market, our industries need to introduce effective quality control methods and should be aware of the benefits of using NDT to improve their productivity, safety and reliability,’ he added.
   The applied research programmes on NDT have been initiated in BAEC mainly to focus on the current industrial needs, he added.
   Dr Hoque said the owners and managers of our industries must be aware of the benefits of NDT application and need to establish quality management system utilising NDT to upgrade their performance.
   Beside BAEC, there are some private NDT companies who are also rendering most of the NDT service to the local industries.

IOM (International Office Machines) has recently launched a special promotional campaign for the doctors and architects only, offering attractive price offers and free promotions on selected latest laptop models.
   The campaign started on June 22 and will continue till tomorrow, a news release said.
   The price ranges of offered laptops are Tk 49,900 to Tk 83,000 for doctors and Tk 58,000 to Tk 1,59,000 for architects.
   All models are offered with confirm gifts. For more information, the authorities requested to contact over phone at 986 2551, 0197 8674422 or email at info@iomltd.com, the release added.

The Securities and Exchange Commission (SEC) has fined Deokinandan Kejriwal, managing director, Ashok Kejriwal, director, Uttam Kejriwal, director, Bhagwati Kejriwal, director, Kanchan Kejriwal, director and Kanchan Devi Kejriwal, director of Bangladesh Dyeing and Finishing Industries Ltd of Taka 25 lakh each for non-compliance of Securities Laws in connection with Audited Financial Statements for the year ended on December 31, 2006.
   
   BDSERVICE
   SEC has sought explanation/clarification from the company regarding the remarks/qualified opinions of the auditors on the financial statements for the year ended on December 31, 2008.
   
   LANKABAFIN
   One Bank Ltd., one of the Corporate Sponsors/Directors of the company, has further reported that it has completed its sale of 100,000 shares of the company at prevailing market price through Stock Exchange as announced earlier.
   
   SOUTHEASTB
   Md. Dewan Mustaq Majid and Mr. Khan Mohd. Ameer, both are Sponsors of the Bank, have further reported that they have completed their sale/buy of 2,50,000 shares each at prevailing market price through Stock Exchange as announced earlier. Expire Date: 2009-07-06
   
   BDFINANCE
   Anika Farheen, one of the Sponsors/Directors of the company, has further reported that she has completed her sale of 9,346 shares of the company at prevailing market price through Stock Exchange as announced earlier.
   
   LANKABAFIN
   One Bank Ltd., one of the Corporate Sponsors/Directors of the company, has further reported that it has completed its sale of 50,000 shares of the company at prevailing market price through Stock Exchange as announced earlier.
   
   UNIONCAP
   Engr. M. Abu Taher, one of the Sponsors/Directors of the company, has reported his intention to sell 50,000 shares (Bonus shares) out of his total holdings of 15,58,513 shares of the company at prevailing market price through Stock Exchange within next 30 working days.

Asian currencies ended the week mixed against the dollar as fresh worries about the health of the US economy hit risk appetite and attracted investors to the 'safe-haven' greenback, dealers said.
   The Japanese yen lost ground this week as a smaller-than-expected improvement in Japanese business confidence disappointed the market, dealers said.
   The Japanese currency stood at 96.09 against the dollar in Tokyo on Friday, compared with 95.22 in New York a week earlier.
   But many investors were disappointed because they had hoped for a better reading, dealers said.
   The yen's decline was also due to firm buying-support for the 'safe-haven' US dollar, dealers said.
   The Australian dollar ended the week slightly lower and may fall further in the short term on concerns its recent rally has gone too far, dealers said
   The Aussie closed Friday at 80.06 US cents, down from the previous week's close of 80.45 US cents.
   The Chinese yuan closed at 6.8323 to the dollar Friday, compared with Thursday's close of 6.8314 and a closing price of 6.8338 to the dollar the week before.

Eight of the world’s most powerful leaders gather in an Italian earthquake zone this week to thrash out a common strategy on how to absorb the tremors of global recession, climate change and Iran.
   Italy’s scandal-mired Prime Minister Silvio Berlusconi will seek respite from his domestic woes when he plays host to leaders of the Group of Eight industrialised nations from Wednesday to Friday in L’Aquila, barely 100 days since the city was devastated by an earthquake which claimed 299 lives.
   While the gathering had originally been due to take place in Sardinia, Berlusconi switched the venue to L’Aquila, arguing that the city can serve as a symbol of hope and renewal.
   But the aftershocks that can still be felt may also serve as a reminder of how the global financial system has been rocked to its foundationns in recent months.
   The G8 — which comprises Britain, Canada, France, Germany, Italy, Japan, Russia and the Unites States — has found itself somewhat overshadowed by the emergence of the G20 which includes emerging powerhouses such as China and India.
   According to a senior White House official, US President Barack Obama sees the L’Aquila meeting as an opportunity for a progress report on efforts to shore up the global economy since London hosted a G20 summit in April.
    ‘It’s a time when the leaders can get together and assess where they are in the economic recovery effort, what further steps need to be taken to restore the balance of economic growth, expand and restore exports, and create jobs,’ said Michael Froman, deputy national security advisor for international economic affairs.
   At the G20 summit in London, Obama and his peers agreed to commit one trillion dollars to the International Monetary Fund (IMF) and other global bodies to help struggling economies.
   John Kirton, director of a research unit on G8 at Toronto University, said the G8 would be focused less on pump priming measures now that the financial crisis seems to be abating but rather on an endgame.
    ‘There will be a vigorous discussion on when will be the time to shift from stimulus to exit strategy,’ he said.
   While the state of the global economy will dominate proceedings, efforts to combat global warming will also feature prominently at an enlarged gathering on Thursday which will include leaders of Australia, Brazil, China, India, Indonesia, Mexico, South Africa and South Korea.
   The G8 has prepared a draft communique calling on global emissions to peak by 2020 and then be ‘substantially reduced’ to peg the rise in global temperatures to two degrees Celsius (3.6 degrees Fahrenheit) over pre-industrial levels.
   Kim Carstensen, the leader of the environmental group WWF’s Global Climate Initiative, said that it was vital that the G8 provided leadership in the build-up to a new climate pact due to be agreed by year’s end in Copenhagen.
    ‘The countries gathering in L’Aquila have the biggest responsibility to show leadership on climate. Without their action we cannot expect the rest of the world to move,’ he added.
   The summit also offers the G8 leaders an opportunity to discuss the post-election turmoil in Iran as well as North Korea’s nuclear ambitions.
   Berlusconi had said that possible sanctions against Iran would be discussed during the G8 meeting, although his foreign minister later rowed back from those comments.
   And on Friday, African leaders will meet up with their G8 counterparts to persuade them to make good on previous aid pledges as well as discussing the issue of food security.
   In a letter to the summit host Berlusconi, Pope Benedict XVI on Saturday called on the Group of Eight industrialised nations to ‘upgrade’ their development aid to Africa and the world’s poorest countries in spite of the financial crisis.
   During the course of summit, anti-globalisation protests have been scheduled both in L’Aquila as well as in Rome, around an hour’s drive away.
   The conduct of the Italian police will be under close scrutiny with memories still raw over the fatal shooting of a demonstrator at Genoa in 2001 when Italy last hosted the G8 leaders.

India’s new Congress-led government will have to balance conflicting objectives of spurring growth and reining in a soaring fiscal deficit when it presents its first budget on Monday.
   Economists and analysts predict the budget will focus on regulatory and structural reform to stimulate growth, rather than announcing large government stimulus expenditure.
   ‘The government’s hands are tied given the fiscal constraints. They will look at small-ticket projects, focusing on agriculture, infrastructure and telecoms,’ said Siddhartha Sanyal, an economist with Edelweiss Securities.
   ‘The government’s ability to provide any further dose of large and generalised stimulus for the economy will be limited in this budget.’
   India’s fiscal deficit has risen sharply in recent years on loan waivers for poor farmers, subsidies and stimulus packages to boost the economy.
   The Congress party in its pre-election interim budget in February sharply increased defence spending following the Islamist extremist attacks on Mumbai last November.
   The rise means the fiscal deficit would have ballooned to 6.2 per cent of gross domestic product for the fiscal year to March 2009 — more than double the government’s target of 2.5 per cent and the highest in nearly two decades.
   ‘The government must script a strategy for investment-led growth,’ said S.B. Gupta, advisor with the Federation of Indian Chambers of Commerce and Industry.
   The government in New Delhi has often said that the global economic crisis means more spending would be required to spur domestic growth.
   ‘Any significant increment in expenditure (infrastructure and social) will have to be backed by an increase in revenues (divestments, duty cut roll-backs), to avoid further slippage in fiscal deficit,’ said Gaurav Dua, vice president with brokerage Sharekhan.
   On Thursday, the finance ministry said India could manage economic growth of more than 7.0 per cent this fiscal year, but stressed the importance of reducing the deficit.
   India’s economy grew by 6.7 per cent in the year ended March 31 — the slowest rate since 2003 and down from nine per cent a year earlier, as the effects of the global economic downturn hit home.
   ‘The speed at which the Indian economy returns to a high growth path in the short term depends on a revival of the global economy, particularly the US economy,’ the ministry said in its annual economic survey.
   Economists expect reforms to be announced to boost infrastructure growth and revenues from divestment.
   PricewaterhouseCoopers estimates that more than 500 billion dollars’ worth of investment will flow towards India’s infrastructure sector by 2012, to upgrade or build more roads, ports, railway lines and airports.
   ‘Stimulus to infrastructure can be provided through the public-private partnership (PPP) model. This is the low-hanging fruit (for the government),’ said Pradip Kanakia, a member of the leadership team at KPMG.
   ‘The PPP model should be extended to power, healthcare and education, to boost economic and social growth,’ Kanakia, who is based in the southern city of Bangalore, told AFP.

Warid Telecom on Thursday signed separate agreements with three international gateway operators — Mir Telecom, Bangla Trac Communications Limited and NovoTel for routing international calls to and from Warid network.
   Warid Telecom chief executive officer Muneer Farooqui inked the deal with Novotel chief executive officer Faiz Khan, Bangla Trac managing director and chief executive officer Tarique E Haque, and Mir Telecom managing director Mir Zahir Hossain at a ceremony held at Warid Telecom’s corporate head office at Banani in Dhaka, a news release said.
   Other senior officials of Warid and IGW operators were also present during the signing ceremony.

Shahjalal Islami Bank Limited held its half-yearly business conference in a city hotel on Saturday.
   The inaugural ceremony of the conference was presided over by its managing director Muhammad Ali while chairman Md Towhidur Rahman was present as chief guest.
   The meeting evaluated the performance of the first six months of the
   current year and adopted necessary strategy and action plan to achieve the target for the rest of the year, a news release
   said.
   High officials of the bank, branch managers, deputy managers, head of offshore banking unit and SME service centres took part in the discussion.

Every year, Nepalese rice farmer Ratnakaji Maharjan celebrates the arrival of the monsoon rains by attending a centuries-old festival in this historic town near Kathmandu.
   The annual event, in which a huge chariot said to carry the Hindu rain god Machchindra Nath is pulled through the streets of Lalitpur, draws crowds from across the Kathmandu Valley to celebrate and pray for a good monsoon.
   But this year, Maharjan’s mood was more subdued than celebratory as he queued to worship before the wooden chariot.
   ‘The monsoon is almost a month late,’ complained the 35-year-old, whose family has farmed here for five generations.
   ‘The weather patterns seem to have changed, and we don’t know how to adjust.’
   Nepal’s long-delayed monsoon finally arrived in the Kathmandu Valley on Monday, allowing local farmers to begin transplanting their seedlings to the waterlogged rice paddies after weeks of anxious waiting.
   But there are fears the delay could prove devastating for this year’s rice crop, and experts say the increasing unpredictability of the weather is causing huge problems for farmers in one of the world’s poorest countries.
   ‘The monsoon this year started around three weeks late,’ said Krishna Prasad Paudyal, senior scientist with the government-funded Nepal Agriculture Research Council.
   ‘This was a major setback for rice planting, which requires lots of water. The delayed monsoon meant a lot of young seedlings died, and even those that could be planted won’t have time to mature enough to yield a good crop.’
   Rice accounts for almost 50 per cent of cereal production in Nepal, which is particularly dependent on rainfall because less than one-third of its agricultural land is irrigated.
   The delay to the monsoon came after the landlocked country suffered its driest winter for 40 years, resulting in a fall of 20-25 per cent in the production of wheat, Nepal’s second-biggest crop after rice.

International agencies are set to urge an increase in assistance for trade by developing countries at a conference beginning on Monday, amid fears that aid will be eroded by the economic crisis.
   ‘Aid for trade is needed now more than ever,’ said the World Trade Organisation (WTO) and the Organisation for Economic Cooperation and Development in a report to be discussed during the two-day review conference on the ‘Aid for Trade’ process.
   The WTO and OECD found in their progress report that aid for trade grew by more than 10 per cent in 2007 compared to 2006, with new commitments reaching 25.4 billion dollars.
   However, ‘the global economic crisis will affect the medium term outlook,’ it added.
   At least 12 projects in Africa had already been hit by the financial turmoil, said the African Development Bank, which approved on Wednesday a 500 million dollar investment to support trade finance.
   Among projects delayed by the crisis was a large power project in East Africa, which ran into financing problems after an international investment bank pulled out, said the bank.