Bangladesh Bank threw a challenging offer to the private sector for aggressively coming up with investment proposals to utilise a huge surplus liquidity in the banking system and avail the monetary incentives on stake.
   ‘I put the challenge on your end, not our end,’ Bank Governor Dr Atiur Rahman told his business audience at the monthly luncheon meeting of the American Chamber of Commerce in Bangladesh at Hotel Sheraton. US Ambassador in Bangladesh James F Moriarty was present.
   The Governor offered the stakes while responding to an apprehension whether private-sector credits would be crowded out due to the budgetary estimate of huge bank borrowing by government for bankrolling a big development recipe.
   ‘We’ve enough money in the system... probably, there’ll be no dearth of money,’ he said, rejecting the skepticism.
   He added that he has so far received no complaint from the private sector that the loan proposals have been refused for want of money.
   That does not mean that, he said, the central bank is encouraging the government to borrow money from the market while the bank has been giving many signals to discourage the bank borrowing by the public sector.
   About the latest monetary policy stance for spending from the foreign-exchange reserve, if necessary, to spur investment, Dr Atiur explained that the policy is to support the commercial banks in meeting the demand for the foreign currency if the banks concerned see they are finding it difficult to meet the foreign- exchange requirements for a good project.
   ‘Foreign exchange should not be a bottleneck for a good project,’ he said, adding that the reserve is showing signs of growing further from the present level of US$ 7.4 billion as remittances and exports still remained robust. ‘There is nothing to worry.’
   The governor urged the local and foreign investors in the country to join hands with the government to help implement the PPP projects with all support from the government-end.
   ‘We’ve no time to waste... we’ll have to expand our physical infrastructures to support the economic growth,’ he said, adding that all the economic indicators remained robust despite global economic slowdown. But the challenge to grow further is physical infrastructure, he emphasized.
   The second dimension of the challenge is not the quantity but the quality of growth, particularly inclusiveness and environmental sustainability. Corporate Social Responsibility is also important for healthy and productive growth of the economy, he told the meet, underlining the need for distributive justice in creating wealth and attaining growth.
   He called upon the foreign investors to set their own local example of environmentally responsible production units and invited them to take the advantage of Bangladesh Bank refinance facilities for installing Effluent Treatment Plant (ETP).
   In response to a question on the recently-announced agricultural credit policy, the Governor said the bounteous agriculture credits for the current fiscal year would finally increase from Tk 11,500 crore to Tk 12,000 crore as the central bank decided, after announcing the credit policy, to allocate Tk 500 crore for lending to the sharecroppers—who don’t have land for mortgage.
   ‘We’re now designing the special product for the sharecroppers,’ he said.
   Replying to another question, Dr Atiur said: ‘Many of the big investors are not being able to justify their lending; why the poor people will be deprived of the lending facilities.’
   Welcoming the guests to the luncheon meet, AmCham president Syed Ershad Ahmed stressed the need for implementation of Bangladesh Bank regulations while the very old foreign-exchange regulation should be updated in accordance with the present-day needs.
   ‘The regulation is really a bottleneck for us to promote business,’ he said, inviting suggestions
   from AmCham members so the chamber can convey the suggestion to the central bank (Bangladesh Bank).

The prime minister, Sheikh Hasina, has said her government is interested to reopen the cross-border railways abandoned following the 1965 India-Pakistan war, for stronger connectivity between Bangladesh and India in the fields of trade, investment and people-to-people contacts between the two next-door neighbours.
   She also sought Indian cooperation so that Bangladesh can transact trade and business through Banglabandh and Burimari land-port routes with Nepal and Bhutan.
   Routing trade between Bangladesh and the two landlocked Himalayan countries through the two northern land-ports necessitates corridors through Indian territories.
   The prime minister made the remarks when a 50-member business delegation from the Federation of Indian Chambers of Commerce and Industry led by its vice-president Harsh C Mariwala had a meeting with her at the Prime Minister’s Office on Tuesday.
   Hasina disclosed that she already had contacted Indian Minister for Railways Mamata Banerjee about the rerun of trains along the derelict rails.
   Besides, she said, the government will take immediate effective steps to modernize the intra-country railways for communications up to the present-day standards.
   ‘I have also seen the rail budget of your country (India). You have expertise in the sector of railway communications. We need your help in this regard,’ she told the Indian business leaders.
   The prime minister informed the Indian delegation that all land-ports located on the Bangladesh-India boarder would be developed and other necessary infrastructures set up there gradually to boost bilateral trade between the two neighbouring countries.
   Besides, the present government has a plan to develop Mongla seaport as part of the government’s massive plan to turn Bangladesh into a prosperous modern country by 2021.
   As the Indian business delegation requested the prime minister for setting up special economic zones in the boarding areas exclusively for Indian investment, she said the government had already planned to build special economic zones where, like others, Indian businessmen can also make their investment.
   She said there were EPZs in Comilla, Feni and Saidpur (Uttara EPZ) and the Indian businessmen could invest in these EPZs as these were close to the boarding regions.
   Regarding special economic zone for Indian investment, she said, ‘If the Indian businessmen come forward to set up such zones in Bangladesh, the present government will extend all necessary cooperation.’
   In such special zoning, the present government will prefer labour-intensive industries as the government is strongly committed to removing unemployment problem from the country.
   Hasina reaffirmed her government’s stand on promoting public-private partnership for rapid and sustainable development.
   Regarding open markets, the prime minister said all windows to trade and business should remain open, but, at the same time, greater interest of the people will have to be protected.
   The prime minister also emphasised sharing experiences among the South Asian countries in the fields of economy, trade, business and investment for the good of the people.
   About the existing bilateral friendly relations between Bangladesh and India, Hasina said in case of the bilateral problems, these can be solved through discussion.
   She welcomed the Indian business delegation to Bangladesh and recalled the historic role of India during the 1971 liberation war of Bangladesh.
   Singling out poverty as the main enemy of the South Asian nations, the PM said Bangladesh and its all neighbouring countries, including India at the next door, should work together to expand trade and business for balanced development of the region through eradicating poverty.
   ‘We have resources. Our people are also very much capable and industrious. If we can work unitedly, poverty will be eliminated as well as development of all the nations will be achieved,’ she told her business audience from India.
   Finance minister AMA Muhith, commerce minister Faruq Khan, PM’s advisers Mashiur Rahman, HT Imam and Toufiq-e-Elahi Chowdhury, principal secretary MA Karim, PMO secretary Mollah Waheeduzzaman, prime minister’s press secretary Abul Kalam Azad, FICCI secretary-general Dr Amit Mitra, Indian high commissioner Pinak Ranjan Chakravarty, Federation of Bangladesh Chambers of Commerce and Industry president Annisul Huq, Tripura Chamber of Commerce and Industry president ML Debnath and former FBCCI president Salman F Rahman were among others present at the meeting.
   The ministers, advisers and the business leaders in the meeting emphasised reducing the trade gap between Bangladesh and India.

Members of the Asia-Pacific Economic Cooperation (APEC) group agreed at talks on Tuesday to stop protectionist measures, in an effort to enhance global trade, a trade official told Reuters.
   ‘They all agreed that even if the measures are WTO-consistent, if they have serious protectionist impact on trade and investment they will refrain from taking those measures as much as possible,’ said the official, who is attending the two-day trade discussions being held in Singapore.
   ‘This kind of agreement will probably be announced tomorrow.’
   He declined to be identified because the talks were not public.
   Earlier Thai Commerce Minister Pornthiva Nakasai said Australia and Indonesia brought up the subject of protectionism at the trade ministers’ conference, while Thailand and Taiwan echoed their comments, saying it was hurting agricultural products and automotive exports.
   World Trade Organization Director-General Pascal Lamy, also at the meeting, said this month that governments were unfairly blocking trade in response to the global downturn, hurting wealthy economies most and raising concerns about stimulus measures in both rich and poor nations.
   ‘Buy American’ provisions in the US stimulus bill generally require public works projects
   funded by the bill to use only US-made steel, iron and other manufactured goods. Other countries have also issued ‘buy local’ policies.

A high-profile taskforce comprising officials of the home and finance ministries and also the Bangladesh Bank is in the offing to mop up the banking sector from the hazard of bad loan culture.
   Officials of the BB’s Credit Information Bureau told the news agency on Tuesday that the taskforce would include representatives from the home and finance ministries and also Bangladesh Bank to be entitled with the responsibility of putting the loan defaulters behind the bar.
   The finance ministry has already sent a letter to the central bank, asking the country’s banking sector watchdog to gather updated information on loan defaulters and make separate lists, classifying them on the type and the amount of their default loans, they said.
   ‘The Ministry of Finance has also asked the central bank to make a guideline for nabbing the wrongdoers, who are not paying their loans for years,’ said a BB official. The finance ministry will hold a meeting soon to formulate the guideline and the taskforce, he said.
   The government has already established a separate cell under the central bank to realise bad loans and take legal actions against the defaulters.

The Bangladesh industries can go for Clean Development Mechanism as such responsiveness to environment could help them be the partners in sustainable economic development, a city workshop told Tuesday.
   Experts from Bangladesh and India also pointed out that CMD projects could help industries to make earning by lucrative trading of the carbon balance.
   The workshop was jointly organised by the Dhaka Chamber of Commerce and Industry and the Federation of Indian Chambers of Commerce and Industry.
   Mostafizur Rahman, the state minister for Environment and Forest, its secretary Mihir Kanti Majumder and DCCI president Zafor Osman addressed workshop.
   The state minister said Bangladesh and other developing countries required searching their own initiatives for mitigating the impact of climate change.
   ‘As a whole, the developed countries, which have done maximum harms to environment, will have to help the poor and most vulnerable countries sincerely and effectively in this regard,’ the minister added.
   Karun Sharma, head of the CDM project at the FICCI, its senior consultant Kamalina Sen presented their relevant study papers at the workshop.
   Fazle Rabbi Sadeque director of Department of Environment, Bangladesh and M Asaduzzaman, research director of the Bangladesh Institute of Development Studies, also had presentations at the workshop.

Finance Minister AMA Muhith inaugurated the country’s first-ever wireless broadband technology ‘Augere’ at a city hotel Tuesday evening.
   Post and tele-communications minister Raziuddin Ahmed Raju and information minister Abul Kalam Azad were also present at the function organized by WiMAX Agura Wireless Broadband Bangladesh Limited.

The second Bangladesh Single Country Trade Fair will be held at Mardeka (Liberation) Square at Kuala Lumpur in Malaysia in October 23-25.
   A memorandum of understanding to this effect was signed recently with the Exchange Trade Centre International, the management authority of Mardeka Square, Malaysia recently for organising the event efficiently, a news release said.
   Bangladesh High Commission in Kuala Lumpur will provide required logistic support for the fair.
   Global Economist Forum president and chief executive officer of Dhaka International Exhibition Company Limited Enayet Karim and Tony Anastasi, chief executive officer of Exchange Trade Centre International on behalf of their respective sides signed the MoU.
   Bangladesh high commissioner in Malaysia AKM Atiqur Rahman was called on by Enayet Karim at the Chancery office of Bangladesh High Commission for discussing different issues of the fair while first secretary of Commercial Wing Dr Rezaul Bashar Siddique was present.
   Interested participants have been requested to contact DIEC, 62/1 Purana Paltan, Dhaka, Telephone: 7163850.

State-run Bangladesh Eastern Refinery Limited will raise its capacity by three times to reduce import cost and its reliance on foreign countries for petroleum products, a senior official said told the news agency on Monday.
   At a cost of more than $1 billion, the refinery’s capacity will be raised to 4.5 million tonnes a year from 1.5 million tonnes, the official said.
    ‘We find the plan viable after completion of a study done by Pakistan-based consultancy firm Enar Tech Service limited,’ said Rezaul Alam, the managing director of the ERL, the country’s lone oil refinery located in Chittagong.
   ‘Almost the entire demand we will meet from our own capacity, which will save cost and time,’ he said.
   Bangladesh imports up to 3.8 million tonnes of oil including 1.2 million tonnes of crude oil to meet up yearly demand.
   The expansion programme will be done in two phases beginning from this year and take three years to complete, the official said.
   Jeddah-based Islamic Development Bank will bear the cost of the first phase. In the second phases, money will come from the Asian Development Bank and other countries.
   Bangladesh imports oil mainly from Saudi Arabia, Kuwait, United Arab Emirates, India and Malaysia at a cost of between $2.5 and $3 billion.

Foreign minister Dipu Moni has stressed the need for more bilateral trade between Bangladesh and India.
   She made the observation when a delegation of the Federation of Indian Chambers of Commerce and Industry met her at her office on Tuesday.
   During the meeting, Dipu Moni said both Bangladesh and India now had new governments with fresh mandate and it was the high time to take the existing bilateral relations to a new height.
   She told the FICCI delegates that there was ample scope for further cooperation between the two countries through trade and investment.
   She mentioned that the renewal of the bilateral trade agreement and signing of the bilateral investment promotion and protection agreement between the two countries would open new scopes and areas of cooperation.
   She said Bangladesh would certainly encourage trade creating more opportunities for Indian investments in Bangladesh with buy-back arrangement.
   The foreign minister said the scope of duty free export of Bangladeshi products to Indian market must be widened and was needed to reduce the trade imbalance between the two countries.
   She said that only government-to-government contact was not enough to move bilateral relations forward.
   ‘People-to-people contact is also very important particularly the business community for expanding trade and commercial relations,’ the minister observed.
   Harsh C Mariwala, vice-president of FICCI, led the delegation.

Swedish truck maker Volvo Group posted its biggest-ever quarterly loss on Tuesday as write-offs amounting to more than three billion kronor dented profitability.
   The world’s second-biggest truck maker said it made a net loss of 5.57 billion kronor ($722m) in the period from April to June, down from a net profit of 5.15 billion kronor the same time a year ago.
   Credit losses, personnel cutbacks and the costs of a deal struck with the United Auto Workers Union over healthcare, deepened its losses by 3.2 billion kronor, Volvo said in a statement.
   The agreement with the US union representing auto workers absolves Volvo’s Mack brand of responsibility for healthcare benefits for retired employees.
   Volvo chief executive Leif Johansson said the company was also hit by weakening demand for its heavy goods and buses.
   ‘The second quarter of 2009 remained difficult in terms of earnings in the wake of the exceptionally rapid decline in demand that followed the crisis in the financial system,’ Johansson said in the earnings statement.
   He said that the truck market ‘remains weak’ in Volvo’s key markets of Europe, North America and Japan and reiterated the company’s industry forecast for the rest of the year.
   ‘We maintain our assessment that the total European market for heavy trucks will be at least halved in 2009 compared with 2008 and that the North American will decline by 30 per cent to 40 per cent,’ he said in the statement.
   Volvo’s net sales fell by a third in the second quarter compared with the same period a year earlier.
   The Swedish group’s net sales fell by 32.7 per cent to 53.9 million kronor ($7m) in the April to June period. Adjusted for currency changes and other factors, the decline was 45 per cent.
   Evli Bank analyst Michael Andersson told Dow Jones Newswires that there were some positives in Volvo Group’s second-quarter performance, pointing to an increased cash flow in the company’s industrial operations, which includes its truck and bus divisions.
   ‘The worst bleeding has been stopped, that’s clear. I wouldn’t be surprised if the market reacts positively,’ Andersson was quoted as saying.
   Volvo Group’s main area of business is building heavy goods vehicles and buses, but it also develops engines and construction equipment.
   The company’s truck division includes several brands: Volvo Trucks, Renault Trucks, Nissan Diesel and Mack.
   It is separate from Volvo Cars, which is owned by the US automaker Ford.
   In morning trading on the Stockholm exchange, shares in Volvo Group were up 1.89 per cent to 53.75 kronor in an overall market up by 3.74 per cent.

Sonali Bank began foreign remittance fortnight on Sunday to encourage foreign remitters and their beneficiaries in the country to send foreign currency through legal channel.
   ‘Foreign currency sent through banking channel is tax free on the other hand remittance sent through hundi is illegal and risky’ is the slogan of this fortnight. Besides, better services to the remitter in abroad and their beneficiaries in the country are pledged to be ensured during the fortnight, a news release said.
   In the USA there are eight branches of Sonali Exchange Co Inc and in the UK, five booths of Sonali Bank. Besides, this bank has representative offices in Jeddah and Riyadh of Saudi Arabia and Kuwait.
   Banks collected foreign remittance equivalent to $1,344 million in 2008, while $621 million up to June 2009 against the set target $1,480 million for the year 2009. The release also mentioned that Sonali Bank honours foreign remitters depending on their volume of foreign remittance sent through banking channel.

Narsingdi Telephone Exchange was brought under Dhaka Multi-Exchange on Monday, enabling 3,550 subscribers to talk to those of Dhaka without dialling the NWD code.
   A BTCL news release said two more digits, ‘94’, will have to be added to all the old numbers of Narsingdi to avail of the direct phone service.
   The dial code of Narsingdi will be ‘02’ from now as that of Dhaka, the release added.

The weekly tea sale held in Chittagong on Tuesday witnessed an unstable market trend following fluctuation in the demands.
   According to market sources, the market started on a strong note, especially for good liquoring varieties, but eased towards the second half of the catalogues particularly for fannings.
   Blenders operated in fairly good strength but there was less interest from the loose tea section and as a result prices were generally easier. There was a small weight of tea bought on account of exporters. Dusts were a fairly good market.
   The details of the market reports are as follows:
   CTC Leaf: 21,506 packages and (23 packages of old season) on offer met with a fairly strong demand which weakened towards the close.
   Brokens: Well-made good liquoring brokens met with quite a strong demand and generally sold at around last levels although eased slightly towards the close and these could be quoted between Tk 153 and Tk 156. Other varieties eased by Tk 1 to Tk 2.
   Fannings: Good liquoring fannings were quite a strong feature particularly at the beginning and sold at fully firm rates but these also eased with the progress of sale and prices ranged between Tk 153 and Tk 155. The remainders were easier often by Tk 3.
   CTC Dust: 3,625 packages and (7 packages of old season) on offer met with a fairly good demand. Good liquoring RD/PD/D met with quite strong competition and were mostly firm.
   Medium types met with a little less inquiry and eased by Tk 1 to Tk 2. Plainer varieties followed a similar trend. CDs were an easier market often by Tk 2 to Tk 3. Blenders/ packers lent good support but loose tea trade was a little less active than last, the sources added.

IDLC Finance Ltd
   As per un-audited half yearly accounts as on 30.06.09, IDLC Finance Ltd has reported consolidated net profit of Tk 304.43 million with consolidated EPS of Tk 101.48 as against last year’s half yearly of Tk 175.78 million and Tk 58.59 (restated) respectively.
   LEXCO
   Trading of the shares of the company will be allowed only in the Spot Market and block/odd lot transactions will also be settled as per spot settlement cycle from 22.07.09 to 29.07.09. Trading of the shares of the company will remain suspended on 30.07.09 as book closure will start from 01.08.09. Since the trading of the shares of the company is being halted as per SEC directive dated July 09, 2009, the earlier news regarding spot trading of the shares of the company will not be effective.
   Jute Spinners
   In response to a DSE query dated 19.07.09, the company has informed that there is no undisclosed price sensitive information of the company for recent unusual price hike.
   Bangladesh Hotels
   Normal trading of the shares of the company will resume on 22.07.09 following the starting date of book-closure and there will be no price limit on the trading of the shares of the company for the same day.
   United Insurance
   As per un-audited half yearly accounts as on 30.06.09, the company has reported profit after tax of Tk 15.07 million with EPS of Tk 6.03 as against last year’s half yearly of Tk 10.49 million and Tk 4.19 (restated) respectively.
   Dutch-Bangla Bank
   Abul Hasnat Md Rashidul Islam, one of the sponsors of the bank, has reported his intention to sell 50,000 shares out of his total holdings of 2,52,025 shares of the bank at prevailing market price through Stock Exchange within next 30 working days.
   Information Services Network
   Abdullah Hel Mostafa, one of the sponsors of the company, has reported his intention to sell 23,300 shares out of his total holdings of 25,300 shares of the company at prevailing market price through Stock Exchange within next 30 working days.
   Source: DSE

Oil prices bounced higher Monday, buoyed by improved optimism about recovery from global recession that also lifted stock markets.
   New York’s main futures contract, light sweet crude for delivery in August, added 42 cents to close at $63.98 a barrel, its fourth straight gain.
   The New York contract has increased a hefty $4.44 a barrel over the past four sessions.
   In London, Brent North Sea crude for September delivery surged $1.06 to settle at $66.44 a barrel.
   ‘Traders seem to be daring to take a risk as economic optimism comes storming back,’ said Phil Flynn of PFG Best Research.
   European stock markets rallied Monday and Wall Street was solidly in the green in late-session trading.
   ‘I still think the stock market is still the biggest driver of the oil market,’ said Ellis Eckland, an independent trader.
   The rallies in the stock markets were accompanied by a decline in the dollar, under pressure from a return of risk appetite that typically leads investors away from the ‘safe-haven’ currency.
   A weaker dollar makes oil, which is priced in dollars, less expensive for buyers using stronger currencies.

Asian stocks edged up to another 10-month peak on Tuesday after strong company earnings reassured investors that a US economic recovery is taking root, prompting a further shift into riskier assets from the safe-haven dollar.
   European markets were set to open higher, with futures on the Dow Jones Eurostoxx 50 up 0.4 per cent.
   Gains were kept in check as some market players booked profits on the run-up in equities and higher-yielding currencies, knocking the Australian dollar down from a five-week high against the US currency.
   Central bankers are starting to sound a note of optimism as well. Minutes from the Reserve Bank of Australia’s last meeting in July showed it had become more optimistic about the economic outlook at home and abroad.
   But Federal Reserve Chairman Ben Bernanke reassured that loose monetary policy with interest rates near zero would be around for a while longer.
   Writing in the Wall Street Journal, Bernanke said the Fed’s accommodative policy would be warranted for an extended period even while laying out a roadmap for how the Fed could mop up the massive reserves injected into the financial system.
   Bernanke delivers his twice-yearly testimony to Congress later in the day.
    ‘It doesn’t look like he’s sounding too anxious or urgent about removing excess stimulus from the system,’ said Sue Trinh, a senior currency strategist at RBC Capital Markets in Sydney.
   Stocks around the world have gained this month as major banks show more signs of healing from the credit crisis and companies are more confident about demand improving later this year and in 2010.
   Analysts said the last-minute deal by CIT Group to secure emergency financing also boosted investor confidence, even as the drama surrounding the struggling US commercial lender has made few waves across markets.
    ‘News of the CIT deal and positive economic data from the United States helped markets start off quite strong,’ said Lee Sun-yeop, a market analyst at Goodmorning Shinhan Securities in Seoul. ‘Combined with a positive earnings outlook and growing upward momentum, we are seeing shares hitting a new high for the year.’
   The MSCI index of Asia-Pacific shares outside Japan edged up 0.4 per cent after pushing up to 344.65 in early trade, the highest since late September when equity markets were crumbling after the collapse of US investment bank Lehman Brothers.
   So far this year the MSCI benchmark for Asia has risen 39 per cent, rebounding from a record 53 per cent plunge last year and outperforming developed markets.
   Equity indexes were mostly higher across the region. Hong Kong’s Hang Seng inching up 0.2 per cent and South Korea’s KOSPI adding 0.7 per cent, but the Shanghai Composite lost 0.7 per cent.
   On Monday the US S&P 500 climbed 1.1 per cent, while brokerage upgrades of technology bellwethers lifted the Nasdaq to a ninth straight daily gain — the longest winning streak since 1998.
   Japan’s Nikkei average rose 2.6 per cent, getting a lift from the renewed optimism on the economic outlook as the market reopened after a three-day weekend.
   In an expected move, Prime Minister Taro Aso dissolved the lower house of parliament and called for an election on August 30. The opposition Democratic Party leads in the polls and is threatening to end a half-century of near-unbroken rule by the Liberal Democratic Party.
   The dollar steadied after hitting a six-week low against a basket of major currencies, beaten down as investors have favored emerging market stocks and bonds over the safety of the US currency.
   The dollar index, a gauge of its performance against six major currencies, was little changed at 78.95. The euro was also steady at $1.4210 after shooting higher the previous day. The dollar dipped 0.2 per cent to 94.05 yen.
   The euro is now poised to make a run at its peaks hit in May around $1.4335, which form a double-top on the charts and should prove tough resistance.
   The Australian dollar showed little reaction to RBA meeting minutes but succumbed to profit-taking, losing 0.4 per cent to $0.8126.
   Bonds were under pressure again as stocks kept adding to gains. The benchmark 10-year Japanese government bond yield rose 4.5 basis points to 1.360 per cent, a three-week high.
   Treasuries were little changed, keeping the benchmark 10-year yield at 3.599 per cent and near a one-month high of 3.722 per cent hit on Monday.

Sony Corp’s movie studio has bid $50 million to acquire the worldwide distribution rights to a film based on rehearsal footage for Michael Jackson’s ‘This Is It’ comeback concert series, according to a person familiar with the bid.
   The person said Monday that the bid came after several studios, including Paramount, Universal and 20th Century Fox, were shown footage starting early last week. The person spoke on condition of anonymity because the bidding had not been completed. None of the studios would comment on the record.
   The winning studio would produce the film with Jackson’s concert promoter, AEG Live, and his estate. It would go a long way to helping AEG Live recoup some of the $30 million to $32 million it spent producing the concert before Jackson died June 25.
   The bidding was reported earlier by the Los Angeles Times and industry blogger Nikki Finke.
   Sony Pictures has a leg up on other bidders because Sony Music distributes Jackson’s music and is in a 50-50 partnership with his estate in Sony/ATV Music Publishing. Sony’s bid is on par with the cost of making a mid-range budget movie, and is offset by the fact that the Sony group of companies would benefit from the music licensing rights attached to the film.
   There is also massive interest in Jackson material worldwide. An estimated 31 million viewers in the U.S. alone watched the Jackson memorial service live earlier this month, according to Nielsen Media Research. That’s just shy of the 33 million U.S. viewers who watched Princess Diana’s funeral.
    ‘This type of a story, if put together right, could be very compelling and draw a very, very wide audience,’ said Mark Fleischer, an entertainment attorney with Venable LLP and former executive at MGM Studios.
   The estate and AEG Live are also negotiating with several television networks and pay-per-view outlets on a TV special that would be a stage show featuring Jackson’s music and dancing. It would be directed by ‘This Is It’ director Kenny Ortega.
   The selling price being discussed for the rights to show the TV special is also in the tens of millions of dollars.
   The special administrators of Jackson’s estate, attorney John Branca and former music executive John McClain, have been moving quickly to secure Jackson’s assets and cut deals to capitalize on the surge in interest in the pop star since he died.
   Last week, Branca and McClain received signed court papers authorizing them to act on his estate’s behalf until another hearing Aug. 3. McClain has been sorting through unreleased Jackson recordings, while Sony Music is interested in releasing a commemorative album. Music sales have soared.
   Jackson’s 2002 will named Branca and McClain as executors and directs all of his assets to be placed in a trust that will benefit his mother Katherine Jackson, his three children, and unnamed children’s charities. The estate is estimated to be worth more than $500 million.
   But Katherine Jackson’s lawyers on Friday sought a judge’s ruling on whether she can challenge the authority of the men without triggering a ‘no contest’ clause in the trust that would cause her to be disinherited.

Global Witness called Tuesday on governments including those of Britain and Belgium to take ‘rigorous measures’ against companies buying minerals from suppliers trading with armed groups in the Democratic Republic of Congo.
   The London-based non-governmental organisation said in a report that the governments concerned were, by failing to take such measures, compromising their own efforts to end the conflict that has raged in the east of the DRC for 12 years.
   Global Witness accused Thailand Smelting and Refining Co, a subsidiary of British-based broker Amalgamated Metal Corporation Group, British company Afrimex and Belgium’s Trademet of ‘fueling the conflict.’
   Many mining areas in eastern DRC which produce minerals including cassiterite, or tin ore, coltan and gold, are controlled by rebels and the national army, which exploit the local population, the NGO said. Cassiterite and coltan are used to make mobile phones, computers and other electronics.
   The companies concerned were well aware that their suppliers dealt with armed groups,
   and governments should call on them to conduct due diligence, Global Witness said in its
   report.

Germany’s largest bank is involved in a probe into possible criminal wrongdoing after it hired detectives to carry out surveillance on some board members, the Financial Times reported Tuesday.
   The newspaper, citing unnamed sources, said authorities in the German state of Hesse have asked prosecutors to establish whether to open a criminal invvestigation into Deutsche Bank.
   The report comes two months after the bank said it would ask external lawyers to investigate the activities of its own corporate security department, the FT said.
   Deutsche has terminated the contracts of two people as its continues its own inquiry into possible unauthorised surveillance of board members and investors.
   The newspaper cites three cases, including one involving detectives who undertook surveillance on a board member who was suspected of leaks in 2001.
   The bank later apologised to the board member.
   Some cases involve outside contractors hired by the bank, the FT said.
   The bank has refused to comment until its investigation is completed.

Pubali Bank Limited held a regional and corporate branch managers’ conference at the bank’s head office in Dhaka recently.
   Chairman Hafiz Ahmed Mazumder was present as chief guest while managing director Helal Ahmed Chowdhury presided over the meeting, a news release said.
   At the meeting, half-yearly business performance of the bank for the year 2009 was evaluated and necessary strategies and plans were framed to achieve the target fixed for the year 2009.

National Credit and Commerce Bank held a month-long foundation training course for its officers recently.
   NCC Bank deputy managing directors SM Shamsul Alam and AK Md Siddique attended the ceremony and distributed the certificates to the participants, a news release said.
   Principal of the NCCB Training Institute Jagadish Chandra Debnath coordinated the training. Executive vice-president TM Faruque Chowdhury was also present on the occasion.