The listing of the shares of Grameenphone with the country’s bourses will be finalised soon, said the leading telecom operator’s chief executive officer, Oddvar Hesjedal, on Tuesday.
   ‘We are at the final stage and on Thursday we have a meeting with the Securities and Exchange Commission on the proposal of GP’s initial public offers,’ he said at a meeting with the CSE president, Nasiruddin Ahmed Chowdhury, at the port city bourse, said a news release.
   He said, ‘Hopefully, listing of GP’s shares with the bourses will be finalised soon.’
   GP CEO said, ‘Grameenphone is waiting for a feedback from the SEC on its proposed $65 million initial public offering. If cleared by the SEC, the Grameenphone IPO would be the largest in the country’s stock markets’ history, — enough to inject new momentum in the trading floors of the Dhaka Stock Exchange and Chittagong Stock Exchange.’
   He said the growth at the mobile phone operator remained stable, showing a revenue growth of six per cent in first quarter of 2009 against the same period in 2008.
   ‘Grameenphone’s revenue rose to Tk 15.80 billion, up from Tk 14.90 billion of the same period of 2008. Last year, the company earned annual revenue worth Tk 61.40 billion,’ he informed.

The International Monetary Fund, resuscitated through injecting fresh funds in the wake of the global financial flu, dissented Bangladesh government’s recent step to fix banks’ high-rated interest at maximum 13 per cent.
   Speaking at a luncheon meeting of the American Chamber of Commerce in Bangladesh, IMF resident representative Jonathan Dunn termed the government’s step regrettable and suggested leaving the matter to the free market to decide.
   ‘The interest rate should be determined by the market,’ he said at the function held the Dhaka Sheraton Hotel in the city with AmCham president Syed Ershad Ahmed presiding.
   This happens to be the first reaction from the IMF following the central bank’s declaration on a conservative cut of the interest rate from an above 14 per cent to a level of maximum 13 per cent.
   The lending agency, however, appreciated government’s financial stimulus package announcement as an appropriate measure for boosting the local economy against a global economic downturn.
   The IMF country chief informed that his Bretton Woods organisation would by and large double its financial support for the developing countries worldwide.
   In that case, the IMF allocation for Bangladesh will be increased to $1.2 billion from the present 600 million sanctioned annually.
   Jonathan noted that Bangladesh was yet to make any official request for financial support from the IMF to face the economic meltdown.
   He observed Bangladesh was less affected than any other countries in the region by the global crisis.
   ‘But still it has to face some key challenges in the days coming ahead,’ he said, adding that the import of capital machinery was on the downturn while the export of other products was decreasing due to the declining demand in the North American nations.
   The main challenges include energy sector, education, reforms in the financial sector and in revenue collection.
   ‘This is a high time to pursue the reforms for Bangladesh.’
   The IMF representative made a prediction that despite the global recession, Bangladesh economy would continue to grow and its growth in the current fiscal would be 5-6 per cent.
   ‘But it’s not enough to become a middle-income country with such a growth rate,’ he told the function.
   He thought that a 7-8 per cent growth is needed to achieve the target of graduating to a middle-income country within 15 years.

Local realtors and private property developers are diverting to the use of high-standard steel bars as such an advanced product ensures more safety and cost-effectiveness.
   Experts and industry people said as a leading local steel maker had already begun to produce Grade-500 rebar or rod in the country, availability of steel bars for the next generation was also ensured.
   Demand for steel reinforcement and highly strong concrete has increased as they ensure cost-effectiveness and economy in the construction work,’ said engineer M Firoze.
   Firoze is the head of the product development and marketing department at the Bangladesh Steel and Re-rolling Mills which last year began its production of Grade-500 steel marketed with the brand name Xtreme 500W.
   Haji Nasirullah, a leader of Bangladesh Iron and Steel Merchants Association, said even the private home developers were turning to highly-strong rebar that ensures more safety of structure during an earthquake.
   A senior executive of the real-estate and housing association of Bangladesh said as buyers of apartments were asking for quality rebar the realtors were procuring advanced products.
   ‘We look upon highly strong rods like Grade-500 as the only option for the developers who want to rely on consumers’ confidence,’ the executive said.
   BSRM’s Firoze said, ‘The reason (behind using Grade-500 steel) is not only economy but also better performance of the structure under conditions of earthquakes and storms.’
   He elaborated that use of strong steel relieved bar congestion in the beam and column intersections, which were central to ensuring safety from earthquakes.
   According to industry experts, use of Grade-500 steel reduces steel consumption by up to 15 per cent compared to the use of Grade-400 steel.
   A traditional Grade-400 rod has 40,000psi while a Grade-500W rebar has at least 72,500psi. So, all buildings and structures in even the developed Asia, including the Middle East and the ASEAN regions, are designed on Grade-500 steel.

Dhaka stocks gained Tuesday for the second day with the market showed sign of recovery after a month-long protracted fall, market operators said.
   The Tuesday’s trading, however, was marked by trade suspension of the shares of four companies temporarily by Dhaka Stock Exchange’s management to enquire into the unusual rise in their share prices.
   The bourse halted temporarily the trading of the shares of Takaful Islami Insurance, Summit Alliance Port, Aftab Automobiles and Eastern Housing for market enquiry, said a DSE official.
   DSE general index gained 30.33 points, or 1.20 per cent, to close at 2,557.10, while its blue chips index, DSE20, advanced 44.30 points, or 2.31 per cent, to finish at 1,962.29.
   Market operators said investors were buying shares in the last couple of days to avail the lower prices of securities after a month-long protracted contraction in share prices of most the issues. Different securities are attracting investors’ attention which had earlier been occupied by a single issue-Titas Gas, they said.
   Of the total 245 issues traded, 162 advanced, 73 declined and 10 remained unchanged.
   Turnover at the DSE, however, decreased Tk 477.16 crore from the Monday’s Tk 559.27 crore.
   Beximco topped the turnover leaders with a total transaction of Tk 57.12 crore.
   Summit Power, Titas Gas, S Alam Cold Rolled Steels, Bextex, LankaBangla Finance, Beximco Pharmaceuticals, Union Capital, Summit Alliance Port and Shinepukur Ceramics were the rest of the top 10 turnover leaders.
   In response to a DSE queries, Takaful Islami Insurance has informed the bourse that there was no undisclosed material decision/information relating to the company’s operation/ profitability that might have impact on the trading of the shares of the company, according to DSE website.
   Summit Alliance Port has informed that it is not aware of any event that can have impact on trading of their company’s share other than their recent decision for ‘acquisition of Ocean Containers shares’ for which required formalities were complied with including issuance of ‘price sensitive information’ to all concerned with press notification at the appropriate time.

European Union will provide all necessary assistances to revive the country’s jute sector.
   The assurance came when EU ambassador to Bangladesh Dr Stefan Frowein called on textiles and jute minister Abdul Latif Siddiqui at his office in Dhaka on Tuesday.
   The lost pride of the ‘Golden Fibre’ can be regained providing quality seeds, training and loan to the farmers, the jute minister said and sought EU cooperation in developing the jute sector.
   Referring to various initiatives taken by the government to revive jute and textiles sectors, Latif Siddiqui said strong efforts are on to develop these sectors.
   One of the important dreams of country’s struggle for independence was centred to the jute industry, he added.

Beximco Pharmaceuticals Ltd on Tuesday announced that it would supply Oseltamivir capsule Oseflu to Latin and Central American countries, the regions most affected by the recent H1N1 swine flu outbreak, a news release said.
   Beximco Pharmaceu-ticals introduced Oseflu in 2006 for the prevention and treatment of influenza including swine and bird flu.
   In the same year it supplied Oseflu to the of Bangladesh and Myanmar governments for stockpiling to combat the Bird flu pandemic.

Bangladesh Carbon, a CDM-based carbon trading service of Rahimafrooz Renewable Energy Ltd, and Carbon Planet, Australia have joined hands to bring to the public and private sector of Bangladesh for clean, green and renewable initiatives, projects and programmes that are eligible for globally acceptable Carbon Emission Reduction credits.
   Carbon trading will provide monetary reward and facilitate the focus to reduce emissions in every activity in our economy and bring the country to the global carbon commerce market, which is at present in excess of $100 billion, a news release said.
   An agreement to this effect was signed on Tuesday.
   Rahimafrooz Renewable Energy Limited managing director Munawar Misbah Moin and Asia & Africa Carbon Commerce Division, Carbon Planet Australia director Haris Chaudry signed the agreement on behalf of the respective sides in a city hotel.
   State minister for environment and forests Md Mostafizur Rahman, Australian high commissioner Dr Justin Lee, Rahimafrooz Bangladesh Ltd’s Group managing director Firoz Rahim, Munawar Misbah Moin and Haris Chaudry spoke on the occasion.

Bangladesh is going to add another item, refrigerator, to its export basket as the local refrigerator-manufacturing-company RB Group has signed initial agreements with Japan and some other countries in Africa.
   According to its officials, the local business group, after massive negotiations, signed its agreements with a number of importers in African countries to export its brand-product Walton Fridge. Now they are preparing to open LC for the import.
   ‘An agreement is likely to be signed soon with Japanese importer,’ said RB Group assistant director Mizanur Rahman.
   He mentioned that some representatives of a Japanese importing company recently visited the RB Group’s manufacturing plant in Gazipur.
   ‘They have expressed satisfaction with the quality and standard of our products,’ Mizan said. ‘We’re expecting to export our products to Europe also as negotiations are going on.’
   The RB’s manufacturing unit, Walton Hi-tech Industries, now produces about 6 lakh units of refrigerators against a demand for 4 lakh across the country. About 2,500 workers remained engaged in the manufacturing plant, set up on 20 acres of land.
   The plant was set up not only to meet the local demand but also to export abroad. But the recent economic meltdown gives the Walton a good advantage as its production cost is relatively low due to lower labour cost.
   RB officials noted that after the global meltdown, many manufacturing plants in developed countries were forced to shut down. These countries are now looking for imports from developing countries.
   Mizan said his group has been the first local company which entered
   into production of refrigerators and some other electronic goods. ‘We’re also producing motorcycle to meet the local demand,’ he added.
   He claimed that Walton offered a 10-CFT refrigerator at Tk 20,700 while a similar-size imported refrigerator sells between Tk 30,000 and 33,000.
   ‘We can offer a cheaper price if we get policy supports and incentives from government,’ he said.
   In the existing policy, he said, the import of refrigerator is easier than its production locally. ‘Import duty on raw materials is higher than duty on import of finished one.’
   Presently, Walton is marketing 12 models of refrigerators by its 600 exclusive outlets and also by vendors throughout the country. Another 7 models will come into the market next month.

Mobile phone operator Banglalink opened sales and care centre in Chittagong recently.
   Banglalink chief executive officer and managing director Ahmed Abou Doma presided over the inaugural ceremony, a news release said.
   Company director (sales) Arif Mehmood Malik, regional commercial head Bishwajit Paul, head of public relations and communications Solaiman Alam and executives concerned were present on the occasion.

Prime Finance and Investment Limited declared 40 per cent stock dividend for 2008.
   The dividend was approved at 13th annual general meeting of the company held in Dhaka recently, a news release said.
   Prime Finance chairman Md Aminul Haque presided over the AGM attended by the executives concerned and shareholders.
   The company announced a growth in profit during 2008 representing 45.23 per cent growth over the previous year.
   The financial statements of the company for 2008 were also placed at the meeting.

NCC Bank
   The bank has informed that it has credited the stock dividend for 2008 to the respective shareholders’ BO accounts.
   
   BSRM Steels
   In response to a DSE query, the company has informed that there is no undisclosed material decision/information relating to the company’s operation/profitability that might have impact on the trading of the shares of the company.
   
   Delta Brac Housing Finance
   In response to a DSE query, the company has informed that there is no undisclosed material decision/information relating to the company’s operation/profitability that might have impact on the trading of the shares of the company.
   
   Maksons Spinning Mills
   In response to a DSE query, the company has informed that there is no undisclosed material decision/information relating to the company’s operation/profitability that might have impact on the trading of the shares of the company.
   
   BGIC
   Today Normal trading of the shares of the company will resume after record date and there will be no price limit on the trading of the shares of the company.
   Source: DSE

Commercial real-estate loans could bring losses of $100 billion at 940 small and midsized US banks by the end of 2010, according to a study published Tuesday by the Wall Street Journal.
   In all, these loans funding the construction of shopping malls, office buildings, hotels and apartment complexes could be responsible for almost half of the losses at the banks analysed by the newspaper.
   The Journal, which used the same loan-loss criteria for the banks as federal regulators did for their recent ‘stress tests’ to determine the financial viability of the 19 largest US financial establishments, said total losses for the banks it studied could surpass $200 billion.
   At ‘nearly all’ the banks, the Journal said potential losses could exceed revenue over that same period.
   Under the newspaper’s worst-case scenario, more than 600 small and midsized banks could see their capital reduced to risky levels, and almost a third of the banks could reach those levels due to losses in commercial real-estate.
   In contrast, the banks would see a total of $49 billion of losses on home loans.
   Small and midsized banks ‘are in just much worse shape’ than the big banks, Oppenheimer & Co analyst Terry McEvoy told the newspaper after reviewing its study. ‘There is a lot less earnings power at these banks.’
   The Federal Reserve estimated that the 19 largest banks could see potential losses of $600 billion, but that most of the shortfalls were manageable.
   But for smaller banks, bankruptcy is still an option, although the newspaper does not foresee a repetition of the 1,256 bank closings that took place between 1985 and 1992.
   Since early 2008, US regulators have seized 58 banks, including 33 so far this year.

Unable to stop the tide of foreclosures and job losses, lawmakers are hoping to give voters at least some breathing room in the economic downturn by banning arbitrary rate hikes and excessive fees charged by credit card companies.
   Legislation that would impose new restrictions on the industry was expected to pass the Senate on Tuesday. With the House having endorsed a similar measure already, Democratic leaders said they hoped to send a final version to the president to sign by week’s end.
   If Obama signs the bill, as expected, the credit card industry would be required within nine months to change the way it does business: Lenders would have to post their credit card agreements on the Internet, let customers pay their bills online or by phone for free and give customers 45 days notice and an explanation before interest rates are increased.
   In a key provision addressing a concept called ‘universal default,’ a customer would have to be more than 60 days behind on a payment before seeing his rate on an existing balance increase. Even then, the credit card company would be required to restore the previous, lower rate after six months if the consumer pays the minimum balance on time.
   The banking industry is pushing back, warning lawmakers that the legislation would restrict credit at a time when Americans need it most. They defend their business practices as necessary to protect themselves when providing money to consumers with no collateral and little more than a promise to pay it back.
   But members of Congress don’t want to face voters in the 2010 election without proof that they are listening to constituents crushed by debt. They say credit card companies have gone too far.
   ‘Any effort to restore confidence in our economy must start not on Wall Street, but in Main Street, and that’s what the credit card situation is all about. It’s about Main Street,’ said Senate Majority Leader Harry Reid, D-Nev.
   Obama too has taken up the issue, most recently last week at a town hall meeting in New Mexico. He said that while free-flowing credit is important, the government cannot tolerate profits made by misleading working families.

When sales manager David Martin needs extra help at his small Michigan business, he calls his employees’ family members and asks them to pitch in on short notice.
   That flexibility is one of the many aspects of personal business relationships that give small businesses a boost in these troubled economic times, managers and experts say.
   The personal relationships that small business can cultivate — better than its larger, corporate brethren — can provide agility, trust and integrity that are valuable assets when credit is tight, creditors are impatient or customers are hesitant, they say.
   Being able to call an employee’s relatives for help, without being hampered by tiers of management, makes a huge difference, said Martin, a sales manager at SelfLube Co, which makes mold and die components in Coopersville, Michigan.
   ‘They sure do make it easier,’ he said. ‘If we have somebody on the payroll that’s just sitting around until we need them, you can see the downside to your overhead. So if we need somebody, we just call them and have them come in.’
   The relatives who help at SelfLube tend to be workers who don’t want full-time jobs, he added.
   Small businesses can also do things big corporations can’t, such as asking family members for help or bartering with customers or suppliers.
   A quarter of small businesses have a family member working for free, according to research by the American Express Open Small Business Monitor.
   Research also shows that bartering has increased at a quarter of US small businesses due to the economy.
   Social networking is booming among micro-entrepreneurs, according to studies conducted by Charles Matthews, head of the International Council for Small Business and executive director of the Centre for Entrepreneur-ship Education and Research at the University of Cincinnati.
   A majority say the networking is valuable for feedback, problem-solving, getting fresh ideas and connecting with other small businesses, Matthews said.
   Author Bruce Freeman, who writes books about small business, says a camaraderie seems to have developed among small businesses in the recession.
   ‘With all the financial turmoil, with (accused swindler) Bernie Madoff, people are saying that dog-eat-dog doesn’t work anymore,’ he said. ‘People are more willing to extend a helping hand.’
   But Martin Lehman, a counsellor at SCORE, a non-profit group that provides expertise to small businesses, warned business owners to exercise some caution.
   Lehman once ran a chain of women’s apparel stores but was forced to close them when he learned his partner was stealing money.
   ‘There goes a personal relationship right there,’ he said. ‘When you have personal relationships, you really have to know who you are friendly with. It’s really almost scary.’
   Personal relationships in small businesses can be a double-edged sword, said Andy Birol, a Solon, Ohio-based business consultant.
   ‘Trust is earned. Trust is lost,’ he said. ‘The problem is, if you’ve broken your word in the past, or if you made a promise you can’t keep, then there’s no hiding.’

China announced Tuesday a massive expansion of subsidies for people who buy new cars and home appliances this year, state media said, in the government’s latest bid to lift the crisis-battered economy.
   The State Council, or cabinet, decided to increase the money available to subsidise car replacements to five billion yuan ($733m) from one billion yuan when the programme was announced last month, the Xinhua news agency said.
   China started to subsidise car replacements in 2003 and increased the fund to 600 million yuan last year, previous Chinese media reports said.
   The government would also earmark two billion yuan this year to subsidise consumers who sell their home appliances for new ones, Xinhua said.
   A trial programme would be launched first in four provinces and five cities including Beijing and Shanghai to subsidise the replacement of TV sets, refrigerators and three other types of home appliances, it said.
   ‘In order to further boost domestic demand... it is necessary to implement policies to encourage auto and home appliance replacements,’ the report said, quoting a statement issued at the end of the meeting which Premier Wen Jiabao presided over.
   ‘It will not only help expand domestic consumption but also improve energy and resources efficiency and cut pollution,’ it said.
   The new incentive is the latest in a series of government measures to encourage Chinese consumers to spend in the face of slumping exports as foreign demand weakened due to the financial crisis.

The Indian new government will revive economic growth and make it even more inclusive, prime minister elect Manmohan Singh said on Tuesday.
   Singh, who was re-elected by lawmakers of his Congress party to lead the new coalition, said daunting challenges lay ahead as the global economy was passing through difficult times.
   ‘Equally important is the challenge of reviving economic growth and creating new employment opportunities,’ Singh said in a speech to party lawmakers.
   Growth in Asia’s third-largest economy is expected to slow to a seven-year low of about 6 per cent this fiscal year from around 7 per cent in 2008/09, and from rates of 9 per cent or more in the previous years. Millions of jobs have already been lost.

Standard Chartered Bank and Singer Bangladesh have recently signed a discount agreement in Dhaka.
   Under the deal, StanChart credit cardholders will be able to purchase any Singer product from Singer Plus showrooms at Tk 5,000 and above for 3 to 6 months’ installment plan at zero per cent interest, a news release said.
   Singer will also offer zero interest for up to 12 months for their LCD TVs and refrigerators.
   Besides, the accountholders of the bank will get discounts on purchase of specific Singer products.
   Singer Bangladesh marketing director Mokbul Ahmed and StanChart general manager (unsecured lending and consumer transaction banking) Ahsan Afzal signed the agreement on behalf of their respective sides.

Dutch-Bangla Bank signed an agreement with Lafarge Surma Cement at the Lafarge head office in Dhaka on Monday.
   Under the agreement, the employees of Lafarge Surma Cement can avail the opportunities of DBBL online banking services, access to countrywide network of cost-free 500 ATM booths, retail banking services as well as the disbursement corporate salary accounts centrally, a news release said.
   Lafarge Surma Cement finance director Masud Khan and DBBL head of retail and SME division Mir Mominul Huq signed the agreement on behalf of their respective sides.
   Lafarge Surma Cement director (human resource) Shaheed Siddique, head of communications and CSR Mohiuddin Babar and DBBL additional managing director AHM Nazmul Quadir, DMD Abul Kashem Md Shirin were present.