News 24: May 2015

Union Bank Ltd opens Rajshahi Branch

In the purpose of providing shariah based modern banking Union Bank Ltd opened its Rajshahi Branch, Rajshahi on May 28, 2015. Honorable Managing Director of the Bank Md. Abdul Hamid Miah inaugurated the Branch. Among others SEVP S.A.M Salimullah, Senior Vice President Md. Mainul Islam Chowdhury , Rajshahi Branch Manager as well as renowned Businessmen, Industrialists, Local Elites, Executives and Officers of the Bank were also present on the occasion.

A Doa-Mahfil was also organized on the occasion. The Bank is committed to play the leading role in the economic development and Industrialization of the Country. (Source: press release)

SBAC Bank chairman accorded reception

Chairman of the Board of Directors of South Bangla Agriculture & Commerce (SBAC) Bank Limited and President of Bangladesh Frozen Foods Exporters’ Association Mr. S.M. Amzad Hossain, and Chairman of the Executive Committee of the Board of Directors of SBAC Bank Ltd Mr. Maksudur Rahman, have been appointed Directors the new committee of the Federation of Bangladesh Chamber of Commerce and Industries (FBCCI). The Management of the SBAC Bank Ltd congratulated them for their appointment of the FBCCI as Directors. (Source: press release)

NRBC Bank opens 27th branch at Zirani Bazar of Savar

The 27^th Branch of NRBCBank (NRB Commercial Bank Limited) was inaugurated at Zirani Bazar, Ashulia, Savar, Dhaka. Mr. A B M Azharul Islam Suruj, Chairman, Shimulia Union Parisad, inaugurated the Branch on Sunday 31 May, 2015. The inaugural ceremony was attended among others by the Managing Director and CEO of the Bank Mr. Dewan Mujibur Rahman, Senior Executive Vice President Mr. Arif Md. Shahedul Haque, Executive Vice President & Company Secretary Mr. Md. Rafiquzzaman, Vice President Mr. Mohammad Mostahaq, Asstt. Vice President Mr. M M Moshiur Rahman, Mr. Muklessur Rahman and Head of Branch Mr. Md Faisal Mahmud. A good number of respectable persons and local businessmen were also present on the occasion. (Source: press release)

Modhumoti Bank Limited holds executive committee meeting

The 28^th meeting of the Executive Committee of Modhumoti Bank Limited was held on Thursday. The meeting was presided by EC Chairman, Barrister Sheikh Fazle Noor Taposh MP. Among others Meghna Group Chairman Mostafa Kamal, Labib Group Chairman Salahuddin Alamgir, Sharmin Group Managing Director Md. Ismail Hossain, Bengal Group Director Humayun Kabir and Md. Mizanur Rahman, Managing Director & CEO of the Bank were present at the meeting. (Source: press release)

Walton sets good example for modern enterprises, says German envoy in Dhaka

German ambassador to Bangladesh Dr Thomas Prinz visited the Walton Hi-Tech Industries on Thursday.

German ambassador to Bangladesh Dr Thomas Prinz said Walton is setting a good example for modern enterprises of Bangladesh in terms of ensuring workers’ safety, training, social welfare and adapting green technology at its production process.

“Walton is a modern factory. And, all the safety rules and regulations are maintained here. It is investing in workers’ training, safety and social welfares,” Prinz said.

The German envoy came up with the observations before the media after visiting different production units of the Walton Hi-Tech Industries Limited (WHIL), especially refrigerator, air conditioner, television and motorcycle units, and the display centre at Chandra in Gazipur on Thursday.

Prinz also unveiling the foundation-stone of refrigerator expansion project-4, funded by the KfW Development Bank, at the WHIL.

While expressing his reaction over the visit, Dr Prinz said, “Visiting Walton factory, I am absolutely astonished and got wonderful impression.”

The expansion project of the company for producing new models of refrigerators using green technology would be a role model not only for Bangladesh but also for Asia, he added.

KfW is impressive to support Walton’s introduction of green technology, he said adding that they were grateful to co-operate Walton in setting up such technology.

Prinz also hoped that Walton would be successful in this new project.

The German envoy was also accompanied by Lisa Steinacher, director special programmes (health and social security) of KfW, a German government-owned Development Bank, and Arif Iqbal Khan, senior investment manager of KfW, Dhaka.

Visiting the factory, Lisa Steinacher said she was deeply impressed by witnessing the professionalism of the company’s management and also the workers.

“We observed that the production processes at the Walton factory are a very complex procedure. It was really impressive to see how everything goes together,” Steinacher said.

She also thinks that the decision of KfW and DEG (The German Investment and Development Company) to provide loan to Walton was the right one.

She hoped that they would continue their co-operation.

Arif Iqbal Khan said they evaluated the production process, business and future prospect of Walton.

“Walton has been forthcoming and everything has left a good synergy,” he added.

Khan thinks that an agreement will be signed within a couple of weeks, which would be the start of a long-term relationship with Walton.

Managing Director of Walton SM Ashraful Alam said they are setting up the new refrigerator factory with German based PU technology.

From the next year, the manufactured products at the green technology based new factory unit will be exported to the developed countries like America and the European Union, he hoped.

Operative director of Walton Uday Hakim said the German envoy also visited the progress of compressor factory, which is now under construction at the WHIL.

“Walton is setting the Asia’s first ultra-modern techno processor based compressor plant in Bangladesh,” he said adding the produced compressor will be exporter after catering to the local demand.

During the event, Walton presented a video documentation highlighting the production processes of its different products.

SM Ashraful Alam welcomed the delegation at the factory premises by handing over flower bouquet while the company’s Executive Director (Finance) Abul Bashar Hawlader, Executive Director (Policy and HR) SM Zahid Hasan, Operative Director (Creative and Publication) Uday Hakim, and Lieutenant Col (Retd.) Abdul Kader, Col (Retd.) Shahadat Alam (Walton Microtech) among others, were also present. (Source: press release)

Mercantile Bank gives Abdul Jalil Education Scholarship-2013 in Chittagong

Today 30^th May 2015 Mr. Md. Shahabuddin Alam -Chairman, Risk Management Committee distributed Cheques and Certificates of “Mercantile Bank Abdul Jalil Education Scholarship-2013” as Chief Guest among the meritorious students in Chittagong. The program was presided over by Mr. Md. Mahibbul Karim, Zonal Head, Chittagong Zone of Mercantile Bank Limited. Senior executives and students with guardians were present on the program. (Source: press release)

KOHLER opens first store in Bangladesh

In keeping with its vision to offer ‘Gracious Living’ to its consumers, KOHLER Kitchen and Bath has launched in Bangladesh. The company has inaugurated its first showroom in Dhaka. Spreading over an area of 2500 sq feet, the store houses a variety of Kohler products such as baths, faucets, toilets, shower heads & panels and kitchen accessories across different price ranges. The showroom was inaugurated by Salil Sadanandan, Managing Director, KOHLER Kitchen and Bath, South Asia & Sub-Saharan Africa. Moshiur Rahman, Managing Director of Executive Lifestyle was also present at the event.

Kohler is a global leader in kitchen and bath products. As a brand, Kohler stands for Design & innovation, which lends to product experiences that are unique. With a range of Artist Editions® products which are hand crafted and inspired from rich cultures across the globe to a fully automated showering experience with DTV+ and differentiated colors like Black in the bathroom with the Veil wall hung, KOHLER brings unique experiences to consumers everyday.

The mission of our company is to enhance the level of ‘Gracious Living’ for everybody. Today, with more than 50 manufacturing locations on 6 continents, more than 30,000 Kohler associates are able to present the concept of gracious living in every corner of the world.

The Bangladesh market is growing in size and the plumbing market is approximately BDT 100 crores. The luxury segment is growing within the bathroom/plumbing industry. Customers are seeking international designs in this category.

There is a growth in hospitality and high end premium residential apartment projects. All the major hospitality chains are coming up in Dhaka, Cox Bazar and Chittagong. This makes it the right time for Kohler to enter Bangladesh.

‘Executive Lifestyles Limited’ is Kohler’s distributor in Dhaka and establishing Kohler’s first showroom. It is located at 187-188/B, Tejgaon Industrial Area, Dhaka 1208, Bangladesh. The store is now open to consumers.

The new showroom in Dhaka has been built keeping in mind the rising demand for products with modern, aesthetic designs and multifunctional utilities. The store promises to be the go-to place for those inclined towards a luxurious and sophisticated bathing experience, well matched with durability and style. Some of the key products to be available at the store will be Antilia Wading Pool, Pallene Glass Vessel, Marrakesh, Karing Integrated Toilet, River Bath Whirlpool, Laureate Iron Works Lav and Bath Tub with Finial range of faucets in Oil Rubbed Bronze and many more.

Salil Sadanandan, Managing Director, Kohler Kitchen and Bath, South Asia & Sub-Saharan Africa said, “We are excited to be launching the Kohler brand in Bangladesh. This is a great opportunity, and we are introducing uniquely designed, first of its kind, luxury bathroom fittings. Kohler products are as inspired by art and craft as they are shaped by the leading edge of design and technology. Our products are designed to enhance individual well-being and give our users an elevated experience.”

For more information and details on products, visit: http://www.kohler.co.in/

About Kohler

Founded in 1873 and headquartered in Kohler, Wisconsin, in the United States, Kohler Co. is one of America’s oldest and largest privately held companies. Kohler is a global leader in the manufacture of kitchen and bath products, engines and power generation systems, cabinetry, tile and home interiors, and international host to award-winning hospitality and world-class golf destinations. Kohler Co. employs more than 31,000 associates on six continents, operates plants in 49 worldwide locations, and has dozens of sales offices around the globe. The company and each associate share in the mission to contribute to a higher level of gracious living for those who are touched by the company’s products and services. (Source: press release)

Islami Bank Bangladesh holds Business Development Conference

Two days long ‘Business Development Conference 2015’ of Chittagong North and South Zones of Islami Bank Bangladesh Limited was held at a local hotel in Chittagong on 29-30 May 2015. Mohammad Abdul Mannan, Managing Director of the Bank was present in the conference as chief guest. Presided over by Muhammad Abul Bashar, Deputy Managing Director, the conference was attended by Md. Mahbub-ul-Alam and Abdus Sadeque Bhuiyan, Deputy Mananging Directors, Muhammed Amirul Islam, Head of Chittagong South Zone, Md. Mostafizur Rahman Siddiquee, Head of Chittagong North Zone, Dr. Mahmud Ahmed, Head of IBTRA Chittagong Centre and Md. Siddiqur Rahman, Executive Vice Presidents along with other executives, 42 managers, manager operations and selected officials of the head office and zones of the bank. (Source: press release)

FAS Finance & Investment Limited holds 18th AGM, declares 10% cash dividend

18^th Annual General Meeting of FAS Finance & Investment Limited was held on Saturday, the 30^th May 2015 at the Hotel Abakash, Bangladesh Parjatan Corporation, Dhaka.

Mr. Mohammad A Hafiz, Chairman of the Board of Directors of the Company presided over the meeting.

A large number of shareholders of the company attended the meeting and took part in the discussions. The Chairman welcomed the shareholders and appreciated the suggestions, sought continuous support and cooperation from the shareholders of the company.

On the occasion, Members of the Board of Directors (Mr. Mohammad A. Hafiz, Mr. Md. Siddiqur Rahman, Mr. Md. Zahangir Alam, Mr. Uzzal Kumar Nandi, Mr. Anjan Kumer Roy, Mr. Arun Kumer Kundu, Mr. M A Shahjahan, Mr. Md. Mostain Billah, Mr. Pradip Kumar Nandi, Mr. Uddab Mallick, Mr. Birendra Kumar Shome, Ms. Mahfuza Rahman Baby, Ms. Kazi Mahjaben Momtaz and Ms. Anita Kar) Mr. Md. Russel Shahrior, Managing Director & CEO and Ms. Fardose Jahan ACS, Company Secretary were present.

In the meeting, shareholders approved 10.00% Cash Dividend for the year 2014. (Source: press release)

NCC Bank cardholders to get EMI facility at Transcom Electronics, Mobiles

NCC Bank has signed corporate agreements with Transcom Electronics Ltd. and Transcom Mobile Ltd. recently. Under this agreement NCC Bank’s Credit Cardholders will get SmartPay EMI facility on Household Electronics & Appliances and Mobile Handsets. Cardholders can avail SmartPay facility from all outlets of Transcom Electronics Ltd.

The Agreement was signed in presence of Golam Hafiz Ahmed, Managing Director & CEO of NCC Bank Ltd. Khaled Afzal Rahim, Head of Cards of NCC Bank Ltd. and Shib Pada Dey, Assistant General Manager, Transcom Electronics Ltd. & Senior Manager of Transcom Mobiles Ltd. signed the agreement on behalf of their respective organizations.

Among others Deputy Managing Director of NCC Bank Akhtar Hamid Khan, Sr. Executive Vice Presidents AZM Saleh, Ishtiaque Ahmad, M. Wahedur Rahman and Manager of of Transcom Mobile Altaf Gaohor were also present at the signing ceremony.

Caption :

In presence of Golam Hafiz Ahmed, Managing Director & CEO of NCC Bank Ltd. Khaled Afzal Rahim, Head of Cards of NCC Bank Ltd. and Shib Pada Dey, Assistant General Manager, Transcom Electronics Ltd. exchanging documents of SmartPay Agreement. (Source: press release)

Toshiba Establishes Branch Office in Bangladesh

Toshiba Corporation has recently announced that its Singapore-based wholly owned subsidiary, Toshiba Asia Pacific Pte. Ltd., has established a branch office in Dhaka, in the People’s Republic of Bangladesh. The new office will allow Toshiba to establish a stronger presence in Bangladesh and to support the country’s continued economic development. The Bangladesh Liaison Office will open in June 1.

Bangladesh’s annual economic growth rate has surpassed five percent for the past ten years, and the country ranks eighth in the world in population, with approximately 1.5 billion people. The economy is expected to continue to grow and to present many business opportunities, particularly in the infrastructure required to support economic expansion, including power generation, transmission & distribution and urban transportation.

Through the new office, Toshiba will collect market information that will support it in contributing further to Bangladesh’s infrastructure improvement.

Toshiba’s track record in Bangladesh extends from supplying steam turbine and generators for the Ghorashal power plant in 1970 to provision of medical diagnostic today. The opening of the Bangladesh Liaison Office provides Toshiba with a regional presence extending from India through the ASEAN counties, and will support promotion of the infrastructure business. (Source: press release)

Carmudi Bangladesh gets new country manager

Carmudi.com.bd, the leading online vehicle marketplace in Bangladesh has appointed Joao Pedro Principe as its new Country Manager, as recently announced by the company.

Pedro, hailing from Portugal, has been the Global Venture Developer of Rocket Internet, posted in Carmudi Bangladesh since February 2015, previously working as a Business Development Advisor, consulting for several renowned Portuguese Start-Ups like B-Parts and Zercatto. With his great abilities and experiences of securing venture capital investment funds, planning international expansion strategies and immense networking skills, Pedro is believed by the company to be ideal for this challenging role of expanding the online buying and selling endeavor here, where Bangladesh is still in the initial stages in regards to accepting the concept of digital marketplaces.

“I am extremely invigorated and excited with my recent commitment with Carmudi. We have arguably the best Car Classifieds platform worldwide and are inarguably the only reliable on-line vehicle marketplace in Bangladesh, making it a unique opportunity and learning journey to secure this position and project Carmudi’s growth in Bangladesh even further to exclusively secure the market.”, said Pedro on receiving this valuable position.

Pedro has already made his mark proving his artistry in networking, which is a great asset in leading a startup company, while settling down in Bangladesh. He is seen modeling for various local brands and working with the multiplex movie theatre industry here, attending several exclusive events and being part of the launch and premiere of many Hollywood movies in Bangladesh. Since his arrival, Carmudi has also closed important partnerships and earnestly improved its business model for the upcoming year, with promised exciting novelties to soon be delivered by the company.

In relation to Bangladesh markets, he exclaimed “I am finding the automobile industry in Bangladesh to be amply dynamic and motivating to work with, so I will be looking forward to further extend our Partnerships in the industry and make Carmudi the number one top-of-mind reference for buying and selling cars. Rocket Internet has a track record of setting up amazing ventures with overwhelming success. It’s great to be a part of this team, learn with our past and recurring experiences, and leverage this perfect environment for success. I see one clear path for Carmudi in Bangladesh: “Shoja, shoja, shaamne!” - Just like I keep telling the Rickshaw Wallas.”.

Carmudi was founded in 2013 and is currently available in Bangladesh, along with operations in Cameroon, Congo, Ghana, Indonesia, Ivory Coast, Mexico, Myanmar, Nigeria, Pakistan, Philippines, Qatar, Saudi Arabia, Senegal, Sri Lanka, Tanzania, United Arab Emirates and Vietnam. The vehicle marketplace offers buyers, sellers and car dealers the ideal platform to find cars, motorcycles and commercial vehicles online. (Source: press release)

Bank Asia hands over higher studies scholarship

As a part of its corporate social responsibility, Bank Asia has provided higher studies scholarship to 10 meritorious students of Tarail in Kishoregonj district on Saturday (30 May 2015). Mr. M Irfan Syed, Director of the Bank handed over the scholarship money to the students at a function held at Tarail Upazila auditorium. Additional Managing Director of the Bank Mr. Amirul Islam and First Vice President and Head of Branch Mr. Aminul Haque Khan were, among others, present. A large number of people including students, teachers, journalists, businessmen and local elite attended the function.

It may be mentioned that Bank Asia gives scholarships for higher study to the meritorious students in the rural areas, where the Bank has branches. A total of 222 students have been selected for Bank Asia Higher Studies Scholarship for the current year. (Source: press release)

Caption: Mr. M Irfan Syed, Director of Bank Asia is seen handing over scholarship money to one of recipients with the recipients of Bank Asia Higher Studies Scholarship-2014 under Tarail Upazila of Kishoreganj district on Saturday (30 May, 2015). Additional Managing Director of the Bank Mr Aminul Islam and First Vice President and Head of Branch Mr. Amirul Haque Khan are, among others, seen in the picture. (Source: press release)

Meghna Cement declares 15pc cash dividends

The board of directors of Meghna Cement Mills Limited (MCML), the manufacturer of King Brand Cement and a sister concern of Bashundhara Group, on Saturday declared 15 percent cash dividends for its shareholders.

The forward-looking management of the MCML announced the dividends for the year ended on December 31, 2014 at its 23nd Annual General Meeting (AGM) held on the factory premises in Mongla Port Industrial Area of Bagerhat.

In a festive manner of the AGM, the Directors’ Report as well as the audited accounts of the company for the year were received and adopted in the AGM.

According to the Directors’ Report, the enlisted company with the capital market, Meghna Cement could secure a net profit of Tk 10.07 crore (after tax). Besides, the company’s Earning Per Share (EPS) is Tk 4.48.

According to the annual report, the company paid Tk 88.73 crore to government exchequer as tax, duty and VAT in 2014 which was Tk 117.93 crore in 2013.

Meghna Cement’s sponsor director Mahaboob Morshed Hasan chaired and also addressed the function as chief guest while independent director Khawaja Ahmedur Rahman and Moynal Hossain Chowdhury, advisor (Treasurer) of Bashundhara Group (BG), AR Rashidi, senior advisor of BG, Engineer AKM Mahbub-Uz-Zaman, deputy managing director of Bashundhara Group (Cement Sector), Mohammad Tawhidul Islam, deputy managing director East West Property Development (EWPD), Major General (Retd.) Mahbub Haider Khan, advisor of BG, Mohammad Abu Tayeb, adviser (press and media) of BG and company secretary Naseemul Hye FCS were also present.

In his welcome speech, Mahaboob Morshed Hasan said “We have been running the company for two decades and we have established it as an established company among the other cement factories in the country.”

Describing company’s journey, he said “The year of 2014 was eventful due of political turmoil which disrupted the country’s economic growth. Despite the political unrest as well as multifarious drawbacks in cement business the company has declared 15 percent cash dividends for its shareholders.”

The number of consumers of cement is not very big in the country, he said adding that the demand of cement would increase if public welfare related infrastructural works start.

He also said, “Our Company would bag more profit and prosperity in future if the shareholders as well as its officials concerned continue their sincere all-out support.”

A large number of shareholders also attended the AGM. Besides, some shareholders also spoke at programme to present their suggestions and impression about the business of the company.

Mohammad Mojammel Haque, one of the shareholders, said, “We are very much impressed that Meghna Cement has declared dividends for us despite political unrest in 2014… we hope that the company will make a handsome profit in the future.”

Another shareholder Towhidur Rahman said “As the brand name is ‘King’ we want our company should stay in the market like king. So my expectation is that the board of directors will work for that.”

The MCML, the first manufacturing enterprise of Bashundhara Group, is one of the largest cement-manufacturing industries in the country.

This enterprise was established in 1992 on the bank of the Pashur river and in the industrial zone of Mongla Port which is connected with all parts of the country through rivers and roads.

The MCML started its commercial operations on January 15, 1996. Following a successful public offerings (IPO), the company was listed in Dhaka and Chittagong stock exchanges in 1995 and 1996 respectively. (Source: press release)

Astronomer AR Khan dies at 83

Astronomer AR Khan dies

Lowering girls’ marriage age to 16 is a suicidal step, say Bangladesh women leaders

Lowering girls’ marriage age to 16 is a suicidal step, say women leaders

Bangladesh High Court for arresing those involved in Rangunia housemaid rape

Arrest those involved in Rangunia housemaid rape: HC

2 ‘ISIS’ men held in city

‘Mugger’ killed in city ‘gunfight’

Ansarullah Bangla Team banned

Cabinet okays two draft laws relating to defence services

CID assigned to investigate blogger Ananta murder case

Jatiya Party in disarray

Muhith hints fuel oil prices to be cut in coming fiscal

Struggle to continue until BD freed from evil forces: PM

6 accused among 7 killed in road accidents

Media publishing imaginary interview of Salah Uddin: BNP

Khaleda to move HC against plaintiff’s deposition

Liu for strong ties with Bangladesh

Cabinet ratifies LBA protocol

HC for action against cops for delay

Police silent on its inquiries

Many priorities in edn sector remain on paper

Grisly find in migrant camps shocks world

Bangladesh High Court issues rule over gang-rape of Garo woman

The High Court on Monday issued a rule asking the authorities to explain by two weeks as to why the delay of lodging a complaint of the Garo rape victim would not be declared illegal.

A division bench of Justice Farah Mahbub and Justice Kazi Md. Ejarul Haque Akondo passed the rule upon a writ petition.

Five human rights organizations Nari Paksha, Bangladesh Mahila Parishad, Jatiya Adivasi Parishad, Bangladesh Legal Aid and Services Trust (BLAST) and Ain O Shalish Kendra filed the petition.

The court also wanted an explanation from the authorities concerned on what reason action will not be taken against the policemen for making delay in taking the complaint and for negligence of duties.

It also wanted to know as to why the rape victim will not be compensated.

The HC also asked the government to confirm lodging complaints and giving services to the rape victims.

The court also sought a compliance report from Home Secretary, Inspector General of Police and Dhaka Metropolitan Police (DMP) commissioner within a month. It also asked the Home Secretary to issue a gazette notification by one week asking all the police stations to lodge complaints of any rape victim irrespective of caste, creed and religion.

It also sought a list of retired judges, lawyers and women human rights activists to review the existing laws and procedures to stop sexual harassment and sexual violence from the rights bodies that filed the petition by May 31.

Earlier on May 21, a Garo woman was gang-raped on a moving microbus after she was forcibly taken into the vehicle from near Jamuna Future Park in Dhaka city and later dropped her at Jashimuddin road.

(Source: BSS)

Dhaka court adjourns hearing on Khaleda’s graft cases till June 18

A court in Dhaka on Monday adjourned till June 18 the hearing of Zia Orphanage and Zia Charitable Trust graft cases against BNP Chairperson, Begum Khaleda Zia and others.

Judge Abu Ahmed Jamadar the Special Judges’ Court-3 temporarily set up at Dhaka Alia Madrasa premises passed the order.

Khaleda Zia appeared before the court around 10-55 in the morning amid stringent security measures and left with the completion of the court proceedings around 12noon.

The court also rejected the defence petition seeking cancellation of the statements given by the plaintiff and the first prosecution witness after hearing arguments from both the prosecution and defence.

However, the court accepted the time petition filed by defence counsel Advocate Khandoker Mahbub Hossain on the plea of taking preparation for hearing.

Stringent security measures were taken in and around the court with the deployment of additional law enforcers including Rapid Action Battalion (RAB), Detective Branch (DB)of police, Border Guard Bangladesh (BGB) to maintain law and order.

Earlier on April 5, the court gave Khaleda Zia bail in the two graft cases on condition of her appearance positively before the court on every date.

Anti-Corruption Commission (ACC) filed the Zia Orphanage Trust graft case on July 3 in 2008 with Ramna Police Station while the Zia Charitable Trust graft case was lodged with Tejgaon Police Station on August 8, 2011, on charges of misappropriating money in the name of the trusts.

The commission filed a charge sheet in the Zia Orphanage Trust graft case on August 5 in 2009 against Khaleda Zia, her elder son Tarique Rahman and four others on charges of embezzling Tk 2.1 crore by forming the Trust which exists only on paper.

In accordance with the charge sheet of the Zia Charitable Trust graft case submitted on January 16, 2012, Khaleda Zia and three others have allegedly misappropriated Tk 6.19 crore after forming Zia Charitable Trust.

The Special Judges Court-3 framed charges against Khaleda Zia, her son Tarique Rahman and others in the two graft cases on March 19 last.

(Source: BSS)

Dhaka Stock Exchange suffers major technical glitch to open week

Trading at Dhaka Stock Exchange (DSE) was halted by nearly four hours on Sunday as a major technical glitch made the market operator unable to begin trading at its usual 10:30 am opening time.

Bangladesh Securities and Exchange Commission (BSEC) Executive Director Mohammad Saifur Rahman told BSS that the commission was aware about the technical problem and was expecting a full report from the DSE authorities about the matter in due course.

“Due to a technical issue DSE delayed commencement of trade by 3 hours 50 minutes on 24^th May 2015. This delayed start resulted in a shorter trading period of 1 hour 40 minutes compared to 4 hours of normal trading,” DSE said in a press statement later on the day.

The stock exchange also regretted the disruption of trading that caused inconvenience to all market participants.

DSE said that the technical issue caused delay in disseminating trade related information to some brokers beyond acceptable limits, and thus the brokers were put at a disadvantaged position compared to its peer group.

“In order to prevent this situation arising, DSE took the decision to delay trading till all market participants had equal opportunities to trade”, the statement said.

It further said that DSE and its international technology partners worked in three jurisdictions to resolve this issue and to open trading facility as soon as possible.

The combined effort of all those involved has resulted in market opening at 2:20 pm for all brokers, albeit for a truncated trading session of 1 hour and 40 minutes till 4pm.

The shorter than usual trading session recorded transaction volume of 8.58 crore shares worth Taka 343.17 crore, which was more than 50 percent lower than the volume and value of a normal trading session.

The decline in daily transaction caused fall in the two selective indices, but the broader DSEX index managed to finish the day marginally up at 4484.62, with DS30 and DSES closing down at 1682.44 and 1081.40 respectively.

Prices of 108 stocks advanced on the day against 164 declining stocks, while 28 remained unchanged. Power Grid, SA Port, Rupali Bank, ICB Sonali 1stMF and Saif Power were the day’s major gainers.

The major gaining sectors were bank, fuel and power, engineering and miscellaneous when the major losing sectors were textile, telecom, mutual fund and ceramic. Among the major lagging securities were Family Tex, Beximco, Zaheen Spin, 7^th ICB and Republic Insurance.

UPGDCL topped the turnover list followed by KPCL, Saif Power, SA Port, BSCCL, UPGDCL and Ifad Autos.

Normal trading DSE will resume tomorrow (Monday) on schedule time at 10:30 am.

Chittagong Stock Exchange (CSE) began the week at its normal scheduled and closed the session positive. The general CSCX index finished the day up at 8458.35 though most of issues traded closed lower. Prices of 128 securities declined on the day against 80 advancing and 27 static issues.

Some 2.35 crore shares worth Taka 81.32 crore changed hands on the day. (Source: BSS)

Pubali Bank Ltd signs corporate agreement with Robi Axiata Ltd

Pubali Bank Limited signed Corporate agreement with Robi Axiata Ltd. at Pubali Bank Head Office recently. Sk.Golam Mohammad, General Manager of Establishment Division of Pubali Bank Ltd. and Mahtab Uddin Ahmed, Chief Operating Officer of Robi Axiata Ltd. signed the agreement on behalf of their respective organizations.

Managing Director of Pubali Bank Limited Md. Abdul Halim Chowdhury was present as Chief Guest at the agreement signing ceremony. Deputy Managing Director of the Bank Safiul Alam Khan Chowdhury, General Managers of Head Office of Pubali Bank Ltd. and senior officials of both the organizations were also present.

Pubali Bank Limited and all the officers and employees of the bank will enjoy fastest sevices. Under this agreement they will get modern facilities along with Special Call Rate, Call Conferencing, Voice Communication, FnF, High speed 3.5G Internet, Data Connectivity at a cheaper rate. (Source: press release)

Prime Bank Limited arranges lenders' visit programme in Cox’s Bazar

Prime Bank Limited, Lead Arranger & Agent of the Syndicated Finance of Sea Pearl Beach Resort & Spa Ltd. arranged a lenders' visit programme to the project site at Inani Beach, Cox’s Bazar on 17 May 2015.

During the visit Md. Touhidul Alam Khan, Deputy Managing Director and Chief Business Officer of Prime Bank Limited and Brig. Gen. (Retd.) A H M Mokbul Hossain, Chief Executive Officer of Sea Pearl Beach Resort & Spa Ltd. as well as senior officials of syndicated lenders were also present. The participating lenders are: Prime Bank Limited, Standard Bank Limited, Pubali Bank Limited, Trust Bank Limited, Mutual Trust Bank Limited, ONE Bank Limited, Modhumoti Bank Limited, National Credit & Commerce Bank Limited and Bangladesh Commerce Bank Limited. (Source: press release)

Mercantile Bank Limited opens 101st Branch at Donia

Mr. Morshed Alam, M.P., Honorable Chairman of Mercantile Bank Limited inaugurates 101st Branch “Donia Branch” as Chief Guest of the opening ceremony at “Holding#661, Donia Road, Jatrabari, Ward-03, South City Corporation, Dhaka on 25th May 2015. Mr. Alhaj Habibur Rahman Molla, M.P was present as a Special Guest Mr. Syed Abu Hossain Babla, MP was present as honorable guest on the occasion.

Mr. Al-Haj Akram Hussain (Humayun) –Chairman- Executive Committee, Directors- Mr. M. Amanullah, Mr. A.K.M. Shaheed Reza and Al-Haj Mosharref Hossain, Bank’s Managing Director & CEO Mr. M Ehsanul Haque, Additional Managing Director Mr. Monindra Kumar Nath were present. (Source: press release)

Meghna Bank arranges workshop on Credit Risk Management

Credit Risk Management Department of Meghna Bank Limited arranged a workshop on Credit Risk Management for discussion between Branch officials and CRM officials from all over Bangladesh on May 23, 2015 at Head Office, Dhaka.

Meghna Bank Limited Managing Director & CEO Mr. Mohammed Nurul Amin inaugurated the training as Chief Guest.

Mr. Md. Mohashin Miah, Additional Managing Director and Mr. Nazrul Hossain, Deputy Managing Director, were also present in the program. The training program was conducted by Mr. Rabiul Hoque Bhuiyan, VP, CRM and Mr. Mir Md. Abbas Ali, FAVP, CRM, senior officials of our CRMD and Mr. Mohammad Imdadul Islam, SEVP & Head of Retail, SME & Other Finance Division. (Source: press release)

Jamuna Bank Limited Managing Director Shafiqul Alam gets Gold Trade Award

Jamuna Bank Limited Managing Director Shafiqul Alam received the “Gold Trade Award-2014” from Maumer Mesak, Relationship Manager, Financial Institutions, Commerzbank AG at a program recently for excellent partnership in Trade Finance in the year 2014.

A. K. M. Saifuddin Ahamed, Deputy Managing Director, Mohammad Shamsur Rahman, Head of International Division of Jamuna Bank Limited, Tawfiq Ali, Senior Representative and Mohammad Niaz Mahboob Representative of Commerzbank AG were also present at the ceremony. (Source: press release)

Eastern Bank Limited Cardholders offered to buy Motorbike on Interest Free Instalments

M. Nazeem A. Choudhury, Head of Consumer Banking of Eastern Bank Limited (EBL) and Shawn Hakim, Chief Operating Officer of Rancon Motorbikes Ltd signed a customer benefit agreement in Dhaka recently.

The agreement allows EBL cardholders to buy motorbike from Rancon in 12 monthly interest free instalments. Senior officials from both the organisation were present on the occasion. (Source: press release)

bKash provides 30,000 books to Bishwo Shahitto Kendro Book Reading Program

bKash Limited, the leading mobile financial service provider in the country, has provided around 30,000 books to Bishwo Shahitto Kendro to facilitate its ‘Nation-Wide Enrichment Program’, a book reading program for students.

The books will be used for facilitating reading program in 400 schools with a target to reach around 30,000 students each year. The book reading program is designed for the students of class VI to X.

In this connection, Bishwo Shahitto Kendro in association with bKash today inaugurated the book reading program at the Ideal School and College at Motijheel in the city.

Minister for Civil Aviation and Tourism, Rashed Khan Menon MP inaugurated the book reading program as the Chief Guest while Kamal Quadir, Chief Executive Officer of bKash handed over the books to Abdullah Abu Sayeed, founder Chairman and Chief Executive of BSK. Senior officials of both the organizations were present at the program.

Addressing the program, Rashed Khan Menon said the students in schools have grown the habit of reading since Bishwo Shahitto Kendro started its book reading campaign. He hoped this great initiative of Bishwo Shahitto Kendro would continue for years and would bring a positive change in the society.

Kamal Quadir said the Bishwo Shahitto Kendro has been playing an instrumental role for the last 36 years in bringing a silent revolution in the habit of reading. He said bkash is proud to be associated with this noble organization to spread the reading habits among students.

Abdullah Abu Sayeed thanked bKash for providing the books and said support from organizations like bKash is very important for Bishwo Shahitto Kendro to carry out its initiative on building a society based on knowledge and enlightenment.

In 2014, bKash also provided 34,000 books to Bishwo Shahitto Kendro’s book reading program for students.

Launched in 2011, bKash, a joint venture of BRAC Bank, US based Money in Motion, World Bank’s International Finance Corporation and Bill and Melinda Gates Foundation, offers complete mobile financial services to the common people of Bangladesh. (Source: press release)

Modhumoti Bank opens 12th branch at Dhaka’s Keraniganj

Modhumoti Bank Limited inaugurated its 12th branch at Aganagar, Keraniganj on Thursday, 14th May, 2015. Mr. Humayun Kabir, Chairman of the Board of Directors of Modhumoti Bank Limited (MMBL) inaugurated the branch as Chief Guest. Barrister Sheikh Fazle Noor Taposh MP, Chairman, Executive Committee of MMBL was present as Special Guest. Among the Sponsors of Bank Md. Shawkat Ali Bhuiyan was present in the occasion. Managing Director & CEO of the Bank Md. Mizanur Rahman presided over the ceremony. Additional Managing Director Md. Shafiul Azam, other high officials of the Bank and local elites were present over the ceremony. (Source: press release)

Prime Bank visits project site at Habiganj

Prime Bank Limited as lead arranger & agent of the Syndication Finance of Star Ceramics Ltd. arranged a lenders' visited program to the project site at Habiganj on 14 May.

During the visit program senior executives of participating lenders i.e. Mutual Trust Bank, Trust Bank, The City Bank, Mercantile Bank, NCC Bank, SABINCO, ONE Bank, Meghna Bank and Prime Bank were present. (Source: press release)

LankaBangla Finance, VIVID Global Connect sign deal for 0% instalment facility

LankaBangla Finance Ltd. (LBFL) recently signed a Memorandum of Understanding (MOU) with VIVID Global Connect Limited for its customer privilege. Under this MOU, LankaBangla MasterCard & VISA Cardmembers will enjoy installment facility @ 0% under “ezypay” scheme. Khurshed Alam - Head of Retail Finance of LBFL & Quamrul Huda - Managing Director signed the MOU for their respective organizations. Mir Shafiqul Islam- Credit Card Head, Khandakar Shazzad Hossain- Relationship Sr. Officer of LBFL and other officials of both organizations were present at the signing ceremony. (Source: press release)

Keya Cosmetics Ltd holds 18th AGM

Keya Cosmetics Ltd held its 18th AGM (annual general meeting) at Konabari in Gazipur on May 16, 2015.

Keya Cosmetics Ltd chairman Abdul Khalek Pathan presided over the AGM.

The AGM approved 20 per cent stock dividend for the shareholders. (Source: press release)

Al-Arafah Islami Bank Limited opens 120th Branch at Sherpur, Bogra

Al-Arafah Islami Bank Ltd. Has opened its 120th branch at Dhunot Mor, Sherpur, Bogra. Director & Vice Chairman Board Executive Committee of the Bank Alhajj Abdul Malek Mollah inaugurated the branch as Chief Guest while Managing Director Md. Habibur Rahman presided over the ceremony.

Head of AIBL Bogra Zone Md. Abul Basher delivered the welcome speech. The occasion was addressed by prominent businessmen Md. Rezanur Sohel, Alhajj Md. Bashir Uddin and Managing Director of Mazumdar Products Ltd. Chitta Mazumdar. Among others Senior Vice President Engr. Md. Habib Ullah and Assistant Vice President Jalal Ahmed were present in the inauguration. A large number of local peoples, businessmen, clients and well-wishers participated on the ceremony. Manager of the branch A. B. M. Abdul Baten thanked the audience.

Chief Guest of the ceremony Director Alhajj Abdul Malek Mollah said Al-Arafah Islami Bank Ltd. was established not for making profit by doing business but for the welfare of the society. Managing Director Md. Habibur Rahman, in his speech, invited all to have the blessings of Islamic banking service. He also said, only Islamic banking system can boost-up the economy of the country. (Source: press release)

AB Bank approves 12.5% stock dividend

AB Bank Limited approved 12.5% Stock Dividend for its shareholders at the 33rd Annual General Meeting (AGM) of the Bank held on May 17, 2015 (Sunday) at the Bashundhara Convention Centre-2, Dhaka. The AGM approved the Annual Report and the Audited Financial Statements of the Bank for the year ended 2014.

Earlier an Extra-Ordinary General Meeting (EGM) of the Bank was held on the same day at 9.00 am at the same venue. A Special Resolution was approved in the EGM for issuance of ‘AB Bank Subordinated Bond-II’ of BDT 400.00 crore for raising Tier-II Capital subject to approval of the concerned Regulatory Authorities.

AB Bank Limited completed its 33rd year of successful banking on April 12, 2015. Net Asset Value (NAV) stood at Tk.1,876 crore in 2014 which is 8% higher than 2013. Total Asset of the Bank stood at Tk.25,681 crore at the end of 2014 reflecting a growth of 22% over last year.

The 33rd AGM was presided over by the Chairman of the Bank, Mr. M. Wahidul Haque. Other Directors and the President & Managing Director Mr. Shamim A. Chaudhury were also present. A good number of shareholders, patrons and well-wishers attended the Annual General Meeting. (Source: press release)

Standard Chartered Bank signs exclusive agreement with Samsung Mobile Bangladesh

Standard Chartered Bank, the leading international bank in Bangladesh has recently signed a Memorandum of Understanding (MoU) with Samsung Mobile Bangladesh. Under this MoU all Standard Chartered Bank VISA, MasterCard credit card holders will enjoy InstaBuys at 0% Interest for 12 EMI and also get 10% cash back when they purchase Samsung Galaxy S6.

The latest flagship device from Samsung, the Galaxy S6 is priced at BDT 69,900 and is available at retail outlets of Samsung Mobile across the country. This offer will be valid till 09 June 2015.

On this occasion, Mr. Shafquat Hossain, Head of Retail Products & Segments, Standard Chartered Bank said, “We are very proud to be associated with Samsung Mobile Bangladesh. This is a very exciting deal that we have signed with them. At Standard Chartered we constantly endeavour to create new value proposition for our customers.”

Mr. Choon Soo Moon, Country Manager, Samsung India Pvt Ltd. – Bangladesh Branch Office said, “Both Samsung and StanChart are willing to work together to provide the best customer experience with Samsung’s most advanced technology and StanChart’s flexible payment solutions. With StanChart as our strategic partner, we are very hopeful that together we can serve our customers better.”

Caption: Mr. Shafquat Hossain, Head of Retail Products & Segments, Mr. Mohammad Razimul Haque Razim, Sr. Manager, Alliances and other official of Standard Chartered Bank along with Mr. Choon Soo Moon, Country Manager, Mr. Young Woo Lee, General Manager, Mr. Hasan Mehdi Head, Mobile business and other official of Samsung Mobile Bangladesh, were present at the signing ceremony held at Standard Chartered Bank Head Office. (Source: press release)

Heat wave sweeping over Bangladesh

Mild to moderate heat wave is sweeping over Khulna and Rajshahi divisions and the regions of Dhaka, Mymensingh, Madaripur, Sayedpur, Barisal and Patuakhali and it may continue as a mild heat wave at some places.

Rain or thunder showers accompanied by temporary gusty wind is likely to occur at one or two places over Rajshahi, Rangpur, Dhaka and Sylhet divisions and the regions of Comilla and Noakhali, said a Met bulletin on Friday.

The weather may remain mainly dry with temporary partly cloudy sky elsewhere over the country.

Day and night temperature may fall slightly over the country.

Today’s highest temperature 38.2 degrees Celsius was recorded at Satkhira and the lowest 23.2 degrees at Sylhet.

The sun sets today at 6.34 pm and rises at 5.16 am tomorrow in the capital. (Source: BSS)

Seven detained with 5 lakh Yaba tablets in Chittagong

Rapid Action Battalion (RAB)-7 recovered 500,000 Yaba tablets worth about TK 20 crore and detained seven drug traders from a fishing trawler ‘MV Hena’ at the outer anchorage of the port early Thursday.

RAB claimed this is the largest seizure of Yaba tablets in recent time.

The arrested drug traders were identified as Mohammad Hannan, 40, Mohammad Osman, 23, Mohammad Rasel, 33, Mohammad Waliullah, 21, Mohammad Ilias, 18, Mohammad Reaj, 19, and Mohammad Lockman, 33.

RAB-7 commander Lt Col Mifta Uddin in a press briefing said that based on information a team of RAB halted the fishing trawler, ‘MV Hena’, at 12.30 am on Thursday.

“After searching the trawler we found 500,000 contraband Yaba tablets, concealed in water barrels which were smuggled from Myanmar,” he added.

Mifta said Yaba tablets are loaded on to the trawlers near Sitar Matha of St. Martins Island and the consignment was to be passed on to another trawler in Chittagong.

But the RAB team caught them before transferring Yaba tablets, he added.

Mifta said the detained are being interrogated to find out others of the gang , especially the ring leader.

The approximate value of the tablets is TK 20 crore, he added. (Source: BSS)

Bangladesh GDP growth calculated at 6.51pc

Country’s GDP growth in the current 2014-15 fiscal year has been calculated at 6.51 per cent, which is below the government’s expectation of 7 per cent.

“We were optimistic of achieving 7 per cent GDP growth in the fiscal, but finally it has reached at 6.51 per cent due to violent politics, arson and vandalism during the countrywide blockade and hartal in January-March period unleashed by the BNP and its allies,” Planning Minister A H M Mustafa Kamal told reporters on Thursday after the meeting of the National Economic Council (NEC) at NEC Conference Room in city’s Sher-e-Bangla Nagar.

Terming the 6.51 per cent growth “not bad”, Kamal said “Bangladesh is one of the four countries who have been maintaining over 6 per cent GDP growth for the last few years.”

He extended his heartfelt thanks to the people of all spheres and all concerned stakeholders including those of the private sector for helping the country to achieve such growth rate. The overall size of the GDP at current price for the FY15 stood at Taka 15,13,599 crore. The planning minister said contribution of the Agriculture sector to the GDP in the current fiscal stood at 15.59 per cent while the share of the industry sector totaled 27.98 per cent and the share of the services sector reached 56.42 per cent. The agriculture sector in the current fiscal registered 3.4 per cent growth while industry sector 9.60 per cent and service sector 5.83 per cent.

The Planning Minister said investment ratio to GDP in the current fiscal rose to 28.98 per cent which was 28.58 per cent in the previous fiscal, with rising trend in both public and private sector investment.

He expressed satisfaction with the per capita income for Bangladesh in the outgoing fiscal year (FY15) rose to US$ 1344 which was US$ 1190 in the previous fiscal year. Besides, considering per capita income in nominal price, the position of Bangladesh is 58^th in the world while considering purchasing power parity, the per capita income of Bangladesh stood at US$ 3,190 in the current fiscal leaving the country’s position to 36^th in the world, added Kamal.

He also hoped that overall inflation rate would come down in the coming days.

Bangladesh’s GDP growth was hovering around 6 per cent over the last couple of years since the GDP growth at constant price in FY 10 was 5.57 per cent that rose to 6.46 per cent in FY11 and 6.52 per cent in FY12.

The GDP growth rate in Bangladesh in FY13, however, came down at 6.01 per cent followed by 6.12 per cent in FY14. (Source: BSS)