RIM down over 21pc on Wall Street

Shares in Research in Motion plunged on Wall Street Friday after the BlackBerry maker lowered its outlook for the year and said it would be cutting jobs.

Shares in the Waterloo, Ontario-based RIM sank 21.45 per cent, or $7.58, to close at $27.75. RIM shares have lost around 50 per cent of their value since the beginning of the year.

Friday's drop came a day after RIM said it expected earnings per share for fiscal 2012 to be between $5.25 and $6.00, sharply less than the $7.50 forecast previously.

RIM, which is facing increased competition from Apple's iPhone and mobile phones running Google's Android software, also announced Thursday it would be cutting jobs this quarter as part of a plan to 'streamline operations.'

It did not say how many jobs would be eliminated.

The Canadian handset maker posted a net profit of $695 million, or $1.33 per share, in the first quarter of its 2012 fiscal year, compared with $769 million, or $1.38 per share, a year ago.

Revenue grew 16 per cent to $4.9 billion, short of the $5.1 billion expected by Wall Street analysts.

RIM said it shipped 13.2 million BlackBerry smartphones during the quarter, down from 14.9 million last quarter, and 500,000 of its new BlackBerry Playbook tablet computers, RIM's answer to Apple's iPad.

'Fiscal 2012 has gotten off to a challenging start,' RIM co-chief executive Jim Balsillie said in a statement.

'The slowdown we saw in the first quarter is continuing into the second quarter, and delays in new product introductions into the very late part of August is leading to a lower than expected outlook in the second quarter.'

Source : New Age

Moody’s warns may cut Italy debt rating

Moody's Investors Service warned Friday it may cut Italy's credit rating, citing growth risks in the economy, a large budget deficit and ongoing debt woes in Europe.

Moody's said it placed Italy's Aa2 local and foreign currency government bond ratings 'on review for possible downgrade, while affirming its short-term ratings at Prime-1.'

'The Italian economy faces growth challenges in an environment characterized by long-term structural impediments to growth and potentially rising interest rates,' the ratings agency said in a statement.

'Structural economic weaknesses — mainly low productivity and important labour and product market rigidities — have been a major impediment to growth in the last decade and continue to hinder the economy's recovery from the severe recession it experienced in 2009.'

Amid rising interest rates and weak gross domestic product growth, the government may find it difficult to put the public debt-to-GDP ratio and the interest burden on a solid downward track, the agency explained.

The Moody's warning came after two sharp election defeats for the Italian prime minister, Silvio Berlusconi.

May 30 municipal elections saw the left take control of his Milan fiefdom, while on June 14 an overwhelming majority defeated four referendum questions: on nuclear power, a law to give Berlusconi legal immunity, and two on water privatization.

Moody's highlighted rising concerns about debt levels in the eurozone, where Greece is edging toward sovereign default.

'The fragile market sentiment that continues to surround European sovereigns with high levels of debt poses additional risks for Italy,' Moody's said.

'The continued stability of market demand for Italy's debt is uncertain at current yields.'

On May 20, another of the three major ratings agencies, Standard & Poor's, placed Italy on alert for a possible downgrade.

S&P warned it could lower Italy's rating to A+, its fifth-ranked rating and equivalent to Moody's A1.

Italy's rating with Moody's has been unchanged since May 2002, when it was raised a notch.

According to 2011 projections published Friday by the International Monetary Fund, Italy will have a budget deficit-to-GDP ratio of 4.1 per cent and public debt ratio of 120.6 per cent.

Source : New Age

ADP implementation, political stability needed for desired outcome

Speakers at a post-budget dialogue on Saturday emphasised on full implementation of ADP (annual development programme) and political stability for achieving desired outcome.

They also suggest more attention to industrial sector, a key to growth.

Centre for Policy Dialogue, a leading think-tank, organised the dialogue on 'State of Bangladesh Economy, Analysis of the National Budget-2011-2012' at Ruposhi Bangla Hotel with CPD Trustee Board member and former finance minister M Sayeduzzaman in the chair.

Awami League presidium member Mohiuddin Khan Alamgir attended the dialogue as chief guest and former commerce minister and BNP leader Amir Khosru Mahmud Chowdhury was special guest.

Former finance adviser AB Mirza Azizul Islam, MCCI president Amjad Khan Chowdhury, Dr SK Osmani and Dr Mustafa K Mujeri participated in the dialogue as panellists.

Member of parliaments, business leaders and civil society representatives took part in the discussion where CPD executive director Mustafizur Rahman presented the summary of the CPD analysis.

The discussants expressed concern over budget deficit financing and said too much dependence on bank borrowing for deficit financing would have serious impact on private sector borrowing and it might even deepen liquidity crisis in the banking sector.

They said the government might seek alternative sources of foreign aid in the form of grant and budgetary support to reduce the pressure on domestic credit.

Mohiuddin Khan Alamgir said the expected industrial growth was a must for rapid development and encouragement should be ensured for better production.

He observed that development expenditure is gradually declining but defence expenditure is increasing. 'We need to focus on job creation and poverty alleviation.'

Alamgir said a coordinative policy would have to be taken to ensure growth thorough optimum utilisation of limited resources.

Amir Khosru Mahmud Chowdhury expressed concern over deficit financing. 'It's big issue. Where liquidity crisis is there bank borrowing by the government will definitely create problem.'

He opposed the proposed 1.5 per cent tax at source on exportable goods, saying it would bring down net profit of RMG export to 5 per cent.

Amir Khosru said there was no rescue measure for the capital market, which is very important for national economy. He expressed doubt over the increase in investment volume, which is essential for job creation and overall growth of economy.

Khosru criticised the government for depending on private sector to provide utility services. 'It'll increase benchmark of costs.'

Mirza Aziz also expressed concern over the deficit financing as the banking sector is suffering from liquidity crisis.

He said extra efforts would be needed to address the huge food subsidy. 'It'll be a big challenge to arrange the subsidy.'

Mirza Aziz, the former adviser of the previous interim government, said there was no measure for reforms of import duty. 'It is in complete mess.'

MCCI president Amjad Khan Chowdhury, BGMEA president M Shafiul Islam Mohiuddin and DCCI president Asif Ibrahim also opposed the 1.5 per cent tax at source on exportable goods and demanded review of the proposal for sector's growth.

Hasanul Haque Inu said there was no reflection of Digital Bangladesh in the proposed budget, even in the previous two budgets.

He said the government failed to control the market of essential commodities in the last two years but there was no touch stone in the budget to control the market. He said the public sector had failed to play its role in investment.

Inu said good governance and political stability were urgently needed for the development and the opposition party should sit across the table for resolving any problem.

Earlier, sharing the CPD observation, Mustafizur Rahman said the successful implementation of the budget depended on political stability and proper coordination in managing the budget.

'Conducive political environment will be necessary to ensure the desired outcome of the next budget for the coming fiscal year.

He said strengthening of institutions that deal with development praxis was crucial for better administration of development.

Lawmakers Fazlul Azim, Abdul Mannan and Akram Hossain Chowdhury also took part in the discussion.

Source : New Age

Banks set interest rate ceiling on deposit at 12pc

Private commercial banks on Saturday decided that the ceiling of the interest rate on deposits would be 12 per cent and they would not charge more than 12 per cent interest for loans for importing essential commodities.

The decision was announced after a meeting of the Bangladesh Association of Banks and the Association of Bankers Bangladesh at BAB's office on Saturday after a heated debate over certain issues.

'The banks will pay 12 per cent interest for deposits and won't charge more than 12 per cent interest for opening letters of credit to import essential commodities,' said Nazrul Islam Majumdar, chairman of the BAB which is an association of bank owners. 'The decision will be effective from tomorrow [Sunday], and if any bank fails to abide by our decision it will be punished for indiscipline.'

Due to the liquidity and credit crisis, many banks are now offering up to 18 per cent interest for deposits and asking as much as 20 per cent for loans.

The continuous demand from the business leaders to reduce the interest rate on industrial loans was not discussed in the meeting, which was presided over by Majumdar. The chairmen, managing directors and chief executive officers of various commercial banks were present on the occasion.

The CEOs of some banks said that they had already collected deposits by offering 14 per cent interest so their clients would get angry and move to another bank if they lowered the interest rate to 12 per cent.

It will be very tough to maintain the lower rate of interest on deposits if it is imposed, they cautioned.

Some bankers denied the allegation that they charge more than 12 per cent interest on loans for import of essential commodities.

In response BAB's chairman said that there are some allegations against some banks of charging additional interest rate, which must be stopped.

'We have made a commitment to the prime minister to fix the interest rate on deposits at 12 per cent, and it will be better us to keep the commitment to get benefits from the government, especially reduction of corporate tax,' he said.

'We welcome the Bangladesh Bank's decision to increase the credit-deposit (CDR) ratio to 90 per cent for commercial banks and 95 per cent for the Islamic banks,' added Majumdar.

K Mahmood Sattar, chairman of ABB which represents the MDs and CEOs of the banks, said that the central bank had announced that it would evaluate the banks' loan-deposit ratio on a case-to-case basis, and if any bank exceeded the existing ratio of 85-90 per cent it would face punitive action.

Majumdar, however, assured them that the central bank would not

take any action if their banks' CDR remained at 90-95 per cent.

Source : New Age

Moderately heavy to heavy falls at places

Light to moderate rain or thundershowers accompanied by temporary gusty or squally wind is likely at most places over all the seven divisions till 6:00pm today.

Moderately heavy to heavy falls are also likely at places, Met Office said.

Day temperature may remain nearly unchanged over the country.

The sun sets in the capital today at 6:48pm and rises tomorrow at 5:12am.

The country's highest temperature, 34.0 degrees Celsius, was recorded on Saturday in Sylhet and the lowest, 23.9 degrees, in Feni.

Source : New Age

Tk 148.50cr RU budget okayed

THE Rajshahi University Finance Committee and Syndicate at a meeting Thursday evening approved the annual budget of Tk 148.50 crore for the financial year 2011-12.

The University Grants Commission will provide Tk 139 crore while the rest will come from the university's internal resources, said university sources.

The university authorities put forward a budget of Tk 200.25 crore to the University Grants Commission but UGC approved the Tk 148.50 crore budget.

RU vice-chancellor Professor Abdus Sobhan told New Age that the budget for the financial year 2011-2012 did not reflect their aspiration as the UGC downsized the proposed budget.

'We will try to increase research facilities for the teachers and the students,' he added.

Meanwhile the progressive students' organisations leaders and activists rejected the budget as, they said, it kept little allowance for research.

Source : New Age

Workshop on speech language for autistics concludes

The Bangladesh Protibondhi Foundation held a workshop on development of speech language and communication in children with autism conducted by United Kingdom's speech and language therapist Claire Leadbeater at the foundation office in Dhaka on Friday.

The workshop was participated by therapists, special education teachers and physicians from BPF, Autism Welfare Foundation and Dhaka Shishu Hospital.

This was the culmination of a weeklong training on the development of communication skills in children with multiple disabilities by Leadbeater at Dhaka Shishu Hospital paediatric neuroscience department.

She had also conducted a six-weeks training on speech therapy at Centre for Rehabilitation of the Paralysed at Savar in Dhaka.

Source : New Age

Handmade bombs found at RU hall

The police on Saturday recovered two handmade bombs from Shere-Bangla AK Fazlul Haque Hall at Rajshahi University.

Police sources said they recovered the two handmade bombs from the premises of the Shere-Bangla Hall after a staff of the hall found the objects while he was cleaning the hall's drain.

Hall staff Sri Ashok Kumar said he went to the hall to clean the drain at 11:00am and noticed something packaged in front of the room number six of the west block of the hall.

'Later I informed the police personnel stationed at the hall gate,' he told New Age, adding that the police recovered the objects

Source : New Age

Rights activists stress building awareness of illegal drug use

The rights activists in the Rajshahi city on Saturday stressed the need for building social awareness of drug abuse and check use of illegal drugs.

The also emphasised the rehabilitation of drug addicts.

They demanded government allocation for the organisations that were working on the issue.

They were addressing

a briefing organised by

the Bangladesh Rehabilita-tion and Assistance Centre for Addicts, the Addicts Rehabilitation Centre

and the Want to Alive Society at a restaurant in the city.

Speakers said people form all walks of life suffer from drug abuse.

They demanded the government should rehabilitate the 50-60 lakh drug users of the country.

They disclosed that, at present, about 2,500 drug addicts were taking service in the countries 200 rehabilitation centres.

The speakers also expressed their grave concern over the increasing number of Injecting Drug Users that is a major risk factor of HIV/AIDS infection.

Want to Alive Society coordinator Shamsul Kawnain Shanta read out a written speech at the briefing while Bangladesh Rehabilitation and Assistance Centre for Addicts educator Zakiul Alam Milton, Addicts Rehabilitation Centre executive director Abul Bashar Paltu, among others, addressed the briefing.

Social welfare activists and newsmen were present at the briefing.

Source : New Age

Int’l seminar on liberation war ends at RU

The two-day international seminar on 'Studies of liberation war museum and achievement of Bangladesh' ended at Rajshahi University on Saturday.

The Institute of Bangladesh Studies of the university organised the seminar to mark the 40th anniversary of liberation war of the country.

Jute and textiles minister Abdul Latif Siddiqi opened the seminar on Friday at the RU senate building.

Teachers, researchers, freedom fighters, and different professionals from home and abroad presented their papers on liberation war. Besides, the participants shared their memories of the past 40 years.

They said people from all level of society participated in the liberation war but few people were reaping the benefits.

They also said the governments as well as neutral noted historians had the responsibility to preserve the correct history of the liberation war for the present and future generation.

IBS director Professor Mahbubur Rahman said a total of 72 keynote papers on liberation war were presented in the two-day seminar

Source : New Age

Newsmen for co-op from govt officials, Information Commission

Journalists at a meeting on Saturday sought cooperation from the government officials and Information Commission in collecting information through the use of Right to Information Act for making investigative reports.

They made the call at an experience-sharing meeting on the use of RTI Act at a hotel in the city Saturday.

Six journalists from national dailies shared their experiences of using the RTI Act under a project of Management and Resources Development Initiative in partnership with the World Bank Institute.

The initial objective was that the reporter would use the Act for making investigative stories, thus demonstrating to the media in general that the RTI is a tool for investigative reporting.

The newsmen expressed opinion on various problems they face while seeking information from different government offices despite the RTI Act has been in place in Bangladesh since 2009.

Information commissioner professor Sadeka Halim and secretary to the ministry of information Hedayetullah Al Mamun were present at the meeting where Farid Hossain, Bureau Chief of Associated Press was present as special discussant.

Referring to the concern of journalists, Sadeka Halim said the Information Commission was always ready to extend cooperation to the journalists.

But the commission has its own limitations

regarding logistics and manpower. Although it is an independent body, it cannot appoint its own staff independently, she added.

Sadeka stressed more training of the designated information officers so that they can serve the people seeking information.

Hedayetullah termed enactment of RTI Act in Bangladesh a milestone in establishing people's right to information. He acknowledged the journalists' problems in collecting information from the government offices through RTI request.

Mamun said information seekers were facing

problems since enforcement of the RTI Act was still in primary stage. He expressed hope that the situation would improve gradually.

Farid Hossain said reporters could use RTI as an effective tool to write a good investigative report.

Source : New Age

Newsmen for co-op from govt officials, Information Commission

Journalists at a meeting on Saturday sought cooperation from the government officials and Information Commission in collecting information through the use of Right to Information Act for making investigative reports.

They made the call at an experience-sharing meeting on the use of RTI Act at a hotel in the city Saturday.

Six journalists from national dailies shared their experiences of using the RTI Act under a project of Management and Resources Development Initiative in partnership with the World Bank Institute.

The initial objective was that the reporter would use the Act for making investigative stories, thus demonstrating to the media in general that the RTI is a tool for investigative reporting.

The newsmen expressed opinion on various problems they face while seeking information from different government offices despite the RTI Act has been in place in Bangladesh since 2009.

Information commissioner professor Sadeka Halim and secretary to the ministry of information Hedayetullah Al Mamun were present at the meeting where Farid Hossain, Bureau Chief of Associated Press was present as special discussant.

Referring to the concern of journalists, Sadeka Halim said the Information Commission was always ready to extend cooperation to the journalists.

But the commission has its own limitations

regarding logistics and manpower. Although it is an independent body, it cannot appoint its own staff independently, she added.

Sadeka stressed more training of the designated information officers so that they can serve the people seeking information.

Hedayetullah termed enactment of RTI Act in Bangladesh a milestone in establishing people's right to information. He acknowledged the journalists' problems in collecting information from the government offices through RTI request.

Mamun said information seekers were facing

problems since enforcement of the RTI Act was still in primary stage. He expressed hope that the situation would improve gradually.

Farid Hossain said reporters could use RTI as an effective tool to write a good investigative report.

Source : New Age

Health Tech Instt opens in Barisal 21 months after construction

The Health Technology Institute was opened on Saturday in the Barisal Sher-e-Bangla Medical College Hospital compound in the city aiming to mitigate the acute crisis of health technologists in the region.

Barisal city mayor Shawkat Hossain Hiron inaugurated the institute in the morning, twenty-one months after the completion of its construction.

Classes in 2011-12 session under a three-year course would start in the institute in July.

Barisal district civil surgeon Dr Anil Chandra Datta, also the acting principal of the institute, presided over the inaugural ceremony.

Dr Abdur Rashid, director SBMCH, Dr Maksumul Huq, acting principal of SBMC, Syed Tawfiquddin Ahmed, commissioner Barisal metropolitan police, ASM Arifur Rahman, deputy commissioner of Barisal, and other government officials attended the ceremony.

The SBMCH director said there is only one-fourth of the required number of trained and certified health technologists in the country.

The largest health technology institute of the country in Dhaka failed to fulfil the increasing demand of technologists as medical care and service centres in both the public and private sectors are rapidly increasing, he said.

The government decided to build five health technology institutes in five divisional headquarters to meet the demand, he added.

The construction of the institute started in April 2007 on three acres of land in the Barisal SBMCH compound and was completed within the scheduled period of 30 months in September 2009 at a cost of about Tk 16.2 core.

Manpower shortage delayed the opening of the HTI in due time, the SBMCH director informed.

The HTI complex includes six buildings — academic, male and female hostels, officers' and staff quarters and the principal's quarter — with the boundary wall surrounding the campus.

There are adequate equipment and laboratory facilities for practical training of the students, said Zakia Sultana, engineer-in-charge of the site and the construction management and maintenance unit of health directorate.

Barisal civil surgeon said he was asked by health directorate to take the charge of principal of HTI in addition to his duty as CS after other professionals at SBMCH and SBMC denied to take the charge as extra duty until sufficient manpower was not be provided for the institute.

The authorities, however, assured of deputising manpower from SBMCH and SBMC on temporary basis within a short time to start the course, he informed.

A total of 327 students, including fifty in each of the five departments —Radiology, Physiotherapy, Dental, Pharmacy and Pathology, 20 students in the Sanitary Instructor Training course, 5 under the quota of freedom fighters and 2 under indigenous people quota would be admitted in the institute within June 30.

Source : New Age