The Daily Star: Internet Edition Thu. July 12, 2007

Vol. 5 Num 1107

Thu. July 12, 2007


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Business

Govt borrowing from banks 8.48pc behind target in FY07
The government's borrowing from the banking sector was 8.48 percent less than the target of Tk 6,531 crore in fiscal year 2006-07 due to low expenditure in ADP (annual development programme) and $100 million credit support from the World Bank for education sector.

Allegation of Disseminating Fictitious Info
Share trading of ISN suspended
Share trading of ISN (Information Services Network) was suspended yesterday following an allegation that the company disseminated fictitious information claiming it (ISN) has signed an agreement on software

Execution of budget a challenge for govt
Says finance adviser
Proper implementation of the budget within its current deficit is a major challenge for the government, said Finance Adviser Dr Mirza Azizul Islam.

GP advised to offload 10pc of its shares
The National Board of Revenue (NBR) has advised mobile phone operator Grameenphone Ltd to offload at least 10 percent of its paid-up capital in the share market to avail of the budgetary incentive ofpaying

HSBC Young Entrepreneur Award
Bangladesh can be a model in waste management: Winners
When the country's key industries are desperately looking for a proper solution to the waste management problem, three young students got the answer to win the HSBC's 'Young Entrepreneur Award-2006-07.

IMF looks for new chief amid struggle for credibility
As the International Monetary Fund set in motion its search for a new chief, analysts said the multilateral organization is struggling for credibility and needs a fresh perspective.

Thai workers protest as factory closes over strong baht
Almost 5,000 Thai textile workers protested outside factories Wednesday after they were laid off by a company that closed due a drop in orders blamed on the strong Thai currency, labour officials said.

WB cites some progress in global graft fight
A World Bank report released on Tuesday cited some progress in the global fight against corruption but warned that overall, problems with stability and poor governance remain entrenched in many regions.

Malaysian firms to go bust if minimum wage set: Minister
Malaysian labour union's demand for a 900 ringgit (261 dollars) minimum monthly wage for private sector workers will only result in many companies going bust, a junior minister said Wednesday.

China says it will work harder to reduce trade surplus
China will work harder to cut the nation's fast-expanding trade surplus, the commerce ministry said Wednesday, a day after data showed the balance hit an all-time high in June.

Thai central bank eases hedging rules
The Bank of Thailand, the Thai central bank, has further relaxed the capital-control requirement, after the baht further appreciated to a new 10-year high above the 34 baht per US dollar level due tocontinued

S'pore growth strongest in 2 years
Singapore's trade-driven economy grew at an annualised rate of 12.8 percent in the second quarter, beating market forecasts. This comes after an 8.

Oil prices fall in Asia
Crude oil prices declined Wednesday amid expectations that U.S. fuel supply data will show that gasoline stocks rose last week. Light, sweet crude for August delivery lost 32 cents to $72.

Southeast Bank, DBBL sign deal on sharing ATM network
Customers of Southeast Bank Ltd will be able to withdraw money from the ATM (automated teller machine) booths of Dutch-Bangla Bank Ltd (DBBL) and use DBBL's POS (point of sale) network for payment oftheir

Bata renews deal with CARE for rural sales programme
Bata Shoe Company (Bangladesh) has renewed its agreement with CARE Bangladesh, a non-government organisation, for implementing the shoe company's rural sales programme for another one year after successful

Pound hits 26-yr peak at $2.0317
The pound leapt to yet another 26-year pinnacle against the dollar on Wednesday amid US housing market concerns and the prospect of higher interest rates in Britain, dealers said.