The Daily Star: Internet Edition Sat. August 11, 2007

Vol. 5 Num 1138

Sat. August 11, 2007


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Business

BoP surplus reaches $1,027m in 11 months
Trade imbalance up 20pc
Boosted by a surge in remittances, the balance of payments (BoP) surplus reached US$1,027 million in the first 11 months of the last fiscal (2006-07), despite a fall in foreign direct investment (FDI)

Asian stocks hammered by global rout
Asian stocks were hammered Friday by a global rout after heavy losses on US and European markets as investors fled for shelter from the US housing woes.

India to ease imports from Pakistan
India has agreed to remove barriers on import of 20 items from Pakistan without insisting on Most Favoured Nation status and transit facility for Afghanistan, a senior official said.

ECB injects 156b euros in EU banking market amid global credit crisis
The European Central Bank pumped more money into the eurozone banking market on Friday in response to fears over the US housing sector, taking its cash injections to 155.85 billion euros (212.

China to realise full industrialisation by 2021
The composite index of China's industrialization level would reach 100 by 2021, at which point the nation will have realized complete industrialization, according to China's first Blue Paper for Industrialization

Japan's self-sufficiency in food falls amid China concerns
Japan's self-sufficiency in food has slipped below 40 percent for the first time in more than a decade, the government said Friday, amid mounting concern about a reliance on Chinese imports.

Oil prices fall below $71
Oil prices were down for a second day Friday, slipping below $71 a barrel amid concerns over the U.S. economy. >Light, sweet crude for September delivery lost 61 cents to $70.

Global market plunge won't trigger meltdown Say analysts
While world stock markets dived for a second straight day Friday on fears of a widening economic crisis, analysts downplayed the risk of a full-blown meltdown.

Japan to sign FTA with Indonesia this month
Japan will sign a free trade agreement with Indonesia when Prime Minister Shinzo Abe visits the country later this month, the government said Friday.

Malaysia keen to be global hub for car parts trading
Malaysia is keen to become a global automotive-parts trading hub to woo foreign firms who can, in turn, share their industry expertise with local players, local media reported Friday.

Nepal's trade deficit widening
Nepal's trade deficit continues to widen, as it crossed 117.41 billion Nepali rupees (some 1.8 billion US dollars) during the first 11 months of the fiscal year 2006-07 ended in mid-July.

Nokia launches 8 handsets in Barisal
Mobile handset giant Nokia has introduced 8 new model sets including 5 affordable, two classic and one premium phones in Barisal.

India's Jet Airways eyes new routes
Admitting that it would be facing a tough competition from the newly merged national carrier, Air India, Jet Airways said that it is now planning more overseas destinations.

Siemens to create 10,000 jobs by fiscal year's end
German engineering giant Siemens plans to create more than 10,000 new jobs worldwide during the business year ending in September, most of them abroad, a company spokesman said Wednesday.

Yamaha Motor to build new plant in Philippines
Japan's Yamaha Motor announced plans Thursday to build a new motorcycle factory in the Philippines that will start operating in 2009 to meet rising sales there.

Weekly Currency roundup
August 05-August 09, 2007

Local FX Market
The US dollar/BDT market was liquid and USD remained steady against the BDT in the week.