The Daily Star: Internet Edition Sat. October 21, 2006

Vol. 5 Num 856

Sat. October 21, 2006


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Business

Current account balance surplus rises on growth in remittance
The current account balance surplus increased in the first two months -- July and August -- of this fiscal year (2006-07) mainly due to growth in remittance.

India mulls free market access for all LDCs
India plans to offer phased duty-free and quota-free (DFQF) market access to all least developed countries (LDCs) from the next year in a bid to woo their support in multilateral trade negotiations.

India aims high at 10pc growth in 2007-2011
India, the world's second-fastest growing major economy after China, set an ambitious target of attaining 10 percent annual growth within the next five years.

Dollar near two-week lows after data
The dollar was mixed in Asian trade Friday, remaining close to two-week lows against the euro and yen following disappointing US manufacturing data, dealers said. The dollar edged up to 118.

China economy starts to slow as cooling measures take hold
China's economy expanded at a slower pace with growth of 10.4 percent in the third quarter as extensive efforts to apply the brakes showed signs of working, official data showed Thursday.

Tata Steel takes Corus Group in giant leap for corporate India
Indian group Tata Steel won the hand of Anglo-Dutch company Corus on Friday in a proposed 6.

Britain to cut low-skilled worker visa schemes
Britain will cut two work permit programmes for low-skilled workers from outside Europe within a year, effectively eliminating about 18,000 visas, The Independent reported on Friday.

Nestle sales up 9pc in 9 months
The Swiss food group Nestle said Thursday that sales for the first nine months rose by 9.1 percent to 72.2 billion francs (45.4 billion euros, 56.9 billion dollars), from 66.

Oil prices jump in Asia as Opec cuts production
Oil prices jumped in Asian trade Friday after the Opec cartel decided to reduce output by a more-than-expected 1.2 million barrels per day, dealers said.

Citigroup, Bank of America profits rise
The nation's largest banks, Citigroup Inc and Bank of America Corp. , on Thursday posted higher third-quarter profits, helped by growth in credit cards and other consumer businesses.

Ericsson profits climb in Q3
Ericsson, the world's largest supplier of mobile telecommunication networks, reported Thursday a 17 percent rise in third quarter net profit amid strong growth in all sectors, but earnings were lowerthan

Google profit nearly doubles
Google Inc on Thursday said quarterly profit nearly doubled and revenue rose 70 percent, fueled by growth on company-owned Web sites and overseas, as the Internet search leader tightened its grip over

Sri Lanka tightens import rules to save rupee
Sri Lanka announced on Friday new restrictions on imports in a bid to halt the fall of its currency and stem an outflow of foreign exchange amid spiralling ethnic violence in the island nation.

CEO of IDLC Securities
Kh Asadul Islam Ripon has joined IDLC Securities Limited, a subsidiary of Industrial Development Leasing Company (IDLC) of Bangladesh Limited, as chief executive officer, says a press release.

Weekly Currency Roundup
Local FX Market
Demand for US dollar was stable in throughout the week and USD rose marginally against Bangladeshi taka.
Overnight money market was steady throughout the week.