Forex reserves below mark

Dhaka, Nov 11 — Bangladesh's foreign exchange reserves have sunk below the stipulated danger level.

On Thursday, the central bank's reserves stood at $9.64 billion, which would not be sufficient for paying off three months' imports.

According to international standards, the foreign exchange reserves at any point of time should be enough to meet the import bills for at least three months.

According to the latest figures, Bangladesh's import bill for September was $3.27 billion. Thus, considering the latest point of reference the desired level of foreign currency reserves should stand at $9.81 billion.

Central bank governor Atiur Rahman told bdnews24.com that the reserves had temporarily dipped after having paid off two months' import bills of the Asian Clearing Union. "But it will soon regain previous levels."

"The contractionary monetary policy of the central bank will certainly lower import bills. So there will be no pressure on the reserves," he said on Thursday night.

The central bank chief also deemed the current $9.6 billion reserves sufficient for the same reason, suggesting that imports would decrease from those of September.

Meanwhile, former caretaker government finance advisor A B Mirza Azizul Islam was cautious.

He told bdnews24.com that fuel constituted a large part of imports. "Although food imports are decreasing, fuel bill is rising and depleting the reserves."

"We need to subsidise fuel supply to the rental power plants, which is draining our foreign exchange," the former finance advisor said.

Analysis of the latest central bank import figures shows that opening of Letters of Credit (LCs) for import of food grains have lowered by 63 percent and LC retirement is going down by four percent in the first quarter of the current fiscal.

However, in the last fiscal year, the LCs for importing food grains rose by 87.3 percent and retirement rose by 229 percent in comparison to the preceding fiscal year.

On the other hand, the LCs for imports of fuel have risen by 107.29 percent in the first quarter of the current fiscal and LC retirement has increased by 102 percent in comparison to the previous year.

In the first quarter of the previous fiscal year, the LC opening was 2.06 percent more than that of the preceding fiscal year while LC retirement hike was 67.41 percent.

Azizul Islam pointed out that if the current trend of fuel imports remained persistent this way, the pressure on the foreign exchange would not ease.

The fiscal policy declared by the central bank in July for the first half of the current financial year has called for lowering imports of superfluous products and other steps to lower import bills.

Central bank records show that the foreign exchange reserves stood at $10.29 billion before Eid-ul-Azha vacation but it came down to $9.6 billion after clearing Asian Clearing Union's bill of $880 million on Wednesday.

On Thursday, the reserves stood at $9.64 billion.

The reserve plummeted to below the $10 billion mark near the end of September but regained from the increase of expatriates' remittance before the Eid.

Analysis of central bank's foreign currency flow shows that the foreign exchange reserves exceeded the $10 billion mark in September 2008.
The reserves stayed above the mark due to increased income in exports and remittance flow for some time. Despite abnormal hikes in import bills, the reserves exceeded the $11 billion mark four times over the last three years.

The reserves exceeded the $11 billion mark in October last year and stood at $11.17 billion on the last day of December last year.
On Feb 28 this year, the reserves stood at $11.16 billion.
Near the end of March, the reserve stood at $11.32 billion, which was a record.

The reserves stood at an average of $10.75 billion in the 2009-10 fiscal year, while the average for 2010-11 stood at $10.91 billion.

The remittance from expatriates rose by 10.54 percent in the first quarter of the current fiscal year, compared to the 0.64 rise in last fiscal year.

In October, the remittance stood at $1.04 billion, exceeding the $840 million in the preceding month.

The increase in import bills has continued in the current fiscal year in line with the preceding year.
Import costs in July and September have risen by 24.79 percent in comparison to the same time last year. In September alone the import bills rose by 34.66 percent.

On the other hand, export income had risen by 22.56 percent in July and September.

bdnews24.com

SAARC trade much below potential: PM

Dhaka, Nov 10 — Prime minister Sheikh Hasina has emphasised on increased trade in South Asia region as the current amount of trade is way below its potential.

Addressing the 17th SAARC Summit, the southern Maldivian atoll of Addu on Thursday, she said the non-LDC members of SAARC should take initiatives for robust efforts in this regard.

"Although trade in goods under the South Asian Free Trade Association (SAFTA) has crossed the billion-dollar mark, it is way below its potential.

"A faster, synchronised opening of each others' markets, and reduction in trade and non-tariff barriers will be in the long-term benefit of our economies," Hasina said.

She said that the theme of the summit is 'Building Bridges'. "Economic integration through trade is a vital element for long-term process, and more needs to be done in this regard."

She also stressed on physical connectivity for intra-SAARC and wider regional trade and movement of goods.

"Bangladesh has been hoping since the last summit to see finalisation of the SAARC Regional Railways Agreement, as a first step. We would request all members to do the needful so that the railways agreement concludes at the earliest," Hasina said.

She pointed out that economies have been affected by the global financial crisis and said Bangladesh's successes in tackling the depression could be enhanced through better regional cooperation.

The prime minister said the South Asian countries placed considerable emphasis on addressing climate change issues during the 16th Summit.

"We now need to operationalise the Convention on Cooperation on Environment, and the four specific initiatives – on South Asian Monsoon, Mountain, Marine and Coastal Zones."

The prime minister also said the countries need to cooperate and exert combined efforts to eliminate poverty and terrorism, 'two most dangerous malaises we face in South Asia'.

WATER SHARING

Hasina said the countries 'critically' need to collaborate further on the management of water resources of common rivers in the eastern Himalayan region.

"While Bangladesh is actively engaged in a bilateral negotiation, we would propose institutional cooperation of co-riparians of the Ganges and the Brahmaputra river basins.

"This, we believe, would facilitate integrated development and management of water resources of the respective basins, which, among others, would nourish agriculture and consequently benefit more than a billion people in the region," she added.

bdnews24.com

Govt raises fuel prices

Dhaka, Nov 10 — The government has raised the prices of octane, diesel, petrol, kerosene and furnace oil by Tk 5 per litre.

According to a government circular, the prices will become effective from Thursday midnight.

Following the raise, the price of diesel will be Tk 56, kerosene Tk 56, octane Tk 89, petrol Tk 86 and furnace oil Tk 55.

This is the third price hike of fuel prices in six months.

The last price hike of Sep 18 saw price of furnace oil go up by Tk 8 per litre. It was Tk 5 for other kinds of fuel — kerosene, diesel, petrol and octane. This time however, all kinds of fuel saw the same hike.

That round of price hike was preceded by another one on May 5.

One of the reasons for the price hike was to prevent losses of the Bangladesh Petroleum Corporation (BPC) due to hefty subsidies, said the circular.

Even so, the government would have to subsidise every litre of diesel, kerosene and furnace oil by Tk 16.39, Tk 16.31 and Tk 4.97 respectively.

Another reason that the circular cited was that in Kolkata, capital of the neighbouring Indian state of Paschimbanga, diesel sells for Tk 70 and petrol for Tk 117. "The price difference naturally leads to a risk of smuggling."

The circular said BPC had lost Tk 82 billion in the last fiscal due to the subsidies. The losses were further exacerbated by the fact that fuel demand had increased from 4.8 million tonnes to 6.8 million.

"It would impossible for the government to keep subsidising fuel at the prevailing prices."

Given the losses, the government would have to borrow more heavily on banks. "Besides, excessive government bank borrowing will hamper private sector investment," the circular noted.

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Turkish police fire tear gas in quake city

VAN, Turkey, Nov 11 - Riot police fired tear gas and used batons to disperse protesters angry at the state's relief efforts after the second earthquake in eastern Turkey in three weeks killed at least 12 people in the city of Van.

Rescue teams searched for survivors after the 5.7 magnitude tremor on Wednesday night heaped misery on the predominantly Kurdish region where more than 600 people died following a major quake on Oct. 23.

"How can you fire pepper spray on people who have already suffered so much?" said Abdulrahim Kaplan, 32. He had gone to the crisis centre for a tent when police began firing tear gas, he said.

"Our people are freezing. We are sleeping outside -- all seven of my family ... Some people take five tents, some 10 and others get nothing. This is wrong."

Thousands of families are living in makeshift camps with temperatures falling to freezing with the onset of winter. The government says there are enough tents for anyone who needs them.

About 200 demonstrators called for the resignation of the provincial governor in a rally close to two city centre hotels that collapsed during the latest quake.

"We are urging the earthquake survivors to lodge in the tent cities. We think it is safer and we have enough place for everybody who wants to stay at the tent city," Deputy Prime Minister Besir Atalay, told Reuters later.

"Preparations are underway for more tents," said the minister, who is overseeing relief operations and had visited the site of the collapsed hotels earlier.

Working through the night, searchers had rescued 28 people from the ruins of the hotels, Turkey's Disaster and Emergency Administration (AFAD) said in a statement.

Two of those brought out, including a 16-month-old toddler, were flown by air ambulance to a hospital in the capital Ankara.

Rescue workers pulled a Japanese woman from the rubble of the Bayram Hotel almost six hours after the quake but a Japanese doctor succumbed to his injuries, state-run Anatolian news agency reported.

The woman, Miyuki Konnai, was part of a rescue and relief team sent to Van from Japan after the first quake. She was found injured but conscious and could be seen talking to her rescuers as she was carried to an ambulance.

The slightly built 32-year-old woman told Reuters she had been too afraid to open her eyes when she lay trapped beneath the rubble.

"When I finally managed to open my left eye slowly, there was a ray of light I could see in what I thought was complete darkness. That light gave me a relief and gave me a hope to live. That was the light from the computer I had been using," said Konnai, speaking in hospital with slight scratches on her pale face.

ALL-CLEAR AFTER QUAKE

Atalay, who visited the devastated Bayram Hotel with Turkey's foreign minister, all but two of the 25 buildings that collapsed in Van had been empty.

The owner of the flattened five-storey hotel, Aslan Bayram, told broadcasters building experts had given his 47-year-old property the all-clear after last month's quake. At the time of the quake, about 15 guests were believed to be in the hotel.

Many people were too frightened to return to homes with cracked walls and ceilings as multiple aftershocks continued to rattle the region.

"What am I going to do? I don't have a tent, I don't even know who to get a tent from. Nobody tells me. I cannot go back into my flat ... Where will I go tonight? It can happen again," Halit Yazgan, 44, said as an aftershock shook a nearby building and sent men running for the middle of the road.

The latest quake struck 16 km (9 miles) south of Van at 1923 GMT on Wednesday, while the epicentre of the Oct. 23 quake was just northeast of Van.

A tremor of 5.7 magnitude would not normally cause significant damage but thousands of buildings sustained damage in last month's quake, and some were in a dangerous condition.

Atalay, responding to journalists' questions over why one of the hotels had been given the all-clear, said only preliminary, rather than definitive assessments on structural damage had been carried out on the building.

Turkey is criss-crossed with seismic fault lines and experiences small tremors nearly every day. About 20,000 people were killed by two large earthquakes in western Turkey in 1999.

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Greece PM to name crisis cabinet, euro zone shudders

ATHENS, Nov 11 - Greece's prime minister designate will name a new crisis cabinet Friday to roll out painful austerity measures and calm the political turmoil that has threatened to bankrupt Athens and force it out of the euro zone.

Greece's two main parties agreed to make Lucas Papademos head of a new unity government Thursday, ending a chaotic search for a leader to save the country from default.

With a political battle raging in fellow euro member Italy over a similar national unity government, Papademos must now fulfil the terms of a 130 billion euro (111 billion pound) bailout plan aimed at keeping Greece solvent.

He must also ease tension among the Mediterranean state's political leaders, whose wrangling ahead of an election next year has repeatedly roiled global markets and drawn rebuke from the European Union.

A former European Central Bank policymaker, Papademos must sell off state-owned companies, tackle rampant tax evasion and start chipping away at a mountain of debt under a bailout plan agreed among euro zone leaders last month.

"The path will not be easy but I am convinced the problems will be resolved faster and at a smaller cost if there is unity, understanding and prudence," Papademos said Thursday.

Papademos was left working alone in his new prime ministerial office Thursday night after talks on the new government ended with no sign of an agreement.

Sources in the two parties -- the ruling Socialists and the opposition New Democracy -- said Evangelos Venizelos was likely to remain as finance minister when President Karolos Papoulias swears in the new cabinet, scheduled for 12:00 p.m. (British time) Friday.

Papademos's appointment was welcomed by economists who said he was a safe pair of hands who was less likely to waver on tough decisions than politicians loathe to be known as supporters of austerity.

But the greying 64-year-old faces a struggle against a public that opposes more belt-tightening after years of public sector cuts and tax hikes that are expected to send the economy into a fourth straight year of recession in 2012.

His cabinet also faces a strike-happy public sector and two main parties that will likely distance themselves from tough measures as they jockey for position ahead of an election pencilled in for February 19.

ROUGH ROAD AHEAD

European Commission President Jose Manuel Barroso and European Council President Herman Van Rompuy hailed Papademos's appointment but urged Greece to push on with tackling a debt load the Commission estimates at 162 percent of annual output this year.

That is far above the EU debt average of 85 percent of gross domestic product, as well as the 62 percent owed by Argentina when it fell into default in 2001.

"We have long stressed the need for a broad political consensus around measures to lift Greece out of this deep economic crisis. As such, we warmly welcome this news," the two EU leaders said in a joint statement.

About 8,000 Communist party supporters marched past parliament Thursday night, chanting "no more austerity."

Political tussles remain an issue. Sources say New Democracy leader Antonis Samaras nearly torpedoed the unity government agreement after Papademos demanded all parties enact a pledge to push through reforms agreed with Greece's international lenders.

That followed a bizarre series of actions by outgoing Prime Minister George Papandreou, who called a referendum on the austerity measures he had already agreed with euro zone leaders before reversing the decision under a storm of protest from those same leaders.

He finally agreed to step down, but only after negotiating a face-saving confidence vote that allowed his party to negotiate a unity government while still in power.

Analysts said continued political wrangling would undermine Papademos's efforts to meet Greece's financial obligations.

"I can't see the unions and the population willing to support an unelected technical government that is demanded by the European Union and even more so Germany," said Chris Williamson, chief economist at market research firm Markit.

"There's the danger that an interim technical government will not be able to implement policy purely because, down the road, there will be general elections and things will be reversed, so there is a great risk of a state of limbo."

bdnews24.com

2G licences renewal after court verdict: BTRC

Dhaka, Nov 10 – Hours after the telecommunications ministry ordered BTRC to renew 2G licences of all the four major mobile operators, the telecom regulator says it would wait for the court verdict.

"The process of licence renewal will start once the issue of market competition factor over the fee of spectrum assigned for the year 2008 and VAT is settled in the court," BTRC chairman Zia Ahmed told the reporters after a meeting on Thursday.

He said BTRC took the decision to honour the court and added, "We've informed the operators concerned about the matter. None of them objected until the evening."

Mobile operators will be able to run their operations until the verdict without any obstruction, in line with an earlier court directive.

Asked why licences of Robi and Citycell were not renewed, Zia said, "The decision [not to renew their licences] was taken to maintain same status for all operators."

"Robi and Citycell also paid the fees for spectrum and licence renewal excluding VAT," he added.

Grameenphone's chief communications officer Qazi Monirul Kabir told bdnews24.com, "We are hopeful that the court will give the verdict soon and the licence renewal process will get accelerated."

Banglalink general manager (regulatory affairs) Mashid Rahman said they have no objection to the BTRC stance. "Everything depends on the court verdict."

Robi vice president Mohiuddin Babar said, "We hope the issue will be settled soon."

Citycell head of corporate communications Taslim Ahmed declined to comment on the matter since he is abroad.

Earlier in the day, the government ordered BTRC to renew 2G licences for all the four major mobile operators if there is no legal or policy restriction.

Banglalink and Citycell paid the spectrum assignment fees on Wednesday, Robi on Nov 2 and Grameenphone on Oct 31.

The High Court on Oct 26 stayed the effectiveness of a BTRC notice asking Grameenphone to pay additional Tk 2.37 billion for the radio frequency in 1800 megahertz band.

After the hearing, GP's lawyer Mehedi Hasan Chowdhury had told bdnews24.com that the telecom regulator, in a letter issued on Oct 17, asked the company to pay Tk 30.624 billion in fees for licence renewal and spectrum allocation.

"The letter asked the company not to deduct taxes and VAT from the money," he said and added that the court ordered for steps over the claim of VAT and taxes in line with the Statutory Regulatory Order issued on June 30, 2010.

Another GP lawyer, Fazle Noor Taposh, had said according to laws, the National Board of Revenue is the authority to receive taxes and VAT.

On Nov 1, Appellate Division chamber judge Justice M Imman Ali felt embarrassed to hear a BTRC petition, prompting the chief justice to send it to justice Syed Mahmud Hossain.

On Nov 3, justice Mahmud directed BTRC to maintain a status quo on the notice for payment of spectrum assignment fee and Value Added Tax (VAT) by Grameenphone.

BTRC was also directed to allow Grameenphopne to continue with its operations uninterrupted until further orders.

A regular appeals court bench will hear on Nov 14 the BTRC plea against the High Court order that stayed its notice on Grameenphone for payment.

bdnews24.com

Teesta deal signing 'soon'

Dhaka, Nov 10 – The Indian prime minister has assured his Bangladeshi counterpart that the Teesta interim agreement would be signed 'as soon as possible.'

"The two prime ministers had a sideline meeting for half an hour and discussed on water, connectivity, land boundary, trade, line of credit, power cooperation and other issues," said sources in the foreign ministry.

Bangladesh prime minister Sheikh Hasina and Indian premier Manmohan Singh, along with six other heads of governments and states, are now in Addu to attend the 17th SAARC summit, which kicked off in the afternoon.

"The Indian side said they are working on the issue and it would be finalised as soon as possible," said a senior official of the ministry.

Bangladesh and India failed to strike the Teesta deal during Manmohan's visit to Dhaka in September due to the strong opposition from the West Bengal chief minister Mamata Banerjee.

CONNECTIVITY

Both the prime ministers stressed that connectivity was important for regional development.

"We asked them to develop the necessary infrastructure for connectivity and the Indian side was positive about it," he said.

Trial run of transshipment has begun and officials of both the countries would sit together to analyse the arrangement. "The trial run has begun and we will analyse problems to resolve those for smooth passage of goods."

Bangladesh has allowed transshipment for passage of Indian goods from Kolkata to Agartala through Ashuganj river port from September without any fees, under a trial run arrangement.

The Indian side on numerous occasions had announced that they were ready to pay a transit and transshipment fee, whereas Bangladesh policy makers have said the fee would be decided upon by March.

POWER COOPERATION

Acknowledging that there was a wider scope for regional power cooperation, both Dhaka and Delhi expressed their desire to working on the issue.

"Both the side agreed that there is scope for having regional power cooperation for sustainable development," the ministry official said.

Power purchase agreements to import 250 megawatt of electricity from India would be signed soon and after that both sides would begin negotiations to import power from the Palatana power plant in Tripura.

India has sent the equipment for the power plant through Bangladesh and Dhaka expressed its desire to buy electricity from the plant.

LINE OF CREDIT

Indian premier Manmohan Singh directed his officials to expedite the process of completing the development works under $1 billion line of credit (LoC).

India, during Hasina's visit to Delhi in January 2010, announced a $1 billion LoC and eventually the agreement was signed in August that year.

So far, over $750 million worth of different projects have been approved and two agreements have already been signed.

LAND BOUNDARY AGREEMENT

Bangladesh in the meeting emphasised on making the land boundary agreement operational.

"We have signed a protocol on land boundary agreement in September but it is not operational as it has not been ratified by the parliament," he said.

The Indian side in response said they have started the ratification process of the land boundary related documents.

Bangladesh and India signed land boundary agreement in 1974 to resolve the boundary dispute but even though Bangladesh had ratified it, so far India has not ratified it in its parliament.

According to the agreement and its protocol, the agreement would only be operational after the ratification.

The two-day 17th SAARC summit kicked off on Thursday afternoon in Addu in the Maldives with an aim to promote greater integration in the region.

It is expected that several agreements will be signed in the meetings, including implementation of regional standards, multilateral arrangement on recognition of conformity assessment, rapid response to natural disasters, and the establishment of a SAARC seed bank.

The process of liberalisation of trade under the South Asian Free Trade Area Agreement (SAPTA) is also expected to move forward during the summit meeting.

bdnews24.com

Jackson's doctor says unaware singer had addictions

Los Angeles, Nov 11 — The doctor convicted of involuntary manslaughter in Michael Jackson's death insists he was not the cause of the singer's death and denied that he was aware Jackson had an addiction problem when he began treating him.

In an interview with the "Today" show's Savannah Guthrie aired on Thursday but taped during the waning days of his trial, Dr. Conrad Murray characterized Jackson in his final hours as "a desperate man."

Asked whether he wished he had never met Jackson, Murray said he wished he had been more forthcoming about his medical history, instead of being deceptive.

"I love Michael too," Murray said. "Certainly he was deceptive by not sharing with me his whole medical history."

Murray denied having any knowledge or awareness that Jackson, who was seeing several doctors and on a variety of medications, might have had an addiction problem.

"Absolutely not, I did not have a clue," he said.

Murray said Jackson was already taking propofol, which Jackson was using to sleep and which led to his death, when he began treating him.

"This was not something I introduced to Michael," he said.

Murray contended he was actually trying to get Jackson off the drug, and "should have walked away," but added "if I walked away, I would have abandoned a friend."

When he was asked if he was the cause of Jackson's death he said, "No, I'm not."

bdnews24.com

Turkey quake kills 3, scores trapped

ANKARA, Nov 9 - At least three people were killed and scores more trapped under the rubble of two hotels and a dozen other buildings when an earthquake hit eastern Turkey on Wednesday, less than three weeks after another quake killed 600 in the same area.

The magnitude 5.7 earthquake struck 16 km (9 miles) south of the city of Van at 1923 GMT, the U.S. Geological Survey said.

The tremor destroyed at least seven buildings, including two hotels in Van city, and around 14 other structures in other parts of the region, state television said.

It said at least 100 people may still be trapped under the rubble of collapsed buildings with one reporter saying up to 70 people may have been staying at one of the hotels.
Eleven people have so far been rescued alive from the rubble of the two hotels, state-run Anatolian news agency said.

Television footage showed panicked people running through the streets of Van and ambulances rushing through the city with their sirens wailing. Medical staff treated one unconscious person lying on an ambulance stretcher.

Wednesday's earthquake comes after a 7.6 magnitude tremor hit just northeast of Van on October 23, killing about 600 people. There have been hundreds of aftershocks since and thousands of people are still camping out in tents in freezing conditions.

Foreign Minister Ahmet Davutoglu, who had been in the nearby town of Ercis at the time of the quake on Wednesday, went to the crisis coordination center in Van, Anatolian said. Ercis was the worst hit area in last month's quake.

Around 30 ambulances stationed in Ercis were sent to Van in the wake of the tremor. Ercis is some 60 km north of Van.

Five planes were to fly to the region carrying search and rescue teams, Anatolian said. Other rescue teams were traveling to the quake zone from the nearby provinces of Mus and Agri.

Deputy Prime Minister Besir Atalay and Health Minister Recep Akdag were also preparing to travel to the region, state television said.

Turkey is criss-crossed with seismic faultines and experiences small tremors nearly every day. Some 20,000 people were killed by two large earthquakes in western Turkey in 1999.

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5 Bangladeshis killed in S Africa in a week

Dhaka, Nov 9 – At least five Bangladeshis have been killed in incidents of robbery in South Africa in the month of November alone.

Three of them killed in Johannesburg are Ahmed Noor and Dil Mohammad, killed on Nov 1, and Mobarak Hossain, on Nov 5.

The other two Bangladeshis – Mohammad Shahidullah and Mohammad Sohel – were killed on Eid night in Durban, first secretary of Bangladesh High Commission in South Africa Mohammad Mizanur Rahman told the bdnews24.com.

About 50,000 to 60,000 Bangladeshis, mostly from greater Noakhali, live in South Africa and many of them are engaged in businesses like grocery shops, mobile or other electronic items-selling outlets and restaurants.

Mizan said he had been posted there for just over two months, and in this period, about 10 to 12 Bangladeshis had been killed.

"Last year, the total figure was 13."

Ahmed Noor and Dil Mohammad were running a grocery shop, where a black worked for many years, leading them to believe he was a trustworthy person, Mizan said.

"They had about Tk 9-10 lakh cash with them on the fateful night, when the man thrashed their heads with a hammer and made good with the booty," he said.

Mobarak Hossain also had his grocery shop in Johannesburg where he caught hold of one of the robbers who came to his shop to rob it.

"The robber first shot him in the stomach and then in his head, killing him on the spot," Mizan said.

Mohammad Shadilluah also owned a grocery shop, which was robbed on Nov 1 or 2. As he filed a case in this connection, one of the robbers was arrested, he said.

"Enraged miscreants struck at the shop a second time and killed him and brother-in-law Mohammad Sohel on Nov 7," the official added.

"It looked like an act of revenge."

The dead bodies of Ahmed Noor, Dil Mohammad and Mobarak Hossain were sent back to Bangladesh, Mizan said.

He said most of the Bangladeshis were doing good in their businesses, but the shabby law and order situation had put them at 'high risk'.

"Most of them do not transact through banks and it makes them all the more vulnerable to crime," he added.

bdnews24.com

`111111` first priority for some Korean mums

SEOUL, Nov 9 - Expecting mothers in South Korea have inundated hospitals with requests for a Caesarean section delivery on November 11 to secure the unique life-long identity number of "111111" for their children, media reported on Wednesday.

The Korean Resident Registration Number, an identification number for all residents in Korea, is composed of 13 numbers with the first six numbers corresponding to the date of birth.

The number of appointments for c-section births on November 11 was 20 percent higher this year than previous years. Expecting mothers who are due even a week after the date have scheduled to give birth on November 11, Seoul Newspaper said.

"There's always people with due dates in January who want to deliver on the first of the month, but this seems more unusual -- trying to set delivery so they can have the ID number 111111," a staffer at a maternity clinic was quoted as saying.

November 11 is known as Pepero Day, or Sweetest Day, in South Korea and is similar to Valentine's Day. It was named after the Korean snack Pepero, because the date 11/11 resembles five sticks of Pepero.

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Charges against Khokon ridiculous: Fakhrul

Dhaka, Nov 9 — The BNP acting secretary-general finds ridiculous charges against party's Narsingdi unit chief Khairul Kabir Khokon in connection with torching of a train and vandalism at a dak bungalow following the killing of local mayor Lokman Hossain.

"The dak bungalow was vandalised in the night of the incident when Khokon was in Dhaka and the train was torched when he was reporting to the jail super. So, linking him with the two cases is totally ridiculous," Mirza Fakhrul Islam Alamgir told a press briefing on Wednesday.

He said the party will organise a rally in front of the party's Naya Paltan headquarters on Saturday morning in protest against the accusation of Khokon in the twin cases.

Fakhrul said it was clear like that "top level of the government" is directly involved with Lokman's murder.

"Lokman's family and local leaders of the ruling party have pointed fingers at a minister over the murder," he said.

Although Lokman's family filed a case against 14 people, police had failed to arrest anyone until now, he added.

The 43-year-old mayor was shot dead by masked gunmen in front of the local Awami League office in the night of Nov 1. Soon after, Narsinghdi police picked up Khokon from his residence in the capital's Khilgaon area.

Showing him arrested under the Article 54 of the Bangladesh Penal Code over the killing, police had pleaded to the court for his remand on Nov 3.

Following the shootout, enraged residents of the area vandalised the local dak bungalow and blocked the Dhaka-Sylhet highway. Intercity train Egarosindhur Express was set on fire in Narsingdi town on the following day during the 72-hour demonstration enforced by the ruling party's student body Bangladesh Chhatra League protesting the murder.

The cases were filed on Nov 4 by railway authorities.

Lokman's brother Kamruzzaman on Nov 3 filed a murder case against telecommunication minister Rajiuddin Ahmed Raju's brother Salahuddin Ahmed Bachchu and 13 others, mostly ruling Awami League members, over his brother's death.

In the wake of the murder, Narsingdi superintendent of police (SP) Akkas Uddin Bhuiyan, additional SP (Special Branch) Enamul Kabir and additional SP Bijay Basak were "withdrawn" the following day.

FROM:bdnews24.com

No govt role in Khokon's arrest: Shahara

Dhaka, Nov 7 — The government did not influence law enforcers to arrest BNP's Narsingdi unit chief Khairul Kabir Khokon following the murder of city mayor Lokman Hossain, the home minister has said.

"The government is being blamed wrongly. Who will be arrested and who will be not, it's up to the investigation officers," Shahara Khatun told reporters at her office on Wednesday.

She, however, said the government did direct the law enforcers to initiate action.

"The people responsible for the incident will not be spared, no matter which party they belong to," she added.

Earlier, Khokon was shown arrested in two cases filed over torching a train and vandalising the dak bungalow. He was detained within hours of Lokman Hossain's assassination.

The 43-year-old mayor was shot dead by masked gunmen in front of the local Awami League office in the night of Nov 1. Soon after, Narsingdi police picked up Khokon from his residence in the capital's Khilgaon area.

BNP has been condemning the government for detaining Khokon, who was not named in the murder case filed by Lokman's brother Kamruzzaman on Nov 3.

The case was, instead, filed against telecommunication minister Rajiuddin Ahmed Raju's brother Salahuddin Ahmed Bachchu and 13 others, mostly ruling Awami League members.

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Khokon accused in train torching, vandalism cases

Dhaka, Nov 9 – BNP Narsinghdi unit chief Khairul Kabir Khokon, detained hours after mayor Lokman Hossain's Nov 1 assassination, has been shown arrested in two cases filed over torching a train and vandalising the dak bungalow.

Hearing on the remand petition filed by police against him is in progress in the town's Judicial Magistrate's Court, Khokon's lawyer Nazmul Kader Tito told the reporters waiting outside the court on Wednesday morning.

The 43-year-old mayor was shot dead by masked gunmen in front of the local Awami League office in the night of Nov 1. Soon after, Narsinghdi police picked up Khokon from his residence in the capital's Khilgaon area.

Showing him arrested under the Article 54 of the Bangladesh Penal Code over the killing, police had pleaded to the court for his remand on Nov 3.

Following the shootout, enraged residents of the area vandalised the local dak bunglow and blocked the Dhaka-Sylhet highway. Intercity train Egarosindhur Express was set on fire in Narsinghdi town on the following day during the 72-hour demonstration enforced by the ruling party's student body Bangladesh Chhatra League protesting the murder.

The cases were filed on Nov 4 by railway authorities.

Lokman's brother Kamruzzaman on Nov 3 filed a murder case against telecommunication minister Rajuddin Ahmed Raju's brother Salahuddin Ahmed Bachchu and 13 others, mostly ruling Awami League members, over his brother's death.

In the wake of the murder, Narsingdi superintendent of police (SP) Akkas Uddin Bhuiyan, additional SP (Special Branch) Enamul Kabir and additional SP Bijay Basak were "withdrawn" the following day.

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Italy faces limbo after Berlusconi agrees to go

ROME, Nov 09 - Italy looks set for lengthy political uncertainty after Prime Minister Silvio Berlusconi's pledge to resign, with his center-right party calling for elections and the main opposition for a national unity government.

After failing to secure the majority in a vote in the lower house, Berlusconi said he would quit as soon as parliament passed budget reforms urged by European partners to help Italy stave off a debt crisis that is threatening the euro zone.

"We no longer have the majority we believed we had so we need to recognize this and concern ourselves with what is happening on markets...we need to show markets we are serious," Berlusconi told Italian television by telephone.

Votes to pass the reforms in both houses of parliament are likely this month, and opposition leaders may try to bring this forward in order to end as soon as possible the flamboyant billionaire media tycoon's 17-year dominance of Italy.

Worries about the Berlusconi government's ability to implement reforms to boost Italy's sluggish growth and cut its huge debt have helped fuel a rise in Italy's borrowing costs to unsustainable levels, weighing on the euro and stock markets.

Global equity markets and the euro rose after Berlusconi's decision on hopes that a new leader will act more aggressively to tackle the crisis in the euro zone's third largest economy that is jeopardizing Europe's single currency project.

The 75-year-old prime minister and his party say an election is the only realistic next step but opposition leaders have called for the formation of a national unity.

CONSULTATIONS

President Giorgio Napolitano said he would start consultations with all political parties after the new budget measures are approved.

When a government is defeated or resigns, it is the president's duty to appoint a new leader to try to build a majority in parliament, or to call new elections.

Pier Luigi Bersani, leader of the opposition Democratic Party, called for the beginning of a new phase and reiterated the proposal to form a transitional government including representatives from across the political spectrum.

But members of Berlusconi's center-right People of Freedom (PDL) party, whose support would be needed for a broad-based government, said its formation would be difficult.

"All the leaders of the PDL prefer early elections, because it's hard to imagine a government of national unity," Education Minister Mariastella Gelmini told Italian television, pointing to major disagreement among political parties.

Berlusconi and his closest allies have also said that the appointment of a government of technocrats -- an option favored by markets and it is thought Napolitano -- would be an undemocratic "coup" that ignored the 2008 election result that brought the center right to power.

EU Economic and Monetary Affairs Commissioner Olli Rehn said Tuesday that EU inspectors are due to arrive in Rome on Wednesday to begin a monitoring mission aimed at ensuring economic reforms are carried out as part of an agreement reached at a G20 summit last week.

Even when Berlusconi goes, there is no guarantee that reforms will be quickly implemented and relief on markets may not last long.

Yields on Italy's 10-year benchmark bonds rose to 6.74 percent Tuesday, near levels at which Portugal, Greece and Ireland were forced to seek a bailout.

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Zawahiri 'guided' spies to Laden: US commando

Dhaka, Nov 9 — Ayman al-Zawahiri, the then number two of al-Qaeda, led the US SEAL team to Osama bin Laden's hideout by repeatedly sending a courier to his hiding place in Abbottabad, a former member of the team claims in his new book.

"Despite knowing that this operative was blown, Zawahiri used Abu Ahmed al Kuwaiti to make repeated trips to Laden's compound," CNN-IBN quoted former SEAL Chuck Pfarrer as saying in the book 'Seal Target Geronimo'.

Kuwaiti had been interrogated by the CIA.

"Based on this accumulation of information, one can draw conclusion that it was Zawahiri who led the US to bin Laden's hiding place in Abbottabad, accomplishing this through a complex and persistent series of lapses in security," CNN-IBN said quoting Pfarrer.

"Some of these slips were subtle and some of them were so obvious that they were laughable," Pfarrer wrote in his book.

According to the satellite news channel, the book also claims that Zawahiri even tried to get the Russians to kill Laden and he also wrongly diagnosed Laden.

"Zawahiri tried to get the Russians to kill bin Laden; they did not. He hoped that Addison's disease would take him, but it did not. Now Zawahiri played his final card - he deliberately used a blown courier to communicate with Osama, and the inevitable happened. The Americans found him," Pfarrer wrote in his 225-page book published by the New York-based St Martin's Press, CNN-IBN said.

"Zawahiri had several advantages over his boss. Besides an innate viciousness, Zawahiri could speak and read English. He was an avid consumer of American news about al Qaeda. Moving between his own 1st-provided safe houses, Zawahiri had his messages delivered in Abu Ahmed al Kuwaiti's fantastically painted four wheel-drive truck. The vehicle and its frequent destination soon attracted the attention of American intelligence," Pfarrer wrote.

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'Technocrat to lead Greek unity government'

Athens, Nov 9 - A plan for former European Central Bank vice-president Lucas Papademos to lead a Greek government of national unity has run into trouble, party sources said on Wednesday, prolonging political hiatus as the country heads towards bankruptcy.

With the Greek population and the European Union clamouring for a coalition now, a government source said it would be announced later on Wednesday -- but signalled that negotiations were far from over.

In the past two days government sources have made a number of optimistic predictions about forming the government, which must secure a 130-billion-euro (111 billion- pound) bailout from the euro zone, only for no deal to materialise.

The socialist and conservative parties had wanted Papademos, a Greek economist well known in European capitals, to head the new government, aiming to re-establish an international credibility that the politicians lost long ago.

But sources in both parties said this was now in doubt and the two sides were looking at other options.

"The Papademos candidacy has hit problems that have to do with both parties," one of the sources told Reuters on condition of anonymity.

UNACCEPTABLE CONDITIONS

Some Greek media reported that Papademos was setting conditions that the parties would not accept, and others that there were objections from Finance Minister Evangelos Venizelos, because Papademos wanted to change the government's economic team.

Greek media have mentioned parliamentary speaker Filippos Petsalnikos and socialist lawmaker Apostolos Kaklamanis as alternative premiers, but both have denied the reports that they had been picked.

Earlier, the government source said outgoing Prime Minister George Papandreou would meet the Greek president at 1000 GMT on Wednesday, and the coalition would be announced the same day.

However, he also said negotiations would continue, signalling that the elusive deal on a government which is due to rule until early elections in February, had yet to be struck.

The stakes could not be higher. Greece must have a new coalition to secure the bailout, negotiate the release of emergency funds from the EU and IMF to avoid bankruptcy when big debt repayments come due next month, and safeguard its place in the euro zone.

On the other hand, the European Union needs to put out the fire in Greece to prove to international financial markets that it can tackle another blaze in Italy, a far bigger economy also heading for economic and political crisis.

To Vima news website expressed the exasperation felt by Greeks with all their political leaders, especially Papandreou and conservative opposition leader Antonis Samaras.

The website evoked a national fear that Greece might lose its euro zone membership, and be cast adrift to survive alone with its old currency.

"Despite its huge defeat, our political system won't get serious at the time when the country is threatened with complete collapse, wavering between the euro and the drachma.

"Mr Papandreou and Mr Samaras agreed on Sunday on a government to save the country and are now doing whatever they can to undermine it before it even starts its work," it said.

DOUBLE DISPUTE

Adding to the confusion, conservative leader Samaras became embroiled in a dispute within his New Democracy party and a related row with the European Union.

Party political sources said some New Democracy lawmakers were accusing Samaras of giving away too much, especially when he agreed to accept austerity measures in the bailout package.

Samaras had long argued that the spending cuts, tax rises and job losses imposed by the outgoing socialist government under orders from the EU and IMF had deepened Greece's crippling recession, now in its fourth year.

A New Democracy party source refused to accept the party was the main problem, but acknowledged internal divisions since Samaras staged his U-turn on the package last week, helping to open the way for Sunday's agreement in principle.

"Parts of New Democracy are causing trouble. Many party officials around Samaras don't like the way things are going," the source said on condition of anonymity.

Under pressure from party dissidents, Samaras attacked the EU for demanding written undertakings from Greece that it would stand by its promises to implement the bailout package which euro zone leaders agreed last month.

European Economic and Monetary Affairs Commissioner Olli Rehn made the demand, exasperated by Greece's record of making promises on tackling its huge debt and budget deficit and then falling short of fulfilling them.

Rehn singled out a decision by Papandreou last week to call a referendum on the bailout, a vote which might have seen Greeks reject the package because of the austerity measures tied to it. Papandreou backed down, but was forced into agreeing to make way for the unity coalition.

BROKEN CONFIDENCE

Speaking in Brussels, Rehn said Greece had breached confidence with the EU by calling the referendum. Now Brussels needed undertakings to release even the next 8-billion-euro instalment of funding for Greece under its original bailout package, pulled together last year.

"This confidence needs to be mended," said Rehn. "Finance ministers of the euro area expect that there is ... a written commitment, a written confirmation of the commitment of a broad-based government of national unity."

A government source said the EU wanted Samaras to sign, along with the new prime minister, finance minister, central bank governor and outgoing Prime Minister George Papandreou.

The New Democracy response was blunt. Samaras hinted in a statement he might give no written assurances because his spoken word was enough. "It's a matter of national dignity ... I don't allow anybody to doubt my statements," he said.

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Asian shares rally on Italy reform hopes

Tokyo, Nov 9 - Asian shares rallied and the euro steadied on Wednesday after Italian Prime Minister Silvio Berlusconi said he would resign, raising hopes the debt-ridden country would proceed with reforms that may help keep the euro zone's sovereign debt crisis from spreading.

An easing in Chinese inflation also soothed fears about the world's second-largest economy, bolstering oil prices and underpinning Chinese shares.

Berlusconi said on Tuesday he would leave office after parliament approves a budget law that includes reforms demanded by Europe, but Italy looks set for prolonged political uncertainty after his announcement.

Doubts that the European Union will be able to stop the crisis from spreading continued to fuel interest in safe-haven gold, pushing prices higher.

MSCI's broadest index of Asia Pacific shares outside Japan .MIAPJ0000PUS rose 1 percent, while Japan's Nikkei stock average .N225 rose nearly 1 percent.

"The news helped stabilise the euro and prompted investors to buy back shares, but there is still uncertainty in the euro as reshuffling its leader alone doesn't guarantee Italy's fiscal situation will improve," said Yuuki Sakurai, CEO of Fukoku Asset Management.

"Until the problem of sovereign debt, the last resort for investors, is resolved, investor preference for liquid assets such as cash and Japanese government bonds remains in place."

The euro held firm, pushing to $1.3840 against the dollar. The single currency rose as high as $1.3847 in New York on Tuesday.

China's annual inflation rate eased to 5.5 percent in October from 6.1 percent in September for a third straight month of decline from July's three-year peak and Premier Wen Jiabao said prices had fallen further since then.

Chinese producer prices rose 5 percent in the year through October, down from a 6.5 percent rise in the year to September.

Easing price pressures helped fuel expectations that China may start to ease monetary policy as exporters feel the impact from slowing global growth.

Hong Kong shares .HSI rose as much as around 2 percent while Brent crude gained for a fifth day on Wednesday, rising 0.5 percent to $115.57 a barrel.

ITALY YIELDS SURGE

Berlusconi's resignation could come this month, with votes likely in coming weeks on Italian budget measures including austerity reforms to cut debt and bring borrowing costs under control.

The yield on Italy's benchmark 10-year bond hit a 14-year high of 6.79 percent on Tuesday, approaching levels seen in the government bonds of Portugal and Ireland when they had to seek bailouts.

Italy is the third largest economy in the euro zone and failure to fix its debt problems would have a far bigger impact on the region than difficulties in Greece.

Investor jitters over Italy's debt has kept the spread on Italian government bonds over Bunds to 490 basis points.

Despite the rise in riskier assets such as stocks and oil, and a firmer euro and the dollar, gold gained 0.5 percent to close in on $1,800 an ounce. It briefly rose above $1,800 on Tuesday, its highest in seven weeks, before falling on news from Italy.

"While market focus has shifted to Italy from Greece, the situation in the euro zone is far from instilling optimism," said Yuichi Ikemizu, branch manager for Standard Bank in Tokyo.

"Gold is underpinned by favourable factors, such as global growth slowdown and the euro zone debt problems."

Ikemizu said while physical investors are sidelined given the high price level, funds buying helped pushed prices higher.

While the market was temporarily relieved by Italy's political shakeup, Greece remained undecided on its next leader. Party leaders were locked in talks on a unity coalition, with the EU seeking an immediate deal to save the country's finances.

EU finance ministers failed to make progress on Tuesday on ways to shore up sagging banks and avert a credit squeeze, as rising borrowing costs for Italy make it more difficult for European banks to borrow as they are increasingly reluctant to lend to one another.

Such uncertainties over key issues kept gains in Asian credit markets modest.

The spreads on the iTraxx Asia ex-Japan investment grade index - a gauge of investor appetite for risk - narrowed by about 5 basis points early on Wednesday.

"So what if Berlusconi eventually does the right thing? We'll rally for a period - maybe a day or two - then just sell off again," said a note from Societe Generale.

"The Greeks have delivered nothing, there's growing feeling that Italy will possibly go the same way, the EFSF has been shown to be no panacea - and soon it won't even get funded."

Earlier this week, the European Financial Stability Facility, the euro zone's bailout fund, had difficulty finding buyers for 10-year bonds issued to support Ireland.

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Shah Rukh Khan quizzed in IPL investigation

Dhaka, Nov 9 —Bollywood actor Shah Rukh Khan, also an owner of Indian Premier League (IPL) team Kolkata Knight Riders (KKR), has been questioned by the Indian Enforcement Directorate (ED) in connection with the ongoing investigation in IPL season two, local media say.

Quoting sources in ED, The Hindustan Times said on Tuesday that Khan was questioned on investments in KKR, the share holding pattern, buying of players, money spent on advertisements for promotion of the team, and profit and loss.

Sources told The Hindustan Times that Khan was asked to explain the source of money used for various expenses.

He was quizzed at the agency's Nariman Point office for about six hours on Saturday, The Hindustan Times quoted sources.

The ED along with the income tax department is investigating investments into IPL teams by various franchises and share holders, and also the awarding of contracts pertaining to various rights of IPL season two.

The directorate is working on information that some franchises received parts of investments by routing funds through tax haven countries.

The ED had filed a case in April last year under Foreign Exchange Management Act (FEMA) against sacked IPL commissioner Lalit Modi.

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Fire at fruits market

Dhaka, Nov 6 —Fire at a wholesale fruit market at Karwan Bazar has gutted four banana and wood apple stores and damaged a tin-shed room.

The fire broke out around 6am on Sunday from a stove in one of the banana wholesale stores. It spread quickly to the adjoining stores and also caught on a tin-shed room above five-storied 'Agomon' hotel, Tejgaon fire officer Mamunur Rashid told bdnews24.com.

"Five fire fighting units managed to douse the flames after nearly two hours of effort around 7.45am."

The wholesale store owners claimed that the fire gutted fruits worth roughly around Tk 1 million. However, there were no casualties, he added.

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'US delayed Pak surrender in 1971'

Dhaka, Nov 6 — The US government had stalled surrender of Pakistani armed forces during the 1971 Liberation War by at least 19 hours, apart from ordering their naval fleet to attack Indian establishments, if necessary.

The Times of India reported the US moves based on a set of 'freshly declassified top secret papers' of the Indian foreign ministry.

The report published on the online edition of the daily said the papers show that "the US hostility … during the war with Pakistan was far more intense than known until now".

The documents show that "the Nixon Administration had kept three battalions of marines on standby to deter India, and that the American aircraft carrier USS Enterprise had orders to target Indian Army facilities".

The Times of India report also said that despite such inputs, then Indian prime minister Indira Gandhi boldly went ahead with "her plan to liberate Bangladesh".

India gave refuge to millions of Bangladeshi's, who fled the country following the violent crackdown by the Pakistani forces on unarmed civilians on Mar 25, 1971. It also gave military and diplomatic assistance to the temporary government of Bangladesh.

The Indian prime minister played a key role in getting the temporary government accepted in the international diplomatic circles. She also toured many countries to this end despite opposition from the US. She also helped Bangladesh's independence architect and the first Bangladeshi first president Sheikh Mujibur Rahman in rebuilding the war-torn nation.

Pakistan's military commander for erstwhile East Pakistan Gen A A K Niazi surrendered on Dec 16, 1971 ending the nine-month fight for freedom, and an independent Bangladesh made its mark on the world map.

However, a six-page note prepared by India's foreign ministry shows that the Pakistani military commander "told the American consul-general in Dhaka that he was willing to surrender."

"The message was relayed to Washington, but it took the US 19 hours to relay it to New Delhi. Files suggest senior Indian diplomats suspected the delay was because Washington was possibly contemplating military action against India," the report said.

The ministry note also said that then US government president Richard Nixon personally took the decision "to brand India as an 'aggressor' and to send the 7th Fleet to the Bay of Bengal".

The note further says, the Indian embassy "feels (sic) that the bomber force aboard the Enterprise had the US president's authority to undertake bombing of Indian Army's communications, if necessary".
FROM:bdnews24.com

Spices get pricier

Dhaka, Nov 6 — With Eid-ul-Azha right around the corner, spices have become pricier even though traders claim that the prices have 'gone down.'

Customers are alleging that the traders had hiked up prices before Eid-ul-Fitr and have been at it again in just two months ahead of another festival.

Dhaka's wholesale spice market at Moulvibazar was seen at its peak during a visit on Saturday—all spices except cardamom were being sold at higher prices than the rates three months back.

A top representative of the traders' grouping blamed it on the tariff regime.

"We have to pay high taxes to import spices. So they are being smuggled in," Moulavibazar businessmen association chief Mohammad Enayetullah told bdnews24.com. "Cardamom and Cumin are being smuggled the most so their prices have gone down."

"High taxes on spices hike our costs. But some rogue businessmen smuggle in spices making the market unstable."

He pointed out that spice traders recently held a press conference in Chittagong demanding that the taxes be reduced.

WHOLESALE PRICES

A visit to Moulvibazar on Saturday showed that cardamom was being sold at Tk 1,200-2,000 a kg, cumin at Tk 440, cinnamon at Tk 240, clove at Tk 1,450, white pepper at Tk 1,280, black pepper at Tk 860, nutmeg at Tk 1,200, prune at Tk 550, dried grape Tk 260, pistachio at Tk 620 and black cumin at Tk 1,000.

In just three months, nutmeg costs Tk 500 more for a kilogram; clove is by Tk 550.

During last year's Eid-ul-Azha, cardamom was sold at Tk 2,100-2,400, cumin at Tk 340, cinnamon at Tk 180, clove at Tk 600, white pepper at Tk 620, black pepper at Tk 380, nutmeg at Tk 580, prune at Tk 600, dried grape Tk 260, pistachio at Tk 520 and black cumin at Tk 850.

"The spice market is dependent on the international market," argued Enayetullah. "We are having to sell at prices lower than our costs due to the smuggling."
FROM:bdnews24.com