Wednesday, December 21, 2011

'No irresponsible free speech'


Dhaka, Dec 20 — The editor-in-chief of bdnews24.com has launched call for guidelines to set the standards for public discourse on social media alongside regulating news media, who are perceived to be frequently testing the limits.

"Speech must be responsible to be free. There is a social and cultural necessity for freedom of responsible speech," Toufique Imrose Khalidi said at a programme to celebrate the Internet newspaper's fifth anniversary.

"(But) there has to be some discipline in the way the state manages the media. The decision makers must be guided by reason," he added at the Radisson Blu Water Garden Hotel in Dhaka on Tuesday evening.

Besides presenting bdnews24.com's current activities and future plans, he also spoke about crisis and possibilities of presenting news on the Internet.

Policymakers in the government, judges, lawyers, politicians, businessmen, entrepreneurs, poets, sportsmen, top army officers, cultural activists — leading personalities from the entire spectrum of society attended the programme.

Organiers say it is "a fantastic opportunity" to reflect on bdnews24.com's role as a pioneer and innovator.

It offers a range of real-time news coverage for online readers replete with critical information to pick and click; it gathers and delivers news, based on accuracy and consistency on the web 24 hours, with the highest standards of professionalism, integrity and ethical journalism.

bdnews24.com says their newsroom never sleeps.

JSC, JDC results on Dec 28


Dhaka, Dec 21 — Results of Junior School Certificate (JSC) and Junior Dakhil Certificate (JDC) examinations will be published on Dec 28.

"The results are being published within 37 days after the exam ended," education secretary Kamal Abdul Naser Chowdhury told bdnews24.com on Wednesday.

The education ministry earlier announced that it would publish the results within Dec 31.

JSC and JDC examinations started from Nov 1 and ended on Nov 21.

A total of 18,61,113 students took part in the exams --15,37,422 students for JSC and the rest 3,23,691 students sat for JDC.

The examination is being held since 2010 for the Grade-VIII students. This year, the exams were held at 2009 centres simultaneously.

All the papers saw creative questions except for Bengali second paper, English first and second paper and Mathematics.

Like the previous year, students failing in three subjects would be allowed to get themselves admitted to Grade-IX but they would have to take part and pass in the next examination, according to the education ministry.

This year, the physically challenged students were given extra 20 minutes. Moreover, those who cannot see or write were allowed to have a writer.

bdnews24.com/

Fog continues to hamper ferry services


Dhaka, Dec 21 – Fog has continued to disrupt ferry services on Daulatdia-Paturia route.

Like previous nights, ferry services were hampered for nearly 11 hours until Wednesday morning.

Bangladesh Inland Water Transport Authority (BIWTA) Daulatdia pier assistant general manager Zillur Rahman told bdnews24.com that ferry services resumed around 9:30am on Wednesday.

Ferries Shah Paran, Amanat Shah, Shah Jalal and Matiur Rahman got stranded in Daulatdia pier while Khan Jahan, Keramat Ali, Hamidur Shah Ali and Kumari in Paturia pier, leaving hundreds of passengers into severe trouble.

bdnews24.com

Hasina meets grand alliance leaders


Dhaka, Dec 20 — Prime minister Sheikh Hasina has met the leaders of the 14-party grand alliance ahead of the government's third anniversary.

The meeting took place at her official residence Ganabhaban on Tuesday evening.

The leaders said the meeting reached an understanding on programmes to prevent bomb attacks and terrorism and strengthening the alliance's unity.

Of the grand alliance leaders, Jatiya Somajtantrik Dal (JSD) president Hasanul Haque Inu, Bangladesh Workers' Party president Rashed Khan Menon, Samyabadi Dal general secretary Dilip Barua and Workers' Party leader Bimal Biswas were present at the meeting.

Of the ruling Awami League leaders, presidium members Syeda Sajeda Chowdhury, Matia Chowdhury, advisory council member Amir Hossain Amu and Tofail Ahmed attended the meeting, among others.

This is the first meeting of the 14 parties with Awami League since Feb 6.

The alliance leaders had long been asking for the meeting, and Inu even made a request at a programme earlier in the day.

After the meeting, Inu told reporters that the BNP-Jamaat coalition is trying to destabilise the country through bomb blasts and terrorism across the country, including the capital. "We need to be united to prevent that."

The alliance would also announced programmes to fasten the process of trial of the war criminals, said Inu and Tofail.

Tuesday's meeting follows the ruling party president Sheikh Hasina's meeting on Monday with the Communist Party of Bangladesh.

bdnews24.com

2011 sees 43 journos killed, globally


New York, Dec 20 - Political conflicts and unrest proved fatal for journalists in 2011, while governments failed to prosecute those who targeted reporters for their work, according to the Committee to Protect Journalists' year-end survey of journalists killed in the line of duty.

At least 43 journalists were killed worldwide in direct relation to their work this year, according to a CPA media release.

Seven deaths occurred in Pakistan, where 29 journalists have been killed in the past five years. Libya and Iraq, each with five fatalities, and Mexico, with three deaths, also ranked high worldwide for journalism-related fatalities.

First Earth-sized planets found beyond solar system


CAPE CANAVERAL, Florida, Dec 21 - Astronomers have found a pair of Earth-sized planets orbiting a star similar to the sun, though neither are believed to be suitable for life, scientists on NASA's Kepler telescope team said on Tuesday.

The discovery follows confirmation earlier this month of a super-Earth sized planet, called Kepler-22b, that circles the right distance from its parent star for liquid water to exist on its surface. Water is believed to be a key ingredient for life.

"Kepler-22b has the right temperature, but it is too big. (The planets) we're announcing today are just the right size, but too hot," astronomer David Charbonneau with Harvard University, told reporters during a conference call.

"But you can bet that the hunt is on to find a planet that combines the best of both worlds, a true Earth twin," he said.

The newly discovered planets, called Kepler-20e and 20f, have at least three gas-giant siblings, one of the larger planetary systems found to date.

But the family is nothing like our solar system, where rocky worlds like Venus, Earth and Mars are grouped together closer in toward the sun while gas giants like Jupiter and Saturn are segregated in the outer regions.

The two Earth-like and three Neptune-sized planets in the Kepler-20 family are interspersed and all orbit closer to the parent star than our solar system's innermost planet, Mercury.

"Rocky planets and gas giants happily mingle together. This is the first time we've seen anything like this," Charbonneau said.

Kepler-20e and 20f, which are believed to be too hot for liquid water, probably are not habitable - at least not today.

"If Kepler-20f was formed with water, which I think is likely, then it could have held on to its water for several billions of years ," said astronomer Linda Elkins-Tanton with the Carnegie Institute in Washington DC.

"And that means that this planet could have been habitable in the past for a long period," she said.

The system is located about 1,000 light-years away in the constellation Lyra.

Light travels at about 299,337 km per second.

bdnews24.com

Wednesday, December 7, 2011

6 killed, 20 hurt in Rangpur road accident


Rangpur, Dec 7 — At least six people have been killed and 20 injured when a bus plunged into a roadside pond at Najirerhat in Rangpur.

The bus packed with devotees was returning from Jor Ijtema, a preparation of the Tablig Jamat's Ijtema congregation at Tongi, on Wednesday, Kotwali Police Station sub-inspector Selim Haider told bdnews24.com.

Four of the deceased were identified as Asad Ali, 55, Sadek Ali, 42, and Kafil Uddin, 40, from Rangpur and Rezaul Islam, 45, from Darshana.

The injured, who were admitted to the Rangpur Medical College Hospital, said four passengers of the Rangpur-bound Chishtia Paribahan died on the spot when the driver had lost control around 5am.

Two of the injured succumbed to their injuries later, they said.

There had been 86 passengers including many on the roof, the police official said.

Police suspected that over-speeding and overloading could be the reason behind the accident.

bdnews24.com

Aging in office: US presidents often outlive peers


Chicago, Dec 7 — Judging by their "before" and "after" photographs, US presidents appear to age before our eyes, adding wrinkles and gray hair with each year in office.

But contrary to conventional wisdom, a few years in the White House do not appear to cut short the lives of US presidents, and most live longer than their peers, according to a new study released on Tuesday.

"Just because they experience what would appear to be accelerated aging outwardly, doesn't mean they will die any sooner," said S. Jay Olshansky, a demographer at the University of Illinois at Chicago, whose study appears in the Journal of the American Medical Association.
bdnews24.com

Russian police crack down on anti-Putin protests


MOSCOW, Dec 07 - Hundreds of people took to the streets of Moscow for a second successive day on Tuesday to demand an end to Vladimir Putin's 12-year rule, defying a crackdown by tens of thousands of police reinforced by crack Interior Ministry troops.

Police said they had detained about 250 people in central Moscow when they tried to stage an unapproved rally and held about 200 more in St Petersburg, where opposition forces have also been emboldened by the prime minister's worst election setback since he took power in 1999.

After permitting the biggest opposition rally in Moscow for years on Monday evening, the police were out in large numbers. The Interior ministry said about 2,000 special troops were supporting almost 50,000 police, and some moved through the city centre in armored vehicles in a show of force.
bdnews24.com

Analysis: Solar companies to seek deep pockets in downturn


Dec 7 — Struggling solar manufacturers will likely be driven into mergers with rivals to survive a sector squeeze, a trend that could draw major Asian conglomerates deeper into the renewable energy sector.

Solar makers have seen their profit margins nearly erased this year as prices for renewable energy systems plummeted by about 40 percent and industry experts say many companies are too small to withstand the downturn on their own.

Market experts have named China's Suntech Power Holdings Co Ltd (STP.N), Trina Solar Ltd (TSL.N) and Yingli Green Energy Holding Co Ltd (YGE.N) as good bets to survive the current slump, as well as US-based First Solar Inc (FSLR.O) and SunPower Corp (SPWR.O) and Germany's SolarWorld AG (SWVG.DE). bdnews24.com

Monday, December 5, 2011

Abul Hossain says goodbye


Dhaka, Dec 5 — Much criticised minister Syed Abul Hossain has said goodbye to his former colleagues at the communications ministry.

Hossain was moved from the communications ministry to the newly formed information and communication technology ministry on Monday. New minister Obaidul Quader was given the communications portfolio.

The communications ministry will work with only the Roads Division and the Bridges Division as a railways ministry was carved out of the communications ministry on Sunday.

Abul Hossain's new workplace was created by splitting the science and information and communication technology ministry that same day.

He went to Railway Bhaban sometime and took leave of officials there, after coming to the Secretariat at 8am. He then drove to Sarak Bhaban and from there to Bridges Division before returning to his ministry where he attended a meeting.

The minister, known for his big smile, appeared distressed and spoke few words as he returned to his office around 11:45am.

Asked when he will join the new ministry, he simply told bdnews24.com, "Let's see when I can."

Abul Hossain was criticised, even by MPs of his own party Awami League in parliament, after several deadly accidents occurred in the middle of the year and for passenger sufferings due to the poor condition of roads and highways.

He faced criticism once again when the World Bank suspended its funds for the Padma bridge project due to allegations of corruption.

The opposition has been pointing fingers at Abul Hossain for the suspension.

bdnews24.com

Friday, November 25, 2011

Egypt army picks new PM


Cairo, Nov 25 — Egyptian former prime minister Kamal Ganzouri accepted a request from the ruling generals to form a new government, state media reported, but protesters brushed away their choice and vowed to hold another mass rally on Friday to demand the army quit power.

Ganzouri confirmed he had agreed in principle to lead a national salvation government after meeting with the head of the ruling military council, Field Marshal Mohamed Hussein Tantawi, the website of state newspaper Al Ahram reported, citing sources close to Ganzouri.

In an attempt to defuse protests by thousands of Egyptians frustrated by nine months of military rule, the army council promised parliamentary elections would start on time next week. It earlier said it would speed up the timetable for a handover from military to civilian presidential rule.

Violent clashes with police in and around Cairo's Tahrir Square since Saturday have killed dozens, in scenes reminiscent of the popular uprising that toppled Hosni Mubarak in February.

"The people demand the execution of the marshal," crowds chanted, referring to army chief Tantawi who was Mubarak's defence minister for 20 years.

Ganzouri headed a cabinet from 1996 to 1999 that introduced some economic liberalisation measures. Many Egyptians viewed him as an official who was not tainted by corruption, but his record serving under Mubarak could stir opposition from those demanding a clean break with the past.

As talk of a Ganzouri appointment filtered through the crowds packed into Tahrir Square, reactions were mixed. Some said his age made him a bad choice. Ganzouri is in his late 70s.

"Ganzouri is no good for this transitional period, which needs youth leaders, not grandparents," said student Maha Abdullah.

Metwali Atta, a 55-year-old taxi driver who was camped out in Tahrir, disagreed: "I would like to see Ganzouri as prime minister. The man has a strong character, unlike (outgoing prime minister) Essam Sharaf who was easily bossed around by the military council."

In a communique, protesters called a million-man march on "the Friday of the last chance" to back demands for an immediate transfer to civilian rule via a national salvation government.

The Egyptian Independent Trade Union Federation called for a workers' march to Tahrir. Another labour rights group called for a general strike to back the protests. Labour unions played an important role in the movement that toppled Mubarak.

The heads of two political parties who took part in a meeting with the military council on Tuesday said they now regretted attending and apologised to the protesters in Tahrir.

The demonstrations appear to have polarised Egyptians, many of whom worry unrest will prolong economic stagnation.

Supporters of the army council had said they would hold a rally to back the military. In a statement on its Facebook page, the army council said it was "appealing to them to cancel the demonstration", saying it wanted to avoid divisions.

ECONOMY REELS

In fresh blows to confidence, the Egyptian pound weakened to more than six to the dollar for the first time since January 2005, and Standard & Poor's cut Egypt's credit rating.

The agency cut Egypt's long-term, foreign and local-currency sovereign credit ratings to B+ from BB-, saying a "weak political and economic profile" had worsened further.

The Central Bank raised interest rates unexpectedly in what bankers was an attempt to shore up the pound.

Egypt's ruling army council said it was doing all it could to prevent more violence. In a statement, it apologised, offered condolences and compensation to families of the dead, and promised a swift investigation into who was behind the unrest.

A ruling council member, General Mamdouh Shaheen, told a news conference the parliamentary vote, whose first stage is due to begin on Monday, would go ahead on time. "We will not delay elections. This is the final word," he said.

Another council member, Major-General Mokhtar al-Mullah, took a swipe at the demonstrators. "If we look at those in Tahrir, regardless of their number, they do not represent the Egyptian people, but we must respect their opinion," he said.

Mullah said the army hoped to form a new government before Monday to replace Prime Minister Essam Sharaf's cabinet, which resigned during this week's violence without giving a reason.

Demonstrators in Tahrir said the truce had taken hold from midnight. Cranes hauled concrete barriers, later reinforced with barbed wire, across streets leading to the nearby Interior Ministry, flashpoint for much of the recent violence.

HUMAN CHAINS

Protesters linked arms in human chains to prevent further clashes with security forces guarding the Interior Ministry.

"We have created a space separating us from the police. We are standing here to make sure no one violates it," said Mahmoud Adly, 42, part of a human cordon four people deep.

The protests in Cairo and elsewhere pose the gravest challenge to Egypt's army rulers since they took over from Mubarak, overthrown on Feb. 11 after an 18-day uprising.

The United States and European nations, alarmed at the violence of the past few days, have urged Egypt to proceed with what has been billed as its first free vote in decades.

The army and the Muslim Brotherhood, which expects to do well in the election, say it must go ahead, but many protesters do not trust the military to oversee a clean vote. Some scorn the Brotherhood for its focus on gaining seats in parliament.

In Tahrir, two groups were chanting against other, one saying, "Muslim Brotherhood, we don't want you in the square," and another responding in a unity call, "One hand, one hand."

The military council originally promised to return to barracks within six months of the fall of Mubarak, but then set a timetable for elections and drawing up a new constitution that would have left it in power until late next year or early 2013.

Tantawi pledged this week to hold a presidential vote in June that could pave the way for a transfer to civilian rule, but the demonstrators, angered by army attempts to shield itself legally from future civilian control, are unconvinced.

"The protesters of Tahrir Square announce their absolute rejection of ... Tantawi's speech, and stress they have been humiliated that the regime moved to offer solution only after martyrs fell," the protesters' communique said.

Before the truce, protesters had fought running battles with security forces around the Interior Ministry. The bloody chaos there contrasted with normal life in streets nearby.

bdnews24.com

Why reacting now, Hasina asks Khaleda


Dhaka, Nov 24 — The past BNP government did nothing when India initiated steps on the Tipaimukh project, prime minister Sheikh Hasina has said referring to a letter from BNP chairperson Khaleda Zia to Indian premier Manmohan Singh

"Now you are writing a letter! Why didn't you protest when problems over Tipaimukh arose when you were in power?" Hasina told a public gathering at the madrasa ground in Rajshahi on Thursday.

"The incumbent government will settle the Tipaimukh issue," she said and added that Bangladesh will not face any harm during her government's tenure.

India's northeastern state Manipur signed an agreement with state-owned NHPC Ltd and Satluj Jal Vidyut Nigam Ltd (SJVN) on Oct 22 to construct a 1,500MW Tipaimukh hydroelectric project in Manipur.

BBC published the news on Friday, which splashed in Bangladeshi media on Saturday.

BNP chairperson Khaleda Zia on Tuesday said the government failed to protect national interest with regard to the Tipaimukh dam issue.

On Wednesday morning, the main opposition said it had sent a letter to New Delhi seeking a joint survey of the Tipaimukh dam project.

Later in the day, Hasina told parliament, "The then BNP water resources minister had said that the national interest of Bangladesh will not be harmed if the dam is constructed."

bdnews24.com

Syria faces Arab sanctions deadline over monitors


Beirut, Nov 25 — Syria faces a Friday deadline to sign an Arab deal allowing monitors into the country or incur sanctions over its crackdown on protests including halting flights, curbing trade and stopping deals with the central bank.

Arab foreign ministers warned in Cairo that unless Syria agreed to let the monitors in to assess progress of an Arab League plan to end eight months of bloodshed, officials would consider imposing sanctions on Saturday.

Under a November 2 Arab League initiative, Syria agreed to withdraw troops from urban centres, release political prisoners, start a dialogue with the opposition and allow monitors and international media into the country.

Since then hundreds of people, including civilians, security forces and army deserters, have been killed as the unrest which the United Nations says has claimed at least 3,500 lives since March continued unabated.

The Syrian Observatory for Human Rights, a British-based opposition group, said at least 47 people were killed in Syria on Thursday, including 16 soldiers and 17 army deserters, mostly around the rebellious city of Homs and near the town of Rastan to the north.

The violence has prompted former ally Turkey to bluntly tell President Bashar al-Assad to step down and led France to propose "humanitarian corridors" in Syria to help transport medicines or other supplies to civilians in need.

French Foreign Minister Alain Juppe said he would discuss the idea with the Arab League but a source at the 22-member body said the proposal was not brought up at the Cairo meeting.

"In the case that Syria does not sign the protocol ... or that it later violates the commitments that it entails, and does not stop the killing or does not release the detainees ... (Arab League officials) will meet on Saturday to consider sanctions on Syria," the Arab ministers said in a statement.

They said possible sanctions, which were not intended to affect ordinary Syrians, included suspending flights to Syria, stopping dealings with the central bank, freezing Syrian government bank accounts and halting financial dealings.

They could also decide to stop commercial trade with the Syrian government "with the exception of strategic commodities so as not to impact the Syrian people," the statement said.

Syria's economy is already reeling from the eight months of unrest, aggravated by U.S. and European sanctions on oil exports and several state businesses.

"HUMANITARIAN CORRIDORS"

After months in which the international community has seemed determined to avoid direct entanglement in a core Middle East country, the diplomatic consensus seems to be changing.

The Arab League suspended Syria's membership two weeks ago, while this week the prime minister of neighbouring Turkey - a NATO member with the military wherewithal to mount a cross-border operation - told Assad to quit and said he should be mindful of the fate of fallen dictators such as Adolf Hitler, Benito Mussolini and Libya's deposed leader Muammar Gaddafi.

France became the first major power to seek international intervention in Syria when it called for "humanitarian corridors" in Syria to alleviate civilian suffering.

A Western diplomatic source said the French plan, with or without approval from Damascus, could link Syrian civilian centres to the frontiers of Turkey and Lebanon, to the Mediterranean coast or to an airport.

Its aim would enable transport of humanitarian supplies or medicines to a population that is suffering.

Juppe insisted the plan fell short of a military intervention, but acknowledged that humanitarian convoys would need armed protection.

"There are two possible ways: That the international community, Arab League and the United Nations can get the regime to allow these humanitarian corridors," he told French radio. "But if that isn't the case we'd have to look at other solutions ... with international observers."

Asked if humanitarian convoys would need military protection, he said: "Of course... by international observers, but there is no question of military intervention in Syria."

"MOST DANGEROUS PHASE"

The Syrian Observatory said 15 army deserters were killed in clashes with the military west of Rastan and in raids by security forces. Eleven military and security personnel were killed by army deserters in the city of Houla, it said.

Alongside the mainly peaceful protests, armed insurgents have increasingly attacked military targets in recent weeks.

State media have reported the funerals of 34 soldiers and police in the last four days. Since the outbreak of the uprising officials have blamed armed groups for the violence and say 1,100 members of the security forces have been killed.

"The Syrian crisis may or may not have entered its final phase, but it undoubtedly has entered its most dangerous one to date," the International Crisis Group said.

"Many in Syria and abroad are now banking on the regime's imminent collapse and wagering that all then will be for the better. That is a luxury and optimism they cannot afford."

Washington repeated an appeal on Wednesday for U.S. citizens to leave Syria: "The U.S. Embassy continues to urge U.S. citizens in Syria to depart immediately while commercial transportation is available," the embassy said on its website.

Assad, 46, seems prepared to fight it out, playing on fears of a sectarian war if Syria's complex ethno-sectarian mosaic shatters and relying on support of senior officials and the military to suppress the protests, inspired by Arab uprisings which toppled the leaders of Tunisia, Egypt, Libya and Yemen.

However many experts say Assad, who can depend mainly on the loyalty of two elite units dominated by his Alawite minority community, cannot maintain current military operations without cracks emerging in the mainly Sunni Muslim army.

bdnews24.com

Thursday, November 24, 2011

BB easing rules for stocks exposure


Dhaka, Nov 24 —Following the Securities and Exchanges Commission (SEC) statement on Tuesday, Bangladesh Bank is set to issue order relaxing rules for banks' stocks exposure.

The central bank's executive director S K Shur told bdnews24.com of the move on Thursday.

This comes less than 24 hours of SEC chairman's announcement on Wednesday afternoon that the central bank would redefine "exposure" when the commercial banks will invest through subsidiaries such as merchant banking as part of stock market incentives package.

A similar circular from the National Board of Revenue is due with incentives for foreign institutions and non-resident Bangladeshis. The revenue board plans to withdraw the 10 percent capital gains tax on investment in capital market by FIs and NRBs to lure funds from abroad.

Chief of the market regulator M Khairul Hossain had also said the central bank will extend the deadline by one year for commercial banks to adjust their single-party exposure relating to share market to Dec 31, 2013.

bdnews24.com

PM in first visit to Rajshahi


Rajshahi, Nov 24 —Prime minister Sheikh Hasina is visiting Rajshahi in her first visit since the Awami League-led alliance rode to power in 2009.

Hasina, who reached the Rajshahi airport on a Bangladesh Biman plane around 10am on Thursday, is set to address a public rally in the afternoon at the madrasa ground.

She went to Rajshahi Cantonment to attend the annual commanders' conference-2011, reunion, National Standard Giving and Bangladesh Infantry Regiment's programmes.

She will then pay her respect to the martyr Dr Shamsuzzoha at the Rajshahi University (RU) campus after visiting the shrine of saint Shah Makhdum.

She is scheduled to lay the foundation stone for the Bangamata Sheikh Fazilatunnesa Girls' Hall.

Hasina will also inaugurate a 50-megawatt rental power plant in Katkhali and lay the foundation for another 50-megawatt peaking power plant.

Tight security has been in place in Rajshahi to ensure a trouble free visit of the prime minister.

"Around 3,000 members of police, RAB and APBN will be involved in the security of the prime minister," Rajshahi metropolitan police commissioner Mohammad Obaidullah told bdnews24.com.

Rajshashi district and metropolitan AL leaders have already declared a 14-point demand at a press conference ahead of Hasina's long-awaited visit to Rajshahi.

People are now waiting anxiously to see what the prime minister has to say about their demands.

Their main demands include turning Rajshahi Medical College into a university, establishing the Barendra Krishi University in Rajshahi, declaring Rajshahi as a special economic zone, government assistance in the development of the silk trade, building the Ganges barrage, capital dredging in the Padma River, and implementing irrigation project in northern Rajshahi.

bdnews24.com

DSE opens with slipping index


Dhaka, Nov 24 —Just a day after the Securities and Exchanges Commission (SEC) declared a raft of measures to stabilise the market, the benchmark index of the Dhaka Stock Exchange fluctuated in the first hour of trading.

The general index stood at 5352.96 points around 12.03am on Thursday, a 19.69-point or 0.37 percent loss from the day's opening. Shares worth a total of Tk 2.02 billion changed hands by then with losers outnumbering gainers by 137 to 84 and nine issues at their opening price.

The general index reached the day's high until then, 5483.9 points, in the first five minutes. Only 15 minutes later, it reached the day's low, 5288.74 points, a fall of around 195 points. Smaller vacillations continued afterwards.

On Wednesday, the SEC rolled out stock market incentives package, with provisions for increased commercial bank, merchant bank and foreign investments.

The package includes allowing merchant banks to collect up to 49 percent capital from sources other than their parent banks, making compulsory for sponsor directors of listed companies to have 30 percent stake of their firms, or buy shares to reach the level within six months, brokerage houses to appoint professional, skilled and experienced investment managers, and strengthening laws to stop insider trading, modernising the Small Investor Protection Act and demutualisation of stock exchanges.

The market regulators also said that the central bank will extend the deadline for commercial banks to adjust their single-party exposure relating to share market to Dec 31, 2013 by one year, in a major move to inject more cash into the market. The Bangladesh Bank will also redefine "exposure" when the commercial banks will invest through subsidiaries such as merchant banking.

To entice funds from abroad, the National Board of Revenue will withdraw the 10 percent capital gains tax on investment in capital market by foreign institutions or non-resident Bangladeshis

On Wednesday, even though the general index shed 224.3 points at close, the turnover crossed Tk 10-billion mark for the first time in nearly four months. The DSE general index shot up 194 points in the first five minutes of trading on the news that an 'incentive package' would be announced in the afternoon.

It started losing afterwards and closed with a fall after five days of uptrend followed by a prime minister Sheikh Hasina-led meeting with stakeholders on Nov 16. She said all that needs be done for the stock market will be done.

The NBR on Monday sent a clarification to the SEC confirming that investors will face no question while investing undisclosed income in the capital market.

On Tuesday, the bourse registered an exchange of shares worth Tk 8.03 billion. On Monday, the turnover stood at Tk 5.19 billion, exceeding that of Sunday by nearly Tk 440 million.

On Monday, the DSE decided in a meeting that the sponsor directors of all listed companies have to hold at least 30 percent stakes, and those below the level must buy back their shares within six months. It also decided to dissolve all but audit and demutualisation committees.

The NBR sent a clarification to the SEC that confirmed the decision taken at the Nov 16 meeting with the prime minister about not questioning source of funds invested in the market and that untaxed money can be freely invested.

The decisions came after the indices plunged to new lows over the past week leading to streets protests and then intervention from the prime minister. On Wednesday night, Sheikh Hasina chaired a high-profile meeting that resulted in decisions to prop up the prices.

On Monday, turnover at the Dhaka Stock Exchange crossed the Tk 5 billion-mark with the general index gaining slightly on a selling spree, apparently buoyed by the news of the incoming capital market stimulus package. At closing, the turnover stood at Tk 5.19 billion exceeding last day's high by Tk 440 million and hitting the highest since trading resumed after the nine-day recess for Eid-ul-Azha.

bdnews24.com

Sunday, November 20, 2011

2 killed, hundreds hurt in Egypt clashes


CAIRO, Nov 20 - Clashes erupted between protesters and police in Cairo and two other Egyptian cities, killing two people and wounding hundreds in the biggest security challenge yet for the country's ruling generals days before scheduled elections.

In scenes reminiscent of the 18-day uprising that toppled Hosni Mubarak from three decades of power in February, hundreds of youths chanted "The people want to topple the regime" as they rushed towards riot police, who fired rubber bullets and tear gas.

Protesters broke chunks of cement from pavements and hurled them at police in clashes in which police lost control of Cairo's landmark Tahrir Square twice in the day.

A blaze broke out around midnight at the huge Mogamma state administration building overlooking Tahrir.

As police fired round after round of tear gas at protesters near the interior ministry, closer to Tahrir protesters laid sheets of metal to block roads into the square.
bdnews24.com

Regional coop stressed in climate meet


Dhaka, Nov 20 —Environment ministers of Nepal, Bangladesh, Bhutan and India have called for adopting a regional framework of cooperation to tackle disasters induced by climate change.

The ministers, who met at Bhutan's capital Thimphu on Saturday, also stressed the need to raise funds for tackling the problem, the Himalayan Times has said in a report.

The framework has also focused on biodiversity conservation, development of alternative energy, sharing of technology, research into hiking food production and adoption of ecosystem management practices to tackle disasters tied to global warming.
bdnews24.com

Obama eyes Asia for exports, jobs


NUSA DUA, Nov 20 - US President Barack Obama sought to charm Asia-Pacific leaders this week with Australian slang and memories from his childhood in Hawaii and Indonesia in his bid to boost US ties with the fast-growing region.

The top goal of the nine-day trip, which took Obama away from Washington just as US budget battles were intensifying, was to cement a foreign policy "pivot" toward Asia that could open the door to more American exports and jobs.

The Democratic president, struggling in the polls after bitter fights with Republicans in Congress, geared his Asia message to U.S. voters who will decide next November whether to give him another four years in office.

In Honolulu, Australia and the Indonesian island of Bali, Obama sought out every chance to talk about America's export potential, and the White House previewed Boeing and GE deals with Asia that it said could sustain 130,000 US jobs.
bdnews24.com

Our economy better than many: PM


Dhaka, Nov 19 —Prime minister Sheikh Hasina has rebutted opposition claims that the economy is in a tailspin.

"I want to tell you that the economic situation has not become critical. We have managed to keep it running. We are better placed given the world economic recession," she said on Saturday.

Speaking at function at Bangabandhu International Conference Centre marking the 40th National Cooperative Day, she refuted claims that there is a liquidity crisis.

"Many say that there is no money. But we have received billions of taka from the renewal of mobile-phone operators' licences. A few months later we will be receiving another such boost," the prime minister said.
bdnews24.com

BNP sings 'happy birthday' to Tarique


Dhaka, Nov 19 (bdnews24.com) —BNP plans to celebrate the birthday of Tarique Rahman in style, streaming live the ceremony in his hometown Bogra, a party official said.

Tarique, son of BNP chairperson Khaleda Zia and party's senior vice chair, turns 45 on Sunday.

The daylong programme, at Tito auditorium in Bogra, would be webcast on bnplive.com, assistant office secretary Abdul Latif Jony told bdnews24.com.

On Saturday midnight, several hundred activists turned up at party's Gulshan office to sing 'happy birthday' to Tarique as his mother was set to cut a huge cake in presence of senior colleagues at 12:01am.

The activists shouted "Shubho shubho shubho din, Tarique bhaier jonmodin" to shatter the silence in Dhaka's posh residential district in the middle of the night.

bdnews24.com

11th JS session set to resume


Dhaka, Nov 20 -The 11th session of the ninth parliament is set to resume on Sunday after a 23-day break amid uncertainty over the return of the main opposition Bangladesh Nationalist Party (BNP).

The session is scheduled to begin at 4.30pm.

The current session started on Oct 20 and was initially adjourned on Oct 27 till Nov 14 in line with a parliamentary standing committee decision. The recess was later extended to Nov 20 due to Eid-ul-Azha.

"There has not been any decision regarding whether the current session will end this month," said chief whip Abdus Shahid.

The ninth parliament began its journey on Jan 25, 2009.

The BNP last joined the House on March 23 during the eighth session and walked out the same day.
It has been boycotting the House, saying that there is no 'congenial atmosphere'.

bdnews24.com

Indian court orders deportation of 2 Bangladeshis


Dhaka, Nov 20 - A court in New Delhi has ordered deportation of a Bangladeshi woman and her daughter after clearing them of charges of a 2003 robbery.

Additional sessions judge Sanjay Garg, however, found them guilty of residing illegally in east Delhi and sentenced them to prison terms of 11 months and three days on Saturday.

"For the offence punishable under the Foreigners Act, she is sentenced to the period of imprisonment already undergone by her.
bdnews24.com

Tipaimukh dam: Govt in touch with India


Dhaka, Nov 19 – The foreign ministry is in touch with its Indian counterpart on Tipaimukh dam, planned to be erected in the state of Manipur.

"Senior officials in the ministry of external affairs of India informed us that they would be able to provide further details on the issue once offices open on Monday," said director general of external publicity wing of the foreign ministry Shamim Ehsan on Saturday.

"We have seen the press release of National Hydropower Corporation of India dated Oct 24," he said adding, "The MEA has referred to the assurances given by India at the highest level in this regard."
bdnews24.com

The capture of Gaddafi's son


OBARI, Nov 20 - The chic black sweater and jeans were gone. So too the combat khaki T-shirt of his televised last stand in Tripoli. Designer stubble had become bushy black beard after months on the run.

But the rimless glasses, framing those piercing eyes above that straight fine nose, gave him away despite the flowing nomad robes held close across his face.

Saif al-Islam Gaddafi, doctor of the London School of Economics, one-time reformer turned scourge of the rebels against his dictator father, was now a prisoner, bundled aboard an old Libyan air force transport plane near the oil-drilling outpost of Obari, deep in the Sahara desert.

The interim government's spokesman billed it as the "final act of the Libyan drama." But there would be no closing soliloquy from the lead player, scion of the dynasty that Muammar Gaddafi, self-styled "king of kings," had once hoped might rule Africa.
bdnews24.com

Maradona's mum passes away


Dubai, Nov 20 - Argentine football legend Diego Maradona's mother died at the age of 81 on Saturday night in the Los Arcos clinic of Buenos Aires.

Hospital sources said in a press release that Maradona's mother had been hospitalised since Friday because of chronic renal failure and hemodynamic instability.

"Manoeuvres began for hemodynamic support, dialysis and mechanical ventilation, despite which Dalma Salvadora Franco presented a cardiac decompensation at 6:30 pm (2130 GMT)," the hospital said.
From:bdnews24.com

Saturday, November 19, 2011

Tipaimukh deal struck 'silently': report


Dhaka, Nov 19 —Manipur's government has secretly struck an investment deal with a number of state-run organisations for setting up the controversial hydroelectric power plant and Tipaimukh dam on India's Borak River.

BBC said in a report that the agreement was signed on Oct 22 between the State Government of Manipur and hydro developers Satluj Jal Vidyut Nigam Ltd and NHPC (formerly known as the National Hydroelectric Power Corporation Limited) at New Delhi under major wraps.

The deal would see the setting up of a joint company, which will be responsible for the construction of the dam and the power plant, the report said.

Hiron, aunt suspended over dowry claims


Barguna, Nov 18  — Primary school heads Shawkat Ali Hiron, divorced at his wedding, and his aunt Tahmina Khanam have been suspended for allegedly demanding dowry from bride Farzana Yasmin's family.

Kalaparha primary and mass education officer Ruhul Amin on Friday said Patuakhali primary and mass education officer Abdul Kader ordered the suspension taking retroactive effect from Nov 15.

"The suspension letters will be sent to them on Saturday as the office is closed [on Friday]. But they have been verbally informed," he added.

Hiron, who hails from Kalaparha upazila, is the headmaster of Uttar Chakamaya Government Primary School. His aunt Tahmina is the headmistress of Nilganj Primary Government Primary School in the same area.

UPDF denies opposing peace accord


Rangamati, Nov  18 —More than one senior leaders of United People's Democratic Front (UPDF) have sought to shake off the label that the regional political party is opposed to the Chittagong Hill Tracts Peace Accord of 1997 that ended decades-old bloody bush war.

"The UPDF itself has never said anything against implementation of the peace accord; instead, the media made it an anti-peace deal front," its central leader Alokesh Chakma told bdnews24.com on Friday.

He, however, added that the pact was incomplete in that it does not fully safeguard the rights of the hills people.

Alokesh said they are waging democratic movements to ensure the rights to land of the indigenous people.

The peace agreement was signed on Dec 2, 1997 between the Awami League government and the Parbatya Chattagram Jana Sanghati Samity (PCJSS), which is United People's Party of the Chittagong Hill Tracts in English.

Friday, November 18, 2011

'Donors dither on transparency vow'


Dhaka, Nov 17 — A global campaign group says international aid donors are backing out of aid transparency promises, a UK newspaper reports.

UK-based campaign group Publish What You Fund told the London newspaper Financial Times the latest draft of the 'Outcome Document' to be agreed upon at a key international meeting on aid effectiveness showed some governments backsliding on commitments they have made.

At previous summits, the donors had promised more transparency, reduction of the practice of tying aid to purchases from the donor country and streamlining the bureaucracy by using recipient countries' financial and administrative systems.

Karin Christiansen, managing director of Publish What You Fund, told Financial Times on Tuesday, "Over the last couple of weeks, some donors have been trying to water down commitments on transparency. The current draft outcome document betrays a lack of ambition and an inclination among donors to defer to the lowest common denominator."

Greeks protest as France, Spain squeezed


Rome/Paris, Nov 18- Italy's new government has announced far-reaching reforms in response to a European debt crisis that on Thursday pushed borrowing costs for France and Spain sharply higher, and brought tens of thousands of Greeks onto the streets of Athens.

Italy's new technocrat prime minister, Mario Monti, unveiled sweeping reforms to dig the country out of crisis and said Italians were confronting a "serious emergency."

Monti, who enjoys 75 percent support according to opinion polls, comfortably won a vote of confidence in his new government in the Senate on Thursday, by 281 votes to 25.

He faces another confidence vote in the Chamber of Deputies, the lower house, on Friday, which he also expected to win comfortably.

Govt nods proposal to tax ministers


Dhaka, Nov 17 —The cabinet has cleared proposals to tax salaries of ministers and state ministers, who will have to pay income tax once they are passed by parliament.

The approval came from a cabinet meeting on Thursday chaired by prime minister Sheikh Hasina, her press secretary Abul Kalam Azad told reporters.

Prime minister Hasina had announced in the last budget session of parliament that ministers, state ministers and deputy ministers's salaries will be taxed.

The latest nod was a step towards the implementation of that announcement.

Azad said the proposals were about amendments to The Prime Minister (Remuneration and Privileges) Act-1975 and The Ministers, Ministers of State, Deputy Ministers (Remuneration and Privileges) Act-1973.

He said ministers discussed 14

Authorities foil NY protest bid


New York, Nov 18 - New York police prevented protesters from shutting down Wall Street on Thursday, arresting more than 200 people in repeated clashes with an unexpectedly small but spirited Occupy Wall Street rally.

Protesters took to the streets in rainy New York and cities across the United States for a day of action seen as a test of the momentum of the two-month-old grass-roots movement against economic inequality.

Organizers and city officials had expected tens of thousands to turn out for a demonstration following the New York police raid that broke up the protesters' encampment in a park near Wall Street on Tuesday.

A crowd that disappointed organizers throughout the day grew to several thousand after the standard workday ended and labour union activists joined a march across the Brooklyn Bridge, where last month more than 700 people were arrested during a similar march.

Thursday, November 17, 2011

'All that needs be done will be done'

Dhaka, Nov – No government agency will ask any question about 'undisclosed income' invested in the stock market, and short-, medium- and long-term plans will be announced in a day or two, a prime minister-led meeting has decided.

An SEC member, briefing newsmen on the nearly 4-hour-long high-profile meeting on Wednesday night, said the commercial banks would go all out to inject more cash into the market that has seen poor turnover during the past weeks.

"No government agency will raise any questions about undisclosed income," Arif Khan said after the Ganabhaban meeting that ended minutes before midnight.

"The plans will aim to help the small investors recover their losses," he said adding they plans could be disclosed within one or two days.

BNP agitation to shield corrupt, war criminals: PM


Gopalganj, Nov 16 – Prime minister Sheikh Hasina has said the agitation of opposition BNP seeking restoration of the non-party caretaker government system mainly aims to protect the 'identified' war criminals and corrupt people.

"The BNP chairperson is waging movement to protect her two corrupt sons and halt the trial of those responsible for committing crimes against humanity during the Liberation War in 1971. But the countrymen will not respond to them," she said on Wednesday.

She was addressing a public meeting on Sheikh Lutfar Rahman Government College premises at Kotalipara upazila in Gopalganj district.

"When Awami League comes to power, the country is rewarded, but when BNP assumes power, the country is reprimanded."

Tarique 'spent money sent to S'pore'


Dhaka, Nov 16 — Federal Bureau of Investigation (FBI) agent Debra LaPrevotte has told a Dhaka court about her findings in an investigation into the allegation of money-laundering against BNP chief Khaleda Zia's elder son Tarique Rahman and his friend Giasuddin Al Mamun.

At Dhaka's Special Judges' Court-3 on Wednesday, she said she checked Tarique and Mamun's bank accounts in Singapore's City Bank NA.

LaPrevotte found the senior vice chairman had travelled and bought many things with $50,613 he had withdrawn from Mamun's bank account through two VISA credit cards.

The US investigator said the FBI had investigated the matter at the request of the last caretaker government and the Anticorruption Commission.

According to the case filed by the ACC in 2009, Tarique and Mamun allegedly channelled funds worth over Tk 204 million or $ 2.73 million out to Singapore between 2003 and 2007.

Sayedee counsels boycott ICT proceeding


Dhaka, Nov 16 — Alleged war criminal Delwar Hossain Sayedee's defence lawyers have walked out of court after Justice Nizamul Huq joined the proceedings on Wednesday.

They filed two applications before walking out of the International Crimes Tribunal where Jamaat-e-Islami's executive council member is on trial on 20 counts of crimes against humanity including genocide, murder, rape, arson and loot.

Arguing for Sayedee, Tajul Islam told the court that the defence had filed two pleas on Wednesday morning, one demanding explanation from the tribunal, in the form of an order, why the tribunal's chairman Nizamul Huq did not recuse himself, and another for adjourning Sayedee's trial until the court disposed of its first application.

The tribunal said this application should have been filed at least the day before, according to custom that would allow them to be put up for hearing after completion of the court formalities.

The defence argued that it did not know whether Huq would be presiding over the court on Wednesday beforehand. Justice Huq pointed out that the hearing of that application had been disposed of and he had quite evidently not recused himself.

Tajul demanded that tribunal provide an explanation why despite what the defence deemed convincing arguments the chairman had not recuse himself and continued to hold hearings.

The tribunal fixed Nov 20 for disposing of that application but when urged to continue with the scheduled hearing of a review petition of Sayedee's indictment, the defence refused to proceed and walked out demanding that the tribunal chief explain himself first.

The tribunal said that the conduct of the defence lawyers had been "unwarranted" and "unbecoming". As for the review petition, the court said it was rejected since it was 'not pressed'.

Tajul told the press later that the defence would wait until its application is disposed of on Sunday. "We will decide then whether to continue with the hearings."

"We only hope that he behaves responsibly and steps aside."

The prosecution's Zead-Al-Malum briefing the press at the chief prosecutor's office said the defence had violated all kinds of ethics, code of conduct and customs that behove lawyers. "It was absolutely unprecedented and unacceptable."

The defence had petitioned on Oct 27 that Justice Huq should remove himself, 'recuse' in legalese, from the tribunal claiming that his neutrality had been compromised because of an earlier involvement.

Huq, the defence argued, had been part of a people's enquiry commission in 1993 and 94 and as such had collected evidence and testimonies against Sayedee. The defence held that the tribunal chair would then naturally harbour preconceived notions about the accused.

The prosecution raised a legal point and said the petition was not maintainable or in form. The prosecution further pointed out that the commission in question was not in any way part of the ongoing trial. Nor did it have any legal coverage.

The other two judges of the tribunal, ATM Fazle Kabir and AKM Zaheer Ahmed, held a hearing of that petition on Nov 13 in a crowded courtroom.

They ruled the following day that the laws did not provide for the tribunal judges to remove a co-judge. They also pointed out that the previous cases cited by the defence counsel Abdur Razzaq where judges were recused had the privilege of such laws. In conclusion, they left the matter of recusal to the 'good conscience of the judge' in question.

bdnews24.com

Wednesday, November 16, 2011

DSE index rises 250 pts in 10 minutes


Dhaka, Nov 16 —The benchmark Dhaka Stock Exchange general index has marked a staggering 252.15 points rise in the first 10 minutes of trading on Wednesday, apparently buoyed by the prime minister's emergency meeting with stakeholders in the evening.

Massive trading, shares worth Tk 340.37 million changing hands by 11:10am. The DGEN stood at 4901.48 points, with prices of 141 issues rising and four falling.

The index plummeted 559 points from the start of the week's trading. It lost 341 points on Sunday and Monday, and on Tuesday, the index lost 228.20 points or 4.67 percent to stand at 4649.32 points at close.

Small, individual investors have been taking to the streets in Motijheel business district to protest the freefall for the past few days.

Sheikh Hasina rushed the meeting to discuss the stock market situation, Securities and Exchange Commission chairman M Khairul Hossain confirmed bdnews24.com on Tuesday.

The finance minister, Bangladesh Bank governor, Bank and Financial Institutions Division secretary, National Board of Revenue chief, head of Investment Corporation of Bangladesh and the representatives of banks and insurance companies are expected to attend the meeting.

After the December-January capital market scam, the government formed a committee to investigate the matter. Several steps, including overhaul of SEC, were taken following the panel's proposals.

Several other steps were also taken by bankers, the central bank, NBR and ICB to stabilise the sagging stock market.

But nothing seemed to be working out as the prices of shares have been maintaining the downward trend.

bdnews24.com

Ban Ki-moon leaves Dhaka


Dhaka, Nov 16 — UN secretary-general Ban Ki-moon has left Dhaka after a three-day official visit to Bangladesh.

He left Hazrat Shahjalal International Airport for Thailand around 8.50am on Wednesday, the foreign affairs ministry's external publicity wing director general Mohammad Shamim Ahsan told bdnews24.com.

Ban is scheduled to visit the flood-affected areas of Thailand and meet the country's prime minister Yingluck Shinawatra.

The final leg of his trip would take him to Indonesia where he would visit a community health centre and meet representatives of communities affected by deforestation in the central Kalimantan province on the island of Borneo.

The UN secretary-general will conclude his trip in Bali after attending the fourth summit of the UN and the Association of Southeast Asian Nations (ASEAN).

He is scheduled to return to New York on Nov 20.

This was the second visit by the UN chief to Bangladesh. His last visit was in November 2008.

bdnews24.com

Euro zone looks to Italy, Greece moves to ease crisis


ROME/ATHENS, Nov 16 - The euro zone looks for some respite Wednesday, with Italy due to unveil a technocrat-led cabinet and a new Greek coalition expected to win a confidence vote, as Europe battles to prevent its debt woes from dragging down the world economy.

Former EU commissioner Mario Monti is set to inform Italy's president that he has assembled a new government, whose most pressing task will be to get a fractious political class to agree to painful structural reforms designed to rescue its debt-laden finances.

In Athens, new prime minister Lucas Papademos expects an easy win in a confidence vote, but rebuilding Greece's shattered finances will be a daunting task with his national unity government already split over new austerity measures.

With financial markets sceptical that unelected technocrats will have the political clout to impose unpopular reforms, the two-year debt crisis risks engulfing the entire currency bloc and hurting global growth.

Asian shares and the euro fell Wednesday as signs that rising borrowing costs were affecting AAA-rated France stirred fears that even core euro zone members may not escape contagion from the region's debt crisis.

MSCI's broadest index of Asia Pacific shares outside Japan fell 1.3 percent, while Japan's Nikkei stock average slipped 0.1 percent Wednesday.

The euro hit a five-week low and was down 0.6 percent against both the dollar and the yen, standing at $1.3453 and 103.66 yen respectively, as euro zone jitters spurred risk aversion moves.

"Markets are clearly expecting a circuit breaker to alleviate pressure on periphery bond yields," said David Scutt, a trader at Arab Bank Australia in Sydney. "If no announcement is forthcoming in the days ahead, one suspects that situation could unravel fairly quickly.

US Treasury Secretary Timothy Geithner said Europe had a difficult task in boosting the creditworthiness of some of its economies while also boosting growth.

"That's a difficult balance and you can see they're struggling with it but I think they're gradually making progress," he told a conference sponsored by the Wall Street Journal. "This is absolutely within Europe's capacity to solve and it's within their ability.

France has become the latest euro zone member to come under pressure after a spike in its borrowing costs on jittery bond markets fuelled concerns that the euro zone's second biggest economy was also being sucked into the spiralling debt crisis.

With a Brussels-based think-tank warning that Paris's economy should be "ringing alarm bells," Finance Minister Francois Baroin sought to calm fears about France's finances.

"We have the necessary room to manoeuvre within the budget to meet our 2012 deficit target even if the economy slows more than expected," he said in an interview in Wednesday's edition of Les Echos. "Even with growth of 0.5 percent we can cope.

Baroin said the government was not working on a third savings package after announcing a second round of belt-tightening in three months last week in order to keep its deficit targets within reach, despite slowing growth.

Data Tuesday showed the economy of the 17-nation euro zone barely grew in the third quarter. ECB President Mario Draghi has predicted the currency bloc will be in a mild recession by the end of the year.

MONTI CABINET

Against that backdrop, Italian prime minister-designate Monti is to unveil his cabinet line-up after a meeting with President Giorgio Napolitano scheduled for around 10 am (British time).

His cabinet, expected to feature experts, academics and some politicians, will have the job of speeding up reform of pensions, labour markets and business regulation in order to put Italy's finances on a sustainable path.

Yields on Italy's 10-year BTP bonds climbed to over 7 percent Tuesday, the level at which Greece and Ireland were forced into bailouts. Italy must refinance some 200 billion euros (171 billion pounds) of bonds by the end of April.

In Greece, the first task facing Papademos will be to implement the painful tax hikes and spending cuts needed to secure fresh loans and stave off bankruptcy that could force Greece's eviction from the single currency.

At stake is an 8-billion-euro loan tranche that Greece needs to meet repayments due next month and a new bailout worth 130 billion euros. Greece will need some 80 billion euros of that second rescue package in early 2012.

The confidence vote is scheduled for 1 pm (British time) and Papademos looks certain to win. But the former ECB vice president already faces a rebellion from conservatives who form a key part of his crisis coalition.

The New Democracy lawmakers are defying a European Commission demand for a written pledge from the three coalition partners on meeting the terms of Greece's bailout.

Weary and angry after two years of austerity, tens of thousands of Greek protesters are expected to join an annual rally Thursday to mark the November 17 student uprising in 1973 that helped topple the 1967-74 military junta.

DEBATE OVER ECB ROLE

The United States is increasingly worried that Europe's debt crisis is mushrooming into a wider systemic problem.

Alan Krueger, chairman of the White House Council of Economic Advisers, said the European debt crisis was the leading risk to the US recovery.

The survival of the 17-state currency zone in its existing form is at risk, and EU governments have until a summit on December 9 to come up with a bolder and more convincing strategy, involving some form of massive, visible financial backing.

Baroin, the French economy minister, told Les Echos he believed the ECB had an important role to play in calming the euro zone's debt crisis, but acknowledged, as did Geithner, that

Germany had reservations.

Many analysts believe the only way to stem the contagion for now is for the European Central Bank to buy large amounts of bonds -- effectively the sort of quantitative easing undertaken by the US and British central banks.

This has been anathema in Germany. But Tuesday Peter Bofinger, a member of the group of economists that advises the German government, said the ECB should indeed become the euro zone's lender of last resort if the bloc's debt woes risked tearing apart the financial system.

"If politics can't do it, then the ECB must do all it can to bring interest rates down to more reasonable levels," Bofinger said at Euro Finance Week.

bdnews24.com

Judge upholds eviction of Wall St protesters


NEW YORK, Nov 16  - A judge has upheld New York City's right to evict Occupy Wall Street protesters from a park after baton-wielding police in riot gear broke up a two-month-old demonstration against economic inequality.

Protesters who had been kicked out in a surprise predawn raid were allowed back 16 hours later but were banned from bringing the tents and sleeping bags that had turned a square-block park near Wall Street into an urban campground the past two months.

New York Supreme Court Justice Michael Stallman on Tuesday found the city was justified in enforcing a ban on sleeping in Zuccotti Park, saying the new rules still protected protesters' free-speech rights under the First Amendment of the US Constitution.

The judge ruled merely that the case lacked the urgency to approve or strike down the new park rules immediately. The underlying case will be heard at a later date.

After the judge's ruling, police lifted barricades at two points, letting people back in one by one. Several hundred protesters were in the park under a light drizzle, and the crowd thinned as the night wore on. The mood was largely free of tension.

Demonstrators have occupied the park since Sep 17 to protest what they see as an unjust economic system that favours the wealthiest 1 percent at a time of persistently high unemployment. They also decry a political system that bailed out banks after reckless lending sparked the financial crisis.

Mayor Michel Bloomberg ordered the eviction, saying the square-block Zuccotti Park had become a sanitation hazard and a fire trap.

The decision angered members of a movement that has spread throughout the United States and the world, and it came two days before demonstrators planned to shut down Wall Street outside the New York Stock Exchange.

"He's a billionaire and he's defending his class. He is the 1 percent," said Naomi Brussel, 69, retired social worker from Brooklyn.

Hundreds of police stormed the camp around 1 am and dismantled tents, tarpaulins, outdoor furniture, mattresses and signs, arresting 147 people, including about a dozen who had chained themselves to each other and to trees.

The New York Civil Liberties Union said it was "deeply concerned" about the police department's "heavy-handed tactics" and said seven journalists covering the events were arrested.

While the park was cleared of protesters, sanitation workers blasted the square with water cannons, erasing odours of urine and human waste.

"His (Bloomberg's) response makes him seem completely out of touch to me and he comes off as a benevolent dictator," said protester Douglas Paulson, 31, an artist from the New York City borough of Queens.

The eviction followed similar actions in Atlanta, Portland and Salt Lake City. Unlike in Oakland, California, where police used tear gas and stun grenades, New York police said most protesters left peacefully.

In London, authorities said they were resuming legal action to try to shift anti-capitalism protesters who have set up camp at St Paul's Cathedral.

Toronto officials also told protesters to break camp and leave on Tuesday. In Los Angeles, city officials have opened talks with some members of the Occupy LA group to work out a timeline for moving their encampment from the lawn surrounding City Hall, where about 500 tents are standing.

BLOOMBERG'S CALCULATION

Bloomberg, a self-made billionaire whose wealth made him a target of the protesters, ordered the eviction at the request of the park owner, commercial real estate company Brookfield Office Properties.

The mayor's loyalties have been divided since the protests began. Socially liberal and a supporter of free speech rights, Bloomberg is also a former Wall Street trader who made a fortune selling news and information to the financial industry through his eponymous company, Bloomberg LP.

He has two years left on his third and final 4-year term.

"The political clock was already winding down toward people opposing him. I think this will further weaken him. It will mobilise his opponents more than it will mobilise his supporters," said Ken Sherrill, professor of political science at Hunter College.

Three prominent potential successors, City Council speaker Christine Quinn, comptroller John Liu and public advocate Bill De Blasio, issued statements using language like "unacceptable" and "legally questionable" to describe the raid. All are Democrats and Bloomberg, now a political independent, was first elected as a Republican.

But Bloomberg also pleased his allies on Wall Street and neighbours who had grown tired of the protest.

"It's made him look like a stronger leader. He sought to avoid violence and control what could have been a very difficult situation," said political consultant Hank Sheinkopf. "He'll be remembered for handling this the right way."

bdnews24.com

Facebook hit with unsolicited porn, violent videos


LOS ANGELES, Nov 16 - Facebook Inc said on Tuesday that it is investigating a rash of unsolicited graphic images that hit some users' accounts this week.

The images, Internet links and videos depicting pornography and violence have hit some people's Facebook newsfeeds in recent days.

"We experienced a coordinated spam attack that exploited a browser vulnerability," Facebook spokesman Andrew Noyes said in a statement emailed to Reuters. "Our efforts have drastically limited the damage caused by this attack, and we are now in the process of investigating to identify those responsible."

Facebook does not know yet who was behind the attack and a motive was not clear, Noyes added during an interview with Reuters.

Facebook users were tricked into pasting and executing "malicious" javascript in their browser URL bar, which led to them unknowingly sharing the content, Noyes explained.

Facebook engineers have been working to reduce this browser vulnerability, he added.

Facebook and other "Web 2.0" sites are easy targets for such attacks because they pull in a lot of content from outside sources, according to Paul Ferguson, senior threat researcher at Trend Micro Inc.

"It seems every other day there is some new Facebook 'threat,' but this is just the new reality of Web 2.0 and social networking," Ferguson said. "It is 'low-hanging fruit' for criminals."

bdnews24.com

Friday, November 11, 2011

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