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.

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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."

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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.

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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.
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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.
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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.
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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