Sajjad Hussain has recently joined AB Bank as deputy managing director, head of operations and chief risk officer, the bank said in a statement yesterday.
Prior to joining AB, he served Dhaka Bank as deputy managing director and head of operations.
Hussain has 30 years of experiences in the banking arena and started his career with American Express Bank and later served the bank as its senior director and country operations officer.
An MA in English literature from Dhaka University, he also worked with One Bank, according to the statement.

News:The Daily Star/08-Feb-2014

Business activity in China’s service sector expanded at its slowest pace in two and a half years in January, a private survey showed on Friday.

The HSBC/Markit China services purchasing managers’ index (PMI) posted at 50.7 in January, continuing the fall from 50.9 in December and 52.5 in November, adding to concerns about a moderation in the world’s second-largest economy.

PMI above 50 percent indicates expansion; below 50 percent, contraction.

Despite weakening business conditions at the start of the year, Chinese service providers were optimistic in January, generally expecting activity levels to be higher than current levels over the next year. Optimism was largely driven by forecasts of improving economic conditions and new product launches.

Qu Hongbin, HSBC’s chief China economist, said the slower expansion reflected soft manufacturing growth and the impact of government measures to curb extravagance.

“As business sentiment remains stable, we expect service growth to bounce back a little in the coming months,” Qu said, adding that a meaningful improvement relies on stronger manufacturing growth and service sector reform.

The National Bureau of Statistics and the China Federation of Logistics and Purchasing on Monday released the official PMI for the non-manufacturing sector in January, which also fell to the lowest since February 2012: 53.4.

Both official and HSBC manufacturing PMI showed a slowing in January.

Annual economic growth slowed to 7.7 percent in the fourth quarter of 2013 from the third quarter’s 7.8 percent, settling full-year growth at 7.7 percent, slightly above the government 7.5 percent target.

Although headline GDP growth remains stable, analysts expect further moderation as authorities turn their attention to a more sustainable model and various reforms.

                                                                                                             News:Daily Sun/05-Feb-2014

Shah A Sarwar, Managing Director & CEO of IFIC Bank Limited and Md. Mujibur Rahman, Managing Director of Teletalk exchange documents after signing the agreement on mobile banking services at the Teletalk’s Head Office at Banani on Thursday.

IFIC Bank Limited signed an agreement with the state-owned mobile network operator Teletalk Bangladesh Limited for providing IFIC mobile banking services to Tetetalk subscribers on Thursday.

Shah A Sarwar, Managing Director & CEO of IFIC Bank Limited and Md. Mujibur Rahman, Managing Director of Teletalk signed the agreement at Teletalk’s Head Office at Banani on behalf of their respective sides, said a press release.

 Business Initiative Leading Development (BUILD) and Bangladesh Bank (BB) signed a Memorandum of Understanding (MoU) at the 3rd meeting of Financial Sector Development Working Committee (FSDWC) meeting of BUILD recently.

Md. Abul Quasem, Deputy Governor–1 of Bangladesh Bank, and Asif Ibrahim, Chairman of Board of Trustees and Anis A. Khan, Vice President, Metropolitan Chamber of Commerce and Industry (MCCI) and Member of Board of Trustees of BUILD signed the MoU.

Road transport owners have urged the government to help get their bank loans rescheduled as they could not repay due to prolonged political unrest ahead of January 5 national election.

They argued that they could not pay the loans back as the transports could not ply through the roads, hindering the regular cash inflow.

Banglash Sarak Paribahan Samity (Bangladesh Road Transport Association) sought intervention of the finance ministry to get the loans rescheduled with interest waiver, according to a letter to the ministry dated January 27.

The transport owners claimed to have failed repaying their bank loans as per their respective schedules, which, they fear, might result in suspension of their business.

The association claimed they had to suffer a loss worth over Tk30,000 crore due to the hartals and blockades for a period of over one year (October, 2012 to January 5, 2014).

“We’ve started scrutinising all the sector-wise claims of losses. The total loss calculation will be finalised during the revised budget announcement in the middle of this year,” a finance ministry official told the Dhaka Tribune.

The letter reveals that around  1,000 vehicles including busses, trucks, lorries, pickup vans and covered vans were torched and 3,500 more vandalised, resulting in a loss of around Tk130 crore during the political violence since October 2012.

“The total loss amounted to Tk30,000 crore because of the prolonged hartal and blockades enforced by the BNP and Jamaat during the last one year, adversely affecting over 2.5m families,” the letter reads.

It claimed the transport sector is a worst hit one during the destructive programs enforced by the opposition political parties. A total member of transports owned by the members of the association now stands at three lakh.

According to some stakeholders, the people would face acute transportation crisis in the days ahead as the frustrated investors in the sector will be no more interested to continue doing business until and unless the finance division gives directives to Bangladesh Bank for rescheduling their credits.

As a truck of Manuir Hossain was set on fire in Gazipur during political deadlock, he said: “I have no choice but to sit idle with the burned truck.” He has not enough money to repair the truck while the interest on bank loans is rising sharply because he has failed to pay the bank installments.

According to Centre for Policy Dialogue, the national shutdowns and blockades in the last six months costs a combined Tk49,017 crore in transport, garments, agriculture and tourism sectors.

The estimate shows that due to the 55 days shutdowns and blockades from July to December 2013, land transport incurred the highest amount of loss, amounting to Tk16,688 crore, followed by agriculture and agro-based industries Tk15,829 crore, clothing and textiles sector Tk13,750 crore while tourism sector Tk2,750 crore sector.

“We are now facing severe financial crisis due to shortage of funds following a huge loss amounted to Tk.30,000 crore in the last one year  for political violence on the streets and highways,” said Rustom Ali, general secretary, Truck-Covered Van Owners Association.

The country’s road transport sector’s contribution to the GDP reduced by 0.32 percentage point in the 2011-12 from that of 2006-07.  The transport sector contribution stood 6.85% in 2011-12 fiscal.

News:Dhaka Tribune/05-Feb-2014