Md Abdul Jalil, MP, founder chairman of Mercantile Bank Limited, is seen inaugurating an exchange house in the UK recently.

Mercantile Exchange House (UK) Limited, a fully-owned subsidiary company of Mercantile Bank Limited, recently commenced its operation in Birmingham, UK.

Founder Chairman of the Bank Md Abdul Jalil, MP, inaugurated the exchange house as the chief guest, said a press release.

M Amanullah, director of the bank, Dr Muhammad Shahidullah, a distinguished educationist, Dr Tozammel Tony Huq, MBE, ex-ambassador of Bangladesh to France, Faisal Ahmed, assistant high commissioner of Birmingham spoke as the guests of honor.

A K M Shahidul Haque, managing director and CEO, M A Yousuf Khan, deputy managing director of the Bank and distinguished Bangladeshi nationals were also present on the occasion.

Md Abdul Jalil MP said Mercantile Exchange House will ensure faster, easier and safer remittance services to the Bangladeshi expatriates living and working in the UK.

The Bank has been endeavoring to emerge as a leading financial institute at home and abroad by introducing various innovative and versatile products and services, he added.

Source: The Daily Sun/ Bangladesh/ 13th Dec 2011

Md Nurun Newaz Salim, chairman of NCC Bank Ltd, is seen inaugurating a branch in Dinajpur on Sunday.

National Credit and Commerce Bank Limited (NCCL) has opened 85th branch in Dinajpur on Sunday.

Md Nurun Newaz Salim, chairman of the bank formally inaugurated the branch as chief guest while Mohammed Nurul Amin, managing director and CEO of the Bank presided over.

Khairul Alam Chaklader, former vice chairman of the Bank attended the function as special guest. TM Faruque Chowdhury, deputy managing director of the Bank delivered vote of thanks.

ATM Afsar, a senior banker, AK Md Siddique and Moh- abbat Khan, deputy managing directors and senior executives of the Bank, local elites and businessmen were present on the occasion.

Source: The Daily Sun/ Bangladesh/ 13th Dec 2011

India's industrial output fell in October for the first time in more than two years as capital goods investment slumped, ramping up pressure on the central bank to ease monetary or liquidity conditions, possibly as soon as Friday.

Production at factories, mines and utilities plunged 5.1 per cent from a year earlier, far worse than expected, another blow for the embattled government of Prime Minister Manmohan Singh that is struggling to combat a slide in the economy.

"It is a lot worse than we expected. The nearly two years of monetary tightening is clearly being felt," said Tim Condon, head of Asian economic research at ING in Singapore.

"While India may not be a manufacturing-driven economy, more data prints such as this would be a worrying sign. While we expect a status quo in terms of interest rates from the RBI (Reserve Bank of India) this week, the pressure is clearly building on them to start easing," he said.

Source: The Daily Sun/ Bangladesh/ 13th Dec 2011

The government will hold a tripartite portfolio review meeting with the Asian Development Bank (ADB) in March next year to review the progress of the ADB-assisted projects as well as to speed up their implementation.

The meeting will be held among the Economic Relations Division (ERD), the ADB and the concerned executing ministries and agencies, said a top official at the ERD.

The official said that there are 40 ongoing projects under the financial assistance of ADB amounting to around 5 billion US dollars, of which about 50 per cent still remains to be disbursed.

The previous tripartite portfolio review meeting was held September 18-19 in the capital between the representatives of the ERD, Planning Commission and ADB. —UNB

Source: The Daily Sun/ Bangladesh/ 13th Dec 2011

The US$ 4.5 billion ‘Country Partnership Strategy (CPS) 2011-15’ for Bangladesh by the Asian Development Bank (ADB) has already come into effect as some loan agreements have been signed in projects relating to railway and water supply.

Loan agreements with ADB for three big projects have been signed in this calendar year, said a senior official at the Economic Relations Division (ERD).

He said the ADB board is likely to approve Wednesday $ 150 million for the Bangladesh Railway Improvement Programme envisaged in the recently launched CPS. Loan negotiations have already been completed regarding the project.

Besides, the ADB Board has already approved $ 300 million for the Power System Efficiency Improvement Project, added the ERD official.

Under the CPS 2011-15, the government has struck a $ 320 million deal with the ADB for the Primary Education Sector Development Programme III, $75 million deal for the Khulna Water Supply Project and another $ 55 million loan agreement for the 2nd Chittagong Hill Tracts Rural Development Project.

The official informed that the ADB is likely to provide assistance to Bangladesh against 10 projects in the calendar year 2012 amounting to $ 900 million including $ 185 million for the Energy Sector Improvement Project, $150 million for the South West Road Network Project, $ 145 million for the Greater Dhaka Sustainable Transport Corridor project, and $ 135 million for the 2nd Public Private Infrastructure Development Facility project.

For the calendar year 2013, the ADB is likely to provide around $ 925 million against 6 projects while the country operations business plan for the calendar year 2014 and 2015 are yet to be finalized.

The ERD official said that in line with the government priorities, new projects may be included in the CPS in future.

Earlier, on December 7, the ADB’s $ 4.5 billion Country Partnership Strategy (CPS) 2011-15 for Bangladesh was formally launched. —UNB

Source: The Daily Sun/ Bangladesh/ 13th Dec 2011