China's manufacturing activity slumped to its lowest level in 32 months in November, banking giant HSBC said Wednesday, renewing fears the Asian powerhouse is losing steam amid global economic woes.

The news comes just days after Vice Premier Wang Qishan, China's top finance official, gave a dire warning that the global recession was here to stay and would impact the export-dependent economy due to weakening external demand.

The preliminary HSBC purchasing managers' index (PMI) dropped to 48 in November -- the lowest since March 2009 -- compared with 51 in the previous month, HSBC said in a statement.A reading above 50 indicates the sector is expanding while a reading below 50 suggests a contraction.

The final figure will be released on December 1.HSBC chief China economist Qu Hongbin said he expected cooling domestic demand and weakening external demand for China's exports heralded a further slowdown in production in coming months.But he added China had more room to ease its tight monetary policy to boost a slowing domestic economy, as inflation was now in check.Beijing, anxious about high inflation, has pulled on a variety of levers to curb price rises in the past year, including restricting the amount of money banks can lend and hiking interest rates.

Source: The Independents/ Bangladesh/ 24th Nov 2011

The newly constructed building of Rajshahi Krishi Unnayan Bank (RAKUB) head quarters was inaugurated at Bonolata commercial area of Naodapara beside the Airport Road of the city on Sunday morning.

Mayor of Rajshahi City Corporation AHM Khairuzzaman Liton inaugurated the newly constructed RAKUB building by unveiling plaques and cutting ribbons as the chief guest.Among others, the function was also attended by Professor Dr M Shah Nowaz Ali, chairman of RAKUB Board of Directors and Pradip Kumar Dutta, managing director of RAKUB.

It is learnt, the construction works of new building of RAKUB was started at a cost of taka eight crore in 2006 and ended last year. 

Due to absence of electric connection, the rented head office of RAKUB could not be shifted to its own new building. As a result, RAKUB had to bear Tk 300,000 for house rent every month.

Source: The Independent/ Bangladesh/ 24th Nov 2011

Abdus Salam Azad, Md Afzalul Bashar, Md Monjerul Islam and Md Shafiqu1 Islam have been promoted to the post of general manager of Janata Bank Ltd recently, says a press release.

Prior to his promotion Abdus Salam Azad was deputy general manager of Janata Bhaban Corp. Branch, Dhaka. Azad started his banking career in 1983 as senior officer at Janata Bank.  

Prior to his promotion Md Afzalul Bashar was deputy general manager of Janata Bank head office, Dhaka. Bashar started his banking career in 1983 as senior officer at Janata Bank.  

Prior to his promotion Md Monjerul Islam was deputy general manager of Janata Bank Ltd local office, Dhaka. Islam started his banking career in 1983 as senior officer at Janata Bank.

 Prior to his promotion Md. Shafiqu1 Is1am was deputy genera1 manager of Janata Bank  head office, Dhaka.Is1am started his banking career in 1983 as senior officer at Janata Bank.

Source: The Independent/ Bangladesh/ 24th Nov 2011

The concluding ceremony of the 54th foundation training course of Prime Bank Limited (PBL) was held at the Human Resource Training and Development Center of the Bank in Dhaka recently.

M Ehsan Khasru, managing director of PBL, was present at the function as chief guest, said a press release.

Source: The Daily Sun/ Bangladesh/ 24th Nov 2011

Eight deputy general managers (DGMs) of state-owned specialised banks were promoted as general managers (GMs), and three GMs were transferred.

DGMs of Bangladesh Krishi Bank (BKB), Rajshahi Krishi Unnayan Bank (RAKUB) and Ansar-VDP Development Bank were promoted as GMs.

GMs of Ansar VDP Development Bank, RAKUB and BKB were transferred to BKB, Rupali Bank and Kamoshanstan Bank.
The banking division of the finance ministry on Wednesday issued two circulars to the state-owned commercial banks.

As per the circular, DGM of BKB MD Moazzem Hossain Bhayina was promoted as GM of the same bank.
DGM of RAKUB Masbahuddin Ahmed was promoted as GM of BKB, while DGM of BKB MD Yusuf Ali as GM of RAKUB.
DGM of RAKUB Habibur Rahaman was promoted as GM of the same bank, DGM of Ansar VDP Development Bank Sawpan Kumar Barua as GM of the same bank.

DGM of BKB Pijus Chandra Bhawanla of Ansar VDP Development Bank was promoted as GM of the same bank, while DGM of BKB MD Safiul Islam as GM of the same bank. DGM of RAKUB Nasith Kumar Shaha as GM of the same bank.

Besides, GM of Ansar VDP Development Bank Munira Begum was transferred as GM of BKB, while GM of RAKUB MD Nazmul Hoque as GM of Rupali Bank, GM of BKB Gundhi Kumar Rao as GM of Karmoshahatan Bank.

Source: The Daily Sun/ Bangladesh/ 24th Nov 2011