Md. Nurun Newaz Salim, Chairman of NCC Bank Linited, inaugurates the 91st branch of the bank at Parulia in Satkhira Wednesday.

NCC Bank Limited has opened its 91st branch with online facility at Parulia in Satkhira Wednesday.

Md. Nurun Newaz Salim, Chairman of NCC Bank formally inaugurated the branch as chief guest, said a press release.

Mohammed Nurul Amin, Managing Director and CEO of the bank presided over the function while Khairul Alam Chaklader, Vice Chairman, MA Quasem and Kazi Monirul Alam, sponsors of the bank attended the function.

Debhata Upazila Chairman SM Golam Mostafa, Additional Managing Director Golam Hafiz Ahmed and Deputy Managing Director TM Faruque Chowdhury, local elites, businessmen and clients were also present.

News: The Daily Sun/Bangladesh/13th-Dec-12

Md. Hasan Ali, General Manager of International Division of Pubali Bank Limited, and Mohammed H. Rashid Executive Vice President and CFO of Placid NK Corporation, exchange documents after signing an agreement in Dhaka Wednesday.

Pubali Bank Limited has signed a money-transfer agreement with Placid NK Corporation, USA, Wednesday.

Md. Hasan Ali, General Manager of International Division of Pubali Bank Limited and Mohammed H. Rashid Executive Vice President and CFO of Placid NK Corporation signed the agreement on behalf of their respective organisations in Dhaka, said a press release.

Helal Ahmed Chowdhury, Managing Director, MA Halim Chowdhury, Additional Managing Director, Mohammad Ali, Chief Technical Officer of Pubali Bank, and Faroque Helaly, Relationship Manager of Placid NK Corporation were present.

Under the agreement, Bangladeshi expatriates in USA and other parts of the world will be able to remit their hard-earned foreign currency to their relatives and other stakeholders living in Bangladesh within a short time through Pubali Bank.

News: The Daily SunBangladesh/13th-Dec-12

 Bangladesh Bank (BB) has sought support from mayors of municipalities across the country as part of its fresh move to identify small and medium entrepreneurs.

“We’ve sent letter to mayors of municipalities Tuesday across the country requesting them to inform us about the real small entrepreneurs and industry cluster as the central bank is giving such entrepreneurs many incentives including advices and credit facilities,” said a central bank official.

Many small and medium entrepreneurs can easily take loan from banks but a good number of such entrepreneurs, especially those living in rural areas, are not availing this opportunity due to lack of information, the BB official added.

Earlier, the central bank sent letters to cambers and deputy commissioners across the country seeking their support about the small entrepreneurs.

News: The Daily Sun/Bangladesh/13th-Dec-12

The International Monetary Fund on Wednesday warned that Hong Kong could see an abrupt fall in property prices after years of dramatic increases in one of the world's most expensive housing markets.

Home prices in the Asian financial hub have skyrocketed 90 per cent since 2009 due to an influx of wealthy mainland Chinese buyers, pushing home- ownership beyond the reach of many of its seven million people.

"The sharp run-up in house prices raises the risk of an abrupt correction," the IMF said in its annual review of Hong Kong's economy.

"A sharp price correction would lead to falling collateral values and negative wealth effects, which could trigger an adverse feedback loop between economy activity, bank lending, and the property market.

"The property sector is the main source of domestic economic risk," the Washington-based organisation said.

It however said the chances of a price correction that is large enough to generate a major macroeconomic and financial consequences is "fairly low in the near term".

It also said the city's government recent bid to slap new taxes on residential properties "should help dampen housing demand" but urged Hong Kong to ensure sufficient supply in order to boost home affordability.

News: The Daily Sun/Bangladesh/13th-Dec-12

China Machinery Engineering Corporation (CMEC), a state-owned firm of China, has shown interest to implement the $325 million single-point mooring (SPM) project at deep sea to supply crude oil directly to Eastern Refinery Limited and improve the unloading facility at the outer anchorage.

The CMEC expressed its interest through a letter sent to Prime Minister Sheikh Hasina through its Bangladesh chapter chief representative Zhong Guangzhou on December 3.

“Since Islamic Development Bank (ADB) is not willing to finance the increased cost, we will arrange the full fund on soft terms to implement the project,” the CMEC Bangladesh chief said.

“The soft loan, at a flat interest rate of 5.1 percent to be arranged by CMEC would save nearly $144 million of interest over the project period,” he offered. It was feared that the SPM project might be on hold as the external resources division looks for donors’ aid to implement the scheme.

The Economic Relations Division (ERD) sought more donor funds to implement the project as its cost now stands at $325 million, rising from $129 million,” Project Director GMA Afzal told earlier.

The project aims at facilitating hassle-free petroleum transportation from oil tankers to the ERL near Chittagong port through underground pipeline.

SPM cost increased as the ERL would require installing tank terminal, pump and pipelines permanently instead of direct pumping from tanker, the PD told daily sun.

The refinery would also install 103-kilometre pipeline instead of 77 kilometres between Matarbari of Kutubdia in Cox’s Bazar and Anwara in Chittagong.

In the development project proposal, the government initially estimated $129 million to install the terminal in 2010.

Bangladesh Petroleum Corporation initiated the project to handle crude oil from Kutubdia Island to the refinery to ensure the unloading of crude oil and finished products safely and in a cost-effective way. It was also aimed at tackling oil pilferage and reducing time for oil supply across the country.

The IDB assured to provide $129 million as a soft loan for the project. The rest was supposed to come from the BPC and other donors.

The BPC would not need to rely on other countries for handling imported oil after establishing the terminal, another ERL official said.

The state-run corporation would also be able to save Tk 4.5 billion to Tk 5.0 billion per year by reducing pilferage from transportation of oil as well as reaching at the break-even point within 15 years after setting up the terminal, he added.

Once built, the terminal would be able to handle 120,000 tonnes of oil per month, officials said.

A BPC official alleged that the installation was delayed as a number of businessmen, blessed with some ruling-party leaders, are controlling the loading and unloading of petroleum products.

News: The Daily Sun/Bangladesh/13th-Dec-12