Dhaka stocks fell by 4.15 percent yesterday as investors reacted to the news of the World Bank withdrawing its loans for the Padma bridge project.

The benchmark General Index, DGEN, market tracking index of Dhaka Stock Exchange, fell by 190.13 points to close the day at 4,382.74 points.

The World Bank's decision has come as a shock to the investors, LankaBangla Securities said in its analysis.

The Padma bridge, intended to connect the southern region to the capital, was the largest ever infrastructure project for Bangladesh.

Investors offloaded all categories of shares, including the financial sectors', fearing slowdown of economic activity and tighter money market condition, LankaBangla said.

“The cancellation of credit for the Padma bridge further deteriorated the market sentiment,” IDLC Investments said in its market commentary.

The Asian Development Bank, a co-financer of the mega project, said it would be unable to release funds for the project due to the joint nature of co-financing.

Turnover on the DSE floor slumped by 25.57 percent to Tk 223 crore.

A total of 1.03 lakh trades were executed, with 4.51 crore shares and mutual fund units changing hands at the Dhaka bourse.

The Selective Categories Index, CSEX, the indicator of Chittagong Stock Exchange closed the day at 8434 points, after falling 291 points or 3.3 percent.

The Daily Star/Bangladesh/ 3rd July 2012

Jim Yong Kim

Korean-American physician Jim Yong Kim took over as the new World Bank chief Monday, immediately challenged to ensure the eurozone crisis does not set back global poverty-fighting efforts.

"I'm humbled and inspired to take over today as president," Kim said at the doorstep of the Washington-based global development lender as he launched into his first day on the job.

"I can't wait to get started," he said. "I've spent most of my adult life working in some of the poorest communities in the world."

He pledged continuity in the Bank's mission to help the poorest countries get on their feet, giving no hint of any changes to the work pattern set by his predecessor, Robert Zoellick.

"We will continue to do our work... with innovation, analytic rigor and with great passion, working in partnership with governments, civil society organizations, the private sector, and most importantly with the people living in poverty we aspire to serve," he said.

He acknowledged that he is taking over "at a pivotal moment for the global economy," with the eurozone crisis and economic slowdown in the largest countries impacting small, vulnerable economies around the world. He said the Bank's staff are "passionate about the twin aims of boosting prosperity and eradicating poverty."

He takes over a sprawling development institution with a staff of 9,000 economists and policy specialists, and which made loans, grants and guarantees of $52.6 billion in the year to June 30.

Unlike the bankers, diplomats and economists who have run the World Bank in the past, Kim brings a background in medicine and a record developing programs to fight diseases like HIV/AIDS and tuberculosis in poor countries.

His nomination to the post by President Barack Obama surprised many; his last job was as head of Dartmouth College, a small but prestigious university.

But he has given little hint about any new directions he might plot for the Bank.

Ahead of his arrival Oxfam International called on Kim to "step up efforts to assist developing countries threatened by the euro zone crisis fallout."

"Dr. Kim will have to take fast action to protect developing countries from Europe's debt crisis," said Oxfam Great Britain's chief executive Barbara Stocking.

"The Bank has an obligation to urgently ratchet up efforts in countries that depleted their resources defending themselves during the last financial crisis."

The Daily Star/Bangladesh/ 3rd July 2012

Standard Chartered has launched an international advertising campaign over TV, print, outdoor and digital media to reinforce their commitment to a positive impact on the communities where they operate, the bank said in a statement yesterday.

The campaign demonstrates Standard Chartered's here for good brand promise, and calls on people to visit the bank's website to tell the bank about issues really affecting their lives. They hope to better understand how the commitment to enhance communities can be delivered through the feedback.

A new TV ad shows how Standard Chartered's support for trade has a direct impact on individuals across their network in Asia, Africa and the Middle East.

“We want to make real change in the communities where we operate, and in this way, deliver on our Here for good brand promise,” said Claire Fedder, head of brand at Standard Chartered.

“To this end, we are encouraging people to visit our website and tell us what's most important to them. This will help us create a digital barometer, which will enable us to demonstrate how we are listening and to provide examples of where we positively contribute in those areas,” Fedder added.

The campaign intends to show that banks can be a positive force in local communities.

The TV advert will be broadcast internationally on CNN, BBC, Discovery and TLC, as well as on major local channels in nine of Standard Chartered's markets, including Bangladesh, China, India, Indonesia, Malaysia, Nigeria, Taiwan, Thailand and the UAE.

The Daily Star/Bangladesh/ 3rd July 2012

Prime Bank Limited is now a strategic partner to render remittance service through CIMB Islamic money transfer from CIMB Bank’s global operations, says a press release.

This is a milestone in Prime Bank’s effort in increasing remittance in the country from NRBs working in different countries.

Badlisyah Abdul Ghani, chief executive officer of CIMB Islamic Bank of Malaysia, and Md Ehsan Khasru, chief
executive officer of Prime Bank Limited, signed an agreement at CIMB Bank head office in Kualalumpur, says a press release.

CIMB Group and its financial institutions have wide presence in South East Asia region. This is going to give opportunities in furthering Prime Bank’s banking and trade finance businesses with CIMB in the ASEAN region.

The Daily Independent/Bangladesh/ 2nd July 2012

Somya Kanti Mukkhopadhyay, CFO of Airtel, and Md Kamruzzaman, Head of Personal Banking Division of DBBL, exchange documents after signing an agreement Sunday. Rubaba Dowla, Chief Service Officer of Airtel, and KS Tabrez, Managing Director of DBBL are also seen.

Dutch-Bangla Bank Limited (DBBL) signed an agreement with Airtel on payment of Airtel mobile bills using DBBL ATMs, Internet Banking and e-payment Gateway.

Somya Kanti Mukk-hopadhyay, Chief Financial Officer of Airtel and Md Kamruzzaman, Head of Personal Banking Division of DBBL, signed the agreement Sunday on behalf of their respective organi-sations, said a press release.

Rubaba Dowla, Chief Service officer, Nilutpola Sharma, Head of Service Experience, Md Nazmul Hasan, Head of Treasury of Airtel, K S Tabrez, Managing Director, Abul Kashem Md Shirin, Deputy Managing Director of DBBL and Senior Executives of both the organisations were also present.

The Daily Sun/Bangladesh/ 2nd July 2012