LOS CABOS: After searching for months for cash, the IMF looks able to firm up a huge emergency "firewall" fund for crisis prevention after China said Sunday that big emerging economies would chip in.

A day before the Group of 20 powers open crucial talks on the eurozone crisis, Chinese Vice Finance Minister Zhu Guangyao said that the International Monetary Fund would get the balance it needs to reach the $430 billion it tentatively announced in April.

Major European and Asian governments have already pledged around $340 billion to the bailout fund, and Zhu said: "China is confident that the IMF will realize its $430 billion, and China will pitch in."

"During this Los Cabos summit a specific amount will be announced," he told reporters ahead of the G20 summit in the Mexican resort of Los Cabos.

Zhu gave no figure, but said that Mexico's President Felipe Calderon, the current G20 leader who met with Chinese President Hu Jintao earlier Sunday, was confident of raising "over $430 billion".

The issue has been a point of nervousness in recent months as the eurozone situation has deteriorated, increasing the possibility that more IMF funds will be needed to help countries vulnerable to financial contagion.

The IMF said late last year that it needed more "firepower" for emergency aid. But when G20 finance ministers and central bankers met in Washington in April, the IMF pulled in just $340 billion in firm commitments.

The Daily Sun/Bangladesh/ 19th June 2012

The government has decided to provide low-interest loan to the potential entrepreneurs of the country’s film industry.

The decision came on Thursday at a meeting at the information ministry with SM Harun Rashid, joint secretary of the ministry, in the chair.

The meeting decided that the film industry entrepreneurs would get loans of Tk 6 million to Tk 10 million from the commercial banks with an interest rate of less than two percent.

“Bank loans will be provided to the persons who are engaged in film making and distribution” a senior official of the information ministry said.

He also said that the government has already decided to include the film industry in the Small and Median Industry category as per the national industry policy -2010.

Concerned officials of Bangladesh Bank, National Board of Revenue (NBR) and information ministry, filmmakers-- Morshedul Islam and Catherine Masud were present at the meeting.

The Daily Sun/Bangladesh/ 19th June 2012

Finance minister AMA Muhith on Wednesday once again called country’s share market as a ‘wicked’ one, adding that the government would bring medicine to streamline it.

Muhith made the statement yesterday when journalists drew his attention to his Monday’s remark on the country’s stock market which drew huge flak.

While delivering his speech over the supplementary budget in the parliament on Monday, Muhith said about the stock market, “It is a wicked share market and I do not want to make any comment on it”.

His statement also sparked sharp reaction from the main bourse and small investors. The Dhaka Stock Exchange (DES) authorities criticised Muhith’s statement through organising a press conference.

“Not just a section, everybody who lacks enough liquidity but invest in the market are wicked, the finance minister told journalists yesterday after attending two meetings with the leaders of Ocean Going Ship Owner Association and Supper Market Shop Owner Association at the finance ministry conference auditorium at the secretariat. About DSE’s criticism, he said the DSE authorities had the right to criticise him.

In support his Monday’s statement, Muhith further said, “I am frustrated as the market did not bounce back according to my expectation and my frustration has led me to make such comments”.

He said, “We will see some basic differences from December”, after the demutualisation of the market is completed, he said.

Regarding fuel price hike, Muhith said, “The government will soon finalise a mechanism to fix the fuel prices in line with the international market rates”.

"The energy ministry is currently working while discussion with the Bangladesh Energy Regulatory Commission is going on in this regard," he added.

The Daily Sun/Bangladesh/ 14th June 2012

Local poultry farmers at a seminar has sought government support for rescuing the sector from collapse.
Due to various mismanagements in the industry, the once-vibrant sector is now struggling hard for survival, they said.

They urged the government to introduce vaccine and other necessities like poultry insurance, bank loan with lower interest rates and tax exemption on poultry feed for removing the obstacles and smooth operation of the industry . 
The poultry stakeholders made the comments Wednesday at a seminar in city on 'Crises in Poultry sector: Immediate action'. 

Abdul Latif Biswas, minister of Fisheries and Livestock, was the chief guest at the programme. M A Sattar Mandol, member, Planning Commission, former Bangladesh Bank Governor Farash Uddin Ahmed, Moshiur Rahman, convener of Bangladesh Poultry Industries Coordination Committee and entrepreneurs from poultry sector, among others, were present in the seminar. 

On the entrepreneurs demand, Abdul Latif Biswas assured the farmers and said he already has taken some steps in this connection and others measures will be taken immediately.

He said Fisheries and Livestock Ministry already has taken decision in principle to introduce much-talked-about avian influenza vaccine with a view to eradicating the disease from the country.

"We have formed a committee with eight experts to give a report on the bird flu situation in the country," said the minister adding the committee has been given 72 hours (from last Monday) to submit the report to the ministry.

"At first we will use the avian influenza vaccine experimentally then it will be used widely", he added.

He also said he will hold discussions about bank loan, insurance and tax measures with the finance ministry before passing of the next budget (2012-13).

The ministry has strictly prohibited import of eggs from bird flu-affected countries so that the local firms remain safe from the disease, he said. 

Multinational companies are grabbing the industry gradually and this should be discouraged immediately, said Mousiur Rahman while presenting the keynote paper.

Farash Uddin Ahmed said poultry and crops insurance is very expensive and for this reason the insurance companies are not interest in it.

Therefore, the government should make special arrangement for the industry in this connection, he added.
He also suggested that the poultry farmers be provided with loans from the micro credit organisations at low interest.

The poultry entrepreneurs also sought duty waiver on import of poultry feeds. 

They said though the government has given tax holiday to the sector the import of poultry feed has been brought under 5.0 per cent duty.

The Financial Express/Bangladesh/ 7th June 2012

Both the stock exchanges will start trading at 10.30 am instead of 11.00 am from today (Sunday) to match with the banking hours, officials said.

Dhaka Stock Exchange and Chittagong Stock Exchange have already approved the revised trading schedule at their respective boards.

"After getting consent from the Securities and Exchange Commission (SEC), Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) have unanimously fixed the revised time schedule of share trading," DSE chief financial officer (CFO) Shuvra Kanti Choudhury, FCA, told the FE.

The office hour of both the stock exchanges will start at 9.30 am instead of 10 am also from today) and will end at 5.30 pm in a bid to match with the revised trading schedule.

Financial Express/Bangladesh/ 3rd June 2012