Chairman of United Commercial Bank Limited Akhtaruzzaman Chowdhury, MP along with other members of the Board and Senior Management of the Bank at Annual Business Conference - 2012 Wednesday.

The Annual Business Conference 2012 of United Commercial Bank Limited was held Wednesday at Radisson Water Garden Hotel in the city.

Chairman of UCB and Chairman of Parliamentary Standing Committee on Ministry of Textiles and Jute Akhtaruzzaman Chowdhury, MP graced the event as the Chief Guest.

Managing Director of UCB M Shahjahan Bhuiyan delivered his welcome speech.

Among others Vice Chairman Mr. Showkat Aziz Russell, Chairman of Executive Committee Mr. M. A. Sabur, Chairman of Audit Committee Mr. Md. Jahangir Alam Khan, members of Board of Directors namely Mr. M. A. Hashem, Hajee M. A. Kalam, Mr. Saifuzzaman Chowdhury, Mr. Bazal Ahmed, Mr. Nurul Islam Chowdhury, Mr. Shabbir Ahmed, Mr. Ahmed Arif Billah, Mr. Tanvir Khan along with Additional Managing Directors, Deputy Managing Directors, Branch Managers and Senior Executives of Head Office were present at the event.

Chairman of the Bank called upon everybody to increase professional skill along with best customer service to keep the zenith position of the Bank in the ever changing environment.

Managing Director of the Bank thanked everybody including Board of Directors for their support to create mutual dignity and business friendly environment which is always contributing to Bank's continuous success.

Deputy Managing Director and Company Secretary of the Bank Mirza Mahmud Rafiqur Rahman conducted the event.

The Financial Express/Bangladesh/ 19th Jan 2012

Rajshahi Krishi Unnayan Bank ( RAKUB) has disbursed Tk 502.92 crore as loan to boost rural economy as well as create employment through enhancing agricultural and non- agricultural production in the country’s north-western region during the first six months of this current 2011-12 fiscal. The Bank has also realised Tk 618.67 crore including Tk 133.43 crore classified and other outstanding loans.

The Daily Indepedent/Bangladesh/ 18th Jan 2012

Bangladesh Bank Governor Dr Atiur Rahman inaugurates bKash for GrameenPhone at a city hotel yesterday.

The Daily Sun/Bangladesh/ 19th Jan 2012

Md Ehsan Khasru, managing director of Prime Bank exchanges document with Md Emranul Huq Chowdhury, executive director and CEO of Uddipan after signing a deal at the Bank’s head office in the city recently.

Prime Bank Limited has formed a strategic alliance with Uddipan, a micro finance institution (MFI), to channel remittance to the outlets of Uddipan in rural areas.

Md Ehsan Khasru, managing director of Prime Bank and Md Emranul Huq Chowdhury, executive director and CEO of Uddipan signed the deal on behalf of their respective organisations at the Bank’s head office in the city recently, said a press release.

The deal will facilitate the beneficiaries of remote locations of Bangladesh for receiving remittances from 210 outlets of Uddipan, sent through the fully owned subsidiaries of Prime Bank in Singapore and UK, Western Union Money Transfer and other 30 exchange companies of different countries having remittance arrangement with Prime Bank, the news release said.

Executive Director of Credit and Development Forum (CDF) Md Abdul Awal was present during the deal signing function.

The Daily Sun/Bangladesh/ 19th Jan 2012

Bangladesh's GDP (gross domestic product) growth will slow down in the current fiscal year and stand at 6 percent against the government's target at 7 percent, the World Bank forecast.

The growth was 6.7 percent last fiscal year.

A WB report -- Global Economic Prospectus: Uncertainties and Vulnerabilities -- released yesterday said the world economy has entered a dangerous period and developing countries including Bangladesh will suffer from its negative impact.

Economists have also agreed with the WB observation and said the growth rate may be lower due to such domestic factors as slow investment, high inflation and volatile exchange rate.

The report said, “Growth in several major developing countries is significantly slower than it was earlier in the recovery, mainly reflecting policy tightening initiated in 2010 and early 2011 in order to combat rising inflationary pressures.”

The Euro area represents about one fourth of South Asian merchandise export market including Bangladesh, the report said, adding that the European demand for merchandise will go down due to a debt crisis there.

According to Bangladesh Bank statistics, economy is already showing some signs of slowdown.

The number of instances of LC (letter of credit) opening to import capital machinery and raw materials has come down in the first five months of the current fiscal year.

The GDP growth rate will be affected this fiscal year due to high inflation and an increase in exchange rate, said Zaid Bakht, research director of Bangladesh Institute of Development Studies.

Bakht said the investment rate is also sluggish. Although an improvement was noticed in the power sector, the gas crisis is hindering investment, he added.

He said an increase in banks' lending rate in recent times may also hold back investment.

The WB mentioned some local factors such as policy uncertainty, stalled reforms and deteriorating political and security conditions behind the slowdown in investment in South Asian countries including Bangladesh.

WB's senior economist in Bangladesh Zahid Hussain said the country is vulnerable to a severe crisis in high income countries because of its reliance on commodity exports and remittances.

He said the WB report estimates that a severe crisis could cause remittances to developing countries to decline by 6 percent or more with particularly acute impacts on the 24 countries where remittances represent 10 percent or more of their GDP. Bangladesh is one such country.

Hussain also said one would have expected some reprieve from a decline in international oil prices as happened in 2009 due to weak demand. But oil prices so far have proven resilient around the $110 per barrel level because of turmoils and uncertainties in Russia, Nigeria, Libya and, of late, the problems with Iran.

The WB economist also said, “We should of course guard against excessive pessimism”.

He said industrial activities in Europe, Central Asia, the US and Japan have picked up since August last year. But the global trade volume, particularly European imports, has declined during the three-month period ending in October last year.

“That does not bode well for Bangladesh. It is always good to hope for the best, but prepare for the worst,” said the WB economist.

The Daily Star/Bangladesh/ 19th Jan 2012