World Bank has invited essay comepetition on 'Youth Migration'. Young people are on the move. Improvements in transportation, technology development and increased international trade, as well as issues such as unemployment, war, health and economic hardship have prompted more young people to migrate within and across national borders in search of work, education and a better quality of life. The United Nations Population Fund (UNFPA) estimates that young people between 15 and 30 years of age account for about one-third of all migrants. Nearly all young people are affected by migration in some way.

Some are migrants themselves or are considering migrating abroad or within their home country. Others experience migration through the departure of friends or family members, and still others, in receiving countries, encounter the political debate on immigration and integration policies in their country and may experience cohabitation with new immigrants. Young people are major stakeholders in migration and yet youth are largely absent in the debate on international migration policies and the effects of migration on development.

The World Bank International Essay Competition 2011 would like to hear your views on the opportunities, challenges and implications of youth migration. The essay competition is currently accepting essay and video entries on the topic of Youth Migration. Deadline is March 17, 2011. All entries must be submitted online: www.essaycompetition.org.

For more on the competition, readers are requested to visit http://www.facebook.com/group.php?gid=66306188127&ref=ts.

News: The Financial Express/Bangladesh/06 Feb 2011

The trading of 25 percent subordinated convertible bonds of BRAC Bank will start at Dhaka Stock Exchange (DSE) on February 8 under 'N' category as per the decision of the board of directors of DSE.

DSE Trading Code is "BRACSCBOND" and DSE company code is 26003 for the bonds.

The bank issued 3 million subordinated 25 percent convertible bonds of Tk. 1,000 each worth Tk. 300 million through repeat public offering (RPO).

The main objective of issuing the convertible bonds is to raise Tier II capital through repeat public offering in order to comply with the regulatory requirement of Bangladesh Bank.

The proceeds of the public offering will strengthen the capital base of the bank and augment business expansion. The fund thus raised would be generally used for undertaking regular commercial banking activities.

Maturity period of the bond is 84 months from the date of issue. The interest margin and the reference rate will be set at 12.50 percent during the entire period.

The investor at the predetermined principal payment schedule of the bonds reserve the right and option to convert 25 per cent of the face value of the bonds at a conversion strike price into the common shares of BRAC Bank Ltd. However, conversion is not mandatory.

The conversion schedules will be the 5th, 6th and 7th anniversary of bond issuance date.

Meanwhile Mercantile Bank First Mutual Fund units will debut trading on next February 8 at Dhaka Stock Exchange as per the decision of the board of directors of DSE.

The units of MBL 1st Mutual Fund will start at under 'A' category and the trading code is "MBL1STMF" while DSE company code is 12184.

MBL First Mutual Fund raised Tk one billion through initial public offering (IPO).

In the MBL First Mutual Fund, the bank subscribed units worth Tk 100 million as sponsors, while Tk 400 million has been raised through pre-IPO or private placement, and the rest Tk 500 million has been collected through IPO.

News: Daily Sun/ Bangladesh/05 Feb 2011

CB Islamic Bank Ltd yesterday introduced debit card for its clients.

Moshiul Haque Chowd-hury, managing director and CEO of the bank, formally inaugurated the service at the bank’s head office in the city, said a press release.

Md Habibullah Maznu, chief financial officer, Nafis Sarafat, head of Consumer Banking and other high officials of the bank were also present at the function.

News: Daily Sun/ Bangladesh/05 Feb 2011

Dhaka Bank Ltd recently opened its 55th branch at Mohakhali in the city.

Rakhi Das Gupta, director of the bank, formally inaugurated the branch, said a press release.

The branch has all modern banking facilities including online banking, the news release said.

Chairman of the Board of Directors Reshadur Rah-man, former Chairman ATM Hayatuzzaman Khan, Director Afroza Abbas, Managing Director Khondker Fazle Rashid, Deputy Managing Director Tanweer Rahim, Company Secretary Arham Masudul Huq and other high officials of Dhaka Bank and a number distinguish clients were also present on the occasion.

News: Daily Sun/ Bangladesh/05 Feb 2011

Commerce Minister Faruk Khan Thursday visited the Institute of Chartered Secretaries of Bangladesh and launched its official web-site (www.icsb.edu.bd). During the opening ceremony he emphasized on the importance of ICT for Digital Bangladesh to achieve the goal of Vision 2021. President of ICSB Mohammad Sanaullah discussed at length the issues concerning the profession of Chartered Secretaries in Bangladesh as well as various development activities undertaken by the ICSB. Among others, former Commerce Secretary Suhel Ahmed Choudhury, former Secretary Feroz Ahmed, Mohammad Asad Ullah , immediate Past President & Council Member, Md. Shahid Farooqui , Senior Vice President, M. Naseemul Hye, Vice President and Md. Monirul Alam , Treasurer of ICSB along with a large number of fellow & Associate Member of the Institute were present.

The members requested the Minister for support to the Institute on its efforts towards the establishment of good corporate governance in Bangladesh. The commerce minister visited the accommodation including Office, Library, Class Rooms and Training Room & other facilities of the Institute. The Minister assured of his all possible support to the Institute and profession as well.

News: The Financial Express/ Bangladesh/04 Feb 2011