HONG KONG: The Asian Development Bank (ADB) said yesterday that East Asia's emerging economies will grow 8.8 percent this year before slowing to 7.3 percent in 2011 amid concerns about the global economy. A "robust recovery" was the norm across most emerging East Asian economies this year, with many of the region's stock markets bouncing back sharply, the Manila-based bank said in the December edition of its twice-annual Asia Economic Monitor. However, the bank's forecast for 2010 remained below the region's record 9.6 percent economic expansion in 2007.

"After slowing sharply in 2008 and 2009, the East Asian economies recovered strongly in 2010 which has led GDP growth back closer to 2007 levels," the bank said. Hong Kong, China, Thailand, the Philippines, Korea and Singapore are among the 14 economies analysed in the report. East Asia continued to lead the global recovery, with many of its economies posting "strong growth in the third quarter of 2010, driven by domestic demand," the report said. But the external environment has weakened owing to the wobbly US economy and the phasing out of economic stimulus packages, it said. China's economy expanded by 9.6 percent in the third quarter, but there were signs that growth was starting to ease, the bank said.

Singapore, the region's fastest growing economy, moderated to 10.6 percent in the third quarter after two consecutive quarters of "rapid growth". However the report warned that East Asia's economic outlook remains "highly uncertain" given the weaker external environment and uncertain effects of further monetary stimulus in advanced economies. Critics have warned that the US Federal Reserve's 600- billion US dollar fiscal stimulus package could spark a flood of hot money into the region.

"A weaker- and longer-than-expected recovery process in advanced economies will further delay policy normalization, increasing economic distortions and lowering long-term growth prospects," the report said. It also noted that capital flows into the region could become volatile and destabilising, creating challenges for policymakers. Battling surging capital flows "will require an appropriate mix of sound macroeconomic management, flexible exchange rates, resilient financial systems, and in some cases-temporary targeted capital controls," the report added. The bank warned that the "severe economic damage caused by the Great Recession will take a long time to heal".

"High unemployment could become entrenched and last for many years... Growth in productivity could also suffer as capital investment plummeted during the crisis and has not returned to pre-crisis trend growth," the bank said. — AFP

Source: daily-sun, Bangladesh/8th Dec 2010

The garment manufac-turers of the country demanded single digit interest rate for the sector and reducing other charges to a tolerable level so that they could attain com-petitiveness in the global market .

“The interest rate has been reduced to 13 percent from 16 percent, but the rate is still high. We recommend reducing the rate to single digit for the garment sector,” Abdus salam Murshedy, president of Bangla-desh Garment Manu-facturers’ and Entrepreneurs’ Asso-ciation (BGMEA), said while addre-ssing at a function yesterday at BGMEA Bhaban in the city.

The function was or-ganised for giving certi-ficates among the parti-cipants of a ICC workshop on ‘Incoterms-2010’.

The governor of Bangladesh Bank Dr Atiur Rahman attended the programme as chief guest while the president of International Chamber of Commerce (ICC), Bangladesh Mahbubur Rahman and chairman of ICCB Commi-ssion on Banking Tech-nique and Practice Mamun Rashid also spoke.

BGMEA president said the sector upheld its growth despite facing many challen-ges including inade-quate power supply and inefficient operation Chitta-gong port, the main sea port of the country.

“In addition to facing challenges, we started imple-menting of minimum wage for the workers which marked 81 percent increase in labour cost,” said Abdus Salam Murshedy.

He urged the BB governor to open the existing housing fund to finance the construction of the dor-mitories for the workers.

Dr Atiur Rahman assured of all-out cooperation to the garment entrepreneurs adding that “the BB will address the bank related problems of the sector.”

(Bangladesh Bank Governor Dr Atiur Rahman, seen at a workshop titled `ICC Workshop on New Incoterms 2010 & Certified Documentary Credit Specialist (CDCS)’’ organised by the International Chamber of Commerce and Industry (ICC) at the BGMEA office in the city yesterday. BGMEA president Abdus Salam Murshedy, ICC,B President Mahbubur Rahman, chairman of ICCB Commission on Banking Technique and Practice Mamun Rashid also seen. sun photo)

Source: daily-sun, Bangladesh/8th Dec 2010

Neaz Ahmed has been appointed Managing Director of National Bank Limited (NBL).

Prior to this new appo¬intment, he was the consultant of the same bank. Neaz Ahmed joins NBL with 31 years experience in banking in foreign and local banks, said a press release.

Neaz is the second son of late Borhan- uddin Ahmed, a former secretary to the then government of Pakistan and also the government of Bangladesh. He started his banking career in Grindlays Bank in January 1978 as a Management Trainee after completing BA (Hons) and MA in Economics from the Dhaka University.

He spent 19 years with Grindlays Bank and held many important positions including Manager, Business Banking in ANZ Bank in New Zealand for four years. He attended many trainings and seminars at home and abroad.

Neaz also served as EVP and Head of Marketing, IT and Logistic Division, SEVP and Head of International Division, Overseas Operation and Garments Division in IFIC Bank Ltd (from March 1997 -October, 2002), DMD in Premier Bank (from November 2002-September 2004) and Managing Director in Southeast Bank Ltd (from October 2004-March 2009).

Neaz Ahmed is an Associate of Chartered Institute of Bankers, UK (ACIB) and a DAIBB. He is also appointed as Honorary Consul of the Consulate of New Zealand in Bangladesh since 2007.

Neaz is a seeded tennis player of the country. He is married to Shaheda and they have two children, Sabin and Meraz.

Source: daily-sun, Bangladesh/8th Dec 2010

The 158th meeting of the Board of Directors of Jamuna Bank Ltd was held at its head office in the city recently.

Al-haj Md. Rezaul Karim Ansari, Chairman of the Board of Directors of the bank presided over the meeting, said a press release.

Md Tazul Islam, Chairman, Audit Committee, Al-Haj Nur Mohammed, Chairman, Jamuna Bank Foundation, other directors of the Board of Directors of the bank, Managing Director Md Motior Rahman and Deputy Managing Director Md Abul Shahjahan were also present at the meeting.

The Board reviewed the overall aspects of the bank and took some pragmatic steps for the expansion of the business of the bank and its improvement.

(Al-haj Md. Rezaul Karim Ansari, Chairman of Jamuna Bank Ltd, presiding over the 158th Board meeting of the bank in the city recently.)

Source: daily-sun, Bangladesh/8th Dec 2010

Three-day long training of trainers programme on “Improving Remittance Related Banking Services” concluded in the city yesterday.

The Bangladesh Institute of Bank Management (BIBM) and International Organization for Migration (IOM) jointly organised the programme with financial supports from the Department for International Development (DFID).

Chairman of the BIBM and Governor of the Bangladesh Bank Dr Atiur Rahman inaugurated the training programme, said a press release.

Total 33 officers from different banks participated at the programme. A training toolkit has been prepared by BIBM to be used by the bankers was highlighted at the programme.

Dr Toufic Ahmad Choudhury, Director General, BIBM delivered the welcome address. Rabab Fatima, Regional Representative for South Asia of IOM, Khursed Alam Chowdhury, Director General of BMETspoke.

Mohammad Mohiuddin Siddique, Associate Professor and Director (CPGS) of BIBM and Mahmudul Ameen Masud, AGM of Agrani Bank Ltd jointly coordinated the programme.

Source: daily-sun, Bangladesh/8th Dec 2010