India’s rupee hit a ten-week- low against the dollar yesterday but clawed back ground amid reports that the central bank had intervened in the foreign exchange market to boost the currency, traders said.

The central Reserve Bank of India (RBI) was believed to have stepped in to the market after the rupee hit an intraday low of 51.48 against the dollar, a level last seen on January 16 this year.

The rupee has been weighed down by weak local stock markets, foreign fund outflows and continuing
pressure from oil importers, who have to exchange rupees for dollars.

On Monday, the country’s benchmark 30-share Sensex index ended at a two-month-low of 17,052.78 points.
“The RBI is suspected to have intervened, selling dollars at around 51.37 levels,” a dealer told AFP, declining to be named. 

The Daily Independent/Bangladesh/ 28th March 2012

The Securities and Exchange Commission (SEC) on Tuesday warned the First Security Islami Bank for non-compliance of the Commission’s directives regarding dissemination of price sensitive information within the stipulated time.

“SEC has warned the Company, its directors, managing director and company secretary for non-compliance of Commission’s order given on December 19, 2000 (and gazetted on February 25, 2001) in connection with dissemination of price sensitive information within the stipulated time,” according to a web post of the Dhaka Stock Exchange (DSE).

On the other hand, the Bank informed that a meeting of its Board of Directors will be held on March 29 at 4 pm to consider, among others, audited financial statements of the Company for the year ended on December 31, 2011, said another DSE posting.

Meanwhile, Prime Islami Life Insurance Ltd has been placed to in ‘Z’ category from the existing ‘A’ category with effect from March 28 as no annual general meeting was held by the company in the year 2011.

The Daily Sun/Bangladesh/ 28th March 2012

Japan's finance minister yesterday signaled Tokyo's willingness to support Jim Yong Kim, the US nominee for the next World Bank chief, a report said.

"I think it is quite possible to consider (supporting Kim) if the United States requests us to recommend him," Finance Minister Jun Azumi said, according to Kyodo News. Azumi, however, added that Tokyo had not made a final decision on the matter.

US President Barack Obama has tapped the Korean-American physician, known for his work in World Health Organization campaigns against AIDS in Africa, to lead the World Bank.

The Daily Sun/Bangladesh/ 28th March 2012

Md Khurshed Hossain-Md Dilwar Hossain

Sonali Bank Limited has appointed Md Khurshed Hossain and Md Dilwar Hossain Bhuyan as its new Deputy Managing Directors (DMDs).

Prior to joining the new post, Khurshed Hossain served as General Manager of Agrani Bank Limited and also Investment Corporation of Bangla-desh (ICB), said a press release. He was also Chairman of ICB Asset Management Company.

Prior to Dilwar Hossain Bhuyan’s new position, he was serving in the same position of DMD with Bangladesh Development Bank Limited (BDBL).

The Daily Sun/Bangladesh/ 28th March 2012

An executive development programme on “Concept, Policy and Guidelines on SME investment,” was held on Sunday at the Mohammad Younus Auditorium of Islami Bank Tower.

Mohammad Abdul Mannan, managing director of the Bank, presided over the programme organised by Islami Bank Bangladesh Limited, said a press release.

Sukomol Singh Chowdhury, general manager, Department of SME and Special Programmes, Bangladesh Bank delivered keynote speech at the programme. Syed Abdullah Moham- mad Saleh, AKM Abdul Malek Chowdhury and Md. Mahbub-ul Alam, deputy managing directors attended the programme.

Meanwhile, A workshop on "Centralisation of Foreign Trade” was held on 24 March at the same venue. Prabhu Karunakaran, vice president, City NA, Malaysia delivered the keynote speech. Md. Mahbub-ul Alam, Deputy Managing Director of the Bank presided over the workshop.

A total of 79 executives and officers from different departments, zones and branches participated on the workshop.

The Daily Sun/Bangladesh/ 28th March 2012